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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2015
Mar. 31, 2014
Current assets    
Cash and cash equivalents $ 96,084 $ 156,082
Accounts receivable:    
Oil and gas sales 384,485 628,098
Trade 64,584 18,144
Prepaid costs and expenses 44,618 28,804
Total current assets 589,771 831,128
Property and equipment, at cost    
Oil and gas properties, using the full cost method 40,563,443 35,460,741
Other 106,792 94,356
Accumulated depreciation, depletion and amortization (19,838,036) (18,475,174)
Property and equipment, net 20,832,199 17,079,923
Other noncurrent assets 48,980 7,239
Total Assets 21,470,950 17,918,290
Current liabilities    
Accounts payable and accrued expenses $ 423,121 257,431
Income tax payable   6,500
Derivative instruments   44,981
Total current liabilities $ 423,121 308,912
Long-term debt 5,950,000 2,425,000
Asset retirement obligations 1,230,216 926,577
Deferred income tax liabilities 660,870 858,449
Total liabilities $ 8,264,207 $ 4,518,938
Stockholders' equity    
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding    
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,104,266 shares issued; 2,037,266 and 2,038,266 shares outstanding as of March 31, 2015 and 2014, respectively $ 1,052,133 $ 1,052,133
Additional paid-in capital 7,075,031 6,921,645
Retained earnings 5,425,580 5,766,566
Treasury stock, at cost (67,000 and 66,000 shares, respectively) (346,001) (340,992)
Total stockholders' equity 13,206,743 13,399,352
Total liabilities and stockholders' equity $ 21,470,950 $ 17,918,290