Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 26, 2019 | Mar. 31, 2019 | |
Details | |||
Registrant CIK | 0000775057 | ||
Fiscal Year End | --09-30 | ||
Registrant Name | ALTEX INDUSTRIES INC | ||
SEC Form | 10-K | ||
Period End date | Sep. 30, 2019 | ||
Tax Identification Number (TIN) | 84-0989164 | ||
Number of common stock shares outstanding | 12,185,409 | ||
Public Float | $ 402,000 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-9030 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | PO Box 1057 | ||
Entity Address, City or Town | Breckenridge | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80424 | ||
Entity Address, Address Description | Address of principal executive offices | ||
City Area Code | 303 | ||
Local Phone Number | 265-9312 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 2,266,000 | $ 2,274,000 |
Other | 20,000 | 18,000 |
Total current assets | 2,286,000 | 2,292,000 |
Property and equipment, at cost | ||
Proved oil and gas properties (successful efforts method) | 333,000 | 333,000 |
Less accumulated depreciation, depletion, and amortization | (275,000) | (236,000) |
Net property and equipment | 58,000 | 97,000 |
Total assets | 2,344,000 | 2,389,000 |
Current liabilities: | ||
Accounts payable | 10,000 | 11,000 |
Other accrued expenses - related party | 1,081,000 | 1,080,000 |
Total current liabilities | 1,091,000 | 1,091,000 |
Commitments and Contingencies (Notes 3, 5 and 6) | 0 | 0 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 122,000 | 124,000 |
Additional paid-in capital | 13,798,000 | 13,809,000 |
Accumulated deficit | (12,667,000) | (12,635,000) |
Total stockholders' equity | 1,253,000 | 1,298,000 |
Total liabilities and stockholders' equity | $ 2,344,000 | $ 2,389,000 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 12,185,409 | 12,351,731 |
Common Stock, Shares, Outstanding | 12,185,409 | 12,351,731 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | ||
Oil and gas sales | $ 56,000 | $ 64,000 |
Total revenue | 56,000 | 64,000 |
Costs and expenses | ||
Production taxes | 4,000 | 5,000 |
General and administrative | 161,000 | 158,000 |
Depreciation, depletion, amortization and valuation provision | 39,000 | 12,000 |
Total costs and expenses | 204,000 | 175,000 |
Other Nonoperating Income (Expense) | ||
Interest income | 51,000 | 30,000 |
Interest income | 65,000 | 8,000 |
Net loss | $ (32,000) | $ (73,000) |
Gain (loss) per share | $ 0 | $ (0.01) |
Weighted-average shares outstanding | 12,303,021 | 12,556,906 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 30, 2017 | $ 126,000 | $ 13,827,000 | $ (12,562,000) | $ 1,391,000 | |
Shares, Outstanding, Beginning Balance at Sep. 30, 2017 | 12,597,631 | ||||
Net loss | (73,000) | (73,000) | |||
Treasury Stock, Value, Acquired, Cost Method | $ (20,000) | (20,000) | |||
Treasury Stock, Retired, Cost Method, Amount | $ (2,000) | (18,000) | 20,000 | 0 | |
Treasury Stock, Shares, Retired | (245,900) | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2018 | $ 124,000 | 13,809,000 | (12,635,000) | 0 | 1,298,000 |
Shares, Outstanding, Ending Balance at Sep. 30, 2018 | 12,351,731 | ||||
Net loss | (32,000) | (32,000) | |||
Treasury Stock, Value, Acquired, Cost Method | (13,000) | (13,000) | |||
Treasury Stock, Retired, Cost Method, Amount | $ (2,000) | (11,000) | 13,000 | 0 | |
Treasury Stock, Shares, Retired | (166,322) | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019 | $ 122,000 | $ 13,798,000 | $ (12,667,000) | $ 0 | $ 1,253,000 |
Shares, Outstanding, Ending Balance at Sep. 30, 2019 | 12,185,409 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows used in operating activities | ||
Net loss | $ (32,000) | $ (73,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, depletion, amortization and valuation provision | 39,000 | 12,000 |
Increase in other assets | (2,000) | (1,000) |
Increase (decrease) in accounts payable | (1,000) | 7,000 |
Decrease in other accrued expenses | 1,000 | 0 |
Net cash used in operating activities | 5,000 | (55,000) |
Cash flows from investing activities | ||
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities | ||
Acquisition of treasury stock | (13,000) | (20,000) |
Net cash from financing activities | (13,000) | (20,000) |
Net decrease in cash and cash equivalents | (8,000) | (75,000) |
Cash and cash equivalents at beginning of year | 2,274,000 | 2,349,000 |
Cash and cash equivalents at end of year | 2,266,000 | 2,274,000 |
Noncash Investing and Financing Activities | ||
