T-rex Oil 10-Q 13 Nov 13 2013 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 30, 2013	Nov. 14, 2013
Document And Entity Information	'	'
Entity Registrant Name	'Rancher Energy Corp.	'
Entity Central Index Key	'0001287900	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--03-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	119,862,791
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2013	'

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2013	Mar. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$1,772,614	$2,076,720
Prepaid expenses and other	9,321	37,749
Total current assets	1,781,935	2,114,469
Furniture and equipment, net of accumulated depreciation of $215,416 and $198,844 respectively	122,206	138,838
Deposits and other assets	200,000	200,000
Total other assets	322,206	338,838
Total assets	2,104,141	2,453,307
Current liabilities	'	'
Accounts payable and accrued liabilities	23,713	15,000
Total current liabilities	23,713	15,000
Total liabilities	23,713	15,000
Stockholders' Equity	'	'
Common stock, $0.00001 par value; 275,000,000 shares authorized, 119,862,791 shares issued and outstanding	1,200	1,200
Additional paid-in capital	93,205,016	93,205,016
Accumulated deficit	-91,125,788	-90,767,909
Total stockholders' equity	2,080,428	2,438,307
Total liabilities and stockholders' equity	$2,104,141	$2,453,307

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Statement of Financial Position [Abstract]	'	'
Furniture and equipment, accumulated depreciation	$215,416	$198,844
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	275,000,000	275,000,000
Common stock, shares issued	119,862,791	119,862,791
Common stock, shares outstanding	119,862,791	119,862,791

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended				6 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Income Statement [Abstract]	'		'		'		'
Revenue	'		'		'		'
Operating expenses:	'		'		'		'
General and administrative expenses	201,829		152,838		342,535		275,395
Depreciation and amortization	8,316		8,616		16,632		17,232
Total operating expenses	210,145		161,454		359,167		292,627
(Loss) from operations	-210,145		-161,454		-359,167		-292,627
Other income (expense):	'		'		'		'
Interest expense and financing costs	'		53,300		'		47,236
Interest and other income	724		148,754		1,288		237,150
Total other income	724		202,054		1,288		284,386
Income (loss) before reorganization items	-209,421		40,600		-357,879		-8,241
Reorganization items:	'		'		'		'
Credit of professional and legal fees	'		81,550		'		51,173
Total reorganization items	'		81,550		'		51,173
Net income (loss)	($209,421)		$122,150		($357,879)		$42,932
Basic and diluted net income (loss) per share*	$0	[1]	$0	[1]	$0	[1]	$0	[1]
[1]	Less than $0.01 per share

Statement_of_Changes_in_Stockh

Statement of Changes in Stockholders' Equity (USD $)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, amount at Mar. 31, 2013	$1,200	$93,205,016	($90,767,909)	$2,438,307
Beginning Balance, shares at Mar. 31, 2013	119,862,791	'	'	'
Net (loss) for the period	'	'	-357,879	-357,879
Ending Balance, amount at Sep. 30, 2013	$1,200	$93,205,016	($91,125,788)	$2,080,428
Ending Balance, Shares at Sep. 30, 2013	119,862,791	'	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows used in operating activities:	'	'
Net income (loss)	($357,879)	$42,932
Adjustments to reconcile net income (loss) to cash used in operating activities:	'	'
Loss from settlement	'	25,000
Reorganization items, net	'	-51,173
Depreciation and amortization	16,632	17,232
Changes in operating assets and liabilities:	'	'
Accounts receivable and prepaid expenses	28,428	257,998
Accounts payable and accrued liabilities	8,713	-986,947
Net cash used in operating activities	-304,106	-694,958
Cash flows used in investing activities	'	'
Cash flows from financing activities:	'	'
(Decrease) in cash and cash equivalents	-304,106	-694,958
Cash and cash equivalents, beginning of period	2,076,720	3,229,858
Cash and cash equivalents, end of period	1,772,614	2,534,900
SUPPLEMENTAL SCHEDULE OF CASHFLOW INFORMATION	'	'
Cash paid for interest	'	10,107
Cash paid for taxes	'	'

Business_Organization

Business Organization	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Business Organization	'
	Note 1 – Business Organization
	Organization
	Rancher Energy Corp. (“Rancher Energy” or the “Company”) formerly known as Metalex Resources, Inc. (“Metalex”) was incorporated in Nevada on February 4, 2004.
	Metalex was formed for the purpose of acquiring, exploring and developing mining properties. On April 18, 2006, the stockholders of Metalex voted to change its name to Rancher Energy Corp. and announced that it changed its business plan and focus from mining to oil and gas.
	Bankruptcy Filing
	On October 28, 2009, the Company filed a voluntary petition (the “Petition”) for relief in the United States Bankruptcy Court, District of Colorado (the “Bankruptcy Court”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code,” 11 U.S.C. § 1101 et seq.). The Company continued to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Bankruptcy Court until its plan of reorganization (the “Plan”) was approved by the Bankruptcy Court and the Company was discharged from bankruptcy effective September 28, 2012. See Note 3 – Proceedings Under Chapter 11 of the Bankruptcy Code.
	Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 852 "Financial Reporting During Reorganization Proceedings," which is applicable to companies in Chapter 11, generally does not change the manner in which financial statements are prepared.  However, it does require that the financial statements for periods subsequent to the filing of a Chapter 11 case distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.  Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items in the statements of operations. The balance sheet must distinguish Prepetition liabilities subject to compromise from both those Prepetition liabilities that are not subject to compromise and from post-petition liabilities.  Liabilities that may be affected by a plan of reorganization must be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts.  In addition, cash provided by reorganization items, if any, must be disclosed separately in the statement of cash flows.  The Company adopted ASC 852-10 effective on October 28, 2010 and segregated those items as outlined above for all activity prior to September 28, 2012.
	As the Company emerged from bankruptcy, it reviewed the use of “Fresh-start” accounting and determined that under ASC 852, the Company does not qualify to use the provisions of “Fresh-start” accounting. The Company’s voting shareholders immediately before the confirmation date do not own less than 50% of the voting shares of the emerging entity.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Note 2 – Summary of Significant Accounting Policies
	Use of Estimates in the Preparation of Financial Statements
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	Cash and Cash Equivalents
	The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. Cash and cash equivalents include demand deposits and money market funds carried at cost which approximates fair value. The Company maintains its cash in institutions insured by the Federal Deposit Insurance Corporation (“FDIC”), although such deposits are in excess of the insurance coverage. At September 30, 2013, the Company had $1,522,614 in cash deposits in excess of FDIC insured limits.
	Oil and Gas Producing Activities
	The Company has only recently re-engaged in oil and gas producing activities as reflected below in Note 8 – Subsequent Events. In accounting for oil and gas producing activities, the Company uses the successful efforts method of accounting for its oil and gas properties. Under this method of accounting, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense. Exploratory dry hole costs are included in cash flows from investing activities as part of capital expenditures within the consolidated statements of cash flows. The costs of development wells are capitalized whether or not proved reserves are found. Costs of unproved leases, which may become productive, are reclassified to proved properties when proved reserves are discovered on the property. Unproved oil and gas interests are carried at the lower of cost or estimated fair value and are not subject to amortization.
	Geological and geophysical costs and the costs of carrying and retaining unproved properties are expensed as incurred. DD&A of capitalized costs related to proved oil and gas properties is calculated on a property-by-property basis using the units-of-production method based upon proved reserves. The computation of DD&A takes into consideration restoration, dismantlement, and abandonment costs and the anticipated proceeds from salvaging equipment.
	The Company complies with ASC 932, “Extractive Activities – Oil and Gas”. As of March 31, 2013 and September 30, 2013, the Company did not have any existing capitalized exploratory well costs, and has therefore determined that there are no suspended well costs that should be impaired.
	The Company reviews its long-lived assets for impairments when events or changes in circumstances indicate that impairment may have occurred. The impairment test for proved properties compares the expected undiscounted future net cash flows on a property-by-property basis with the related net capitalized costs, including costs associated with asset retirement obligations, at the end of each reporting period. Expected future cash flows are calculated on all proved reserves using a discount rate and price forecasts selected by the Company’s management. The discount rate is a rate that management believes is representative of current market conditions. Operating costs are also adjusted as deemed appropriate for these estimates. When the net capitalized costs exceed the undiscounted future net revenues of a field, the cost of the field is reduced to fair value, which is determined using discounted future net revenues. An impairment allowance is provided on unproved property when the Company determines the property will not be developed or the carrying value is not realizable. At September 30, 2013 and March 31, 2013, the Company did not have any oil and gas properties.
	Property and Equipment
	Property and equipment, such as office furniture and equipment, and computer hardware and software, are recorded at cost. Costs of renewals and improvements that substantially extend the useful lives of the assets are capitalized. Maintenance and repair costs are expensed when incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets from five to ten years. When other property and equipment is sold or retired, the capitalized costs and related accumulated depreciation are removed from their respective accounts. Depreciation expense for the three and six months ended September 30, 2013 and 2012 was $8,316 and $16,632, respectively.
	Revenue Recognition
	The Company currently has no revenue from operations although during the three and six months ended September 30, 2013, the Company did have Other Income (Expense). Other income for the three and six months ended September 30, 2012 represented payments received for the resale of carbon dioxide under a supply and sales agreement that expired in December 2012 and (during both the 2012 and 2013 periods) a nominal amount of interest received from financial institutions for funds on deposit.
	Income Taxes
	The Company uses the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the accounting bases and the tax bases of the Company’s assets and liabilities. The deferred tax assets and liabilities are computed using enacted tax rates in effect for the year in which the temporary differences are expected to reverse.
	The Company assessed the likelihood of utilization of the deferred tax assets in light of recent and expected continuing losses. As a result of this review, the deferred tax asset of $14,645,476 has been fully reserved at September 30, 2013. At September 30, 2013, the Company had net operating loss carryforwards of approximately $37,900,000 that begins to expire in the year 2023.
	The Company adopted the provisions of ASC 740, “Income Taxes” on April 1, 2007. FASB ASC 740 provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized upon the adoption of FASB ASC 740 and in subsequent periods. The adoption of ASC 740 had an immaterial impact on the Company’s financial position and did not result in unrecognized tax benefits being recorded. Subsequent to adoption, there have been no changes to the Company’s assessment of uncertain tax positions. Accordingly, no corresponding interest and penalties have been accrued. The Company’s policy is to recognize penalties and interest, if any, related to uncertain tax positions as general and administrative expense. The Company files income tax returns in the U.S. Federal jurisdiction and various states.
	Net (Loss) per Share
	Basic net (loss) per common share of stock is calculated by dividing net (loss) available to common stockholders by the weighted-average number of common shares outstanding during each period.
	Diluted net (loss) per common share is calculated by dividing net (loss) by the weighted-average number of common shares outstanding, including the effect of other dilutive securities. The Company’s potentially dilutive securities consist of in-the-money outstanding options and warrants to purchase the Company’s common stock. Diluted net loss per common share does not give effect to dilutive securities as their effect would be anti-dilutive.
	The treasury stock method is used to measure the dilutive impact of stock options and warrants. The following table details the weighted-average dilutive and anti-dilutive securities related to stock options and warrants for the periods presented:
			For the Six Months Ended
			September 30,
			2013		2012
		Dilutive		—		—
		Anti-dilutive		1,507,171		60,111,454
	Share-Based Payments
	The Company recognizes compensation cost for stock-based awards based on estimated fair value of the award and records compensation expense over the requisite service period. See Note 6 - Share-Based Compensation.
	Comprehensive Income (Loss)
	The Company does not have revenue, expenses, gains or losses that are reflected in equity rather than in results of operations. Consequently, for all periods presented, comprehensive income (loss) is equal to net income (loss).
	Major Customers
	During 2012, the Company’s only source of income was from a carbon dioxide resale contract that expired in December 2012. The Company had no oil and gas operations during the three and six months ended September 30, 2013 and 2012, and no customers or billings as a result.
	Off-Balance Sheet Arrangements
	As part of its ongoing business, the Company has not participated in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities (SPEs), which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. From its incorporation on February 4, 2004 through September 30, 2013, the Company has not been involved in any unconsolidated SPE transactions.
	Reclassification
	Certain amounts in the prior period financial statements have been reclassified to conform to the current period financial statement presentation. Such reclassifications had no effect on the Company’s net (loss).
	Recent Accounting Pronouncements
	The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

