CKX Lands, Inc. is engaged in the business of ownership and management of land. The Company’s primary activities consist of leasing its properties for minerals (oil and gas), raising and harvesting timber, and surface use (agriculture, right of way and hunting). The Company operates through three segments: oil and gas, surface, and timber. Oil and gas segment provides the customer access to a designated tract of land, upon which the customer performs exploration, extraction, production and ultimate sale of the oil and gas. The Company receives royalties on all oil and gas produced by the customer. Surface segment provides annual leases for agricultural and hunting activities, as well as the right of way and related temporary work-space leases. Timber segment is engaged in customer contracts executed as a pay-as-cut arrangement, where the customer acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices.