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Oil and Natural Gas Costs

12 Months Ended

Mar. 31, 2021

Extractive Industries [Abstract]

Oil and Natural Gas Costs

9. Oil and Natural Gas Costs

The costs related to the Company’s oil and natural gas activities were incurred as follows for the years ended March 31:

		2021				2020
Property acquisition costs:
Proved		$	-			$	-
Unproved			-				-
Exploration			-				168
Development			1,581,109				1,687,499
Capitalized asset retirement obligations			17,587				19,512
Total costs incurred for oil and gas properties		$	1,598,696			$	1,707,179

The Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31:

		2021				2020
Proved oil and gas properties		$	38,664,347			$	37,465,172
Unproved oil and gas properties:
subject to amortization			-				-
not subject to amortization			-				-
			38,664,347				37,465,172
Less accumulated DD&A			28,906,419				28,003,961
		$	9,757,928			$	9,461,211

DD&A amounted to $8.68 and $9.15 per BOE of production for the years ended March 31, 2021 and 2020, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 360
-URI http://asc.fasb.org/subtopic&trid=2145654

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