Camber Energy (CEIN) 10-Q 16 Nov 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document And Entity Information
Entity Registrant Name	LUCAS ENERGY, INC.
Entity Central Index Key	1,309,082
Document Type	10-Q
Trading Symbol	LEI
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,465,238
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Current Assets
Cash	$ 250,262	$ 166,597
Accounts Receivable	135,390	170,542
Inventories	194,997	194,519
Other Current Assets	36,340	102,300
Total Current Assets	616,989	633,958
Property and Equipment
Oil and Gas Properties (Full Cost Method)	48,460,324	49,299,535
Other Property and Equipment	420,350	420,950
Total Property and Equipment	48,880,674	49,720,485
Accumulated Depletion, Depreciation and Amortization	(13,076,116)	(12,604,570)
Total Property and Equipment, Net	35,804,558	37,115,915
Other Assets	61,872	188,645
Total Assets	36,483,419	37,938,518
Current Liabilities
Accounts Payable	2,409,807	2,436,543
Common Stock Payable	20,371	19,363
Accrued Expenses	$ 544,055	226,975
Note Payable - Victory		350,000
Current Portion of Long-Term Notes Payable - Rogers	$ 468,000	7,249,411
Total Current Liabilities	3,442,233	10,282,292
Asset Retirement Obligation	1,115,186	$ 1,051,694
Long-Term Notes Payable, net of current portion - Rogers	6,802,734
Long-Term Notes Payable, Net of Current Portion - Silver Star	200,000
Total Liabilities	$ 11,560,153	$ 11,333,986
Commitments and Contingencies (see Note 10)
Stockholders' Equity
Preferred Stock Series A, 2,000 Shares Authorized of $0.001 Par, 500 Shares Issued and Outstanding	$ 773,900	$ 773,900
Common Stock, 100,000,000 Shares Authorized of $0.001 Par, 1,455,763 Shares Issued and Outstanding at September 30, 2015 and 1,402,383 Shares Issued and 1,400,907 Shares Outstanding at March 31, 2015	1,456	1,402
Additional Paid in Capital	57,649,514	57,395,429
Accumulated Deficit	$ (33,501,604)	(31,517,040)
Common Stock Held in Treasury, 1,476 Shares, at Cost		(49,159)
Total Stockholders' Equity	$ 24,923,266	26,604,532
Total Liabilities and Stockholders' Equity	$ 36,483,419	$ 37,938,518

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	2,000	2,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	500	500
Preferred stock, shares outstanding	$ 500	$ 500
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	1,455,763	1,402,383
Common stock, shares outstanding	1,455,763	1,400,907
Treasury stock, shares in treasury		1,476

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Revenues
Crude Oil	$ 289,974	$ 992,944	$ 683,701	$ 1,934,865
Natural Gas
Total Revenues	$ 289,974	$ 992,944	$ 683,701	$ 1,934,865
Operating Expenses
Lease Operating Expenses	252,759	453,364	415,483	906,631
Severance and Property Taxes	32,872	75,764	70,495	149,259
Depreciation, Depletion, Amortization, and Accretion	259,950	425,094	535,038	815,480
General and Administrative	628,998	1,138,753	1,178,819	1,999,204
Total Expenses	1,174,579	2,092,975	2,199,835	3,870,574
Operating Loss	(884,605)	(1,100,031)	(1,516,134)	(1,935,709)
Other Expense (Income)
Interest Expense	120,764	349,550	506,219	731,350
Other Expense (Income), Net	(52,678)	25,712	(37,789)	62,201
Total Other Expenses	68,086	375,262	468,430	793,551
Loss Before Income Taxes	$ (952,691)	(1,475,293)	$ (1,984,564)	(2,729,260)
Income Tax Expense		13,500		13,500
Net Loss	$ (952,691)	$ (1,488,793)	$ (1,984,564)	$ (2,742,760)
Net Loss Per Common Share
Basic and Diluted (in dollars per share)	$ (0.66)	$ (1.11)	$ (1.39)	$ (2.07)
Weighted Average Number of Common Shares Outstanding
Basic and Diluted (in shares)	1,449,825	1,338,518	1,427,317	1,321,905

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities
Net Loss	$ (1,984,564)	$ (2,742,760)
Adjustments to reconcile net losses to net cash used in operating activities:
Depreciation, Depletion, Amortization and Accretion	535,038	815,480
Share-Based Compensation	97,402	116,083
Amortization of Discount on Notes	21,323	31,992
Amortization of Deferred Financing Costs	125,145	150,592
Gain on Settlement of Debt	(14,613)	(12,103)
Loss (Gain) on Sale of Property and Equipment	602	(1,722)
Changes in Operating Assets and Liabilities:
Accounts Receivable	35,152	$ 119,846
Inventories	(478)
Other Current Assets	65,960	$ 162,134
Accounts Payable and Accrued Expenses	401,218	277,297
Net Cash Used in Operating Activities	(717,815)	(1,083,161)
Investing Cash Flows
Additions of Oil and Gas Properties	(134,510)	(1,320,387)
Proceeds from Sale of Oil and Gas Properties	347,600	444,285
Proceeds from Victory Settlement	54,021
Additions of Other Property and Equipment		(323)
Proceeds from Sale of Other Property and Equipment		3,000
Proceeds from Deposits, net	1,628
Net Cash Provided by (Used in) Investing Activities	268,739	(873,425)
Financing Cash Flows
Net Proceeds from the Sale of Common Stock		1,802,090
Proceeds from Issuance of Notes Payable	450,000
Sale of Treasury Stock	104,754
Stock Placement Fees	(22,013)
Deferred Financing Costs		(32,621)
Repayment of Borrowings		(28,853)
Net Cash Provided by Financing Activities	532,741	1,740,616
Increase (Decrease) in Cash and Cash Equivalents	83,665	(215,970)
Cash and Cash Equivalents at Beginning of the Period	166,597	522,155
Cash and Cash Equivalents at End of the Period	$ 250,262	$ 306,185

GENERAL

GENERAL	6 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1 - GENERAL History of the Company. The accompanying unaudited interim financial statements of Lucas Energy, Inc. (“Lucas” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Lucas’s annual report filed with the SEC on Form 10-K for the year ended March 31, 2015. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year 2015, as reported in the Form 10-K have been omitted. The Company’s fiscal year ends on the last day of March of the calendar year. The Company refers to the twelve-month periods ended March 31, 2016 and 2015 as its 2016 and 2015 fiscal years, respectively. Pursuant to the authorization provided by the Company’s stockholders at the Company’s March 25, 2015 annual meeting of stockholders, and in order to meet the continued listing standards of the NYSE MKT, the Board of Directors of the Company approved the filing of a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of Nevada to effect a 1-for-25 reverse stock split of all of the outstanding shares of the Company’s common stock which was effective on July 15, 2015 (the “Reverse Split”). The effect of the Reverse Split was to combine each 25 shares of outstanding common stock prior to the Reverse Split into one new share subsequent to the Reverse Split, with no change in authorized shares or par value per share, and to reduce the number of common stock shares outstanding from approximately 35.1 million shares to approximately 1.4 million shares (prior to rounding fractional shares up to the nearest whole share). Proportional adjustments were also made to the conversion and exercise prices of the Company’s outstanding convertible preferred stock, warrants and stock options, and to the number of shares issued and issuable under the Company’s stock incentive plans. All issued and outstanding shares of common stock, conversion terms of preferred stock, options and warrants to purchase common stock and per share amounts contained in the financial statements, in accordance with SAB TOPIC 4C, have been retroactively adjusted to reflect the Reverse Split for all periods presented.

LIQUIDITY AND GOING CONCERN CON

LIQUIDITY AND GOING CONCERN CONSIDERATIONS	6 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY AND GOING CONCERN CONSIDERATIONS	NOTE 2 – LIQUIDITY AND GOING CONCERN CONSIDERATIONS At September 30, 2015, the Company’s total current liabilities of $3.4 million exceeded its total current assets of $0.6 million, resulting in a working capital deficit of approximately $2.8 million, while at March 31, 2015, the Company’s total current liabilities of $10.3 million exceeded its total current assets of $0.6 million, resulting in a working capital deficit of $9.7 million. The $6.8 million decrease in the working capital deficit is primarily related to approximately $6.8 million of the Company’s long-term note payable with Rogers (defined and described in greater detail under “Note 13-Settlement Agreements” below) being transferred to long-term debt as a result of the Amendment to Letter Agreement entered into on August 28, 2015, which extended the maturity date of such debt to October 31, 2016 (which is described in greater detail below under “Note 6 – Notes Payable”). On February 3, 2015, Lucas executed a Letter of Intent and Term Sheet (“Letter of Intent”) for a proposed business combination with Victory Energy Corporation (“Victory”). Through May 2015, the Company had received $600,000 in funding from Victory per the terms of a Pre-Merger Loan and Funding Agreement (the “Loan Agreement”) between Lucas and Victory, which was executed on February 26, 2015. On May 11, 2015, Victory notified Lucas that Victory did not intend to proceed with the merger contemplated by the Letter of Intent and thereby terminated the Letter of Intent. Thereafter, on June 24, 2015, Lucas and Victory executed a Settlement Agreement and Mutual Release whereby Lucas acknowledged and agreed that among other things, Lucas would exchange working interests in certain oil and gas properties and issue Victory 44,070 shares of restricted common stock in full satisfaction of the $600,000 owed by Lucas to Victory. The 44,070 shares of restricted common stock were ultimately forfeited and returned to Lucas on September 24, 2015 due to Victory’s failure to comply with the terms of the Rogers Settlement (which is defined and described in greater detail below under “Note 13 - Settlement Agreements”). The forfeited shares, along with 1,476 treasury shares (for a total of 45,546 shares of common stock), were then sold in a private transaction on September 28, 2015 for an aggregate of $104,754 (see “Note 7 – Stockholders' Equity” below). During the three months ended June 30, 2015 and the first month of the current period, the Company failed to make the required May, June and July 2015 interest payments (approximately $73,000 for each month) due under the terms of the Letter Loan, as amended (see “Note 6 – Notes Payable” below). Consequently, the amount owed under the Letter Loan, as amended, of approximately $7.3 million had been in default since May 2015, and accrued a default interest rate of 18% per annum. On August 12, 2015, the Company entered into an amendment to the Letter Loan (the “Letter Loan Amendment”) and the promissory note entered into in connection therewith (as amended to date). Pursuant to the amendment, the maturity date of the Letter Loan and the promissory note, which maturity date was previously August 13, 2015, was extended to September 13, 2015, we also agreed to reprice the exercise price of the outstanding warrants to purchase 11,195 shares of common stock held by Robertson Global Credit, LLC, the administrator of the loan, to $0.01 per share (from $33.75 per share prior to the amendment); we also agreed to pay all professional fees incurred by our lender; agreed to make principal payments to our lender from certain insurance proceeds to be received after the date of the amendment; agreed to pay our lender $39,000 in lieu of interest on the amended note as well as all operating income of collateralized assets (beginning October 1, 2015); and the parties agreed that if after 90 days a related party of Silver Star (defined below) and our lender could not agree to a buyout of the amended note, the Company would transfer all of its assets to a wholly-owned subsidiary. In connection with the Letter Loan Amendment, our lender also agreed to waive all past events of default which had occurred under the Amended Letter Loan and the amended note as of the date of the Letter Loan Amendment. On August 1, 2015, the Company was required to provide approximately $3.4 million of funding in order to participate in the future drilling activities contemplated by the June 2015 sale of certain oil and gas properties by us to Earthstone Energy, Inc. (described below under “Note 4 – Property and Equipment”). We were unable to provide the required funding, and as a result, we were not able to exercise our option to participate. On August 30, 2015, we entered into a Non-Revolving Line of Credit Agreement with Silver Star Oil Company (“Silver Star” and the “Line of Credit”). The Line of Credit, which had an effective date of August 28, 2015, provides us the right to sell up to $2.4 million in convertible promissory notes (the “Convertible Notes”) to Silver Star. Specifically, the Company has the right to request advances in an amount not to exceed $200,000, each thirty days, and each advance is evidenced by a Convertible Note (described in greater detail in “Note 6 – Note Payable” below). The Convertible notes allow the holder thereof the right to convert the principal and interest due thereunder into common stock of the Company at a conversion price of $1.50 per share, provided that the total number of shares of common stock issuable upon conversion of the Convertible Notes cannot exceed 19.9% of our outstanding shares of common stock on the date the Line of Credit was agreed to (or the total voting power outstanding on such date), or otherwise exceed the amount of shares that would require stockholder approval under applicable NYSE MKT rules, unless or until we receive stockholder approval for such issuances (provided that we have been advised that the NYSE MKT will require the Company to obtain stockholder approval before any of the Convertible Notes are converted, which stockholder approval has not been received to date). In the event the number of shares of common stock issuable upon conversion of the Convertible Notes exceeds such threshold, the notes cannot be converted into common stock. On September 28, 2015, Lucas issued a Convertible Note in the amount of $200,000 which contained a beneficial conversion feature with an intrinsic value of $73,333. Subsequently, on October 23, 2015, The Company issued another Convertible Note for $200,000 which contained a beneficial conversion feature with an intrinsic value of $138,667. The Company determined that these notes are contingently convertible based on the requirement that the notes require stockholder approval before they can be converted. Therefore, the Company will not record debt discount for the beneficial conversion feature intrinsic values until the notes are settled in common shares. Although we are able to continue to borrow funds under the Line of Credit over the next 10 months, going forward, we anticipate requiring additional funding of approximately $0.5 million for drilling and workover activities on existing properties, as well as the funding required to repay the amounts owed under the Letter Loan, as amended, in the event we cannot further extend or restructure such debt. In order to address the Company’s capital obligations over the next several months and ensure the future viability of the Company, we plan to seek to acquire the necessary funding through a combination with another entity with the financing to recapitalize the new company or by acquiring the necessary development funding on a stand-alone basis. Lucas is actively discussing potential transactions (financings, acquisitions and mergers) which we believe, if finalized and completed, will provide the financial mass to develop the significant reserves at our disposal. As of this date, Lucas has not entered into any binding agreements other than those described herein and no definitive transactions are pending in connection with our planned strategic transaction. Due to the nature of oil and gas interests, i.e., that rates of production generally decline over time as oil and gas reserves are depleted, if we are unable to drill additional wells and develop our proved undeveloped reserves (PUDs) or acquire additional operating properties; we believe that our revenues will continue to decline over time. Furthermore, in the event we are unable to raise additional funding in the future, we will not be able to complete drilling and/or workover activities and may not be able to make required payments on our outstanding liabilities, including the amounts owed under the Letter Loan, as amended, and in fact as described above, we have previously not been able to make certain of such payments. Therefore, in the event we do not raise additional funding in the future, we may be forced to scale back our business plan, sell assets to satisfy outstanding debts or take other remedial steps which may include seeking bankruptcy protection. These conditions raise substantial doubt about our ability to continue as a going concern for the next twelve months. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company has provided a discussion of significant accounting policies, estimates and judgments in its 2015 Annual Report. There have been no changes to the Company’s significant accounting policies since March 31, 2015.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Sep. 30, 2015
Property and Equipment
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Oil and Gas Properties Lucas uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized. Properties not subject to amortization consist of acquisition, exploration and development costs, which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired and the corresponding costs are added to the capitalized costs subject to amortization. Costs of oil and gas properties are amortized using the units of production method. Amortization expense calculated per equivalent physical unit of production amounted to $31.81 per barrel of oil equivalent (“BOE”) for the three months ended September 30, 2015, and was $36.30 per BOE for the three months ended September 30, 2014 . . In applying the full cost method, Lucas performs an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the “estimated present value,” of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions at the end of the period, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. The price used in the ceiling test is the simple average first of the month price for the prior 12 months. If capitalized costs exceed this limit, the excess is charged as an impairment expense. As of September 30, 2015, no impairment of oil and gas properties was indicated. All of Lucas's oil and gas properties are located in the United States. Below are the components of Lucas's oil and gas properties recorded at: September 30, March 31, 2015 2015 Proved leasehold costs $ 10,216,151 $ 11,062,137 Costs of wells and development 37,526,836 37,520,061 Capitalized asset retirement costs 717,337 717,337 Total oil and gas properties 48,460,324 49,299,535 Accumulated depreciation and depletion (12,772,361 ) (12,336,704 ) Net capitalized costs $ 35,687,963 $ 36,962,831 On June 25, 2015, we closed the sale (effective June 1, 2015) of 139.04 net acres of oil and gas properties located in Karnes County, Texas, to Earthstone Energy, Inc. (“Earthstone Energy”), which included the sale of all working interest, net lease interest and contractual rights owned by us in the Copeland-Karnes Unit and the Griffin Unit (the “Units”), but not any contractual obligations relating to the LEI Copeland-Karnes wellbore and the LEI Griffin wellbore or production therefrom. Earthstone Energy also became the operator of the Units. The total purchase price paid to us for the purchase was $347,600, along with the grant from Earthstone Energy to us of an option to participate, at cost, for up to 20% of an 8/8ths interest, in all future operations within the proposed ESTE-Boggs Unit upon successfully obtaining the required funding, provided that we were required to exercise the option (with proof of funding) on or before August 1, 2015, or such earlier date as Earthstone Energy begins drilling. We also agreed, in the event we exercised the option, to pay Earthstone Energy for 20% of all costs incurred. We were unable to provide the required funding and as a result, we were not able to exercise our option to participate, which option expired. Also, on June 25, 2015, per the Earthstone Settlement and Earthstone/Victory Settlement (described below under “Note 13 - Settlement Agreements”), Earthstone (defined in Note 13) agreed to pay us approximately $54,000 (representing the net of amounts previously paid by Victory to Earthstone in connection with the terms of a prior participation agreement covering certain leases in Karnes County, Texas and certain amounts owed to us in connection with title issues discovered in connection with those leases) and we agreed that we are deemed a non-consenting party in connection with such wells; and Victory agreed to assign certain oil and gas interests in the wells which we transferred to Victory in February 2015, to Earthstone. As a result, we capitalized approximately $142,000 (approximately $196,000 paid by Victory to Earthstone less approximately $54,000 paid by Earthstone to Lucas) to our oil and gas property full-cost pool. In addition, on June 25, 2015, per the Victory Settlement Agreement (described below under “Note 13 - Settlement Agreements”), Victory retained ownership and control over five Penn Virginia well-bores and also retained the obligations to pay expenses associated with such Penn Virginia well-bores effective after August 1, 2014; and we also assigned Victory rights to another property located in the same field as the Penn Virginia well-bores. In total, six Penn Virginia well-bores rights were assigned to Victory, representing a $529,860 credit to our oil and gas property full-cost pool. On September 3, 2015, per the Rogers Settlement Agreement (described below under “Note 13 - Settlement Agreements”), Lucas requested the return of certain assets granted to Victory as part of the Rogers Settlement Agreement. Those assets included the assignment of a 3.28% leasehold working interest in the Dingo Unit and a 1.48% leasehold working interest in the Platypus Unit; as well as 44,070 shares of common stock of Lucas. As of September 30, 2015, these assets were returned to Lucas. As a result, Lucas recorded a credit of $110,616 to our oil and gas property full-cost pool representing the fair value of the forfeited shares ($2.51 per share) on the date the common stock was returned to Lucas on September 24, 2015. Office Lease On July 27, 2015, we moved our corporate headquarters from 3555 Timmons Lane, Suite 1550, Houston, Texas 77027 to 450 Gears Road, Suite 780, Houston, Texas 77067 in connection with the expiration of our prior office space lease and received proceeds from our security deposit of $6,628. We entered into a sublease on approximately 3,300 square feet of office space pursuant to a sublease that expires on January 31, 2016 that has a base monthly rent of approximately $5,000 of which we have already paid four months in advance as well as a $5,000 security deposit.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	NOTE 5 – ASSET RETIREMENT OBLIGATIONS The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the retirement of oil and gas property and equipment for the six-month period ended September 30, 2015. Lucas does not have any short-term asset retirement obligations as of September 30, 2015. Carrying amount at beginning of period - March 31, 2015 $ 1,051,694 Accretion 63,492 Carrying amount at end of period - September 30, 2015 $ 1,115,186

