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Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Mar. 31, 2023
Current assets    
Cash and cash equivalents $ 3,376,487 $ 2,235,771
Accounts receivable:    
Oil and natural gas sales 893,251 1,366,784
Trade 10,718 7,031
Prepaid drilling 33,529 67,951
Prepaid costs and expenses 43,974 56,502
Total current assets 4,357,959 3,734,039
Property and equipment, at cost    
Oil and gas properties, using the full cost method 45,648,608 45,391,634
Other 121,926 121,926
Accumulated depreciation, depletion and amortization (32,701,280) (32,215,095)
Property and equipment, net 13,069,254 13,298,465
Investments – cost basis 700,000 700,000
Operating lease, right-of-use asset 61,734 75,629
Other noncurrent assets 11,825 12,156
Total assets 18,200,772 17,820,289
Current liabilities    
Accounts payable and accrued expenses 210,310 201,897
Operating lease liability, current 56,896 56,366
Total current liabilities 267,206 258,263
Long-term liabilities    
Operating lease liability, long-term 4,838 19,263
Asset retirement obligations 697,607 710,276
Deferred income tax liabilities 88,683
Total long-term liabilities 791,128 729,539
Total liabilities 1,058,334 987,802
Commitments and contingencies
Stockholders’ equity    
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,221,916 and 2,221,416 shares issued; and, 2,136,500 and 2,136,000 shares outstanding as of June 30, 2023 and March 31, 2023, respectively 1,110,958 1,110,708
Additional paid-in capital 8,378,832 8,321,145
Retained earnings 8,243,143 7,991,129
Treasury stock, at cost (85,416 shares) (590,495) (590,495)
Total stockholders’ equity 17,142,438 16,832,487
Total liabilities and stockholders’ equity $ 18,200,772 $ 17,820,289