Camber Energy (CEIN) 10-Q 17 Feb 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2014	Feb. 11, 2015
Document And Entity Information
Entity Registrant Name	LUCAS ENERGY, INC.
Entity Central Index Key	1309082
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-28
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		35,020,515
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Dec. 31, 2014	Mar. 31, 2014
Current Assets
Cash	$266,330	$522,155
Accounts Receivable	344,349	609,097
Inventories	188,220	112,677
Other Current Assets	128,391	342,787
Total Current Assets	927,290	1,586,716
Property and Equipment
Oil and Gas Properties (Full Cost Method)	49,522,406	49,554,069
Other Property and Equipment	422,249	444,924
Total Property and Equipment	49,944,655	49,998,993
Accumulated Depletion, Depreciation and Amortization	-12,308,510	-11,190,505
Total Property and Equipment, Net	37,636,145	38,808,488
Other Assets	194,680	343,273
Total Assets	38,758,115	40,738,477
Current Liabilities
Accounts Payable	2,841,249	2,554,977
Common Stock Payable	7,577	11,250
Accrued Expenses	238,575	286,629
Current Portion of Long-Term Notes Payable	7,021,646	1,793,367
Total Current Liabilities	10,109,047	4,646,223
Asset Retirement Obligation	1,005,520	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, 500 Shares Issued and Outstanding as of December 31, 2014 and 2,000 Shares Issued and Outstanding as of March 31, 2014, respectively	773,900	3,095,600
Common Stock, 100,000,000 Shares Authorized of $0.001 Par, 34,995,563 Shares Issued and 34,958,663 Outstanding Shares at December 31, 2014 and 30,018,081 Issued and 29,981,181	34,995	30,018
Additional Paid in Capital	57,322,003	52,995,987
Accumulated Deficit	-30,438,191	-26,388,766
Common Stock Held in Treasury, 36,900 Shares, at Cost	-49,159	-49,159
Total Stockholders' Equity	27,643,548	29,683,680
Total Liabilities and Stockholders' Equity	$38,758,115	$40,738,477

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Dec. 31, 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	500	2,000
Preferred stock, shares outstanding	$500	$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	34,995,563	30,018,081
Common stock, shares outstanding	34,958,663	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		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Operating Revenues
Crude Oil	$682,803	$1,360,131	$2,617,668	$4,070,060
Natural Gas
Total Revenues	682,803	1,360,131	2,617,668	4,070,060
Operating Expenses
Lease Operating Expenses	335,390	553,678	1,242,021	1,741,664
Severance and Property Taxes	81,611	69,545	230,871	220,225
Depreciation, Depletion, Amortization, and Accretion	388,220	601,950	1,203,700	1,700,962
General and Administrative	747,963	951,332	2,747,168	3,206,589
Total Expenses	1,553,184	2,176,505	5,423,760	6,869,440
Operating Loss	-870,381	-816,374	-2,806,092	-2,799,380
Other Expense (Income)
Interest Expense	335,285	304,592	1,066,540	855,119
Other Expense (Income), Net	100,998	9,968	163,293	-20,268
Total Other Expenses	436,283	314,560	1,229,833	834,851
Loss Before Income Taxes	-1,306,664	-1,130,934	-4,035,925	-3,634,231
Income Tax Expense			13,500
Net Loss	($1,306,664)	($1,130,934)	($4,049,425)	($3,634,231)
Net Loss Per Share
Basic and Diluted (in dollars per share)	($0.04)	($0.04)	($0.12)	($0.13)
Weighted Average Shares Outstanding
Basic and Diluted (in shares)	34,651,086	29,961,338	33,047,634	28,133,842

