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Item 1. Business

2025-06-27 compared with 2024-06-27 · 89 added, 58 removed, 265 unchanged (36% of the section changed)

7 unchanged sentences

total estimated proved reserves at March 31, 2025 were approximately 1.401 million barrels of oil equivalent (“MMBOE”) of

which 51% was oil and natural gas liquids and 49% was natural gas, and our estimated present value of proved reserves was approximately

which 48% was oil and 52% was natural gas, and our estimated present value of proved reserves was approximately

$23 million based on estimated future net revenues excluding taxes discounted at 10% per annum, pricing and other assumptions set forth

35 unchanged sentences

in producing oil and gas properties including the following most significant acquisitions:

interests, aggregate purchase price of approximately $501,000 covering multiple wells in the Gomez (Ellenberger) Field of Pecos County,

Bay Oil Company and Thompson Brothers Lumber Company, respectively dissolved in 1957 and 1947.

Purchase covering thousands of acres

located respectively in 19 counties of Texas, 3 parishes of Louisiana and one county in Arkansas and 8 counties of Texas, respectively

consisting of various mineral, royalty and overriding royalty interests.

Energy Corporation, purchase price of $1,591,000 consisting primarily of working interests in approximately 634 wells located in

interests, purchase price $304,000 covering 37 producing wells in the Cotton Valley formation in Limestone County, Texas and the

Lower Cotton Valley formation in Jackson Parish, Louisiana.

Royalty interests,

aggregate purchase price of approximately $501,000 covering multiple wells in the Gomez (Ellenberger) Field of Pecos County, Texas.

Tabbs Bay Oil Company and

Thompson Brothers Lumber Company, respectively dissolved in 1957 and 1947.

Purchase covering thousands of acres located respectively

in 19 counties of Texas, 3 parishes of Louisiana and one county in Arkansas and 8 counties of Texas, respectively consisting of various

mineral, royalty and overriding royalty interests.

Forman Energy

Corporation, purchase price of $1,591,000 consisting primarily of working interests in approximately 634 wells located in 12 states.

Royalty interests, purchase

price $304,000 covering 37 producing wells in the Cotton Valley formation in Limestone County, Texas and the Lower Cotton Valley

formation in Jackson Parish, Louisiana.

This acreage also contains additional potential undrilled locations.

interests, purchase price $500,000 covering 4 producing gas units in Freestone County, Texas containing 33 producing wells and additional

potential undeveloped locations in the Cotton Valley formation.

interests, purchase price $550,000 covering 75 producing wells and additional potential undeveloped locations

in the Cotton Valley formation of Freestone and Limestone Counties, Texas.

working interests, purchase price $425,000 covering 2 properties in Lea County, New Mexico.

(mineral) acreage, purchase price $1,850,000 covering 122 mineral acres in the Newark East (Barnett Shale) Field of Tarrant County,

Texas amounting to approximately 21.45% royalty interest.

(mineral) acreage, purchase price $429,000 covering 522 mineral acres in the Newark East (Barnett Shale) Field of Tarrant County,

Texas containing 6 producing natural gas wells and additional potential undeveloped well locations.

Royalty interests, purchase

price $500,000 covering 4 producing gas units in Freestone County, Texas containing 33 producing wells and additional potential undeveloped

locations in the Cotton Valley formation.

Royalty interests, purchase

price $550,000 covering 75 producing wells and additional potential undeveloped locations in the Cotton Valley formation of Freestone

and Limestone Counties, Texas.

Non-operated working interests,

purchase price $425,000 covering 2 properties in Lea County, New Mexico.

Royalty (mineral) acreage,

purchase price $1,850,000 covering 122 mineral acres in the Newark East (Barnett Shale) Field of Tarrant County, Texas amounting

to approximately 21.45% royalty interest.

Royalty (mineral) acreage,

purchase price $429,000 covering 522 mineral acres in the Newark East (Barnett Shale) Field of Tarrant County, Texas containing 6

producing natural gas wells and additional potential undeveloped well locations.

