Oil and Gas Costs

12 Months Ended

Mar. 31, 2016

Extractive Industries [Abstract]

Oil and Gas Costs

9. Oil and Gas Costs

The costs related to the Company’s oil and gas activities were incurred as follows for the year ended March 31:

	2016		2015		2014
Property acquisition costs:
Proved	$	-	$	3,108,040	$	785,144
Unproved		-		-		-
Exploration		-		15,472		9,641
Development		1,112,733		1,746,582		1,152,986
Capitalized asset retirement obligations		5,844		274,148		134,113
Total costs incurred for oil and gas properties	$	1,118,577	$	5,144,242	$	2,081,884

The Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31:

	2016		2015		2014
Proved oil and gas properties	$	40,365,197	$	40,489,453	$	35,386,751
Unproved oil and gas properties:
subject to amortization		-		73,990		73,990
not subject to amortization		-		-		-
		40,365,197		40,563,443		35,460,741
Less accumulated DD&A		24,306,770		19,752,994		18,395,619
	$	16,058,427	$	20,810,449	$	17,065,122

DD&A amounted to $2.45, $2.48 and $2.18 per mcfe of production for the years ended March 31, 2016, 2015 and 2014, respectively.