Camber Energy (CEIN) 10-Q 13 Feb 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Dec. 31, 2013	Feb. 07, 2014
Document And Entity Information	'	'
Entity Registrant Name	'LUCAS ENERGY, INC.	'
Entity Central Index Key	'0001309082	'
Document Type	'10-Q	'
Document Period End Date	31-Dec-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--03-31	'
Entity a Well-known Seasoned Issuer	'No	'
Entity a Voluntary Filer	'No	'
Entity Reporting Status Current	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	29,981,181
Entity Common Stock, Par Value per Share	$0.00	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Current Assets	'	'
Cash	$1,450,756	$450,691
Cash - Restricted	150,000	'
Accounts Receivable	701,651	832,801
Inventories	112,677	64,630
Other Current Assets	433,795	337,860
Total Current Assets	2,848,879	1,685,982
Property and Equipment	'	'
Oil and Gas Properties (Full Cost Method)	49,192,699	44,709,800
Other Property and Equipment	360,779	552,154
Total Property and Equipment	49,553,478	45,261,954
Accumulated Depletion, Depreciation and Amortization	-10,786,811	-9,204,649
Total Property and Equipment, Net	38,766,667	36,057,305
Other Assets	389,636	'
Total Assets	42,005,182	37,743,287
Current Liabilities	'	'
Accounts Payable	2,609,729	3,696,848
Common Stock Payable	18,280	17,502
Accrued Expenses	332,391	501,809
Advances From Working Interest Owners	'	1,384,085
Asset Retirement Obligation, current	'	73,621
Notes Payable	2,000,194	875,000
Total Current Liabilities	4,960,594	6,548,865
Asset Retirement Obligation	939,297	851,873
Long-term Notes Payable	5,398,503	'
Commitments and Contingencies (see Note 10)	'	'
Stockholders' Equity	'	'
Preferred Stock Series A, 2,000 Shares Authorized of $0.001 Par, 2,000 Shares Issued and Outstanding	3,095,600	3,095,600
Common Stock, 100,000,000 Shares Authorized of $0.001 Par, 30,002,874 Shares Issued and 29,965,974 Outstanding Shares at December 31, 2013 and 26,751,407 Issued and 26,714,507 Outstanding Shares at March 31, 2013, respectively	30,002	26,751
Additional Paid in Capital	52,965,728	48,970,509
Accumulated Deficit	-25,335,383	-21,701,152
Common Stock Held in Treasury, 36,900 Shares, at Cost	-49,159	-49,159
Total Stockholders' Equity	30,706,788	30,342,549
Total Liabilities and Stockholders' Equity	$42,005,182	$37,743,287

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, shares authorized	2,000	2,000
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares issued	2,000	2,000
Preferred stock, shares outstanding	$2,000	$2,000
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares issued	30,002,874	26,751,407
Common stock, shares outstanding	29,965,974	26,714,507
Treasury stock, shares in treasury	36,900	36,900

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Operating Revenues	'	'	'	'
Crude Oil	$1,360,131	$1,898,863	$4,070,060	$6,314,279
Natural Gas	'	29,032	'	64,230
Total Revenues	1,360,131	1,927,895	4,070,060	6,378,509
Operating Expenses	'	'	'	'
Lease Operating Expenses	553,678	1,002,920	1,741,664	3,085,826
Severance and Property Taxes	69,545	101,688	220,225	329,068
Depreciation, Depletion, Amortization, and Accretion	601,950	884,010	1,700,962	2,882,338
General and Administrative	951,332	2,338,493	3,206,589	5,233,542
Total Expenses	2,176,505	4,327,111	6,869,440	11,530,774
Operating Loss	-816,374	-2,399,216	-2,799,380	-5,152,265
Other Expense (Income)	'	'	'	'
Interest Expense	304,592	343,969	855,119	1,035,498
Other Expense (Income), Net	9,968	4,081	-20,268	-11,806
Total Other Expenses	314,560	348,050	834,851	1,023,692
Net Loss	($1,130,934)	($2,747,266)	($3,634,231)	($6,175,957)
Net Loss Per Share	'	'	'	'
Basic and Diluted (in dollars per share)	($0.04)	($0.10)	($0.13)	($0.25)
Weighted Average Shares Outstanding	'	'	'	'
Basic and Diluted (in shares)	29,961,338	26,735,814	28,133,842	24,557,335

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities	'	'
Net Loss	($3,634,231)	($6,175,957)
Adjustments to reconcile net losses to net cash used in operating activities:	'	'
Depreciation, Depletion, Amortization and Accretion	1,700,962	2,882,338
Share-Based Compensation	365,608	625,283
Share-Based Compensation Related to Purchase of Stock Options	'	83,657
Amortization of Discount on Notes	191,161	'
Amortization of Deferred Financing Costs	160,687	'
Settlement of Debt	-104,993	'
Gain on Sale of Property and Equipment	-1,000	-2,065
Changes in Components of Working Capital and Other Assets	'	'
Accounts Receivable	131,150	392,094
Inventories	-48,047	-2,898
Other Current Assets	-95,935	-138,763
Accounts Payable, Accrued Expenses and Interests Payable	-606,773	-2,631,881
Advances from Working Interest Owners	-1,384,085	302,592
Net Cash Used in Operating Activities	-3,325,496	-4,665,600
Investing Cash Flows	'	'
Additions of Oil and Gas Properties	-5,106,804	-3,379,572
Additions of Other Property and Equipment	-146,370	-60,809
Proceeds from Sale of Other Property and Equipment	326,000	4,069,948
Payments Received on Notes Receivable	'	14,600
Net Cash (Used in) Provided by Investing Activities	-4,927,174	644,167
Financing Cash Flows	'	'
Net Proceeds from Exercises of Warrants	'	412,501
Net Proceeds from the Sale of Common Stock	3,328,057	6,826,740
Proceeds from Issuance of Notes Payable	10,750,000	'
Change in Restricted Cash to be used in Financing Activities	-150,000	'
Deferred Financing Costs	-550,322	'
Repayment of Borrowings	-4,125,000	-248,684
Net Cash Provided by Financing Activities	9,252,735	6,990,557
Increase in Cash and Cash Equivalents	1,000,065	2,969,124
Cash and Cash Equivalents at Beginning of the Period	450,691	683,979
Cash and Cash Equivalents at End of the Period	$1,450,756	$3,653,103

GENERAL

GENERAL	9 Months Ended
	Dec. 31, 2013
General	'
GENERAL	'
	NOTE 1 - GENERAL
	History of the Company. Incorporated in Nevada in December 2003 under the name Panorama Investments Corp., the Company changed its name to Lucas Energy, Inc. effective June 9, 2006.
	The accompanying unaudited interim condensed consolidated financial statements of Lucas Energy, Inc., together with its subsidiary (collectively, "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, 2013.  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 condensed consolidated financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year 2013 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, 2014 and 2013 as its 2014 and 2013 fiscal years, respectively.
	Certain reclassifications of prior year balances have been made to conform such amounts to current year classifications.  These reclassifications have no impact on net income.

