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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Mar. 31, 2023
Current assets    
Cash and cash equivalents $ 3,578,938 $ 2,235,771
Accounts receivable:    
Oil and natural gas sales 911,255 1,366,784
Trade 8,427 7,031
Prepaid costs and expenses 20,479 56,502
Prepaid drilling 33,052 67,951
Total current assets 4,552,151 3,734,039
Property and equipment, at cost    
Oil and gas properties, using the full cost method 46,553,548 45,391,634
Other 121,926 121,926
Accumulated depreciation, depletion and amortization (33,483,798) (32,215,095)
Property and equipment, net 13,191,676 13,298,465
Investments – cost basis 900,000 700,000
Operating lease, right-of-use asset 33,553 75,629
Other noncurrent assets 9,672 12,156
Total assets 18,687,052 17,820,289
Current liabilities    
Accounts payable and accrued expenses 221,422 201,897
Operating lease liability, current 33,553 56,366
Total current liabilities 254,975 258,263
Long-term liabilities    
Operating lease liability, long-term 19,263
Asset retirement obligations 692,185 710,276
Deferred income tax liabilities 319,848
Total long-term liabilities 1,012,033 729,539
Total liabilities 1,267,008 987,802
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; 2,099,339 and 2,136,000 shares outstanding as of December 31, 2023 and March 31, 2023, respectively 1,110,958 1,110,708
Additional paid-in capital 8,496,527 8,321,145
Retained earnings 8,858,186 7,991,129
Treasury stock, at cost (122,577 and 85,416 shares, respectively) (1,045,627) (590,495)
Total stockholders’ equity 17,420,044 16,832,487
Total liabilities and stockholders’ equity $ 18,687,052 $ 17,820,289