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities
Net Loss	($4,049,425)	($3,634,231)
Adjustments to reconcile net losses to net cash used in operating activities:
Depreciation, Depletion, Amortization and Accretion	1,203,700	1,700,962
Share-Based Compensation	159,952	365,608
Amortization of Discount on Notes	47,988	191,161
Amortization of Deferred Financing Costs	228,463	160,687
Settlement of Debt	-19,554	-104,993
Gain on Sale of Property and Equipment	-1,722	-1,000
Changes in Components of Working Capital and Other Assets
Accounts Receivable	264,748	131,150
Inventories	-75,543	-48,047
Other Current Assets	214,396	-95,935
Accounts Payable, Accrued Expenses and Interest Payable	858,222	-606,773
Advances from Working Interest Owners		-1,384,085
Net Cash Used in Operating Activities	-1,168,775	-3,325,496
Investing Cash Flows
Additions of Oil and Gas Properties	-1,881,638	-5,106,804
Proceeds from Sale of Oil and Gas Properties	1,272,296
Additions of Other Property and Equipment	-324	-146,370
Proceeds from Sale of Other Property and Equipment	3,000	326,000
Net Cash Used in Investing Activities	-606,666	-4,927,174
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		-150,000
Deferred Financing Costs	-32,621	-550,322
Repayment of Borrowings	-249,853	-4,125,000
Net Cash Provided by Financing Activities	1,519,616	9,252,735
Increase (Decrease) in Cash and Cash Equivalents	-255,825	1,000,065
Cash at Beginning of the Period	522,155	450,691
Cash at End of the Period	$266,330	$1,450,756

GENERAL

GENERAL	9 Months Ended
	Dec. 31, 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 financial statements of Lucas Energy, Inc.,  ("Lucas" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Lucas's annual report filed with the SEC on Form 10-K for the year ended March 31, 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 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_AND_GOING_CONCERN_CO

LIQUIDITY AND GOING CONCERN CONSIDERATIONS	9 Months Ended
	Dec. 31, 2014
Liquidity And Going Concern Considerations
LIQUIDITY AND GOING CONCERN CONSIDERATIONS	NOTE 2 – LIQUIDITY AND GOING CONCERN CONSIDERATIONS
	At December 31, 2014, the Company’s Total Current Liabilities of $10.1 million exceeded its Total Current Assets of $0.9 million, resulting in a working capital deficit of $9.2 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 $6.2 million increase in the working capital deficit is primarily related to approximately $5.4 million of the long-term portion of the Company’s Note Payable becoming current, a $0.26 million reduction in cash due to the payment of expenses with funds raised through the sale of equity and the amended loan agreements described below and a $0.26 million reduction in accounts receivable, as well as an additional $0.28 million in payables from working interest in non-operated wells and property taxes.
	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”).
	On November 24, 2014, and effective on November 13, 2014, the Company entered into a second amended loan agreement relating to its long-term note, which had a balance of approximately $7.1 million as of November 13, 2014.  Pursuant to the second amended long-term note, we restructured the repayment terms of the amended long-term note to defer the principal payment in the amount of $428,327 which was originally due on November 13, 2014, until December 13, 2014, as we were in the process of obtaining new financing, which new financing failed to close as a result of the subsequent precipitous decline in oil prices (see “Note 6. Notes Payable”).
	On February 3, 2015, the Company executed a Letter of Intent and Term Sheet for a proposed business combination with Victory Energy Corporation (“Victory”) (see note “13 – Subsequent Events”).  Victory and the Company are also negotiating the terms of a funding agreement that is expected to provide the capital necessary for the Company to satisfy its obligations for several Eagle Ford wells, critical accounts payable and to provide the Company with necessary working capital during the period prior to the consummation of the business combination.
	Moving forward, the Company anticipates requiring approximately $8.0 million of additional funding over the next several months in order to participate in the drilling activities contemplated by the August 2014 participation agreement with Earthstone Energy, Inc., formally known as Oak Valley Resources (“Earthstone”)(see "Note 4 Property and Equipment"). We also anticipate requiring additional funding of approximately $1.3 million for the current participation in the drilling of five Penn Virginia (“PVA”) wells and for any additional drilling and workover activities on existing properties.  In order to address the Company’s capital obligations over the next several months and per the executed term sheet with Victory, the Company expects that funding of these obligations will come from a variety of sources, including certain affiliates of Victory.  