Camber Energy (CEIN) 10-Q 14 Nov 14 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 30, 2014	Nov. 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	30-Sep-14	'
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	'	34,958,663
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2015	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Current Assets	'	'
Cash	$306,185	$522,155
Accounts Receivable	489,251	609,097
Inventories	112,677	112,677
Other Current Assets	180,653	342,787
Total Current Assets	1,088,766	1,586,716
Property and Equipment	'	'
Oil and Gas Properties (Full Cost Method)	49,879,219	49,554,069
Other Property and Equipment	422,249	444,924
Total Property and Equipment	50,301,468	49,998,993
Accumulated Depletion, Depreciation and Amortization	-11,935,621	-11,190,505
Total Property and Equipment, Net	38,365,847	38,808,488
Other Assets	272,552	343,273
Total Assets	39,727,165	40,738,477
Current Liabilities	'	'
Accounts Payable	2,261,119	2,554,977
Common Stock Payable	17,463	11,250
Accrued Expenses	298,423	286,629
Current Portion of Long-Term Notes Payable	7,226,650	1,793,367
Total Current Liabilities	9,803,655	4,646,223
Asset Retirement Obligation	1,027,072	978,430
Long-Term Notes Payable, net of current portion	'	5,430,144
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, 33,426,584 Shares Issued and 33,426,684 Outstanding Shares at September 30, 2014 and 30,018,081 Issued and 29,981,181 Outstanding Shares at March 31, 2014, respectively	33,463	30,018
Additional Paid in Capital	54,948,060	52,995,987
Accumulated Deficit	-29,131,526	-26,388,766
Common Stock Held in Treasury, 36,900 Shares, at Cost	-49,159	-49,159
Total Stockholders' Equity	28,896,438	29,683,680
Total Liabilities and Stockholders' Equity	$39,727,165	$40,738,477

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Mar. 31, 2014
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	33,463,584	30,018,081
Common stock, shares outstanding	33,426,684	29,981,181
Treasury stock, shares in treasury	36,900	36,900

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating Revenues	'	'	'	'
Crude Oil	$992,944	$1,227,492	$1,934,865	$2,709,929
Total Revenues	992,944	1,227,492	1,934,865	2,709,929
Operating Expenses	'	'	'	'
Lease Operating Expenses	453,364	722,249	906,631	1,187,987
Severance and Property Taxes	75,764	70,015	149,259	150,681
Depreciation, Depletion, Amortization, and Accretion	425,094	498,335	815,480	1,099,012
General and Administrative	1,138,753	1,157,626	1,999,204	2,255,257
Total Expenses	2,092,975	2,448,225	3,870,574	4,692,937
Operating Loss	-1,100,031	-1,220,733	-1,935,709	-1,983,008
Other Expense (Income)	'	'	'	'
Interest Expense	349,550	352,264	731,350	550,527
Other Expense (Income), Net	25,712	-14,443	62,201	-30,236
Total Other Expenses	375,262	337,821	793,551	520,291
Loss Before Income Taxes	-1,475,293	-1,558,554	-2,729,260	-2,503,299
Income Tax Expense	13,500	'	13,500	'
Net Loss	($1,488,793)	($1,558,554)	($2,742,760)	($2,503,299)
Net Loss Per Share	'	'	'	'
Basic and Diluted (in dollars per share)	($0.04)	($0.06)	($0.08)	($0.09)
Weighted Average Shares Outstanding	'	'	'	'
Basic and Diluted (in shares)	33,462,956	27,654,974	33,047,634	27,210,355

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows from Operating Activities	'	'
Net Loss	($2,742,760)	($2,503,299)
Adjustments to reconcile net losses to net cash used in operating activities:	'	'
Depreciation, Depletion, Amortization and Accretion	815,480	1,099,012
Share-Based Compensation	116,083	252,240
Amortization of Discount on Notes	31,992	175,165
Amortization of Deferred Financing Costs	150,592	100,020
Settlement of Debt	-12,103	-101,480
Gain on Sale of Property and Equipment	-1,722	'
Changes in Components of Working Capital and Other Assets	'	'
Accounts Receivable	119,846	255,195
Inventories	'	-49,397
Other Current Assets	162,134	-167,396
Accounts Payable, Accrued Expenses and Interest Payable	277,297	6,865
Advances from Working Interest Owners	'	-1,384,085
Net Cash Used in Operating Activities	-1,083,161	-2,317,160
Investing Cash Flows	'	'
Additions of Oil and Gas Properties	-1,320,387	-2,910,970
Proceeds from Sale of Oil and Gas Properties	444,285	'
Additions of Other Property and Equipment	-323	-132,665
Proceeds from Sale of Other Property and Equipment	3,000	62,500
Net Cash Used in Investing Activities	-873,425	-2,981,135
Financing Cash Flows	'	'
Net Proceeds from the Sale of Common Stock	1,802,090	3,328,057
Proceeds from Issuance of Notes Payable	'	10,750,000
Change in Restricted Cash to be used in Financing Activities	'	-375,000
Deferred Financing Costs	-32,621	-550,322
Repayment of Borrowings	-28,853	-4,125,000
Net Cash Provided by Financing Activities	1,740,616	9,027,735
Increase (Decrease) in Cash and Cash Equivalents	-215,970	3,729,440
Cash at Beginning of the Period	522,155	450,691
Cash at End of the Period	$306,185	$4,180,131

