10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

________________________

FORM 10-K/A

(Amendment No. 1)

__________________________

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended March 31, 2013

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from __________ to ___________

Commission file number:  333-82580

SIGNATURE EXPLORATION AND PRODUCTION CORP.

(Exact name of registrant as specified in its charter)

____________________

Delaware (State or other Jurisdiction of Incorporation or Organization) 59-3733133 (IRS Employer I.D. No.)

___________________________

4700 Millenia Blvd, Suite 175

Orlando, FL 32839

Phone: (888) 895-3594

Fax: (888) 800-5918

(Address and telephone number of

principal executive offices)

___________________________

Securities registered under Section 12 (b) of the Exchange Act:
Title of each class	Name of each exchange on which registered
None	None
Securities registered under Section 12(g) of the Exchange Act:
$0.0001 Par Value Common Stock
Title of Class

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes   No ü

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes   No ü  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant

was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ü  No 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer                   Accelerated filer         

Non-accelerated filer           Smaller reporting company  ü

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act).  Yes   No ü  

The aggregate market value of the voting stock held by non-affiliates of the registrant on July 9, 2013, the last business day of the registrant’s most recently completed first quarter, based on the closing price on that date of $0.06 on the Over the Counter Bulletin Board, was approximately $285,000.

Documents Incorporated by Reference

None

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to our Quarterly Report on Form 10-K for the period ended March 31, 2013, as filed with the Securities and Exchange Commission on July 17, 2013, is to furnish Exhibit 101 to the Form 10-K within the six day period provided for temporary hardship exemption by Rule 201 of Regulation S-T.  Exhibit 101 to this report furnishes the following items from our Form 10-K formatted in XBRL (eXtensible Business Reporting Language): (i) the audited Balance Sheets, (ii) the audited Statements of Income, (iii) the audited Statements of Stockholders’ Equity (Capital Deficiency), (iv) the audited Statements of Cash Flows, and (v) the notes to the audited Financial Statements.

Users of this data are advised that pursuant to Rule 406T of Regulation S-T these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

No other changes have been made to the Form 10-K other than the furnishing of the exhibit described above.  This Amendment No. 1 does not reflect subsequent events occurring after the original filing date of the Form 10-K or modify or update in any way disclosures made in the Form 10-K.

Item 6. Exhibits

31.1	Certification of Chief Executive Officer Pursuant to Securities and Exchange Act Rules 13a-14 and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
99.1	Audit Committee Pre-Approval Policy(2)
31.1	Certification of Chief Executive Officer Pursuant to Securities and Exchange Act Rules 13a-14 and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
99.1	Audit Committee Pre-Approval Policy(2)
101*	XBRL Instant Document

(1) Incorporated by reference to the Company’s Form 10-K, filed with the Securities and Exchange Commission on July 17, 2013.

* Furnished herewith 

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURE EXPLORATION AND PRODUCTION CORP.

Dated:  July 22, 2013

By:    /S/  Steven Weldon                                                                

Name:   Steven Weldon

Title: Chief  Executive  Officer, President and Chairman

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Note 3 - Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2013

Policies

Exploration Stage

Exploration Stage Company. The Company is considered to be in the exploration stage.

Cash and Cash Equivalents

Cash and Cash Equivalents. The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition, Policy

Revenue Recognition. Revenue associated with the production and sales of crude oil, natural gas, natural gas liquids and other natural resources owned by the Company will be recognized when production is sold to a purchaser at a fixed or determinable price when delivery has occurred and title passes from the Company to its customer, and if the collectability of the revenue is probable

Use of Estimates, Policy

Use of Estimates.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Income Tax, Policy

Income Taxes.  The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.   Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.

Earnings Per Share, Policy

Loss per Share. The Company’s basic loss per share has been calculated using the weighted average number of common shares outstanding during the period. The Company has 74,172,730 potentially dilutive common shares at March 31, 2013.  However, such common stock equivalents were not included in the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

Oil and Gas Properties Policy

Oil and gas properties.  In July 2009, the Company changed its method of accounting for its oil and gas exploration and development activities from the full cost method to the successful efforts method. This change did not affect our financial statements, as we did not have any activity at that time. Although the full cost method of accounting for oil and gas exploration and development activities continue to be an accepted alternative, the successful efforts method of accounting is the preferred method. The Company believes the successful efforts method provides a more transparent representation of its results of operations and the ability to assess the Company’s investments in oil and gas properties for impairment based on their estimated fair values rather than being required to base valuation on prices and costs as of the balance sheet date.

In accordance with the successful efforts method of accounting for oil and gas properties, costs of productive wells, developmental dry holes and productive leases are capitalized into appropriate groups of properties based on geographical and geological similarities. These capitalized costs are amortized using the unit-of-production method based on estimated proved reserves. Proceeds from sales of properties are credited to property costs, and a gain or loss is recognized when a significant portion of an amortization base is sold or abandoned.

Exploration costs, such as exploratory geological and geophysical costs, delay rentals and exploration overhead, are charged to expense as incurred. Exploratory drilling costs, including the cost of stratigraphic test wells, are initially capitalized but charged to exploration expense if and when the well is determined to be nonproductive. The determination of an exploratory well’s ability to produce must be made within one year from the completion of drilling activities. The acquisition costs of unproved acreage are initially capitalized and are carried at cost, net of accumulated impairment provisions, until such leases are transferred to proved properties or charged to exploration expense as impairments of unproved properties.

