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Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Mar. 31, 2020
Current assets    
Cash and cash equivalents $ 52,537 $ 34,381
Accounts receivable:    
Oil and natural gas sales 195,836 271,315
Trade 11,093 13,382
Derivative instruments 550
Prepaid asset - option contract 11,400
Prepaid costs and expenses 39,157 50,188
Total current assets 310,573 369,266
Property and equipment, at cost    
Oil and gas properties, using the full cost method 37,710,080 37,465,172
Other 118,388 116,993
Accumulated depreciation, depletion and amortization (28,333,356) (28,103,252)
Property and equipment, net 9,495,112 9,472,913
Investment - cost basis 150,000 150,000
Operating lease, right-of-use asset 69,239 76,130
Other noncurrent assets 96 2,200
Total assets 10,025,020 10,070,509
Current liabilities    
Accounts payable and accrued expenses 143,425 116,760
Operating lease liability, current 65,083 65,721
Total current liabilities 208,508 182,481
Long-term liabilities    
Long-term debt, net 895,554 757,423
Operating lease liability, long-term 5,491 10,982
PPP loan payable 68,574
Asset retirement obligations 768,196 755,261
Total long-term liabilities 1,737,815 1,523,666
Total liabilities 1,946,323 1,706,147
Commitments and contingencies
Stockholders' equity    
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,107,166 shares issued and 2,040,166 shares outstanding as of June 30, 2020 and March 31, 2020 1,053,583 1,053,583
Additional paid-in capital 7,353,356 7,339,351
Retained earnings 17,759 317,429
Treasury stock, at cost (67,000 shares) (346,001) (346,001)
Total stockholders' equity 8,078,697 8,364,362
Total liabilities and stockholders' equity $ 10,025,020 $ 10,070,509