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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Organization and nature of business</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PetroGas Company (Formerly America Resources Exploration Inc. (the
“Company”)), was incorporated in the State of Nevada on January 24, 2014. The Company was incorporated under the name
Alazzio Entertainment Corp. and changed its name to America Resources Exploration Inc. on April 17, 2015. Subsequently, on January
20, 2016, the Company changed its name to PetroGas Company. On June 12, 2015, the Company completed an acquisition of working interests
in certain oil & gas properties. All share amounts in these financial statements have been adjusted to reflect this stock split.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had no significant revenues from the inception through
March 31, 2019. As of March 31, 2019, the Company has an accumulated deficit of $1,670,763. We will need additional working capital
to service debt and for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management
of the Company has developed a strategy to meet operational shortfalls which may include equity funding, short term or long term
financing or debt financing, to enable the Company to reach profitable operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying financial statements do not include any adjustments
that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain
additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2019, the Company evaluated the capitalized value
of the unproven oil and gas leases and determined to impair the amount in full due to the fact that the Company had no historical
cost basis for the leases to perform full-coast ceiling test, and no immediate development plans for the lease land. A total of
$29,158 has been expensed as Impairment loss on oil and gas lease during the year ended March 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2019, and March 31, 2018, a total of $0, and $29,158
is recorded as Unproved Property, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has asset retirement obligations for any wells that
are permanently removed from service. The primary obligations involve the removal and disposal of surface equipment, plugging and
abandoning the wells and site restoration. For the purpose of determining the fair value of ARO incurred during the fiscal year
ended March 31, 2016, the Company used the following assumptions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal">
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Inflation Rate</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">3</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">%</font></td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"><font style="font-size: 10pt">Estimated asset life</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 10pt">20 years</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Credit adjusted risk free interest rate</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">18</font></td>
<td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2016, the Company determined to fully impair its
shut in wells given a lack of production over a period in excess of two years, and the uncertainty in returning the wells to production
in the future. As a result, the Company has recorded a long term liability equal to the full value of the ARO.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2019 and March 31, 2018, a total of $83,580 is recorded
as asset retirement obligations, respectively</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2016, the Company entered into a promissory note
with a majority shareholder, Rise Fast Limited, for an amount of $240,683. The promissory note bears interest at a rate of 2% per
annum, and is payable on December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 10, 2017, the Company, along with the holder of the promissory
note to assigned $174,000 of the promissory note to four individuals not related to the Company. Refer to Note 7 for further details.
On October 6, 2017, the Company issued 24,000,000 common shares to the holder of the promissory note for the assignment of the
notes of $24,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2019, the promissory note payable was $42,683 and
accrued interest payable was $4,106.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 10, 2017, a total of $174,000 was assigned from a promissory
note to four individuals not related to the Company. Each of the convertible promissory notes has a principal value of $43,500,
maturity date of July 10, 2019, bears interest at 4% per annum, and are convertible at a rate of $0.03 per share. On October 6,
2017, the four convertible promissory notes were amended to an interest rate of 0.5% per annum, the maturity date was amended to
July 10, 2020, and the conversion price was amended to $0.01 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 11, 2017, four individual holders that have $174,000
of convertible promissory notes, converted a total of $58,000, or $14,500 each, for a total of 5,800,000, or 1,450,000 common shares
each.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A debt discount on the notes was recognized of $174,000. During
the year ended March 31, 2019, a total of $34,272 of the debt discount has been amortized and recorded in interest expense. As
of March 31, 2019, the unamortized amount of the debt discounts is $43,696.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2017, the Company entered into a convertible promissory
note for $9,230 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest
at 55% per annum, and is convertible at $0.01 per share. The debt discount of $9,230 was expensed upon issuance of the note. On
March 12, 2019, the note holder sold to three unaffiliated parties an interest in the note equal to the principal amount of $1,900
each.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2018, the Company entered into a convertible promissory
note for $20,773 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest
at 55% per annum, and is convertible at $0.01 per share. The debt discount of $20,773 was expensed upon issuance of the note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2018, the Company entered into a convertible promissory
note for $10,667 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest
at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,667 was expensed upon issuance of the note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2018, the Company entered into a convertible promissory
note for $7,167 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest
at 55% per annum, and is convertible at $0.01 per share. The debt discount of $7,167 was expensed upon issuance of the note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2018, the Company entered into a convertible promissory
note for $2,411 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest
at 55% per annum, and is convertible at $0.01 per share. The debt discount of $2,411 was expensed upon issuance of the note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2019, the Company entered into a convertible promissory
note for $10,194 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest
at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,194 was expensed upon issuance of the note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2019, the convertible note payable was $132,746
and accrued interest payable was $23,452.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has 300,000,000 authorized common shares at $0.001 par
value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Year Ended March 31, 2019</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 4, 2019, a majority of our shareholders
approved a reverse stock split on a basis of 100 old shares for 1 new share of our issued and outstanding common stock. No fractional
shares of common stock will be issued as a result of the reverse split. Any fractional shares that would have resulted from the
reverse split will be rounded up to the next whole number.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the reverse split, our issued
and outstanding shares of common stock will decrease from 30,099,230 to 300,993 shares of common stock. We confirm that our authorized
capital will remain unchanged.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The reverse split has been reviewed by the
Financial Industry Regulatory Authority (FINRA) and has been approved for filing with an effective date of March 19, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Year Ended March 31, 2018</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended March 31, 2018, the Company issued 29,800,000
common shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 26, 2017, the Company performed a 100:1 reverse stock split.
