CONSOLIDATED BALANCE SHEET (USD $)	Dec. 31, 2011	Mar. 31, 2011
ASSETS
Cash	$ 13,113	$ 483,578
Cash held in escrow	0	367,554
Accounts receivable	315,613	113,006
Notes receivable	0	37,500
Inventory	15,436	22,494
Prepaid expenses and other current assets	83,817	3,251
Total current assets	427,979	1,027,383
OIL AND GAS PROPERTIES, accounted for using the full cost method, net
Unproven	1,334,944	1,212,267
Proven	6,226,262	5,657,975
Oil and Gas Property, Full Cost Method, Net	7,561,206	6,870,242
PROPERTY AND EQUIPMENT, at cost:
Field equipment	229,846	201,187
Computer equipment	11,945	19,759
Vehicles	98,350	79,202
Property, Plant and Equipment, Gross	340,141	300,148
Less: accumulated depreciation	(82,917)	(61,040)
Property, Plant and Equipment, Net, Total	257,224	239,108
OTHER ASSETS:
Deferred financing fees and other	19,487	109,858
Assets, Noncurrent, Other than Noncurrent Investments and Property, Plant and Equipment	19,487	109,858
Total assets	8,265,896	8,246,591
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable	1,047,480	685,905
Notes payable, current portion	2,747,253	144,570
Convertible notes payable, net of unamortized discount	2,932,154	1,190,092
Derivatives liability - convertible note (Iroquois)	271,749	4,534,069
Total current liabilities	6,998,636	6,554,636
LONG-TERM LIABILITIES:
Asset retirement obligation	80,429	75,609
Warrant liability - convertible note (Iroquois)	8,375,343	12,809,065
Warrant liability - ABG	1,103,949	5,860,509
Notes payable, less current portion	0	2,683,649
Warrant liability - other	8,632	670,395
Total liabilities	16,566,989	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 and 20,000,000 share authorized; 32,252,883 shares issued and outstanding at December 31, 2011 and 25,869,613 issued and outstanding at March 31, 2011	32,252	25,869
Additional paid-in capital	48,835,855	47,551,410
Accumulated deficit	(57,169,200)	(67,984,551)
Total shareholders' deficit	(8,301,093)	(20,407,272)
Total liabilities and shareholders' deficit	$ 8,265,896	$ 8,246,591