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Oil and Gas Reserve Data (Unaudited) (Tables) | 12 Months Ended
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Mar. 31, 2020
Extractive Industries [Abstract] |
Schedule of Commodity Prices Utilized for Reserve Estimates the Prior to Adjustments | The following table summarizes the prices utilized in the reserve estimates for 2020 and 2019. Commodity prices utilized for the reserve estimates prior to adjustments for location, grade and quality are as follows:
|  | March 31, |
|  | 2020 |  |  | 2019 |
Prices utilized in the reserve estimates before adjustments: |  |  |  |  |  |  |  |
Oil per Bbl |  | $ | 52.23 |  |  | $ | 59.52 |
Natural gas per MMBtu |  | $ | 2.30 |  |  | $ | 3.07 |
Schedule of Changes in Proved Reserve | Changes in Proved Reserves:
|  | Oil (Bbls) |  |  | Natural Gas (Mcf) |
Proved Developed and Undeveloped Reserves: |  |  |  |  |  |  |  |
As of April 1, 2018 |  |  | 1,197,000 |  |  |  | 5,487,000 |
Revision of previous estimates |  |  | (293,000 | ) |  |  | (430,000 | )
Purchase of minerals in place |  |  | - |  |  |  | - |
Extensions and discoveries |  |  | 171,000 |  |  |  | 619,000 |
Sales of minerals in place |  |  | - |  |  |  | - |
Production |  |  | (35,000 | ) |  |  | (295,000 | )
As of March 31, 2019 |  |  | 1,040,000 |  |  |  | 5,381,000 |
Revision of previous estimates |  |  | (72,000 | ) |  |  | (384,000 | )
Purchase of minerals in place |  |  | - |  |  |  | - |
Extensions and discoveries |  |  | 90,000 |  |  |  | 175,000 |
Sales of minerals in place |  |  | (6,000 | ) |  |  | (28,000 | )
Production |  |  | (44,000 | ) |  |  | (294,000 | )
As of March 31, 2020 |  |  | 1,008,000 |  |  |  | 4,850,000 |
Summary of Proved Developed and Undeveloped Reserves | Summary of Proved Developed and Undeveloped Reserves as of March 31, 2020 and 2019:
|  | Oil (Bbls) |  |  | Natural Gas (Mcf) |
Proved Developed Reserves: |  |  |  |  |  |  |  |
As of April 1, 2018 |  |  | 390,740 |  |  |  | 4,103,390 |
As of March 31, 2019 |  |  | 376,600 |  |  |  | 3,823,440 |
As of March 31, 2020 |  |  | 358,230 |  |  |  | 3,344,210 |
Proved Undeveloped Reserves: |  |  |  |  |  |  |  |
As of April 1, 2018 |  |  | 805,980 |  |  |  | 1,383,120 |
As of March 31, 2019 |  |  | 663,860 |  |  |  | 1,557,250 |
As of March 31, 2020 |  |  | 649,570 |  |  |  | 1,506,160 |
Schedule of Progress of Converting Proved Undeveloped Reserves | The following table discloses the Company’s progress toward the conversion of PUDs during fiscal 2020. Progress of Converting Proved Undeveloped Reserves:
|  | Oil & Natural Gas |  |  | Future |
|  | (BOE) |  |  | Development Costs |
PUDs, beginning of year |  |  | 923,405 |  |  | $ | 9,137,560 |
Revision of previous estimates |  |  | (40,310 | ) |  |  | (2,215,976 | )
Sales of reserves |  |  | - |  |  |  | - |
Conversions to PD reserves |  |  | (96,443 | ) |  |  | (1,407,439 | )
Additional PUDs added |  |  | 113,940 |  |  |  | 1,117,919 |
PUDs, end of year |  |  | 900,592 |  |  | $ | 6,632,064 |
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves | Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves:
|  | March 31 |
|  | 2020 |  |  | 2019 |
Future cash inflows |  | $ | 61,676,000 |  |  | $ | 70,766,000 |
Future production costs and taxes |  |  | (16,682,000 | ) |  |  | (19,355,000 | )
Future development costs |  |  | (6,984,000 | ) |  |  | (9,424,000 | )
Future income taxes |  |  | (4,675,000 | ) |  |  | (5,767,000 | )
Future net cash flows |  |  | 33,335,000 |  |  |  | 36,220,000 |
Annual 10% discount for estimated timing of cash flows |  |  | (14,359,000 | ) |  |  | (16,968,000 | )
Standardized measure of discounted future net cash flows |  | $ | 18,976,000 |  |  | $ | 19,252,000 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows to Proved Oil and Gas Reserves | Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves:
|  | March 31 |
|  | 2020 |  |  | 2019 |
Sales of oil and gas produced, net of production costs |  | $ | (1,806,000 | ) |  | $ | (1,711,000 | )
Net changes in price and production costs |  |  | (2,871,000 | ) |  |  | 36,000 |
Changes in previously estimated development costs |  |  | 865,000 |  |  |  | 1,923,000 |
Revisions of quantity estimates |  |  | (2,140,000 | ) |  |  | (6,901,000 | )
Net change due to purchases and sales of minerals in place |  |  | (335,000 | ) |  |  | - |
Extensions and discoveries, less related costs |  |  | 1,519,000 |  |  |  | 4,333,000 |
Net change in income taxes |  |  | 404,000 |  |  |  | 61,000 |
Accretion of discount |  |  | 2,164,000 |  |  |  | 2,200,000 |
Changes in timing of estimated cash flows and other |  |  | 1,924,000 |  |  |  | 435,000 |
Changes in standardized measure |  |  | (276,000 | ) |  |  | 376,000 |
Standardized measure, beginning of year |  |  | 19,252,000 |  |  |  | 18,876,000 |
Standardized measure, end of year |  | $ | 18,976,000 |  |  | $ | 19,252,000 |

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