NOTE PAYABLE

NOTE PAYABLE	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTE 6 – NOTES PAYABLE Victory Loan On February 3, 2015, Victory and Lucas entered into a Letter of Intent for Business Combination between Victory and Lucas (the “Letter of Intent”) that outlined the proposed terms under which Victory and Lucas planned to combine through a merger (the “Merger”). In anticipation of the Merger, Victory desired to provide Lucas with loans necessary to allow Lucas to meet working capital requirements and to pay down certain payables so that Lucas could maintain key vendors and cover transaction costs during the period prior to the Merger. As collateral for the loans that were be made by Victory to Lucas, Lucas was to pledge to Victory shares of Lucas common stock pursuant to a pledge and security agreement. Pursuant to the Loan Agreement, Victory agreed to loan the Company up to $2 million, with $250,000 initially loaned on February 26, 2015 (the “Closing” and the “Initial Draw”). The Initial Draw, and any other amounts borrowed under the Loan Agreement were to be evidenced by a Secured Subordinated Delayed Draw Term Note issued by the Company in favor of Victory, which was in an initial amount of $250,000 (the “Draw Note”). Amounts owed under the Draw Note were to be secured by the pledge of shares of the Company’s common stock pursuant to the terms of a Pledge Agreement between the Company as pledgor and Victory as secured party (the “Pledge Agreement”). Victory had loaned Lucas a total of $350,000 through March 31, 2015, which was recognized as a current liability on the balance sheet on March 31, 2015 as the maturity date for the loan was February 26, 2016. After March 31, 2015, but prior to the Victory Settlement noted below in “Note 13 – Settlement Agreements”, Victory loaned Lucas an additional $250,000 for a total loan balance of $600,000. On May 11, 2015, Victory notified Lucas that Victory did not intend to proceed with the Merger and thereby terminated the Letter of Intent. Thereafter, on June 24, 2015, Lucas and Victory executed a Settlement Agreement and Mutual Release whereby among other things, Lucas acknowledged that Victory had no further obligation to advance any funds to Lucas under the Loan Agreement, the Draw Note or otherwise and Lucas exchanged working interests in certain oil and gas properties and 44,070 shares of restricted common stock (the “Settlement Shares”) in complete satisfaction of the $600,000 owed to Victory under the Loan Agreement. Therefore, we recognized no liability to Victory as of September 30, 2015 on our balance sheet, as the loan amount was allocated to oil and gas property full-cost pool as part of the $529,860 credit described in “Note 4 – Property and Equipment”. The 44,070 shares of restricted common stock were ultimately forfeited and returned to Lucas on September 24, 2015 due to Victory’s failure to comply with the terms of the Rogers Settlement (which is defined and described in greater detail below under “Note 13 - Settlement Agreements”). The forfeited shares, along with 1,476 treasury shares (for a total of 45,546 shares of common stock), were then sold in a private transaction on September 28, 2015 for an aggregate of $104,754 (see “Note 7 – Stockholders' Equity” below). Rogers Loan Letter Loan Effective on August 13, 2013, Lucas entered into a Letter Loan Agreement with Louise H. Rogers (as amended and modified to date, the “Letter Loan”). In connection with the Letter Loan and a Promissory Note entered into in connection therewith, Ms. Rogers loaned the Company $7.5 million (the “Loan”). The Loan accrues interest at the rate of 12% per annum (18% upon the occurrence of an event of default), can be prepaid by Lucas at any time without penalty after November 13, 2013 and was due and payable on August 13, 2015, provided that $75,000 in interest only payments were due on the Loan during the first six months of the term (which were escrowed by Lucas) and beginning on March 13, 2014, Lucas was required to make monthly amortization principal payments equivalent to the sum of fifty-percent of the Loan during months seven through twenty-four of the term (which requirement has since been modified by the amendment described below). An escrow deposit of $450,000 for the first six months interest was recorded as restricted cash within the balance sheet, with no balance outstanding on the balance sheet as of September 30, 2015. Lucas is also required to make mandatory prepayments of the loan in the event the collateral securing the Loan does not meet certain thresholds and coverage ratios. Repayment of the Loan is secured by a security interest in substantially all of Lucas’s assets which was evidenced by a Security Agreement and a Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing. Lucas agreed to pay a $15,000 quarterly administrative fee in connection with the Loan and also granted the administrator a warrant to purchase up to 11,195 shares of Lucas’s common stock at an exercise price of $33.75 per share (which was lowered to $0.01 per share on August 12, 2015) and a term continuing until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan. On August 16, 2013, a portion of the funds raised in connection with the Loan were used to repay $3.25 million in outstanding notes issued in April and May 2013. The Company also capitalized approximately $495,000 in deferred financing costs in relation to expenses incurred in the execution of the Letter Loan. The Company recorded the fair value of warrants issued in connection with the Note Payable as a discount on the Note and amortized the discount through non-cash interest expense using the effective interest method over the term of the debt. The fair value of the 11,195 Letter Loan warrants was recorded as a $127,963 debt discount on August 13, 2013. The change in exercise price, which occurred on August 12, 2015, from $33.75 to $0.01 per share resulted in an increase to the fair value of the warrants of $15,136 which was expensed immediately as interest expense. Amortization of debt discount of $21,323 was recorded during the six months ended September 30, 2015. No unamortized discount remained as of September 30, 2015. Amended Letter Loan Effective on April 29, 2014, the Company entered into an Amended Letter Loan Agreement (the “Amended Letter Loan”) and Amended and Restated Promissory Note (as amended to date, the “Amended Note”), each effective March 14, 2014, in connection with the Letter Loan. Pursuant to the Amended Letter Loan and Amended Note, we restructured the repayment terms of the original Letter Loan and Promissory Note to defer monthly amortizing principal payments which began on March 13, 2014, during the period from April 13, 2014 through September 13, 2014, during which six month period interest on the Amended Note accrued at 15% per annum (compared to 12% per annum under the terms of the original Promissory Note). Beginning on October 13, 2014, the interest rate of the Amended Note returned to 12% per annum and we were required to pay the monthly amortization payments in accordance with the original repayment schedule (which total approximately $205,000 to $226,000, depending on the due date), as well as additional principal amortization payments of approximately $266,000 every three months (beginning October 13, 2014, and ending on July 13, 2015) until maturity, with approximately $3.87 million due on maturity, which maturity date remained August 13, 2015. Additionally, we agreed to pay all legal expenses of the lender related to the amendments and agreed to (i) pay $25,000 and (ii) issue 3,000 shares of restricted common stock, to Robertson Global Credit, LLC (“Robertson”), the administrator of the Loan, as additional consideration for the modifications. We also agreed that should we opt to prepay the Amended Note prior to the maturity date, we are required to pay an exit fee equal to the advisory fees of approximately $15,000 per quarter that would have been due, had the note remained outstanding through maturity. Second Amended Letter Loan On November 24, 2014, and effective on November 13, 2014, the Company entered into a Second Amended Letter Loan Agreement (the “Second Amended Letter Loan”) and Second Amended and Restated Promissory Note (the “Second Amended Note”), in connection with the Letter Loan and the Amended Letter Loan. Pursuant to the Second Amended Letter Loan and a Second Amended Note, we restructured the repayment terms of the Amended Letter Loan and Amended Note to defer the principal payment in the amount of $428,327 which was originally due November 13, 2014, until December 13, 2014, as we were in the process of obtaining new financing, which new financing failed to close as a result of the subsequent precipitous decline in oil prices. Additionally, the Second Amended Letter Loan and Second Amended Note provides that (a) amounts outstanding under the Second Amendment Note will accrue interest at the rate of 15% per annum and (b) additional principal amortization payments of approximately $266,000 are due every three months (beginning January 13, 2015, and ending on July 13, 2015) until maturity, with approximately $3.87 million due on maturity, which maturity date remained August 13, 2015. Additionally, we agreed to pay all legal expenses of the lender related to the amendments and agreed to pay $15,000 to Robertson, the administrator of the Loan, as additional consideration for the modifications. We failed to make the required December 13, 2014 principal payment under the terms of the Second Amended Letter Loan. Specifically, on January 26, 2015, we received notice from a representative of Ms. Rogers that we had defaulted on a payment. Consequently, the amount owed under the Second Amended Letter Loan and Second Amended Note of approximately $7.3 million accrued at a default interest rate of 18% per annum. Subsequently, we also failed to make the required January 13, 2015 and February 13, 2015 principal payments under the terms of the Second Amended Letter Loan. The Company capitalized approximately $88,000 in additional deferred financing costs in relation to expenses incurred in connection with the execution of the Amended Letter Loan and the Second Amended Letter Loan. Letter Agreement On February 23, 2015, we entered into a letter agreement (the “Letter Agreement”) with Ms. Rogers. Pursuant to the Letter Agreement, the parties agreed that the interest payments due under the promissory note for January, February and March 2015 (which January and February 2015 interest payments were not previously made by the Company) would be added to the principal amount of the promissory note and be due at maturity; and that interest only payments on the promissory note at the rate of 12% per annum (compared to 15% per annum pursuant to the Second Amended and Restated Promissory Note, and 18% per annum as a result of various events of default which occurred under the loan documents prior to the parties’ entry into the Letter Agreement) would be due between April 2015 and August 2015 compared to the terms of the Second Amended and Restated Promissory Note, which required amortizing principal payments every month between December 2014 and August 2015 (which amortizing payments we failed to pay from December 2014 to July 2015). In total, $211,769 was added to the principal amount bringing the total principal balance due to our lender to $7,270,734 as of February 23, 2015. The Letter Agreement also provided us the right to extend the maturity date of the promissory note to September 13, 2015, by paying an extension fee of 2% of the remaining balance of the note on or before the maturity date, and to thereafter further extend the maturity date of the promissory note to October 13, 2015, by paying an additional extension fee of 2% of the then remaining balance of the note on or before the September 13, 2015 extended maturity date. We also agreed to pay the lender all current and past due credit administration and legal fees, a $50,000 loan amendment fee upon final repayment of the promissory note, and to require Victory to provide Rogers a promissory note in the amount of $250,000, payable within 90 days following the termination of our proposed merger transaction with Victory. Subsequently Victory and Ms. Rogers entered into a settlement agreement providing for the repayment of the $250,000 owed (described below under “Note 13 - Settlement Agreements”). The lender agreed to waive the prior defaults under the promissory note upon the parties’ entry into the new agreements. The Company failed to make the required May, June and July 2015 interest payments (approximately $73,000 for each month) under the terms of the Letter Agreement, as amended. Consequently, the amount owed under the Letter Loan, as amended, of approximately $7.3 million was deemed in default beginning in May 2015, and accrued a default interest rate of 18% per annum. On August 12, 2015, the Company entered into an amendment to the Letter Loan and the promissory note entered into in connection therewith (as amended to date). Pursuant to the amendment, the maturity date of the Letter Loan and the promissory note, which was previously August 13, 2015, was extended to September 13, 2015, and among other things, we also agreed to reprice the exercise price of the outstanding warrants to purchase 11,195 shares of common stock held by Robertson Global Credit, LLC, the administrator of the loan, to $0.01 per share (from $33.75 per share prior to the amendment). Notwithstanding the change in the maturity date of the Letter Loan and promissory note, the lender did not waive any past events of default by us under the Letter Loan and retained the right to pursue any and all remedies for those defaults at any time. Amendment to Letter Agreement On August 28, 2015, we and our lender entered into an Amendment dated August 28, 2015 to the Second Amended Letter Loan Agreement and the Second Amended Promissory Note, both Dated November 13, 2014 (the “Letter Loan Amendment”). Pursuant to the Letter Loan Amendment, we and our lender agreed to amend the Second Amended Letter Loan Agreement (as amended to date, the “Letter Loan”), and the Second Amended and Restated Promissory Note (as amended to date, the “Amended Note”), each entered into on November 24, 2014 and effective November 13, 2014, by extending the maturity date of the Amended Note to October 31, 2016 (from September 13, 2015); we agreed to pay all professional fees incurred by our lender; we agreed to make principal payments to our lender from certain insurance proceeds to be received after the date of the Letter Loan Amendment; we agreed to pay our lender $39,000 in lieu of interest on the Amended Note as well as all operating income of collateralized assets (beginning October 1, 2015); and the parties agreed that if after 90 days a related party of Silver Star and our lender could not agree to a buyout of the Amended Note, the Company would transfer all of its assets to a wholly-owned subsidiary. In connection with the Letter Loan Amendment, our lender also agreed to waive all past events of default which had occurred under the Amended Letter Loan and the Amended Note as of the date of the Letter Loan Amendment. As the Amended Note has an October 31, 2016 maturity date, the current portion of the amounts due under the Amended Note is $468,000 and the long-term portion is $6,802,734 as of September 30, 2015. Together, with the initial Letter Loan, the Amended Letter Loan, the Second Amended Letter Loan, the Letter Agreement and Letter Loan Amendment, the Company has paid approximately $1.4 million in cash interest and fully amortized approximately $583,000 in deferred financing cost as of September 30, 2015. Silver Star Line of Credit On August 30, 2015, Lucas entered into a Non-Revolving Line of Credit Agreement with Silver Star Oil Company (“Silver Star” and the “Line of Credit”). The Line of Credit, which had an effective date of August 28, 2015, provides the Company the right, from time to time, subject to the terms of the Line of Credit, to sell up to $2.4 million in convertible promissory notes (the “Convertible Notes”) to Silver Star. Specifically, the Company has the right to request advances in an amount not to exceed $200,000, each thirty days, provided that subject to the conditions set forth in the Line of Credit, and summarized below, Silver Star is required to advance us $200,000 on October 1, 2015. Each advance is evidenced by a Convertible Note described in greater detail below. The Company agreed to comply with certain standard affirmative and negative covenants in connection with the Line of Credit and both we and Silver Star made customary representations and warranties therein. Among other things, unless waived by Silver Star, the following closing conditions must be met under the Line of Credit, in order for Silver Star to be required to loan us funds in connection with an advance: (a) no event of default or breach must have occurred under the Convertible Notes or any other agreements between us and Silver Star; (b) we must have obtained approval of the NYSE MKT for the sale of the Convertible Notes; (c) our common stock must be traded on the NYSE MKT; and (d) no more than thirty days shall have passed since our receipt of a notice of default in connection with any material default in excess of $50,000. The Line of Credit also provides Silver Star the right to force us, with ten days prior notice, to sell Convertible Notes up to the total then remaining amount of funding available under the Line of Credit. Pursuant to the Line of Credit, we agreed to seek shareholder approval, in the event either we or the NYSE MKT require shareholder approval, of the Line of Credit and/or the shares of common stock issuable upon conversion of the Convertible Notes (provided that we have been advised that the NYSE MKT will require the Company to obtain stockholder approval before any of the Convertible Notes are converted, which stockholder approval has not been received to date), within 45 days of the date of Silver Star’s request. Finally, we agreed to not take certain actions without the prior written consent of Silver Star so long as we had any obligation under the Line of Credit or Convertible Notes, including to not designate any shares of preferred stock, or to issue or agree to issue more than 10% of our outstanding securities in any 180 day period (except pursuant to already outstanding convertible securities). Unless otherwise agreed between the parties, each of the Convertible Notes are due and payable on October 1, 2016, accrue interest at the rate of 6% per annum (15% upon the occurrence of an event of default), and allow the holder thereof the right to convert the principal and interest due thereunder into common stock of the Company at a conversion price of $1.50 per share, provided that the total number of shares of common stock issuable upon conversion of the Convertible Notes cannot exceed 19.9% of our outstanding shares of common stock on the date the Line of Credit was agreed to (or the total voting power outstanding on such date), or otherwise exceed the amount of shares that would require stockholder approval under applicable NYSE MKT rules, unless or until we receive stockholder approval for such issuances (provided that we have been advised that the NYSE MKT will require the Company to obtain stockholder approval before any of the Convertible Notes are converted, which stockholder approval has not been received to date). In the event the number of shares of common stock issuable upon conversion of the Convertible Notes exceeds such threshold, the notes cannot be converted into common stock. We have the right to prepay the Convertible Notes at any time, provided we provide the holder at least 30 days prior notice of our intention to prepay such notes. As discussed above, the terms of the Line of Credit, including our ability to request advances and Silver Star’s requirement to purchase Convertible Notes, was subject to certain terms and conditions, including the continued listing of our common stock on the NYSE MKT, and as disclosed previously, we were notified of our failure to meet certain of the NYSE MKT’s continued listing requirements in February 2014. We thereafter submitted a plan of compliance to the NYSE MKT which was accepted by the NYSE MKT, and were subsequently granted various extensions in which we were required to re-gain compliance with the NYSE MKT continued listing standards, the last of which expired on August 28, 2015. In a letter dated September 8, 2015, the NYSE MKT notified the Company that we had successfully regained compliance with the NYSE MKT continued listing standards. On September 28, 2015, we sold a Convertible Note in the aggregate principal amount of $200,000 to Silver Star pursuant to the terms of the Line of Credit (which note was required to be sold by us on or before October 1, 2015). If fully converted by Silver Star (without factoring in any accrued and unpaid interest thereon, which is also convertible into our common stock as provided in the note), notwithstanding the requirement for NYSE Approval (as discussed above), a total of 133,334 shares of common stock would be required to be issued to Silver Star (representing approximately 8.4% of our then outstanding shares of common stock) and if fully converted at maturity, when factoring in accrued interest thereon through maturity, a total of 141,578 shares of common stock would be required to be issued to Silver Star. The Convertible Note contained a beneficial conversion feature with an intrinsic value of $73,333. The Company determined that the note is contingently convertible based on the fact that the notes require stockholder approval before they can be converted. Therefore, the Company will not record debt discount for the beneficial conversion feature intrinsic values until the note is settled in common shares. As of September 30, 2015, we had a Note Payable to Silver Star for $200,000 which is recognized as a long-term liability on the Company balance sheet as of September 30, 2015. As the funds were provided on September 28, 2015, no material accrued interest has been recorded as of September 30, 2015.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS' EQUITY Preferred Stock As of September 30, 2015, the Company has 500 shares of Series A Convertible Preferred Stock issued and outstanding. Each share of the Series A Convertible Preferred Stock is convertible into 40 shares of the Company’s common stock and has no liquidation preference and no maturity date. Additionally, the conversion rate of the Series A Convertible Preferred Stock adjusts automatically in connection with and in proportion to any dividends payable by the Company in common stock. Common Stock The following summarizes Lucas's common stock activity during the six-month period ended September 30, 2015: Common Shares* Issued Amount (a) Per Share Shares Treasury Outstanding Balance at March 31, 2015 1,402,383 (1,476 ) 1,400,907 Pledge Shares Issued in Consideration of Victory Note $ 234,777 $ 5.32 44,070 - 44,070 Cancellation of Pledge Shares Issued in Consideration of Victory Note 110,616 2.51 - (44,070 ) (44,070 ) Sale of Treasury Shares 104,754 2.30 - 45,546 45,546 Share-Based Compensation 39,036 4.19 9,310 - 9,310 Balance at September 30, 2015 1,455,763 - 1,455,763 * In accordance with SAB TOPIC 4C, all issued and outstanding shares of common stock have been retroactively adjusted to reflect the Reverse Split that occurred on July 15, 2015. (a) Net proceeds or fair market value on grant date, as applicable. On June 25, 2015, pursuant to the Victory Settlement (described below under “Note 13 - Settlement Agreements”), we and Victory agreed that among other things, we would issue 44,070 shares of our restricted common stock to Victory in full consideration of the $600,000 owed under the Loan Agreement, which would be held in escrow until the payment of amounts owed to Rogers under the Rogers Settlement (which is described in greater detail below under “Note 13 - Settlement Agreements”). On September 3, 2015, Lucas requested the return of 44,070 shares of common stock from the escrow agent established as part of the Rogers Settlement. Per the settlement agreement with Victory, in the event Victory failed to timely make the full payment of $258,000 due to our lender by August 27, 2015, then all assets held in escrow would be promptly returned to Lucas. As a result, the escrow agent returned the 44,070 shares of common stock to Lucas, which shares were then placed in the Company’s treasury. On September 17, 2015, Allied Petroleum, Inc. (“Allied”), entered into a Subscription Agreement with Lucas and agreed to purchase 45,546 shares of the restricted common stock (the “Allied Shares”) of Lucas, which shares were held in the Company’s treasury, for $2.30 per share (a 17% discount to the $2.78 closing price of the Company’s common stock on September 17, 2015) or $104,754 in aggregate. The closing of the transactions contemplated by the Subscription Agreement was subject to, and contingent upon, the approval of the additional listing of the Allied Shares on the NYSE MKT (the “Listing Approval”). The Listing Approval was received on September 21, 2015, and on such date the Subscription Agreement became binding on the parties. The Company received funds from Allied on September 25, 2015, and issued Allied the Allied Shares on September 28, 2015. The principal of Allied is John Chambers, who is also the principal of Silver Star, with whom the Company entered into a Non-Revolving Line of Credit Agreement on August 30, 2015 (see “Note 6 – Notes Payable”). Because the Allied shares were issued from the Company's treasury, the sale did not result in an increase in the Company's total issued shares. See “Note 9 – Share-Based Compensation”, for information on common stock activity related to Share-Based Compensation, including shares granted to the board of directors, officers, employees and consultants. Warrants During the six months ended September 30, 2015, no warrants were exercised or cancelled. The following is a summary of the Company's outstanding warrants at September 30, 2015: Warrants Exercise Expiration Intrinsic Value at Outstanding Price ($) Date September 30, 2015 100,422 (1) 71.50 July 4, 2016 $ - 41,300 (2) 57.50 October 18, 2017 - 11,000 (3) 37.50 April 4, 2018 - 2,000 (4) 37.50 May 31, 2018 - 11,195 (5) 0.01 August 13, 2018 23,957 66,668 (6) 25.00 April 21, 2019 - 232,585 $ 23,957 (1) Series B Warrants issued in connection with the sale of units in the Company’s unit offering in December 2010. The Series B Warrants became exercisable on July 4, 2011 and will remain exercisable thereafter until July 4, 2016. (2) Warrants issued in connection with the sale of units in the Company’s unit offering in April 2012. The warrants became exercisable on October 18, 2012, and will remain exercisable thereafter until October 18, 2017. (3) Warrants issued in connection with the issuance of the April 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (April 4, 2013) and remain exercisable until April 4, 2018. (4) Warrants issued in connection with the issuance of the May 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (May 31, 2013) and remain exercisable until May 31, 2018. (5) Warrants issued in connection with the Letter Loan. The warrants were exercisable on the grant date (August 13, 2013) and remain exercisable until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan. The exercise price was lowered to $0.01 per share on August 12, 2015, and the Company recorded approximately $15,000 in one-time amortization expenses related to the price reduction. (6) Warrants issued in connection with the sale of units in the Company’s unit offering in April 2014. The Warrants became exercisable on April 21, 2014 and will remain exercisable thereafter until April 21, 2019.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES The Company has estimated that its effective tax rate for Federal purposes will be zero for the 2016 fiscal year and consequently, recorded no provision or benefit for income taxes for the six months ended September 30, 2015.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 9 – SHARE-BASED COMPENSATION Lucas measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period. Common Stock Lucas issued 9,310 shares of its common stock with an aggregate grant date fair value of $39,036 during the six-month period ended September 30, 2015, which were valued based on the trading value of Lucas’s common stock on the date of grant. Also, on September 30, 2015, the Company awarded an additional 9,475 shares of its common stock with an aggregate grant fair value of $20,371, which were valued based on the trading value of Lucas’s common stock on the date of grant. Those common stock awards had yet to be physically issued as of September 30, 2015, and therefore, were recognized as accrued common stock payable on the balance sheet. The shares were awarded according to the employment agreement with an officer and as additional compensation for other managerial personnel. Stock Options Of the Company’s outstanding options, 2,000 expired, while none were exercised, or forfeited during the six months ended September 30, 2015. The following table sets forth stock option activity for the six-month periods ended September 30, 2015 and 2014: Six Months Ended Six Months Ended September 30, 2015 September 30, 2014 Weighted Weighted Number of Average Number of Average Stock Options Grant Price Stock Options Grant Price Outstanding at March 31 24,920 $ 33.80 36,579 $ 34.75 Expired/Cancelled (2,000 ) 32.00 - Outstanding at September 30 22,920 $ 33.96 36,579 $ 34.75 No stock options were granted during the six months ended September 30, 2015. Compensation expense related to stock options during the three-month and six-month periods ended September 30, 2015 was $36,247 and $57,358, respectively. Options outstanding and exercisable at September 30, 2015 and September 30, 2014 had no intrinsic value, respectively. The intrinsic value is based upon the difference between the market price of Lucas’s common stock on the date of exercise and the grant price of the stock options. The following tabulation summarizes the remaining terms of the options outstanding: Exercise Remaining Options Options Price ($) Life (Yrs.) Outstanding Exercisable 24.50 1.2 3,000 3,000 40.75 2.1 4,000 2,000 43.50 2.1 6,000 6,000 40.25 2.1 2,000 2,000 39.50 2.4 2,000 - 5.50 2.5 4,000 4,000 51.75 5.0 1,920 1,920 Total 22,920 18,920 As of September 30, 2015, total unrecognized stock-based compensation expense related to all non-vested stock options was $49,485, which is being recognized over a weighted average period of approximately 1.5 years. In prior periods, the shareholders of the Company approved the Company’s 2014, 2012 and 2010 Stock Incentive Plans (“the Plans”). The Plans are intended to secure for the Company the benefits arising from ownership of the Company’s common stock by the employees, officers, directors and consultants of the Company, all of whom are and will be responsible for the Company’s future growth. The Plans provide an opportunity for any employee, officer, director or consultant of the Company to receive incentive stock options (to eligible employees only), nonqualified stock options, restricted stock, stock awards and shares in performance of services. There are 50,434 shares available for issuance under the Plans as of September 30, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES Legal Proceedings On May 1, 2015, Tanner Services, L.L.C. (“Tanner”) filed a petition against us in the District Court of Harris County, Texas 152 nd

