Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 49,417,889 $ 45,011,969
Accrued receivables 6,550,429 3,787,534
Other assets 232,970 121,426
Deferred tax asset 3,874,788
Notes receivable for land sales ($32,749 due in 2017 and $32,906 due in 2016) (note 2) 94,971 139,114
Water wells, vehicles, furniture, and equipment – at cost less accumulated depreciation 1,168,281 260,901
Real estate acquired (notes 2 and 4) 1,114,601 1,114,601
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):    
Land (surface rights) situated in eighteen counties in Texas – 877,488 acres in 2016 and 878,268 acres in 2015 0 0
Total assets 62,453,929 50,435,545
LIABILITIES AND CAPITAL    
Accounts payable and accrued expenses 826,771 868,807
Income taxes payable 1,950,774 634,911
Other taxes payable 276,813 167,290
Unearned revenue (note 2) 11,775,049 2,579,406
Deferred taxes (note 6) 163,213
Pension plan liability (note 5) 333,239
Total liabilities 14,829,407 4,746,866
Commitments and contingencies (note 7)
Capital (notes 1, 2 and 8):    
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 7,927,314 Sub-shares in 2016 and 8,118,064 Sub-shares in 2015 0 0
Accumulated other comprehensive income (loss) (959,563) (1,248,906)
Net proceeds from all sources 48,584,085 46,937,585
Total capital 47,624,522 45,688,679
Total liabilities and capital 62,453,929 50,435,545
Royalty Interests in Acres 1_16 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):    
1/16 nonparticipating perpetual royalty interest in 373,777 acres 0 0
Royalty Interests in Acres 1_128 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):    
1/128 nonparticipating perpetual royalty interest in 85,414 acres $ 0 $ 0