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Note 6 - Oil and Natural Gas Properties
12 Months Ended
Sep. 30, 2025
Notes  
Note 6 - Oil and Natural Gas Properties

Note 6 - Oil and Natural Gas Properties. Oil and natural gas properties consist of the following:

 

 

    

September 30 

 

 

2025

 

2024

Oil and natural gas properties

 

 

 

 

 

 

Proved, developed properties

 

$

300,000  

 

$

311,000  

Less: accumulated depreciation, depletion and impairment

 

 

(277,000) 

 

 

(285,000) 

Total oil and natural gas properties

 

$

23,000  

 

$

26,000  

 

As the Company does not own working interests, it is not liable for the cost of well abandonment or surface restoration, so no ARO liability was recorded at September 30, 2025, and 2024. In the year ended September 30, 2024,

the Company realized a net gain of $525,000 from the sale of certain oil, gas, and mineral interests in Utah. As the Company had no basis in these assets, $525,000 was recorded as gain on sale of assets in the year ended September 30, 2024.