Discontinued Operations

3 Months Ended

Jun. 30, 2011

Notes to Financial Statements

Discontinued Operations

Note 3 - Discontinued Operations

In March 2011, we completed the sale of all of our oil and gas properties and substantially all fixed assets. The financial results of our business related to oil and gas operations have been classified as discontinued operations in our Statements of Operations for all periods presented. The following summarizes components of loss from the Company's discontinued operations for the three months ended June 30, 2011 and 2010:  

		2011		2010
Revenue	$	-	$	1,177,049
Operating expenses		2,283		1,134,544
Operating income (loss) from discontinued operations		(2,283)		42,505
Other expenses from discontinued operations, net		(4,040)		(459,094)
Net loss from discontinued operations	$	(6,323)	$	(416,589)

 The assets and liabilities relating to the Company's discontinued oil and gas operations are reflected as assets and liabilities of discontinued operations in the accompanying balance sheets. The following summarizes the components of these assets and liabilities included in the accompanying balance sheets: 

		June 30, 2011		March 31, 2011
Assets:
Current assets of discontinued operations:	$	3,265	$	45,229
Accounts receivable		471,354		-
Deposits and other assets		474,619		45,229
Long-term assets of discontinued operations - other assets		-		814,354
Total assets of discontinued operations	$	474,619	$	859,583
Liabilities:
Current liabilities of discontinued operations -
accounts payable and accrued liabilities	$	39,463	$	58,191