Revenue Performance - For the three months ended March 31, 2023, total revenues were $165,762, a decrease of $16,156 or 8.9% compared to $181,918 in the same period of 2022[82]. - Oil and gas revenue decreased by $33,234 or 40.3%, from $82,429 in Q1 2022 to $49,195 in Q1 2023[82]. - Timber sales revenue dropped significantly by $19,842 or 91.3%, from $21,743 in Q1 2022 to $1,901 in Q1 2023[82]. - Surface revenue increased by $36,920 or 47.5%, rising from $77,746 in Q1 2022 to $114,666 in Q1 2023[82]. Expenses - General and administrative expenses rose by $474,954, primarily due to share-based compensation awarded to officers[86]. Real Estate Transactions - The company closed on the sale of two 40-acre parcels for proceeds of $149,992 during Q1 2023[80]. - The company actively seeks additional real estate purchases in Louisiana, focusing on timberland and agricultural land[79]. Dividends and Operations - No dividends were declared during the three months ended March 31, 2023 and 2022[87]. - The company does not explore for oil and gas or operate wells, relying on unrelated third parties for production[76]. Wells and Production - The company received oil and/or gas revenues from 62 wells during both the three months ended March 31, 2023 and 2022[83].
CKX(CKX) - 2023 Q1 - Quarterly Report