POSTRETIREMENT BENEFITS

POSTRETIREMENT BENEFITS	6 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
POSTRETIREMENT BENEFITS	NOTE 11 – POSTRETIREMENT BENEFITS Lucas maintains a matched defined contribution savings plan for its employees. During the three-month and six-month periods ended September 30, 2015, Lucas's total costs recognized for the savings plan were $7,300 and $14,675, respectively. During the three-month and six-month periods ended September 30, 2014, Lucas's total costs recognized for the savings plan were $12,201 and $24,525, respectively.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 12 – SUPPLEMENTAL CASH FLOW INFORMATION Net cash paid for interest and income taxes was as follows for the six-month periods ended September 30, 2015 and 2014: Six Months Ended September 30, 2015 2014 Interest $ 73,769 $ 548,767 Income Taxes - 44,500 Non-cash investing and financing activities for the six-month periods ended September 30, 2015 and 2014 included the following: Six Months Ended September 30, 2015 2014 Issuance of Restricted Stock for Amended Loan $ - $ 47,250 Change in Accrued Capital Expenditures 61,885 675,820 Forgiveness of Debt in Victory Settlement 600,000 - Common Stock Issued to Settle Stock Payable 234,777 - Return and Cancellation of Common Stock Issued in Victory Settlement (110,616 ) -