Retirement of treasury stock | $ 13,000 | $ 20,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies. | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 1 - Nature of Operations and Summary of Significant Accounting Policies. | Note 1 - Nature of Operations and Summary of Significant Accounting Policies Nature of Operations: Principles of Consolidation Estimates Property and Equipment Impairment of Long-Lived Assets Cash Equivalents and Fair Values of Financial Instruments Income Taxes Earnings Per Share Concentrations of credit risk : Revenue recognition : Revenue from Contracts with Customers Extractive Activities Oil and Gas Revenue and Other Income Recent Accounting Pronouncements: In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842), which requires lessees to recognize a lease liability and right-of-use asset for all leases, including operating leases, with a term greater than 12 months on the balance sheet. The provision of ASU 2016-2 also modifies the definition of a lease and outlines the requirements for recognition, measurement, presentation, and disclosure of leasing arrangements by both lessees and lessors. The ASU 2016-2 is effective for annual periods beginning after December 15, 2018. The Company is currently in the process of reviewing this pronouncement to determine the impact on is financial statement as it relates to its operating lease as discussed in Note 5. |
Note 2 - Income Tax Disclosure
Note 2 - Income Tax Disclosure | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 2 - Income Tax Disclosure | Note 2 - Income Taxes. Deferred Tax Assets 2019 2018 Depletion carryforward $ 181,000 181,000 Net operating loss carryforward 491,000 490,000 Accrued shareholder salary 215,000 215,000 Deletion and amortization 6,000 - Total Net Deferred Tax Assets 893,000 886,000 Less valuation allowance (893,000) (886,000) Net Deferred Tax Asset $ - - A valuation allowance has been provided because of the uncertainty of future realization. Income tax expense is different from amounts computed by applying the statutory Federal income tax rate for the following reasons: 2019 2018 Tax benefit at 21% of net earnings $ (7,000) (15,000) Impact of rate change effective January 1, 2018 - 579,000 Change in valuation allowance for net deferred tax assets (7,000) (564,000) Income tax expense $ - - As of September 30, 2019, the Company has no unrecognized tax benefit as a result of uncertain tax positions. As of September 30, 2019, the Companys tax years that remain subject to examination are 2016 - 2019 (Federal jurisdiction) and 2015 - 2019 (state jurisdictions). |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions Disclosure | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 3 - Related Party Transactions Disclosure | Note 3 - Related Party Transactions. |
Note 4 - Major Customers
Note 4 - Major Customers | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 4 - Major Customers | Note 4 - Major Customers. |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 5 - Leases | Note 5 - Leases. |
Note 6 - Reclamation, Restorati
Note 6 - Reclamation, Restoration, and Dismantlement | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 6 - Reclamation, Restoration, and Dismantlement | Note 6 - Reclamation, Restoration, and Dismantlement (RR&D). |
Note 7 - Subsequent events
Note 7 - Subsequent events | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 7 - Subsequent events | Note 7 Subsequent events. |
Note 8 - Oil and Gas Exploratio
Note 8 - Oil and Gas Exploration and Production Industries Disclosures | 12 Months Ended |
Sep. 30, 2019 | |
Notes | |
Note 8 - Oil and Gas Exploration and Production Industries Disclosures | Note 8 Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited). I. Capitalized Costs Relating to Oil and Gas Producing Activities September 30, 2019 Proved properties $ 333,000 Accumulated depreciation, depletion, amortization and valuation allowance (275,000) Net capitalized cost $ 58,000 II. Estimated Quantities of Proved Oil and Gas Reserves Oil in Barrels Balance at September 30, 2017 3,700 Revisions of previous estimates 500 Production (500) Balance at September 30, 2018 3,700 Revisions of previous estimates (900) Production (400) Balance at September 30, 2019 2,400 III. Present Value of Estimated Future Net Revenue At September 30 2019 2018 Estimated future revenue $ 100,000 $ 225,000 Estimated future expenditures 11,000 26,000 Estimated future net revenue 89,000 199,000 10% annual discount of estimated future net revenue (31,000) (79,000) Present value of estimated future net revenue $ 58,000 $ 120,000 IV. Summary of Changes in Present Value of Estimated Future Net Revenue Year ended September 30 2019 2018 Present value of estimated future net revenue, beginning of year $ 120,000 $ 71,000 Sales, net of production costs (52,000) (59,000) Net change in prices and cost of future production (12,000) 75,000 Revisions of quantity estimates (25,000) 19,000 Accretion of discount 12,000 8,000 Change in production rates and other 15,000 6,000 Present value of estimated future net revenue, end of year $ 58,000 $ 120,000 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Nature of Operations (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Nature of Operations | Nature of Operations: |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Principles of Consolidation (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Principles of Consolidation | Principles of Consolidation |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Use of Estimates, Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Use of Estimates, Policy | Estimates |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Property, Plant and Equipment, Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Property, Plant and Equipment, Policy | Property and Equipment |
