Mexco Energy (MXC) 10-K 27 Jun 24 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Mar. 31, 2024	Jun. 27, 2024	Sep. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--03-31
Entity File Number	1-31785
Entity Registrant Name	MEXCO ENERGY CORPORATION
Entity Central Index Key	0000066418
Entity Tax Identification Number	84-0627918
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	415 W. Wall
Entity Address, Address Line Two	Suite 475
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	(432)
Local Phone Number	682-1119
Title of 12(b) Security	Common Stock, par value $0.50 per share
Trading Symbol	MXC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 14,672,667
Entity Common Stock, Shares Outstanding		2,090,000
Documents Incorporated By Reference	Portions of the Registrant’s Proxy Statement relating to the 2024 Annual Meeting of Shareholders to be held on September 10, 2024, have been incorporated by reference in Part III of this Form 10-K. Such Proxy Statement will be filed with the Commission not later than 120 days after March 31, 2024, the end of the fiscal year covered by this report.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	WEAVER AND TIDWELL, L.L.P.
Auditor Firm ID	410
Auditor Location	Midland, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Current assets
Cash and cash equivalents	$ 2,473,484	$ 2,235,771
Accounts receivable:
Oil and natural gas sales	1,001,709	1,366,784
Trade	9,186	7,031
Prepaid drilling	148,748	67,951
Prepaid costs and expenses	56,193	56,502
Total current assets	3,689,320	3,734,039
Property and equipment, at cost
Oil and gas properties, using the full cost method	48,304,585	45,391,634
Other	121,926	121,926
Accumulated depreciation, depletion and amortization	(34,184,837)	(32,215,095)
Property and equipment, net	14,241,674	13,298,465
Investment – cost basis	1,100,000	700,000
Operating lease, right-of-use asset	19,263	75,629
Other noncurrent assets	8,597	12,156
Total assets	19,058,854	17,820,289
Current liabilities
Accounts payable and accrued expenses	221,603	201,897
Income tax payable	189,254
Operating lease liability, current	19,263	56,366
Total current liabilities	430,120	258,263
Long-term liabilities
Operating lease liability, long-term		19,263
Deferred income tax liability	311,661
Asset retirement obligations	688,808	710,276
Total long-term liabilities	1,000,469	729,539
Total liabilities	1,430,589	987,802
Commitments and contingencies
Stockholders’ equity
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,226,916 and 2,221,416 shares issued; and, 2,091,399 and 2,136,000 shares outstanding as of March 31, 2024 and 2023	1,113,458	1,110,708
Additional paid-in capital	8,567,856	8,321,145
Retained earnings	9,122,481	7,991,129
Treasury stock, at cost (135,517 and 85,416 shares, respectively)	(1,175,530)	(590,495)
Total stockholders’ equity	17,628,265	16,832,487
Total liabilities and stockholders’ equity	$ 19,058,854	$ 17,820,289

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	2,226,916	2,221,416
Common stock, shares outstanding	2,091,399	2,136,000
Treasury stock, shares	135,517	85,416

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues:
Total operating revenues	$ 6,604,884	$ 9,557,289
Operating expenses:
Production	1,526,472	1,719,719
Accretion of asset retirement obligation	29,869	30,532
Depreciation, depletion and amortization	1,969,742	1,854,047
General and administrative	1,243,547	1,120,691
Total operating expenses	4,769,630	4,724,989
Operating income	1,835,254	4,832,300
Other income (expenses):
Interest income	135,476	8,009
Interest expense	(5,234)	(13,097)
Net other expense	130,242	(5,088)
Income before provision for income taxes	1,965,496	4,827,212
Income tax expense:
Current	308,883	164,510
Deferred	311,661
Total income tax expense	620,544	164,510
Net income	$ 1,344,952	$ 4,662,702
Income per common share:
Basic:	$ 0.64	$ 2.17
Diluted:	$ 0.62	$ 2.11
Weighted average common shares outstanding:
Basic:	2,114,360	2,146,491
Diluted:	2,161,010	2,208,663
Oil Sales [Member]
Operating revenues:
Total operating revenues	$ 5,348,257	$ 6,522,163
Natural Gas Sales [Member]
Operating revenues:
Total operating revenues	1,114,390	2,858,460
Other [Member]
Operating revenues:
Total operating revenues	$ 142,237	$ 176,666

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance at Mar. 31, 2022	$ 1,108,208	$ 8,133,982	$ 3,328,427	$ (346,001)	$ 12,224,616
Balance, shares at Mar. 31, 2022					2,216,416
Treasury stock, shares at Mar. 31, 2022					(67,000)
Net income			4,662,702		$ 4,662,702
Issuance of stock through options exercised	2,500	14,200			16,700
Profit from purchase of stock by insider		30,179			30,179
Purchase of stock				(244,494)	(244,494)
Stock based compensation		142,783			$ 142,783
Issuance of stock, shares					5,000
Acquisitions, shares					(18,416)
Balance at Mar. 31, 2023	1,110,708	8,321,145	7,991,129	(590,495)	$ 16,832,487
Balance, shares at Mar. 31, 2023					2,221,416
Treasury stock, shares at Mar. 31, 2023					(85,416)
Common stock, shares outstanding at Mar. 31, 2023					2,136,000
Net income			1,344,952		$ 1,344,952
Issuance of stock through options exercised	2,750	16,912			19,662
Purchase of stock				(585,035)	(585,035)
Stock based compensation		229,799			229,799
Dividends paid			(213,600)		$ (213,600)
Issuance of stock, shares					5,500
Acquisitions, shares					(50,101)
Balance at Mar. 31, 2024	$ 1,113,458	$ 8,567,856	$ 9,122,481	$ (1,175,530)	$ 17,628,265
Balance, shares at Mar. 31, 2024					2,226,916
Treasury stock, shares at Mar. 31, 2024					(135,517)
Common stock, shares outstanding at Mar. 31, 2024					2,091,399

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 1,344,952	$ 4,662,702
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense	311,661
Stock-based compensation	229,799	142,783
Depreciation, depletion and amortization	1,969,742	1,854,047
Accretion of asset retirement obligations	29,869	30,532
Amortization of debt issuance costs	4,309	12,570
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	362,920	(63,678)
Decrease in right-of-use asset	56,366	54,294
Decrease (increase) in prepaid expenses	309	(8,866)
Increase (decrease) in accounts payable and accrued expenses	16,198	(33,475)
Decrease in operating lease liability	(56,366)	(54,294)
Increase in income tax payable	189,254
Settlement of asset retirement obligations	(25,078)	(80,720)
Net cash provided by operating activities	4,433,935	6,515,895
Cash flows from investing activities:
Additions to oil and gas properties	(3,349,326)	(5,310,036)
Additions to other property and equipment		(1,718)
Drilling refund	26,194	295,679
Investment in limited liability companies at cost	(400,000)	(425,000)
Proceeds from sale of oil and gas properties and equipment	306,633
Net cash used in investing activities	(3,416,499)	(5,441,075)
Cash flows from financing activities:
Proceeds from exercise of stock options	19,662	16,700
Profits from purchase of stock by insider		30,179
Proceeds from long-term debt	275,000	675,000
Debt issuance costs	(750)	(12,200)
Dividends paid	(213,600)
Acquisition of treasury stock	(585,035)	(244,494)
Reduction of long-term debt	(275,000)	(675,000)
Net cash used in financing activities	(779,723)	(209,815)
Net increase in cash and cash equivalents	237,713	865,005
Cash and cash equivalents at beginning of year	2,235,771	1,370,766
Cash and cash equivalents at end of year	2,473,484	2,235,771
Supplemental disclosure of cash flow information:
Cash paid for interest	925	528
Accrued capital expenditures included in accounts payable	21,693	28,186
Non-cash investing and financing activities:
Asset retirement obligations	$ 7,617	$ 23,492

