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Subsequent Events
12 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

17. Subsequent Events

 

During the first quarter of fiscal 2022, the Company borrowed $100,000 on the credit facility and made payments totaling $480,000 on the credit facility leaving a balance of $800,000.

 

During the first quarter of fiscal 2022, the Company expended approximately $326,000 for participation in the drilling of eight wells and the completion of six wells in Lea County, New Mexico.

 

In June 2021, the Company agreed to extend its current lease for its principal office space located at 415 West Wall Street, Suite 475, Midland, Texas 79701 for 36 months. The amended lease now expires on July 31, 2024.