v3.25.2
Asset Retirement Obligations
12 Months Ended
Mar. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

4. Asset Retirement Obligations

 

The Company’s asset retirement obligations relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The ARO is included on the consolidated balance sheets with the current portion being included in the accounts payable and accrued expenses.

 

The following table provides a rollforward of the asset retirement obligations for fiscal years ended March 31:

 

   2025   2024 
Carrying amount of asset retirement obligations, beginning of year  $718,808   $730,276 
Liabilities incurred   5,231    7,617 
Liabilities settled   (35,180)   (48,954)
Accretion expense   29,983    29,869 
Revisions   -    - 
Carrying amount of asset retirement obligations, end of year   718,842    718,808 
Less: Current portion   30,000    30,000 
Non-Current asset retirement obligation  $688,842   $688,808