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Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Mar. 31, 2023
Current assets    
Cash and cash equivalents $ 2,585,192 $ 2,235,771
Accounts receivable:    
Oil and natural gas sales 800,051 1,366,784
Trade 1,875 7,031
Prepaid costs and expenses 47,273 56,502
Prepaid drilling 37,247 67,951
Total current assets 3,471,638 3,734,039
Property and equipment, at cost    
Oil and gas properties, using the full cost method 46,750,776 45,391,634
Other 121,926 121,926
Accumulated depreciation, depletion and amortization (33,083,461) (32,215,095)
Property and equipment, net 13,789,241 13,298,465
Investments – cost basis 900,000 700,000
Operating lease, right-of-use asset 47,709 75,629
Other noncurrent assets 10,747 12,156
Total assets 18,219,335 17,820,289
Current liabilities    
Accounts payable and accrued expenses 178,749 201,897
Operating lease liability, current 47,709 56,366
Total current liabilities 226,458 258,263
Long-term liabilities    
Operating lease liability, long-term 19,263
Asset retirement obligations 697,552 710,276
Deferred income tax liabilities 149,862
Total long-term liabilities 847,414 729,539
Total liabilities 1,073,872 987,802
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, 2,110,500 and 2,136,000 shares outstanding as of September 30, 2023 and March 31, 2023, respectively 1,110,958 1,110,708
Additional paid-in capital 8,437,680 8,321,145
Retained earnings 8,512,576 7,991,129
Treasury stock, at cost (111,416 and 85,416 shares, respectively) (915,751) (590,495)
Total stockholders’ equity 17,145,463 16,832,487
Total liabilities and stockholders’ equity $ 18,219,335 $ 17,820,289