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Condensed Statement of Operations (unaudited) (USD $)	12 Months Ended		61 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Income Statement
Net revenue
Cost of revenue
Gross profit (loss)
Stock compensation expense			2,085,078
Loss on oil and gas properties	36,000		168,189
Investor relations		991	568,805
General and administrative expenses	75,718	101,850	537,041
Loss from continuing operations	(111,718)	(102,841)	(3,359,113)
Other income/(expense)
Change in fair value of convertible notes	101,701	62,430	205,725
Change in fair value of warrants	97,575	89,320	210,800
Loss on extinguishment of debt			(177,941)
Loss on loan modification			(283,000)
Interest expense	(51,408)	(63,672)	(478,043)
Total other income/(expenses)	147,868	88,078	(522,459)
Net income/(loss)	$ 36,150	$ (14,763)	$ (3,881,572)
Weighted average common shares outstanding - basic and diluted	9,668,582	29,778,111	9,531,985
Net loss per share - basic and diluted	$ 0.00	$ 0.00	$ (0.41)

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Note 4 - Fair Value Measurements

12 Months Ended

Mar. 31, 2013

Notes

Note 4 - Fair Value Measurements

NOTE 4 – FAIR VALUE MEASUREMENTS

The Company holds certain financial liabilities that are measured at fair value on a recurring basis in accordance with ASC Topic 825-10-15.   ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. The three levels of the fair value hierarchy under ASC Topic 820-10 are described below:

Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.  

Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.  

Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 fair value elections are made on an instrument-by-instrument basis. The Company uses Level 3 inputs to value convertible notes and detachable warrants accounted for as derivatives.

The tables below detail the Company’s assets and liabilities measured at fair value.

	Fair Value Measurements March 31, 2013
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	-	-	$227,521	$227,521
Derivative liability	-	-	$260,311	$260,311

	Fair Value Measurement March 31, 2012
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	-	-	$308,255	$308,255
Derivative liability	-	-	$334,497	$334,497

The following table presents the changes in Level 3 instruments measured on a recurring basis for the years ended March 31, 2013 and 2012:

	Convertible Notes	Derivative Liability	Total
Balance, March 31, 2011	$440,775	$393,726	$834,501
Realized and unrealized gains (losses); included in other income (expense)	(62,430)	(89,320)	(151,750)
Purchases, issuances, and settlements	(70,090)	30,091	(39,999)
Balance, March 31, 2012	$308,255	$334,497	$642,752
Realized and unrealized gains (losses);Included in other income (expense)	(101,701)	(97,575)	(199,276)
Purchases, issuances, and settlements	20,967	23,389	(44,356)
Balance, March 31, 2013	$227,521	$260,311	$487,832

The convertible notes and derivative liability in the preceding tables were measured at fair value, in accordance with ASC Topic 825-10-15, as one instrument and that fair value was allocated to each component.  The Company made the fair value election due to this methodology providing a fairer representation of the economic substance of the transaction within the fair value hierarchy. Due to the lack of relevant and market reflective Level 1 and Level 2 inputs, the Company valued the instruments using Level 3 inputs, which require significant judgment and estimates on behalf of management in developing model assumptions. The factors considered in developing those assumptions included; the Company’s inability to attract investment at terms more favorable to the Company, the lack of success in developing oil properties thus far, the continuing reduction in the net assets of the Company and the Company’s history of default on currently outstanding debt.

Based on management’s evaluation of the assumptions discussed above, the liabilities were initially recorded in an amount equal to the transaction price, which represented the fair value of the total liability at initial recognition. The model used by the Company is calibrated so that the model value at initial recognition equals the transaction price. On an ongoing basis the fair value model used in valuing the convertible notes and derivative liability utilizes the following inputs; exercise price per warrant, conversion price per share, contract term, volatility, current stock prices and risk free rates. The following assumptions were made in the model (1) risk free interest rate of 0.18% to 0.63%, (2) remaining contractual life of 1 to 4.87 years, (3) expected stock price volatility of 797% and (4) expected dividend yield of zero.

The carrying amounts of cash, accounts payable and accrued expenses approximate their respective fair values because of the short-term maturity of these items. The carrying amount of the Company’s convertible notes from shareholders represents the face value of the notes, which approximated fair value at the time of issuance.

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Note 7 - Convertible Notes and Warrants: Schedule of Other Share-based Compensation, Activity (Tables)

12 Months Ended

Mar. 31, 2013

Tables/Schedules

Schedule of Other Share-based Compensation, Activity

	Warrants Outstanding
	Number of Shares	Exercise Price
Outstanding at March 31, 2011	11,332,946	$0.15-$0.10
Warrants issued	588,260	$0.15
Warrants exercised	-	-
Warrants expired/cancelled	-	-
Outstanding at March 31, 2012	11,921,206	$0.15-$0.10
Warrants issued	443,560	$0.15
Warrants exercised	-	-
Warrants expired/cancelled	-	-
Outstanding at March 31, 2013	12,364,766	$0.15-$0.10

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Note 4 - Fair Value Measurements: Fair Value Assets and Liabilities (Tables)

12 Months Ended

Mar. 31, 2013

Tables/Schedules

Fair Value Assets and Liabilities

	Fair Value Measurements March 31, 2013
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	-	-	$227,521	$227,521
Derivative liability	-	-	$260,311	$260,311

	Fair Value Measurement March 31, 2012
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	-	-	$308,255	$308,255
Derivative liability	-	-	$334,497	$334,497

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Note 7 - Convertible Notes and Warrants: Schedule of Other Share-based Compensation, Activity (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011
Warrants, Outstanding	12,364,766	11,921,206	11,332,946
Warrants, Issued	443,560	588,260
Warrants, Granted, Weighted Average Exercise Price		$ 0.15
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.15
Minimum
Warrants, Weighted Average Exercise Price	$ 0.15	$ 0.15	$ 0.15
Maximum
Warrants, Weighted Average Exercise Price	$ 0.10	$ 0.10	$ 0.10

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Note 3 - Summary of Significant Accounting Policies: Earnings Per Share, Policy (Details)	12 Months Ended
	Mar. 31, 2013
Details
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	74,172,730

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Note 3 - Summary of Significant Accounting Policies: Income Tax, Policy (Details)	12 Months Ended
	Mar. 31, 2013
Details
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	100.00%