All outstanding shares have been adjusted retrospectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2019 and March 31, 2018, the Company had a total
of 300,993 shares issued and outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended March 31, 2018, the Company received advances
totaling $24,156 from its majority shareholder, Rise Fast Limited, in order to fund ongoing operations in the normal course.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2019 and March 31, 2018, the Company had advances
from related party of $28,541 and $28,541, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has evaluated subsequent events through the date these
financial statements were available to be issued. Based on our evaluation, the Company had the following subsequent events:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 3, 2019, the Company issued 3,000,000 shares of common
stock to the President of the Company as compensation for management services valued at $0.03 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 30, 2019, principal amount of $5,700 of the convertible
notes was converted to 570,000 shares of common stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 31, 2019, the Company issued a promissory note to a legal
firm at principal amount of $6,692.45 for the payable amount to the vendor. The note has a three month term and bears interest
at 2% per annum compounded monthly.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purpose of determining the fair value of ARO incurred during
the fiscal year ended March 31, 2016, the Company used the following assumptions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal">
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Inflation Rate</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">3</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">%</font></td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"><font style="font-size: 10pt">Estimated asset life</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 10pt">20 years</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Credit adjusted risk free interest rate</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">18</font></td>
<td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Basis of Presentation of Interim Financial Statements</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America (“GAAP”). Because a precise determination
of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily
involves the use of estimates, which have been made using careful judgment. Actual results may vary from these estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Use of Estimates</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in
which they become known. The estimates on depreciation were based on the estimated useful lives of the Company’s assets.
Any estimates during the period have had an immaterial effect on earnings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Cash and Cash Equivalents</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents consist of commercial accounts and interest-bearing
bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original
maturity is three months or less.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Oil and Gas Properties – Full Cost Method</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the full cost accounting method to account for
oil and natural gas properties, whereby costs incurred in the acquisition, exploration and development of oil and gas reserves
are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on nonproducing leases, drilling,
completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement
costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized
unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in
which case the gain or loss is recognized to operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The capitalized costs of oil and gas properties, excluding unevaluated
and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method
based on estimated proved recoverable oil and gas reserves.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The costs associated with unevaluated and
unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production
facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest
costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related
well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with
wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination
is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization
base immediately upon determination that the well is unsuccessful.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All items classified as unproved property are assessed on a quarterly
basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties
are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following:
intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved
reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate
an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold
costs are transferred to the full cost pool and become subject to amortization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under full cost accounting rules for each cost center, capitalized
costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred
income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net
cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted
at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of
any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the
book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For
purposes of the ceiling test calculation, current prices are defined as the unweighted arithmetic average of the first day of the
month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted for basis or
location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well.
Similarly, current costs are assumed to remain constant over the entire calculation period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Revenue Recognition</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Oil and gas sales result from undivided interests held by the Company
in oil and gas properties and royalty revenues. Sales of oil and gas produced from oil and gas operations are recognized when the
product is delivered to the purchaser and title transfers to the purchaser. Charges for gathering and transportation are included
in production expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from royalties is recognized as they are earned, when collection
is reasonably assured. Royalty revenue is recorded in the same period as the sales that generate the royalty payment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Asset Retirement Obligations</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records a liability for asset retirement obligations
(“ARO”) associated with its oil and gas wells when those assets are placed in service. The corresponding cost is capitalized
as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties.
