Quarterly report pursuant to Section 13 or 15(d)

REVENUE FROM CONTRACTS WITH CUSTOMERS

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REVENUE FROM CONTRACTS WITH CUSTOMERS
6 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS

NOTE 9 – REVENUE FROM CONTRACTS WITH CUSTOMERS

 

Change in Accounting for Revenue from Oil and Gas Operations

 

The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, on April 1, 2018, using the modified retrospective method applied to contracts that were not completed as of April 1, 2018. Refer to “Note 3 – Summary of Significant Accounting Policies” for additional information.

 

Exploration and Production

 

There were no significant changes to the timing or valuation of revenue recognized for sales of production from exploration and production activities.

 

Disaggregation of Revenue from Contracts with Customers

 

The following table disaggregates revenue by significant product type for the three and six months ended September 30, 2018:

 

      Three months ended        Six months ended   
       September 30, 2018        September 30, 2018  
Oil sales   $ 181,952     $ 382,021  
Natural gas sales     266,430       739,943  
Natural gas liquids sales              361,084       1,382,198  
Total revenue from customers   $ 809,466     $ 2,504,162  

 

There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of September 30, 2018 or March 31, 2018.