GENERAL

GENERAL	6 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
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, 2014.  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 2014 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, 2015 and 2014 as its 2015 and 2014 fiscal years, respectively.

LIQUIDITY

LIQUIDITY	6 Months Ended
	Sep. 30, 2014
Liquidity	'
LIQUIDITY	'
	NOTE 2 – LIQUIDITY
	At September 30, 2014, the Company’s Total Current Liabilities of $9.8 million exceeded its Total Current Assets of $1.1 million, resulting in a working capital deficit of $8.7 million.  At March 31, 2014, the Company’s total current liabilities of $4.6 million exceeded its total current assets of $1.6 million, resulting in a working capital deficit of $3.0 million.  The $5.7 million increase in the working capital deficit is primarily related to approximately $5.5 million of the long-term portion of the Company’s Note Payable becoming current and a $0.2 million reduction in cash due to the payment of expenses with funds raised through the sale of equity and the amended loan agreement described below.
	On April 21, 2014, the Company closed a registered direct offering of $2,000,000 (approximately $1.8 million net, after deducting commissions and other expenses) of securities, representing 3,333,332 units, each consisting of one share of common stock and 0.50 of one warrant to purchase one share of common stock at an exercise price of $1.00 per share to certain institutional investors (see “Note 7. Stockholders’ Equity”).  The Company used the funds raised in the offering to pay expenses related to lease operating, workover activities and for general corporate purposes, including general and administrative expenses.
	On April 29, 2014 and effective March 14, 2014, the Company entered into an amended loan agreement relating to its long-term note, which had a balance of approximately $7.3 million as of March 14, 2014.  Pursuant to the amended long-term note, we restructured the repayment terms to defer monthly amortizing principal payments which began on March 13, 2014, during the period from April 13, 2014 through September 13, 2014 (see “Note 6. Notes Payable”).
	The Company believes the value of its undeveloped acreage provides a continued ability to access the capital markets in both equity and debt, which 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	6 Months Ended
	Sep. 30, 2014
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 2014 Annual Report.  There have been no changes to the Company’s significant accounting policies since March 31, 2014.

PROPERTY_AND_EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Sep. 30, 2014
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 $36.30 per barrel of oil equivalent (“BOE”) for the three months ended September 30, 2014, and was $37.53 per BOE for the three months ended September 30, 2013.  Amortization expense calculated per equivalent physical unit of production amounted to $36.32 per BOE for the six months ended September 30, 2014, and was $36.46 per BOE for the six months ended September 30, 2013.
	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, 2014, 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,
		2014			2014
	Proved leasehold costs	$	11,602,544		$	11,354,136
	Costs of wells and development		37,522,455			37,447,018
	Capitalized asset retirement costs		754,220			752,915
	Total oil and gas properties		49,879,219			49,554,069
	Accumulated depreciation and depletion		(11,708,336	)		(10,991,064	)
	Net capitalized costs	$	38,170,883		$	38,563,005
	On August 26, 2014, the Company signed a binding participation agreement with Oak Valley Resources, LLC ("OVR"), to jointly develop the Company's Karnes County, Texas acreage in the Eagle Ford shale formation.  At closing on August 31, 2014, Lucas received $444,285 for a 50% working interest on approximately 400 acres.  OVR will manage the drilling of the wells and each company will bear 50% of the drilling and completion costs. Once the wells are on production and initial oil sales begin, all revenues and operating costs will also be split between the parties on a 50% basis each.  The first well is expected to be spudded in early January 2015.  The joint venture expects to drill a minimum of two wells on the property.
	On September 2, 2014, Lucas obtained a new lease and was able to increase its Eagle Ford shale working interest share in certain Gonzales County, Texas properties from 15% to 100%.  As a result, we capitalized approximately $228,000 in leasehold costs.

