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Note 6 - Oil and Natural Gas Properties
12 Months Ended
Sep. 30, 2023
Notes  
Note 6 - Oil and Natural Gas Properties

Note 6 - Oil and Natural Gas Properties. Oil and natural gas properties consist of the following:

 

 

 

September 30,

 

 

2023

 

2022

Oil and natural gas properties

 

 

 

 

 

 

Proved, developed properties

 

$

326,000

 

$

327,000

Less: accumulated depreciation, depletion and impairment

 

 

(297,000)

 

 

(292,000)

Total oil and natural gas properties

 

$

29,000

 

$

35,000

 

As the Company does not own working interests, it is not liable for the cost of well abandonment or surface restoration, so no ARO liability was recorded at September 30, 2023 and 2022. In the year ended September 30, 2022, the Company realized a net gain of $450,000 from the sale of certain oil, gas, and mineral interests in Utah. As the Company had no basis in these assets, $450,000 was recorded as gain on sale of assets in the year ended September 30, 2022.