Note 6 - Company Operations

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note

6.

      Company Operations

The Company

’s operations are classified into

three

principal operating segments that are all located in the United States: oil and gas, surface and timber. The Company’s reportable business segments are strategic business units that offer income from different products. They are managed separately due to the unique aspects of each area.

Following is a summary of segment

ed operations information for

2017

and

2016:

	2017			2016
Revenues
Oil and Gas	$	609,122		$	510,856
Timber		224,111			125,860
Surface		273,019			189,019
Surface – related party		38,333			37,667
Total		1,144,585			863,402
Cost and Expenses
Oil and Gas		62,315			57,115
Timber		35,692			27,957
Surface		43,929			82,081
Total		141,936			167,153
Income from Operations
Oil and Gas		546,807			453,741
Timber		188,419			97,903
Surface		267,423			144,605
Total		1,002,649			696,249
Other Income (Expense) before Income Taxes		(416,562	)		(473,938	)
Income before Income Taxes		586,087			222,311
Identifiable Assets , net of accumulated depreciation and depletion
Oil and Gas		--			--
Timber		2,119,180			2,072,368
Surface		--			--
General Corporate Assets		12,604,557			12,345,956
Total		14,723,737			14,418,324
Capital Expenditures
Oil and Gas		--			--
Timber		62,473			528,031
Surface		--			--
General Corporate Assets		92,157			1,879,519
		154,630			2,407,550

	2017		2016
Depreciation and Depletion
Oil and Gas		--		--
Timber		15,661		1,751
Surface		--		--
General Corporate Assets		1,191		467
Total	$	16,852	$	2,218

There are

no

intersegment sales reported in the accompanying income statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income or loss from operations before income taxes excluding nonrecurring gains and losses on securities held available-for-sale. Income before income tax represents net revenues less

costs and expenses less other income and expenses of a general corporate nature. Identifiable assets by segment are those assets used solely in the Company's operations within that segment.

Revenue from customers representing

5%

or more of total revenue was:

Count	201 7		201 6
1	$	179,292	$	129,529
2		163,483		117,827
3		131,837		67,303
4		113,280		66,178
5		70,760		63,449
6		61,677		63,309
7		51,814		54,697