Business Combinations

12 Months Ended

Mar. 31, 2012

Notes to Financial Statements [Abstract]

3. Business Combinations

On September 30, 2010, Mexco purchased all of the outstanding stock of Southwest Texas Disposal Corporation (“STDC”), a Texas corporation which owns primarily royalties producing primarily natural gas, expanding our royalty revenues.  The cash purchase price of $478,000 was funded from our $4.9 million credit facility.

The purchase price was allocated to the assets acquired and liabilities assumed at estimated fair values as follows:

Proved oil and gas properties	$	477,018
Accounts receivable		10,850
Total assets acquired		487,868
Accounts payable		(7,850	)
Asset retirement obligations assumed		(2,018	)
Net purchase price	$	478,000

We have not disclosed the pro forma information for this acquisition because the revenue and expenses for this acquisition are immaterial to our consolidated financial statements.