Derivatives (Tables)

12 Months Ended

Mar. 31, 2014

Derivatives Tables

Open crude oil derivative positions with respect to future production based on NYMEX WTI pricing

	Volume (bbls)		Fixed Swap Price
Production Period
April 2014 – March 2015		6,000	$	90.00

Net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet

	2014		2013
Current assets:  Derivative instruments	$	-	$	-
Noncurrent assets:  Derivative instruments		-	$	-
Total assets	$	-	$	-
Current liabilities:  Derivative instruments	$	44,981	$	-
Noncurrent liabilities: Derivative instruments		-	$	-
Total liabilities	$	44,981	$	-

Loss on derivative instruments included in the consolidated statements of operations

	2014			2013
Unrealized loss on open non-hedge derivative instruments	$	(44,981	)	$	-
Loss on settlement of non-hedge derivative instruments		(54,281	)	$	-
Total loss on derivative instruments	$	(99,262	)	$	-