Subsequent Events

9 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

In January 2022, the Company expended $25,000 to exercise its option to participate in the first of two optional cash calls increasing the capitalized investment of 10% of the interest in a limited liability company in which the Company has previously invested $250,000. The Company’s interest in this partnership is less than 1% of the partnership at cost basis. The purpose of the partnership is to purchase mineral interests located in the state of Ohio.

On February 1, 2022 the Company entered into a Purchase and Sale Agreement to acquire various overriding royalty interests in approximately 75 wells primarily operated by XTO Energy, Inc. and located in the Eagleford area of Atascosa and Karnes Counties, Texas for a purchase price of $567,000 with an effective date of January 1, 2022.

The Company completed a review and analysis of all events that occurred after the consolidated balance sheet date to determine if any such events must be reported and has determined that there are no other subsequent events to be disclosed.