5. Oil and Gas Properties

6 Months Ended

Sep. 30, 2014

Notes to Financial Statements

5. Oil and Gas Properties

	09/30/14			03/31/14
	(Unaudited)
Proved properties	$	71,301,000		$	67,186,000
Unproved properties		643,000			773,000
Less accumulated depletion and impairment		(33,769,000	)		(31,496,000	)
Net oil and gas properties	$	38,175,000		$	36,463,000

As of September 30, 2014, the Company has recorded $71,301,000 as proved property costs.  As of March 31, 2014, the Company had recorded $67,186,000 as proved property costs.  Additions of $3,985,000 have been recorded during the six months ended September 30, 2014, and included in these additions are $3,916,000 related to intangible drilling and completion costs and tangible drilling and completion costs. Of the total additions recorded during the six months ended September 30, 2014, 80% relate to our work in North Dakota.

As of September 30, 2014, the Company has recorded $643,000 as unproved property costs.  As of March 31, 2014, the Company had recorded $773,000 as unproved property costs.  For the six months ended September 30, 2014, the Company recorded additional unproved property costs of $29,000 related to wells in progress.  During the six months ended September 30, 2014, $50,000 in well costs and $54,000 in costs related to acreage were transferred from unevaluated to depletable properties.  In addition, there were leased acreage expirations of approximately $55,000.