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Oil and Natural Gas Costs

12 Months Ended

Mar. 31, 2023

Extractive Industries [Abstract]

Oil and Natural Gas Costs

7. 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

		2023				2022
Property acquisition costs:
Proved		$	1,053,442			$	560,893
Unproved			-				-
Exploration			-				-
Development			4,282,499				1,325,560
Capitalized asset retirement obligations			23,492				14,333
Total costs incurred for oil and gas properties		$	5,359,433			$	1,900,786

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

		2023				2022
Proved oil and gas properties		$	45,391,634			$	40,373,741
Unproved oil and gas properties:
subject to amortization			-				-
not subject to amortization			-				-
Oil and gas properties, gross			45,391,634				40,373,741
Less accumulated DD&A			32,099,439				30,248,651
Total oil and gas properties		$	13,292,195			$	10,125,090

DD&A amounted to $14.56 and $10.57 per BOE of production for the years ended March 31, 2023 and 2022, 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
-Topic 932
-SubTopic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//932-360/tableOfContent

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