Reserve Petroleum is a small, non-operating oil and gas E&P company that manages a portfolio of mineral interests and working interest participations across the north-central and south-central U.S. The company holds nearly 89,000 net acres across 12 states, concentrated in Arkansas, Kansas, Oklahoma, South Dakota, and Texas. Reserve Petroleum earns royalty income when third-party operators drill on its mineral acreage — a passive revenue stream with no capital outlay. The company also participates as a non-operating working interest partner in development and exploratory drilling programs, funding its proportionate share of well costs in exchange for a share of production revenue. Reserve Petroleum sells oil and gas production on short-term, spot-market contracts, with two customers — Crawley Petroleum and Mewbourne Oil — together accounting for over half of sales. Because Reserve Petroleum never operates wells itself, it runs with just eight employees, keeping overhead very low. Beyond E&P, the company maintains an investment portfolio in marketable securities, real estate, energy sector investments, and start-up ventures to diversify cash flows. Key earnings drivers are commodity prices, drilling activity on its acreage, and well productivity — all largely outside Reserve Petroleum's direct control, given its non-operating model and dependence on third-party operators.