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Asset Retirement Obligations | 12 Months Ended
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Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | 6. Asset Retirement Obligations The Company’s asset retirement obligations relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The fair value of a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties. The ARO is included on the consolidated balance sheets with the current portion being included in the accounts payable and accrued expenses. The following table provides a rollforward of the asset retirement obligations for fiscal years ended March 31:
|  | 2020 |  |  | 2019 |
Carrying amount of asset retirement obligations, beginning of year |  | $ | 861,534 |  |  | $ | 862,553 |
Liabilities incurred |  |  | 19,512 |  |  |  | 8,658 |
Liabilities settled |  |  | (145,520 | ) |  |  | (27,452 | )
Accretion expense |  |  | 27,235 |  |  |  | 27,775 |
Revisions |  |  | - |  |  |  | (10,000 | )
Carrying amount of asset retirement obligations, end of year |  |  | 762,761 |  |  |  | 861,534 |
Less: Current portion |  |  | 7,500 |  |  |  | 7,500 |
Non-Current asset retirement obligation |  | $ | 755,261 |  |  | $ | 854,034 |

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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