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RSRV on OTC

RESERVE PETROLEUM CO

American crude petroleum and natural gas company, incorporated in Delaware1

In its 2026 annual report the company says: “The Company is a corporation organized under the laws of the State of Delaware in 1931. We have non-producing mineral interests of 88,868 net acres. We have several options relating to the exploration and/or development of our owned mineral interests.”3 It is headquartered in Oklahoma City, Oklahoma.1 Its shares trade on OTC under the symbol RSRV.1

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Last updated Oct 21, 2026.

Overview

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  • TickerRSRV on OTC1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersOklahoma City, Oklahoma1
  • Incorporated inDE2
  • Business address6801 N Broadway Ste 300, Oklahoma City, Ok 73116-90922
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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The Reserve Petroleum Company (the “Company,” “we,” “our” or “us”) is engaged principally in managing its owned mineral properties and the exploration for and the development of oil and natural gas properties. Other business segments are not significant factors in our operations. The Company is a corporation organized under the laws of the State of Delaware in 1931.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

25.7%Operating margin4
29.1%Net margin4
10.3%Revenue growth, 20254
14.4%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Oil and Condensate brought in 69% of the revenue RESERVE PETROLEUM CO broke down this way in fiscal 2025.

  1. Oil and Condensate$11.5M469%down 4% from 2024
  2. Natural Gas, Production$4.8M429%up 76% from 2024
  3. Miscellaneous Oil and Gas Sales$347.8K42%down 15% from 2024
Products and services by year
Products and services20242025
Oil and Condensate$12.0M$11.5M
Natural Gas, Production$2.7M$4.8M
Miscellaneous Oil and Gas Sales$409.2K$347.8K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs63¢$10.6M
  • Income tax8¢$1.3M
  • Profit29¢$4.9M

Out of $16.7M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid15¢$1.5M
  • Share buybacks1¢$55.3K
  • Kept or used elsewhere84¢$8.4M

Out of $9.9M of cash from operations.4

Financial statements

Revenue56784$16.7M in 2025+152% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $6.6M$6.6M20192020: $4.1M$4.1M2020−38%2021: $9.1M$9.1M2021+123%2022: $16.2M$16.2M2022+77%2023: $12.5M$12.5M2023−23%2024: $15.1M$15.1M2024+21%2025: $16.7M$16.7M2025+10%
Operating income567984$4.3M in 2025
-$5.0M-$2.5M0$2.5M$5.0M$7.5M2019: -$1.0M-$1.0M20192020: -$3.2M-$3.2M2020+214%2021: $657.2K$657.2K20212022: $6.4M$6.4M2022+878%2023: -$1.3M-$1.3M20232024: $2.3M$2.3M20242025: $4.3M$4.3M2025+90%
Net income567984$4.9M in 2025
-$2.0M0$2.0M$4.0M$6.0M2019: -$266.8K-$266.8K20192020: -$2.0M-$2.0M2020+633%2021: $1.3M$1.3M20212022: $4.0M$4.0M2022+220%2023: -$89.5K-$89.5K20232024: $2.0M$2.0M20242025: $4.9M$4.9M2025+145%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total Operating Revenues$17.4M$16.0M
Depreciation, Depletion, Amortization and Valuation Provisions$5.9M$5.2M
Asset Retirement Obligation Accretion$175.2K$167.8K
Gain on Disposition of Oil and Gas Properties-$793.8K-$172.9K
General, Administrative and Other$2.7M$3.1M
Total Operating Costs and Expenses$13.2M$13.7M
Income from Operations$4.3M$2.3M
Equity Income in Investees$59.9K$112.5K
Interest Expense-$64.3K-$69.2K
Other Income, Net$1.8M$191.8K
Income Before Income Taxes and Non-Controlling Interests$6.1M$2.5M
Income Tax Provision$1.3M$499.4K
Net Income$4.9M$2.0M
Less: Net Loss Attributable to Non-Controlling Interests-$39.4K-$42.3K
Net Income Attributable to Common Stockholders$4.9M$2.0M
Net Income/(Loss) Attributable to Common Stockholders, Basic (in dollars per share)$32.32$13.18
Cash Dividends (in dollars per share)$10$10
Weighted Average Shares Outstanding, Basic (in shares)151.7K shares153.9K shares