Proceedings_Under_Chapter_11_o

Proceedings Under Chapter 11 of the Bankruptcy Code	6 Months Ended
	Sep. 30, 2013
Reorganizations [Abstract]	'
Proceedings Under Chapter 11 of the Bankruptcy Code	'
	Note 3 – Proceedings under Chapter 11 of the Bankruptcy Code
	On October 28, 2009, the Company filed a Petition for relief under Chapter 11 of the Bankruptcy Code with the Bankruptcy Court. The Petition was filed in order to enable the Company to pursue reorganization efforts under Chapter 11 of the Bankruptcy Code. The Company continued to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Bankruptcy Court until its Plan was approved by the Bankruptcy Court and the Company was discharged from bankruptcy effective September 28, 2012. In general, as debtor-in-possession, the Company was authorized under Chapter 11 to continue to operate as an ongoing business, but could not engage in transactions outside of the ordinary course of business without the prior approval of the Bankruptcy Court.
	To exit Chapter 11 bankruptcy, the Company proposed and obtained Bankruptcy Court confirmation of a plan of reorganization that satisfied the requirements of the Bankruptcy Code. The plan of reorganization, among other things, resolved the Debtors' Prepetition obligations, set forth the revised capital structure of the newly reorganized entity, and provided for corporate governance subsequent to exit from bankruptcy. The plan of reorganization was accepted by classes of holders of impaired claims and equity interests. As approved, the Plan required the Company to pay the claims of its creditors as the assets of the Company allowed and permitted, but did not obligate the Company to continue in the oil and gas industry with a focus on the purchase on non-operating interests in oil and gas producing properties. On September 10, 2012, the Bankruptcy Court approved the Plan and the Company was discharged from bankruptcy on its effective date of September 28, 2012.
	The Company’s historical financial statements do not give effect to any adjustments to the carrying value of assets or amounts of liabilities as a consequence of confirmation of the Plan and, more specifically, since the Company as it emerged from bankruptcy did not qualify to use “Fresh-start” accounting contemplated in ASC 852.
	The adverse publicity associated with the bankruptcy filing and the resulting uncertainty regarding the Company's future prospects could hinder the Company's ongoing business activities and its ability to operate, fund and execute its Plan by impairing relations with property owners and potential lessees, vendors and service providers; negatively impacting the ability of the Company to attract, retain and compensate key executives and employees and to retain employees generally; limiting the Company's ability to obtain trade credit; and limiting the Company's ability to maintain and exploit existing properties and acquire and develop new properties.
	Reorganization Items
	Reorganization items represent the direct and incremental costs related to the Company's Chapter 11 case, such as professional fees incurred, net of interest income earned on accumulated cash during the Chapter 11 process. These were recognized in the three and six months ended September 30, 2012; the Company recognized no such items in the 2013 periods.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Note 4 – Commitments and Contingencies
	Bankruptcy Proceedings
	On October 28, 2009, the Company filed a Petition for reorganization under Chapter 11 in the United States Bankruptcy Court for the District of Colorado. The Company continued to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Bankruptcy Court until its Plan was approved by the Bankruptcy Court and became effective September 28, 2012. All pending or threatened litigation or claims involving the Company were automatically stayed as a result of the bankruptcy filing, and all such claims subject to compromise or modification through the terms of any plan of reorganization filed by the Company in the bankruptcy proceedings. On September 10, 2012, the Bankruptcy Court approved the Plan and the Company was discharged from bankruptcy on its effective date of September 28, 2012. See Note 3 - Proceedings Under Chapter 11 of the United States Bankruptcy Code.
	Litigation
	A group of persons who purchased $1,776,750 of securities as part of the Company’s private placement offering filed suit in 2009 against the Company alleging that securities laws were violated. Subsequently, these cases were dismissed and the Company entered into tolling agreements with these stockholders to toll the statutes of limitations applicable to any claims related to the private placement. These stockholders filed a proof of claim with the Bankruptcy Court in the amount of $1,776,050 plus ancillary amounts purported to be damages attributable to the alleged securities violations and in June 2011 the Bankruptcy Court found that these claims were subordinated to unsecured claims, as such they were settled as part of the Plan approved by the Bankruptcy Court in September 2012. These claims are covered under the Company’s D&O insurance policy and at September 30, 2013 no claims have been filed by these stockholders.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Stockholders' Equity	'
	Note 5 – Stockholders’ Equity
	The Company’s capital stock at September 30, 2013 and March 31, 2013 consists of 275,000,000 authorized shares of common stock, par value $0.00001 per share. At September 30, 2013 and March 31, 2013, a total of 119,862,791 shares of common stock were issued and outstanding.

ShareBased_Compensation

Share-Based Compensation	6 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation	'
	Note 6 – Share-Based Compensation
	During the six months ended September 30, 2013 and 2012, the Company did not issue any stock options.
	2006 Stock Incentive Plan
	On March 30, 2007, the Company’s 2006 Stock Incentive Plan (the “2006 Stock Incentive Plan”) was approved by its shareholders and became effective October 2, 2006. Under the 2006 Stock Incentive Plan, the Board of Directors were entitled to grant awards of options to purchase common stock, restricted stock, or restricted stock units to officers, employees, and other persons who provided services to the Company or any related company. The participants to whom awards were granted, the type of awards granted, the number of shares covered for each award, and the purchase price, conditions and other terms of each award are determined by the Board of Directors, except that the term of the options could not exceed 10 years. A total of 10 million shares of the Company’s common stock were subject to the 2006 Stock Incentive Plan. The shares issued for the 2006 Stock Incentive Plan may be either treasury or authorized and unissued shares. During the six months ended September 30, 2013 and 2012, no options were granted, expired or exercised under the 2006 Stock Incentive Plan which has been terminated by the Company. There are options to purchase 10,000,000 shares outstanding under the 2006 Plan as follows:
			Vested/unvested		Exercise Price		Expiration Date
	Jon C. Nicolaysen			2,500,000/0	$	0.035	10/27/19
	A.L. Sid Overton			2,500,000/0	$	0.035	10/27/19
	Mathijs van Houweninge			2,500,000/0	$	0.035	10/27/19
	Jeffrey B. Bennett			2,500,000/0	$	0.035	10/27/19
	2013 Stock Incentive Plan
	Effective March 29, 2013, the Company’s 2013 Stock Option and Award Plan (the “2013 Stock Incentive Plan”) was approved by its Board of Directors. No options have been granted under the 2013 Stock Incentive Plan, and the Board of Directors has not determined whether to submit the 2013 Stock Incentive Plan to the Company’s stockholders for approval.
	Under the 2013 Stock Incentive Plan, the Board of Directors may grant options or purchase rights to purchase common stock to officers, employees, and other persons who provide services to the Company or any related company. The participants to whom awards are granted, the type of awards granted, the number of shares covered for each award, and the purchase price, conditions and other terms of each award are determined by the Board of Directors, except that the term of the options shall not exceed 10 years. A total of 12 million shares of the Company’s common
	stock are subject to the 2013 Stock Incentive Plan. The shares issued for the 2013 Stock Incentive Plan may be either treasury or authorized and unissued shares. During the six months ended September 30, 2013 and 2012, no options were granted, expired or exercised under the 2013 Stock Incentive Plan.
	The following table summarizes information related to the outstanding and vested options at September 30, 2013:
				Outstanding and
				Vested Options
		Number of shares
		Non-qualified		10,000,000
		Weighted average remaining contractual life
		Non-qualified		6.1 years
		Weighted average exercise price
		Non-qualified		$0.04
		Aggregate intrinsic value
		Non-qualified		$0
	The aggregate intrinsic value of outstanding securities is the amount by which the fair value of underlying (common) shares exceeds the exercise price of the options issued and outstanding.
	At September 30, 2013, all outstanding options were fully vested. No options were exercised during the six months ended September 30, 2013. The Company did not realize any income tax expense related to the exercise of stock options for the six months ended September 30, 2013 and 2012.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Note 7 – Related Party Transactions
	A director of the Company is a partner in the law firm that acts as counsel to the Company. The Company incurred legal fees and expenses to the law firm in the amount of $12,835 and $6,325 during the six months ended September 30, 2013 and 2012, respectively that are included in the statement of operations.

Subsequent_Events

Subsequent Events	6 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 8 – Subsequent Events
	Participation Agreement
	On October 3, 2013, the Company entered into a Participation Agreement with PetroShare Corp., a privately-held Colorado corporation not affiliated with the Company (“PetroShare”), for the purposes of drilling at least one and up to two oil and/or gas wells to test the Niobrara formation to a depth of approximately 7,850 feet total vertical depth in Moffatt County, Colorado.
	On October 7, 2013, the Company paid 30% of the costs of drilling the first well (Kowach 3-25) in exchange for a 30% working interest (25.309% net revenue interest) subject to a reduction of the working interest to 25% (and a proportional reduction of the net revenue interest) if the Company and PetroShare do not complete a business combination. The Company and PetroShare have entered into a non-binding letter of intent by which the two parties are negotiating and pursuing a business combination. Any business combination will be subject to approval by the Company’s stockholders and a number of other conditions.
	The estimated cost for drilling the first well is $1,824,460 ($547,338 net to the Company) and if warranted an additional $471,772 for completion ($141,517 to the Company). The Company has an option not to participate in the second well, based on the results obtained from the first well. If the Company participates in the second well (of which there can be no assurance), the estimated cost for drilling the second well (Voloshin 3-25) is $1,982,998 ($549,899 net to the Company) and if warranted an additional $474,247 for completion ($142,274 to the Company).
	Drilling of the first well commenced on November 6, 2013, and is continuing at the time of the filing of this Quarterly Report. PetroShare is the operator of the wells. Two other companies, not affiliated with the Company or PetroShare, are also participating in the drilling operation.
	In October 2013, Rancher and PetroShare also entered into a non-binding letter of intent by which the two parties agreed to negotiate and pursue a business combination. Any business combination will be subject to approval by Rancher’s stockholders and a number of other conditions precedent.