LIQUIDITY

LIQUIDITY	9 Months Ended
	Dec. 31, 2013
Liquidity	'
LIQUIDITY	'
	NOTE 2 – LIQUIDITY
	At December 31, 2013, the Company’s Total Current Liabilities of $4.9 million exceeded its Total Current Assets of $2.8 million, resulting in a working capital deficit of approximately $2.1 million.  At March 31, 2013, the Company’s total current liabilities of $6.5 million exceeded its total current assets of $1.7 million, resulting in a working capital deficit of $4.8 million.  The $2.7 million reduction in the working capital deficit is primarily related to the Company effectively accessing the capital markets in connection with the sale of both equity and debt during the nine months ended December 31, 2013.  On August 13, 2013, the Company secured a long-term Loan for $7.5 million.  A portion of the funds raised in connection with the Loan were used to repay the $3.25 million in outstanding current Notes issued in April and May 2013 (as defined and described in Note 6).  On September 6, 2013, the Company closed a registered direct offering of $3,451,500 (approximately $3.2 million net, after deducting commissions and other expenses) in shares of common stock to certain institutional investors. The Company used the funds raised in the offerings to pay down expenses related to drilling, lease operating, workover activities and for general corporate purposes, including general and administrative expenses and legal settlements.
	The Company believes its undeveloped acreage and continued ability to access the capital markets in both equity and debt provides a sufficient means to conduct its current operations, meet its contractual obligations and undertake a forward outlook on future development of its current fields.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies	'
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 2013 Annual Report.  There have been no changes to the Company’s significant accounting policies since March 31, 2013.

PROPERTY_AND_EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Dec. 31, 2013
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 $38.11 per barrel of oil equivalent (“BOE”) for the three months ended December 31, 2013, and was $40.41 per BOE for the three months ended December 31, 2012.  Amortization expense calculated per equivalent physical unit of production amounted to $37.14 per BOE for the nine months ended December 31, 2013, and was $40.73 per BOE for the nine months ended December 31, 2012.
	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. If capitalized costs exceed this limit, the excess is charged as an impairment expense. As of December 31, 2013, 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:
		December 31,			March 31,
		2013			2013
	Proved leasehold costs	$	11,426,670		$	10,002,828
	Costs of wells and development		37,020,832			33,961,775
	Capitalized asset retirement costs		745,197			745,197
	Total oil and gas properties		49,192,699			44,709,800
	Accumulated depreciation and depletion		(10,614,194	)		(9,077,997	)
	Net capitalized costs	$	38,578,505		$	35,631,803
	Other Property and Equipment
	On March 21, 2013, Lucas entered into an agreement to sell its Gonzales County, Texas office building for $325,000.  A non-reimbursable down payment of $32,500 was paid on June 26, 2013, resulting in the carrying amount of the building to be reduced by the down payment amount.  On September 20, 2013, Lucas was paid an additional $30,000 non-reimbursable payment and on November 14, 2013 the final payment of $262,500 was made completing the sale.  As of December 31, 2013, the building is no longer recognized in the Company’s financial statements.

ASSET_RETIREMENT_OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Dec. 31, 2013
Asset Retirement Obligations	'
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 nine-month period ended December 31, 2013.  Lucas does not have short-term asset retirement obligations as of December 31, 2013.
	Carrying amount at beginning of period - March 31, 2013	$	925,494
	Liabilities settled		(52,149	)
	Accretion		65,952
	Carrying amount at end of period – December 31, 2013	$	939,297