Nature of Operations

Nature of Operations	12 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation), Southwest Texas Disposal Corporation (a Texas corporation) and TBO Oil & Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the acquisition, exploration, development and production of crude oil, natural gas, condensate and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in West Texas and Southeastern New Mexico; however, the Company owns producing properties and undeveloped acreage in fourteen states. All of the Company’s oil and gas interests are operated by others.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation Estimates and Assumptions Cash and Cash Equivalents Accounts Receivable no Oil and Gas Properties Excluded Costs No Ceiling Test Depreciation, Depletion and Amortization Asset Retirement Obligations Estimating the future ARO requires management to make estimates and judgments regarding timing and existence of a liability, as well as what constitutes adequate restoration. The Company uses the present value of estimated cash flows related to the ARO to determine the fair value. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the related asset. Income Taxes Other Property and Equipment three ten years Income Per Common Share Revenue Recognition - Revenue from Contracts with Customers Gas Balancing Stock-based Compensation Reclassifications Investments The Company accounts for investments of less than 3% in limited liability companies at cost Liquidity and Capital Resources Recent Accounting Pronouncements

Long-Term Debt

Long-Term Debt	12 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	3. Long-Term Debt On December 28, 2018, the Company entered into a loan agreement (the “Agreement”) with West Texas National Bank (“WTNB”), which originally provided for a credit facility of $ 1,000,000 December 28, 2021 On February 28, 2020, the Agreement was amended to increase the credit facility to $ 2,500,000 1,500,000 March 28, 2026 Under the Agreement, interest on the facility accrues at a rate equal to the prime rate as quoted in the Wall Street Journal plus one-half of one percent ( .5 the Company will pay an unused commitment fee in an amount equal to one-half of one percent (.5%) times the daily average of the unadvanced amount of the commitment 1,500,000 No principal payments are anticipated to be required through the maturity date of the credit facility, March 28, 2026 9,000 12,950 Amounts borrowed under the Agreement are collateralized by the common stock of the Company’s wholly owned subsidiaries and substantially all of the Company’s oil and gas properties. The Agreement contains customary covenants for credit facilities of this type including limitations on change in control, disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement and requires senior debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratios (Senior Debt/EBITDA) less than or equal to 4.00 to 1.00 measured with respect to the four trailing quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. In addition, the Agreement prohibits the Company from paying cash dividends on its common stock without prior written permission of WTNB. The Company obtained written permission from WTNB prior to declaring the special dividend on April 10, 2023 and the regular annual dividend on April 30, 2024 as discussed in Note 14. The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices without prior WTNB approval. There was no balance outstanding on the credit facility as of March 31, 2024. The following table is a summary of activity on the WTNB credit facility for the years ended March 31, 2024 and 2023: Summary of Line of Credit Activity Principal Balance at April 1, 2022: $ - Borrowings 675,000 Repayments (675,000 ) Balance at March 31, 2023: $ - Borrowings 275,000 Repayments (275,000 ) Balance at March 31, 2024: $ -

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	4. Asset Retirement Obligations The Company’s asset retirement obligations relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The fair value of a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties. The ARO is included on the consolidated balance sheets with the current portion being included in the accounts payable and accrued expenses. The following table provides a rollforward of the asset retirement obligations for fiscal years ended March 31: Schedule of Rollforward of Asset Retirement Obligations 2024 2023 Carrying amount of asset retirement obligations, beginning of year $ 730,276 $ 735,512 Liabilities incurred 7,617 23,492 Liabilities settled (48,954 ) (59,260 ) Accretion expense 29,869 30,532 Revisions - - Carrying amount of asset retirement obligations, end of year 718,808 730,276 Less: Current portion 30,000 20,000 Non-Current asset retirement obligation $ 688,808 $ 710,276

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax based on financial statement income, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases after December 31, 2022. The Company files a consolidated federal income tax return and various state income tax returns. The amount of income taxes the Company records requires the interpretation of complex rules and regulations of federal and state taxing jurisdictions. With few exceptions, the earliest year open to examination by U.S. federal and state income tax jurisdictions is 2019. The income tax provision consists of the following for the years months ended March 31, 2024 and 2023: Schedule of Income Tax Provision 2024 2023 Year Ended March 31 2024 2023 Current income tax expense: Federal $ 189,254 $ - State 119,629 164,510 Total current income tax expense $ 308,883 $ 164,510 Deferred income tax expense: Federal 311,661 - State - - Total deferred income tax expense $ 311,661 $ - Total income tax expense: $ 620,544 $ 164,510 Federal income tax for the year ended March 31, 2024 was $ 500,915 no GAAP requires deferred income tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Significant components of net deferred tax assets (liabilities) at March 31 are as follows: Schedule of Components of Net Deferred Tax Assets (Liabilities) 2024 2023 Deferred tax assets: Percentage depletion carryforwards $ 1,281,990 $ 1,375,131 Deferred stock-based compensation 15,745 22,041 Asset retirement obligation 150,950 153,358 Net operating loss 151,193 665,386 Other 35,345 11,642 Total deferred tax assets $ 1,635,223 $ 2,227,558 Deferred tax liabilities: Excess financial accounting bases over tax bases of property and equipment 1,946,884 2,223,980 Deferred tax liability, net $ 311,661 $ 3,578 Valuation allowance - (3,578 ) Net deferred tax $ 311,661 $ - As of March 31, 2024, the Company has a statutory depletion carryforward of approximately $ 5,400,000 720,000 expiring in 2040 A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. To assess that likelihood, we use estimates and judgment regarding our future taxable income, and we consider the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include our current financial position, our results of operations, both actual and forecasted, the reversal of deferred tax liabilities, and tax planning strategies as well as the current and forecasted business economics of our industry. A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for years ended March 31 follows: Schedule of Reconciliation of Provision for Income Taxes 2024 2023 Tax expense at federal statutory rate (1) $ 412,754 $ 979,167 Statutory depletion carryforward 152,054 (257,509 ) Change in valuation allowance (3,578 ) (749,912 ) U. S. tax reform, corporate rate reduction - - Permanent differences 46,819 28,196 State income expense, net of federal benefit 94,507 164,510 Other (82,012 ) 58 Total income tax $ 620,544 $ 164,510 Effective income tax rate 31.6 % 3.4 % (1) The federal statutory rate was 21 For the years ended March 31, 2024 and 2023, the Company did not While the amount of unrecognized tax benefits may change in the next 12 months, the Company does not expect any change to have a significant impact on its results of operations. The recognition of the total amount of the unrecognized tax benefits would have an impact on the effective tax rate. If these unrecognized tax benefits are disallowed, the Company will be required to pay additional taxes.

Major Customers

Major Customers	12 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Major Customers	6. Major Customers Currently, the Company operates exclusively within the United States and its revenues and operating profit are derived from the oil and gas industry. Oil and gas production is sold to various purchasers and the receivables are unsecured. Historically, the Company has not experienced significant credit losses on its oil and gas accounts and management is of the opinion that significant credit risk does not exist. Management is of the opinion that the loss of any one purchaser would not have an adverse effect on the Company’s ability to sell its oil and gas production. In fiscal 2024, one purchaser accounted for 59 48 8 8 53 46 8 21

Oil and Natural Gas Costs

Oil and Natural Gas Costs	12 Months Ended
	Mar. 31, 2024
Extractive Industries [Abstract]
Oil and Natural Gas Costs	7. Oil and Natural Gas Costs The costs related to the Company’s oil and natural gas activities were incurred as follows for the years ended March 31: Schedule of Cost Related to Oil and Gas Activities 2024 2023 Property acquisition costs: Proved $ 1,826,266 $ 1,053,442 Unproved - - Exploration 153,039 - Development 1,363,529 4,282,499 Capitalized asset retirement obligations 7,617 23,492 Total costs incurred for oil and gas properties $ 3,350,451 $ 5,359,433 The Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31: Schedule of Aggregate Capitalized Costs Relating Oil and Gas Property Activities 2024 2023 Proved oil and gas properties $ 48,304,585 $ 45,391,634 Unproved oil and gas properties: subject to amortization - - not subject to amortization - - Oil and gas properties, gross $ 48,304,585 $ 45,391,634 Less accumulated DD&A 34,066,282 32,099,439 Total oil and gas properties $ 14,238,303 $ 13,292,195 DD&A amounted to $ 12.81 14.56

