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:
Schedule of Cost Related to Oil and Gas Activities
| |
2025 | | |
2024 | |
Property acquisition costs: | |
| | | |
| | |
Proved | |
$ | 1,984,243 | | |
$ | 1,826,266 | |
Unproved | |
| - | | |
| - | |
Exploration | |
| 31,934 | | |
| 153,039 | |
Development | |
| 1,417,163 | | |
| 1,363,529 | |
Capitalized asset retirement obligations | |
| 5,231 | | |
| 7,617 | |
Total costs incurred for oil and gas properties | |
$ | 3,438,571 | | |
$ | 3,350,451 | |
The
Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31:
Schedule
of Aggregate Capitalized Costs Relating Oil and Gas Property Activities
| |
2025 | | |
2024 | |
Proved oil and gas properties | |
$ | 51,611,782 | | |
$ | 48,304,585 | |
Unproved oil and gas properties: | |
| | | |
| | |
subject to amortization | |
| - | | |
| - | |
not subject to amortization | |
| - | | |
| - | |
Oil and gas properties, gross | |
$ | 51,611,782 | | |
$ | 48,304,585 | |
Less accumulated DD&A | |
| 36,517,279 | | |
| 34,066,282 | |
Total oil and gas properties | |
$ | 15,094,503 | | |
$ | 14,238,303 | |
DD&A
amounted to $13.74 and $12.81 per BOE of production for the years ended March 31, 2025 and 2024, respectively.
|