The Company anticipates these sources providing total funding of approximately $12 million during the business combination with Victory, with additional funding for post-closing debt reduction and expansion to exceed $8 million.  The Company expects that as part of the proposed transaction, and funding permitting, seven of the Company’s high-grade Eagle Ford wells with varying working interests will be funded and brought into production during the period from February through June of 2015, provided that certain interests in such wells and proceeds therefrom will be transferred to and/or owned by Victory or its affiliates. Based on nearby EOG Resources and Marathon Oil well production volumes, in addition to internal economic reservoir calculations, the Company anticipates that the monthly production revenue from these combined wells will exceed $1.1 million of revenue to the Company’s interest, assuming a price per barrel of oil of $50, which would bring the Company into a positive cash-flow position and add significant proved producing reserves to the combined 2015 company portfolio.
	The Company failed to make the required December 13, 2014 principal payment under the terms of the Second Amended Letter Loan (see “Note 6 – Note Payable” below). Specifically, on January 26, 2015, the Company received notice from a representative of its lender that it had defaulted on a payment.  Consequently, the amount owed under the Second Amended Letter Loan of approximately $7.1 million will accrue at a default interest rate of 18% per annum.  No further action has been taken by the Company’s lender, who has waived certain required interest payments, which the Company also failed to pay, that were due in January 2015 and February 2015.  The lender has also reserved the right to enter into an amended agreement with the Company at any time or to enforce any of their other rights under the Second Amended Letter Loan as a result of such default.  Subsequently, the Company also failed to make the required January 13, 2015 and February 13, 2015 principal payments under the terms of the Second Amended Letter Loan.
	Due to the nature of oil and gas interests, i.e., that rates of production generally decline over time as oil and gas reserves are depleted, if we are unable to drill additional wells and develop our proved undeveloped reserves (PUDs) or acquire additional operating properties, we believe that our revenues will continue to decline over time.  Furthermore, in the event we are unable to raise additional funding in the future, we will not be able to participate with Earthstone in the drilling of planned additional wells, will not be able to complete other drilling and/or workover activities, and may not be able to make required payments on our outstanding liabilities, including the Second Amended Letter Loan, and in fact as described above, have not been able to make certain of such payments to date.  As such, in the event we do not raise additional funding in the future, we may be forced to scale back our business plan, sell assets to satisfy outstanding debts or take other remedial steps.
	These conditions raise substantial doubt about our ability to continue as a going concern for the next twelve months. The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 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	9 Months Ended
	Dec. 31, 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 $36.20 per barrel of oil equivalent (“BOE”) for the three months ended December 31, 2014, and was $38.11 per BOE for the three months ended December 31, 2013.  Amortization expense calculated per equivalent physical unit of production amounted to $36.28 per BOE for the nine months ended December 31, 2014, and was $37.14 per BOE for the nine months ended December 31, 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 December 31, 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:
		December 31,			March 31,
		2014			2014
	Proved leasehold costs	$	10,942,198		$	11,354,136
	Costs of wells and development		37,862,871			37,447,018
	Capitalized asset retirement costs		717,337			752,915
	Total oil and gas properties		49,522,406			49,554,069
	Accumulated depreciation and depletion		(12,058,355	)		(10,991,064	)
	Net capitalized costs	$	37,464,051		$	38,563,005
	On August 26, 2014, the Company signed a binding participation agreement with Earthstone Energy, Inc., formally known as Oak Valley Resources LLC (“Earthstone”), 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.  Earthstone 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 was expected to be spudded in early January 2015; however, due to the recent and significant decline in oil prices and rig scheduling, the first well is now expected to be spudded some time during our fiscal year 2016 first quarter.  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.
	On October 10, 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 included 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.

