Business Combinations

12 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Business Combinations

3. Business Combinations

On December 31, 2012, the Company purchased all of the outstanding ownership interests of TBO Oil & Gas, LLC (“TBO”), a Texas limited liability company which owns non-operated working interests in approximately 280 wells producing primarily oil, expanding the Company’s revenues. The cash purchase price of $1,150,000 was funded from our $4.9 million bank credit facility.

The purchase price was allocated to the assets acquired and liabilities assumed at estimated fair values as follows:

Proved oil and gas properties	$	1,202,013
Accounts receivable		74,623
Total assets acquired		1,276,636
Accounts payable		(45,876	)
Asset retirement obligations assumed		(80,760	)
Net purchase price	$	1,150,000

The Company’s results of operations for fiscal year 2013 include approximately $119,800 in revenues and approximately $62,400 in earnings. The Company’s results of operations for fiscal years 2012 and 2011 do not include any revenues or costs from TBO.

The Company has not disclosed the pro forma information for this acquisition because the revenue and expenses for this acquisition are immaterial to our consolidated financial statements.