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What it owns

What RESERVE PETROLEUM CO reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$228.8K4 Dec 31, 2025$176.7K4 Dec 31, 2024+29.4%
Property and equipment, net$26.5M4 Dec 31, 2025$21.3M4 Dec 31, 2024+24.7%
Oil and gas properties$24.2M4 Dec 31, 2025$18.9M4 Dec 31, 2024+27.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.1M4 Dec 31, 2025$3.9M4 Dec 31, 2024−47.7%
Equity securities at fair value$4.5M4 Dec 31, 2025$2.5M4 Dec 31, 2024+80.6%
Stakes in other companies (equity method)$1.8M4 Dec 31, 2025$2.5M4 Dec 31, 2024−28.1%
Long-term investments$5.2M4 Dec 31, 2025$5.7M4 Dec 31, 2024−7.6%

Properties, in its own words

Our principal properties are oil and natural gas properties. We have interests in approximately 944 producing properties with 38% of them being working interest properties and 62% of them being royalty interest properties. About 81% of all our properties are in Oklahoma and Texas and account for approximately 84% of our annual oil and gas sales. About 12% of our properties are in Arkansas, Kansas and South Dakota and account for approximately 8% of our annual oil and gas sales. The remaining 7% of our properties are in Colorado, Montana, Nebraska, New Mexico, Utah, West Virginia, Ohio and Wyoming and account for about 8% of our annual oil and gas sales. No individual property provides more than 10% of our annual oil and gas sales.

OIL AND NATURAL GAS OPERATIONS

The rest of Item 2

Oil and Gas Reserves

Reference is made to the Unaudited Supplemental Financial Information beginning on Page 40 for working interest reserve quantity information. Since January 1, 2025, we have not filed any reports with any federal authority or agency, which included estimates of total proved net oil or gas reserves, except for our 2024 Annual Report on Form 10-K and federal income tax return for the year ended December 31, 2024. Those reserve estimates were identical.

Production

The average sales price of oil and gas production for our royalty and working interests as well as the average working interest production cost (lifting cost) per equivalent thousand cubic feet (MCF) of gas are presented in the table below for the years ended December 31, 2025, 2024, and 2023. Equivalent MCF was calculated using approximate relative energy content.

Royalties · Working Interests

Sales Price · Sales Price

OilPer Bbl · GasPer MCF · OilPer Bbl · GasPer MCF · Average Production Cost per Equivalent MCF

2025 · 59.34 · 3.15 · 60.18 · 3.71 · 2.34

2024 · 72.98 · 2.25 · 70.78 · 2.78 · 3.09

2023 · 76.44 · 2.51 · 74.38 · 2.96 · 3.63

At December 31, 2025, we had working interests in 161 gross (25.9 net) wells producing primarily gas and 408 gross (45.7 net) wells producing primarily oil. These interests were in 12,549 net producing acres. These wells include 1.83 net wells associated with secondary recovery projects.

Undeveloped Acreage

Our undeveloped acreage consists of non-producing mineral interests and undeveloped leaseholds. At December 31, 2025, we held 88,868 net acres of non-producing mineral interests and 10,536 net acres of undeveloped leaseholds.

Net Productive and Dry Wells Drilled

The following table summarizes the net wells drilled, in which we had a working interest for the years ended December 31, 2023 and thereafter, as to net productive and dry exploratory wells drilled and net productive and dry development wells drilled.

Number of Net Working Interest Wells Drilled

Exploratory · Development

Productive · Dry · Productive · Dry

2025 · 0.26 · 1.00 · 0.70 · —

2024 · 0.26 · 0.40 · 0.46 · —

2023 · 0.67 · 1.20 · 0.87 · —

Item 2 of the 10-K filed Mar 31, 2026.3

Leadership

Who has led RESERVE PETROLEUM CO, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Cameron R. McLain2009–2017

Chair

  1. Mason W. McLain2009–2013

President

  1. Mason W. McLain2006–2008
  2. Cameron R. McLain2008–2024
2010201520202025
Board members and other officers (9)

Timeline

  1. May 20, 20268-K Shareholder vote; Other events21
  2. May 27, 20258-K Shareholder vote; Other events22
  3. May 22, 20248-K Other events23
  4. Sep 22, 20238-K Other events24
  5. May 24, 20238-K Shareholder vote; Other events25
  6. May 25, 20228-K Shareholder vote; Other events26
  7. May 28, 2009New chief executive Cameron R. McLain becomes CEO12

Filings

43 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 6 major events, 6 insider forms, 10 other. The latest 20:

  1. Aug 14, 202610-Q EDGAR
  2. May 26, 2026ARS EDGAR
  3. May 20, 20268-K EDGAR
  4. May 15, 202610-Q EDGAR
  5. Apr 16, 2026DEF 14A EDGAR
  6. Mar 31, 202610-K EDGAR
  7. Nov 14, 202510-Q EDGAR
  8. Aug 14, 202510-Q EDGAR
  9. May 27, 20258-K EDGAR
  10. May 15, 202510-Q EDGAR
  11. Apr 21, 2025ARS EDGAR
  12. Apr 17, 2025DEF 14A EDGAR
  13. Mar 31, 202510-K EDGAR
  14. Nov 14, 202410-Q EDGAR
  15. Aug 14, 202410-Q EDGAR
  16. Jun 14, 20244 EDGAR
  17. May 22, 20248-K EDGAR
  18. May 15, 202410-Q EDGAR
  19. Apr 18, 2024ARS EDGAR
  20. Apr 18, 2024DEF 14A EDGAR

The 43 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 7 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 14, 2024MCLAIN CAMERON RPRESIDENTBuy185$157.70$29.2KForm 4
Aug 30, 2023MCLAIN CAMERON RPRESIDENTBuy35$162.00$5.7KForm 4
Aug 29, 2023MCLAIN CAMERON RPRESIDENTBuy165$162.00$26.7KForm 4
Aug 24, 2023MCLAIN CAMERON RPRESIDENTBuy154$162.00$24.9KForm 4
Aug 23, 2023MCLAIN CAMERON RPRESIDENTBuy50$162.00$8.1KForm 4
Aug 16, 2022MCLAIN KYLE LEXECUTIVE VICE PRESIDENTBuy274$150.00$41.1KForm 4
Aug 16, 2022MCLAIN CAMERON RPRESIDENTBuy274$150.00$41.1KForm 4

From Forms 4 filed with the SEC.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Cameron R. McLain67$248.4K$305.8K27
2025Lawrence R. Francis49$173.9K$211.4K27
2025Kyle L. McLain71$124.2K$161.1K27
2024CEO/President$242.4K$301.0K27
2024Chairman/Executive Vice President$236.8K$292.2K27
20241st VP/CFOSecretary/Treasurer$169.6K$205.7K27

SEC filer profile

How RESERVE PETROLEUM CO is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRESERVE PETROLEUM CO1
  • CIK0000083350
  • Employer ID (EIN)73-02370603
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address6801 N Broadway Ste 300, Oklahoma City, OK 73116-90921
  • Mailing address6801 North Broadway, Suite 300, Oklahoma, OK 73116-90921
  • Phone40584875511
  • Shares outstanding151,584 as of Aug 7, 202611
  • Public float$17.0M as of Jun 30, 20253
  • AuditorHoganTaylor LLP, Oklahoma City, Oklahoma PCAOB ID 483; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMay 12, 19951
  • Filings298 in all: 10-Q (57), 4 (52), 10QSB (38), 8-K (34), DEF 14A (31), ARS (30), 10-K (19), 10KSB (9)1
    All 17 form types

    3 (5), 5 (5), 4/A (4), UPLOAD (4), 10-K/A (3), 10KSB40 (3), CORRESP (2), 10-Q/A (1), 10QSB/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 16, 2026
    Latest 8-K (8-K) May 20, 2026

Risk factors and legal proceedings

Legal proceedings

Our consolidated entity, TWS, entered into the TWS Agreement with TWS South, on March 19, 2021, to form a water well drilling company. The TWS Agreement was terminated on April 19, 2024. TWS was party to a negligence and breach of contract lawsuit filed July 23, 2024, in the district court of Bell County, Texas 169th Judicial District, by Victory Companies, LLC ("the Plaintiff"), a customer of TWS South. Defendants include TWS, TWS South, individually and d/b/a Trinity Water Solutions, LLC, and a third party engineering firm. The Plaintiff sought relief in excess of $1,000,000 and intended for discovery to be conducted under Level 3 of Texas Rule of Civil Procedure 190.4 in Bell County, Texas. On June 27, 2025, the presiding judge granted a Motion for Summary Judgment in the case, noting the Plaintiff would recover nothing against TWS or TWS South and that all claims again TWS and TWS South are denied. See Item 8, Note 8 to the accompanying consolidated financial statements for additional information on TWS.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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    SEC EDGAROther events
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