OIL AND GAS PROPERTY ACTIVITY
3 Months Ended
Dec. 31, 2013
Extractive Industries [Abstract]  
OIL AND GAS PROPERTY ACTIVITY

NOTE 4: OIL AND GAS PROPERTY ACTIVITY

 

The table below shows the Company’s working interests in the Grace Wells as of December 31, 2013.  There were not any additional acquisitions during the three and nine month periods ended December 31, 2013.

 

Well  

Working

Interest

 
Grace #1     65.25 %
Grace #2     55.75 %
Grace #3     64.00 %
Grace #5A     52.00 %
Grace #6     58.00 %

 

 

Producing oil and gas properties consist of the following at December 31, 2013 and March 31, 2013:

 

   

December 31,

2013 

   

March 31,

2013

 
    (Unaudited)        
Lincoln County, Oklahoma   $ 111,402     $ 111,402  
Other properties, net     1,005,676       1,005,676  
Asset retirement obligation     41,296       43,468  
Property impairments     (481,072 )     (481,072 )
Less: Depletion     (522,744 )     (506,641 )
Net   $ 154,558     $ 172,833