Business_Organization_Policies

Business Organization (Policies)	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Bankruptcy Filing	'
	Bankruptcy Filing
	On October 28, 2009, the Company filed a voluntary petition (the “Petition”) for relief in the United States Bankruptcy Court, District of Colorado (the “Bankruptcy Court”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code,” 11 U.S.C. § 1101 et seq.). The Company continued to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Bankruptcy Court until its plan of reorganization (the “Plan”) was approved by the Bankruptcy Court and the Company was discharged from bankruptcy effective September 28, 2012. See Note 3 – Proceedings Under Chapter 11 of the Bankruptcy Code.
	Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 852 "Financial Reporting During Reorganization Proceedings," which is applicable to companies in Chapter 11, generally does not change the manner in which financial statements are prepared.  However, it does require that the financial statements for periods subsequent to the filing of a Chapter 11 case distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.  Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items in the statements of operations. The balance sheet must distinguish Prepetition liabilities subject to compromise from both those Prepetition liabilities that are not subject to compromise and from post-petition liabilities.  Liabilities that may be affected by a plan of reorganization must be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts.  In addition, cash provided by reorganization items, if any, must be disclosed separately in the statement of cash flows.  The Company adopted ASC 852-10 effective on October 28, 2010 and segregated those items as outlined above for all activity prior to September 28, 2012.
	As the Company emerged from bankruptcy, it reviewed the use of “Fresh-start” accounting and determined that under ASC 852, the Company does not qualify to use the provisions of “Fresh-start” accounting. The Company’s voting shareholders immediately before the confirmation date do not own less than 50% of the voting shares of the emerging entity.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Use of Estimates	'
	Use of Estimates in the Preparation of Financial Statements
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. Cash and cash equivalents include demand deposits and money market funds carried at cost which approximates fair value. The Company maintains its cash in institutions insured by the Federal Deposit Insurance Corporation (“FDIC”), although such deposits are in excess of the insurance coverage. At September 30, 2013, the Company had $1,522,614 in cash deposits in excess of FDIC insured limits.
Oil and Gas Producing Activities	'
	Oil and Gas Producing Activities
	The Company has only recently re-engaged in oil and gas producing activities as reflected below in Note 8 – Subsequent Events. In accounting for oil and gas producing activities, the Company uses the successful efforts method of accounting for its oil and gas properties. Under this method of accounting, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense. Exploratory dry hole costs are included in cash flows from investing activities as part of capital expenditures within the consolidated statements of cash flows. The costs of development wells are capitalized whether or not proved reserves are found. Costs of unproved leases, which may become productive, are reclassified to proved properties when proved reserves are discovered on the property. Unproved oil and gas interests are carried at the lower of cost or estimated fair value and are not subject to amortization.
	Geological and geophysical costs and the costs of carrying and retaining unproved properties are expensed as incurred. DD&A of capitalized costs related to proved oil and gas properties is calculated on a property-by-property basis using the units-of-production method based upon proved reserves. The computation of DD&A takes into consideration restoration, dismantlement, and abandonment costs and the anticipated proceeds from salvaging equipment.
	The Company complies with ASC 932, “Extractive Activities – Oil and Gas”. As of March 31, 2013 and September 30, 2013, the Company did not have any existing capitalized exploratory well costs, and has therefore determined that there are no suspended well costs that should be impaired.
	The Company reviews its long-lived assets for impairments when events or changes in circumstances indicate that impairment may have occurred. The impairment test for proved properties compares the expected undiscounted future net cash flows on a property-by-property basis with the related net capitalized costs, including costs associated with asset retirement obligations, at the end of each reporting period. Expected future cash flows are calculated on all proved reserves using a discount rate and price forecasts selected by the Company’s management. The discount rate is a rate that management believes is representative of current market conditions. Operating costs are also adjusted as deemed appropriate for these estimates. When the net capitalized costs exceed the undiscounted future net revenues of a field, the cost of the field is reduced to fair value, which is determined using discounted future net revenues. An impairment allowance is provided on unproved property when the Company determines the property will not be developed or the carrying value is not realizable. At September 30, 2013 and March 31, 2013, the Company did not have any oil and gas properties.