ASSET_RETIREMENT_OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Dec. 31, 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 nine-month period ended December 31, 2014.  Lucas does not have short-term asset retirement obligations as of December 31, 2014.
	Carrying amount at beginning of period - March 31, 2014	$	978,430
	Accretion		63,973
	Reduction for sale of oil and gas property		(36,883	)
	Carrying amount at end of period - December 31, 2014	$	1,005,520

NOTE_PAYABLE

NOTE PAYABLE	9 Months Ended
	Dec. 31, 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 December 31, 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, $90,644 has been amortized as of December 31, 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 were required to pay the monthly amortization payments in accordance with the original repayment schedule (which total approximately $205,000 to $226,000, depending on the due date), as well as additional principal amortization payments of approximately $266,000 every three months (beginning October 13, 2014, and ending on July 13, 2015) until maturity, with approximately $3.87 million due on maturity, which maturity date remained August 13, 2015. Additionally, we agreed to pay all legal expenses of the lender related to the amendments and agreed to (i) pay $25,000 and (ii) issue 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 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 approximately $1.3 million in cash interest and amortized approximately $380,000 in deferred financing cost as of December 31, 2014.
	On November 24, 2014, and effective on November 13, 2014, the Company entered into a Second Amended Letter Loan Agreement (the “Second Amended Letter Loan”) and Second Amended and Restated Promissory Note (the “Second Amended Note”), in connection with the Letter Loan and the Amended Letter Loan.  Pursuant to the Second Amended Letter Loan and Second Amended Note, we restructured the repayment terms of the Amended Letter Loan and Amended Note to defer the principal payment in the amount of $428,327 which was originally due on November 13, 2014, until December 13, 2014, as we were in the process of obtaining new financing, which new financing failed to close as a result of the subsequent precipitous decline in oil prices.  Additionally, the Second Amended Letter Loan and Second Amended Note provides that (a) amounts outstanding under the Second Amended Note will accrue interest at the rate of 15% per annum and (b) additional principal amortization payments of approximately $266,000 are due every three months (beginning January 13, 2015, and ending on July 13, 2015) until maturity, with approximately $3.87 million due on maturity, which maturity date remained August 13, 2015.  Additionally, we agreed to pay all legal expenses of the lender related to the amendments and agreed to pay $15,000 to Robertson Global Credit, LLC (“Robertson”), the administrator of the Loan, as additional consideration for the modifications.
	We failed to make the required December 13, 2014 principal payment under the terms of the Second Amended Letter Loan.  Specifically, on January 26, 2015, we received notice from a representative of Ms. Rogers that we had defaulted on a payment.  Consequently, the amount owed under the Second Amended Letter Loan and Second Amended Note of approximately $7.1 million will accrue at a default interest rate of 18% per annum.  No further action has been taken by Ms. Rogers to date, who has waived required interest payments, which we also failed to pay, that were due in January 2015 and February 2015.  Ms. Rogers has also reserved the right to enter into an amended agreement with Lucas at any time or enforce any and all other rights under the Second Amended Letter Loan as a result of such default.  Subsequently, we also failed to make the required January 13, 2015 and February 13, 2015 principal payments under the terms of the Second Amended Letter Loan.
	The Second Amended Note still has an August 31, 2015 maturity date; therefore, the outstanding balance of the Note Payable is $7,021,646 (net of the remaining $37,319 note discount) and listed as a current liability in the balance sheet as of December 31, 2014.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS' EQUITY
	Preferred Stock
	As of December 31, 2014, the Company has 500 shares of Series A Convertible Preferred Stock issued and outstanding.  Each share of the Series A Convertible Preferred Stock is convertible into 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, 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
	Preferred Stock Series A
	Conversion			2,321,700			1.55			1,500,000		-			1,500,000
	Share-Based Compensation			31,781			0.46			69,150		-			69,150
	Balance at December 31, 2014									34,995,563		(36,900	)		34,958,663
		(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.
	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.
	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 nine months ended December 31, 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 $1.00 per share and a term of five years in connection with the sale of units in the Company’s unit offering in April 2014.  The warrants are treated as an equity instrument since the exercise price and shares are known and fixed at the date of issuance, and no other clause in the agreement requires the warrants to be treated as a liability.
	The following is a summary of the Company's outstanding warrants at December 31, 2014:
	Warrants			Exercise	Expiration			Intrinsic Value at
	Outstanding			Price ($)	Date			December 31, 2014
	2,510,506	-1		2.86	July 4, 2016		$	-
	1,032,500	-2		2.30	October 18, 2017			-
	275,000	-3		1.50	April 4, 2018			-
	50,000	-4		1.50	May 31, 2018			-
	279,851	-5		1.35	August 13, 2018			-
	1,666,666	-6		1.00	April 21, 2019			-
	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	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2014.
	The Income Tax Expense recognized by the Company in the income statement for the nine months ended December 31, 2014 relates to a Texas state franchise tax of approximately $44,500 ($31,000 of which was accrued in a prior period), and is not related to any federal income tax.  The Company was not assessed any Texas state franchise taxes in the prior year.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 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 69,150 shares of its common stock with an aggregate grant date fair value of $31,781 during the nine-month period ended December 31, 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 were exercised or forfeited during the nine months ended December 31, 2014.
	The following table sets forth stock option activity for the nine-month periods ended December 31, 2014 and 2013:
		Nine Months Ended					Nine Months Ended
		31-Dec-14					31-Dec-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		-			-		400,000			1.13
	Expired/Cancelled		(254,168	)		1.12		(305,200	)		1.49
	Outstanding at December 31		660,300		$	1.49		914,468		$	1.39
	No stock options were granted during the nine months ended December 31, 2014.  Compensation expense related to stock options during the three-month and nine-month periods ended December 31, 2014 was $36,311 and $117,690, respectively.
	During the quarter ended December 31, 2014, 216,668 options expired and 37,500 options were cancelled due to the resignation of Ken Daraie, W. Andrew Krusen, Jr. and Ryan J. Morris from the Board of Directors of Lucas on October 10, 2014.
	Options outstanding and exercisable at December 31, 2014 and December 31, 2013 had no intrinsic value, respectively.  The intrinsic value is based upon the difference between the market price of Lucas’s common stock on the date of exercise and the grant price of the stock options.
	The following tabulation summarizes the remaining terms of the options outstanding:
	Exercise	Remaining		Options	Options
	Price ($)	Life (Yrs.)		Outstanding	Exercisable
	1.28	0.5		50,000	50,000
	2.07	5.8		72,000	72,000
	0.98	2		187,500	187,500
	1.63	2.8		100,800	50,400
	1.74	2.8		150,000	150,000
	1.61	2.8		50,000	-
	1.58	3.1		50,000	-
		Total		660,300	509,900
	As of December 31, 2014, total unrecognized stock-based compensation expense related to all non-vested stock options was $113,259, 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 1,705,017 shares available for issuance under the Plans as of December 31, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 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. We may become involved in material legal proceedings in the future.

