XML 15 R8.htm IDEA: XBRL DOCUMENT

NOTE 2: RECEIVABLE FROM JOINT INTERESTS	12 Months Ended
Mar. 31, 2012
Notes to Financial Statements
NOTE 2: RECEIVABLE FROM JOINT INTERESTS	The Company is the operator of certain wells acquired in the Expanded Bedford Agreement (see note 4). Pursuant to a joint interest operating agreement (the “Joint Interest Agreement”), the Company charges the other owners of the Grace Wells for their pro-rata share of operating and workover expenses. These receivables are carried on the Company’s balance sheet as Receivable from Joint Interests. At March 31, 2012 and 2011, the amount of these receivables is $155,708 and $184,992, respectively. During the year ended March 31, 2012, the Company deemed the collectability of the receivable from joint interests in the amount of $135,708 and 178,922 respectively as unlikely. As a result, the Company credited $43,214 to operations during the year ended March 31, 2012 reducing bad debt expense.

NOTE 2: RECEIVABLE FROM JOINT INTERESTS

12 Months Ended

Mar. 31, 2012

The Company is the operator of certain wells acquired in the Expanded Bedford Agreement (see note 4). Pursuant to a joint interest operating agreement (the “Joint Interest Agreement”), the Company charges the other owners of the Grace Wells for their pro-rata share of operating and workover expenses. These receivables are carried on the Company’s balance sheet as Receivable from Joint Interests. At March 31, 2012 and 2011, the amount of these receivables is $155,708 and $184,992, respectively. During the year ended March 31, 2012, the Company deemed the collectability of the receivable from joint interests in the amount of $135,708 and 178,922 respectively as unlikely. As a result, the Company credited $43,214 to operations during the year ended March 31, 2012 reducing bad debt expense.