Subsequently, the ARO liability is accreted to its then-present value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inherent in the fair value calculation of an ARO are numerous assumptions
and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement,
and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions
impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements
greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair Value of Financial Instruments</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures its financial assets and liabilities in accordance
with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes
methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as
follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 1 - Inputs are unadjusted quoted prices in active markets
for identical assets or liabilities available at the measurement date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 2 - Inputs are unadjusted quoted prices for similar assets
and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active,
inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 - Inputs are unobservable inputs which reflect the reporting
entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on
the best available information,</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of all assets and liabilities
approximated their fair values as March 31, 2019 and March 31, 2018, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Stock-Based Compensation</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the guidance included in ASC 718 Compensation-Stock
Compensation (“ASC 718”) using the modified prospective transition method. The Company recognizes compensation expense
in the financial statements for share-based awards based on the grant date fair value of those awards.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Income Taxes</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes pursuant
to ASC 740, <i>Income Taxes</i>. Deferred tax assets and liabilities are recorded for differences between the financial statements
and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax
laws and rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be
realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased
by the change in deferred tax assets and liabilities during the period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Earnings or Loss Per Share</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC Topic 280 – “Earnings
Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted
average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except
that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential
common shares had been issued and if the additional common shares were dilutive.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has implemented all new accounting pronouncements that
are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations. The Company regularly
reviews and analyses the recent accounting pronouncements.</p>
2014-01-24
20773
240683
174000
174000
174000
9230
43500
42683
7167
132746
10667
2411
10194
0.55
0.02
0.04
0.005
0.55
0.55
0.55
0.55
0.55
0.02
2019-12-31
2019-07-10
2020-07-10
29800000
24000000
24000
true
true
false
0.01
0.03
0.01
0.01
0.01
0.01
0.01
0.01
58000
14500
5700
5800000
1450000
570000
100:1
100 old shares for 1 new share
0.03
P20Y
0.18
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America (“GAAP”). Because a precise determination of many assets
and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the
use of estimates, which have been made using careful judgment. Actual results may vary from these estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in
which they become known. The estimates on depreciation were based on the estimated useful lives of the Company’s assets.
Any estimates during the period have had an immaterial effect on earnings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents consist of commercial accounts and interest-bearing
bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original
maturity is three months or less.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the full cost accounting method to account for
oil and natural gas properties, whereby costs incurred in the acquisition, exploration and development of oil and gas reserves
are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on nonproducing leases, drilling,
completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement
costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized
unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in
which case the gain or loss is recognized to operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The capitalized costs of oil and gas properties, excluding unevaluated
and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method
based on estimated proved recoverable oil and gas reserves.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The costs associated with unevaluated and unproved properties,
initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress
and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects.
Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination
of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed
wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved
reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination
that the well is unsuccessful.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All items classified as unproved property are assessed on a quarterly
basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties
are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following:
intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved
reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate
an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold
costs are transferred to the full cost pool and become subject to amortization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under full cost accounting rules for each cost center, capitalized
costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred
income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net
cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted
at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of
any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the
book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For
purposes of the ceiling test calculation, current prices are defined as the unweighted arithmetic average of the first day of the
month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted for basis or
location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well.
Similarly, current costs are assumed to remain constant over the entire calculation period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Oil and gas sales result from undivided interests held by the Company
in oil and gas properties and royalty revenues. Sales of oil and gas produced from oil and gas operations are recognized when the
product is delivered to the purchaser and title transfers to the purchaser. Charges for gathering and transportation are included
in production expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from royalties is recognized as they are earned, when collection
is reasonably assured. Royalty revenue is recorded in the same period as the sales that generate the royalty payment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records a liability for asset retirement obligations
(“ARO”) associated with its oil and gas wells when those assets are placed in service. The corresponding cost is capitalized
as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties.
