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Oil and Natural Gas Costs

12 Months Ended

Mar. 31, 2022

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:

 Schedule of Cost Related to Oil and Gas Activities

		2022				2021
Property acquisition costs:
Proved		$	560,893			$	-
Unproved			-				-
Exploration			-				-
Development			1,325,560				1,581,109
Capitalized asset retirement obligations			14,333				17,587
Total costs incurred for oil and gas properties		$	1,900,786			$	1,598,696

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

 Schedule of Aggregate Capitalized Costs Relating Oil and Gas Property Activities

		2022				2021
Proved oil and gas properties		$	40,373,741			$	38,664,347
Unproved oil and gas properties:
subject to amortization			-				-
not subject to amortization			-				-
Oil and gas properties, gross			40,373,741				38,664,347
Less accumulated DD&A			30,248,651				28,906,419
Total oil and gas properties		$	10,125,090			$	9,757,928

DD&A amounted to $10.57 and $8.68 per BOE of production for the years ended March 31, 2022 and 2021, respectively.

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- References

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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 https://asc.fasb.org/subtopic&trid=2145654

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