Note 2 - Revenue Recognition

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 2 – REVENUE RECOGNITION

A portion of oil and gas sales recorded in the consolidated statements of operations are the result of estimated volumes and pricing for oil and natural gas product produced and sold, but for which proceeds have not yet been received for the period. For the nine months ended September 30, 2021 and 2020, that estimate represented $695,964 and $288,799, respectively, of oil and natural gas sales included in the consolidated statements of operations.

The Company’s disaggregated revenue has two primary revenue sources which are oil sales and natural gas sales. The following is an analysis of the components of oil and gas sales:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Oil Sales	$	2,307,344	$	766,035	$	4,324,787	$	1,952,859
Natural Gas Sales		733,317		397,623		1,689,962		947,653
Miscellaneous Oil and Gas Product Sales		196,067		32,476		309,277		92,515
	$	3,236,728	$	1,196,134	$	6,324,026	$	2,993,027