Property and Equipment	'
	Property and Equipment
	Property and equipment, such as office furniture and equipment, and computer hardware and software, are recorded at cost. Costs of renewals and improvements that substantially extend the useful lives of the assets are capitalized. Maintenance and repair costs are expensed when incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets from five to ten years. When other property and equipment is sold or retired, the capitalized costs and related accumulated depreciation are removed from their respective accounts. Depreciation expense for the three and six months ended September 30, 2013 and 2012 was $8,316 and $16,632, respectively.
Revenue Recognition	'
	Revenue Recognition
	The Company currently has no revenue from operations although during the three and six months ended September 30, 2013, the Company did have Other Income (Expense). Other income for the three and six months ended September 30, 2012 represented payments received for the resale of carbon dioxide under a supply and sales agreement that expired in December 2012 and (during both the 2012 and 2013 periods) a nominal amount of interest received from financial institutions for funds on deposit.
Income Taxes	'
	Income Taxes
	The Company uses the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the accounting bases and the tax bases of the Company’s assets and liabilities. The deferred tax assets and liabilities are computed using enacted tax rates in effect for the year in which the temporary differences are expected to reverse.
	The Company assessed the likelihood of utilization of the deferred tax assets in light of recent and expected continuing losses. As a result of this review, the deferred tax asset of $14,645,476 has been fully reserved at September 30, 2013. At September 30, 2013, the Company had net operating loss carryforwards of approximately $37,900,000 that begins to expire in the year 2023.
	The Company adopted the provisions of ASC 740, “Income Taxes” on April 1, 2007. FASB ASC 740 provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized upon the adoption of FASB ASC 740 and in subsequent periods. The adoption of ASC 740 had an immaterial impact on the Company’s financial position and did not result in unrecognized tax benefits being recorded. Subsequent to adoption, there have been no changes to the Company’s assessment of uncertain tax positions. Accordingly, no corresponding interest and penalties have been accrued. The Company’s policy is to recognize penalties and interest, if any, related to uncertain tax positions as general and administrative expense. The Company files income tax returns in the U.S. Federal jurisdiction and various states.
Net (Loss) per Share	'
	Net (Loss) per Share
	Basic net (loss) per common share of stock is calculated by dividing net (loss) available to common stockholders by the weighted-average number of common shares outstanding during each period.
	Diluted net (loss) per common share is calculated by dividing net (loss) by the weighted-average number of common shares outstanding, including the effect of other dilutive securities. The Company’s potentially dilutive securities consist of in-the-money outstanding options and warrants to purchase the Company’s common stock. Diluted net loss per common share does not give effect to dilutive securities as their effect would be anti-dilutive.
	The treasury stock method is used to measure the dilutive impact of stock options and warrants. The following table details the weighted-average dilutive and anti-dilutive securities related to stock options and warrants for the periods presented:
			For the Six Months Ended
			September 30,
			2013		2012
		Dilutive		—		—
		Anti-dilutive		1,507,171		60,111,454
Share-Based Payments	'
	Share-Based Payments
	The Company recognizes compensation cost for stock-based awards based on estimated fair value of the award and records compensation expense over the requisite service period. See Note 6 - Share-Based Compensation.
Comprehensive Income (Loss)	'
	Comprehensive Income (Loss)
	The Company does not have revenue, expenses, gains or losses that are reflected in equity rather than in results of operations. Consequently, for all periods presented, comprehensive income (loss) is equal to net income (loss).
Major Customers	'
	Major Customers
	During 2012, the Company’s only source of income was from a carbon dioxide resale contract that expired in December 2012. The Company had no oil and gas operations during the three and six months ended September 30, 2013 and 2012, and no customers or billings as a result.
Off-Balance Sheet Arrangements	'
	Off-Balance Sheet Arrangements
	As part of its ongoing business, the Company has not participated in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities (SPEs), which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. From its incorporation on February 4, 2004 through September 30, 2013, the Company has not been involved in any unconsolidated SPE transactions.
Reclassification	'
	Reclassification
	Certain amounts in the prior period financial statements have been reclassified to conform to the current period financial statement presentation. Such reclassifications had no effect on the Company’s net (loss).
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Weighted-Average Dilutive and Anti-dilutive Securties to Stock Options and Warrants	'
			For the Six Months Ended
			September 30,
			2013		2012
		Dilutive		—		—
		Anti-dilutive		1,507,171		60,111,454

