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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) May 1, 1996
RESERVE PETROLEUM COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-8157 73-0238060
(Commission File Number) (IRS Employer Identification No.)
6801 North Broadway, Suite 300, Oklahoma City, Oklahoma73116-9092
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code(405) 848-7551
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Item 5.Other Events.
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Standards No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to Be Disposed of", which requires impairment
losses to be recorded on long-lived assets used in operations when indicators
of impairment are present and the undiscounted cash flows estimated to be
generated by those assets are less than the assets' carrying amount. Statement
121 also addresses the accounting for long-lived assets that are expected to
be disposed of. The statement is effective for fiscal years beginning after
December 31, 1995.
As a result of this change in accounting principal, certain oil and gas
producing properties are deemed to be impaired because the assets are not
expected to recover their entire carrying value through future cash flows.
An impairment loss totaling $297,000 will be included in the Statement of
Operations of the Form 10-QSB to be filed for the quarter ending March 31,
1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE RESERVE PETROLEUM COMPANY
Date: May 1, 1996
/s/ JERRY L. CROW
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Jerry L. Crow
Principal Financial and
Accounting Officer
