4. Oil and Gas Properties

9 Months Ended

Dec. 31, 2012

Notes to Financial Statements

4. Oil and Gas Properties

4. Oil and Gas Properties

	12/31/12			03/31/12
	(Unaudited)
Proved properties	$	48,166,000		$	37,112,000
Unproved properties		2,908,000			4,409,000
Less accumulated depletion and impairment		(27,062,000	)		(25,778,000	)
Total accrued liabilities	$	24,012,000		$	15,743,000

As of December 31, 2012, the Company has recorded $48,166,000 as proved property costs. As of March 31, 2012, the Company had recorded $37,112,000 as proved property costs. Additions of $11,054,000 recorded during the nine months ended December 31, 2012 include $9,372,000 primarily related to intangible drilling costs and tangible completion costs in North Dakota. In addition, $1,682,000 in costs were transferred from unproved to proved properties.

As of December 31, 2012, the Company has recorded $2,908,000 as unproved property costs. As of March 31, 2012, the Company had recorded $4,409,000 as unproved property costs. As of December 31, 2012, the Company recorded additional unproved property costs of $181,000 and transferred $1,682,000 in costs from unproved to proved properties.