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Option Activity	'
			Vested/unvested		Exercise Price		Expiration Date
	Jon C. Nicolaysen			2,500,000/0	$	0.035	10/27/19
	A.L. Sid Overton			2,500,000/0	$	0.035	10/27/19
	Mathijs van Houweninge			2,500,000/0	$	0.035	10/27/19
	Jeffrey B. Bennett			2,500,000/0	$	0.035	10/27/19
Outstanding and Vested Options	'
				Outstanding and
				Vested Options
		Number of shares
		Non-qualified		10,000,000
		Weighted average remaining contractual life
		Non-qualified		6.1 years
		Weighted average exercise price
		Non-qualified		$0.04
		Aggregate intrinsic value
		Non-qualified		$0

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details Narrative) (USD $)	Sep. 30, 2013
Summary Of Significant Accounting Policies Details Narrative	'
Cash deposit in excess of FDIC insured limits	$1,522,614

Summary_of_Significant_Account4

Summary of Significant Accounting Policies Property and Equipment (Details Narrative) (USD $) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Property and Equipment	'	'	'	'
Depreciation Expense	$8,316	$16,632	$8,316	$16,632

Summary_of_Significant_Account5

Summary of Significant Accounting Policies Income Taxes (Details Narrative) (USD $)	6 Months Ended
	Sep. 30, 2013
Summary Of Significant Accounting Policies Income Taxes Details Narrative	'
Deferred Tax Asset	$14,645,476
Net Operating Loss Carryforward	$37,900,000
Expiration year	30-Sep-23

Summary_of_Significant_Account6

Summary of Significant Accounting Policies - Anti-dilutive Securties to Stock Options and Warrants (Details)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Summary Of Significant Accounting Policies - Anti-Dilutive Securties To Stock Options And Warrants Details	'	'
Dilutive	'	'
Anti-dilutive	1,507,171	60,111,454

Commitments_and_Contingencies_

Commitments and Contingencies (Details Narrative) (USD $)	0 Months Ended
	Feb. 18, 2009
Litigation	'
Description	'
	A group of persons who purchased $1,776,750 of securities as part of the Company’s private placement offering filed suit in 2009 against the Company alleging that securities laws were violated.
Damages Sought	$1,776,050

Stockholders_Equity_Details_Na

Stockholders Equity (Details Narrative) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Stockholders Equity Details Narrative	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	275,000,000	275,000,000
Common stock, shares issued	119,862,791	119,862,791
Common stock, shares outstanding	119,862,791	119,862,791

ShareBased_Compensation_Option

Share-Based Compensation - Options (Details) (USD $) (USD $)	6 Months Ended
	Sep. 30, 2013
Jon C. Nicolaysen	'
Vested Options	2,500,000
Unvested	0
Exercise Price	$0.04
Expiration Date	27-Oct-19
A.L. Sid Overton	'
Vested Options	2,500,000
Unvested	0
Exercise Price	$0.04
Expiration Date	27-Oct-19
Mathijs van Houweninge	'
Vested Options	2,500,000
Unvested	0
Exercise Price	$0.04
Expiration Date	27-Oct-19
Jeffrey B. Bennett	'
Vested Options	2,500,000
Unvested	0
Exercise Price	$0.04
Expiration Date	27-Oct-19
Options to Purchase	'
Vested Options	10,000,000

ShareBased_Compensation_Outand

Share-Based Compensation - Outanding and Vested Options (Details) (Non-qualified, USD $)	6 Months Ended
	Sep. 30, 2013
Non-qualified	'
Outstanding options	'
Number of shares	10,000,000
Weighted average remaining contractual life	'6 years 1 month
Weighted average exercise price	$0.04
Aggregate intrinsic value	$0
Vested Options	'
Number of shares	10,000,000
Weighted average remaining contractual life	'6 years 1 month
Weighted average exercise price	$0.04
Aggregate intrinsic value	$0

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Related Party Transactions Details Narrative	'	'
Legal fees and expenses	$12,835	$6,325

Subsequent_Events_Participatio

Subsequent Events - Participation Agreement (Details) (USD $)	0 Months Ended
	Oct. 03, 2013	Nov. 06, 2013	Oct. 07, 2013
Subsequent Events - Participation Agreement Details	'	'	'
Description	'	'	'
	The Company entered into a Participation Agreement with PetroShare Corp., a privately-held Colorado corporation not affiliated with the Company (“PetroShare”), for the purposes of drilling at least one and up to two oil and/or gas wells to test the Niobrara formation to a depth of approximately 7,850 feet total vertical depth in Moffatt County, Colorado.
Percentage cost of drilling first well	'	'	30.00%
Net percent revenue interest to company	'	'	25.31%
Estimated cost for drilling of first well	'	'	$1,824,460
Net cost from drilling first well to company	'	'	547,338
Option cost for participation in drilling second well	'	'	1,982,998
Net cost from drilling second well to company	'	'	549,899
Additional completion cost for second well	'	'	474,274
Net to company for completion of second well	'	'	$142,274
Drilling commencement date of first well	'	6-Nov-13	'