ASSET_RETIREMENT_OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Sep. 30, 2014
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, 2014.  Lucas does not have short-term asset retirement obligations as of September 30, 2014.
	Carrying amount at beginning of period - March 31, 2014	$	978,430
	Accretion		48,642
	Carrying amount at end of period - September 30, 2014	$	1,027,072

NOTE_PAYABLE

NOTE PAYABLE	6 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
NOTE PAYABLE	'
	NOTE 6 – NOTE PAYABLE
	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 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, 2014.  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.  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 $480,000 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 amortizes the discount through non-cash interest expense using the effective interest method over the term of the debt.  The fair value of the 279,851 Letter Loan warrants was recorded as a $127,963 debt discount, of which, $74,648 has been amortized as of September 30, 2014.
	Effective on April 29, 2014, the Company entered into an Amended Letter Loan Agreement (the “Amended Letter Loan”) and Amended and Restated Promissory Note (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 are 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 remains 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 75,000 shares of restricted common stock, to Robertson Global Credit, LLC (“Robertson”), the administrator of the Loan, as additional consideration for the modifications. 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.
	The Amended Note still has an August 31, 2015 maturity date; therefore, the outstanding balance of the Note Payable is $7,226,650 (net of the remaining $53,315 note discount) and listed as a current liability in the balance sheet as of September 30, 2014.
	The Company capitalized approximately $80,000 in additional deferred financing costs in relation to expenses incurred in connection with the execution of the Amended Letter Loan.  Together with the initial Letter Loan and the Amended Letter Loan, the Company has paid $1,072,581 in cash interest and amortized approximately $302,527 in deferred financing cost as of September 30, 2014.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
STOCKHOLDERS' EQUITY	'
	NOTE 7 – STOCKHOLDERS' EQUITY
	Preferred Stock
	As of September 30, 2014, Lucas had 2,000 shares of Series A Convertible Preferred Stock issued and outstanding.  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 six-month period ended September 30, 2014:
							Common Shares
							Issued
			Amount (a)				Per Share			Shares		Treasury			Outstanding
	Balance at March 31, 2014										30,018,081		(36,900	)		29,981,181
	Registered Direct Unit Offering		$	1,802,090			$	0.54			3,333,332		-			3,333,332
	Restricted Stock Consideration			47,250				0.63			75,000		-			75,000
	Share-Based Compensation			17,992				0.48			37,171		-			37,171
	Balance at September 30, 2014										33,463,584		(36,900	)		33,426,684
		(a)	Net proceeds or fair market value on grant date, as applicable.
	On April 15, 2014, the Company agreed to sell an aggregate of 3,333,332 units to certain institutional investors at a purchase price of $0.60 per unit or $2 million in aggregate, with each unit consisting of one share of common stock (the “Shares”) and 0.50 of a warrant to purchase one share of the Company’s common stock at an exercise price of $1.00 per share and a term of five years (the “Warrants”, and collectively with the Shares, the “Units”).  On April 21, 2014, the offering closed, and the Company subsequently received an aggregate of $2,000,000 in gross funding and a net of approximately $1.8 million (after deducting associated legal and placement agent fees).  In total, the Company sold 3,333,332 shares of common stock and warrants to purchase 1,666,666 shares of common stock.  The Company used the funds raised in the offering to pay expenses related to lease operating, workover activities and for general corporate purposes, including general and administrative expenses.
	On April 29, 2014, in connection with our entry into the Amended Letter Loan Agreement (see “Note 6. Notes Payable”), we agreed to issue 75,000 shares of restricted common stock at a purchase price of $0.63 per share (the closing sales price of the Company’s common stock on April 29, 2014), to Robertson Global Credit, LLC (“Robertson”), the administrator of the Loan, as additional consideration for the modifications.  The listing of the shares was formally approved by the NYSE MKT LLC on May 8, 2014 and subsequently issued to Robertson on May 16, 2014.
	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, 2014, no warrants were exercised or cancelled.  As discussed above, the Company granted warrants to purchase 1,666,666 shares with an exercise price of $1.00 per share and a term of five years in connection with the sale of units in the Company’s unit offering in April 2014.  The warrants are treated as an equity instrument since the exercise price and shares are known and fixed at the date of issuance, and no other clause in the agreement requires the warrants to be treated as a liability.
	The following is a summary of the Company's outstanding warrants at September 30, 2014:
	Warrants				Exercise			Expiration	Intrinsic Value at
	Outstanding				Price ($)			Date	30-Sep-14
	2,510,506	(1	)			2.86		4-Jul-16	$	-
	1,032,500	(2	)			2.3		18-Oct-17		-
	275,000	(3	)			1.5		4-Apr-18		-
	50,000	(4	)			1.5		31-May-18		-
	279,851	(5	)			1.35		13-Aug-18		-
	1,666,666	(6	)			1		21-Apr-19		-
	5,814,523								$	-
		-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.
		-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, 2014
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 2015 fiscal year and consequently, recorded no provision or benefit for income taxes for the six months ended September 30, 2014.
	The Income Tax Expense recognized by the Company in the income statement for the current period relates to a Texas state franchise tax of approximately $44,500 ($31,000 of which was accrued in the prior year), and are not related to any federal income tax.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Sep. 30, 2014
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 37,171 shares of its common stock with an aggregate grant date fair value of $17,992 during the six-month period ended September 30, 2014, which were valued based on the trading value of Lucas’s common stock on the date of grant.  The shares were awarded according to the employment agreements with certain officers and other managerial personnel.
	Stock Options
	Of the Company’s outstanding options, no options expired, were exercised, or forfeited during the six months ended September 30, 2014.
	The following table sets forth stock option activity for the six-month periods ended September 30, 2014 and 2013:
		Six Months Ended					Six Months Ended
		30-Sep-14					30-Sep-13
					Weighted					Weighted
		Number of			Average		Number of			Average
		Stock Options			Grant Price		Stock Options			Grant Price
	Outstanding at March 31		914,468		$	1.39		819,668		$	1.55
	Granted		-			-		175,000			1.32
	Expired/Cancelled		-			-		(230,200	)		1.47
	Outstanding at September 30		914,468		$	1.39		764,468		$	1.52
	No stock options were granted during the six months ended September 30, 2014.  Compensation expense related to stock options during the three-month and six-month periods ended September 30, 2014 was $40,689 and $81,398, respectively.
	Options outstanding and exercisable at September 30, 2014 and September 30, 2013 had no intrinsic value, respectively.  The intrinsic value is based upon the difference between the market price of Lucas’s common stock on the date of exercise and the grant price of the stock options.
	The following tabulation summarizes the remaining terms of the options outstanding:
	Exercise	Remaining		Options	Options
	Price ($)	Life (Yrs.)		Outstanding	Exercisable
	1.15	0.2		216,668	216,668
	1.28	0.8		50,000	50,000
	2.07	6		72,000	72,000
	0.98	2.2		225,000	162,500
	1.63	3.1		100,800	25,200
	1.74	3.1		150,000	100,000
	1.61	3.3		50,000	-
	1.58	3.4		50,000	-
		Total		914,468	626,368
	As of September 30, 2014, total unrecognized stock-based compensation expense related to all non-vested stock options was $149,571, which is being recognized over a weighted average period of approximately 1.8 years.
	On December 27, 2013, the Company's Board of Directors adopted, subject to the ratification of the shareholders, the Company's 2014 Stock Incentive Plan (“2014 Incentive Plan”).  At the annual shareholder meeting held on February 13, 2014, Company shareholders approved the 2014 Incentive Plan providing for the Company to issue up to 1,000,000 shares of common stock to officers, directors, employees, contractors and consultants for services provided to the Company.  The Company registered shares to be issued under the 2014 Incentive Plan in a Form S-8 registration statement filed with the SEC in May 2014.
	In addition to the 2014 Incentive Plan noted above, in prior periods, the shareholders of the Company approved the Company's 2012 and 2010 Stock Incentive Plans (together with the 2014 Incentive Plan, “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 eligible employee, officer, director or consultant of the Company to receive incentive stock options, nonqualified stock options, restricted stock, stock awards and shares in performance of services. There were 1,482,828 shares available for issuance under the Plans as of September 30, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
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.