NOTE_PAYABLE

NOTE PAYABLE	9 Months Ended
	Dec. 31, 2013
Note Payable	'
NOTE PAYABLE	'
	NOTE 6 – NOTE PAYABLE
	Effective April 4, 2013, the Company entered into a Loan Agreement with various lenders (the “April 2013 Loan Agreement”) pursuant to which such lenders loaned the Company an aggregate of $2,750,000 to be used for general working capital.  The lenders included entities beneficially owned by our chairman, Ken Daraie (which entity loaned us $2,000,000) and director, W. Andrew Krusen, Jr. (which entities loaned us $250,000), as well as an unrelated third party which loaned the Company $500,000.
	Effective May 31, 2013, the Company entered into a Loan Agreement with various lenders (the “May 2013 Loan Agreement” and together with the April 2013 Loan Agreement, the “Loan Agreements”), pursuant to which such lenders loaned the Company an aggregate of $500,000 to be used for general working capital and to pay amounts the Company owed to Nordic Oil USA I, LLLP (“Nordic”).  The lenders were third parties, unaffiliated with the Company, and one lender who previously loaned the Company funds in connection with the April 2013 Loan Agreement provided the Company an additional $300,000 loan in connection with the May 2013 Loan Agreement.  The Loan Agreement included substantially similar terms as the April 2013 Loan Agreement and was approved by the prior lenders in the April 2013 Loan Agreement, who also waived their right to be repaid from the proceeds from the loans.
	The loans provided pursuant to the Loan Agreements were documented by Promissory Notes (the “Notes”) which accrued interest at the rate of 14% per annum, with such interest payable monthly in arrears (beginning June 1, 2013 in connection with the April 2013 Loan Agreement and July 1, 2013 in connection with the May 2013 Loan Agreement) and were due and payable on October 4, 2013 in connection with the April 2013 Loan Agreement and April 4, 2014 in connection with the May 2013 Loan Agreement.  The Notes could be prepaid at any time without penalty.  In the event any amounts were not paid when due under the Notes and/or in the event any event of default occurred and was continuing under the Notes, the Notes accrued interest at the rate of 17% per annum. The Note holders were each paid their pro rata portion of a commitment fee ($55,000 in connection with the April 2013 Loan Agreement and $15,000 in connection with the May 2013 Loan Agreement) and were each granted their pro rata portion of warrants to purchase 325,000 shares of the Company’s common stock which were evidenced by Common Stock Purchase Warrants (the “Warrants”).  The Warrants have an exercise price of $1.50 per share and a term of five years from the grant date.
	Effective on August 13, 2013, Lucas entered into a Letter Loan Agreement with Louise H. Rogers (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 is due and payable on August 13, 2015, provided that $75,000 in interest only payments are due on the Loan during the first six months of the term (which have been escrowed by Lucas) and beginning on March 13, 2014, Lucas is 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.  An escrow deposit of $450,000 for the first six months interest was recorded as restricted cash within the balance sheet, with $150,000 being outstanding on the balance sheet as of December 31, 2013.  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.  The 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 grant the administrator a warrant to purchase up to 279,851 shares of Lucas’s common stock at an exercise price of $1.35 per share and a term continuing until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan.  A portion of the funds raised in connection with the Loan were used to repay the $3.25 million in outstanding Notes issued in April and May 2013 as described above.  The Company also capitalized approximately $480,000 in deferred financing costs in relation to expenses incurred in the execution of the Letter Loan.
	The Company accounts for the warrant valuations in accordance with ASC 470-20, Debt with Conversion and Other Options.  Therefore, the Company records the fair value of warrants issued in connection with those instruments and amortizes the discount through non-cash interest expense using the effective interest method over the term of the debt.  The fair value of the 275,000 April 2013 Warrants was recorded as a $137,118 debt discount and the fair value of the 50,000 May 2013 Warrants was recorded as a $27,383 debt discount.  As the Notes have been fully repaid, the Company has fully amortized the total debt discount of $164,501 for the Notes.  The fair value of the 279,851 Letter Loan warrants was recorded as a $127,963 debt discount, of which, $26,660 has been amortized as of December 31, 2013.
	Additionally, Lucas had paid $147,194 in cash interest on the April 2013 Notes and $14,972 in cash interest on the May 2013 Notes.  These amounts were for total interest paid up to the Loan repayment date of August 16, 2013.  Lucas also has fully recognized $70,000 in amortization expenses in relation to deferred financing costs for the Notes.  The Company also paid $300,000 in cash interest and amortized approximately $90,000 in deferred financing cost for the Letter Loan reducing the deferred financing cost asset base to approximately $390,000.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2013
Stockholders' Equity	'
STOCKHOLDERS' EQUITY	'
	NOTE 7 – STOCKHOLDERS' EQUITY
	Preferred Stock
	As of December 31, 2013, Lucas had 2,000 shares of Series A Convertible Preferred Stock issued and outstanding.  The shares of preferred stock were issued for property acquisitions and were recorded at the fair value of the shares on the date of issuance.  Each share of the Series A Convertible Preferred Stock is convertible into 1,000 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 nine-month period ended December 31, 2013:
						Common Shares
						Issued
			Amount			Per Share		Shares		Treasury			Outstanding
	Balance at March 31, 2013								26,751,407		(36,900	)		26,714,507
	Private Offering - July (1)		$	250,000		$	1.35		185,185		-			185,185
	Registered Direct Offering - September (2)			3,209,168			1.09		2,950,000		-			2,950,000
	Share-Based Compensation			148,370			1.28		116,282		-			116,282
	Balance at December 31, 2013								30,002,874		(36,900	)		29,965,974
		-1	In July 2013, Meson Capital Partners LP, an affiliate of Ryan J. Morris, a director of the Company, purchased 185,185 restricted shares of common stock directly from the Company in a private transaction for consideration of $250,000 or $1.35 per share ($0.01 above the closing sales price of the Company’s common stock on July 17, 2013).  The Company did not pay any commission in connection with the offering.  The Company used the funds raised in the offering to pay down expenses related to drilling, lease operating, workover activities and for general corporate purposes, including general and administrative expenses.
		-2	In September 2013, the Company closed a registered direct offering of $3,451,500 (approximately $3,200,000 net, after deducting commissions and other expenses) of shares of common stock to certain institutional investors. In total, the Company sold 2.95 million shares of common stock at a price of $1.17 per share.  The Company used the funds raised in the offering to pay down expenses related to drilling, lease operating, workover activities and for general corporate purposes, including general and administrative expenses.
	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 and employees.
	Warrants
	During the nine months ended December 31, 2013, warrants to purchase 200,000 shares of our common stock with an exercise price of $2.00 per share expired unexercised.  These warrants were granted in connection with the sale of units in the Company’s unit offering in September 2012.  As discussed in Note 6, the Company granted warrants to purchase 325,000 shares of our common stock with an exercise price of $1.50 per share and a term of five years in conjunction with the issuance of the April 2013 and May 2013 Notes as well as warrants to purchase 279,851 shares of our common stock with an exercise price of $1.35 per share and a term of five years in conjunction with the Letter Loan.  The warrants are indexed to the Company’s stock and per ASC Topics 480-10-25 and 815-40 treated as an equity instrument since the exercise price and shares are known and fixed at the date of issuance, and no other clause in the agreement requires the warrants to be treated as a liability.
	The following is a summary of the Company's outstanding warrants at December 31, 2013:
	Warrants		Exercise		Expiration	Intrinsic Value
	Outstanding		Price ($)		Date	at December 31, 2013
	150,630	-1	2.98		4-Jul-14	$	-
	2,510,506	-2	2.86		4-Jul-16		-
	1,032,500	-3	2.30		18-Oct-17		-
	275,000	-4	1.50		4-Apr-18		-
	50,000	-5	1.50		31-May-18		-
	279,851	-6	1.35		13-Aug-18		-
	4,298,487					$	-
		-1	Placement agent warrants granted in connection with the sale of units in the Company's unit offering in December 2010. The warrants became exercisable on July 4, 2011 and will remain exercisable thereafter until July 4, 2014.
		-2	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.
		-3	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.
		-4	Warrants issued in connection with the issuance of the April 2013 Notes.  The warrants were exercisable on the grant date (April 4, 2013) and remain exercisable until April 4, 2018.
		-5	Warrants issued in connection with the issuance of the May 2013 Notes.  The warrants were exercisable on the grant date (May 31, 2013) and remain exercisable until May 31, 2018.
		-6	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.