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Note 6 - Deferred Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Details
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ (205,000)	$ (5,000)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	22,000	(53,000)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	198,000	63,000
State and Local Income Tax Expense (Benefit), Continuing Operations	$ (15,000)	$ (5,000)

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Note 9 - Stock Option Plan (Details)	Mar. 31, 2013
Details
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	8,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	0

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Note 5 - Oil and Gas Properties (Details) (Catron County New Mexico Property Lease, USD $)	12 Months Ended
	Mar. 31, 2013
Catron County New Mexico Property Lease
Land, in acres	1,320
Operating Leases, Rent Expense, Net	$ 36,000

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Note 2 - Basis of Presentation (Details) (USD $)	Mar. 31, 2013
Details
Retained Earnings (Accumulated Deficit)	$ (5,568,000)

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Condensed Statement of Cash Flows (USD $)	12 Months Ended		61 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Cash flows from operating activities:
Net loss	$ 36,150	$ (14,763)	$ (3,880,581)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	300	207	777
Loss on oil and gas assets	36,000		168,189
Stock compensation			2,172,350
Loss on loan modification			283,000
Loss on extinguishment of debt			177,941
Change in fair value of convertible notes	(101,701)	(62,430)	(205,725)
Change in fair value of warrants	(97,575)	(89,320)	(210,800)
Non-cash interest	7,317	18,705	388,467
Changes in operating assets and liabilities:
Other assets	350	5,463	5,363
Accounts payable	5,327	6,197	(5,642)
Accrued expenses	76,385	39,423	112,254
Net cash used in operating activities	(37,447)	(96,518)	(994,407)
Cash flows from investing activities:
Investment in oil and gas properties			(72,189)
Purchase of property and equipment			(906)
Net cash used in investing activities			(73,095)
Cash flows from financing activities:
Proceeds from issuance of debt to stockholders	37,700	51,000	1,069,200
Net cash provided by financing activities	37,700	51,000	1,069,200
Net increase (decrease) in cash	253	(45,518)	1,698
Cash, beginning of year	2,174	47,692	728
Cash, end of year	2,427	2,174	2,427
Supplemental disclosures of cash flow information:
Cash paid during the year for: Interest
Non-cash investing and financing activities:
Stock issued for legal retainer included in other assets			5,462
Convertible debt issued for oil and gas lease agreements			96,000
Stock issued to settle convertible debt		104,000	125,250
Stock issued to settle interest expense			$ 373

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Note 2 - Basis of Presentation

12 Months Ended

Mar. 31, 2013

Notes

Note 2 - Basis of Presentation

NOTE 2 – BASIS OF PRESENTATION

The Company’s financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced net losses since April 4, 2001, which losses have caused an accumulated deficit of approximately $5,568,000 at March 31, 2013 of which $3,881,000 has been accumulated during our current exploration activities. In addition, the Company has consumed cash in its operating activities of approximately $97,000 and $184,000 for the years ended March 31, 2013 and 2012, respectively. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.

Management has been able, thus far, to finance the losses through a public offering, private placements and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing.  There are no assurances that the Company will be successful in achieving its goals.

In view of these conditions, the Company’s ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. The Company is currently acquiring and developing crude oil and natural gas leases.   Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company cannot continue as a going concern.

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Note 5 - Oil and Gas Properties

12 Months Ended

Mar. 31, 2013

Notes

Note 5 - Oil and Gas Properties

NOTE 5 – OIL AND GAS PROPERTIES

Catron Prospect – Carton County, NM

We acquired a lease of 1,320 acres in Catron County, New Mexico for $36,000.  The lease term was for ten years.  The Department of the Interior canceled the lease and $36,000 was expensed in the year ended March 31, 2013.

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Note 3 - Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2013

Notes

Note 3 - Summary of Significant Accounting Policies

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Exploration Stage Company. The Company is considered to be in the exploration stage.

Cash and Cash Equivalents. The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition. Revenue associated with the production and sales of crude oil, natural gas, natural gas liquids and other natural resources owned by the Company will be recognized when production is sold to a purchaser at a fixed or determinable price when delivery has occurred and title passes from the Company to its customer, and if the collectability of the revenue is probable

.

Use of Estimates.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Income Taxes.  The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.   Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.

Loss per Share. The Company’s basic loss per share has been calculated using the weighted average number of common shares outstanding during the period. The Company has 74,172,730 potentially dilutive common shares at March 31, 2013.  However, such common stock equivalents were not included in the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

Oil and gas properties.  In July 2009, the Company changed its method of accounting for its oil and gas exploration and development activities from the full cost method to the successful efforts method. This change did not affect our financial statements, as we did not have any activity at that time. Although the full cost method of accounting for oil and gas exploration and development activities continue to be an accepted alternative, the successful efforts method of accounting is the preferred method. The Company believes the successful efforts method provides a more transparent representation of its results of operations and the ability to assess the Company’s investments in oil and gas properties for impairment based on their estimated fair values rather than being required to base valuation on prices and costs as of the balance sheet date.

In accordance with the successful efforts method of accounting for oil and gas properties, costs of productive wells, developmental dry holes and productive leases are capitalized into appropriate groups of properties based on geographical and geological similarities. These capitalized costs are amortized using the unit-of-production method based on estimated proved reserves. Proceeds from sales of properties are credited to property costs, and a gain or loss is recognized when a significant portion of an amortization base is sold or abandoned.

Exploration costs, such as exploratory geological and geophysical costs, delay rentals and exploration overhead, are charged to expense as incurred. Exploratory drilling costs, including the cost of stratigraphic test wells, are initially capitalized but charged to exploration expense if and when the well is determined to be nonproductive. The determination of an exploratory well’s ability to produce must be made within one year from the completion of drilling activities. The acquisition costs of unproved acreage are initially capitalized and are carried at cost, net of accumulated impairment provisions, until such leases are transferred to proved properties or charged to exploration expense as impairments of unproved properties.

