CONSOLIDATED BALANCE SHEET (USD $)	Sep. 30, 2011	Mar. 31, 2011
ASSETS
Cash	$ 213,489	$ 483,578
Cash held in escrow	0	367,554
Accounts receivable	24,501	113,006
Notes receivable	0	37,500
Inventory	101,726	22,494
Prepaid expenses and other current assets	68,504	3,251
Total current assets	408,220	1,027,383
OIL AND GAS PROPERTIES, accounted for using the full cost method, net
Unproven	1,289,840	1,212,267
Proven	6,304,547	5,657,975
Oil and Gas Property, Full Cost Method, Net	7,594,387	6,870,242
PROPERTY AND EQUIPMENT, at cost:
Field equipment	229,846	201,187
Computer equipment	19,549	19,759
Vehicles	98,351	79,202
Property, Plant and Equipment, Gross	347,746	300,148
Less: accumulated depreciation	(72,908)	(61,040)
Property, Plant and Equipment, Net, Total	274,838	239,108
OTHER ASSETS:
Deferred financing fees and other	49,014	109,858
Assets, Noncurrent, Other than Noncurrent Investments and Property, Plant and Equipment	49,014	109,858
Total assets	8,326,459	8,246,591
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable	464,749	685,905
Notes payable, current portion	2,606,956	144,570
Convertible notes payable, net of unamortized discount	2,118,012	1,190,092
Derivatives Liability - Convertible Note (Iroquois)	1,294,070	4,534,069
Total current liabilities	6,483,787	6,554,636
LONG-TERM LIABILITIES:
Asset retirement obligation	78,824	75,609
Warrant Liability - Convertible Note (Iroquois)	8,471,527	12,809,065
Warrant Liability - ABG	2,648,226	5,860,509
Notes payable, less current portion	0	2,683,649
Warrant liability - Other	10,252	670,395
Total liabilities	17,692,616	28,653,863
SHAREHOLDERS' DEFICIT:
Preferred stock, $.0001 par value; 5,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $.001 par value, 150,000,000 shares authorized; 31,861,426 shares issued and outstanding at September 30, 2011 and 25,869,613 issued and outstanding at March 31, 2011	31,860	25,869
Additional paid-in capital	48,680,291	47,551,410
Accumulated deficit	(58,078,308)	(67,984,551)
Total shareholders' deficit	(9,366,157)	(20,407,272)
Total liabilities and shareholders' deficit	$ 8,326,459	$ 8,246,591