Income Per Common Share

Income Per Common Share	12 Months Ended
	Mar. 31, 2024
Income per common share:
Income Per Common Share	8. Income Per Common Share The following is a reconciliation of the number of shares used in the calculation of basic income per share and diluted income per share for the years ended March 31: Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share 2024 2023 Net income $ 1,344,952 $ 4,662,702 Shares outstanding: Weighted avg. common shares outstanding – basic 2,114,360 2,146,491 Effect of the assumed exercise of dilutive stock options 46,650 62,172 Weighted avg. common shares outstanding – dilutive 2,161,010 2,208,663 Income per common share: Basic $ 0.64 $ 2.17 Diluted $ 0.62 $ 2.11 For the year ended March 31, 2024, 93,000 13.12 31,000 18.05

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity	9. Stockholders’ Equity In March 2023, the Board of Directors authorized the use of up to $ 1,000,000 On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, establishes a 1 1,000,000 During the year ended March 31, 2024, the Company repurchased 50,101 585,035 11.68 18,416 244,494 13.28 1,000,000 0.50 1,000,000 414,965 13,766 188,637

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	10. Stock-based Compensation In September 2019, the Company adopted the 2019 Employee Incentive Stock Plan (the “2019 Plan”). The 2019 Plan provides for the award of stock options up to 200,000 25,000 25 ten years During the year ended March 31, 2024, the Compensation Committee of the Board of Directors approved and the Company granted 32,000 31,000 The plan also provides for the granting of stock awards. No The Company recognized compensation expense of $ 229,799 142,783 502,361 2.46 The fair value of each stock option is estimated on the date of grant using the Binomial valuation model. Expected volatilities are based on historical volatility of the Company’s stock over the contractual term of 120 months and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Since the Company has only declared a special one-time dividend, no dividend yield was used in the calculation on current options understanding. Actual value realized, if any, is dependent on the future performance of the Company’s common stock and overall stock market conditions. There is no assurance the value realized by an optionee will be at or near the value estimated by the Binomial model. Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted in fiscal 2024 and 2023. All such amounts represent the weighted average amounts for each period. Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models For the year ended March 31, 2024 2023 Grant-date fair value $ 8.73 $ 12.44 Volatility factor 56.52 % 57.3 % Dividend yield - - Risk-free interest rate 3.44 % 3.15 % Expected term (in years) 6.25 6.25 No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of awards. During the year ended March 31, 2024, there were no 1,000 The following table is a summary of activity of stock options for the years ended March 31, 2024 and 2023: Summary of Activity of Stock Options Number of Weighted Weighted Intrinsic Outstanding at April 1, 2022 114,250 $ 5.51 7.40 $ 1,221,670 Granted 31,000 18.05 Exercised (5,000 ) 3.34 Forfeited or Expired (1,000 ) 7.22 Outstanding at March 31, 2023 139,250 $ 8.36 7.04 $ 419,853 Granted 32,000 12.68 Exercised (5,500 ) 3.58 Forfeited or Expired - - Outstanding at March 31, 2024 165,750 $ 9.36 6.62 $ 103,275 Vested at March 31, 2024 95,500 $ 6.26 5.26 $ 355,253 Exercisable at March 31, 2024 95,500 $ 6.26 5.26 $ 355,253 During the year ended March 31, 2024, stock options covering 5,500 37,566 19,662 5,000 47,575 16,700 12,367 77,641 Other information pertaining to option activity was as follows during the year ended March 31: Schedule of Other Information Pertaining to Option Activity 2024 2023 Weighted average grant-date fair value of stock options granted (per share) $ 8.73 $ 12.44 Total fair value of options vested $ 234,025 $ 102,348 Total intrinsic value of options exercised $ 37,566 $ 47,575 The following table summarizes information about options outstanding at March 31, 2024: Summary of Information About Options Outstanding Range of Number Weighted Average Weighted Average Aggregate $ 3.34 4.83 27,500 $ 3.34 4.84 5.97 36,250 4.84 5.98 7.00 9,000 7.00 7.01 8.51 30,000 8.51 8.52 18.05 63,000 15.32 $ 3.34 18.05 165,750 $ 9.36 6.62 $ 103,275 Outstanding options at March 31, 2023 expire between August 2024 and April 2033 and have exercise prices ranging from $ 3.34 18.05

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Related party transactions for the Company primarily relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the principal stockholder. The total billed to and reimbursed by the stockholder for the years ended March 31, 2024 and 2023 were $ 23,379 47,055 15,572

Leases

Leases	12 Months Ended
	Mar. 31, 2024
Leases
Leases	12. Leases The Company leases approximately 4,160 1,112 The lease does not include an option to renew and is a 36-month lease that was to expire in May 2021. In June 2020, in exchange for a reduction in rent for the months of June and July 2020, the Company agreed to a 2-month extension to its current lease agreement at the regular monthly rate extending its current lease expiration date to July 2021. the Company agreed to extend its current lease at a flat (unescalated) rate for 36 months. July 31, 2024 The Company determines an arrangement is a lease at inception. Operating leases are recorded in operating lease right-of-use asset, operating lease liability, current, and operating lease liability, long-term on the consolidated balance sheet. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s lease does not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used at adoption was 3.75 The balance sheet classification of lease assets and liabilities was as follows: Schedule of Operating Lease Assets and Liabilities March 31, 2024 Assets Operating lease right-of-use asset, beginning balance $ 75,629 Current period amortization (56,366 ) Lease amendment - Total operating lease right-of-use asset $ 19,263 Liabilities Operating lease liability, current $ 19,263 Operating lease liability, long term - Total lease liabilities $ 19,263 Future minimum lease payments as of March 31, 2024 under non-cancellable operating leases are as follows: Schedule of Future Minimum Lease Payments Lease Obligation Fiscal Year Ended March 31, 2025 $ 19,413 Total lease payments $ 19,413 Less: imputed interest (150 ) Operating lease liability 19,263 Less: operating lease liability, current (19,263 ) Operating lease liability, long term $ - Net cash paid for our operating lease for the year ended March 31, 2024 and 2023 was $ 42,668 15,572

