What changed in this filing

/stocks — the workspaceLOADING

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2022-06-27 compared with 2021-06-25 · 17 added, 27 removed, 33 unchanged (57% of the section changed)

3 unchanged sentences

for purposes other than trading.

At March 31, 2021, we had an outstanding loan balance of $1,180,000 under our credit agreement, which bears interest at

a rate equal to the prime rate as quoted in the Wall Street Journal plus one-half of one percent (0.5%) floating daily.

If the interest

rate on our bank debt increases or decreases by one percentage point our annual pretax income would change by $11,800 based on the outstanding

balance at March 31, 2021.

Credit risk is the risk of loss as a result of nonperformance by other parties of their contractual obligations.

2 unchanged sentences

We have not experienced any significant credit losses.

Our most significant market risk is the pricing applicable to our natural gas and crude oil production.

Our most significant market risk is the pricing applicable to our crude oil and natural gas production.

Our financial

1 unchanged sentence

and natural gas.

Prices for oil and natural gas fluctuate widely.

We cannot predict future oil and natural gas prices with any certainty.

Pricing for oil and natural gas production has been volatile and unpredictable for several years, and we expect this volatility to continue

in the future.

Prices for oil and natural gas production has been volatile and unpredictable for several years, and we expect this

volatility to continue in the future.

that can cause price fluctuations include the level of global demand for petroleum products, foreign and domestic supply of oil and gas,

the establishment of and compliance with production quotas by oil-exporting countries, weather conditions, the price and availability

of alternative fuels and overall political and economic conditions in oil producing countries.

prices dropped sharply in early March 2020, and then continued to decline reaching levels below zero dollars per barrel.

This was a result

of multiple factors affecting supply and demand in global oil and gas markets, including the announcement of price reductions and production

increases by OPEC members and other oil exporting nations and the ongoing COVID-19 pandemic.

Oil and natural gas prices are expected

to continue to be volatile as a result of the changes in oil and natural gas production, inventories and demand, as well as national

and international economic performance.

We cannot predict when prices will stabilize.

example, in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from

a low of negative $41.25 per bbl in April 2020 to a high of $62.07 per bbl in March 2021.

The Henry Hub Spot Market Price (“Henry

Hub”) for natural gas has ranged from a low of $1.33 per MMBtu in September 2020 to a high of $23.86 per MMBtu in February 2021.

On March 31, 2021 the WTI posted price for crude oil was $55.14 per bbl and the Henry Hub spot price for natural gas was $2.52 per MMBtu.

of alternative fuels and overall political and economic conditions in oil producing and consuming countries.

example, in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from

a low of $54.63 per bbl in April 2021 to a high of $119.68 per bbl in March 2022.

The Henry Hub Spot Market Price (“Henry Hub”)

for natural gas has ranged from a low of $2.43 per MMBtu in April 2021 to a high of $6.70 per MMBtu in February 2022.

On March 31, 2022

the WTI posted price for crude oil was $96.26 per bbl and the Henry Hub spot price for natural gas was $5.46 per MMBtu.

See Results of

Operations above for the Company’s realized prices during the fiscal year.

Subsequently, on June 14, 2022, the WTI posted price

for crude oil was $114.91 and the Henry Hub posted price for natural gas was $7.68.

in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing and operating

15 unchanged sentences

If the average oil price had increased

or decreased by ten dollars per barrel for fiscal 2021, our oil revenue would have changed by $503,270.

If the average gas price had

increased or decreased by one dollar per mcf for fiscal 2021, natural gas revenue would have changed by $324,205.

or decreased by ten dollars per barrel for fiscal 2022, our pretax income or loss would have changed by $616,890.

If the average gas

price had increased or decreased by one dollar per mcf for fiscal 2022, pretax income or loss would have changed by $393,841.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk