RSRV 10-Q Quarterly Report Sept. 30, 2025 | Alphaminr
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RSRV 10-Q Quarter ended Sept. 30, 2025

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RESERVE PETROLEUM CO
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2025
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 000-08157
a01.jpg
THE RESERVE PETROLEUM COMPANY
(Exact Name of Registrant as Specified in Its Charter)
Delaware 73-0237060
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
6801 BROADWAY EXT., SUITE 300
OKLAHOMA CITY , OK 73116-9037
( 405 ) 848-7551
(Address and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
None None None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer o
Accelerated filer o
Non-accelerated filer þ
Smaller reporting company þ
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes þ No

As of November 7, 2025, 151,616 shares of the Registrant’s $0.50 par value common stock were outstanding.


TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Page
1
PART I – FINANCIAL INFORMATION

ITEM 1.       CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
THE RESERVE PETROLEUM COMPANY
CONSOLIDATED BALANCE SHEETS (1)
(Unaudited)
ASSETS
September 30,
2025 		December 31,
2024
Current Assets:
Cash and Cash Equivalents $ 4,791,704 $ 3,923,822
Equity Securities 2,901,072 2,501,194
Refundable Income Taxes 294,460 236,482
Accounts Receivable, Net of Allowance for Credit Losses 2,331,927 2,774,487
Total Current Assets 10,319,163 9,435,985
Investments:
Equity Method Investments 1,803,378 2,479,433
Other Investments 3,820,097 3,176,329
Total Investments 5,623,475 5,655,762
Property, Plant and Equipment:
Oil and Gas Properties, at Cost,
Based on the Successful Efforts Method of Accounting –
Unproved Properties 5,469,999 4,751,323
Proved Properties 80,897,552 76,669,648
Oil and Gas Properties, Gross 86,367,551 81,420,971
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance ( 63,599,132 ) ( 62,476,410 )
Oil and Gas Properties, Net 22,768,419 18,944,561
Other Property and Equipment, at Cost 2,520,198 2,520,198
Less – Accumulated Depreciation ( 213,160 ) ( 176,733 )
Other Property and Equipment, Net 2,307,038 2,343,465
Total Property, Plant and Equipment, Net 25,075,457 21,288,026
Total Assets $ 41,018,095 $ 36,379,773




See accompanying notes to unaudited consolidated financial statements
2

THE RESERVE PETROLEUM COMPANY
CONSOLIDATED BALANCE SHEETS, CONTINUED (1)
(Unaudited)
LIABILITIES AND EQUITY
September 30,
2025 		December 31,
2024
Current Liabilities:
Accounts Payable $ 1,225,921 $ 520,182
Other Current Liabilities 65,183 45,180
Note Payable, Current Portion 152,726 148,155
Total Current Liabilities 1,443,830 713,517
Long-Term Liabilities:
Asset Retirement Obligation 2,497,698 2,362,060
Deferred Tax Liability, Net 2,745,990 1,653,957
Note Payable, Less Current Portion 895,778 1,010,581
Total Long-Term Liabilities 6,139,466 5,026,598
Total Liabilities 7,583,296 5,740,115
Equity:
Common Stock 92,368 92,368
Additional Paid-in Capital 65,000 65,000
Retained Earnings 35,519,933 32,694,470
Equity Before Treasury Stock 35,677,301 32,851,838
Less – Treasury Stock, at Cost ( 2,468,967 ) ( 2,417,341 )
Total Equity Applicable to The Reserve Petroleum Company 33,208,334 30,434,497
Non-Controlling Interests 226,465 205,161
Total Equity 33,434,799 30,639,658
Total Liabilities and Equity $ 41,018,095 $ 36,379,773
(1) Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), Grand Woods Development, LLC ("Grand Woods") and Trinity Water Services, LLC ("TWS"), as further discussed in Note 6 – Non-Controlling Interest and Variable Interest Entities. As of September 30, 2025, total assets and liabilities of Grand Woods, which are included in the Consolidated Balance Sheets, were $ 2,190,338 and $ 1,048,504 , respectively, including $ 18,510 of cash. Grand Woods' note holder has partial recourse against the Company. As of September 30, 2025, total assets of TWS, which are included in the Consolidated Balance Sheets, were $ 106,179 , all of which is cash. There were no TWS liabilities as of September 30, 2025.
See accompanying notes to unaudited consolidated financial statements
3
THE RESERVE PETROLEUM COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Operating Revenues:
Oil and Gas Sales $ 4,466,825 $ 3,874,796 $ 11,794,573 $ 10,723,062
Lease Bonuses and Other 803 296,696 478,760 296,696
Water Well Drilling Services — — — 660,978
Total Operating Revenues 4,467,628 4,171,492 12,273,333 11,680,736
Operating Costs and Expenses:
Production 1,209,401 1,041,694 3,303,281 3,083,457
Exploration 76,497 42,735 295,197 370,810
Water Well Drilling Services — 563 — 410,741
Depreciation, Depletion, Amortization and Valuation Provision 881,996 469,753 2,687,400 1,824,905
Asset Retirement Obligation Accretion 44,172 42,297 131,564 124,940
Gain on Disposition of Oil and Gas Properties ( 149,430 ) — ( 764,805 ) —
General, Administrative and Other 593,534 1,037,631 1,897,786 2,347,154
Total Operating Costs and Expenses 2,656,170 2,634,673 7,550,423 8,162,007
Income from Operations 1,811,458 1,536,819 4,722,910 3,518,729
Equity Income/(Loss) in Investees ( 16,696 ) 7,333 45,757 64,691
Interest Expense ( 15,304 ) ( 19,425 ) ( 47,564 ) ( 52,838 )
Other Income/(Loss), Net ( 119,742 ) 463,689 710,066 945,581
Income Before Income Taxes and Non-Controlling Interests 1,659,716 1,988,416 5,431,169 4,476,163
Income Tax Provision/(Benefit):
Current 20,797 ( 69,438 ) 23,399 ( 68,639 )
Deferred 278,819 319,933 1,092,033 1,038,385
Total Income Tax Provision 299,616 250,495 1,115,432 969,746
Net Income $ 1,360,100 $ 1,737,921 $ 4,315,737 $ 3,506,417
Less: Net Loss Attributable to Non-Controlling Interests ( 8,441 ) ( 11,130 ) ( 27,520 ) ( 29,435 )
Net Income Attributable to Common Stockholders $ 1,368,541 $ 1,749,051 $ 4,343,257 $ 3,535,852
Per Share Data
Net Income Attributable to Common Stockholders, Basic $ 9.02 $ 11.38 $ 28.62 $ 22.89
Cash Dividends Declared and/or Paid $ — $ — $ 10.00 $ 10.00
Weighted Average Shares Outstanding, Basic 151,709 153,639 151,767 154,492

See accompanying notes to unaudited consolidated financial statements
4
THE RESERVE PETROLEUM COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
Common
Stock 		Additional
Paid-in
Capital 		Retained
Earnings 		Treasury
Stock 		Non-
Controlling
Interests 		Total
Three Months Ended September 30, 2025
Balance as of June 30, 2025 $ 92,368 $ 65,000 $ 34,151,392 $ ( 2,442,781 ) $ 218,791 $ 32,084,770
Net Income/(Loss) — — 1,368,541 — ( 8,441 ) 1,360,100
Purchase of Treasury Stock — — — ( 26,186 ) — ( 26,186 )
Contributions — — — — 16,115 16,115
Balance as of September 30, 2025 $ 92,368 $ 65,000 $ 35,519,933 $ ( 2,468,967 ) $ 226,465 $ 33,434,799
Nine Months Ended September 30, 2025
Balance as of December 31, 2024 $ 92,368 $ 65,000 $ 32,694,470 $ ( 2,417,341 ) $ 205,161 $ 30,639,658
Net Income/(Loss) — — 4,343,257 — ( 27,520 ) 4,315,737
Dividends Declared — — ( 1,517,794 ) — — ( 1,517,794 )
Purchase of Treasury Stock — — — ( 51,626 ) — ( 51,626 )
Contributions — — — — 48,824 48,824
Balance as of September 30, 2025 $ 92,368 $ 65,000 $ 35,519,933 $ ( 2,468,967 ) $ 226,465 $ 33,434,799
Three Months Ended September 30, 2024
Balance as of June 30, 2024 $ 92,368 $ 65,000 $ 32,451,993 $ ( 2,047,804 ) $ 189,943 $ 30,751,500
Net Income/(Loss) — — 1,749,051 — ( 11,130 ) 1,737,921
Purchase of Treasury Stock — — — ( 236,553 ) ( 236,553 )
Contributions — — — — 34,761 34,761
Balance as of September 30, 2024 $ 92,368 $ 65,000 $ 34,201,044 $ ( 2,284,357 ) $ 213,574 $ 32,287,629
Nine Months Ended September 30, 2024
Balance as of December 31, 2023 $ 92,368 $ 65,000 $ 32,212,066 $ ( 1,820,527 ) $ 200,697 $ 30,749,604
Net Income/(Loss) — — 3,535,852 — ( 29,435 ) 3,506,417
Dividends Declared — — ( 1,546,874 ) — — ( 1,546,874 )
Purchase of Treasury Stock — — — ( 463,830 ) — ( 463,830 )
Contributions — — — — 42,312 42,312
Balance as of September 30, 2024 $ 92,368 $ 65,000 $ 34,201,044 $ ( 2,284,357 ) $ 213,574 $ 32,287,629
See accompanying notes to unaudited consolidated financial statements
5
THE RESERVE PETROLEUM COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended
September 30,
2025 2024
Cash Provided by/(Applied to) Operating Activities:
Net Income $ 4,315,737 $ 3,506,417
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion, Amortization and Valuation Provision 2,687,400 1,824,905
Depreciation Attributable to TWS — 18,973
Accretion of Asset Retirement Obligation 131,564 124,940
Gain on Disposition of Oil and Gas Properties ( 764,805 ) —
Cash Distributions from Equity Method Investees 101,735 134,332
Net (Gain)/Loss on Equity Method Investments and Income from Other Investments ( 444,275 ) 253,313
Loss on Deconsolidation of TWS South, LLC — 296,717
Net Gain on Equity Securities ( 26,633 ) ( 1,208,093 )
Deferred Income Tax Provision 1,092,033 1,038,385
Change in Refundable Income Taxes and Accounts Receivable 384,582 ( 27,675 )
Change in Accounts Payable and Other Current Liabilities ( 96,754 ) ( 440,755 )
Net Cash Provided by Operating Activities $ 7,380,584 $ 5,521,459
Cash Provided by/(Applied to) Investing Activities:
Maturity of Available-for-Sale Debt Securities $ — $ 2,534,727
Purchase of Available-for-Sale Debt Securities — ( 313,826 )
Proceeds from Disposal of Property, Plant and Equipment 3,200,752 243,081
Purchase of Property, Plant and Equipment ( 8,084,208 ) ( 7,160,505 )
Purchase of Investments ( 727,605 ) ( 385,165 )
Return of Investment from Equity Method Investments 636,432 —
Cash Distributions from Other Investments 466,000 4,000
Sale of Equity Securities 1,400,709 2,649,885
Purchase of Equity Securities ( 1,773,954 ) ( 2,507,752 )
Net Cash Applied to Investing Activities $ ( 4,881,874 ) $ ( 4,935,555 )






See accompanying notes to unaudited consolidated financial statements
6
THE RESERVE PETROLEUM COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
(Unaudited)

Nine Months Ended
September 30,
2025 2024
Cash Provided by/(Applied to) Financing Activities:
Dividends Paid to Stockholders $ ( 1,517,794 ) $ ( 1,546,874 )
Purchase of Treasury Stock ( 51,626 ) ( 463,830 )
Principal Payments on Note Payable ( 110,232 ) ( 105,994 )
Capital Contributions from Non-Controlling Interests 48,824 42,312
Total Cash Applied to Financing Activities ( 1,630,828 ) ( 2,074,386 )
Net Change in Cash and Cash Equivalents 867,882 ( 1,488,482 )
Cash and Cash Equivalents, Beginning of Period 3,923,822 5,218,474
Cash and Cash Equivalents, End of Period $ 4,791,704 $ 3,729,992
Supplemental Disclosures of Cash Flow Information:
Interest Paid $ 34,075 $ 38,314
Income Taxes Paid (Net of Refunds Received) $ 58,200 $ ( 11,201 )
Supplemental Schedule of Noncash Investing and Financing Activities:
Net Increases in Accounts Payable for Property, Plant and Equipment Additions $ ( 822,496 ) $ ( 257 )
Net (Increases)/Decreases in Asset Retirement Obligation $ ( 4,074 ) $ 387,374
See accompanying notes to unaudited consolidated financial statements
7
THE RESERVE PETROLEUM COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)
Note 1 – BASIS OF PRESENTATION

The Reserve Petroleum Company, a Delaware corporation, is an independent oil and gas company focused on exploration and production. In addition to its core operations, the Company manages a diverse investment portfolio. Our consolidated subsidiaries consist of Grand Woods Development, LLC (“Grand Woods”), an Oklahoma limited liability company and wholly owned Trinity Water Services, LLC ("TWS"), an Oklahoma limited liability company. Unless otherwise specified or the context otherwise requires, all references in these notes to “the Company,” “its,” “our,” and “we” are to The Reserve Petroleum Company and its consolidated subsidiaries.