SETTLEMENT AGREEMENTS

SETTLEMENT AGREEMENTS	6 Months Ended
	Sep. 30, 2015
Settlement Agreements
SETTLEMENT AGREEMENTS	NOTE 13 – SETTLEMENT AGREEMENTS Effective on June 25, 2015, (a) we entered into (1) a Compromise Settlement Agreement and Mutual General Release with Earthstone Operating, LLC, Earthstone Energy, Inc., Oak Valley Resources, LLC, Oak Valley Operating LLC and Sabine River Energy, LLC (collectively “Earthstone” and the “Earthstone Settlement”); (2) a Compromise Settlement Agreement and Mutual General Release with Earthstone and Victory, AEP Assets LLC and Aurora Energy Partners (collectively the “Victory Parties” and the “Earthstone/Victory Settlement”); and (3) a Settlement Agreement and Mutual Release with Victory (the “Victory Settlement”); and (b) Victory and Louise H. Rogers, our senior lender (“Rogers”) entered into a Settlement Agreement and Mutual Release (the “Rogers Settlement”). Earthstone Settlement and Earthstone/Victory Settlement Pursuant to the terms of the Earthstone Settlement and the Earthstone/Victory Settlement, Earthstone agreed to pay us $54,020 (representing the net of amounts previously paid by Victory to Earthstone in connection with the terms of a participation agreement covering certain leases in Karnes County, Texas and certain amounts owed to us in connection with title issues discovered in connection with those leases) and we agreed that we are deemed a non-consenting party in connection with such Wells; and Victory agreed to assign certain oil and gas interests in the Wells which we transferred to Victory in February 2015, to Earthstone. We and Earthstone also agreed to not disparage or talk negatively about each other and further agreed to release each other (the Victory Parties also agreed to release Earthstone pursuant to the Earthstone/Victory Settlement) from any and all claims, demands and causes of action which either party had against the other prior to the June 25, 2015 effective date of the Earthstone/Victory Settlement, whether known or unknown, except in connection with the breach, enforcement or interpretation of the Earthstone/Victory Settlement. Victory Settlement Pursuant to the Victory Settlement, we and Victory agreed to terminate any and all obligations between the parties pursuant to that certain February 2, 2015 Letter of Intent for Business Combination (the “Letter of Intent”), pursuant to which we and Victory previously planned to combine our companies, and that certain Pre-Merger Collaboration Agreement dated February 26, 2015, as amended by amendment No. 1 thereto, dated March 3, 2015 (as amended, the “Collaboration Agreement”); that Victory would retain ownership and control over five Penn Virginia well-bores (the “Penn Virginia Well-Bores”) and would also retain the obligations to pay expenses associated with such Penn Virginia Well-Bores effective after August 1, 2014; and that we would also assign Victory rights to another property located in the same field as the Penn Virginia Well-Bores. We also confirmed the amount of $600,000 previously advanced to us by Victory pursuant to the terms of a prior Pre-Merger Loan and Funding Agreement dated February 26, 2015 (the “Funding Agreement”); that Victory had no further obligations to advance any additional funds to us pursuant to the terms of the Funding Agreement (which originally provided us the right to borrow up to $2 million from Victory); and that we would issue 44,070 shares of our restricted common stock to Victory (the “Victory Shares”) in full consideration of the $600,000 owed under the Funding Agreement (which were to be held in escrow until the payment of amounts owed to Rogers under the Rogers Settlement described below). We also agreed to grant Victory piggyback registration rights in connection with the Victory Shares and Victory agreed to leakout terms associated with the Victory Shares, whereby Victory would not sell through a broker, more than 1,000 of the Victory Shares per day; 5,000 of the Victory Shares per week; and 20,000 of the Victory Shares per month. We and Victory also agreed to release each other from any and all claims, demands and causes of action which either party had against the other prior to the June 25, 2015 effective date of the Victory Settlement, whether known or unknown, in connection with the terminated agreements. The Victory Shares were in lieu of any shares of common stock we were required to pledge to Victory pursuant to the terms of the Funding Agreement and related agreements. The Victory Shares were ultimately forfeited and returned to Lucas on September 24, 2015 due to Victory’s failure to comply with the terms of the Rogers Settlement described below. The forfeited shares, along with 1,476 treasury shares (for a total of 45,546 shares of common stock), were then sold in a private transaction on September 28, 2015 for an aggregate of $104,754 (see “Note 7 – Stockholders' Equity” above). Rogers Settlement Pursuant to the Rogers Settlement, Victory and Rogers agreed, among other things, to terminate the $250,000 contingently payable note which was issued to Rogers in connection with the entry by us and Victory into the Collaboration Agreement and that Victory would pay Rogers, on or before July 15, 2015, approximately $253,750, and that Rogers’ legal counsel would hold the assignment of the additional Penn Virginia property and the Victory Shares (described above) in escrow until such time as the required payment is made by Victory. On July 16, 2015, Victory entered into an Amendment Agreement (“Amendment”) whereby, Victory and Rogers agreed that the amount to be paid by Victory to Rogers was $258,125, instead of $253,750. The Amendment further specified that if Victory failed to make the payment of $258,125 on or before July 15, 2015, Victory would be in default under the Rogers Settlement and default interest on the amount due would begin to accrue at a per diem rate of approximately $129, and the escrow would continue until August 27, 2015, during which time Victory was required to make all payments owed to Rogers. Additionally, Victory acknowledged in the Amendment its obligation to pay Rogers’ attorney’s fees in the amount of $22,500. All payments owed to Rogers were not made by August 27, 2015 and on September 3, 2015, Lucas requested from the escrow agent the return of certain assets granted to Victory as part of the Victory Settlement. Those assets included the assignment of a 3.28% leasehold working interest in the Dingo Unit and a 1.48% leasehold working interest in the Platypus Unit; as well as 44,070 shares of common stock of Lucas. As of September 30, 2015, the escrow agent had returned these assets to Lucas and the 44,070 shares were returned to the Company and cancelled.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS On October 23, 2015, we sold a Convertible Note in the aggregate principal amount of $200,000 to Silver Star pursuant to the terms of the Line of Credit (which note was required to be sold by us on or before November 1, 2015) (see “Note 6 – Notes Payable” above). The Convertible Note is due and payable on October 1, 2016, accrues interest at the rate of 6% per annum (15% upon the occurrence of an event of default), and allows the holder thereof the right to convert the principal and interest due thereunder into common stock of the Company at a conversion price of $1.50 per share, provided that any conversion is subject to us first receiving shareholder approval for the issuance of shares of our common stock under the Convertible Note and Line of Credit under applicable NYSE MKT rules and regulations (“NYSE Approval”), which we have not sought or obtained to date. We have the right to prepay the Convertible Note at any time, provided we provide the holder at least 30 days prior notice of our intention to prepay such note. The Convertible Note includes customary events of default for facilities of similar nature and size, including in the event a change of control (as defined in the Convertible Note) occurs, or we fail to comply with the reporting requirements of the Exchange Act. If fully converted by Silver Star (without factoring in any accrued and unpaid interest thereon, which is also convertible into our common stock as provided in the note), notwithstanding the requirement for NYSE Approval (as discussed above), a total of 133,334 shares of common stock would be required to be issued to Silver Star (representing approximately 9.1% of our current outstanding shares of common stock) and if fully converted at maturity, when factoring in accrued interest thereon through maturity, a total of 140,853 shares of common stock would be required to be issued to Silver Star.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Sep. 30, 2015
Property and Equipment
Schedule of net capitalized costs being amortized	Below are the components of Lucas's oil and gas properties recorded at: September 30, March 31, 2015 2015 Proved leasehold costs $ 10,216,151 $ 11,062,137 Costs of wells and development 37,526,836 37,520,061 Capitalized asset retirement costs 717,337 717,337 Total oil and gas properties 48,460,324 49,299,535 Accumulated depreciation and depletion (12,772,361 ) (12,336,704 ) Net capitalized costs $ 35,687,963 $ 36,962,831

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Schedule of reconciliation of long-term legal obligations	The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the retirement of oil and gas property and equipment for the six-month period ended September 30, 2015. Carrying amount at beginning of period - March 31, 2015 $ 1,051,694 Accretion 63,492 Carrying amount at end of period - September 30, 2015 $ 1,115,186

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of common stock activity	The following summarizes Lucas's common stock activity during the six-month period ended September 30, 2015: Common Shares* Issued Amount (a) Per Share Shares Treasury Outstanding Balance at March 31, 2015 1,402,383 (1,476 ) 1,400,907 Pledge Shares Issued in Consideration of Victory Note $ 234,777 $ 5.32 44,070 - 44,070 Cancellation of Pledge Shares Issued in Consideration of Victory Note 110,616 2.51 - (44,070 ) (44,070 ) Sale of Treasury Shares 104,754 2.30 - 45,546 45,546 Share-Based Compensation 39,036 4.19 9,310 - 9,310 Balance at September 30, 2015 1,455,763 - 1,455,763 * In accordance with SAB TOPIC 4C, all issued and outstanding shares of common stock have been retroactively adjusted to reflect the Reverse Split that occurred on July 15, 2015. (a) Net proceeds or fair market value on grant date, as applicable.
Schedule of outstanding warrants	The following is a summary of the Company's outstanding warrants at September 30, 2015: Warrants Exercise Expiration Intrinsic Value at Outstanding Price ($) Date September 30, 2015 100,422 (1) 71.50 July 4, 2016 $ - 41,300 (2) 57.50 October 18, 2017 - 11,000 (3) 37.50 April 4, 2018 - 2,000 (4) 37.50 May 31, 2018 - 11,195 (5) 0.01 August 13, 2018 23,957 66,668 (6) 25.00 April 21, 2019 - 232,585 $ 23,957 (1) Series B Warrants issued in connection with the sale of units in the Company’s unit offering in December 2010. The Series B Warrants became exercisable on July 4, 2011 and will remain exercisable thereafter until July 4, 2016. (2) Warrants issued in connection with the sale of units in the Company’s unit offering in April 2012. The warrants became exercisable on October 18, 2012, and will remain exercisable thereafter until October 18, 2017. (3) Warrants issued in connection with the issuance of the April 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (April 4, 2013) and remain exercisable until April 4, 2018. (4) Warrants issued in connection with the issuance of the May 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (May 31, 2013) and remain exercisable until May 31, 2018. (5) Warrants issued in connection with the Letter Loan. The warrants were exercisable on the grant date (August 13, 2013) and remain exercisable until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan. The exercise price was lowered to $0.01 per share on August 12, 2015, and the Company recorded approximately $15,000 in one-time amortization expenses related to the price reduction. (6) Warrants issued in connection with the sale of units in the Company’s unit offering in April 2014. The Warrants became exercisable on April 21, 2014 and will remain exercisable thereafter until April 21, 2019.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	The following table sets forth stock option activity for the six-month periods ended September 30, 2015 and 2014: Six Months Ended Six Months Ended September 30, 2015 September 30, 2014 Weighted Weighted Number of Average Number of Average Stock Options Grant Price Stock Options Grant Price Outstanding at March 31 24,920 $ 33.80 36,579 $ 34.75 Expired/Cancelled (2,000 ) 32.00 - Outstanding at September 30 22,920 $ 33.96 36,579 $ 34.75
Schedule of remaining terms of options outstanding	The following tabulation summarizes the remaining terms of the options outstanding: Exercise Remaining Options Options Price ($) Life (Yrs.) Outstanding Exercisable 24.50 1.2 3,000 3,000 40.75 2.1 4,000 2,000 43.50 2.1 6,000 6,000 40.25 2.1 2,000 2,000 39.50 2.4 2,000 - 5.50 2.5 4,000 4,000 51.75 5.0 1,920 1,920 Total 22,920 18,920

SUPPLEMENTAL CASH FLOW INFORM24

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow information	Net cash paid for interest and income taxes was as follows for the six-month periods ended September 30, 2015 and 2014: Six Months Ended September 30, 2015 2014 Interest $ 73,769 $ 548,767 Income Taxes - 44,500 Non-cash investing and financing activities for the six-month periods ended September 30, 2015 and 2014 included the following: Six Months Ended September 30, 2015 2014 Issuance of Restricted Stock for Amended Loan $ - $ 47,250 Change in Accrued Capital Expenditures 61,885 675,820 Forgiveness of Debt in Victory Settlement 600,000 - Common Stock Issued to Settle Stock Payable 234,777 - Return and Cancellation of Common Stock Issued in Victory Settlement (110,616 ) -

GENERAL (Details Narrative)

GENERAL (Details Narrative)	6 Months Ended
	Sep. 30, 2015shares
Accounting Policies [Abstract]
Description of reverse split values	1-for-25 reverse stock split of all of the outstanding shares of the Company’s common stock which was effective on July 15, 2015 (the “Reverse Split”).
Stock splits during period	35,100,000
Reduction in the number of shares	1,400,000

LIQUIDITY AND GOING CONCERN C26

LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details Narrative) - USD ($)	Sep. 28, 2015	Sep. 24, 2015	Aug. 01, 2015	May. 11, 2015	Oct. 23, 2015	Sep. 30, 2015	Oct. 01, 2015	Aug. 30, 2015	Jul. 15, 2015	Mar. 31, 2015	Feb. 26, 2015	Feb. 23, 2015	Feb. 03, 2015
Working capital deficit						$ 2,800,000				$ 9,700,000
Decrease in working capital deficit						6,800,000
Long-term note payable						6,800,000
Final payment to be paid on maturity						$ 1,400,000
Treasury stock, shares in treasury	1,476									1,476
Common stock converted into treasury stock	45,546					500				500
Sale of treasury stock	$ 104,754
Earthstone Energy [Member]
Payments for drilling activities			$ 3,400,000
Additional payments for drilling activities in next several months						$ 500,000
Letter of Intent - Victory [Member]
Notes Payable				$ 250,000						$ 350,000	$ 2,000,000		$ 2,000,000
Final payment to be paid on maturity				$ 600,000
Number of shares issued				44,070
Second Amended Letter Loan and Second Amended Note [Member]
Notes Payable						$ 7,300,000				$ 7,300,000
Notes interest rate						18.00%				18.00%
Interest payable						$ 39,000
Letter Agreement - Ms. Rogers [Member]
Notes Payable									$ 250,000			$ 7,270,734
Notes interest rate												12.00%
Final payment to be paid on maturity									$ 258,125
Restricted common stock forfeited		44,070
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes [Member]
Advance from issuer							$ 200,000
Note payable - convertible	200,000				$ 200,000			$ 2,400,000
Benefical conversion feature - intrinsic value	$ 73,333				$ 138,667