POSTRETIREMENT_BENEFITS

POSTRETIREMENT BENEFITS	9 Months Ended
	Dec. 31, 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 nine-month periods ended December 31, 2014, Lucas's total costs recognized for the savings plan were $9,126 and $33,651, respectively.  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.

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Dec. 31, 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 nine-month periods ended December 31, 2014 and 2013:
		Nine Months Ended December 31,
		2014			2013
	Interest	$	780,556		$	465,771
	Income Taxes		44,500			15,000
	Non-cash investing and financing activities for the nine-month periods ended December 31, 2014 and 2013 included the following:
		Nine Months Ended December 31,
		2014			2013
	Accrued Capital Expenditures Included in
	Accounts Payable and Accrued Liabilities		622,649			1,589,962
	Discount on Note Payable		-			292,464
	Issuance of Restricted Stock for Amended Loan		47,250			-
	Conversion of Preferred Stock to Common Stock		2,321,700			-
	Decrease in Asset Retirement Obligations		(36,883	)		-

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS
	On February 3, 2015, Lucas executed a Letter of Intent and Term Sheet for a proposed business combination with Victory Energy Corporation (“Victory”).  The business combination is contingent on the signing of a definitive merger agreement, which will contain customary terms and conditions, and the closing of the transactions contemplated by such agreement.  The parties expect that the business combination will involve the issuance of equity by Lucas to Victory's shareholders with no cash payment being made.  The parties also expect that upon completion of the business combination, the shareholders of Victory and Victory's partner Navitus Energy Group will own more than a majority of Lucas’s outstanding shares of common stock.
	The letter of intent contains a binding exclusivity provision that requires the two companies to work toward a definitive merger agreement to the exclusion of other potential merger partners, subject to the terms thereof. Victory and Lucas are also negotiating the terms of a funding agreement that is anticipated to provide the capital necessary for Lucas to satisfy its obligations for several Eagle Ford wells, critical accounts payable and to provide Lucas with necessary working capital during the period prior to the consummation of the business combination.

PROPERTY_AND_EQUIPMENT_Tables

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Dec. 31, 2014
Property and Equipment
Schedule of net capitalized costs being amortized	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,
		2014			2014
	Proved leasehold costs	$	10,942,198		$	11,354,136
	Costs of wells and development		37,862,871			37,447,018
	Capitalized asset retirement costs		717,337			752,915
	Total oil and gas properties		49,522,406			49,554,069
	Accumulated depreciation and depletion		(12,058,355	)		(10,991,064	)
	Net capitalized costs	$	37,464,051		$	38,563,005

ASSET_RETIREMENT_OBLIGATIONS_T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Dec. 31, 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 nine-month period ended December 31, 2014.  Lucas does not have short-term asset retirement obligations as of December 31, 2014.
	Carrying amount at beginning of period - March 31, 2014	$	978,430
	Accretion		63,973
	Reduction for sale of oil and gas property		(36,883	)
	Carrying amount at end of period - December 31, 2014	$	1,005,520

