The Reserve Petroleum Company Annual Report: Year Ended December 31, 2011

March 29, 2012

The Reserve Petroleum Company (OTCQB: RSRV.OB) reported operating revenues for its year ended December 31, 2011 decreased 6.3% to $12.96 million compared to operating revenues of $13.83 million for 2010.  Operating revenues in 2011 were negatively impacted by lower lease bonuses which was partially offset by a slight increase in oil and gas sales.

Net income for 2011 was essentially flat at $5.28 million or $32.77 per share versus net income of $5.25 million or $32.51 per share for 2010.  Net income in 2011 benefited from a gain on the sale of assets of $1.09 million compared to a gain on the sale of assets of $44 thousand in 2010.

As of December 31, 2011, the balance sheet reflected current assets of $19.93 million (including cash and cash equivalents of $10.15 million and available-for-sale securities of $6.66 million), investments of $674 thousand, total assets of $33.59 million, current liabilities of $568 thousand and total liabilities of $5.71 million.  During 2011, stockholders’ equity increased 15% to $27.89 million.

The Reserve Petroleum Company is engaged in the exploration and development of oil and natural gas properties.  The company manages its mineral properties and has other miner business investments.

Source: The Reserve Petroleum Company

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