POSTRETIREMENT_BENEFITS

POSTRETIREMENT BENEFITS	6 Months Ended
	Sep. 30, 2014
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, 2014, Lucas's total costs recognized for the savings plan were $12,201 and $24,525, respectively.  During the three-month and six-month periods ended September 30, 2013, Lucas's total costs recognized for the savings plan were $5,178 and $14,956, respectively.

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Sep. 30, 2014
Supplemental Cash Flow Elements [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, 2014 and 2013:
		Six Months Ended September 30,
		2014		2013
	Interest	$	548,767	$	275.341
	Income taxes		13,500		15,000
	Non-cash investing and financing activities for the three-month periods ended September 30, 2014 and 2013 included the following:
		Six Months Ended September 30,
		2014		2013
	Accrued capital expenditures included in
	accounts payable and accrued liabilities		675,820		1,407,059
	Discount on Note Payable		-		292,464
	Issuance of Restricted Stock for Amended Loan		47,250		-

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE 13 – SUBSEQUENT EVENTS
	On October 14, 2014, the Company completed the sale of its 100% working interest in oil and gas leases and wells/wellbores in Madison County, Texas for $700,000.  The cash transaction includes approximately 450 net mineral acres primarily in the Buda and Glen Rose formations.  Management determined this acreage to be non-core and has utilized the proceeds to purchase leaseholds in Gonzales County, Texas in addition to debt service and for general corporate purposes.
	Effective October 21, 2014, the holder of our Series A Convertible Preferred Stock converted 1,500 shares of such Series A Convertible Preferred Stock into 1,500,000 shares of our common stock.  As of the date of this report, the Company still has 500 shares of Series A Convertible Preferred Stock issued and outstanding.

