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DISCONTINUED OPERATIONS
12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
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 a liability of $2,745,000 to plug and abandon the existing wells. This obligation was assumed by the buyer. Upon the sale of the wells the Company recorded a gain of $2,138,000.

 

Also included in discontinued operations are net operating expenses the Company incurred during the period presented. For the year ended December 31, 2020 the Company recorded operating losses of $170,000,