INCOME_TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2013
Income Taxes	'
INCOME TAXES	'
	NOTE 8 – INCOME TAXES
	The Company has estimated that its effective tax rate for U.S. purposes will be zero for the 2014 fiscal year and consequently, recorded no provision or benefit for income taxes for the three and nine months ended December 31, 2013.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2013
Share-based Compensation [Abstract]	'
SHARE-BASED COMPENSATION	'
	NOTE 9 – SHARE-BASED COMPENSATION
	In accordance with the provisions of ASC Topic 718, 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.
	Common Stock
	During the nine-month period ended December 31, 2013, Lucas awarded 107,917 shares of its common stock with an aggregate grant date fair value of $132,355, which was recognized as stock compensation expense.  The common stock share awards were valued based on the trading value of Lucas’s common stock on the date of grant, according to the employment agreements with certain officers and other managerial personnel.  Of the 107,917 shares of common stock awarded, only 92,710 shares had been issued as of December 31, 2013.  The remaining 15,207 shares had been awarded but not issued as of December 31, 2013; therefore, $18,280 was accrued in common stock payable, representing the fair value of Lucas’s common stock on the grant date.
	Stock Options
	Of the Company’s outstanding options, 305,200 expired, were exercised, or forfeited during the nine months ended December 31, 2013.
	The following table sets forth stock option activity for the nine-month periods ended December 31, 2013 and 2012:
		Nine Months Ended					Nine Months Ended
		31-Dec-13					31-Dec-12
		Number of			Weighted		Number of			Weighted
		Stock Options			Average		Stock Options			Average
					Grant Price					Grant Price
	Outstanding at March 31		819,668		$	1.55		456,000		$	2.88
	Granted		400,000			1.13		760,400			1.46
	Expired/Cancelled		(305,200	)		1.49		(305,600	)		3.33
	Outstanding at December 31		914,468		$	1.39		910,800		$	1.54
	Lucas granted stock options to purchase shares of common stock during the nine months ended December 31, 2013 to an officer as employee based compensation. Effective April 1, 2013, the officer was granted stock options to purchase 125,000 shares of common stock with a fair value of $66,635 to be amortized and recognized as compensation expense over the service period.  The exercise price for the options equaled the closing price of the Company stock on March 28, 2013.  All issuances were valued at fair value on the date of grant based on the market value of Lucas’s common stock using the Black Scholes option pricing model.  On September 30, 2013, the officer resigned, thereby canceling the options to purchase 125,000 shares of common stock, which had not yet vested.  Of the options to purchase 125,000 shares of common stock granted to the officer, 75,000 were to vest on the one year anniversary of the grant date and the remaining 50,000 were to vest on the two year anniversary of the grant date.
	The Company also granted a director stock options to purchase 50,000 shares of common stock with a fair value of $17,507 to be amortized and recognized as compensation expense over the vesting period in July 2013.  The 50,000 options vest at the rate of 1/12 of such options over the period from July 2013 to June 2014.  The options have a two year exercise period and the exercise price for the options equaled the closing price of the Company stock on July 2, 2013.  All issuances were valued at fair value on the date of grant based on the market value of Lucas’s common stock using the Black Scholes option pricing model.
	Additionally, during the quarter ended December 31, 2013, Lucas granted the directors of the Company stock options to purchase an aggregate of 225,000 shares of common stock with a fair value of $45,652 to be amortized and recognized as compensation expense over the vesting period.  Of the 225,000 options granted, 200,000 vest at a rate of 1/12 of such options over the period from January 2014 to December 2014 while the remaining 25,000 vest at a rate of 1/6 of such options over the period from July 2014 to December 2014. The options have a three year exercise period and the exercise price for the options equaled the closing price of the Company stock on December 24, 2013 ($0.98 per share).  All issuances were valued at fair value on the date of grant based on the market value of Lucas’s common stock using the Black Scholes option pricing model.
	During the nine months ended December 31, 2013, 305,200 options were cancelled due to employee resignations.
	Compensation expense related to stock options during the three-month and nine-month periods ended December 31, 2013 was $113,368 and $365,608, respectively.
	Options outstanding and exercisable at December 31, 2013 and December 31, 2012 had no intrinsic value.  The intrinsic value is based upon the difference between the market price of Lucas’s common stock on the date of exercise and the grant price of the stock options.
	The following tabulation summarizes the remaining terms of the options outstanding:
	Exercise	Remaining		Options	Options
	Price ($)	Life (Yrs.)		Outstanding	Exercisable
	1.15	1		216,668	216,668
	2.07	6.8		72,000	72,000
	1.63	3.8		100,800	25,200
	1.74	3.8		150,000	100,000
	1.61	4		50,000	-
	1.58	4.1		50,000	-
	1.28	1.5		50,000	20,835
	0.98	3		225,000	-
		Total		914,468	434,703
	As of December 31, 2013, total unrecognized stock-based compensation expense related to all non-vested stock options was $231,057, which is being recognized over a weighted average period of approximately 2.4 years.
	In prior periods, the shareholders of the Company approved the Company's 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 were 535,206 shares available for issuance under the Plans as of December 31, 2013.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2013
Commitments And Contingencies	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 10 – COMMITMENTS AND CONTINGENCIES
	Legal Proceedings. From time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. We are not currently involved in any legal proceedings that we believe could reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of operations, other than the below. We may become involved in material legal proceedings in the future.
	On October 13, 2011, Lucas entered into a purchase and sale agreement with Nordic Oil USA I, LLLP (“Nordic”), whereby effective July 1, 2011, Lucas purchased all of Nordic’s right, title and interest in certain oil, gas and mineral leases located in Gonzales, Karnes and Wilson Counties, Texas.  The transaction officially closed on November 18, 2011. Lucas agreed to pay Nordic $22 million, payable in the form of a senior secured promissory note (with recourse only to the properties acquired), which accrued interest at the rate of 6% per annum (the “Note”), the payment of which was secured by a Deed of Trust, Security Agreement, Financing Statement and Assignment of Production on the property acquired (the “Deed of Trust”).  Lucas failed to pay the note when it was due on November 17, 2012, and the parties were unable to come to terms on a settlement of the debt.  Subsequently in December 2012, Nordic filed a lawsuit against Lucas pursuant to which Nordic made claims for the payment of damages in connection with liens attached to the property, the proceeds from alleged wrongful assignments of the property acquired in the transaction, pre-and-post judgment interest, a foreclosure and sale of the property, plus attorney’s fees in the amount of 10% of the principal and interest then owing on the note (as allegedly allowed pursuant to the terms of the Note), and sought damages for breach of contract and attorney’s fees. On March 29, 2013, and effective March 31, 2013 (the “Effective Date”), Lucas entered into a Settlement and Release Agreement with Nordic (the “Settlement Agreement”), pursuant to which the parties agreed to settle and terminate the purchase and sale agreement, Lucas agreed to pay $1,125,000 to Nordic (which has been paid to date), assigned certain properties and completed certain fieldwork stipulated in the Settlement and Release Agreement.  Additionally, the parties agreed to mutually release each other and each other’s affiliates and assigns from all claims, causes of actions, damages and liabilities relating to any events which occurred prior to the effective date, whether as a result of the purchase of the properties, the note or otherwise, and to further indemnify each other from any claims associated therewith. On September 19, 2013, Lucas made the final $125,000 payment per the Settlement Agreement.  On November 13, 2013, Nordic filed a Notice of Dismissal with Prejudice dismissing all of Nordic’s claims against Lucas.
	On October 5, 2012, Knight Capital Americas LLC (as successor in interest to Knight Capital America, L.P. (“Knight”)), filed suit against the Company in the Supreme Court of the State of New York, County of New York (Index No. 157012/2012).  The Company previously engaged Knight as a broker/dealer in connection with a proposed fund raise.  The suit alleges causes of actions for breach of contract, unjust enrichment, breach of implied covenants, tortious interference and seeks declaratory relief in connection with the Company allegedly failing to pay Knight fees in connection with its right of first refusal to provide broker/dealer services in connection with a subsequently completed fund raise undertaken by the Company.  On September 18, 2013, Lucas entered into a Settlement and Release Agreement with Knight, pursuant to which the parties agreed to settle the litigation, and Lucas agreed to pay Knight an aggregate of $220,000, which amount has been paid to date (with the final $33,334 payment being made on December 16, 2013), and Knight subsequently dismissed the lawsuit with prejudice.
	On April 8, 2013, the Company entered into a Settlement Agreement with Seidler Oil & Gas, L.P. (“Seidler”) on a lawsuit claiming a refund on previous investments with Lucas.  The Company settled the outstanding balance and paid Seidler $1.3 million plus legal fees.  Seidler released the Company, its current and past officers, directors and agents from associated claims and Seidler agreed to dismiss the previously filed lawsuit with prejudice. In addition, certain private investors also agreed to release the Company, Seidler, and their respective past and present affiliates from any and all claims.