The Company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of The Reserve Petroleum Company and its subsidiaries in which we hold a controlling interest, reflecting ownership of a majority of the voting interest, as of the financial statement date. Additionally, we consolidate Variable Interest Entities (“VIEs”) under certain criteria discussed further below. All intercompany accounts and transactions have been eliminated in consolidation. When necessary, reclassifications to the consolidated financial statements are made to prior period financial information to conform to the current year presentation. These reclassifications had no material impact on net income or retained earnings.

The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC (the “2024 Form 10-K”).

In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals), which are necessary for a fair statement of the results of the interim periods presented. The results of operations for the current interim periods are not necessarily indicative of the operating results for the full year.

Variable Interest Entities

The Company decides at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a VIE. Generally, an entity is a VIE if (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity’s investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. We consolidate VIEs when we are deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: (1) has the power to make decisions that most significantly affect the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. If the Company is not deemed to be the primary beneficiary of a VIE, we account for the investment or other variable interests in a VIE in accordance with other applicable GAAP.

Non-Controlling Interests

When the Company consolidates an entity, 100% of the assets, liabilities, revenues and expenses of the subsidiary are included in the consolidated financial statements. For those consolidated entities in which our ownership is less than 100%, we record a non-controlling interest as a component of equity on the Consolidated Balance Sheets, which represents the third-party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interest is reported as net income (loss) attributable to non-controlling interests on the Consolidated Statements of Income. Changes in ownership interests in an entity that do not result in deconsolidation are generally recognized within equity. See Note 6 for additional details on non-controlling interests.

8
New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024. The Company does not anticipate the adoption of this update to have a material impact on our financial position, results of operations or cash flow.

In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This ASU applies to the formation of entities that meet the definition of a joint venture (or a corporate joint venture) as defined in the FASB Accounting Standards Codification Master Glossary. While joint ventures are defined in the Master Glossary, there has been no specific guidance in the Codification that applies to the formation accounting by a joint venture in its separate financial statements. The amendments in the ASU require that a joint venture apply a new basis of accounting upon formation. As a result, a newly formed joint venture, upon formation, would initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The Company adopted this pronouncement effective January 1, 2025. There have been no newly formed joint ventures since adoption.

Note 2 – SEGMENT REPORTING

The Company has identified Oil and Gas as a reportable segment, which includes oil and natural gas exploration, development and minerals management with areas of concentration in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming. This reportable segment's assets consist of oil and gas properties, net, presented on the Consolidated Balance Sheets.

In our reconciliation to income before income taxes, in addition to segment information, we include Other Operating Income, Equity Income in Investees, Interest Expense and Other Income categories to reconcile segment revenues, segment profit and other business activities to our operating results. Components in these categories do not meet the criteria to be considered reportable segments.

The following table presents financial information for our reportable segment and a reconciliation to income before income taxes:

Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Segment Revenues
Oil and Gas Sales, Lease Bonuses and Other $ 4,467,628 $ 4,171,492 $ 12,273,333 $ 11,019,758
Reportable Segment Expenses:
Production 1,209,401 1,041,694 3,303,281 3,083,457
Exploration 76,497 42,735 295,197 370,810
Depreciation, Depletion, Amortization and Valuation Provision 881,996 469,753 2,687,400 1,824,905
Asset Retirement Obligation Accretion 44,172 42,297 131,564 124,940
Gain on Disposition of Oil and Gas Properties ( 149,430 ) — ( 764,805 ) —
Total Reportable Segment Expenses 2,062,636 1,596,479 5,652,637 5,404,112
Total Reportable Segment Profit 2,404,992 2,575,013 6,620,696 5,615,646
9
Other Operating Profit/(Loss) — ( 563 ) — 250,237
General, Administrative and Other Expenses ( 593,534 ) ( 1,037,631 ) ( 1,897,786 ) ( 2,347,154 )
Equity Income/(Loss) in Investees ( 16,696 ) 7,333 45,757 64,691
Interest Expense ( 15,304 ) ( 19,425 ) ( 47,564 ) ( 52,838 )
Other Income/(Loss), Net ( 119,742 ) 463,689 710,066 945,581
Income Before Income Taxes and Non-Controlling Interests $ 1,659,716 $ 1,988,416 $ 5,431,169 $ 4,476,163

Note 3 – REVENUE RECOGNITION

A portion of oil and natural gas sales recorded in the Consolidated Statements of Income are the result of estimated volumes and pricing for oil and natural gas payments not yet received for the period. For the nine months ended September 30, 2025 and 2024, that estimate represented $ 3,042,142 and $ 2,787,041 , respectively, of oil and natural gas sales included in the Consolidated Statements of Income.

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 natural gas sales:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Oil Sales $ 3,233,521 $ 3,153,936 $ 8,323,128 $ 8,740,819
Natural Gas Sales 1,156,512 572,784 3,217,546 1,717,843
Miscellaneous Oil and Gas Product Sales 76,792 148,076 253,899 264,400
Total
$ 4,466,825 $ 3,874,796 $ 11,794,573 $ 10,723,062

Note 4 – OTHER INCOME/(LOSS), NET

The following is an analysis of the components of Other Income/(Loss), Net:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Net Realized and Unrealized Gain/(Loss), Equity Securities
$ ( 184,517 ) $ 347,682 $ 26,634 $ 1,208,093
Gain on Other Asset Sales — 37,924 — 37,924
Interest Income 21 38,101 10,513 166,826
Dividend Income 62,085 32,247 191,899 77,430
Loss on Deconsolidation of TWS South, LLC
— — — ( 296,717 )
Impairment of Other Investments
— — — ( 318,894 )
Income from Other Investments
5,759 12,165 416,241 38,695
Miscellaneous Income/(Expenses) ( 3,090 ) ( 4,430 ) 64,779 32,224
Other Income/(Loss), Net
$ ( 119,742 ) $ 463,689 $ 710,066 $ 945,581

10
Note 5 – INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES, INCLUDING GUARANTIES

The Company’s Equity Method Investments include:

Broadway Sixty-Eight, LLC (“Broadway 68”), an Oklahoma limited liability company, with a 33 % ownership, owns and operates an office building in Oklahoma City, Oklahoma. The Company leases its corporate office from Broadway 68 on a month-to-month basis under the terms of the modified lease agreement. Rent expense for lease of the corporate office from Broadway 68 was $ 33,537 during the nine months ended September 30, 2025 and 2024. The Company’s investment in Broadway 68 totaled $ 137,517 and $ 119,570 at September 30, 2025, and December 31, 2024, respectively.

