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Subsequent Events
 6 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events

 

In October 2023, the Company signed a Letter of Intent regarding a 3-year Term Assignment of 98% of the Company’s leasehold interest in certain deep rights of 200 acres in Loving and Ward Counties, Texas. The Company expects to receive $5,000 per net leasehold acre in the total amount of approximately $980,000. The Company will retain the remaining 2% leasehold interest as a participating interest in the full unit at approximately .625% working interest. The Company will also retain an overriding royalty interest of 5% proportionately reduced.

 

In October 2023, the Company entered into an agreement, pending completion of title search, to purchase small producing and non-producing mineral interests in 1,280 gross acres in Ector, Midland and Upton Counties, Texas for a purchase price of $60,500.

 

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.