SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Mar. 31, 2012

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

NOTE 11 – SUPPLEMENTAL CASH FLOW INFORMATION

Net cash paid for interest and income taxes was as follows for the years ended March 31, 2012 and 2011:

	2012		2011
Interest	$	16,008	$	11,223
Income taxes		-		-

Non-cash investing and financing activities for the years ended March 31, 2012 and 2011 included the following:

	2012		2011
Issuance of note payable for the purchase of certain
oil and gas properties	$	22,000,000	$	90,841
Issuance of note payable for the purchase of certain
other property, plant and equipment		45,000		-
Issuance of preferred stock for the purchase of
certain oil and gas properties		8,262,354		-
Issuance of common stock for the purchase of
certain oil and gas properties		441,000		503,205
Note receivable for the sale of certain oil and
gas properties		486,727		-
Increase in asset retirement obligations		621,519		45,899
Deferred offering costs applied to sale of
common stock		-		119,912
Receivable extinguished for oil and gas properties		-		55,953
Issuance of common stock for sales commission		-		38,757