Oil and Gas Reserve Data (Unaud

Oil and Gas Reserve Data (Unaudited)	12 Months Ended
	Mar. 31, 2024
Extractive Industries [Abstract]
Oil and Gas Reserve Data (Unaudited)	13. Oil and Gas Reserve Data (Unaudited) The estimates of the Company’s proved oil and gas reserves, which are located entirely within the United States, were prepared in accordance with the generally accepted petroleum engineering and evaluation principles and definitions and guidelines established by the SEC. The estimates as of March 31, 2024 and 2023 were based on evaluations prepared by Russell K. Hall and Associates, Inc. The services provided by Russell K. Hall and Associates, Inc. are not audits of our reserves but instead consist of complete engineering evaluations of the respective properties. For more information about their evaluations performed, refer to the copy of their report filed as an exhibit to this Annual Report on Form 10-K. Management emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries are more imprecise than those of currently producing oil and natural gas properties. Accordingly, these estimates are expected to change as additional information becomes available in the future. The following table presents the weighted average first-day-of-the-month prices used for oil and gas reserve preparation, based upon SEC guidelines. Schedule of Weighted Average First-day-of-the-month Prices Used for Oil and Gas Reserve March 31, 2024 2023 % Change Prices utilized in the reserve estimates before adjustments: Oil per Bbl $ 73.96 $ 87.45 ( 15 )% Natural gas per MMBtu $ 2.45 $ 5.96 ( 59 )% The Company’s total estimated proved reserves at March 31, 2024 were approximately 1.547 51 49 Changes in Proved Reserves Schedule of Changes in Proved Reserve Oil Natural Gas Proved Developed and Undeveloped Reserves: As of April 1, 2022 809,000 4,842,000 Revision of previous estimates (108,000 ) 328,000 Purchase of minerals in place 31,000 125,000 Extensions and discoveries 69,000 188,000 Sales of minerals in place - - Production (74,000 ) (534,000 ) As of March 31, 2023 727,000 4,949,000 Revision of previous estimates (86,000 ) (463,000 ) Purchase of minerals in place 24,000 121,000 Extensions and discoveries 199,000 437,000 Sales of minerals in place (3,000 ) (4,000 ) Production (70,000 ) (503,000 ) As of March 31, 2024 791,000 4,537,000 Proved developed reserves are those expected to be recovered through existing wells, equipment and operating methods. Proved undeveloped reserves (“PUD”) are proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion within five years of the date of their initial recognition. Moreover, the Company may be required to write down its proved undeveloped reserves if the operators do not drill on the reserves within the required five-year timeframe. Such downward revisions are primarily attributable to a decrease in crude oil and natural gas prices and partially the result of reserves written off due to the five-year limitation and the change in the timing of new development. The reserves written off were primarily royalty interests on leases in DeSoto Parish, Louisiana and Karnes County, Texas which are held by production and still in place to be developed in the future. Summary of Proved Developed and Undeveloped Reserves as of March 31, 2024 and 2023 Summary of Proved Developed and Undeveloped Reserves Oil Natural Gas Proved Developed Reserves: As of April 1, 2022 428,280 3,583,470 As of March 31, 2023 486,770 3,971,370 As of March 31, 2024 444,610 3,566,240 Proved Undeveloped Reserves: As of April 1, 2022 380,550 1,258,210 As of March 31, 2023 240,060 978,010 As of March 31, 2024 346,330 970,880 At March 31, 2024, the Company reported estimated PUDs of 508 MBOE, which accounted for 33 64 37 104 6 The following table discloses the Company’s progress toward the conversion of PUDs during fiscal 2024. Progress of Converting Proved Undeveloped Reserves Schedule of Progress of Converting Proved Undeveloped Reserves Oil & Natural Future Gas Development Costs PUDs, beginning of year 403,065 $ 3,837,540 Revision of previous estimates (38,780 ) 272,365 Sales of reserves - - Conversions to PD reserves (61,606 ) (935,590 ) Additional PUDs added 205,462 2,307,162 PUDs, end of year 508,141 $ 5,481,477 Estimated future net cash flows represent an estimate of future net revenues from the production of proved reserves using average prices for 2024 and 2023 along with estimates of the operating costs, production taxes and future development costs necessary to produce such reserves. No deduction has been made for depreciation, depletion or any indirect costs such as general corporate overhead or interest expense. Operating costs and production taxes are estimated based on current costs with respect to producing oil and natural gas properties. Future development costs including abandonment costs are based on the best estimate of such costs assuming current economic and operating conditions. The future cash flows estimated to be spent to develop the Company’s share of proved undeveloped properties through March 31, 2027 are $ 5,481,477 Income tax expense is computed based on applying the appropriate statutory tax rate to the excess of future cash inflows less future production and development costs over the current tax basis of the properties involved, less applicable carryforwards. The future net revenue information assumes no escalation of costs or prices, except for oil and natural gas sales made under terms of contracts which include fixed and determinable escalation. Future costs and prices could significantly vary from current amounts and, accordingly, revisions in the future could be significant. The current reporting rules require that year end reserve calculations and future cash inflows be based on the 12-month average market prices for sales of oil and gas on the first calendar day of each month during the fiscal year discounted at 10 76.88 2.75 92.02 5.68 The standardized measure of discounted future net cash flows is computed by applying the 12-month unweighted average of the first day of the month pricing for oil and natural gas (with consideration of price changes only to the extent provided by contractual arrangements) to the estimated future production of proved oil and natural gas reserves, less estimated future expenditures (based on year end costs) to be incurred in developing and producing the proved reserves, discounted using a rate of 10 The basis for this table is the reserve studies prepared by an independent petroleum engineering consultant, which contain imprecise estimates of quantities and rates of production of reserves. Revisions of previous year estimates can have a significant impact on these results. Also, exploration costs in one year may lead to significant discoveries in later years and may significantly change previous estimates of proved reserves and their valuation. Therefore, the standardized measure of discounted future net cash flow is not necessarily indicative of the fair value of proved oil and gas properties. The following information is based on the Company’s best estimate of the required data for the Standardized Measure of Discounted Future Net Cash Flows as of March 31, 2024 and 2023 in accordance with ASC 932, “Extractive Activities – Oil and Gas” which requires the use of a 10 Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves: Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves 2024 2023 March 31 2024 2023 Future cash inflows $ 73,290,000 $ 94,972,000 Future production costs and taxes (21,634,000 ) (23,800,000 ) Future development costs (5,481,000 ) (4,280,000 ) Future income taxes (7,067,000 ) (11,284,000 ) Future net cash flows 39,108,000 55,608,000 Annual 10% discount for estimated timing of cash flows (14,480,000 ) (22,793,000 ) Standardized measure of discounted future net cash flows $ 24,628,000 $ 32,815,000 Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves: Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows to Proved Oil and Gas Reserves 2024 2023 March 31 2024 2023 Sales of oil and gas produced, net of production costs $ (4,936,000 ) $ (7,661,000 ) Net changes in price and production costs (14,394,000 ) 8,937,000 Changes in previously estimated development costs (77,000 ) 413,000 Revisions of quantity estimates (3,620,000 ) (4,313,000 ) Net change due to purchases and sales of minerals in place 1,146,000 2,030,000 Extensions and discoveries, less related costs 7,208,000 3,277,000 Net change in income taxes 2,208,000 (1,801,000 ) Accretion of discount 2,908,000 3,947,000 Changes in timing of estimated cash flows and other 1,370,000 2,066,000 Changes in standardized measure (8,187,000 ) 6,895,000 Standardized measure, beginning of year 32,815,000 25,920,000 Standardized measure, end of year $ 24,628,000 $ 32,815,000

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On April 30, 2024, the Company announced that its Board of Directors declared a regular annual dividend of $ 0.10 shareholders of record at the close of business on May 21, 2024. The regular annual dividend was paid on June 4, 2024. In April 2024, the Company’s Board of Directors authorized the use of up to $ 1,000,000 0.50 13,766 188,637 13.70 In April 2024, the Company acquired small royalty (mineral) interests in 21 158,000 In April 2024, stock options covering 12,367 77,641 In April 2024, Mexco expended approximately $ 207,800 In May 2024, the Company funded another $ 200,000 2,000,000 In May 2024, the Company expended approximately $ 90,000 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
Estimates and Assumptions	Estimates and Assumptions
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable	Accounts Receivable no
Oil and Gas Properties	Oil and Gas Properties
Excluded Costs	Excluded Costs No
Ceiling Test	Ceiling Test
Depreciation, Depletion and Amortization	Depreciation, Depletion and Amortization
Asset Retirement Obligations	Asset Retirement Obligations Estimating the future ARO requires management to make estimates and judgments regarding timing and existence of a liability, as well as what constitutes adequate restoration. The Company uses the present value of estimated cash flows related to the ARO to determine the fair value. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the related asset.
Income Taxes	Income Taxes
Other Property and Equipment	Other Property and Equipment three ten years
Income Per Common Share	Income Per Common Share
Revenue Recognition - Revenue from Contracts with Customers	Revenue Recognition - Revenue from Contracts with Customers
Gas Balancing	Gas Balancing
Stock-based Compensation	Stock-based Compensation
Reclassifications	Reclassifications
Investments	Investments The Company accounts for investments of less than 3% in limited liability companies at cost
Liquidity and Capital Resources	Liquidity and Capital Resources
Recent Accounting Pronouncements	Recent Accounting Pronouncements

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Line of Credit Activity	There was no balance outstanding on the credit facility as of March 31, 2024. The following table is a summary of activity on the WTNB credit facility for the years ended March 31, 2024 and 2023: Summary of Line of Credit Activity Principal Balance at April 1, 2022: $ - Borrowings 675,000 Repayments (675,000 ) Balance at March 31, 2023: $ - Borrowings 275,000 Repayments (275,000 ) Balance at March 31, 2024: $ -

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Rollforward of Asset Retirement Obligations	The following table provides a rollforward of the asset retirement obligations for fiscal years ended March 31: Schedule of Rollforward of Asset Retirement Obligations 2024 2023 Carrying amount of asset retirement obligations, beginning of year $ 730,276 $ 735,512 Liabilities incurred 7,617 23,492 Liabilities settled (48,954 ) (59,260 ) Accretion expense 29,869 30,532 Revisions - - Carrying amount of asset retirement obligations, end of year 718,808 730,276 Less: Current portion 30,000 20,000 Non-Current asset retirement obligation $ 688,808 $ 710,276

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision	The income tax provision consists of the following for the years months ended March 31, 2024 and 2023: Schedule of Income Tax Provision 2024 2023 Year Ended March 31 2024 2023 Current income tax expense: Federal $ 189,254 $ - State 119,629 164,510 Total current income tax expense $ 308,883 $ 164,510 Deferred income tax expense: Federal 311,661 - State - - Total deferred income tax expense $ 311,661 $ - Total income tax expense: $ 620,544 $ 164,510
Schedule of Components of Net Deferred Tax Assets (Liabilities)	GAAP requires deferred income tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Significant components of net deferred tax assets (liabilities) at March 31 are as follows: Schedule of Components of Net Deferred Tax Assets (Liabilities) 2024 2023 Deferred tax assets: Percentage depletion carryforwards $ 1,281,990 $ 1,375,131 Deferred stock-based compensation 15,745 22,041 Asset retirement obligation 150,950 153,358 Net operating loss 151,193 665,386 Other 35,345 11,642 Total deferred tax assets $ 1,635,223 $ 2,227,558 Deferred tax liabilities: Excess financial accounting bases over tax bases of property and equipment 1,946,884 2,223,980 Deferred tax liability, net $ 311,661 $ 3,578 Valuation allowance - (3,578 ) Net deferred tax $ 311,661 $ -
Schedule of Reconciliation of Provision for Income Taxes	A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for years ended March 31 follows: Schedule of Reconciliation of Provision for Income Taxes 2024 2023 Tax expense at federal statutory rate (1) $ 412,754 $ 979,167 Statutory depletion carryforward 152,054 (257,509 ) Change in valuation allowance (3,578 ) (749,912 ) U. S. tax reform, corporate rate reduction - - Permanent differences 46,819 28,196 State income expense, net of federal benefit 94,507 164,510 Other (82,012 ) 58 Total income tax $ 620,544 $ 164,510 Effective income tax rate 31.6 % 3.4 % (1) The federal statutory rate was 21

Oil and Natural Gas Costs (Tabl

Oil and Natural Gas Costs (Tables)	12 Months Ended
	Mar. 31, 2024
Extractive Industries [Abstract]
Schedule of Cost Related to Oil and Gas Activities	The costs related to the Company’s oil and natural gas activities were incurred as follows for the years ended March 31: Schedule of Cost Related to Oil and Gas Activities 2024 2023 Property acquisition costs: Proved $ 1,826,266 $ 1,053,442 Unproved - - Exploration 153,039 - Development 1,363,529 4,282,499 Capitalized asset retirement obligations 7,617 23,492 Total costs incurred for oil and gas properties $ 3,350,451 $ 5,359,433
Schedule of Aggregate Capitalized Costs Relating Oil and Gas Property Activities	The Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31: Schedule of Aggregate Capitalized Costs Relating Oil and Gas Property Activities 2024 2023 Proved oil and gas properties $ 48,304,585 $ 45,391,634 Unproved oil and gas properties: subject to amortization - - not subject to amortization - - Oil and gas properties, gross $ 48,304,585 $ 45,391,634 Less accumulated DD&A 34,066,282 32,099,439 Total oil and gas properties $ 14,238,303 $ 13,292,195

Income Per Common Share (Tables

Income Per Common Share (Tables)	12 Months Ended
	Mar. 31, 2024
Income per common share:
Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share	The following is a reconciliation of the number of shares used in the calculation of basic income per share and diluted income per share for the years ended March 31: Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share 2024 2023 Net income $ 1,344,952 $ 4,662,702 Shares outstanding: Weighted avg. common shares outstanding – basic 2,114,360 2,146,491 Effect of the assumed exercise of dilutive stock options 46,650 62,172 Weighted avg. common shares outstanding – dilutive 2,161,010 2,208,663 Income per common share: Basic $ 0.64 $ 2.17 Diluted $ 0.62 $ 2.11

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models	Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted in fiscal 2024 and 2023. All such amounts represent the weighted average amounts for each period. Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models For the year ended March 31, 2024 2023 Grant-date fair value $ 8.73 $ 12.44 Volatility factor 56.52 % 57.3 % Dividend yield - - Risk-free interest rate 3.44 % 3.15 % Expected term (in years) 6.25 6.25
Summary of Activity of Stock Options	The following table is a summary of activity of stock options for the years ended March 31, 2024 and 2023: Summary of Activity of Stock Options Number of Weighted Weighted Intrinsic Outstanding at April 1, 2022 114,250 $ 5.51 7.40 $ 1,221,670 Granted 31,000 18.05 Exercised (5,000 ) 3.34 Forfeited or Expired (1,000 ) 7.22 Outstanding at March 31, 2023 139,250 $ 8.36 7.04 $ 419,853 Granted 32,000 12.68 Exercised (5,500 ) 3.58 Forfeited or Expired - - Outstanding at March 31, 2024 165,750 $ 9.36 6.62 $ 103,275 Vested at March 31, 2024 95,500 $ 6.26 5.26 $ 355,253 Exercisable at March 31, 2024 95,500 $ 6.26 5.26 $ 355,253
Schedule of Other Information Pertaining to Option Activity	Other information pertaining to option activity was as follows during the year ended March 31: Schedule of Other Information Pertaining to Option Activity 2024 2023 Weighted average grant-date fair value of stock options granted (per share) $ 8.73 $ 12.44 Total fair value of options vested $ 234,025 $ 102,348 Total intrinsic value of options exercised $ 37,566 $ 47,575
Summary of Information About Options Outstanding	The following table summarizes information about options outstanding at March 31, 2024: Summary of Information About Options Outstanding Range of Number Weighted Average Weighted Average Aggregate $ 3.34 4.83 27,500 $ 3.34 4.84 5.97 36,250 4.84 5.98 7.00 9,000 7.00 7.01 8.51 30,000 8.51 8.52 18.05 63,000 15.32 $ 3.34 18.05 165,750 $ 9.36 6.62 $ 103,275

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2024
Leases
Schedule of Operating Lease Assets and Liabilities	The balance sheet classification of lease assets and liabilities was as follows: Schedule of Operating Lease Assets and Liabilities March 31, 2024 Assets Operating lease right-of-use asset, beginning balance $ 75,629 Current period amortization (56,366 ) Lease amendment - Total operating lease right-of-use asset $ 19,263 Liabilities Operating lease liability, current $ 19,263 Operating lease liability, long term - Total lease liabilities $ 19,263
Schedule of Future Minimum Lease Payments	Future minimum lease payments as of March 31, 2024 under non-cancellable operating leases are as follows: Schedule of Future Minimum Lease Payments Lease Obligation Fiscal Year Ended March 31, 2025 $ 19,413 Total lease payments $ 19,413 Less: imputed interest (150 ) Operating lease liability 19,263 Less: operating lease liability, current (19,263 ) Operating lease liability, long term $ -

Oil and Gas Reserve Data (Una_2

Oil and Gas Reserve Data (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2024
Extractive Industries [Abstract]
Schedule of Weighted Average First-day-of-the-month Prices Used for Oil and Gas Reserve	The following table presents the weighted average first-day-of-the-month prices used for oil and gas reserve preparation, based upon SEC guidelines. Schedule of Weighted Average First-day-of-the-month Prices Used for Oil and Gas Reserve March 31, 2024 2023 % Change Prices utilized in the reserve estimates before adjustments: Oil per Bbl $ 73.96 $ 87.45 ( 15 )% Natural gas per MMBtu $ 2.45 $ 5.96 ( 59 )%
Schedule of Changes in Proved Reserve	Changes in Proved Reserves Schedule of Changes in Proved Reserve Oil Natural Gas Proved Developed and Undeveloped Reserves: As of April 1, 2022 809,000 4,842,000 Revision of previous estimates (108,000 ) 328,000 Purchase of minerals in place 31,000 125,000 Extensions and discoveries 69,000 188,000 Sales of minerals in place - - Production (74,000 ) (534,000 ) As of March 31, 2023 727,000 4,949,000 Revision of previous estimates (86,000 ) (463,000 ) Purchase of minerals in place 24,000 121,000 Extensions and discoveries 199,000 437,000 Sales of minerals in place (3,000 ) (4,000 ) Production (70,000 ) (503,000 ) As of March 31, 2024 791,000 4,537,000
Summary of Proved Developed and Undeveloped Reserves	Summary of Proved Developed and Undeveloped Reserves as of March 31, 2024 and 2023 Summary of Proved Developed and Undeveloped Reserves Oil Natural Gas Proved Developed Reserves: As of April 1, 2022 428,280 3,583,470 As of March 31, 2023 486,770 3,971,370 As of March 31, 2024 444,610 3,566,240 Proved Undeveloped Reserves: As of April 1, 2022 380,550 1,258,210 As of March 31, 2023 240,060 978,010 As of March 31, 2024 346,330 970,880
Schedule of Progress of Converting Proved Undeveloped Reserves	Progress of Converting Proved Undeveloped Reserves Schedule of Progress of Converting Proved Undeveloped Reserves Oil & Natural Future Gas Development Costs PUDs, beginning of year 403,065 $ 3,837,540 Revision of previous estimates (38,780 ) 272,365 Sales of reserves - - Conversions to PD reserves (61,606 ) (935,590 ) Additional PUDs added 205,462 2,307,162 PUDs, end of year 508,141 $ 5,481,477
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves	Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves: Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves 2024 2023 March 31 2024 2023 Future cash inflows $ 73,290,000 $ 94,972,000 Future production costs and taxes (21,634,000 ) (23,800,000 ) Future development costs (5,481,000 ) (4,280,000 ) Future income taxes (7,067,000 ) (11,284,000 ) Future net cash flows 39,108,000 55,608,000 Annual 10% discount for estimated timing of cash flows (14,480,000 ) (22,793,000 ) Standardized measure of discounted future net cash flows $ 24,628,000 $ 32,815,000
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows to Proved Oil and Gas Reserves	Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves: Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows to Proved Oil and Gas Reserves 2024 2023 March 31 2024 2023 Sales of oil and gas produced, net of production costs $ (4,936,000 ) $ (7,661,000 ) Net changes in price and production costs (14,394,000 ) 8,937,000 Changes in previously estimated development costs (77,000 ) 413,000 Revisions of quantity estimates (3,620,000 ) (4,313,000 ) Net change due to purchases and sales of minerals in place 1,146,000 2,030,000 Extensions and discoveries, less related costs 7,208,000 3,277,000 Net change in income taxes 2,208,000 (1,801,000 ) Accretion of discount 2,908,000 3,947,000 Changes in timing of estimated cash flows and other 1,370,000 2,066,000 Changes in standardized measure (8,187,000 ) 6,895,000 Standardized measure, beginning of year 32,815,000 25,920,000 Standardized measure, end of year $ 24,628,000 $ 32,815,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Allowances for credit losses	$ 0	$ 0
Impariment charges	$ 0	$ 0
Cost method investments, percentage description	The Company accounts for investments of less than 3% in limited liability companies at cost
Office Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Office Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	10 years

Summary of Line of Credit Activ

Summary of Line of Credit Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Balance
Proceeds from Lines of Credit	275,000	675,000
Repayments of Lines of Credit	(275,000)	(675,000)
Balance

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - Loan Agreement [Member] - USD ($)			12 Months Ended
	Feb. 28, 2020	Dec. 28, 2018	Mar. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan origination fee	$ 9,000
Legal and recording expenses	12,950
Debt instrument covenant description			The Agreement contains customary covenants for credit facilities of this type including limitations on change in control, disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement and requires senior debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratios (Senior Debt/EBITDA) less than or equal to 4.00 to 1.00 measured with respect to the four trailing quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter.
West Texas National Bank [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Line of credit facility	$ 2,500,000	$ 1,000,000
Maturity date	Mar. 28, 2026	Dec. 28, 2021
Line of credit, increase in borrowing base amount	$ 1,500,000
Debt instrument rate	0.50%
Commitment fee description	the Company will pay an unused commitment fee in an amount equal to one-half of one percent (.5%) times the daily average of the unadvanced amount of the commitment
Line of credit available for borrowing			$ 1,500,000

Schedule of Rollforward of Asse

Schedule of Rollforward of Asset Retirement Obligations (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Carrying amount of asset retirement obligations, beginning of year	$ 730,276	$ 735,512
Liabilities incurred	7,617	23,492
Liabilities settled	(48,954)	(59,260)
Accretion expense	29,869	30,532
Revisions
Carrying amount of asset retirement obligations, end of year	718,808	730,276
Less: Current portion	30,000	20,000
Non-Current asset retirement obligation	$ 688,808	$ 710,276

Schedule of Income Tax Provisio

Schedule of Income Tax Provision (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ 189,254
State	119,629	164,510
Total current income tax expense	308,883	164,510
Federal	311,661
State
Total deferred income tax expense	311,661
Total income tax expense	$ 620,544	$ 164,510

Schedule of Components of Net D

Schedule of Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Percentage depletion carryforwards	$ 1,281,990	$ 1,375,131
Deferred stock-based compensation	15,745	22,041
Asset retirement obligation	150,950	153,358
Net operating loss	151,193	665,386
Other	35,345	11,642
Total deferred tax assets	1,635,223	2,227,558
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment	1,946,884	2,223,980
Deferred tax liability, net	311,661	3,578
Valuation allowance		(3,578)
Net deferred tax	$ 311,661

Schedule of Reconciliation of P

Schedule of Reconciliation of Provision for Income Taxes (Details) - USD ($)		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Tax expense at federal statutory rate	[1]	$ 412,754	$ 979,167
Statutory depletion carryforward		152,054	(257,509)
Change in valuation allowance		(3,578)	(749,912)
U. S. tax reform, corporate rate reduction
Permanent differences		46,819	28,196
State income expense, net of federal benefit		94,507	164,510
Other		(82,012)	58
Total income tax expense		$ 620,544	$ 164,510
Effective income tax rate		31.60%	3.40%
[1]The federal statutory rate was 21

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Details) (Parenthetical)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Federal income tax rate	21%	21%

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)		12 Months Ended
	Aug. 16, 2022	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax examination description	The IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax based on financial statement income, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases after December 31, 2022.
Fedral income tax		$ 500,915
Net operating loss carryforward with no expiration		5,400,000
Net operating loss carryforward		$ 720,000
Net operating carryforwards expiration date, description		expiring in 2040
Amount of uncertain tax position

Major Customers (Details Narrat

Major Customers (Details Narrative) - Customer Concentration Risk [Member]	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Benchmark [Member] | One Purchaser [Member]
Concentration Risk [Line Items]
Concentration of credit risk	59%	53%
Revenue Benchmark [Member] | Two Purchaser [Member]
Concentration Risk [Line Items]
Concentration of credit risk	8%	8%
Accounts Receivable [Member] | One Purchaser [Member]
Concentration Risk [Line Items]
Concentration of credit risk	48%	46%
Accounts Receivable [Member] | Two Purchaser [Member]
Concentration Risk [Line Items]
Concentration of credit risk	8%	21%

Schedule of Cost Related to Oil

Schedule of Cost Related to Oil and Gas Activities (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Extractive Industries [Abstract]
Proved	$ 1,826,266	$ 1,053,442
Unproved
Exploration	153,039
Development	1,363,529	4,282,499
Capitalized asset retirement obligations	7,617	23,492
Total costs incurred for oil and gas properties	$ 3,350,451	$ 5,359,433

Schedule of Aggregate Capitaliz

Schedule of Aggregate Capitalized Costs Relating Oil and Gas Property Activities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Extractive Industries [Abstract]
Proved oil and gas properties	$ 48,304,585	$ 45,391,634
Unproved oil and gas properties:
subject to amortization
not subject to amortization
Oil and gas properties, gross	48,304,585	45,391,634
Less accumulated DD&A	34,066,282	32,099,439
Total oil and gas properties	$ 14,238,303	$ 13,292,195

Oil and Natural Gas Costs (Deta

Oil and Natural Gas Costs (Details Narrative) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Extractive Industries [Abstract]
DD&A per BOE production	$ 12.81	$ 14.56

Schedule of Reconciliation of B

Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income per common share:
Net income	$ 1,344,952	$ 4,662,702
Weighted avg. common shares outstanding – basic	2,114,360	2,146,491
Effect of the assumed exercise of dilutive stock options	46,650	62,172
Weighted avg. common shares outstanding – dilutive	2,161,010	2,208,663
Basic	$ 0.64	$ 2.17
Diluted	$ 0.62	$ 2.11

Income Per Common Share (Detail

Income Per Common Share (Details Narrative) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income per common share:
Antidilutive securities excluded from computation of earnings per share	93,000	31,000
Anti-dilutive stock options have a weighted average exercise price	$ 13.12	$ 18.05

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Aug. 16, 2022
Stock authorized repurchased shares for treasury				$ 1,000,000
Excise tax percentage					1%
Stock repurchased during the period, shares		50,101	18,416
Stock repurchased during the period, value		$ 585,035	$ 244,494
Share price		$ 11.68	$ 13.28
Common stock par value		$ 0.50	$ 0.50
Subsequent Event [Member]
Stock authorized repurchased shares for treasury	$ 414,965
Stock repurchased during the period, shares	13,766
Stock repurchased during the period, value	$ 188,637
Share price	$ 13.70
Board of Directors [Member]
Stock authorized repurchased shares for treasury	$ 1,000,000
Board of Directors [Member] | Subsequent Event [Member]
Stock authorized repurchased shares for treasury	$ 1,000,000
Stock repurchased during the period, shares	13,766
Stock repurchased during the period, value	$ 188,637
Common stock par value	$ 0.50
Maximum [Member] | Board of Directors [Member]
Stock authorized repurchased shares for treasury			$ 1,000,000

Schedule of Grant-date Fair Val

Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models (Details) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Grant-date fair value	$ 8.73	$ 12.44
Volatility factor	56.52%	57.30%
Dividend yield
Risk-free interest rate	3.44%	3.15%
Expected term (in years)	6 years 3 months	6 years 3 months

Summary of Activity of Stock Op

Summary of Activity of Stock Options (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, Intrinsic Value, Balance
Number of Shares, Exercised	(5,500)	(5,000)
Outstanding, Intrinsic Value, Balance	$ 103,275
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding, Balance	139,250	114,250
Weighted Average Exercise Price per Share, Balance	$ 8.36	$ 5.51
Weighted Average Remaining Contract Life in Years	7 years 14 days	7 years 4 months 24 days
Outstanding, Intrinsic Value, Balance	$ 419,853	$ 1,221,670
Number of Shares, Granted	32,000	31,000
Weighted Average Exercise Price Per Share, Granted	$ 12.68	$ 18.05
Number of Shares, Exercised	(5,500)	(5,000)
Weighted Average Exercise Price Per Share, Exercised	$ 3.58	$ 3.34
Number of Shares, Forfeited or Expired		(1,000)
Weighted Average Exercise Price Per Share, Forfeited or Expired		$ 7.22
Number of Shares, Outstanding, Balance	165,750	139,250
Weighted Average Exercise Price per Share, Balance	$ 9.36	$ 8.36
Weighted Average Remaining Contract Life in Years	6 years 7 months 13 days
Outstanding, Intrinsic Value, Balance	$ 103,275	$ 419,853
Number of Shares, Vested	95,500
Weighted Average Exercise Price Per Share, Vested	$ 6.26
Weighted Aggregate Average Remaining Contract Life in Years, Vested	5 years 3 months 3 days
Intrinsic Value, Vested	$ 355,253
Number of Shares, Exercisable	95,500
Weighted Average Exercise Price Per Share, Exercisable	$ 6.26
Weighted Aggregate Average Remaining Contract Life in Years, Exercisable	5 years 3 months 3 days
Intrinsic Value, Exercisable	$ 355,253

Schedule of Other Information P

Schedule of Other Information Pertaining to Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Weighted average grant-date fair value of stock options granted (per share)	$ 8.73	$ 12.44
Total fair value of options vested	$ 234,025	$ 102,348
Total intrinsic value of options exercised	$ 37,566	$ 47,575

Summary of Information About Op

Summary of Information About Options Outstanding (Details)	12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	$ 3.34
Range of Exercise Prices, Maximum	$ 18.05
Number of Options | shares	165,750
Weighted Average Exercise Price Per Share	$ 9.36
Weighted Average Remaining Contract Life in Years	6 years 7 months 13 days
Aggregate Intrinsic Value | $	$ 103,275
Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	$ 3.34
Range of Exercise Prices, Maximum	$ 4.83
Number of Options | shares	27,500
Weighted Average Exercise Price Per Share	$ 3.34
Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	4.84
Range of Exercise Prices, Maximum	$ 5.97
Number of Options | shares	36,250
Weighted Average Exercise Price Per Share	$ 4.84
Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	5.98
Range of Exercise Prices, Maximum	$ 7
Number of Options | shares	9,000
Weighted Average Exercise Price Per Share	$ 7
Range Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	7.01
Range of Exercise Prices, Maximum	$ 8.51
Number of Options | shares	30,000
Weighted Average Exercise Price Per Share	$ 8.51
Range Five [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	8.52
Range of Exercise Prices, Maximum	$ 18.05
Number of Options | shares	63,000
Weighted Average Exercise Price Per Share	$ 15.32

Stock-based Compensation (Detai

Stock-based Compensation (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Apr. 30, 2024	Sep. 30, 2019	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total cost related to non-vested awards			$ 502,361
Non-vested awards, weighted average period of recognition			2 years 5 months 15 days
Stock options shares forfeited			0	1,000
Stock options shares exercised			5,500	5,000
Stock options intrinsic value exercised			$ 37,566	$ 47,575
Proceeds from options exercised			$ 19,662	16,700
Stock option exercise price, minimum			$ 3.34
Stock option exercise price, maximum			$ 18.05
Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options shares exercised	12,367
Proceeds from options exercised	$ 77,641
General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense			$ 229,799	$ 142,783
Board of Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options granted shares			32,000	31,000
2019 Employee Incentive Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options awards shares		200,000
Number of stock options granted shares		25,000	0	0
Percentage of options purchase of common stock at fair value		25%
Percentage of options purchase of common stock at fair value		10 years

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party [Member]
Related Party Transaction [Line Items]
Reimbursement expenses	$ 23,379	$ 47,055
Principal Owner [Member]
Related Party Transaction [Line Items]
Payments to lessor	$ 15,572	$ 15,572

Schedule of Operating Lease Ass

Schedule of Operating Lease Assets and Liabilities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Leases
Operating lease right-of-use asset, beginning balance	$ 75,629
Current period amortization	(56,366)
Lease amendment
Total operating lease right-of-use asset	19,263	$ 75,629
Operating lease liability, current	19,263	56,366
Operating lease liability, long term		$ 19,263
Total lease liabilities	$ 19,263

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Leases
Fiscal Year Ended March 31, 2025	$ 19,413
Total lease payments	19,413
Less: imputed interest	(150)
Operating lease liability	19,263
Less: operating lease liability, current	(19,263)	$ (56,366)
Operating lease liability, long term		$ 19,263

Leases (Details Narrative)

Leases (Details Narrative)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2024 USD ($) ft²	Mar. 31, 2023 USD ($)
Area of lease | ft²		4,160
Lease term extension, description	the Company agreed to extend its current lease at a flat (unescalated) rate for 36 months.	The lease does not include an option to renew and is a 36-month lease that was to expire in May 2021. In June 2020, in exchange for a reduction in rent for the months of June and July 2020, the Company agreed to a 2-month extension to its current lease agreement at the regular monthly rate extending its current lease expiration date to July 2021.
Lease expiration date	Jul. 31, 2024
Incremental borrowing rate		3.75%
Net cash paid for operating lease | $		$ 42,668	$ 42,668
Sublease income | $		$ 15,572	$ 15,572
Shareholder [Member]
Area of lease | ft²		1,112

Schedule of Weighted Average Fi

Schedule of Weighted Average First-day-of-the-month Prices Used for Oil and Gas Reserve (Details)	12 Months Ended
	Mar. 31, 2024 $ / MMBTU $ / bbl	Mar. 31, 2023 $ / MMBTU $ / bbl
Oil [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Prices utilized for reserve estimates | $ / bbl	73.96	87.45
Prices utilized for reserve estimates change percent	15%
Natural Gas [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Prices utilized for reserve estimates | $ / MMBTU	2.45	5.96
Prices utilized for reserve estimates change percent	59%

Schedule of Changes in Proved R

Schedule of Changes in Proved Reserve (Details)	12 Months Ended
	Mar. 31, 2024 Mcf bbl	Mar. 31, 2023 Mcf bbl
Oil [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Proved Developed and Undeveloped Reserves Beginning Period | bbl	727,000	809,000
Revision of previous estimates | bbl	(86,000)	(108,000)
Purchase of minerals in place | bbl	24,000	31,000
Extensions and discoveries | bbl	199,000	69,000
Sales of minerals in place | bbl	(3,000)
Production | bbl	(70,000)	(74,000)
Proved Developed and Undeveloped Reserves Ending period | bbl	791,000	727,000
Natural Gas [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Proved Developed and Undeveloped Reserves Beginning Period | Mcf	4,949,000	4,842,000
Revision of previous estimates | Mcf	(463,000)	328,000
Purchase of minerals in place | Mcf	121,000	125,000
Extensions and discoveries | Mcf	437,000	188,000
Sales of minerals in place | Mcf	(4,000)
Production | Mcf	(503,000)	(534,000)
Proved Developed and Undeveloped Reserves Ending period | Mcf	4,537,000	4,949,000

Summary of Proved Developed and

Summary of Proved Developed and Undeveloped Reserves (Details)	Mar. 31, 2024 Mcf bbl	Mar. 31, 2023 Mcf bbl	Mar. 31, 2022 Mcf bbl
Oil [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Proved Developed Reserves | bbl	444,610	486,770	428,280
Proved Undeveloped Reserves | bbl	346,330	240,060	380,550
Natural Gas [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Proved Developed Reserves | Mcf	3,566,240	3,971,370	3,583,470
Proved Undeveloped Reserves | Mcf	970,880	978,010	1,258,210

Schedule of Progress of Convert

Schedule of Progress of Converting Proved Undeveloped Reserves (Details)	12 Months Ended
	Mar. 31, 2024 USD ($) Boe
Extractive Industries [Abstract]
PUDs, beginning of year | Boe	403,065
PUDs, beginning of year, Future Development Costs | $	$ 3,837,540
Revision of previous estimates | Boe	(38,780)
Revision of previous estimates, Future Development Costs | $	$ 272,365
Sales of reserves | Boe
Sales of reserves, Future Development Costs | $
Conversions to PD reserves | Boe	(61,606)
Conversions to PD reserves, Future Development Costs | $	$ (935,590)
Additional PUDs added | Boe	205,462
Additional PUDs added, Future Development Costs | $	$ 2,307,162
PUDs, end of year | Boe	508,141
PUDs, end of year, Future Development Costs | $	$ 5,481,477

Schedule of Standardized Measur

Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Extractive Industries [Abstract]
Future cash inflows	$ 73,290,000	$ 94,972,000
Future production costs and taxes	(21,634,000)	(23,800,000)
Future development costs	(5,481,000)	(4,280,000)
Future income taxes	(7,067,000)	(11,284,000)
Future net cash flows	39,108,000	55,608,000
Annual 10% discount for estimated timing of cash flows	(14,480,000)	(22,793,000)
Standardized measure of discounted future net cash flows	$ 24,628,000	$ 32,815,000	$ 25,920,000

Schedule of Changes in Standard

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows to Proved Oil and Gas Reserves (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Extractive Industries [Abstract]
Sales of oil and gas produced, net of production costs	$ (4,936,000)	$ (7,661,000)
Net changes in price and production costs	(14,394,000)	8,937,000
Changes in previously estimated development costs	(77,000)	413,000
Revisions of quantity estimates	(3,620,000)	(4,313,000)
Net change due to purchases and sales of minerals in place	1,146,000	2,030,000
Extensions and discoveries, less related costs	7,208,000	3,277,000
Net change in income taxes	2,208,000	(1,801,000)
Accretion of discount	2,908,000	3,947,000
Changes in timing of estimated cash flows and other	1,370,000	2,066,000
Changes in standardized measure	(8,187,000)	6,895,000
Standardized measure, beginning of year	32,815,000	25,920,000
Standardized measure, end of year	$ 24,628,000	$ 32,815,000

Oil and Gas Reserve Data (Una_3

Oil and Gas Reserve Data (Unaudited) (Details Narrative)	12 Months Ended
	Mar. 31, 2024 USD ($) Boe Wells $ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2027 USD ($)
Oil and Gas, Delivery Commitment [Line Items]
Thousand barrels of oil equivalent per day | Boe	1.547
Percentage of oil and natural gas	51%
Percentage of natural gas	49%
Description on PUD's oil and gas reserves	the Company reported estimated PUDs of 508 MBOE, which accounted for 33% of its total estimated proved oil and gas reserves.
Estimated proved oil and gas reserves rate	33%
Future cash flows estimate to develop proved undeveloped properties | $	$ 5,481,477	$ 3,837,540
Estimated future cash flows discounted rate	10%	10%
Average prices used, per bbl | $ / shares	$ 76.88	$ 92.02
Average prices used, per mcf | $ / shares	$ 2.75	$ 5.68
Forecast [Member]
Oil and Gas, Delivery Commitment [Line Items]
Future cash flows estimate to develop proved undeveloped properties | $			$ 5,481,477
2025 [Member]
Oil and Gas, Delivery Commitment [Line Items]
Number of drilled wells	37
2026 [Member]
Oil and Gas, Delivery Commitment [Line Items]
Number of drilled wells	104
2027 [Member]
Oil and Gas, Delivery Commitment [Line Items]
Number of drilled wells	6
142 New Wells [Member]
Oil and Gas, Delivery Commitment [Line Items]
Number of drilled wells	64

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	1 Months Ended		12 Months Ended
	May 31, 2024 USD ($)	Apr. 30, 2024 USD ($) Wells $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Stock authorized repurchased shares of common stock					$ 1,000,000
Common stock par value | $ / shares			$ 0.50	$ 0.50
Stock repurchased during the period | shares			50,101	18,416
Stock repurchased during the period, aggregate cost			$ 585,035	$ 244,494
Share price | $ / shares			$ 11.68	$ 13.28
Stock options shares exercised | shares			5,500	5,000
Proceeds from option exercise			$ 19,662	$ 16,700
Board of Directors [Member]
Subsequent Event [Line Items]
Stock authorized repurchased shares of common stock		$ 1,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Special dividend | $ / shares		$ 0.10
Dividends payable declared and paid dates		shareholders of record at the close of business on May 21, 2024. The regular annual dividend was paid on June 4, 2024.
Stock authorized repurchased shares of common stock		$ 414,965
Stock repurchased during the period | shares		13,766
Stock repurchased during the period, aggregate cost		$ 188,637
Share price | $ / shares		$ 13.70
Purchase price | Wells		21
Purchase price		$ 158,000
Stock options shares exercised | shares		12,367
Proceeds from option exercise		$ 77,641
Additional fund	$ 200,000
Equity investment limited liability	2,000,000
Subsequent Event [Member] | NEW MEXICO
Subsequent Event [Line Items]
Proceeds from option exercise		207,800
Subsequent Event [Member] | NEW MEXICO | Bone Spring Sand Formation [Member]
Subsequent Event [Line Items]
Proceeds from option exercise	$ 90,000
Subsequent Event [Member] | Board of Directors [Member]
Subsequent Event [Line Items]
Stock authorized repurchased shares of common stock		$ 1,000,000
Common stock par value | $ / shares		$ 0.50
Stock repurchased during the period | shares		13,766
Stock repurchased during the period, aggregate cost		$ 188,637