Note 8 - Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Text Block]

Note 8 – COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION AND DEVELOPMENT ACTIVITIES

All the Company’s oil and gas operations are within the continental United States. In connection with its oil and gas operations, the following costs were incurred:

	Year Ended December 31,
	2021		2020
Acquisition of Properties:
Unproved	$	523,011	$	271,001
Proved		1,016,716		---
Exploration Costs		580,272		413,779
Development Costs		629,477		854,608
Asset Retirement Obligation		505,283		---