Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets (Current Period Unaudited)

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Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Real Estate Acquired [Member]    
ASSETS    
Real estate acquired: (10,065 acres at September 30, 2015 and 10,125 acres at December 31, 2014) $ 1,114,601 $ 1,125,059
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
Land (surface rights) situated in eighteen counties in Texas – 878,309 acres in 2015 and 899,149 acres in 2014 0 0
Land Surface Rights [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
1/16 nonparticipating perpetual royalty interest in 373,777 acres in 2015 and 2014 0 0
1/128 nonparticipating perpetual royalty interest in 85,414 acres in 2015 and 2014 0 0
Cash and cash equivalents 46,170,691 26,814,759
Accrued receivables 4,074,716 3,220,020
Other assets 67,881 114,491
Prepaid income taxes 0 815,937
Notes receivable for land sales 139,114 923,115
Water wells, vehicles, furniture, and equipment – at cost less accumulated depreciation 162,666 89,107
51,729,669 33,102,488
LIABILITIES AND CAPITAL    
Accounts payable and accrued expenses 837,316 828,672
Income taxes payable 2,875,296 406,945
Other taxes payable 235,391 159,301
Unearned revenue 2,350,617 3,940,353
Deferred taxes 55,503 293,140
Pension plan liability 762,601 754,260
Total liabilities 7,116,724 6,382,671
Capital:    
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: 8,174,086 Sub-shares in 2015 and 8,322,399 Sub-shares in 2014 0 0
Other comprehensive loss (1,280,870) (1,352,794)
Net proceeds from all sources 45,893,815 28,072,611
Total capital 44,612,945 26,719,817
$ 51,729,669 $ 33,102,488