CONSOLIDATED BALANCE SHEET (USD $)	Jun. 30, 2011	Mar. 31, 2011
ASSETS
Cash	$ 3,907	$ 483,578
Cash held in escrow	0	367,554
Accounts receivable	98,332	113,006
Notes receivable	0	37,500
Inventory	22,599	22,494
Prepaid expenses and other current assets	75,124	3,251
Total current assets	199,962	1,027,383
OIL AND GAS PROPERTIES, accounted for using the full cost method, net
Unproven	1,212,267	1,212,267
Proven	6,088,355	5,657,975
Oil and Gas Property, Full Cost Method, Net	7,300,622	6,870,242
PROPERTY AND EQUIPMENT, at cost:
Field equipment	219,898	201,187
Computer equipment	19,549	19,759
Vehicles	69,540	79,202
Property, Plant and Equipment, Gross	308,987	300,148
Less: accumulated depreciation	(61,263)	(61,040)
Property, Plant and Equipment, Net, Total	247,724	239,108
OTHER ASSETS:
Deferred financing fees and other	79,133	109,858
Assets, Noncurrent, Other than Noncurrent Investments and Property, Plant and Equipment	79,133	109,858
Total assets	7,827,441	8,246,591
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable	1,062,081	685,905
Notes payable, current portion	252,172	144,570
Convertible notes payable, net of unamortized discount	1,576,525	1,190,092
Derivatives Liability - Convertible Note (Iroquois)	3,823,188	4,534,069
Total current liabilities	6,713,966	6,554,636
LONG-TERM LIABILITIES:
Asset retirement obligation	77,217	75,609
Warrant Liability - Convertible Note (Iroquois)	12,442,484	12,809,065
Warrant Liability - ABG	4,317,891	5,860,509
Notes payable, less current portion	2,509,050	2,683,649
Warrant liability - Other	638,321	670,395
Total liabilities	26,698,929	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 share authorized; 26,534,624 shares issued and outstanding at June 30, 2011 and 25,869,613, issued and outstanding at March 31, 2011	26,533	25,869
Additional paid-in capital	47,817,659	47,551,410
Accumulated deficit	(66,715,680)	(67,984,551)
Total shareholders' deficit	(18,871,488)	(20,407,272)
Total liabilities and shareholders' deficit	$ 7,827,441	$ 8,246,591