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Note 10 - Subsequent Event (Details) (USD $)	12 Months Ended
	Mar. 31, 2013
Original Issuance Discount	15.00%
Debt Instrument, Interest Rate, Stated Percentage	16.63%
Debt Instrument, Convertible, Conversion Price	$ 0.10
Minimum
Debt Instrument, Convertible, Conversion Price	$ 0.01
Subsequent Event
Debt Instrument, Face Amount	$ 30,588
Proceeds from Issuance of Debt	$ 26,000
Original Issuance Discount	15.00%
Debt Instrument, Interest Rate, Stated Percentage	16.63%
Debt Instrument, Maturity Date	Jun. 01, 2014
Debt Instrument, Convertible, Conversion Price	$ 0.10
Class of Warrant or Right, Outstanding	131,780
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.15
Debt Instrument, Convertible, Terms of Conversion Feature	The note holders will only be allowed to convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of the Company
Subsequent Event | Minimum
Debt Instrument, Convertible, Conversion Price	$ 0.01
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.01

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Note 4 - Fair Value Measurements: Fair Value Assets and Liabilities (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Convertible notes from shareholders, at fair value	$ 227,521	$ 308,255
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	260,311	334,497
Fair Value, Inputs, Level 3
Convertible notes from shareholders, at fair value	227,521	308,255
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 260,311	$ 334,497

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Note 6 - Deferred Income Taxes (Details) (USD $)	12 Months Ended
	Mar. 31, 2013
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward	$ 4,173,000
Operating Loss Carryforwards, Limitations on Use	Utilization of the Company’s net operating losses may be subject to substantial annual limitation if the Company experiences a 50% change in ownership, as provided by the Internal Revenue Code and similar state provisions
Valuation Allowance, Deferred Tax Asset, Change in Amount	$ 62,000
Minimum
Operating Loss Carryforwards, Expiration Date	Jan. 01, 2024
Maximum
Operating Loss Carryforwards, Expiration Date	Jan. 01, 2031

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Note 7 - Convertible Notes and Warrants: Schedule of Derivative Liabilities at Fair Value (Details) (USD $)	12 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
December 2009
Debt Instrument, Face Amount	$ 352,942	[1],[2]
Proceeds	300,000	[1],[2]
Notes, Fair value	44,652	[1],[2]	47,109	[1],[2]
Derivative liability, Fair value	62,748	[1],[2]	113,204	[1],[2]
January 2010
Debt Instrument, Face Amount	64,706
Proceeds	60,000
Notes, Fair value	4,785		7,919
Derivative liability, Fair value	4,746		9,493
February 2010
Debt Instrument, Face Amount	352,942	[3],[4]
Proceeds	300,000	[3],[4]
Notes, Fair value	95,706	[3],[4]	156,694	[3],[4]
Derivative liability, Fair value	64,483	[3],[4]	114,872	[3],[4]
August 2010
Debt Instrument, Face Amount	58,824
Proceeds	50,000
Notes, Fair value	18,148		30,482
Derivative liability, Fair value	17,382		30,464
March 2011
Debt Instrument, Face Amount	70,590
Proceeds	60,000
Notes, Fair value	20,441		34,006
Derivative liability, Fair value	19,672		34,062
August 2011
Debt Instrument, Face Amount	47,060
Proceeds	40,000
Notes, Fair value	16,157		27,012
Derivative liability, Fair value	15,940		27,455
February 2012
Debt Instrument, Face Amount	11,766
Proceeds	11,000
Notes, Fair value	3,044		5,033
Derivative liability, Fair value	2,837		4,947
August 2012
Debt Instrument, Face Amount	27,030
Proceeds	23,000
Notes, Fair value	15,295
Derivative liability, Fair value	16,995
November 2012
Debt Instrument, Face Amount	13,178
Proceeds	11,200
Notes, Fair value	7,295
Derivative liability, Fair value	8,118
February 2013
Debt Instrument, Face Amount	4,118
Proceeds	3,500
Notes, Fair value	1,998
Derivative liability, Fair value	2,120
Total
Debt Instrument, Face Amount	1,003,156
Proceeds	858,700
Notes, Fair value	227,521		308,255
Derivative liability, Fair value	$ 260,311		$ 334,497

[1] [2] $100,000 of this debt was converted to 1,000,000 shares of common stock.

[2] $100,000 of this debt was converted to 1,000,000 shares of common stock.

[3] [1] A portion of the proceeds from this debt, $100,000 was not received until April 2010.

[4] A portion of the proceeds from this debt, $100,000 was not received until April 2010.

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Condensed Balance Sheets (USD $)	Mar. 31, 2013	Mar. 31, 2012
Statement of Financial Position
Common stock, par or stated value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	8,501,104	32,527,930
Common Stock, shares outstanding	8,501,104	32,527,930
Property and Equipment, accumulated depreciation	$ 777	$ 477

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Note 8 - Stockholders' Equity (capital Deficiency)

12 Months Ended

Mar. 31, 2013

Notes

Note 8 - Stockholders' Equity (capital Deficiency)

NOTE 8 – CAPITAL TRANSACTIONS

Employment Agreements

Mr. Alan Gaines, our former Chief Executive Officer and Chairman, had entered into an Employment Agreement with the Company for a one-year term beginning May 2, 2011.  Mr. Gaines would have been compensated with 12,012,413 shares of restricted common stock, payable upon the completion of a Qualified Acquisition or Qualified Equity Raise.  An expense of $960,993 would have been recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed.  Upon the resignation of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.

Dr. Amiel David, our former Chief Operating Officer, has entered into an Employment Agreement with the Company for a one-year term beginning May 2, 2011. Dr. David would have been compensated with 12,013,413 shares of restricted common stock, payable upon the completion of a Qualified Acquisition or Qualified Equity Raise.  An expense of $961,073 would have been recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed.  Upon the resignation of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.