PROPERTY_AND_EQUIPMENT_Tables

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Sep. 30, 2014
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,
		2014			2014
	Proved leasehold costs	$	11,602,544		$	11,354,136
	Costs of wells and development		37,522,455			37,447,018
	Capitalized asset retirement costs		754,220			752,915
	Total oil and gas properties		49,879,219			49,554,069
	Accumulated depreciation and depletion		(11,708,336	)		(10,991,064	)
	Net capitalized costs	$	38,170,883		$	38,563,005

ASSET_RETIREMENT_OBLIGATIONS_T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Sep. 30, 2014
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 three-month period ended September 30, 2014.  Lucas does not have short-term asset retirement obligations as of September 30, 2014.
	Carrying amount at beginning of period - March 31, 2014	$	978,430
	Accretion		48,642
	Carrying amount at end of period - September 30, 2014	$	1,027,072

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Summary of common stock activity	'
	The following summarizes Lucas's common stock activity during the six-month period ended September 30, 2014:
							Common Shares
							Issued
			Amount (a)				Per Share			Shares		Treasury			Outstanding
	Balance at March 31, 2014										30,018,081		(36,900	)		29,981,181
	Registered Direct Unit Offering		$	1,802,090			$	0.54			3,333,332		-			3,333,332
	Restricted Stock Consideration			47,250				0.63			75,000		-			75,000
	Share-Based Compensation			17,992				0.48			37,171		-			37,171
	Balance at September 30, 2014										33,463,584		(36,900	)		33,426,684
		(a)	Net proceeds or fair market value on grant date, as applicable.
Schedule of warrant activity	'
	The following is a summary of the Company's outstanding warrants at September 30, 2014:
	Warrants				Exercise			Expiration	Intrinsic Value at
	Outstanding				Price ($)			Date	30-Sep-14
	2,510,506	(1	)			2.86		4-Jul-16	$	-
	1,032,500	(2	)			2.3		18-Oct-17		-
	275,000	(3	)			1.5		4-Apr-18		-
	50,000	(4	)			1.5		31-May-18		-
	279,851	(5	)			1.35		13-Aug-18		-
	1,666,666	(6	)			1		21-Apr-19		-
	5,814,523								$	-
		-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.
		-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.

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2014
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, 2014 and 2013:
		Six Months Ended					Six Months Ended
		30-Sep-14					30-Sep-13
					Weighted					Weighted
		Number of			Average		Number of			Average
		Stock Options			Grant Price		Stock Options			Grant Price
	Outstanding at March 31		914,468		$	1.39		819,668		$	1.55
	Granted		-			-		175,000			1.32
	Expired/Cancelled		-			-		(230,200	)		1.47
	Outstanding at September 30		914,468		$	1.39		764,468		$	1.52
Schedule of options outstanding and exercisable	'
	The following tabulation summarizes the remaining terms of the options outstanding:
	Exercise	Remaining		Options	Options
	Price ($)	Life (Yrs.)		Outstanding	Exercisable
	1.15	0.2		216,668	216,668
	1.28	0.8		50,000	50,000
	2.07	6		72,000	72,000
	0.98	2.2		225,000	162,500
	1.63	3.1		100,800	25,200
	1.74	3.1		150,000	100,000
	1.61	3.3		50,000	-
	1.58	3.4		50,000	-
		Total		914,468	626,368

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2014
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, 2014 and 2013:
		Six Months Ended September 30,
		2014		2013
	Interest	$	548,767	$	275.341
	Income taxes		13,500		15,000
	Non-cash investing and financing activities for the three-month periods ended September 30, 2014 and 2013 included the following:
		Six Months Ended September 30,
		2014		2013
	Accrued capital expenditures included in
	accounts payable and accrued liabilities		675,820		1,407,059
	Discount on Note Payable		-		292,464
	Issuance of Restricted Stock for Amended Loan		47,250		-