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Summary of common stock activity	The following summarizes Lucas's common stock activity during the nine-month period ended December 31, 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
	Preferred Stock Series A
	Conversion			2,321,700			1.55			1,500,000		-			1,500,000
	Share-Based Compensation			31,781			0.46			69,150		-			69,150
	Balance at December 31, 2014									34,995,563		(36,900	)		34,958,663
		(a)	Net proceeds or fair market value on grant date, as applicable.
Schedule of outstanding warrants	The following is a summary of the Company's outstanding warrants at December 31, 2014:
	Warrants			Exercise	Expiration			Intrinsic Value at
	Outstanding			Price ($)	Date			December 31, 2014
	2,510,506	-1		2.86	July 4, 2016		$	-
	1,032,500	-2		2.30	October 18, 2017			-
	275,000	-3		1.50	April 4, 2018			-
	50,000	-4		1.50	May 31, 2018			-
	279,851	-5		1.35	August 13, 2018			-
	1,666,666	-6		1.00	April 21, 2019			-
	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)	9 Months Ended
	Dec. 31, 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 nine-month periods ended December 31, 2014 and 2013:
		Nine Months Ended					Nine Months Ended
		31-Dec-14					31-Dec-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		-			-		400,000			1.13
	Expired/Cancelled		(254,168	)		1.12		(305,200	)		1.49
	Outstanding at December 31		660,300		$	1.49		914,468		$	1.39
Schedule of remaining terms of options outstanding	The following tabulation summarizes the remaining terms of the options outstanding:
	Exercise	Remaining		Options	Options
	Price ($)	Life (Yrs.)		Outstanding	Exercisable
	1.28	0.5		50,000	50,000
	2.07	5.8		72,000	72,000
	0.98	2		187,500	187,500
	1.63	2.8		100,800	50,400
	1.74	2.8		150,000	150,000
	1.61	2.8		50,000	-
	1.58	3.1		50,000	-
		Total		660,300	509,900

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Dec. 31, 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 nine-month periods ended December 31, 2014 and 2013:
		Nine Months Ended December 31,
		2014			2013
	Interest	$	780,556		$	465,771
	Income Taxes		44,500			15,000
	Non-cash investing and financing activities for the nine-month periods ended December 31, 2014 and 2013 included the following:
		Nine Months Ended December 31,
		2014			2013
	Accrued Capital Expenditures Included in
	Accounts Payable and Accrued Liabilities		622,649			1,589,962
	Discount on Note Payable		-			292,464
	Issuance of Restricted Stock for Amended Loan		47,250			-
	Conversion of Preferred Stock to Common Stock		2,321,700			-
	Decrease in Asset Retirement Obligations		(36,883	)		-

LIQUIDITY_AND_GOING_CONCERN_CO1

LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details Narrative) (USD $)	0 Months Ended	9 Months Ended		1 Months Ended
	Apr. 21, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2014	Nov. 24, 2014	Apr. 29, 2014
Working capital deficit		$9,200,000		$9,200,000	$3,000,000
Increase in working capital deficit		6,200,000
Amount of long-term loans payable becoming current		5,400,000
Decrease in cash		-260,000
Decrease in accounts receivable		-264,748	-131,150
Increase in payables		280,000
Proceeds from shares issued, gross	2,000,000
Proceeds from shares issued, net of costs	1,800,000	1,802,090	3,328,057
Number of units issued	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
Exercise price of warrants	$1
Number of shares called by each warrant	1
Additional funding required		8,000,000		8,000,000
Penn Virginia Wells [Member]
Additional funding required		1,300,000		1,300,000
Penn Virginia Wells [Member] | Victory
Additional funding required		12,000,000		12,000,000
Additional monthly revenue from business combination		1,100,000
Oil revenue assumption, per barrel		50
Second Amended Loan Agreement - Note [Member]
Default note payable amount		7,100,000		7,100,000		7,100,000
Prinicpal payment due				428,327
Notes interest rate after default						15.00%
Amended Letter Loan [Member] | Robertson Global Credit, LLC [Member]
Notes payable							$7,300,000