Broadway Seventy-Two, LLC (“Broadway 72”), an Oklahoma limited liability company, with a 40 % ownership, was acquired in 2021. Broadway 72 owns and operates a commercial building in Oklahoma City, Oklahoma. The Company’s investment in Broadway 72 totaled $ 1,014,433 and $ 1,024,460 at September 30, 2025, and December 31, 2024, respectively.

QSN Office Park, LLC (“QSN”), an Oklahoma limited liability company, with a 20 % ownership, was acquired in 2016. QSN is constructing and selling office buildings in a new office park. The Company has guaranteed 15% of a development loan with a current balance of $ 620,000 that matures July 15, 2028. The Company’s investment in QSN totaled $ 341,095 and $ 331,665 at September 30, 2025, and December 31, 2024, respectively. The Company does not anticipate the need to perform on the guaranty of the loan.

Stott's Mill, with a 50 % ownership, was acquired in May 2022. Stott's Mill consisted of two residential lots in a developing subdivision located in Basalt, Colorado. In August 2025, the Company sold the lots for $ 646,432 , resulting in a loss of $ 39,921 on the investment. The Company’s investment in Stott's Mill totaled $ 0 and $ 686,353 at September 30, 2025, and December 31, 2024, respectively.

Victorum BRH Investment, LLC (“BRH”), with a 15.06 % ownership, was acquired in November 2023. BRH serves as a special purpose investment vehicle to hold an investment in Berry-Rock Capital, LP (“Berry-Rock”). Berry-Rock is a provider of a rent-to-own program for individuals unable to qualify for a mortgage. The Company receives quarterly distributions on an 11 % annualized return on investment. The Company’s investment in BRH totaled $ 310,333 and $ 317,385 at September 30, 2025, and December 31, 2024, respectively.

The Company’s Other Investments primarily include:

Bailey Hilltop Pipeline, LLC (“Bailey”), with a 10 % ownership, was acquired in 2008. Bailey is a gas gathering system pipeline for the Bailey Hilltop Prospect oil and gas properties in Grady County, Oklahoma. The Company’s investment in Bailey totaled $ 5,434 at September 30, 2025, and December 31, 2024.

Cloudburst International, Inc. (“Cloudburst”), with a 8.85 % ownership, was acquired in 2021. Cloudburst owns exclusive rights to a water purification process technology that is being developed and currently tested. The Company’s investment in Cloudburst totaled $ 1,596,007 at September 30, 2025, and December 31, 2024.

Genlith, Inc. (“Genlith”), with a 5.15 % ownership, was acquired in July 2020. Genlith identifies and structures investments in the new energy economy through corporate ventures, advisory and fund management. The Company’s investment in Genlith totaled $ 140,000 at September 30, 2025, and December 31, 2024.

OKC Industrial Properties, LC (“OKC”), with a 10 % ownership, was acquired in 1992. OKC originally owned approximately 260 acres of undeveloped land in north Oklahoma City. Throughout 2025, OKC sold the remaining 13 acres, resulting in income of $ 398,518 for the Company. The Company’s investment in OKC totaled $ 0 and $ 67,482 at September 30, 2025, and December 31, 2024, respectively.

Victorum Capital Club (“VCC”) invests in and manages special purpose investment vehicles that hold investments in various startup companies. The Company participates with minority ownership in an assortment of investments held with VCC. The Company’s investment in VCC special purpose investment vehicles totaled $ 282,306 and $ 227,306 at September 30, 2025, and December 31, 2024, respectively.

11
VCC Venture Fund I, LP (“VCC Venture”), with less than 2 % ownership, serves as a limited partnership to be used for investments in start-up entities and is managed by Victorum Capital Club. The Company committed to a $ 250,000 investment in VCC Venture. The Company’s investment in VCC Venture totaled $ 187,500 and $ 156,250 at September 30, 2025, and December 31, 2024, respectively. The balance at September 30, 2025, represents 75 % of the Company's capital commitment.

Cortado Ventures Fund II-A, LP (“Cortado II-A”), with less than 2 % ownership, serves as a limited partnership to be used for investments in start-up entities and is managed by Cortado Capital II, LLC. The Company committed to a $ 1,000,000 investment in Cortado II-A on June 20, 2023. The Company’s investment in Cortado II-A totaled $ 850,000 and $ 600,000 at September 30, 2025, and December 31, 2024, respectively. The balance at September 30, 2025, represents 85 % of the Company's capital commitment.

Cypress MWC, LLC ("Cypress"), with a 15 % ownership, acquired in 2024, is a town home development in Midwest City, Oklahoma. The Company committed to a $ 750,000 investment in Cypress. The Company’s investment in Cypress totaled $ 750,000 and $ 375,000 at September 30, 2025, and December 31, 2024, respectively. The balance at September 30, 2025, represents 100 % of the Company's capital commitment.

Note 6 – NON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES

Grand Woods is accounted for as a consolidated VIE. The Company owns an 80.37 % interest in Grand Woods in the form of 47.08 Class A units and 546,735 Class C units, with the remaining non-controlling member interests held by other members, including 8.72 % owned by executive officers of the Company. Grand Woods holds approximately 26.56 acres of undeveloped real estate in northeast Oklahoma City.

The Company is the only guarantor of $ 1,200,000 of a note payable held by Grand Woods. See Note 7 for terms and guaranty of debt held by Grand Woods, which is included in the Consolidated Balance Sheets. As a result of the Company’s guaranty of $ 1,200,000 of Grand Woods debt, the note holder has partial recourse against the Company for the consolidated VIE’s liabilities.

TWS is accounted for as a consolidated VIE. TWS entered into an agreement ("TWS Agreement") with TWS South, LLC ("TWS South"), a Texas limited liability company, on March 19, 2021, to form a water well drilling company where TWS would provide funding for equipment and operations, with TWS South providing industry expertise for operations and securing customers in the central Texas region. The TWS Agreement stated that if net profits received by the Company did not reach $ 300,000 plus 1.2 times any additional funding within twelve months of the effective date, the Company had the right to terminate the TWS Agreement. The TWS Agreement also stated that TWS South would devote substantially all time and attention to the joint venture. Following the discovery that TWS South breached the TWS Agreement by assuming ownership and operating another drilling company, the Company terminated the TWS Agreement on April 19, 2024.

On the April 19, 2024, termination and deconsolidation date, TWS South balance sheet items consisted of a drilling rig, various equipment and vehicles with net book value of $ 296,717 , accounts receivable of $ 465,977 , cash of $ 89,812 , and no liabilities. TWS South contributed its accounts receivable and cash of $ 85,410 to TWS and agreed to pay TWS any additional funds collected from payments received on accounts receivable. TWS South holds title to each of the vehicles, with TWS as lienholder. TWS is also lienholder on the drilling rig, which is registered as machinery in Texas to TWS South. The equipment and vehicles are no longer consolidated as of the April 19, 2024 termination date. Deconsolidation of TWS South resulted in a loss of $ 296,717 , which was recorded in Other Income/(Loss), Net on the Consolidated Statements of Income.

In September 2024, the Company was notified of a breach of contract and negligence lawsuit filed July 23, 2024, in the district court of Bell County, Texas 169th Judicial District, by Victory Companies, LLC ("the Plaintiff"), a customer of TWS South. Defendants include TWS, TWS South, individually and d/b/a Trinity Water Solutions, LLC, and a third party engineering firm. The Plaintiff sought relief in excess of $ 1,000,000 . On June 27, 2025, the presiding judge granted a Motion for Summary Judgment in the case that the Plaintiff would recover nothing against TWS or TWS South and that all claims against TWS and TWS South are denied. There is significant uncertainty about the collectibility of TWS South accounts receivable and the corresponding ability to pay TWS additional payments, therefore, an allowance for credit losses in the amount of $ 465,977 was recorded in Accounts Receivable on the Consolidated Balance Sheets. We will record additional consideration if received after any settlements are reached, which may reduce the loss recorded in future periods.
12
The following table presents the summarized assets and liabilities of Grand Woods and TWS included in the Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024. The assets of Grand Woods and TWS in the table below may only be used to settle obligations of Grand Woods or TWS, respectively.

Assets and liabilities in the table below include third party assets and liabilities only and exclude intercompany balances that eliminate in consolidation.
September 30, 2025
Grand Woods
TWS
Total
Assets:
Cash $ 18,510 $ 106,179 $ 124,689
Total Current Assets 18,510 106,179 124,689
Other Property and Equipment, at Cost 2,171,828 — 2,171,828
Total Assets $ 2,190,338 $ 106,179 $ 2,296,517
Liabilities:
Note Payable, Current Portion $ 152,726 $ — $ 152,726
Total Current Liabilities 152,726 — 152,726
Note Payable, Less Current Portion 895,778 — 895,778
Total Liabilities $ 1,048,504 $ — $ 1,048,504
December 31, 2024
Grand Woods TWS Total
Assets:
Cash $ 19,826 $ 61,305 $ 81,131
Total Current Assets 19,826 61,305 81,131
Other Property and Equipment, at Cost 2,171,828 — 2,171,828
Total Assets $ 2,191,654 $ 61,305 $ 2,252,959
Liabilities:
Accounts Payable $ 534 $ — $ 534
Note Payable, Current Portion 148,155 — 148,155
Total Current Liabilities 148,689 — 148,689
Note Payable, Less Current Portion 1,010,581 — 1,010,581
Total Liabilities $ 1,159,270 $ — $ 1,159,270
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Note 7 – NOTE PAYABLE

Grand Woods has a note payable (“the Note”) that was used for the purchase and development of property. The Note has a 4 % interest rate and matures November 23, 2026. The Note has scheduled payments of principal and interest in the amount of $ 16,034 per month, with a balloon payment of any unpaid principal balance due on November 23, 2026. The balance of the Note at September 30, 2025, and December 31, 2024, is $ 1,048,504 and $ 1,158,736 , respectively, of which $ 152,726 is classified as current at September 30, 2025. Interest paid on the Note, in the nine months ended September 30, 2025 and 2024 totaled $ 34,075 and $ 38,314 , respectively. The Note is secured by the underlying property and a $ 1,200,000 guaranty issued by the Company. Covenants of the Note include a pay down requirement that states that sales of parcels will require a pay down on the loan of 90 % of the net proceeds received from the purchaser less capital gains tax obligation. The remaining 10 % shall be held in an operating reserve account for operating expenses and the use in payment of taxes. No distributions to partners, except for taxes, are permitted throughout the term of the loan. The intent of the Grand Woods investment manager and members is that proceeds from the sale of all, or part of, the property will be used to reduce or eliminate the Note. The Company does not anticipate the need to perform on the guaranty of the Note.

Below is a schedule of future principal payments on the outstanding Note at September 30, 2025:
Years Ending December 31, Principal Payments
2025 $ 37,630
2026 1,010,874
Total $ 1,048,504

Note 8 – ASSET RETIREMENT OBLIGATION

The Company records the fair value of its estimated liability to retire its oil and natural gas producing properties in the period in which it is incurred (typically the date of first sale). The estimated liability is calculated by obtaining current estimated plugging costs from the well operators and inflating it over the life of the property. Current year inflation rate used is 2.50 %. When the liability is first recorded, a corresponding increase in the carrying amount of the related long-lived asset is also recorded. Subsequently, the asset is amortized to expense over the life of the property and the liability is increased annually for the change in its present value which is currently 7.50 %.

A reconciliation of the Company’s asset retirement obligation liability is as follows:
Balance at December 31, 2024 $ 2,362,060
Liabilities incurred 4,074
Accretion expense 131,564
Balance at September 30, 2025 $ 2,497,698

Note 9 – FAIR VALUE MEASUREMENTS

The Company uses a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets.

Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable.

Level 3 – Unobservable inputs that reflect the Company’s own assumptions.

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Recurring Fair Value Measurements

Certain assets of the Company are reported at fair value in the accompanying Consolidated Balance Sheets on a recurring basis. The Company determined the fair value of equity securities using quoted market prices, public Net Asset Values ("NAV") and where applicable, securities with similar maturity dates and interest rates. Level 3 assets use NAV as fair value.

At September 30, 2025, and December 31, 2024, the Company’s assets reported at fair value on a recurring basis are summarized as follows:
September 30, 2025
Level 1 Inputs Level 2 Inputs Level 3 Inputs
Financial Assets:
Equity Securities:
Domestic Equities $ 2,563,392 $ — $ —
International Equities 35,760 — —
Others 64,775 — —
Total
$ 2,663,927 $ — $ —
December 31, 2024
Level 1 Inputs Level 2 Inputs Level 3 Inputs
Financial Assets:
Equity Securities:
Domestic Equities $ 1,450,604 $ — $ —
International Equities 113,402 — —
Others — — 762,330
Total
$ 1,564,006 $ — $ 762,330

The fair value hierarchy tables do not include investments where the Company has elected to use the NAV as a practical expedient to determine the fair value. These assets consist of a private business development fund. Liquidity is only attained through sales on the secondary market.