On September 29, 2009, the Company entered into an Employment Agreement with Steven Weldon, our Chief Executive Officer.  As compensation for entering into this Agreement, the Company granted and issued to Mr. Weldon 3,600,000 shares of the common stock of the Company. The stock is restricted as defined by the rules and regulations promulgated under the Securities Act of 1933, as amended.  The shares are fully paid and non-assessable. An expense of $900,000 was recognized for year ended March 31, 2010.   In the event that Mr. Weldon’s employment pursuant to this agreement is terminated for any reason, 100,000 shares per month remaining on the contract will be contributed back to the Company for cancellation.

The shares issued pursuant to this Agreement were subject to certain terms and conditions. The shares were represented by 36 certificates of 100,000 shares each.  The Company is holding all Certificates not delivered to the Executive.  One certificate representing 100,000 shares has been delivered to the Executive on the 7th of each month beginning November 7, 2009.

Note Conversions

During the year ended March 31, 2012, the Company converted a total of $104,000 of notes payable from certain Note Holders into common stock of the Company.  The Company issued 1,400,000 shares of our common stock to satisfy the principal balances of the notes payable.

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Statements of Stockholders' Equity (Deficiency) (USD $)	Common Stock	Additional Paid-in Capital	Deficit Accumulated Related to Abandoned Activities	Deficit Accumulated During Exploration Stage	Total
Stockholders' Equity at Feb. 29, 2008	$ 89	$ 1,469,648	$ (1,676,223)		$ (206,486)
Shares Outstanding at Feb. 29, 2008	886,816
Net income (loss)				(9,845)	(9,845)
Stockholder's Equity at Mar. 31, 2008	89	1,469,648	(1,676,223)	(9,845)	(216,331)
Shares Outstanding at Mar. 31, 2008	886,816
Compensation expense - employment contracts, shares	10,326
Compensation expense - employment contracts, amount	1	515			516
Loss on loan modification		202,500			202,500
Net income (loss)				(341,967)	(341,967)
Stockholder's Equity at Mar. 31, 2009	90	1,672,663	(1,676,223)	(351,812)	(355,282)
Shares Outstanding at Mar. 31, 2009	897,143
Compensation expense - employment contracts, shares	3,873,000				3,600,000
Compensation expense - employment contracts, amount	387	1,030,653			1,031,040
Loss on loan modification		258,441			258,441
Issuance of stock for debt conversions, shares	2,162,254
Issuance of stock for debt conversions, amount	216	21,406			21,622
Compensation expense - stock option		984,600			984,600
Compensation expense - consulting, shares	80,137
Compensation expense - consulting, amount	8	89,249			89,257
Beneficial conversion features		133,000			133,000
Net income (loss)				(2,964,861)	(2,964,861)
Stockholder's Equity at Mar. 31, 2010	701	4,190,012	(1,676,223)	(3,316,673)	(802,183)
Shares Outstanding at Mar. 31, 2010	7,012,534
Compensation expense - consulting, shares	60,000
Compensation expense - consulting, amount	6	62,394			62,400
Legal Retainer, shares	28,570
Legal Retainer, amount	3	9,997			10,000
Net income (loss)				(585,293)	(585,293)
Stockholder's Equity at Mar. 31, 2011	710	4,262,403	(1,676,223)	(3,901,966)	(1,315,076)
Shares Outstanding at Mar. 31, 2011	7,101,104
Compensation expense - employment contracts, shares	24,026,826
Compensation expense - employment contracts, amount	2,403	(2,403)
Issuance of stock for debt conversions, shares	1,400,000
Issuance of stock for debt conversions, amount	140	103,860			104,000
Net income (loss)				(14,763)	(14,763)
Stockholder's Equity at Mar. 31, 2012	3,253	4,363,860	(1,676,223)	(3,916,729)	(1,225,839)
Shares Outstanding at Mar. 31, 2012	32,527,930
Compensation expense - employment contracts, shares	(24,026,826)
Compensation expense - employment contracts, amount	(2,403)	2,403
Issuance of stock for debt conversions, amount
Sale of stock subscription	6	11,494			12,500
Return of stock sold	(6)	(11,494)			(12,500)
Rounding	1
Net income (loss)				36,150	36,150
Stockholder's Equity at Mar. 31, 2013	$ 851	$ 4,366,263	$ (1,676,223)	$ (3,880,579)	$ (1,189,689)
Shares Outstanding at Mar. 31, 2013	8,501,104

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Condensed Balance Sheet (USD $)	Mar. 31, 2013	Mar. 31, 2012
Current assets:
Cash	$ 2,427	$ 2,174
Debt issuance costs	3,963	4,625
Prepaid expenses and other current assets	100	450
Total current assets	6,490	7,249
Property and Equipment:
Property and Equipment, less accumulated depreciation of $777 and $477	128	428
Oil and gas properties, unproven	0	36,000
Total property and equipment	128	36,428
Total assets	6,618	43,677
Current liabilities:
Accounts payable	11,886	6,560
Accrued interest	208,088	163,998
Other accrued expenses	45,751	13,456
Convertible notes from shareholders	442,750	442,750
Convertible notes from shareholders, at fair value	227,521	308,255
Derivative liability, at fair value	260,311	334,497
Total current liabilities	1,196,307	1,269,516
Stockholders' equity (deficiency):
Common stock, $0.0001 par value, 250,000,000 shares authorized 8,501,104 and 32,527,930 shares issued and outstanding at March 31, 3013 and March 31, 2012	851	3,253
Additional paid-in capital	4,366,262	4,363,860
Deficit accumulated related to abandoned activities	(1,676,223)	(1,676,223)
Deficit accumulated during exploration stage	(3,880,579)	(3,916,729)
Total stockholders' equity (deficiency)	(1,189,689)	(1,225,839)
Total liabilities and stockholders' equity (deficiency)	$ 6,618	$ 43,677

