Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Current assets
Cash and cash equivalents	$ 37,229	$ 34,013
Accounts receivable:
Oil and gas sales	485,262	248,145
Trade	21,566	29,880
Prepaid costs and expenses	20,084	43,284
Total current assets	564,141	355,322
Property and equipment, at cost
Oil and gas properties, using the full cost method	40,343,746	40,365,197
Other	107,484	107,484
Accumulated depreciation, depletion and amortization	(24,703,566)	(24,395,184)
Property and equipment, net	15,747,664	16,077,497
Other noncurrent assets	34,268	34,441
Total assets	16,346,073	16,467,260
Current liabilities
Accounts payable and accrued expenses	547,206	332,172
Long-term debt	5,520,000	5,580,000
Asset retirement obligations	1,209,711	1,211,077
Total liabilities	7,276,917	7,123,249
Commitments and contingencies
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 and 2,037,266 shares outstanding as of June 30, 2016 and March 31, 2016	1,052,133	1,052,133
Additional paid-in capital	7,210,585	7,191,984
Retained earnings	1,152,439	1,445,895
Treasury stock, at cost (67,000 shares)	(346,001)	(346,001)
Total stockholders’ equity	9,069,156	9,344,011
Total liabilities and stockholders’ equity	$ 16,346,073	$ 16,467,260

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

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Balance Type:	credit
Period Type:	instant

- Definition

Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.