A reconciliation to the balance sheet equity securities is as follows:

September 30, 2025 December 31, 2024
Level 1 Assets $ 2,663,927 $ 1,564,006
Level 2 Assets — —
Level 3 Assets — 762,330
Assets using NAV as a practical expedient, with a remaining commitment of $ 90,858
237,145 174,858
Total $ 2,901,072 $ 2,501,194
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Level 3 assets in the fair value hierarchy tables using NAV that is published and used for current transactions as fair value consist of a private perpetual business development fund. Redemption terms include expected quarterly repurchase offers pursuant to a unit repurchase program of up to 5 % of outstanding units, either by number of units or aggregate net asset value as of such quarter end. The Company liquidated this asset in the nine months ended September 30, 2025.

A roll forward of the Company’s level 3 investments is as follows:
Balance
Nine Months Ended September 30, 2025
Balance as of December 31, 2024 $ 762,330
Distributions ( 761,527 )
Changes in realized gains included in Other Income/(Loss), Net ( 6,379 )
Changes in unrealized gains included in Other Income/(Loss), Net 5,576
Balance as of September 30, 2025 $ —
Remaining Unfunded Commitments $ —

Non-Recurring Fair Value Measurements

The Company’s asset retirement obligation annually represents a non-recurring fair value liability, for which there were $ 4,074 in liabilities incurred in the nine months ended September 30, 2025, with none in the nine months ended September 30, 2024. See Note 8 above for more information about this liability and the inputs used for calculating fair value.

The Company recorded impairment losses on oil and gas assets in the nine months ended September 30, 2025, of $ 279,859 , with none in the nine months ended September 30, 2024. This also relates to non-recurring fair value measurements calculated using Level 3 inputs. Certain oil and natural gas producing properties have been deemed to be impaired because the assets, evaluated on a property-by-property basis, are not expected to recover their entire carrying value through future cash flows. Impairment losses, when recorded, are included in the Consolidated Statements of Income in the line-item Depreciation, Depletion, Amortization and Valuation Provision. Impairments are calculated by reducing the carrying value of the individual properties to an estimated fair value equal to the discounted present value of the future cash flow from these properties. Forward pricing is used for calculating future revenue and cash flow.

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ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis should be read with reference to ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS in the 2024 Form 10-K, as well as the consolidated financial statements included in this Form 10-Q.
Forward-Looking Statements

This discussion and analysis includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give the Company’s current expectations of future events. They include statements regarding the drilling of oil and natural gas wells, the production that may be obtained from oil and natural gas wells, cash flow and anticipated liquidity and expected future expenses.

Although management believes the expectations in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that would cause actual results to differ materially from expected results are described under “Forward-Looking Statements” on page 3 of the 2024 Form 10-K.

We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this Form 10-Q, and we undertake no obligation to update this information because of new information, future developments, or otherwise as required by law. You are urged to carefully review and consider the disclosures made in this and our other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect our business.

LIQUIDITY AND CAPITAL RESOURCES

Please refer to the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows in this Form 10-Q to supplement the following discussion. In the first nine months of 2025, the Company continued to fund its business activity using internal sources of cash. The Company had net cash provided by operating activities of $7,380,584 in the nine months ended September 30, 2025. The Company had sales of equity securities of $1,400,709, cash provided by property dispositions of $3,200,752, distributions from other investments of $466,000, for total cash provided by investing activities of $5,703,893. The Company utilized cash for the purchase of property of $8,084,208, the purchase of equity securities of $1,773,954, purchase of investments of $727,605, for cash applied to investing activities of $10,585,767. The Company paid $1,517,794 in stockholder dividends, $51,626 for the purchase of treasury stock, and $110,232 in payments on the Grand Woods note payable, for total cash applied to financing activities of $1,679,652. Cash provided by financing activities included Grand Woods Class C non-controlling interest contributions of $48,824. Cash and cash equivalents increased $867,882 (22%) to $4,791,704 at September 30, 2025, from $3,923,822 at December 31, 2024.

Discussion of Significant Changes in Working Capital. In addition to the changes in cash and cash equivalents discussed above, there were other changes in working capital line items from December 31, 2024. A discussion of these items follows.

Equity securities increased $399,878 (16%) to $2,901,072 as of September 30, 2025, from $2,501,194 at December 31, 2024. The increase resulted from $373,245 in net purchases and a $26,633 net increase in market value.

Accounts receivable decreased $442,560 (16%) to $2,331,927 as of September 30, 2025, from $2,774,487 at December 31, 2024, primarily related to a decrease in oil and gas receivables caused by a decrease in the price and volume of expected oil production.

Accounts payable increased $705,739 (136%) to $1,225,921 as of September 30, 2025, from $520,182 at December 31, 2024, primarily due to timing of activity and invoices.

Other current liabilities increased $20,003 (44%) to $65,183 as of September 30, 2025, from $45,180 at December 31, 2024, due to a decrease of $51,700 in payroll taxes resulting from the timing of payroll tax remittance, and an increase in state income and accrued property taxes of $71,703.

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Discussion of Significant Changes in the Consolidated Statements of Cash Flows. As noted in the first paragraph above, net cash provided by operating activities was $7,380,584 in the nine months ended September 30, 2025, an increase of $1,859,125 (34%) from cash provided by operations in the comparable period in 2024 of $5,521,459. For more information see “Operating Revenues” and “Other Income/(Loss), Net” below.

Cash applied to the purchase of property, plant and equipment in the nine months ended September 30, 2025, was $8,084,208, an increase of $923,703 (13%) from cash applied to the purchase of property, plant and equipment in the comparable period in 2024 of $7,160,505.

Ca sh applied to the purchase of investments in the nine months ended September 30, 2025, was $ 727,605 , an increase of $342,440 (89%) from cash applied in the comparable period of 2024 of $ 385,165 . Cash provided by the sale of investments was $ 1,102,432, an increase of $1,098,432 from cash provided in the comparable period of 2024 of $ 4,000. For more information related to investments, see Note 5 to the accompanying consolidated financial statements.

Off-Balance Sheet Arrangements. The Company is a guarantor of 15% of a $620,000 development loan that matures July 15, 2028 , held by QSN Office Park, LLC. The Company is committed to a $250,000 investment in VCC Venture Fund I, LP, of which $187,500 (75%) is invested at September 30, 2025. The Company is committed to a $1,000,000 investment in Cortado Ventures Fund II-A, of which $850,000 (85%) is invested at September 30, 2025. For more information about these entities and the related off-balance sheet arrangements, see Note 5 and Note 6 to the accompanying consolidated financial statements.

Conclusion. Management is unaware of any additional material trends, demands, commitments, events or uncertainties, which would impact liquidity and capital resources to the extent that the discussion presented in the 2024 Form 10-K would not be representative of the Company’s current position.