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative)	Sep. 24, 2015$ / sharesshares	Sep. 03, 2015USD ($)shares	Jul. 27, 2015USD ($)a	Sep. 30, 2015USD ($)aN$ / shares$ / Boe	Sep. 30, 2014$ / Boe	Sep. 30, 2015USD ($)aN$ / shares$ / Boe	Sep. 30, 2014USD ($)$ / Boe	Jun. 25, 2015N	Mar. 31, 2015USD ($)$ / shares
Amortization expense, per equivalent physical unit of production, per barrel of oil | $ / Boe				31.81	36.30	31.88	36.32
Gross proceeds oil and natural gas property						$ 347,600	$ 444,285
Capitalized lease cost				$ 35,687,963		$ 35,687,963			$ 36,962,831
Security Deposit			$ 5,000
Area of land | a			3,300
Sublease monthly base rent			$ 5,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.001		$ 0.001			$ 0.001
Proceeds from Deposits, net				$ 6,628		$ 1,628
Rogers Settlement Agreement [Member]
Number of common stock issued | shares		44,070
Gain on sale of oil and gas property full-cost pool		$ 110,616
Common stock, par value (in dollars per share) | $ / shares	$ 2.51
Restricted common stock forfeited | shares	44,070
Rogers Settlement Agreement [Member] | Dingo Unit [Member]
Percentage of working interest share		3.28%
Rogers Settlement Agreement [Member] | Platypus Unit [Member]
Percentage of working interest share		1.48%
Earthstone Energy [Member]
Gross proceeds oil and natural gas property						$ 347,600
Area of oil and gas properties sold | a				139.04		139.04
Percentage of working interest share						20.00%
Capitalized lease cost				$ 142,000		$ 142,000
Victory To Earthstone Energy [Member]
Capitalized lease cost				196,000		196,000
Earthstone Energy To Lucas [Member]
Capitalized lease cost				$ 54,000		$ 54,000
Penn Virginia Corporation [Member]
Number of wells | N				6		6		5
Oil and gas Property				$ 529,860		$ 529,860

PROPERTY AND EQUIPMENT (Detai28

PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Components of oil and gas properties recorded at cost
Proved leasehold costs	$ 10,216,151	$ 11,062,137
Costs of wells and development	37,526,836	37,520,061
Capitalized asset retirement costs	717,337	717,337
Total oil and gas properties	48,460,324	49,299,535
Accumulated depreciation and depletion	(12,772,361)	(12,336,704)
Net capitalized costs	$ 35,687,963	$ 36,962,831

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details)	6 Months Ended
	Sep. 30, 2015USD ($)
Reconciliation of carrying amounts of asset retirement obligations
Carrying amount at beginning of year	$ 1,051,694
Accretion	63,492
Carrying amount at end of year	$ 1,115,186

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative)

Oct. 23, 2015USD ($)N$ / shares

Sep. 28, 2015USD ($)Nshares

Aug. 30, 2015USD ($)$ / shares

Aug. 28, 2015USD ($)

Aug. 12, 2015USD ($)$ / shares

May. 11, 2015USD ($)shares

Feb. 23, 2015USD ($)

Apr. 29, 2014USD ($)shares

Aug. 16, 2013USD ($)

Aug. 13, 2013USD ($)$ / sharesshares

Dec. 31, 2014USD ($)

Sep. 13, 2014

Sep. 30, 2015USD ($)shares

Nov. 12, 2014USD ($)

Sep. 30, 2014USD ($)

Oct. 01, 2015USD ($)

Jul. 15, 2015USD ($)

Mar. 31, 2015USD ($)shares

Feb. 26, 2015USD ($)

Feb. 03, 2015USD ($)

Nov. 24, 2014

Final payment to be paid on maturity

$ 1,400,000

Interest expense

73,769

$ 548,767

Amortization of deferred financing costs

$ 125,145

$ 150,592

Common stock converted into treasury stock | shares

45,546

500

500

Current portion notes payable

$ 468,000

$ 7,249,411

Long-term portion notes payable

6,802,734

Victory Settlement Agreement [Member]

Escrow deposits, recorded as restricted cash

$ 258,000

Number of shares forfeited | shares

44,070

Letter of Intent - Victory [Member]

Notes Payable

$ 250,000

$ 350,000

$ 2,000,000

$ 2,000,000

Frequency of payment

Monthly

Final payment to be paid on maturity

$ 600,000

Number of shares issued | shares

44,070

Number of shares issued,value

$ 600,000

Second Amended Letter Loan Agreement [Member]

Debt maturity date

Oct. 31, 2016

Deferred financing costs

583,000

Note payments

$ 39,000

Current portion notes payable

468,000

Long-term portion notes payable

6,802,734

Letter Agreement - Ms. Rogers [Member]

Notes Payable

$ 7,270,734

$ 250,000

Notes interest rate

12.00%

Debt maturity date

Sep. 13, 2015

Final payment to be paid on maturity

$ 258,125

Administrator expenses

$ 50,000

Additional notes payable

$ 211,769

Second Amended Letter Loan and Second Amended Note [Member]

Notes Payable

$ 7,300,000

$ 7,300,000

Notes interest rate

18.00%

18.00%

Deferred financing costs

$ 88,000

Letter Loan - Ms. Rogers [Member]

Notes Payable

$ 7,500,000

Notes interest rate

12.00%

Notes interest rate after default

18.00%

Debt maturity date

Aug. 13, 2015

Warrant issued to administrator | shares

11,195

Warrant exercise price (in dollars per share) | $ / shares

$ 0.01

$ 33.75

Note discount

$ 127,963

21,323

Interest payments on loan

75,000

Escrow deposits, recorded as restricted cash

$ 450,000

Fee description

Administrative Fee

Debt fee frequency

Quarterly

Debt fee

$ 15,000

Deferred financing costs

$ 495,000

Increase in fair value of warrant

$ 15,136

Amended Letter Loan [Member]

Notes Payable

$ 428,327

Note interest rate during period

15.00%

Frequency of payment

Quarterly

Note payments

$ 266,000

Final payment to be paid on maturity

$ 3,870,000

Amended Letter Loan [Member] | Robertson Global Credit, LLC [Member]

Fee description

Exit fee equal to the advisory fees of approximately $15,000 per quarter that would have been due, had the note remained outstanding through maturity

Debt fee frequency

One-time

Administrator expenses

$ 25,000

Restricted common shares issued to administrator, shares | shares

3,000

Amended Letter Loan [Member] | Lower Range [Member]

Frequency of payment

Monthly

Note payments

$ 205,000

Amended Letter Loan [Member] | Upper Range [Member]

Frequency of payment

Monthly

Note payments

$ 226,000

Notes Payable - April and May Notes [Member]

Repayments of notes payable

$ 3,250,000

Second Amended Loan Agreement - Note [Member]

Notes interest rate after default

15.00%

Frequency of payment

Quarterly

Note payments

$ 266,000

Final payment to be paid on maturity

$ 3,870,000

Second Amended Loan Agreement - Note [Member] | Robertson Global Credit, LLC [Member]

Fee description

Pay $15,000 to Robertson Global Credit, LLC (“Robertson”), the administrator of the Loan, as additional consideration for the modifications.

Debt fee frequency

One-time

Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes [Member]

Note payable - convertible

$ 200,000

$ 200,000

$ 2,400,000

Notes interest rate after default

15.00%

Note interest rate during period

6.00%

Long-term portion notes payable

$ 200,000

Advance from issuer

$ 200,000

Debt default amount

$ 50,000

Debt conversion price | $ / shares

$ 1.50

Number of equity instrument issued upon conversion | N

141,578

Subsequent Event [Member] | Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes [Member]

Note payable - convertible

$ 200,000

Notes interest rate

6.00%

Notes interest rate after default

15.00%

Debt conversion price | $ / shares

$ 1.50

Number of equity instrument issued upon conversion | N

140,853

Number of equity instrument to be issued upon conversion | N

133,334

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Sep. 17, 2015	May. 11, 2015	Sep. 30, 2015
Allied Petroleum, Inc. (Subscription Agreement ) [Member]
Number of shares issued	45,546
Number of shares issued,value	$ 104,754
Share price (in dollars per share)	$ 2.30
Letter of Intent - Victory [Member]
Number of shares issued		44,070
Number of shares issued,value		$ 600,000
Victory Settlement Agreement [Member]
Restricted common stock forfeited		44,070
Escrow deposits, recorded as restricted cash		$ 258,000
Series A Convertible Preferred Stock [Member]
Description of preferred stock conversion basis			Each share of the Series A Convertible Preferred Stock is convertible into 40 shares of the Company’s common stock and has no liquidation preference and no maturity date.
Number of preferred stock oustanding			500
Preferred Stock Conversion Ratio			40

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)		6 Months Ended
		Sep. 30, 2015	Sep. 28, 2015	Mar. 31, 2015
Common stock activity
Beginning balance, issued		1,455,763		1,402,383
Beginning balance, outstanding		1,455,763		1,400,907
Beginning balance, treasury stock			(1,476)	(1,476)
Share-Based Compensation, shares		9,310
Share-Based Compensation, value	[1]	$ 39,036
Share-Based Compensation, per share		$ 4.19
Pledge Shares Issued in Consideration of Victory Note, value	[1]	$ 234,777
Pledge Shares Issued in Consideration of Victory Note, issued		44,070
Pledge Shares Issued in Consideration of Victory Note, per share		$ 5.32
Pledge Shares Issued in Consideration of Victory Note, outstanding		44,070
Cancellation of Pledge Shares Issued in Consideration of Victory Note, value	[1]	$ 110,616
Cancellation of Pledge Shares Issued in Consideration of Victory Note, per share		$ 2.51
Cancellation of Pledge Shares Issued in Consideration of Victory Note, treasury stock		(44,070)
Sale of Treasury Shares, value	[1]	$ 104,754
Sale of Treasury Shares, per share		$ 2.30
Sale of Treasury Shares, treasury stock		45,546
Ending balance, issued		1,455,763		1,402,383
Ending balance, outstanding		1,455,763		1,400,907
Ending balance, treasury stock			(1,476)	(1,476)
Common Stock [Member]
Common stock activity
Beginning balance, issued		1,455,763		1,402,383
Beginning balance, outstanding		1,455,763		1,400,907
Pledge Shares Issued in Consideration of Victory Note, issued		44,070
Ending balance, issued		1,455,763		1,402,383
Ending balance, outstanding		1,455,763		1,400,907
Treasury Stock [Member]
Common stock activity
Beginning balance, treasury stock				(1,476)
Cancellation of Pledge Shares Issued in Consideration of Victory Note, treasury stock		(44,070)
Sale of Treasury Shares, treasury stock		45,546
Ending balance, treasury stock				(1,476)
[1]	Net proceeds or fair market value on grant date, as applicable.