LIQUIDITY_Details_Narrative

LIQUIDITY (Details Narrative) (USD $)	0 Months Ended	6 Months Ended
	Apr. 21, 2014	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Apr. 29, 2014	Aug. 13, 2013
					Letter Loan and Promissory Note [Member]	Letter Loan and Promissory Note [Member]
Working capital deficit	'	$8,700,000	'	$3,000,000	'	'
Increase in working capital deficit	'	5,700,000	'	'	'	'
Amount of long-term loans payable becoming current	'	5,500,000	'	'	'	'
Decrease in payables	'	-200,000	'	'	'	'
Proceeds from shares issued, gross	2,000,000	'	'	'	'	'
Proceeds from shares issued, net of costs	1,800,000	1,802,090	3,328,057	'	'	'
Shares issued during the period	3,333,332	'	'	'	'	'
Description of consideration received per transaction to certain institutional investors	'	'	'	'	'	'
	Each consisting of one share of common stock and 0.50 of one warrant to purchase one share of common stock at an exercise price of $1.00 per share
Number of warrant issued	1,666,666	'	'	'	'	'
Exercise price of warrants	$1	'	'	'	'	$1.35
Number of shares called by each warrant	1	'	'	'	'	'
Notes Payable	'	'	'	'	$7,300,000	$7,500,000

PROPERTY_AND_EQUIPMENT_Details

PROPERTY AND EQUIPMENT (Details Narrative) (USD $)	3 Months Ended		6 Months Ended			0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Aug. 31, 2014	Sep. 02, 2014	Sep. 01, 2014
						Oak Valley [Member]	Gonzales County [Member]	Gonzales County [Member]
						acre
Amortization expense, per equivalent physical unit of production, per barrel of oil	36.3	37.53	36.32	36.46	'	'	'	'
Additions of Oil and Gas Properties	'	'	($1,320,387)	($2,910,970)	'	$444,285	'	'
Percentage working interest	'	'	'	'	'	50.00%	100.00%	15.00%
Total acreage of working interest	'	'	'	'	'	400	'	'
Leasehold costs capitalized	$49,879,219	'	$49,879,219	'	$49,554,069	'	$228,000	'

PROPERTY_AND_EQUIPMENT_Details1

PROPERTY AND EQUIPMENT (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Components of oil and gas properties recorded at cost	'	'
Proved leasehold costs	$11,602,544	$11,354,136
Costs of wells and development	37,522,455	37,447,018
Capitalized asset retirement costs	754,220	752,915
Total oil & natural gas properties	49,879,219	49,554,069
Accumulated depreciation and depletion	-11,708,336	-10,991,064
Net capitalized costs	$38,170,883	$38,563,005

ASSET_RETIREMENT_OBLIGATIONS_D

ASSET RETIREMENT OBLIGATIONS (Details) (USD $)	6 Months Ended
	Sep. 30, 2014
Reconciliation of carrying amounts of asset retirement obligations	'
Carrying amount at beginning of period	$978,430
Accretion	48,642
Carrying amount at end of period	$1,027,072

NOTES_PAYABLE_Details_Narrativ

NOTES PAYABLE (Details Narrative) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

14 Months Ended

0 Months Ended

13 Months Ended

0 Months Ended

6 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Apr. 21, 2014

Aug. 13, 2013

Sep. 30, 2014

Apr. 29, 2014

Aug. 16, 2013

Apr. 29, 2014

Sep. 30, 2014

Apr. 29, 2014

Sep. 30, 2014

Sep. 30, 2014

Letter Loan and Promissory Note [Member]

Letter Loan and Promissory Note [Member]

Letter Loan and Promissory Note [Member]

Notes Payable - April and May Notes [Member]

Amended Letter Loan [Member]

Amended Letter Loan [Member]

Amended Letter Loan [Member]

Amended Letter Loan [Member]

Amended Letter Loan [Member]

Robertson Global Credit, LLC [Member]

Lower Range [Member]

Upper Range [Member]

Notes Payable

'

'

'

'

'

$7,500,000

'

$7,300,000

'

'

'

'

'

'

Notes interest rate

'

'

'

'

'

12.00%

'

'

'

15.00%

'

'

'

'

Notes interest rate after default

'

'

'

'

'

18.00%

'

'

'

'

'

'

'

'

Debt maturity date

'

'

'

'

'

13-Aug-15

'

'

'

13-Aug-15

'

'

'

'

Warrants outstanding

'

'

'

'

'

279,851

'

'

'

'

'

'

'

'

Warrant exercise price

'

'

'

'

$1

$1.35

'

'

'

'

'

'

'

'

Note discount

'

'

'

'

'

127,963

'

'

'

'

53,315

'

'

'

Interest-only Payments due in first six months of loan

'

'

'

'

'

75,000

'

'

'

'

'

'

'

'

Escrow deposits, recorded as restricted cash

'

'

'

'

'

450,000

'

'

'

'

'

'

'

'

Quarterly administrative fee

'

'

'

'

'

15,000

'

'

'

'

'

'

'

'

Deferred financing costs

'

'

'

'

'

480,000

'

'

'

80,000

'

'

'

'

Repayments of notes payable

'

'

'

'

'

'

'

'

3,250,000

'

'

'

'

'

Monthly amortization payments

'