In March 2009, purchased additional interests, $49,000.

Texas Disposal Corporation, purchase price $478,000 consisting of royalty interests in over 300 wells located in 60 counties and

parishes of 6 states.

Southwest Texas

Disposal Corporation, purchase price $478,000 consisting of royalty interests in over 300 wells located in 60 counties and parishes

royalty interests, purchase price $1,650,000 covering 5,120 gross acres over 8 sections in the Haynesville trend area of DeSoto Parish,

Louisiana containing 6 horizontal producing wells and additional potential undeveloped drill sites.

The Company paid

$1.46 million in cash and the remainder was paid as 26,833 shares of its common stock issued from treasury shares.

The Company paid $1.46 million

in cash and the remainder was paid as 26,833 shares of its common stock issued from treasury shares.

Non-operating

3 unchanged sentences

working interests, $275,000.

Oil and Gas, LLC, purchase price of $1,150,000 consisting of working interests in approximately 280 wells located in 16 counties

interests, purchase price $200,000 covering 43 wells in 12 counties of 8 states, primarily in Texas.

interests, purchase price $580,000 covering 580 wells in 87 counties of 8 states.

Approximately 90% of the net revenue from these

royalties is produced by 157 wells located in the Barnett Shale of the Fort Worth Basin of Texas.

and mineral interests, purchase price $1,000,000 covering approximately 1,800 wells in 27 counties of Texas.

Of these oil and gas

reserves, approximately 60% is natural gas and 40% oil.

working interests, purchase price $840,000 in 70 Natural gas producing wells located in 5 counties of Oklahoma.

working interests, purchase price $200,000 covering 80 wells located in Hockley and Pecos Counties, Texas.

working interests, purchase price $450,000 covering 43 wells in Webster Parish, Louisiana;

TBO Oil and Gas, LLC, purchase

price of $1,150,000 consisting of working interests in approximately 280 wells located in 16 counties of 3 states.

Royalty interests, purchase

price $200,000 covering 43 wells in 12 counties of 8 states, primarily in Texas.

Royalty interests, purchase

price $580,000 covering 580 wells in 87 counties of 8 states.

Approximately 90% of the net revenue from these royalties is produced

by 157 wells located in the Barnett Shale of the Fort Worth Basin of Texas.

Royalty and mineral interests,

purchase price $1,000,000 covering approximately 1,800 wells in 27 counties of Texas.

Of these oil and gas reserves, approximately

60% is natural gas and 40% oil.

Non-Operated working interests,

purchase price $840,000 in 70 Natural gas producing wells located in 5 counties of Oklahoma.

Non-Operated working interests,

purchase price $200,000 covering 80 wells located in Hockley and Pecos Counties, Texas.

Non-Operated working interests,

purchase price $450,000 covering 43 wells in Webster Parish, Louisiana;

Eddy County, New Mexico;

and, Nolan and

Smith Counties, Texas.

interest investment, $300,000 for a less than 1% investment commitment in a limited liability company, capitalized at approximately

$50 million to purchase royalty interests consisting of minerals located in the Marcellus and Utica areas of Ohio.

and, Nolan and Smith Counties, Texas.

Royalty interest investment,

$300,000 for a less than 1% investment commitment in a limited liability company, capitalized at approximately $50 million to purchase

royalty interests consisting of minerals located in the Marcellus and Utica areas of Ohio.

This LLC has returned $321,112 (107%)

$276,098 and 92% of the total investment since inception in fiscal 2020.

of the total investment since inception in fiscal 2020.

royalty interests, purchase price of $567,000 covering 53 producing wells and several additional potential locations for development

in Atascosa and Karnes Counties, Texas.

interests, purchase price of $939,000 covering 22 producing wells and several additional potential locations for development in the

Eagleford area of Dimmit County, Texas.

interest investment, $2,000,000 for an approximate 2% investment commitment in a limited liability company, capitalized at approximately

$100 million to purchase royalty interests consisting of minerals located in the Marcellus and Utica areas of Ohio.

