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Property Sales | 12 Months Ended
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Mar. 31, 2018
Property, Plant and Equipment [Abstract] |
Property Sales | 4. Property Sales During fiscal 2018, the Company continued its policy of selling non-core assets in order to concentrate on the development of more profitable assets and to pay down debt. In April 2017, the Company sold for a total consideration of $460,461, leasehold interests in 137 net acres in the Scoop-Stack areas of Canadian and Grady Counties, Oklahoma. The first of these transactions in which the Company retained its interests in the existing producing wellbores on the acreage was in the amount of $336,730. The second transaction in the amount of $123,731 included the producing wellbores as well as the acreage. Of these proceeds, $410,000 was applied to reduce bank indebtedness and the balance of $50,461 was applied to working capital of the Company. In June and November 2017, the Company received approximately $33,000 and $114,000, respectively, in cash from a sale of joint venture leasehold acreage in Reeves and Ward County, TX. The Company retained its interests in the existing producing wellbores in both counties. In July 2017, the Company received approximately $49,000 in cash from a sale of joint venture leasehold acreage and marginal producing working interest wells in Ward County, TX. In December 2017, the Company received approximately $30,000 in cash from a sale of joint venture leasehold acreage and marginal producing working interest wells in Midland County, TX. In December 2017, the Company received approximately $1.9 million in cash from a sale of joint venture leasehold marginal producing working interests in several thousand acres located in Ward and Winkler Counties, Texas. Of these proceeds, approximately $1.518 million was applied to the Company’s bank debt and the balance to the Company’s working capital. Approximately $200,000 of the purchase price is being held in escrow pending payment of closing costs and resolution of title issues as to a small portion of the sale assets. This amount is reflected in accounts receivable trade on our consolidated balance sheets. In January 2018, the Company sold additional leasehold interests in the Scoop-Stack area of Grady County, Oklahoma for $46,000 which the Company used to reduce bank indebtedness. The Company retained its interests in the existing producing wellbore on the acreage. In January 2018, the Company received approximately $235,000 in cash from a sale of joint venture leasehold acreage and marginal producing working interest wells in Winkler County, TX. Also in January 2018, the Company sold its working interests in two wells in Loving County, TX in which the Company was the operator. The Company received approximately $204,000 in cash for its share of which $100,000 was applied to the Company’s bank debt. In March 2018, the Company sold its non-operated working interests in 6 producing oil wells and 1 salt water disposal well in Pecos County, TX for a cash purchase price of $112,500 in which $100,000 was applied to the Company’s bank debt.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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