Note 1 - Nature of Operations_6
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Impairment or Disposal of Long-Lived Assets, Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Impairment or Disposal of Long-Lived Assets, Policy | Impairment of Long-Lived Assets |
Note 1 - Nature of Operations_7
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Cash and Cash Equivalents, Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Cash and Cash Equivalents, Policy | Cash Equivalents and Fair Values of Financial Instruments |
Note 1 - Nature of Operations_8
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Regulatory Income Taxes, Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Regulatory Income Taxes, Policy | Income Taxes |
Note 1 - Nature of Operations_9
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Earnings Per Share Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Earnings Per Share Policy | <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify;text-justify:inter-ideograph'><b><i>Earnings Per Share</i></b>: Earnings per share of common stock is based upon the weighted average number of shares of common stock outstanding during the year.</p> |
Note 1 - Nature of Operation_10
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Concentrations of Credit Risk Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Concentrations of Credit Risk Policy | Concentrations of credit risk : |
Note 1 - Nature of Operation_11
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Revenue Recognition Policy (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Revenue Recognition Policy | Revenue recognition : Revenue from Contracts with Customers Extractive Activities Oil and Gas Revenue and Other Income |
Note 1 - Nature of Operation_12
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Policies | |
Recent Accounting Pronouncements: | Recent Accounting Pronouncements: In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842), which requires lessees to recognize a lease liability and right-of-use asset for all leases, including operating leases, with a term greater than 12 months on the balance sheet. The provision of ASU 2016-2 also modifies the definition of a lease and outlines the requirements for recognition, measurement, presentation, and disclosure of leasing arrangements by both lessees and lessors. The ASU 2016-2 is effective for annual periods beginning after December 15, 2018. The Company is currently in the process of reviewing this pronouncement to determine the impact on is financial statement as it relates to its operating lease as discussed in Note 5. |
Note 2 - Income Tax Disclosure_
Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets | Deferred Tax Assets 2019 2018 Depletion carryforward $ 181,000 181,000 Net operating loss carryforward 491,000 490,000 Accrued shareholder salary 215,000 215,000 Deletion and amortization 6,000 - Total Net Deferred Tax Assets 893,000 886,000 Less valuation allowance (893,000) (886,000) Net Deferred Tax Asset $ - - |
Note 2 - Income Tax Disclosur_2
Note 2 - Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2019 2018 Tax benefit at 21% of net earnings $ (7,000) (15,000) Impact of rate change effective January 1, 2018 - 579,000 Change in valuation allowance for net deferred tax assets (7,000) (564,000) Income tax expense $ - - |
Note 8 - Oil and Gas Explorat_2
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | September 30, 2019 Proved properties $ 333,000 Accumulated depreciation, depletion, amortization and valuation allowance (275,000) Net capitalized cost $ 58,000 |
Note 8 - Oil and Gas Explorat_3
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | Oil in Barrels Balance at September 30, 2017 3,700 Revisions of previous estimates 500 Production (500) Balance at September 30, 2018 3,700 Revisions of previous estimates (900) Production (400) Balance at September 30, 2019 2,400 |
Note 8 - Oil and Gas Explorat_4
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Present Value of Estimated Future Net Revenue (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Present Value of Estimated Future Net Revenue | At September 30 2019 2018 Estimated future revenue $ 100,000 $ 225,000 Estimated future expenditures 11,000 26,000 Estimated future net revenue 89,000 199,000 10% annual discount of estimated future net revenue (31,000) (79,000) Present value of estimated future net revenue $ 58,000 $ 120,000 |
Note 8 - Oil and Gas Explorat_5