PROPERTY_AND_EQUIPMENT_Details

PROPERTY AND EQUIPMENT (Details) (USD $)	Dec. 31, 2014	Mar. 31, 2014
Components of oil and gas properties recorded at cost
Proved leasehold costs	$10,942,198	$11,354,136
Costs of wells and development	37,862,871	37,447,018
Capitalized asset retirement costs	717,337	752,915
Total oil & natural gas properties	49,522,406	49,554,069
Accumulated depreciation and depletion	-12,058,355	-10,991,064
Net capitalized costs	$37,464,051	$38,563,005

PROPERTY_AND_EQUIPMENT_Details1

PROPERTY AND EQUIPMENT (Details Narrative) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Sep. 02, 2014	Aug. 31, 2014	Oct. 10, 2014	Mar. 31, 2014
						acre	acre
Amortization expense, per equivalent physical unit of production, per barrel of oil	36.2	38.11	36.28	37.14
Discount interest rate for future net revenues			10.00%
Proceeds from sale of working interest			$1,272,296
Leasehold costs capitalized	49,522,406		49,522,406					49,554,069
Karnes County, Texas Working Interest [Member]
Proceeds from sale of working interest						444,285
Working interest sold, percent						50.00%
Working interest before new lease					15.00%
Working interest after new lease					100.00%
Drilling and completion costs						50.00%
Revenue and operating costs						50.00%
Acreage of working interest						400
Leasehold costs capitalized					228,000
Madison County, Texas Working Interest [Member]
Proceeds from sale of working interest							$700,000
Working interest sold, percent							100.00%
Acreage of working interest							450

ASSET_RETIREMENT_OBLIGATIONS_D

ASSET RETIREMENT OBLIGATIONS (Details) (USD $)	9 Months Ended
	Dec. 31, 2014
Reconciliation of carrying amounts of asset retirement obligations
Carrying amount at beginning of period	$978,430
Accretion	63,973
Reduction for sale of oil and natural gas property	-36,883
Carrying amount at end of period	$1,005,520

NOTES_PAYABLE_Details_Narrativ

NOTES PAYABLE (Details Narrative) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

6 Months Ended

17 Months Ended

0 Months Ended

1 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Aug. 13, 2013

Aug. 16, 2013

Nov. 12, 2014

Sep. 13, 2014

Apr. 29, 2014

Dec. 31, 2014

Apr. 21, 2014

Nov. 24, 2014

Warrant exercise price

$1

Interest expense

$335,285

$304,592

$1,066,540

$855,119

Amortization of deferred financing costs

228,463

160,687

Letter Loan - Ms. Rogers [Member]

Notes Payable

7,500,000

Notes interest rate

12.00%

Notes interest rate after default

18.00%

Debt maturity date

13-Aug-15

Warrant issued to administrator

279,851

Warrant exercise price

$1.35

Note discount

127,963

Interest payments on loan

75,000

Escrow deposits, recorded as restricted cash

450,000

Fee description

Administrative Fee

Debt fee frequency

Quarterly

Debt fee

15,000

Deferred financing costs

480,000

Notes Payable - April and May Notes [Member]

Repayments of notes payable

3,250,000

Amended Letter Loan [Member]

Note interest rate during period

15.00%

Frequency of payment

Quarterly

Note payments

266,000

Final payment to be paid on maturity

3,870,000

Accumulated amortization of discount on notes

90,644

Interest expense

1,300,000

Amortization of deferred financing costs

380,000

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

Fee description

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

Debt fee frequency

One-time

Debt fee

15,000

Deferred financing costs

80,000

Administrator expenses

25,000

Restricted common shares issued to administrator, shares

75,000

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

Frequency of payment

Monthly

Note payments

205,000

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

Frequency of payment

Monthly

Note payments

226,000

Second Amended Loan Agreement - Note [Member]