POSTRETIREMENT_BENEFITS

POSTRETIREMENT BENEFITS	9 Months Ended
	Dec. 31, 2013
Postretirement Benefits	'
POSTRETIREMENT BENEFITS	'
	NOTE 11 – POSTRETIREMENT BENEFITS
	Lucas maintains a matched defined contribution savings plan for its employees.  During the three-month and nine-month periods ended December 31, 2013, Lucas's total costs recognized for the savings plan were $8,051 and $23,007, respectively.  During the three-month and nine-month periods ended December 31, 2012, Lucas's total costs recognized for the savings plan were $10,800 and $28,941, respectively.

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Dec. 31, 2013
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 nine-month periods ended December 31, 2013 and 2012:
		Nine Months Ended December 31,
		2013		2012
	Interest	$	465,771	$	27,164
	Income taxes		15,000		-
	Non-cash investing and financing activities for the nine-month periods ended December 31, 2013 and 2012 included the following:
		Nine Months Ended December 31,
		2013		2012
	Increase in asset retirement obligations	$	-	$	202,500
	Net assumption of note payable
	in acquisition of oil and gas properties		-		450,000
	Discounts on notes payable		292,464		-
	Extinguishment of note receivable in
	exchange of certain oil and gas properties		-		470,812
	Conversion of preferred stock to
	common stock		-		5,163,930
	Accrued capital expenditures included in
	accounts payable and accrued liabilities		1,589,962		-
	Extinguishment of note payable in
	exchange of certain oil and gas properties		-		(269,163	)

PROPERTY_AND_EQUIPMENT_Tables

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Dec. 31, 2013
Property And Equipment Tables	'
Components of oil and gas properties recorded at cost	'
	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:
		December 31,			March 31,
		2013			2013
	Proved leasehold costs	$	11,426,670		$	10,002,828
	Costs of wells and development		37,020,832			33,961,775
	Capitalized asset retirement costs		745,197			745,197
	Total oil and gas properties		49,192,699			44,709,800
	Accumulated depreciation and depletion		(10,614,194	)		(9,077,997	)
	Net capitalized costs	$	38,578,505		$	35,631,803

ASSET_RETIREMENT_OBLIGATIONS_T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Dec. 31, 2013
Asset Retirement Obligations Tables	'
Reconciliation of carrying amounts 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 nine-month period ended December 31, 2013.
	Carrying amount at beginning of period - March 31, 2013	$	925,494
	Liabilities settled		(52,149	)
	Accretion		65,952
	Carrying amount at end of period – December 31, 2013	$	939,297

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Dec. 31, 2013
Stockholders Equity Tables	'
Summary of common stock activity	'
	The following summarizes Lucas's common stock activity during the nine-month period ended December 31, 2013:
						Common Shares
						Issued
			Amount			Per Share		Shares		Treasury			Outstanding
	Balance at March 31, 2013								26,751,407		(36,900	)		26,714,507
	Private Offering - July (1)		$	250,000		$	1.35		185,185		-			185,185
	Registered Direct Offering - September (2)			3,209,168			1.09		2,950,000		-			2,950,000
	Share-Based Compensation			148,370			1.28		116,282		-			116,282
	Balance at December 31, 2013								30,002,874		(36,900	)		29,965,974
		-1	In July 2013, Meson Capital Partners LP, an affiliate of Ryan J. Morris, a director of the Company, purchased 185,185 restricted shares of common stock directly from the Company in a private transaction for consideration of $250,000 or $1.35 per share ($0.01 above the closing sales price of the Company’s common stock on July 17, 2013).  The Company did not pay any commission in connection with the offering.  The Company used the funds raised in the offering to pay down expenses related to drilling, lease operating, workover activities and for general corporate purposes, including general and administrative expenses.
		-2	In September 2013, the Company closed a registered direct offering of $3,451,500 (approximately $3,200,000 net, after deducting commissions and other expenses) of shares of common stock to certain institutional investors. In total, the Company sold 2.95 million shares of common stock at a price of $1.17 per share.  The Company used the funds raised in the offering to pay down expenses related to drilling, lease operating, workover activities and for general corporate purposes, including general and administrative expenses.
Summary of outstanding warrants	'
	The following is a summary of the Company's outstanding warrants at December 31, 2013:
	Warrants		Exercise		Expiration	Intrinsic Value
	Outstanding		Price ($)		Date	at December 31, 2013
	150,630	-1	2.98		4-Jul-14	$	-
	2,510,506	-2	2.86		4-Jul-16		-
	1,032,500	-3	2.30		18-Oct-17		-
	275,000	-4	1.50		4-Apr-18		-
	50,000	-5	1.50		31-May-18		-
	279,851	-6	1.35		13-Aug-18		-
	4,298,487					$	-
		-1	Placement agent warrants granted in connection with the sale of units in the Company's unit offering in December 2010. The warrants became exercisable on July 4, 2011 and will remain exercisable thereafter until July 4, 2014.
		-2	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.
		-3	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.
		-4	Warrants issued in connection with the issuance of the April 2013 Notes.  The warrants were exercisable on the grant date (April 4, 2013) and remain exercisable until April 4, 2018.
		-5	Warrants issued in connection with the issuance of the May 2013 Notes.  The warrants were exercisable on the grant date (May 31, 2013) and remain exercisable until May 31, 2018.
		-6	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.

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2013
Share-Based Compensation Tables	'
Schedule of stock option activity	'
	The following table sets forth stock option activity for the nine-month periods ended December 31, 2013 and 2012:
		Nine Months Ended					Nine Months Ended
		31-Dec-13					31-Dec-12
		Number of			Weighted		Number of			Weighted
		Stock Options			Average		Stock Options			Average
					Grant Price					Grant Price
	Outstanding at March 31		819,668		$	1.55		456,000		$	2.88
	Granted		400,000			1.13		760,400			1.46
	Expired/Cancelled		(305,200	)		1.49		(305,600	)		3.33
	Outstanding at December 31		914,468		$	1.39		910,800		$	1.54
Summary of remaining terms of the options outstanding	'
	The following tabulation summarizes the remaining terms of the options outstanding:
	Exercise	Remaining		Options	Options
	Price ($)	Life (Yrs.)		Outstanding	Exercisable
	1.15	1		216,668	216,668
	2.07	6.8		72,000	72,000
	1.63	3.8		100,800	25,200
	1.74	3.8		150,000	100,000
	1.61	4		50,000	-
	1.58	4.1		50,000	-
	1.28	1.5		50,000	20,835
	0.98	3		225,000	-
		Total		914,468	434,703

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Information Tables	'
Schedule of supplemental cash flow information	'
	Net cash paid for interest and income taxes was as follows for the nine-month periods ended December 31, 2013 and 2012:
		Nine Months Ended December 31,
		2013		2012
	Interest	$	465,771	$	27,164
	Income taxes		15,000		-
	Non-cash investing and financing activities for the nine-month periods ended December 31, 2013 and 2012 included the following:
		Nine Months Ended December 31,
		2013		2012
	Increase in asset retirement obligations	$	-	$	202,500
	Net assumption of note payable
	in acquisition of oil and gas properties		-		450,000
	Discounts on notes payable		292,464		-
	Extinguishment of note receivable in
	exchange of certain oil and gas properties		-		470,812
	Conversion of preferred stock to
	common stock		-		5,163,930
	Accrued capital expenditures included in
	accounts payable and accrued liabilities		1,589,962		-
	Extinguishment of note payable in
	exchange of certain oil and gas properties		-		(269,163	)

LIQUIDITY_Details_Narrative

LIQUIDITY (Details Narrative) (USD $)	0 Months Ended	9 Months Ended
	Sep. 06, 2013	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013	Aug. 13, 2013	31-May-13
					Letter Loan and Promissory Note	Notes Payable - April and May Notes
Total Current Liabilities	'	$4,960,594	'	$6,548,865	'	'
Total Current Assets	'	2,848,879	'	1,685,982	'	'
Working capital deficit	'	2,100,000	'	4,800,000	'	'
Decrease in working capital deficit	'	-2,700,000	'	'	'	'
Notes Payable	'	2,000,194	'	875,000	7,500,000	'
Notes paid down	'	'	'	'	'	3,250,000
Proceeds from shares issued, gross	3,451,500	'	'	'	'	'
Proceeds from shares issued, net of costs	$3,200,000	$3,328,057	$6,826,740	'	'	'

PROPERTY_AND_EQUIPMENT_Details

PROPERTY AND EQUIPMENT (Details Narrative) (USD $)	0 Months Ended			3 Months Ended		9 Months Ended
	Nov. 14, 2013	Sep. 20, 2013	Jun. 26, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Mar. 21, 2013
Property And Equipment Details Narrative	'	'	'	'	'	'	'	'
Amortization expense, per equivalent physical unit of production, per barrel of oil	'	'	'	38.11	40.41	37.14	40.73	'
Building to be sold, included in other property and equipment	'	'	'	'	'	'	'	$325,000
Proceeds from sale of Other Property and Equipment	$262,500	$30,000	$32,500	'	'	$326,000	$4,069,948	'

PROPERTY_AND_EQUIPMENT_Details1

PROPERTY AND EQUIPMENT (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Components of oil and gas properties recorded at cost	'	'
Proved leasehold costs	$11,426,670	$10,002,828
Costs of wells and development	37,020,832	33,961,775
Capitalized asset retirement costs	745,197	745,197
Total oil and gas properties	49,192,699	44,709,800
Accumulated depreciation and depletion	-10,614,194	-9,077,997
Net capitalized costs	$38,578,505	$35,631,803

ASSET_RETIREMENT_OBLIGATIONS_D

ASSET RETIREMENT OBLIGATIONS (Details) (USD $)	9 Months Ended
	Dec. 31, 2013
Reconciliation of carrying amounts of long-term legal obligations	'
Carrying amount at beginning of period	$925,494
Liabilities settled	-52,149
Accretion	65,952
Carrying amount at end of period	$939,297

NOTES_PAYABLE_Details_Narrativ

NOTES PAYABLE (Details Narrative) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2013

Apr. 04, 2013

Dec. 31, 2013

Apr. 04, 2013

Apr. 04, 2013

Apr. 04, 2013

31-May-13

Dec. 31, 2013

31-May-13

Dec. 31, 2013

31-May-13

Aug. 13, 2013

Dec. 31, 2013

April 2013 Notes

April 2013 Notes

April 2013 Notes

April 2013 Notes

April 2013 Notes

May 2013 Notes

May 2013 Notes

May 2013 Notes

Notes Payable - April and May Notes

Notes Payable - April and May Notes

Letter Loan and Promissory Note

Letter Loan and Promissory Note

Unaffiliated Lender

Ken Daraie, Director

W. Andrew Krusen, Jr., Director

Unaffiliated Lender

Notes Payable

$2,000,194

'

$875,000

$2,750,000

'

$500,000

$2,000,000

$250,000

$500,000

'

$300,000

'

'

$7,500,000

'

Notes interest rate

'

'

'

14.00%

'

'

'

'

14.00%

'

'

'

'

12.00%

'

Notes interest rate after default

'

'

'

17.00%

'

'

'

'

17.00%

'

'

'

'

18.00%

'

Commitment fee paid

'

'

'

55,000

'

'

'

'

15,000

'

'

'

'

'

'

Warrants outstanding

4,298,487

'

'

275,000

'

'

'

'

50,000

'

'

325,000

'

279,851

'

Warrant exercise price

'

'

'

1.5

'

'

'

'

1.5

'

'

1.5

'

1.35

'

Warrants, recorded as debt discount

'

'

'

137,118

'

'

'

'

27,383

'

'

164,501

'

127,963

'

Interest-only Payments due in first six months of loan

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000

'

Escrow deposits, recorded as restricted cash

150,000

'

'

'

'

'

'

'

'

'

'

'

'

450,000

'

Quarterly administrative fee

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000

'

Deferred financing costs

390,000

'

'

'

'

'

'

'

'

'

'

'

'

480,000

'

Notes paid down

'

'

'

'

'

'

'

'

'

'

'

'

3,250,000

'

'

Amortization of Discount on Notes

191,161

'

'

'

'

'

'

'

'

'

'

'

'

'

26,660

Amortization of Deferred Financing Costs

160,687

'

'

'

'

'

'

'

'

'

'

70,000

'

'

90,000

Interest Paid

$465,771

$27,164

'

'

$147,194

'

'

'

'

$14,972

'

'

'

'

$300,000

STOCKHOLDERS_EQUITY_Details_Na

STOCKHOLDERS' EQUITY (Details Narrative) (USD $)	9 Months Ended
	Dec. 31, 2013	Jul. 17, 2013	Mar. 31, 2013
Preferred stock, shares outstanding	$2,000	'	$2,000
Spread of per share price above closing sales price (in dollars per share)	'	$0.01	'
Warrants expired	200,000	'	'
Exercise price of expired warrants (in units)	2	'	'
Series A Preferred Stock	'	'	'
Preferred Stock Conversion Ratio	1,000	'	'
Per share price of new issues (in dollars per share)	$1.17	'	'

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2013		Dec. 31, 2013	Mar. 31, 2013
		Common Stock		Treasury Stock	Treasury Stock
Common stock activity	'	'		'	'
Beginning balance, issued	26,751,407	26,751,407		'	'
Beginning balance, outstanding	26,714,507	26,714,507		'	'
Beginning balance, treasury stock	-36,900	'		-36,900	-36,900
Private Offering - July (1)	'	185,185	[1]	'	'
Private Offering - July (1), value	'	$250,000	[1]	'	'
Private Offering - July (1), per share	'	$1.35	[1]	'	'
Registered Direct Offering - September (2)	'	2,950,000	[2]	'	'
Registered Direct Offering - September (2), value	'	3,209,168	[2]	'	'
Registered Direct Offering - September (2), per share	'	$1.09	[2]	'	'
Share-Based Compensation, shares	92,710	116,282		'	'
Share-Based Compensation, value	'	$148,370		'	'
Share-Based Compensation, per share	'	$1.28		'	'
Ending balance, issued	30,002,874	30,002,874		'	'
Ending balance, outstanding	29,965,974	29,965,974		'	'
Ending balance, treasury stock	-36,900	'		-36,900	-36,900
[1]	In July 2013, Meson Capital Partners LP, an affiliate of Ryan J. Morris, a Director of the Company, purchased 185,185 restricted shares of common stock directly from the Company in a private transaction for consideration of $250,000 or $1.35 per share ($0.01 above the closing sales price of the Company's common stock on July 17, 2013). The Company did not pay any commission in connection with the offering. The Company used the funds raised in the offering to pay down expenses related to drilling, lease operating, workover activities and for general corporate purposes, including general and administrative expenses.
[2]	In September 2013, the Company closed a registered direct offering of $3,451,500 (approximately $3,200,000 net, after deducting commissions and other expenses) of shares of common stock to certain institutional investors. In total, the Company sold 2.95 million shares of common stock at a price of $1.17 per share. The Company used the funds raised in the offering to pay down expenses related to drilling, lease operating, workover activities and for general corporate purposes, including general and administrative expenses.

