GOING CONCERN	9 Months Ended
Dec. 31, 2011
Going Concern Disclosure [Abstract]
Going Concern Disclosure [Text Block]	2. GOING CONCERN The Company’s financial statements have been prepared on a going concern basis which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. The Company has incurred substantial losses from operations and it has negative operating cash flows which raises substantial doubt about its ability to continue as a going concern. The Company had net income of $909,108 and $10,815,350 for the three and nine months ended December 31, 2011, respectively. However, $2,664,402 and $15,414,551, respectively, of this net income is attributable to the change in value of the derivative and warrant liabilities. As of December 31, 2011 the Company had an accumulated deficit of $57,169,200. The Company intends to continue its planned capital expenditure to continue its reworking and drilling programs, but does not have sufficient realized revenues and cash on hand is not adequate to cover immediate cash needs. However, the Company expects revenues from production will be enough to cover operating expenses in the near term. The Company can provide no assurance that it will be able to obtain sufficient financing that it needs to develop its properties and alleviate doubt about its ability to continue as a going concern. If the Company is able to obtain sufficient additional financing proceeds, the Company cannot be certain that this additional financing will be available on acceptable terms, if at all. To the extent the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. Furthermore, certain of the Company’s current creditors may be required to approve any such transaction. On March 3, 2012 the convertible notes issued to Iroquois Capital Opportunity Fund LP (“Iroquois) and the associated investors (Note 4) are set to mature. The total principal amounts, together with the accrued non-cash interest and the cash interest payable, at maturity will be approximately $3,839,094. As of February 13, 2012, the Company does not have an approved or substantially acceptable plan or ability to pay this amount at maturity or to refinance the notes. However, the Company remains focused on its financing efforts in order to raise enough capital to settle the debt in the near term. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

GOING CONCERN

9 Months Ended

Dec. 31, 2011

2. GOING CONCERN

The Company’s financial statements have been prepared on a going concern basis which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. The Company has incurred substantial losses from operations and it has negative operating cash flows which raises substantial doubt about its ability to continue as a going concern. The Company had net income of $909,108 and $10,815,350 for the three and nine months ended December 31, 2011, respectively. However, $2,664,402 and $15,414,551, respectively, of this net income is attributable to the change in value of the derivative and warrant liabilities. As of December 31, 2011 the Company had an accumulated deficit of $57,169,200.

The Company intends to continue its planned capital expenditure to continue its reworking and drilling programs, but does not have sufficient realized revenues and cash on hand is not adequate to cover immediate cash needs. However, the Company expects revenues from production will be enough to cover operating expenses in the near term.

The Company can provide no assurance that it will be able to obtain sufficient financing that it needs to develop its properties and alleviate doubt about its ability to continue as a going concern. If the Company is able to obtain sufficient additional financing proceeds, the Company cannot be certain that this additional financing will be available on acceptable terms, if at all. To the extent the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. Furthermore, certain of the Company’s current creditors may be required to approve any such transaction.

On March 3, 2012 the convertible notes issued to Iroquois Capital Opportunity Fund LP (“Iroquois) and the associated investors (Note 4) are set to mature. The total principal amounts, together with the accrued non-cash interest and the cash interest payable, at maturity will be approximately $3,839,094. As of February 13, 2012, the Company does not have an approved or substantially acceptable plan or ability to pay this amount at maturity or to refinance the notes. However, the Company remains focused on its financing efforts in order to raise enough capital to settle the debt in the near term.

The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.