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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Operating revenue:        
Total operating revenues $ 1,595,344 $ 699,894 $ 4,413,023 $ 1,706,392
Operating expenses:        
Production 291,068 235,958 903,643 624,741
Accretion of asset retirement obligation 7,327 7,116 21,630 21,540
Depreciation, depletion, and amortization 268,018 237,459 812,398 697,698
General and administrative 272,552 193,288 794,961 634,526
Total operating expenses 838,965 673,821 2,532,632 1,978,505
Operating income (loss) 756,379 26,073 1,880,391 (272,113)
Other income (expenses):        
Interest income 55 71 126 387
Interest expense (3,132) (14,604) (23,381) (39,174)
PPP loan forgiveness 68,957 68,957
Loss on derivative instruments (19,200)
Net other (expense) income (3,077) 54,424 (23,255) 10,970
Income (loss) before income taxes 753,302 80,497 1,857,136 (261,143)
Net income (loss) $ 753,302 $ 80,497 $ 1,857,136 $ (261,143)
Income (loss) per common share:        
Basic: $ 0.36 $ 0.04 $ 0.89 $ (0.13)
Diluted: $ 0.35 $ 0.04 $ 0.87 $ (0.13)
Weighted average common shares outstanding:        
Basic: 2,120,912 2,051,081 2,096,433 2,044,054
Diluted: 2,176,240 2,054,288 2,146,717 2,044,054
Oil Sales [Member]        
Operating revenue:        
Total operating revenues $ 1,073,078 $ 520,261 $ 3,193,315 $ 1,307,588
Natural Gas Sales [Member]        
Operating revenue:        
Total operating revenues 500,906 171,982 1,177,405 378,798
Other [Member]        
Operating revenue:        
Total operating revenues $ 21,360 $ 7,651 $ 42,303 $ 20,006