'

'

'

'

'

'

'

'

'

'

'

205,000

226,000

Additional principal amortization payments, per quarter

'

'

'

'

'

'

'

'

'

266,000

'

'

'

'

Final payment to be paid on maturity

'

'

'

'

'

'

'

'

'

3,870,000

'

'

'

'

Administrator expenses

'

'

'

'

'

'

'

'

'

'

'

25,000

'

'

Number of restricted common shares issued for administrator expenses in loan modification

'

'

'

'

'

'

'

'

'

'

'

75,000

'

'

Advisory fees, per quarter

'

'

'

'

'

'

'

'

'

'

'

15,000

'

'

Amortization of Discount on Notes

'

'

31,992

175,165

'

'

74,648

'

'

'

'

'

'

'

Total notes payable

'

'

'

'

'

'

'

'

'

'

7,226,650

'

'

'

Interest expense

349,550

352,264

731,350

550,527

'

'

'

'

'

'

1,072,581

'

'

'

Amortization of deferred financing costs

'

'

$150,592

$100,020

'

'

'

'

'

'

$302,527

'

'

'

STOCKHOLDERS_EQUITY_Details_Na

STOCKHOLDERS' EQUITY (Details Narrative) (USD $)	0 Months Ended	6 Months Ended			0 Months Ended
	Apr. 21, 2014	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Apr. 29, 2014
					Amended Letter Loan [Member]
					Robertson Global Credit, LLC [Member]
Preferred stock, shares issued	'	2,000	'	2,000	'
Preferred stock, shares outstanding	'	$2,000	'	$2,000	'
Number of common shares each preferred stock can be converted into	'	1,000	'	'	'
Proceeds from shares issued, gross	2,000,000	'	'	'	'
Proceeds from shares issued, net of costs	$1,800,000	$1,802,090	$3,328,057	'	'
Shares issued during the period	3,333,332	'	'	'	'
Description of consideration received per transaction to certain institutional investors	'	'	'	'	'
	Each consisting of one share of common stock and 0.50 of one warrant to purchase one share of common stock at an exercise price of $1.00 per share
Number of warrant issued	1,666,666	'	'	'	'
Share price	$0.60	'	'	'	$0.63
Warrant term	'5 years	'	'	'	'
Number of restricted common shares issued for administrator expenses in loan modification	'	'	'	'	75,000

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	0 Months Ended			6 Months Ended
	Apr. 21, 2014	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2014		Sep. 30, 2014	Mar. 31, 2014
				Common Stock [Member]		Treasury Stock [Member]	Treasury Stock [Member]
Common stock activity	'	'	'	'		'	'
Beginning balance, issued	'	33,463,584	30,018,081	30,018,081		'	'
Beginning balance, outstanding	'	33,426,684	29,981,181	29,981,181		'	'
Beginning balance, treasury stock	'	-36,900	-36,900	'		-36,900	-36,900
Registered Direct Unit Offering, shares	3,333,332	'	'	3,333,332		'	'
Registered Direct Unit Offering, value	'	'	'	$1,802,090	[1]	'	'
Registered Direct Unit Offering,, per share	'	'	'	$0.54		'	'
Restricted Stock Consideration, shares	'	'	'	75,000		'	'
Restricted Stock Consideration, value	'	'	'	47,250		'	'
Restricted Stock Consideration, per share	'	'	'	$0.63		'	'
Share-Based Compensation, shares	'	'	'	37,171		'	'
Share-Based Compensation, value	'	'	'	$17,992	[1]	'	'
Share-Based Compensation, per share	'	'	'	$0.48		'	'
Ending balance, issued	'	33,463,584	30,018,081	33,463,584		'	'
Ending balance, outstanding	'	33,426,684	29,981,181	33,426,684		'	'
Ending balance, treasury stock	'	-36,900	-36,900	'		-36,900	-36,900
[1]	Net proceeds or fair market value on grant date, as applicable.

STOCKHOLDERS_EQUITY_Details_1

STOCKHOLDERS' EQUITY (Details 1) (USD $)

Apr. 21, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Warrants - Exercise Price $2.86 [Member]

Warrants - Exercise Price $2.30 [Member]

Warrants - Exercise Price $1.50 [Member]

Warrants - Exercise Price $1.50 [Member]

Warrants - Exercise Price $1.35 [Member]

Warrants - Exercise Price $1.00 [Member]

Warrants [Member]

Warrants outstanding

'

2,510,506

[1]

1,032,500

[2]

275,000

[3]

50,000

[4]

279,851

[5]

1,666,666

[6]

5,814,523

Warrant exercise price

$1

$2.86

$2.30

$1.50

$1.50

$1.35

$1

'

Warrant Expiration date

'

4-Jul-16

18-Oct-17

4-Apr-18

31-May-18

13-Aug-18

21-Apr-19

'

[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.

