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Oil and Gas Reserve Data (Unaudited) (Tables)
 12 Months Ended
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