Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets (Current Period Unaudited)

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Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Royalty Interests in Acres 1_16 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
1/16 nonparticipating perpetual royalty interest in 373,777 acres in 2016 and 2015 $ 0 $ 0
Royalty Interests in Acres 1_128 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
1/128 nonparticipating perpetual royalty interest in 85,414 acres in 2016 and 2015 0 0
Cash and cash equivalents 46,719,872 45,011,969
Accrued receivables 4,229,091 3,787,534
Other assets 142,578 121,426
Notes receivable for land sales 134,868 139,114
Water wells, vehicles, furniture, and equipment - at cost less accumulated depreciation 377,109 260,901
Real estate acquired: (10,065 acres at March 31, 2016 and 10,065 acres at December 31, 2015) 1,114,601 1,114,601
Land (surface rights) situated in eighteen counties in Texas – 878,259 acres in 2016 and 878,268 acres in 2015 0 0
52,718,119 50,435,545
LIABILITIES AND CAPITAL    
Accounts payable and accrued expenses 1,189,638 868,807
Income taxes payable 3,953,989 634,911
Other taxes payable 199,388 167,290
Unearned revenue 3,299,041 2,579,406
Deferred taxes 174,055 163,213
Pension plan liability 349,045 333,239
Total liabilities 9,165,156 4,746,866
Capital:    
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates 0 0
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding: 8,066,180 Sub-shares in 2016 and 8,118,064 Sub-shares in 2015 0 0
Other comprehensive loss (1,226,051) (1,248,906)
Net proceeds from all sources 44,779,014 46,937,585
Total capital 43,552,963 45,688,679
$ 52,718,119 $ 50,435,545