[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_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	6 Months Ended
	Sep. 30, 2014	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'	'
Texas state franchise tax	$44,500	'
State franchise tax accrued prior year	'	$31,000

SHAREBASED_COMPENSATION_Detail

SHARE-BASED COMPENSATION (Details Narrative) (USD $)	6 Months Ended		3 Months Ended	6 Months Ended
	Sep. 30, 2014	Dec. 27, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
		2014 Stock Incentive Plan [Member]	Stock Options [Member]	Stock Options [Member]	Common Stock [Member]
Shares issued for stock based compensation	'	'	'	'	37,171
Value of shares issued for stock based compensation	'	'	'	'	$17,992	[1]
Stock option compensation expense	'	'	40,689	81,398	'
Unrecognized compensation expense - nonvested options	$149,571	'	'	'	'
Unrecognized compensation expense period	'1 year 9 months 18 days	'	'	'	'
Shares authorized under incentive plan	'	1,000,000	'	'	'
Numbers of shares available for issuance	1,482,828	'	'	'	'
[1]	Net proceeds or fair market value on grant date, as applicable.

SHAREBASED_COMPENSATION_Detail1

SHARE-BASED COMPENSATION (Details) (USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Mar. 31, 2014
Number of Stock Options	'	'	'
Oustanding beginning	819,668	914,468	914,468
Granted	175,000	'	'
Expired/Cancelled	-230,200	'	'
Oustanding ending	764,468	914,468	914,468
Weighted Average Grant Price	'	'	'
Oustanding beginning	$1.55	$1.39	$1.39
Granted	$1.32	'	'
Expired/Cancelled	$1.47	'	'
Oustanding ending	$1.52	$1.39	$1.39

SHAREBASED_COMPENSATION_Detail2

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

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Stock Options Exercise Price 1.15 [Member]

Stock Options Exercise Price 1.28 [Member]

Stock Options Exercise Price 2.07 [Member]

Stock Options Exercise Price 0.98 [Member]

Stock Options Exercise Price 1.63 [Member]

Stock Options Exercise Price 1.74 [Member]

Stock Options Exercise Price 1.61 [Member]

Stock Options Exercise Price 1.61 [Member]

Stock Options Exercise Price 1.58 [Member]

Remaining terms of the options outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercise price

'

'

'

'

$1.15

$1.28

$2.07

$0.98

$1.63

$1.74

'

$1.61

$1.58

Option Term

'

'

'

'

'0 years 2 months 12 days

'0 years 9 months 18 days

'6 years

'2 years 2 months 12 days

'3 years 1 month 6 days

'3 years 1 month 6 days

'3 years 3 months 18 days

'

'3 years 4 months 24 days

Number of stock options outstanding

914,468

914,468

764,468

819,668

216,668

50,000

72,000

225,000

100,800

150,000

'

50,000

50,000

Options exercisable

626,368

'

'

'

216,668

50,000

72,000

162,500

25,200

100,000

'

'

'

POSTRETIREMENT_BENEFITS_Detail

POSTRETIREMENT BENEFITS (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]	'	'	'	'
Total costs recognized for defined contribution savings plan	$12,201	$5,178	$24,525	$14,956

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Supplemental cash flow information	'	'
Interest	$548,767	$275,341
Income Taxes	13,500	15,000
Noncash Investing and Financing Activities:	'	'
Accrued capital expenditures included in accounts payable and accrued liabilities	675,820	1,407,059
Discounts on Notes Payable	'	292,464
Issuance of Restricted Stock for Amended Loan	$47,250	'

SUBSEQUENT_EVENTS_Details_Narr

SUBSEQUENT EVENTS (Details Narrative) (USD $)	6 Months Ended		0 Months Ended		0 Months Ended
	Sep. 30, 2014	Mar. 31, 2014	Oct. 14, 2014	Oct. 21, 2014	Oct. 21, 2014	Oct. 21, 2014
			Subsequent Events [Member]	Subsequent Events [Member]	Subsequent Events [Member]	Subsequent Events [Member]
			acre		Series A Convertible Preferred Stock [Member]	Common Stock [Member]
Area of oil and natural gas property sold	'	'	450	'	'	'
Proceeds from sale of oil and gas properties	$444,285	'	$700,000	'	'	'
Percentage of net royalty interest in oil and natural gas properties sold	'	'	100.00%	'	'	'
Conversion of preferred shares to common stock	'	'	'	'	-1,500	1,500,000
Preferred stock, shares issued	2,000	2,000	'	500	'	'
Preferred stock, shares outstanding	$2,000	$2,000	'	$500	'	'