v3.25.2
Oil and Gas Properties
3 Months Ended
May 31, 2025
Extractive Industries [Abstract]  
Oil and Gas Properties

Note 3 – Oil and Gas Properties

 

The following table summarizes the Company’s oil and gas activities by classification for the three months ended May 31, 2025:

 

   February 28, 2025   Additions  

Change in

Estimates

   May 31, 2025 
                 
Oil and gas properties, subject to depletion  $2,930,237   $-   $-   $2,930,237 
Asset retirement costs   313,085    -    (16,715)   296,370 
Accumulated depletion and impairment   (2,995,837)   (14,569)   -    (3,010,406)
Total oil and gas assets  $247,485    (14,569)  $(16,715)  $216,201 

 

The depletion recorded for production on proved properties for the three months ended May 31, 2025 and 2024, amounted to $14,569 and $23,275, respectively. During the three months ended May 31, 2025 and 2024, there were no ceiling test write-downs of the Company’s oil and gas properties.