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1)	6 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Warrants outstanding	232,585
Warrant intrinsic value | $	$ 23,957
Warrants - Exercise Price 71.50 [Member]
Warrants outstanding	100,422	[1]
Warrant exercise price | $ / shares	$ 71.50
Warrant Expiration date	Jul. 4, 2016
Warrants - Exercise Price 57.50 [Member]
Warrants outstanding	41,300	[2]
Warrant exercise price | $ / shares	$ 57.50
Warrant Expiration date	Oct. 18, 2017
Warrants - Exercise Price 37.50 [Member]
Warrants outstanding	11,000	[3]
Warrant exercise price | $ / shares	$ 37.50
Warrant Expiration date	Apr. 4, 2018
Warrants - Exercise Price 37.50 [Member]
Warrants outstanding	2,000	[4]
Warrant exercise price | $ / shares	$ 37.50
Warrant Expiration date	May 31, 2018
Warrants - Exercise Price 0.01 [Member]
Warrants outstanding	11,195	[5]
Warrant exercise price | $ / shares	$ 0.01
Warrant Expiration date	Aug. 13, 2018
Warrant intrinsic value | $	$ 23,957
Warrants - Exercise Price 25.00 [Member]
Warrants outstanding	66,668	[6]
Warrant exercise price | $ / shares	$ 25
Warrant Expiration date	Apr. 21, 2019
[1]	Series B Warrants issued in connection with the sale of units in the Company's unit offering in December 2010. The Series B Warrants became exercisable on July 4, 2011 and will remain exercisable thereafter until July 4, 2016.
[2]	Warrants issued in connection with the sale of units in the Company's unit offering in April 2012. The warrants became exercisable on October 18, 2012, and will remain exercisable thereafter until October 18, 2017.
[3]	Warrants issued in connection with the issuance of the April 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (April 4, 2013) and remain exercisable until April 4, 2018.
[4]	Warrants issued in connection with the issuance of the May 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (May 31, 2013) and remain exercisable until May 31, 2018.
[5]	Warrants issued in connection with the Letter Loan. The warrants were exercisable on the grant date (August 13, 2013) and remain exercisable until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan. The exercise price was lowered to $0.01 per share on August 12, 2015, and the Company recorded approximately $15,000 in one-time amortization expenses related to the price reduction.
[6]	Warrants issued in connection with the sale of units in the Company's unit offering in April 2014. The Warrants became exercisable on April 21, 2014 and will remain exercisable thereafter until April 21, 2019.

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of common stock issued		9,310
Common stock aggregate grant fair		$ 39,036
Additional number of common stock issued		9,475
Common stock additional aggregate grant fair value		$ 20,371
Stock option compensation expense	$ 36,247	57,358
Unrecognized compensation expense - nonvested options	$ 49,485	$ 49,485
Unrecognized compensation expense period		1 year 6 months
Numbers of shares available for issuance	50,434	50,434
Expired shares		2,000

SHARE-BASED COMPENSATION (Det35

SHARE-BASED COMPENSATION (Details) - $ / shares	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at begning	24,920	36,579
Expired/Cancelled	(2,000)
Outstanding at ending	22,920	36,579
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at begning	$ 33.80	$ 34.75
Expired/Cancelled	32
Outstanding at ending	$ 33.96	$ 34.75

SHARE-BASED COMPENSATION (Det36

SHARE-BASED COMPENSATION (Details 1)	6 Months Ended
	Sep. 30, 2015$ / sharesshares
Remaining terms of the options outstanding
Outstanding at ending	22,920
Stock Options Exercise Price 24.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 24.50
Remaining Life	1 year 2 months 12 days
Outstanding at ending	3,000
Options exercisable	3,000
Stock Options Exercise Price 40.75 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 40.75
Remaining Life	2 years 1 month 6 days
Outstanding at ending	4,000
Options exercisable	2,000
Stock Options Exercise Price 43.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 43.50
Remaining Life	2 years 1 month 6 days
Outstanding at ending	6,000
Options exercisable	6,000
Stock Options Exercise Price 40.25 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 40.25
Remaining Life	2 years 1 month 6 days
Outstanding at ending	2,000
Options exercisable	2,000
Stock Options Exercise Price 39.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 39.50
Remaining Life	2 years 4 months 24 days
Outstanding at ending	2,000
Options exercisable
Stock Options Exercise Price 5.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 5.50
Remaining Life	2 years 6 months
Outstanding at ending	4,000
Options exercisable	4,000
Stock Options Exercise Price 51.75 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 51.75
Remaining Life	5 years
Outstanding at ending	1,920
Options exercisable	1,920

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	6 Months Ended
	Nov. 10, 2015USD ($)N	Sep. 30, 2015USD ($)
Balloon payment		$ 1,400,000
Tanner Services LLC [Member]
Name of party to settlement	Tanner Services LLC
Court	District Court of Harris County, Texas 152
Settlement amount	$ 153,136
Interest and legal fees in settlement	$ 5,000
Post-judgment interest rate	6.00%
Number of installments | N	12
Monthly payment amount	$ 5,000
Frequency of payment	Monthly
Date of first payment	Nov. 15, 2015
Balloon payment	$ 100,594

POSTRETIREMENT BENEFITS (Detail

POSTRETIREMENT BENEFITS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]
Total costs recognized for defined contribution savings plan	$ 7,300	$ 12,201	$ 14,675	$ 24,525

SUPPLEMENTAL CASH FLOW INFORM39

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental cash flow information
Interest	$ 73,769	$ 548,767
Income Taxes		$ 44,500

SUPPLEMENTAL CASH FLOW INFORM40

SUPPLEMENTAL CASH FLOW INFORMATION (Details 1) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Issuance of Restricted Stock for Amended Loan		$ 47,250
Change in Accrued Capital Expenditures Included in Accounts Payable and Accrued Liabilities	$ 61,885	$ 675,820
Forgiveness of Debt in Victory Settlement	600,000
Common Stock Issued to Settle Stock Payable	234,777
Return and cancellation of Common Stock Issued in Victory Settlement	$ (110,616)

SETTLEMENT AGREEMENTS (Details

SETTLEMENT AGREEMENTS (Details Narrative) - USD ($)	Sep. 24, 2015	Sep. 03, 2015	Jul. 15, 2015	Jun. 25, 2015	May. 11, 2015	Sep. 30, 2015	Sep. 28, 2015	Mar. 31, 2015	Feb. 26, 2015	Feb. 23, 2015	Feb. 03, 2015
Final payment to be paid on maturity						$ 1,400,000
Description of reverse split values						1-for-25 reverse stock split of all of the outstanding shares of the Company’s common stock which was effective on July 15, 2015 (the “Reverse Split”).
Treasury stock, shares in treasury							1,476	1,476
Common stock converted into treasury stock						500	45,546	500
Sale of treasury stock							$ 104,754
Letter of Intent - Victory [Member]
Notes Payable					$ 250,000			$ 350,000	$ 2,000,000		$ 2,000,000
Frequency of payment					Monthly
Final payment to be paid on maturity					$ 600,000
Number of shares issued					44,070
Letter Agreement - Ms. Rogers [Member]
Settlement received			$ 253,750
Notes Payable			250,000							$ 7,270,734
Final payment to be paid on maturity			258,125
Restricted common stock forfeited	44,070
Diem rate			129
Attorney's fees			$ 22,500
Rogers Settlement Agreement [Member]
Number of shares issued		44,070
Restricted common stock forfeited	44,070
Rogers Settlement Agreement [Member] | Dingo Unit [Member]
Percentage of working interest share		3.28%
Rogers Settlement Agreement [Member] | Platypus Unit [Member]
Percentage of working interest share		1.48%
Eagle Ford Shale (Earthstone Energy/Oak Valley Resources) [Member]
Settlement received				$ 54,020
Letter of Intent - Victory [Member]
Description of reverse split values				We also agreed to grant Victory piggyback registration rights in connection with the Victory Shares and Victory agreed to leakout terms associated with the Victory Shares, whereby Victory may not sell through a broker (post reverse split values), more than 1,000 of the Victory Shares per day; 5,000 of the Victory Shares per week; and 20,000 of the Victory Shares per month.

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Non-Revolving Line of Credit Agreement [Member] - Convertible Promissory Notes [Member]	Oct. 23, 2015USD ($)N$ / shares	Sep. 28, 2015USD ($)N	Aug. 30, 2015USD ($)$ / shares
Note payable - convertible | $	$ 200,000	$ 200,000	$ 2,400,000
Notes interest rate after default			15.00%
Note interest rate during period			6.00%
Debt default amount | $			$ 50,000
Debt conversion price | $ / shares			$ 1.50
Number of equity instrument issued upon conversion		141,578
Subsequent Event [Member]
Note payable - convertible | $	$ 200,000
Notes interest rate	6.00%
Notes interest rate after default	15.00%
Debt conversion price | $ / shares	$ 1.50
Number of equity instrument issued upon conversion	140,853
Number of equity instrument to be issued upon conversion	133,334