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Oil and Natural Gas Costs
 12 Months Ended
Mar. 31, 2024
Extractive Industries [Abstract]  
Oil and Natural Gas Costs

7. Oil and Natural Gas Costs

 

The costs related to the Company’s oil and natural gas activities were incurred as follows for the years ended March 31:

 

   2024   2023 
Property acquisition costs:          
Proved  $1,826,266   $1,053,442 
Unproved   -    - 
Exploration   153,039    - 
Development   1,363,529    4,282,499 
Capitalized asset retirement obligations   7,617    23,492 
Total costs incurred for oil and gas properties  $3,350,451   $5,359,433 

 

 

The Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31:

 

   2024   2023 
Proved oil and gas properties  $48,304,585   $45,391,634 
Unproved oil and gas properties:          
subject to amortization   -    - 
not subject to amortization   -    - 
Oil and gas properties, gross  $48,304,585   $45,391,634 
Less accumulated DD&A   34,066,282    32,099,439 
Total oil and gas properties  $14,238,303   $13,292,195 

 

DD&A amounted to $12.81 and $14.56 per BOE of production for the years ended March 31, 2024 and 2023, respectively.