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Note 4 - Fair Value Measurements: Fair Value, Level 3 Instruments (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 487,832	$ 642,752	$ 834,501
Realized and unrealized gains (losses); included in other income (expense)	(199,276)	(151,750)
Purchases, issuances, and settlements	(44,356)	(39,999)
Convertible Notes
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	227,521	308,255	440,775
Realized and unrealized gains (losses); included in other income (expense)	(101,701)	(62,430)
Purchases, issuances, and settlements	20,967	(70,090)
Derivative Liability
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	260,311	334,497	393,726
Realized and unrealized gains (losses); included in other income (expense)	(97,575)	(89,320)
Purchases, issuances, and settlements	$ 23,389	$ 30,091

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Note 7 - Convertible Notes and Warrants: Schedule of Derivative Liabilities at Fair Value (Tables)

12 Months Ended

Mar. 31, 2013

Tables/Schedules

Schedule of Derivative Liabilities at Fair Value

			Notes		Derivative Liability (Warrants)
Month Notes were issued	Face Value on Issuance Date	Proceeds	Fair Value at March 31, 2012	Fair Value at March 31, 2013	Fair Value at March 31, 2012	Fair Value at March 31, 2013
December 2009(2)	$352,942	$300,000	$47,109	$44,652	$113,204	$62,748
January 2010	64,706	60,000	7,919	4,785	9,493	4,746
February 2010 (1)	352,942	300,000	156,694	95,706	114,872	64,483
August 2010	58,824	50,000	30,482	18,148	30,464	17,382
March 2011	70,590	60,000	34,006	20,441	34,062	19,672
August 2011	47,060	40,000	27,012	16,157	27,455	15,940
February 2012	11,766	11,000	5,033	3,044	4,947	2,837
August 2012	27,030	23,000	-	15,295	-	16,995
November 2012	13,178	11,200	-	7,295	-	8,118
February 2013	4,118	3,500	-	1,998	-	2,120
	$1,003,156	$858,700	$308,255	$227,521	$334,497	$260,311

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Note 8 - Stockholders' Equity (capital Deficiency) (Details) (USD $)	12 Months Ended			61 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2010	Mar. 31, 2013
Compensation expense - employment contracts, shares			3,600,000
Stock compensation expense			$ 900,000	$ 2,085,078
Issuance of stock for debt conversions, amount		104,000	21,622	125,250
Convertible Common Stock
Issuance of stock for debt conversions, shares		1,400,000
Chief Executive Officer
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	12,012,413
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	960,993
Chief Operating Officer
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	12,013,413
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	$ 961,073

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Note 7 - Convertible Notes and Warrants: Servicing Liability at Amortized Cost (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011
Convertible Notes
Servicing Liability at Amortized Cost, Balance	$ 442,750	$ 442,750	$ 446,750
Servicing Liability at Amortized Cost, Disposals		(4,000)
Accrued Interest
Servicing Liability at Amortized Cost, Balance	208,088	163,998	119,031
Servicing Liability at Amortized Cost, Increase in Obligation	$ 44,090	$ 44,967

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Note 7 - Convertible Notes and Warrants (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Debt Instrument, Convertible, Conversion Price	$ 0.10
Debt Default, Short-term Debt, Amount	$ 858,830
Original Issuance Discount	15.00%
Debt Instrument, Interest Rate, Stated Percentage	16.63%
Debt Instrument, Maturity Date, Description	All of the convertible debt at fair value has a one-year maturity
Shares to be issued if debt converted and warrants issued	291,309,990
Common stock, shares authorized	250,000,000	250,000,000
Shares deficit, if debt converted and warrants issued	28,372,164
Minimum
Debt Instrument, Convertible, Conversion Price	$ 0.01
December 2009
Debt Conversion, Converted Instrument, Amount	100,000
Debt Conversion, Converted Instrument, Shares Issued	1,000,000
Convertible Notes
Debt Instrument, Interest Rate, Effective Percentage	10.00%
Debt Instrument, Convertible, Conversion Price	$ 0.01
Debt Instrument, Convertible, Terms of Conversion Feature	The note holders will only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company
Debt Default, Short-term Debt, Amount	442,750
Accrued Interest
Debt Default, Short-term Debt, Amount	208,088
Potentially Convertible Shares
Debt Instrument, Convertible, Conversion Price	$ 0.01
Debt Conversion, Converted Instrument, Amount	$ 446,750
Debt Conversion, Converted Instrument, Shares Issued	44,675,000

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Note 7 - Convertible Notes and Warrants

12 Months Ended

Mar. 31, 2013

Notes

Note 7 - Convertible Notes and Warrants

NOTE 7 – CONVERTIBLE NOTES AND WARRANTS

Convertible Notes from Shareholders

The Company has debt outstanding to shareholders, which was issued between 2006 and 2009. The debt was not issued with warrants and some of the debt was not originally issued with a conversion feature. During fiscal years 2009 and 2010, the notes without conversion features were modified to contain a conversion feature, for which the Company recorded a loss on the modification.  Convertible notes from shareholders issued during fiscal year 2010 contained a beneficial conversion feature, with the discount being amortized over the term of the note, see table below.

	For the year ended March 31, 2013		For the year ended March 31, 2012
	Convertible Notes	Accrued Interest	Convertible Notes	Accrued Interest
Balance, beginning of period	$446,750	$163,998	$446,750	$119,031
Conversion to common stock	-	-	(4,000)	-
Accrued interest	-	44,090	-	44,967
Balance, end of period	$442,750	$208,088	$442,750	$163,998

Convertible notes from shareholders accrue interest at a rate of 10 percent per annum. The note holders have the sole option of converting the principal and interest represented by these notes into our common stock at a strike price equal to a $0.01. The note holders will only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.

The Company is currently in default on the entire $442,750 of convertible notes from shareholders and the $208,088 of related accrued interest.  As of March 31, 2013, no shareholders have made demands for payment of these loans.

