Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Current Period Unaudited)

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Assets    
Cash and cash equivalents $ 50,103,001 $ 49,417,889
Accrued receivables 12,428,962 6,550,429
Other assets 266,283 232,970
Deferred tax asset 8,548,133 3,874,788
Notes receivable for land sales 46,389 94,971
Water wells, vehicles, furniture, and equipment – at cost less accumulated depreciation 4,651,223 1,168,281
Real estate acquired: (10,065 acres at June 30, 2017 and 10,065 acres at December 31, 2016) 1,114,601 1,114,601
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
77,158,592 62,453,929
Liabilities and Capital    
Accounts payable and accrued expenses 1,066,969 826,771
Income taxes payable 1,199,397 1,950,774
Other taxes payable 422,070 276,813
Unearned revenue 25,908,540 11,775,049
Total liabilities 28,596,976 14,829,407
Capital:    
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding:    
7,858,554 Sub-shares in 2017 and 7,927,314 Sub-shares in 2016
Other comprehensive loss (924,622) (959,563)
Net proceeds from all sources 49,486,238 48,584,085
Total capital 48,561,616 47,624,522
77,158,592 62,453,929
Land Surface Rights [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
Land (surface rights) situated in eighteen counties in Texas – 877,633 acres in 2017 and 877,488 acres in 2016 0 0
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 2017 and 2016 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 2017 and 2016 $ 0 $ 0