Subsequently, the ARO liability is accreted to its then-present value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inherent in the fair value calculation of an ARO are numerous assumptions
and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement,
and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions
impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements
greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures its financial assets and liabilities in accordance
with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes
methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as
follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 1 - Inputs are unadjusted quoted prices in active markets
for identical assets or liabilities available at the measurement date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 2 - Inputs are unadjusted quoted prices for similar assets
and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active,
inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 - Inputs are unobservable inputs which reflect the reporting
entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on
the best available information,</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of all assets and liabilities approximated their
fair values as March 31, 2019 and March 31, 2018, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the guidance included in ASC 718 Compensation-Stock
Compensation (“ASC 718”) using the modified prospective transition method. The Company recognizes compensation expense
in the financial statements for share-based awards based on the grant date fair value of those awards.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has implemented all new accounting pronouncements that
are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations. The Company regularly
reviews and analyses the recent accounting pronouncements.</p>
4
4
4
4
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses the liability method, whereby
deferred taxes and liabilities are determined based on the expected future tax consequences of temporary differences between the
carrying amounts of assets and liabilities for financial and income tax reporting purposes. The net deferred tax asset generated
by the loss carryforward has been fully reserved. The cumulative net operating loss carry-forward is approximately $1,670,763
at March 31, 2019, and will expire in the years 2036 through 2039.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 22, 2017, the United States enacted
the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company has completed
the accounting for the effects of the Act during the year ended March 31, 2019. The Company’s financial statements for the
year ended March 31, 2019 reflect certain effects of the Act which includes a reduction in the corporate tax rate from 34% to 21%
as well as other changes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of the Company’s deferred tax asset and reconciliation
of income taxes computed at the statutory rate to the income tax amount recorded as of March 31, 2019 and March 31, 2018 are as
follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td colspan="2" id="hdcell" style="text-align: center"><font style="font-size: 10pt"><b>March 31,</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>March 31,</b></font></td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
<td style="text-align: justify"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Net operating loss carryforward</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">1,670,763</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">1,513,590</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"><font style="font-size: 10pt">Effective tax rate</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">21</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">21</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">%</font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Deferred tax asset</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">350,860</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">317,854</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"><font style="font-size: 10pt">Less: Valuation allowance</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">(350,860</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">)</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">(317,854</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Net deferred asset</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The utilization of the carryforwards is dependent upon the Company’s
ability to generate sufficient taxable income during the carryforward period. In addition, utilization of these carryforwards may
be limited due to ownership changes as defined in the Internal Revenue Code.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes pursuant
to ASC 740, <i>Income Taxes</i>. Deferred tax assets and liabilities are recorded for differences between the financial statements
and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax
laws and rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be
realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased
by the change in deferred tax assets and liabilities during the period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC Topic 280 – “Earnings
Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted
average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except
that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential
common shares had been issued and if the additional common shares were dilutive.</p>
Nevada
-1513590
-1670763
the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved.
29158
29158
83580
83580
1900
6692
300000000
300000000
0.001
0.001
300993
300993
300993
300993
Decrease from 30,099,230 to 300,993 shares
28541
28541
1513590
1670763
0.21
0.21
317854
350860
-317854
-350860
expire in the years 2036 through 2039.
3000000
0.03
4544994
true
No
No
5176
387
5176
387
1016
34334
387
57329
85405
20550
24320
194298
259009
42683
42683
68035
132746
251627
344414
-217293
-344027
3
301
1026606
1295996
-1343477
-1513590
-316868
301
1326435
-1670763
1295996
1326435
301
301
34334
387
1550
1502
40549
56902
40549
56902
-38999
-55400
118174
114713
89016
115613
900
-157173
-170113
-170113
-157173
-0.52
-1.16
300993
146693
-35228
-49764
24306
5892
3770
5508
-129
-235
-235
30439
54159
30439
30003
-4789
4160
269688
2993
300993
300993
298000
82000
298
81702
30439
187688
187688
30439
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of the Company’s deferred tax asset and reconciliation
of income taxes computed at the statutory rate to the income tax amount recorded as of March 31, 2019 and March 31, 2018 are as
follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td colspan="2" id="hdcell" style="text-align: center"><font style="font-size: 10pt"><b>March 31,</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>March 31,</b></font></td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
<td style="text-align: justify"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Net operating loss carryforward</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">1,670,763</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">1,513,590</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"><font style="font-size: 10pt">Effective tax rate</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">21</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">21</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">%</font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Deferred tax asset</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">350,860</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">317,854</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"><font style="font-size: 10pt">Less: Valuation allowance</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">(350,860</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">)</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><font style="font-size: 10pt">(317,854</font></td>
<td style="vertical-align: bottom; padding-bottom: 0.75pt; text-align: justify"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><font style="font-size: 10pt">Net deferred asset</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; text-align: justify"> </td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="vertical-align: bottom; text-align: justify"> </td></tr>
</table>