CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash Flows from Operating Activities
Net Loss	$ (7,601,482)	$ (4,520,282)
Items Not Requiring Cash
Depreciation, Depletion, Amortization and Accretion	2,008,235	1,291,581
Share-Based Compensation	423,992	1,130,070
Amortization of Deferred Financing Costs		250,921
Unrealized Loss on Marketable Securities		21,450
Non-Operating Expense Relating to Exercise of Warrants	293,275
Other		1,210
Changes in Components of Working Capital and Other Assets
Accounts Receivable	(610,721)	(590,085)
Inventories	(63,868)
Prepaid Expenses and Other Current Assets	(46,884)	(109,024)
Accounts Payable and Accrued Expenses	7,794,430	1,035,169
Advances from Working Interest Owners	991,667	(2,687,893)
Other Assets	57,112	403
Changes in Components of Working Capital Associated with Investing Activities	(6,606,736)	(668,328)
Net Cash Used in Operating Activities	(3,360,980)	(4,844,808)
Investing Cash Flows
Additions of Oil and Gas Properties	(14,448,407)	(12,943,151)
Additions of Other Property, Plant and Equipment	(228,412)	(57,230)
Proceeds from Sale of Oil and Gas Properties	3,683,745	13,726,688
Refund (deposit) on Oil and Gas Properties	500,000	(500,000)
Payments Received on Notes Receivable	13,273
Changes in Components of Working Capital Associated with Investing Activities	6,606,736	623,328
Other		(29,012)
Net Cash (Used In) Provided by Investing Activities	(3,873,065)	820,623
Financing Cash Flows
Net Proceeds from the Sale of Common Stock	5,760,374	6,777,513
Repayment of Borrowings	(313,458)	(2,150,000)
Changes in Components of Working Capital Associated with Financing Activities		45,000
Net Cash Provided by Financing Activities	5,446,916	4,672,513
(Decrease) Increase in Cash and Cash Equivalents	(1,787,129)	648,328
Cash and Cash Equivalents at Beginning of the Year	2,471,108	1,822,780
Cash and Cash Equivalents at End of the Year	$ 683,979	$ 2,471,108