v3.25.2
Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Mar. 31, 2024
Current assets    
Cash and cash equivalents $ 1,753,955 $ 2,473,484
Accounts receivable:    
Oil and natural gas sales 1,113,588 1,001,709
Trade 67,951 9,186
Prepaid drilling 24,381 148,748
Prepaid costs and expenses 60,981 56,193
Total current assets 3,020,856 3,689,320
Property and equipment, at cost    
Oil and gas properties, using the full cost method 51,611,782 48,304,585
Other 121,926 121,926
Accumulated depreciation, depletion and amortization (36,637,530) (34,184,837)
Property and equipment, net 15,096,178 14,241,674
Investment – cost basis 2,100,000 1,100,000
Operating lease, right-of-use asset 126,525 19,263
Other noncurrent assets 4,298 8,597
Total assets 20,347,857 19,058,854
Current liabilities    
Accounts payable and accrued expenses 307,387 221,603
Income tax payable 192,802 189,254
Operating lease liability, current 51,003 19,263
Total current liabilities 551,192 430,120
Long-term liabilities    
Operating lease liability, long-term 75,522
Deferred income tax liability 320,604 311,661
Asset retirement obligations 688,842 688,808
Total long-term liabilities 1,084,968 1,000,469
Total liabilities 1,636,160 1,430,589
Commitments and contingencies
Stockholders’ equity    
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,239,283 and 2,226,916 shares issued; and, 2,046,000 and 2,091,399 shares outstanding as of March 31, 2025 and 2024 1,119,641 1,113,458
Additional paid-in capital 8,844,953 8,567,856
Retained earnings 10,625,849 9,122,481
Treasury stock, at cost (193,283 and 135,517 shares, respectively) (1,878,746) (1,175,530)
Total stockholders’ equity 18,711,697 17,628,265
Total liabilities and stockholders’ equity $ 20,347,857 $ 19,058,854