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Subsequent Events
12 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

17. Subsequent Events

 

On May 4, 2022 the Company acquired various royalty (mineral) interests in 22 wells and several additional potential locations for development operated by Chesapeake Energy Corporation and located in the Eagleford area of Dimmit County, Texas for a purchase price of $939,000 which was effective April 1, 2022.

 

During the first quarter of fiscal 2023, the Company expended approximately $237,000 to participate in the drilling of eight horizontal wells in the Wolfcamp Sand formation of the Delaware Basin in Lea County, New Mexico.

 

During the first quarter of fiscal 2023, the Company expended approximately $657,000 to participate in the drilling of four horizontal wells in the Wolfcamp Sand formation of the Midland Basin in Reagan County, Texas.

 

In June 2022, the Company expended approximately $300,000, representing one-half of the total estimated cost, to participate in the drilling and completion of four horizontal wells in the Bone Spring formation of the Delaware Basin in Eddy County, New Mexico.

 

The Company completed a review and analysis of all events that occurred after the consolidated balance sheet date to determine if any such events must be reported and has determined that there are no other subsequent events to be disclosed.