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Oil and Natural Gas Costs

12 Months Ended

Mar. 31, 2019

Extractive Industries [Abstract]

Oil and Natural Gas Costs

9. Oil and Natural Gas Costs

The costs related to the Company’s oil and natural gas activities were incurred as follows for the years ended March 31:

		2019				2018
Property acquisition costs:
Proved		$	-			$	-
Unproved			-				-
Exploration			14,555				-
Development			803,602				1,099,051
Capitalized asset retirement obligations			8,658				6,689
Total costs incurred for oil and gas properties		$	826,815			$	1,105,740

The Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31:

		2019				2018
Proved oil and gas properties		$	35,907,677			$	35,224,784
Unproved oil and gas properties:
subject to amortization			-				-
not subject to amortization			-				-
			35,907,677				35,224,784
Less accumulated DD&A			27,154,343				26,355,604
		$	8,753,334			$	8,896,180

DD&A amounted to $9.90 and $10.02 per BOE of production for the years ended March 31, 2019 and 2018, respectively.

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- References

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- Definition

The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 360
-URI http://asc.fasb.org/subtopic&trid=2145654

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