As of the date

of this report, $1,000,000 of the commitment has been expended.

interests, purchase price of $117,200 covering 28 producing wells in 6 counties in the Haynesville trend area of Louisiana and 5

counties in Texas.

interests, purchase price of $455,000 covering 8 producing wells and additional potential locations for development in Reeves County,

interests, purchase price of $367,500 covering 84 producing wells and additional potential locations for development in 6 counties

interest, purchase price of $575,600 covering 9 producing wells with additional potential locations for development and 4 producing

wellbores in Weld County, Colorado.

interests, purchase price of $390,300 covering 255 producing wells in the Haynesville trend area of Caddo Parish, Louisiana.

Royalty interests, purchase

price of $939,000 covering 22 producing wells and several additional potential locations for development in the Eagleford area of

Dimmit County, Texas.

Royalty interest investment,

$2,000,000 for an approximate 2% investment commitment in a limited liability company, capitalized at approximately $100 million

to purchase royalty interests consisting of minerals located in the Marcellus and Utica areas of Ohio.

As of the date of this report,

$1,800,000 of the commitment has been expended and 14% of the investment has been returned.

Royalty interests, purchase

price of $117,200 covering 28 producing wells in 6 counties in the Haynesville trend area of Louisiana and 5 counties in Texas.

Royalty interests, purchase

price of $455,000 covering 8 producing wells and additional potential locations for development in Reeves County, Texas.

Royalty interests,

purchase price of $367,500 covering 84 producing wells and additional potential locations for development in 6 counties in Texas.

Royalty interest, purchase

price of $575,600 covering 9 producing wells with additional potential locations for development and 4 producing wellbores in Weld

County, Colorado.

Royalty interests, purchase

price of $390,300 covering 255 producing wells in the Haynesville trend area of Caddo Parish, Louisiana.

Royalty interests, purchase

price of $568,000 covering 30 producing wells and additional potential locations for development in Adams, Broomfield and Weld Counties,

Royalty interests, purchase

price of $483,000 covering 240 producing wells in Laramie County, Wyoming and Adams and Weld Counties, Colorado.

Royalty interest, purchase

price of $473,000 covering 84 producing wells in DeSoto Parish, Louisiana and Karnes, Live Oak, Reagan, Reeves and Upton Counties,

Royalty interests, purchase

price of $260,000 covering 3 producing wells with additional potential locations for development in Eddy County, New Mexico.

Royalty interests, purchase

price of $188,000 covering over 400 producing wells in multiple counties throughout the states of Nebraska, North Dakota, South Dakota

Environment and Outlook

11 unchanged sentences

and Gas Operations

of March 31, 2024, oil constituted approximately 83% of our oil and natural gas sales and approximately 51% of our total proved reserves

of March 31, 2025, oil contributed approximately 84% of our oil and natural gas sales and approximately 48% of our total proved reserves

volumes for fiscal 2025.

27 unchanged sentences

own partial interests in approximately 7,500 producing wells all of which are located within the United States in the states of Texas,

New Mexico, Oklahoma, Louisiana, Alabama, Mississippi, Arkansas, Wyoming, Kansas, Colorado, Montana, Virginia, North Dakota, and Ohio.

New Mexico, Oklahoma, Louisiana, Alabama, Arkansas, Wyoming, Kansas, Colorado, Montana, Virginia, North Dakota, South Dakota and Ohio.

Additional information concerning these properties and our oil and gas reserves is provided below.

141 unchanged sentences

Hardin served as Assistant

of March 31, 2024, we had three full-time and three part-time employees.

We believe that relations with these employees are generally

satisfactory.

From time to time, we utilize the services of independent geological, land and engineering consultants on a limited basis

and expect to continue to do so in the future.

of March 31, 2025, we had two full-time and three part-time employees.

We believe that relations with these employees are generally satisfactory.

From time to time, we utilize the services of independent geological, land and engineering consultants on a limited basis and expect

to continue to do so in the future.

principal offices are located at 415 W.

21 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 1. Business