Stockholders Equity

12 Months Ended

Mar. 31, 2012

Notes to Financial Statements [Abstract]

10. Stockholders' Equity

In June 2011, the board of directors authorized the use of up to $250,000 to repurchase shares of our common stock for the treasury account.  During fiscal 2012, we repurchased 4,000 shares for the treasury at an aggregate cost of $22,780.  During fiscal 2011, we repurchased 2,000 shares for the treasury at an aggregate cost of $12,325.  No shares of our common stock were repurchased for the treasury account during fiscal 2010.

In August 2010, we purchased overriding royalty interests averaging .28% in 5,120 gross acres covering eight sections in the Haynesville trend area of DeSoto Parish, Louisiana, for an approximate purchase price of $1.65 million, prior to closing adjustments.  We paid $1.46 million in cash and the remainder was paid as 26,833 shares of common stock issued from treasury shares.