Convertible Notes from Shareholders at fair value and derivative liability

The table below provides the details of the convertible notes from shareholders at fair value and the derivative liability at fair value for each issuance of convertible notes with detachable warrants for which a fair value election was made. See Note 4 for a discussion of the fair value election and a reconciliation of the change in the fair value of the notes and derivative liability.

			Notes		Derivative Liability (Warrants)
Month Notes were issued	Face Value on Issuance Date	Proceeds	Fair Value at March 31, 2012	Fair Value at March 31, 2013	Fair Value at March 31, 2012	Fair Value at March 31, 2013
December 2009(2)	$352,942	$300,000	$47,109	$44,652	$113,204	$62,748
January 2010	64,706	60,000	7,919	4,785	9,493	4,746
February 2010 (1)	352,942	300,000	156,694	95,706	114,872	64,483
August 2010	58,824	50,000	30,482	18,148	30,464	17,382
March 2011	70,590	60,000	34,006	20,441	34,062	19,672
August 2011	47,060	40,000	27,012	16,157	27,455	15,940
February 2012	11,766	11,000	5,033	3,044	4,947	2,837
August 2012	27,030	23,000	-	15,295	-	16,995
November 2012	13,178	11,200	-	7,295	-	8,118
February 2013	4,118	3,500	-	1,998	-	2,120
	$1,003,156	$858,700	$308,255	$227,521	$334,497	$260,311

(1)     $100,000 of this debt was converted to 1,000,000 shares of common stock.

(2)         A portion of the proceeds from this debt, $100,000 was not received until April 2010.

 The notes above were all issued with a 15% original issue discount to the note holders and have a nominal interest rate of 16.63%. The note holders may convert, into shares of common stock, any portion of the notes that are outstanding, whether such portion represents principle or interest at $0.10. All of the convertible debt at fair value has a one-year maturity. Therefore, at March 31, 2013 $858,830 of the debt is in default, although no shareholders have made demands for payment of these loans.

Each note was issued with a five-year warrant to purchase shares of common stock of the Company.  The warrants expire at various dates from 2014 to 2017. The table below shows the change in the number of warrants outstanding as of March 31, 2013 and 2012.

	Warrants Outstanding
	Number of Shares	Exercise Price
Outstanding at March 31, 2011	11,332,946	$0.15-$0.10
Warrants issued	588,260	$0.15
Warrants exercised	-	-
Warrants expired/cancelled	-	-
Outstanding at March 31, 2012	11,921,206	$0.15-$0.10
Warrants issued	443,560	$0.15
Warrants exercised	-	-
Warrants expired/cancelled	-	-
Outstanding at March 31, 2013	12,364,766	$0.15-$0.10

The convertible notes and warrants issued between December 2009 and February 2010 originally contained substantially higher conversion and exercise prices, however, due to the anti-dilution provisions in the agreements, and as a result of the debt and warrants issued in August 2010, all of the previous exercise prices were revised to be $0.10, which was the conversion price contained in the August 2010 note agreement.

All of the notes and warrants contain an anti-dilution adjustment that states the conversion and exercise price may not be adjusted below $0.01.  In addition, the note holder is only allowed to convert shares or exercise warrants or portions thereof to the extent that at the time of the conversion or exercise, the conversion or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.

As part of its ongoing analysis for the proper classification of debt and equity instruments, the Company evaluated how many shares would need to be issued if all debt was converted and all warrants were exercised at the lowest possible price of $0.01. If such conversions and exercises were to take place the Company would have to issue 291,309,990 additional shares. Currently there are 250,000,000 shares authorized, leaving a deficit of 28,372,164 shares, which takes into account the 19,871,060 shares already outstanding at March 31, 2013.

In accordance with ASC topic 815-40, the Company evaluated whether an additional liability should be recorded to reflect the deficit in authorized shares.  Specifically, the Company considered the guidance in ASC 840-40-35-12, which allows for reclassification of contracts on a systematic, rational and consistently applied basis. Based on this guidance the Company determined that the only potentially convertible shares not currently recorded as a liability relate to the convertible notes from shareholders, in the amount of $446,750. As this debt is already convertible at $0.01 the Company believes this debt would be converted before any other notes and warrant exercises, causing the Company to have enough authorized shares to issue upon the potential conversion of those 44,675,000 shares. Therefore, no additional liability was recorded at March 31, 2013.

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Note 4 - Fair Value Measurements (Details)	12 Months Ended
	Mar. 31, 2013
Fair Value Assumptions, Expected Volatility Rate	797.00%
Fair Value Assumptions, Expected Dividend Rate	0.00%
Minimum
Fair Value Assumptions, Risk Free Interest Rate	0.18%
Fair Value Assumptions, Expected Term	1 year
Maximum
Fair Value Assumptions, Risk Free Interest Rate	0.63%
Fair Value Assumptions, Expected Term	4 years 10 months 13 days

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Note 10 - Subsequent Event

12 Months Ended

Mar. 31, 2013

Notes

Note 10 - Subsequent Event

NOTE 10 – SUBSEQUENT EVENT

June 2013 Convertible Notes and Warrants

During June 2013, the Company entered into two Convertible Note Agreements ("Notes") for a total of $30,588.  The Company received aggregate proceeds of $26,000 reflecting a 15% original issue discount to the Note holders and a nominal rate of 16.63%.

The Notes are due in June 2014.  The note holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest, into shares of common stock of the Company at a price equal to $0.10. The Notes includes an anti-dilution adjustment that may not be adjusted below $0.01.

Simultaneously with the issuance of these Notes, the Company issued to the Note holders a 5-year warrant (the "Warrants") to purchase 131,780 shares of common stock of the Company.  The Warrants are exercisable at a price equal to $0.15. The Warrants include an anti-dilution adjustment that may not be adjusted below $0.01.

The note holders will only be allowed to convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.

