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Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Mar. 31, 2024
Current assets    
Cash and cash equivalents $ 1,578,357 $ 2,473,484
Accounts receivable:    
Oil and natural gas sales 918,204 1,001,709
Trade 4,213 9,186
Prepaid costs and expenses 50,413 56,193
Prepaid drilling 16,560 148,748
Total current assets 2,567,747 3,689,320
Property and equipment, at cost    
Oil and gas properties, using the full cost method 50,288,295 48,304,585
Other 121,926 121,926
Accumulated depreciation, depletion and amortization (35,308,822) (34,184,837)
Property and equipment, net 15,101,399 14,241,674
Investments – cost basis 1,500,000 1,100,000
Operating lease, right-of-use asset 150,362 19,263
Other noncurrent assets 6,448 8,597
Total assets 19,325,956 19,058,854
Current liabilities    
Accounts payable and accrued expenses 419,001 221,603
Income tax payable 125,946 189,254
Operating lease liability, current 48,767 19,263
Total current liabilities 593,714 430,120
Long-term liabilities    
Operating lease liability, long-term 101,595
Asset retirement obligations 693,329 688,808
Deferred income tax liabilities 431,322 311,661
Total long-term liabilities 1,226,246 1,000,469
Total liabilities 1,819,960 1,430,589
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; 2,239,283 and 2,226,916 shares issued; and, 2,046,000 and 2,091,399 shares outstanding as of September 30, 2024 and March 31, 2024, respectively 1,119,641 1,113,458
Additional paid-in capital 8,743,383 8,567,856
Retained earnings 9,521,718 9,122,481
Treasury stock, at cost (193,283 and 135,517 shares, respectively) (1,878,746) (1,175,530)
Total stockholders’ equity 17,505,996 17,628,265
Total liabilities and stockholders’ equity $ 19,325,956 $ 19,058,854