Oil and Gas Reserve Data (Unaudited) (Tables)

12 Months Ended

Mar. 31, 2020

Extractive Industries [Abstract]

Schedule of Commodity Prices Utilized for Reserve Estimates the Prior to Adjustments

Commodity prices utilized for the reserve estimates prior to adjustments for location, grade and quality are as follows:

	March 31,
	2021		2020
Prices utilized in the reserve estimates before adjustments:
Oil per Bbl	$	36.49	$	52.23
Natural gas per MMBtu	$	2.16	$	2.30

Schedule of Changes in Proved Reserve

Changes in Proved Reserves:

	Oil (Bbls)			Natural Gas (Mcf)
Proved Developed and Undeveloped Reserves:
As of April 1, 2019		1,040,000			5,381,000
Revision of previous estimates		(72,000	)		(384,000	)
Purchase of minerals in place		-			-
Extensions and discoveries		90,000			175,000
Sales of minerals in place		(6,000	)		(28,000	)
Production		(44,000	)		(294,000	)
As of March 31, 2020		1,008,000			4,850,000
Revision of previous estimates		(292,000	)		(200,000	)
Purchase of minerals in place		-			-
Extensions and discoveries		92,000			283,000
Sales of minerals in place		(20,000	)		(14,000	)
Production		(50,000	)		(324,000	)
As of March 31, 2021		738,000			4,595,000

Summary of Proved Developed and Undeveloped Reserves

Summary of Proved Developed and Undeveloped Reserves as of March 31, 2021 and 2020:

	Oil (Bbls)		Natural Gas (Mcf)
Proved Developed Reserves:
As of April 1, 2019		376,600		3,823,440
As of March 31, 2020		358,230		3,344,210
As of March 31, 2021		413,050		3,639,330
Proved Undeveloped Reserves:
As of April 1, 2019		663,860		1,557,250
As of March 31, 2020		649,570		1,506,160
As of March 31, 2021		325,020		956,050

Schedule of Progress of Converting Proved Undeveloped Reserves

The following table discloses the Company’s progress toward the conversion of PUDs during fiscal 2021.

Progress of Converting Proved Undeveloped Reserves:

	Oil & Natural Gas			Future
	(BOE)			Development Costs
PUDs, beginning of year		900,592		$	6,632,064
Revision of previous estimates		(447,215	)		(3,765,188	)
Sales of reserves		(14,394	)		-
Conversions to PD reserves		(83,202	)		(947,290	)
Additional PUDs added		128,581			1,095,588
PUDs, end of year		484,362		$	3,015,174

Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves:

	March 31
	2021			2020
Future cash inflows	$	38,144,000		$	61,676,000
Future production costs and taxes		(11,248,000	)		(16,682,000	)
Future development costs		(3,213,000	)		(6,984,000	)
Future income taxes		(1,714,000	)		(4,675,000	)
Future net cash flows		21,969,000			33,335,000
Annual 10% discount for estimated timing of cash flows		(9,206,000	)		(14,359,000	)
Standardized measure of discounted future net cash flows	$	12,763,000		$	18,976,000

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows to Proved Oil and Gas Reserves

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves:

	March 31
	2021			2020
Sales of oil and gas produced, net of production costs	$	(1,902,000	)	$	(1,806,000	)
Net changes in price and production costs		(5,680,000	)		(2,871,000	)
Changes in previously estimated development costs		2,623,000			865,000
Revisions of quantity estimates		(5,954,000	)		(2,140,000	)
Net change due to purchases and sales of minerals in place		(54,000	)		(335,000	)
Extensions and discoveries, less related costs		1,150,000			1,519,000
Net change in income taxes		2,070,000			404,000
Accretion of discount		1,376,000			2,164,000
Changes in timing of estimated cash flows and other		158,000			1,924,000
Changes in standardized measure		(6,213,000	)		(276,000	)
Standardized measure, beginning of year		18,976,000			19,252,000
Standardized measure, end of year	$	12,763,000		$	18,976,000