Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATIONS

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ASSET RETIREMENT OBLIGATIONS
12 Months Ended
Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATIONS

NOTE 5 – ASSET RETIREMENT OBLIGATIONS

 

The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the future retirement of oil and natural gas properties for the years ended March 31, 2017 and 2016:

 

    2017     2016  
Carrying amount at beginning of year   $ 1,179,170     $ 1,051,694  
Acquisition of oil and gas properties     755,862        
Accretion     199,960       127,426  
Revisions of previous estimates     (89,145 )      
Carrying amount at end of year   $ 2,045,847     $ 1,179,170