STOCKHOLDERS_EQUITY_Details_1

STOCKHOLDERS' EQUITY (Details 1) (USD $)	9 Months Ended
	Dec. 31, 2013
Warrants outstanding	4,298,487
Warrants Due July 4, 2014	'
Warrants outstanding	150,630	[1]
Warrant exercise price	2.98
Expiration date	4-Jul-14
Warrant Intrinsic Value	'
Warrants Due July 4, 2016	'
Warrants outstanding	2,510,506	[2]
Warrant exercise price	2.86
Expiration date	4-Jul-16
Warrant Intrinsic Value	'
Warrants Due October 18, 2017	'
Warrants outstanding	1,032,500	[3]
Warrant exercise price	2.3
Expiration date	18-Oct-17
Warrant Intrinsic Value	'
Warrants Due April 4, 2018	'
Warrants outstanding	275,000	[4]
Warrant exercise price	1.5
Expiration date	4-Apr-18
Warrant Intrinsic Value	'
Warrants Due May 31, 2018	'
Warrants outstanding	50,000	[5]
Warrant exercise price	1.5
Expiration date	31-May-18
Warrant Intrinsic Value	'
Warrants Due August 13, 2018	'
Warrants outstanding	279,851	[6]
Warrant exercise price	1.35
Expiration date	13-Aug-18
Warrant Intrinsic Value	'
[1]	Placement agent warrants granted in connection with the sale of units in the Company's unit offering in December 2010. The warrants became exercisable on July 4, 2011 and will remain exercisable thereafter until July 4, 2014.
[2]	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.
[3]	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.
[4]	Warrants issued in connection with the issuance of the April 2013 Notes. The warrants were exercisable on the grant date (April 4, 2013) and remain exercisable until April 4, 2018.
[5]	Warrants issued in connection with the issuance of the May 2013 Notes. The warrants were exercisable on the grant date (May 31, 2013) and remain exercisable until May 31, 2018.
[6]	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.

SHAREBASED_COMPENSATION_Detail

SHARE-BASED COMPENSATION (Details Narrative) (USD $)	3 Months Ended	9 Months Ended			9 Months Ended	1 Months Ended	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013	Dec. 31, 2013	Jul. 31, 2013	Dec. 31, 2013
					Officer	Director	Director
Shares of common stock awarded	'	107,917	'	'	'	'	'
Grant Date fair value of shares awarded in period	'	$132,355	'	'	'	'	'
Shares issued for share-based compensation	'	92,710	'	'	'	'	'
Shares awarded, but not issued	15,207	15,207	'	'	'	'	'
Common Stock Payable	18,280	18,280	'	17,502	'	'	'
Number of stock options granted	'	400,000	760,400	'	125,000	50,000	225,000
Fair value of options granted	'	'	'	'	66,635	17,507	45,652
Number of stock options expired/cancelled	'	-305,200	-305,600	'	-125,000	'	'
Stock options, vesting terms	'	'	'	'	'75,000 were to vest on the one year anniversary of the grant date and the remaining 50,000 were to vest on the two year anniversary of the grant date.	'The 50,000 options vest at the rate of 1/12 of such options over the period from July 2013 to June 2014	'200,000 vest at a rate of 1/12 of such options over the period from January 2014 to December 2014 while the remaining 25,000 vest at a rate of 1/6 of such options over the period from July 2014 to December 2014.
Option Term	'	'	'	'	'	'2 years	'3 years
Option excecise price	'	'	'	'	'	'	$0.98
Stock compensation expense	113,368	365,608	625,283	'	'	'	'
Intrinsic value of options outstanding and exercisable	'	'	'	'	'	'	'
Unrecognized stock based compensation expense	$231,057	$231,057	'	'	'	'	'
Period for recognition of unrecognized stock based compensation expense	'	'2 years 4 months 24 days	'	'	'	'	'
Shares available for issuance under existing plans	535,206	535,206	'	'	'	'	'

SHAREBASED_COMPENSATION_Detail1

SHARE-BASED COMPENSATION (Details) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Number of Stock Options	'	'
Oustanding beginning	819,668	456,000
Granted	400,000	760,400
Expired/Cancelled	-305,200	-305,600
Oustanding ending	914,468	910,800
Weighted Average Grant Price	'	'
Oustanding beginning	$1.55	$2.88
Granted	$1.13	$1.46
Expired/Cancelled	$1.49	$3.33
Oustanding ending	$1.39	$1.54

SHAREBASED_COMPENSATION_Detail2

SHARE-BASED COMPENSATION (Details 1) (USD $)

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Stock Options Exercise Price 1.15

Stock Options Exercise Price 2.07

Stock Options Exercise Price 1.63

Stock Options Exercise Price 1.74

Stock Options Exercise Price 1.61

Stock Options Exercise Price 1.58

Stock Options Exercise Price 1.28

Stock Options Exercise Price 0.98

Remaining terms of the options outstanding

'

'

'

'

'

'

'

'

'

'

'

'

Exercise price

'

'

'

'

$1.15

$2.07

$1.63

$1.74

$1.61

$1.58

$1.28

$0.98

Option Term

'

'

'

'

'1 year

'6 years 9 months 18 days

'3 years 9 months 18 days

'3 years 9 months 18 days

'4 years

'4 years 1 month 6 days

'1 year 6 months

'3 years

Number of stock options outstanding

914,468

819,668

910,800

456,000

216,668

72,000

100,800

150,000

50,000

50,000

50,000

225,000

Options exercisable

434,703

'

'

'

216,668

72,000

25,200

100,000

'

'

20,835

'

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	1 Months Ended	9 Months Ended
	Dec. 16, 2013	Dec. 31, 2013
Non-recourse senior secured promissory note with Nordic relinquished	'	$22,000,000
Knight Capital	'	'
Amount of settlement agreement to pay Knight Capital	'	220,000
Amounts paid for legal settlements	33,334	'
Seidler Oil & Gas, L.P.	'	'
Amounts paid for legal settlements	'	$1,300,000

POSTRETIREMENT_BENEFITS_Detail

POSTRETIREMENT BENEFITS (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Postretirement Benefits Details Narrative	'	'	'	'
Total costs recognized for defined contribution savings plan	$8,051	$10,800	$23,007	$28,941

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Supplemental cash flow information	'	'
Interest	$465,771	$27,164
Income Taxes	15,000	'
Noncash Investing and Financing Activities:	'	'
Increase in asset retirement obligations	'	202,500
Net assumption of note payable in acquisition of oil and gas properties	'	450,000
Discount on Notes Payable	292,464	'
Extinguishment of note receivable in exchange of certain oil and gas properties	'	470,812
Conversion of preferred stock to common stock	'	5,163,930
Accrued capital expenditures included in accounts payable and accrued liabilities	1,589,962	'
Extinguishment of note payable in exchange of certain oil and gas properties	'	($269,163)