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Note 6 - Deferred Income Taxes

12 Months Ended

Mar. 31, 2013

Notes

Note 6 - Deferred Income Taxes

NOTE 6 – DEFERRED INCOME TAXES

At March 31, 2013, the Company had net operating loss carryforwards for income tax purposes of approximately $4,173,000 available as offsets against future taxable income.  The net operating loss carryforwards are expected to expire at various times from 2024 through 2031. Utilization of the Company’s net operating losses may be subject to substantial annual limitation if the Company experiences a 50% change in ownership, as provided by the Internal Revenue Code and similar state provisions.  Such an ownership change would substantially increase the possibility of net operating losses expiring before complete utilization.

The tax effects of the primary temporary differences giving rise to the Company’s deferred tax assets and liabilities are as follows for the year ended March 31, 2013:

Deferred tax assets:	2013	2012
Net operating loss carryforward	$1,583,000	$1,521,000
Stock based compensation	-	-
Total deferred tax assets	1,583,000	1,521,000
Less valuation allowance	(1,583,000)	(1,521,000)
Net deferred tax asset	-	-

Because of the Company’s lack of earnings history, the deferred tax assets have been fully offset by a valuation allowance. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during those periods that the temporary differences

become deductible. The Company believes that the tax positions taken in its tax returns would be sustained upon examination by taxing authorities. During the year ended March 31, 2013, the decrease in the deferred tax asset valuation allowance amounted to approximately $62,000.

The provision for income taxes is different than would result from applying the U.S. statutory rate to profit before taxes for the reasons set forth in the following reconciliation:

	Year Ended March 31
	2013	2012
Tax benefit computed at U.S. statutory rates	$(205,000)	$(5,000)
Increases (decreases) in taxes resulting from:
Non-deductible items	22,000	(53,000)
Change in valuation allowance	198,000	63,000
State taxes	(15,000)	(5,000)
Total	-	-

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Note 1 - Organization and Principles of Consolidation

12 Months Ended

Mar. 31, 2013

Notes

Note 1 - Organization and Principles of Consolidation

NOTE 1 – ORGANIZATION AND PRINCIPLES OF CONSOLIDATION

Reporting Entity. Signature Exploration and Production Corp.  (“Signature” or “the Company”) was incorporated on April 4, 2001 under the laws of the State of Delaware. The Company is authorized to issue 250,000,000 shares of common stock, par value $.0001. As of March 1, 2008, the Company became an exploration stage company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We have reported our Statement of Operations and Statement of Cash Flows from the inception as an exploration stage company to the current reporting period of March 31, 2013. The Company’s office is located in Houston, Texas.

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Note 6 - Deferred Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Details
Deferred Tax Assets, Operating Loss Carryforwards	$ 1,583,000	$ 1,521,000
Deferred Tax Assets, Gross	1,583,000	1,521,000
Deferred Tax Assets, Valuation Allowance	$ (1,583,000)	$ (1,521,000)

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Note 4 - Fair Value Measurements: Fair Value, Level 3 Instruments (Tables)

12 Months Ended

Mar. 31, 2013

Tables/Schedules

Fair Value, Level 3 Instruments

	Convertible Notes	Derivative Liability	Total
Balance, March 31, 2011	$440,775	$393,726	$834,501
Realized and unrealized gains (losses); included in other income (expense)	(62,430)	(89,320)	(151,750)
Purchases, issuances, and settlements	(70,090)	30,091	(39,999)
Balance, March 31, 2012	$308,255	$334,497	$642,752
Realized and unrealized gains (losses);Included in other income (expense)	(101,701)	(97,575)	(199,276)
Purchases, issuances, and settlements	20,967	23,389	(44,356)
Balance, March 31, 2013	$227,521	$260,311	$487,832

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Note 9 - Stock Option Plan

12 Months Ended

Mar. 31, 2013

Notes

Note 9 - Stock Option Plan

NOTE 9 – STOCK OPTION PLAN

On February 6, 2008, the Board of Directors adopted the Signature Exploration and Production Corp. 2007 Amended Stock Option Plan (“2007 Plan”).  Under the 2007 Plan, 8,000,000 shares of the Company’s restricted common stock may be issuable upon the exercise of options issued to employees, advisors and consultants.

At March 31, 2013 the Company has no stock options outstanding.

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Note 7 - Convertible Notes and Warrants: Servicing Liability at Amortized Cost (Tables)

12 Months Ended

Mar. 31, 2013

Tables/Schedules

Servicing Liability at Amortized Cost

	For the year ended March 31, 2013		For the year ended March 31, 2012
	Convertible Notes	Accrued Interest	Convertible Notes	Accrued Interest
Balance, beginning of period	$446,750	$163,998	$446,750	$119,031
Conversion to common stock	-	-	(4,000)	-
Accrued interest	-	44,090	-	44,967
Balance, end of period	$442,750	$208,088	$442,750	$163,998

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Note 6 - Deferred Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)

12 Months Ended

Mar. 31, 2013

Tables/Schedules

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets:	2013	2012
Net operating loss carryforward	$1,583,000	$1,521,000
Stock based compensation	-	-
Total deferred tax assets	1,583,000	1,521,000
Less valuation allowance	(1,583,000)	(1,521,000)
Net deferred tax asset	-	-

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Document and Entity Information (USD $)	12 Months Ended
	Mar. 31, 2013
Document and Entity Information:
Entity Registrant Name	Signature Exploration & Production Corp.
Document Type	10-K
Document Period End Date	Mar. 31, 2013
Amendment Flag	false
Entity Central Index Key	0001165320
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding	8,501,104
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Entity Public Float	$ 285,000

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Note 6 - Deferred Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)

12 Months Ended

Mar. 31, 2013

Tables/Schedules

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended March 31
	2013	2012
Tax benefit computed at U.S. statutory rates	$(205,000)	$(5,000)
Increases (decreases) in taxes resulting from:
Non-deductible items	22,000	(53,000)
Change in valuation allowance	198,000	63,000
State taxes	(15,000)	(5,000)
Total	-	-