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Property Sales
12 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property Sales

4. Property Sales

 

During fiscal 2020, 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. The Company received approximately $53,000 in cash from the sale of our remaining operated properties in Ector County, Texas; approximately $17,500 in cash for the sale of an overriding royalty interest in Lea County, New Mexico; approximately $4,300 in cash from the sale of joint venture leasehold acreage in which we retained the deep rights in Lea County, New Mexico; and, approximately $4,600 in cash from sales of joint venture leasehold acreage and marginal producing working interest wells in Howard and Ward Counties, Texas.

 

The Company also received approximately $18,000 in cash from the sale of its surface rights on acreage in Brazoria County, Texas to a related party. The Company retained its mineral rights in this property.

 

Other immaterial dispositions and purchase price adjustments during fiscal 2020 amounted to approximately $7,200. During fiscal 2019, the Company sold non-core assets for a total of approximately $162,000.