Note 12 - Certain Relationships and Related Transactions

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note

12

–

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Company is affiliated by common management and ownership with Mesquite Minerals, Inc. (Mesquite), Mid-American Oil Company (Mid-American) and Lochbuie Limited Liability Company (LLTD). The Company also owns interests in certain producing and non-producing oil and gas properties as

tenants

in common with Mesquite, Mid-American and LLTD.

Mesquite, Mid-American and LLTD share facilities and employees including executive officers with the Company. The Company has been reimbursed for services, facilities, and miscellaneous business expenses incurred in

2016

in the amount of

$182,926

each by Mesquite, Mid-American and LLTD. Reimbursements in

2015

were

$194,686

each by Mesquite, Mid-American and LLTD. Included in the

2016

amounts, Mesquite, Mid-American and LLTD each paid

$132,215

for their share of salaries. In

2015,

the share of salaries paid by Mesquite, Mid-American and LLTD was

$132,611

each.