Oil and Gas Costs

12 Months Ended

Mar. 31, 2017

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:

	2017		2016		2015
Property acquisition costs:
Proved	$	-	$	-	$	3,108,040
Unproved		-		-		-
Exploration		-		-		15,472
Development		731,400		1,112,733		1,746,582
Capitalized asset retirement obligations		8,753		5,844		274,148
Total costs incurred for oil and gas properties	$	740,153	$	1,118,577	$	5,144,242

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

	2017		2016		2015
Proved oil and gas properties	$	37,640,096	$	40,365,197	$	40,489,453
Unproved oil and gas properties:
subject to amortization		-		-		73,990
not subject to amortization		-		-		-
		37,640,096		40,365,197		40,563,443
Less accumulated DD&A		25,479,335		24,306,770		19,752,994
	$	12,160,761	$	16,058,427	$	20,810,449

DD&A amounted to $12.47, $14.68 and $14.91 per BOE of production for the years ended March 31, 2017, 2016 and 2015, respectively.