RESULTS OF OPERATIONS

Results of Operations – Nine Months Ended September 30, 2025

Net income attributable to common stockholders increased $807,405 (23%) to $4,343,257 in the nine months ended September 30, 2025, from $3,535,852 in the comparable period in 2024. Net income per share attributable to common stockholders, basic, increased $5.73 to $28.62 in the nine months ended September 30, 2025, from $22.89 in the comparable period in 2024. A discussion of revenue from oil and natural gas sales and other significant line items in the Consolidated Statements of Income follows.

Operating Revenues. Revenues from oil and gas sales increased $1,071,511 (10%) to $11,794,573 in the nine months ended September 30, 2025, from $10,723,062 in the comparable period in 2024. The increase is due to a decrease in oil sales of $417,691, an increase in natural gas sales of $1,499,703, and a decrease in miscellaneous oil and natural gas product sales of $10,501.

The $417,691 (5%) decrease in oil sales to $8,323,128 in the nine months ended September 30, 2025, from $8,740,819 in the comparable period in 2024 was the result of an increase in the volume sold and a decrease in the average price per barrel (Bbl). The volume of oil sold increased 17,564 Bbls to 135,757 Bbls in the nine months ended September 30, 2025, resulting in a positive volume variance of $1,298,858. The average price per Bbl decreased $12.64 to $61.31 per Bbl in the nine months ended September 30, 2025, from $73.95 per Bbl in the comparable period in 2024, resulting in a negative price variance of $1,716,549.

The $1,499,703 (87%) increase in natural gas sales to $3,217,546 in the nine months ended September 30, 2025, from $1,717,843 in the comparable period in 2024 was the result of an increase in the volume sold, and an increase in the average price per thousand cubic feet ("MCF"). The volume of natural gas sold increased 230,759 MCF to 951,739 MCF in the nine months ended September 30, 2025, from 720,980 MCF in the comparable period in 2024, resulting in a positive volume variance of $549,206. The average price per MCF increased $1.00 to $3.38 per MCF in the nine months ended September 30, 2025, from $2.38 per MCF in the comparable period in 2024, resulting in a positive price variance of $950,497.

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For both oil and natural gas sales, the price change was mostly the result of a change in the spot market prices upon which most of the Company’s oil and natural gas sales are based. These spot market prices have had significant fluctuations in the past and these fluctuations are expected to continue.

Sales of miscellaneous oil and natural gas products were $253,899 in the nine months ended September 30, 2025, compared to $264,400 in the comparable period in 2024.

The Company had water well drilling revenues of $0 in the nine months ended September 30, 2025, related to water well drilling through TWS, with $660,978 in the comparable period in 2024. The decrease was due to the completion of a large commercial well project and several commercial and residential water wells completed in 2024. Water well drilling revenues ceased on the joint venture agreement termination date of April 19, 2024. See Note 6 for additional information on TWS.

Operating Costs and Expenses. Operating costs and expenses decreased $611,584 (7%) to $7,550,423 in the nine months ended September 30, 2025, from $8,162,007 in the comparable period of 2024.

Production Costs. Production costs increased $219,824 (7%) to $3,303,281 in the nine months ended September 30, 2025, from $3,083,457 in the comparable period in 2024. Lease operating expenses increased $200,953 (10%), gas deductions and other costs decreased by $50,306 (10%), and gross production taxes increased $69,177 (13%) due to increased revenues from oil and natural gas sales.

Exploration Costs. Exploration costs decreased $75,613 (20%) to $295,197 in the nine months ended September 30, 2025, from $370,810 in the comparable period in 2024, due to an increase of $22,511 in geological and geophysical and other expenses and an increase in $58,996 in leasehold impairments, offset by a decrease in $157,120 in dry hole and plugging costs.

Water Well Drilling Costs. Water well drilling costs decreased $410,741 (100%) to $0 in the nine months ended September 30, 2025, from $410,741 in the comparable period in 2024. On April 19, 2024, we terminated the TWS Agreement with TWS South due to a breach of the agreement. Due to the termination, there will be no future expenses from water well drilling operations. See Note 6 for additional information on TWS.

Depreciation, Depletion, Amortization and Valuation Provision (DD&A). DD&A increased $862,495 (47%) to $2,687,400 in the nine months ended September 30, 2025, from $1,824,905 in the comparable period in 2024, primarily due to an increase in long-lived assets impairments of $279,859 and a $583,167 net increase in depletion, depreciation, and amortization due to an increase in completions and production.

General, Administrative and Other (G&A). G&A decreased $449,368 (19%) to $1,897,786 in the nine months ended September 30, 2025, from $2,347,154 in the comparable period in 2024. The decrease was primarily the result of bad debt expense of $465,977 recorded for TWS South accounts receivable in 2024. See Note 6 for additional information on TWS.

Gain on Disposition of Oil and Gas Properties. We had a gain on the sale of unproved, non-producing leasehold of $764,805 in the nine months ended September 30, 2025, with none in the the comparable period in 2024.

Equity Income/(Loss) in Investees. Equity income/(loss) in investees decreased $18,934 (29%) to $45,757 in the nine months ended September 30, 2025, from $64,691 in the comparable period in 2024. Income in the nine months ended September 30, 2025, was made up of income of $17,947 in Broadway Sixty-Eight, LLC (“Broadway 68”), income of $49,973 in Broadway Seventy-Two, LLC (“Broadway 72”), income of $23,122 from Victorum BRH Investment, LLC, loss of $5,214 in QSN Office Park, LLC (“QSN”), and loss of $40,071 in Stott's Mill. See Note 5 to the accompanying financial statements for additional information on equity method investments.

Other Income/(Loss), Net. Other income, net was $710,066 in the nine months ended September 30, 2025, as compared $945,581 in the comparable period in 2024. See Note 4 to the accompanying consolidated financial statements for an analysis of the components of this line item.

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Income Tax Provision. Income tax provision increased $145,686 (15%) to $1,115,432 in the nine months ended September 30, 2025, from $969,746 in the comparable period in 2024. Of the 2025 tax provision, estimated current tax provision was $23,399 and estimated deferred tax provision was $1,092,033. Of the 2024 income tax provision, the estimated current tax benefit was $68,639 and the estimated deferred tax provision was $1,038,385.

Results of Operations – Three Months Ended September 30, 2025

Net income attributable to common stockholders decreased $380,510 (22%) to $1,368,541 in the three months ended September 30, 2025, from $1,749,051 in the comparable period in 2024. The significant changes in the Consolidated Statements of Income are discussed below. Net income per share attributable to common stockholders, basic decreased $2.36 to $9.02 in the three months ended September 30, 2025, from $11.38 in the comparable period in 2024.

Operating Revenues. Revenues from oil and gas sales increased $592,029 (15%) to $4,466,825 in the three months ended September 30, 2025, from $3,874,796 in the comparable period in 2024. The increase is due to an increase in oil sales of $79,585, an increase in natural gas sales of $583,728, and a decrease in miscellaneous oil and gas product sales of $71,284.

The $79,585 (3%) increase in oil sales to $3,233,521 in the three months ended September 30, 2025, from $3,153,936 in the comparable period in 2024 was the result of an increase in the volume sold and a decrease in the average price per barrel (Bbl). The volume of oil sold increased 6,840 Bbls to 52,358 Bbls in the three months ended September 30, 2025, resulting in a positive volume variance of $473,944. The average price per Bbl decreased $7.53 to $61.76 per Bbl in the three months ended September 30, 2025, from $69.29 per Bbl in the comparable period in 2024, resulting in a negative price variance of $394,359.

The $583,728 (102%) increase in natural gas sales to $1,156,512 in the three months ended September 30, 2025, from $572,784 in the comparable period in 2024 was the result of an increase in the volume sold and an increase in the average price per MCF. The volume of natural gas sold increased 74,079 MCF to 360,875 MCF in the three months ended September 30, 2025, from 286,796 MCF in the comparable period in 2024, resulting in a positive volume variance of $148,158. The average price per MCF increased $1.20 to $3.20 per MCF in the three months ended September 30, 2025, from $2.00 per MCF in the comparable period in 2024, resulting in a positive price variance of $435,570.

Operating Costs and Expenses. Operating costs and expenses increased $21,497 (1%) to $2,656,170 in the three months ended September 30, 2025, from $2,634,673 in the comparable period in 2024.

Production Costs. Production costs increased $167,707 (16%) to $1,209,401 in the three months ended September 30, 2025, from $1,041,694 in the comparable period in 2024. Lease operating expenses increased $150,321 (23%), gas deductions and other costs decreased by $76,491 (29%), and gross production taxes increased $93,877 (73%).

Exploration Costs. Exploration costs increased $33,762 (79%) to $76,497 in the three months ended September 30, 2025, from $42,735 in the comparable period in 2024, due to increased dry hole and plugging costs of $29,386 and an increase of $4,376 in geological, geophysical, and other costs.

Water Well Drilling Costs. Water well drilling costs decreased $563 (100%) to $0 in the three months ended September 30, 2025, from $563 in the comparable period in 2024. On April 19, 2024, we terminated the TWS Agreement with TWS South due to a breach of the agreement. Due to the termination, there will be no future expenses from water well drilling operations. See Note 6 for additional information on TWS.

General, Administrative and Other (G&A). G&A decreased $444,097 (43%) to $593,534 in the three months ended September 30, 2025, from $1,037,631 in the comparable period in 2024. This was primarily the result of bad debt expense of $465,977 recorded for TWS South accounts receivable in 2024. See Note 6 to the accompanying consolidated financial statements for an analysis of the circumstances of this line item.

Gain on Disposition of Oil and Gas Properties. We had a gain on the sale of unproved, non-producing leasehold of $149,430 in the three months ended September 30, 2025, with none in the the comparable period in 2024.
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Equity Income/(Loss) in Investees. Equity income/(loss) in investees decreased $24,029 to a loss of $16,696 in the three months ended September 30, 2025, from income of $7,333 in the comparable period in 2024. See Note 5 to the accompanying financial statements for additional information on equity method investments.

Other Income/(Loss), Net. Other income/(Loss), net decreased $583,431 in the three months ended September 30, 2025, to a loss of $119,742 from income of $463,689 in the comparable period in 2024. See Note 4 to the accompanying consolidated financial statements for an analysis of the components of this item.

Income Tax Provision. Income tax provision increased $49,121 (20%) to $299,616 in the three months ended September 30, 2025, from a provision of $250,495 in the comparable period in 2024. Of the 2025 tax provision, estimated current tax provision was $20,797 and estimated deferred tax provision was $278,819. Of the 2024 tax provision, the estimated current tax benefit was $69,438 and the estimated deferred tax provision was $319,933. See discussions above in “Results of Operations” section for additional explanation of the changes in the provision for income taxes.

ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4.       CONTROLS AND PROCEDURES

As defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act"), the term “disclosure controls and procedures” means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

The Company’s Principal Executive Officer and Principal Financial Officer evaluated the effectiveness of the Company’s disclosure controls and procedures. Based on this evaluation, they concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2025.

Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act).
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PART II – OTHER INFORMATION
ITEM 1.       LEGAL PROCEEDINGS

Our consolidated entity, TWS, entered into the TWS Agreement with TWS South, on March 19, 2021, to form a water well drilling company. The TWS Agreement was terminated on April 19, 2024. TWS was party to a negligence and breach of contract lawsuit filed July 23, 2024, in the district court of Bell County, Texas 169th Judicial District, by Victory Companies, LLC ("the Plaintiff"), a customer of TWS South. Defendants include TWS, TWS South, individually and d/b/a Trinity Water Solutions, LLC, and a third party engineering firm. The Plaintiff sought relief in excess of $1,000,000 and intended for discovery to be conducted under Level 3 of Texas Rule of Civil Procedure 190.4 in Bell County, Texas. On June 27, 2025, the presiding judge granted a Motion for Summary Judgment in the case that the Plaintiff would recover nothing against TWS or TWS South and that all claims against TWS and TWS South are denied. See Note 6 to the accompanying consolidated financial statements for additional information on TWS.

ITEM 1A.    RISK FACTORS

Not applicable.

ITEM 2.       UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND PURCHASES OF EQUITY SECURITIES

Period Total Number of Shares Purchased Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 to July 31, 2025 8 $160 8 $1,747,040
August 1 to August 31, 2025 67 $162 67 $1,753,550
September 1 to September 30, 2025 88 $160 88 $1,722,240
Total 163 $161 163


ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.       MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.       OTHER INFORMATION

During the three months ended September 30, 2025, none of our officers or directors adopted or terminated a Rule 105-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
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ITEM 6.       EXHIBITS

The following documents are exhibits to this Form 10-Q. Each document marked by an asterisk is filed electronically herewith.
Exhibit
Number 		Description
31.1*
31.2*
32*
101.INS* Inline XBRL Instance Document
101.SCH* Inline XBRL Taxonomy Extension Schema Document
101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.
THE RESERVE PETROLEUM COMPANY
(Registrant)
Date:         November 14, 2025
/s/ Cameron R. McLain
Cameron R. McLain
Principal Executive Officer
Date:         November 14, 2025
/s/ Lawrence R. Francis
Lawrence R. Francis
Principal Financial Officer
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TABLE OF CONTENTS