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Summary of Changes Present Value of Estimated Future Net Revenue (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Summary of Changes Present Value of Estimated Future Net Revenue | Year ended September 30 2019 2018 Present value of estimated future net revenue, beginning of year $ 120,000 $ 71,000 Sales, net of production costs (52,000) (59,000) Net change in prices and cost of future production (12,000) 75,000 Revisions of quantity estimates (25,000) 19,000 Accretion of discount 12,000 8,000 Change in production rates and other 15,000 6,000 Present value of estimated future net revenue, end of year $ 58,000 $ 120,000 |
Note 2 - Income Tax Disclosure
Note 2 - Income Tax Disclosure (Details) | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Details | |
Depletion | $ 860,000 |
Operating Loss Carryforwards | $ 2,340,000 |
Note 2 - Income Tax Disclosur_3
Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Details | ||
Deferred Tax Assets - Depletion Carryforward | $ 181,000 | $ 181,000 |
Deferred Tax Assets, Operating Loss Carryforwards | 491,000 | 490,000 |
Deferred Tax Assets - Accrued Shareholder Salary | 215,000 | 215,000 |
Deferred Tax Assets - Deletion and Amortizations | 6,000 | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 893,000 | 886,000 |
Deferred Tax Assets, Valuation Allowance | (893,000) | (886,000) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
Note 2 - Income Tax Disclosur_4
Note 2 - Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Details | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (7,000) | $ (15,000) |
Impact of rate change effective January 1, 2018 | 0 | 579,000 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (7,000) | (564,000) |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Note 3 - Related Party Transa_2
Note 3 - Related Party Transactions Disclosure (Details) | Sep. 30, 2019USD ($) |
Details | |
Accrued Salaries, Current | $ 1,024,000 |
Note 4 - Major Customers (Detai
Note 4 - Major Customers (Details) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Details | ||
Concentration Risk, Additional Characteristic | the Company had three customers who individually accounted for 10% or more of the Company's oil and gas sales and who, in aggregate, accounted for 94% of oil and gas sales | the Company had three customers who individually accounted for 10% or more of the Company's oil and gas sales and who, in aggregate, accounted for 94% of oil and gas sales. |
Concentration Risk, Other Risk | the three customers individually accounted for 46%, 28% and 20% of oil and gas sales | the three customers individually accounted for 37%, 32% and 25% of oil and gas sales. |
Note 5 - Leases (Details)
Note 5 - Leases (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Details | |||
Operating Leases, Rent Expense | [1] | $ 25,000 | $ 25,000 |
[1] | The Company may cancel upon 30 days written notice and the payment of a termination fee of $4,000 |
Note 8 - Oil and Gas Explorat_6
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure (Details) | Sep. 30, 2019USD ($) |
Details | |
Capitalized Costs, Proved Properties | $ 333,000 |
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance Relating to Oil and Gas Producing Activities | (275,000) |
Capitalized Costs, Oil and Gas Producing Activities, Net | $ 58,000 |
Note 8 - Oil and Gas Explorat_7
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Details) | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Details | |||
Net Proved Developed And Undeveloped Reserves | 2,400 | 3,700 | 3,700 |
Proved Developed And Undeveloped Reserves, Revisions of previous estimates | (900) | 500 | |
Proved Developed And Undeveloped Reserve, Production | (400) | (500) |
Note 8 - Oil and Gas Explorat_8
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Present Value of Estimated Future Net Revenue (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Details | ||
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Cash Inflows | $ 100,000 | $ 225,000 |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | 11,000 | 26,000 |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Net Cash Flows | 89,000 | 199,000 |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Ten Percent Annual Discount for Estimated Timing of Cash Flows | (31,000) | (79,000) |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 58,000 | $ 120,000 |
Note 8 - Oil and Gas Explorat_9
Note 8 - Oil and Gas Exploration and Production Industries Disclosures: Summary of Changes Present Value of Estimated Future Net Revenue (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Details | ||
Present value of estimated future net revenue, beginning of year | $ 120,000 | $ 71,000 |
Sales and Transfers of Oil and Gas Produced, Net of Production Costs | (52,000) | (59,000) |
Net Increase (Decrease) in Sales and Transfer Prices and Production Costs | (12,000) | 75,000 |
Revisions of quantity estimates | (25,000) | 19,000 |
Accretion Expense | 12,000 | 8,000 |
Standardized Measure of Discounted Future Net Cash Flow of Proved Oil and Gas Reserves, Other | 15,000 | 6,000 |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 58,000 | $ 120,000 |