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NOTE D: DISCONTINUED OPERATIONS
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
NOTE D: DISCONTINUED OPERATIONS

NOTE D: DISCONTINUED OPERATIONS

 

On August 31, 2020 the Company sold its entire oil and gas operation for $85,000 to an independent third party. In prior years the Company had accrued $2,745,000 to plug and abandon the existing wells. This obligation was assumed by the buyer. Upon the sale of the oil and gas operation the Company recorded a gain of $2,138,000.

 

Included in discontinued operations are the net operating expenses the Company incurred during the periods presented. For the three and six months ended June 30, 2021 the Company recorded operating losses of $80,000 and $144,000 from the oil and gas operation.