RESERVE PETROLEUM CO

The Reserve Petroleum Company primarily manages its owned mineral properties and explores for and develops oil and natural gas properties. Other business segments are not significant to its operations. The company, organized in Delaware in 1931, holds non-producing mineral interests totaling 88,868 net acres across 12 states in the north-central and south-central United States. A significant portion, 81,504 net acres (92%), is concentrated in Arkansas, Kansas, Oklahoma, South Dakota, and Texas, which are key areas for its exploration and development programs. The company evaluates industry activity in its mineral ownership areas and may negotiate lease or farmout agreements for a royalty interest, or participate as a working interest owner by paying a proportionate share of drilling costs. A substantial part of its oil and gas revenue comes from managing these owned mineral properties. In 2025, $3,425,011 (21%) of oil and gas sales originated from royalty and other interests, compared to $3,460,997 (23%) in 2024. Due to its mineral ownership, the company held royalty interests in 7 gross (0.03 net) wells that were drilled and completed as producing wells in 2025.