Notes interest rate after default

15.00%

Note discount

37,319

37,319

37,319

Frequency of payment

Quarterly

Note payments

266,000

Final payment to be paid on maturity

3,870,000

3,870,000

3,870,000

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

Fee description

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

Debt fee frequency

One-time

Debt fee

15,000

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	0 Months Ended	9 Months Ended
	Oct. 21, 2014	Dec. 31, 2014		Mar. 31, 2014
Common stock activity
Beginning balance, issued				30,018,081
Beginning balance, outstanding				29,981,181
Beginning balance, treasury stock				-36,900
Preferred Stock Series A Conversion, shares	1,500,000
Ending balance, issued		34,995,563		30,018,081
Ending balance, outstanding		34,958,663		29,981,181
Ending balance, treasury stock		-36,900		-36,900
Common Stock [Member]
Common stock activity
Beginning balance, issued		30,018,081
Beginning balance, outstanding		29,981,181
Registered Direct Unit Offering, shares		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
Preferred Stock Series A Conversion, shares		1,500,000
Preferred Stock Series A Conversion		2,321,700
Preferred Stock Conversion, per share		$1.55
Share-Based Compensation, shares		69,150
Share-Based Compensation, value		$31,781
Share-Based Compensation, per share		$0.46
Ending balance, issued		34,995,563
Ending balance, outstanding		34,958,663
Treasury Stock [Member]
Common stock activity
Beginning balance, treasury stock				-36,900
Ending balance, treasury stock		-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 $)	9 Months Ended
	Dec. 31, 2014		Apr. 21, 2014
Warrants outstanding	5,814,523
Warrant exercise price			$1
Warrants - Exercise Price $2.86 [Member]
Warrants outstanding	2,510,506	[1]
Warrant exercise price	$2.86
Warrant Expiration date	4-Jul-16
Warrants - Exercise Price $2.30 [Member]
Warrants outstanding	1,032,500	[2]
Warrant exercise price	$2.30
Warrant Expiration date	18-Oct-17
Warrants - Exercise Price $1.50 [Member]
Warrants outstanding	275,000	[3]
Warrant exercise price	$1.50
Warrant Expiration date	4-Apr-18
Warrants - Exercise Price $1.50 [Member]
Warrants outstanding	50,000	[4]
Warrant exercise price	$1.50
Warrant Expiration date	31-May-18
Warrants - Exercise Price $1.35 [Member]
Warrants outstanding	279,851	[5]
Warrant exercise price	$1.35
Warrant Expiration date	13-Aug-18
Warrants - Exercise Price $1.00 [Member]
Warrants outstanding	1,666,666	[6]
Warrant exercise price	$1
Warrant Expiration date	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.

STOCKHOLDERS_EQUITY_Details_Na

STOCKHOLDERS' EQUITY (Details Narrative) (USD $)	0 Months Ended
	Oct. 21, 2014	Apr. 21, 2014	Dec. 31, 2014	Apr. 29, 2014
Convertible preferred stock, shares issued upon conversion			1,000
Number of warrant issued		1,666,666
Share price		$0.60
Warrant term		5 years
Common stock issued upon converision of convertible preferred stock, shares	1,500,000
Convertible preferred stock converted, shares	1,500
Amended Letter Loan [Member] | Robertson Global Credit, LLC [Member]
Share price				$0.63

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
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) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Number of Stock Options
Outstanding beginning	914,468	819,668
Granted		400,000
Expired/Cancelled	-254,168	-305,200
Outstanding ending	660,300	914,468
Weighted Average Grant Price
Outstanding beginning	$1.39	$1.55
Granted		$1.13
Expired/Cancelled	$1.12	$1.49
Outstanding ending	$1.49	$1.39

SHAREBASED_COMPENSATION_Detail1

SHARE-BASED COMPENSATION (Details 1) (USD $)	9 Months Ended
	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Remaining terms of the options outstanding
Outstanding ending	660,300	914,468	914,468	819,668
Options exercisable	509,900
Stock Options Exercise Price 1.28 [Member]
Remaining terms of the options outstanding
Exercise price	$1.28
Option Term	6 months
Outstanding ending	50,000
Options exercisable	50,000
Stock Options Exercise Price 2.07 [Member]
Remaining terms of the options outstanding
Exercise price	$2.07
Option Term	5 years 9 months 18 days
Outstanding ending	72,000
Options exercisable	72,000
Stock Options Exercise Price 0.98 [Member]
Remaining terms of the options outstanding
Exercise price	$0.98
Option Term	2 years
Outstanding ending	187,500
Options exercisable	187,500
Stock Options Exercise Price 1.63 [Member]
Remaining terms of the options outstanding
Exercise price	$1.63
Option Term	2 years 9 months 18 days
Outstanding ending	100,800
Options exercisable	50,400
Stock Options Exercise Price 1.74 [Member]
Remaining terms of the options outstanding
Exercise price	$1.74
Option Term	2 years 9 months 18 days
Outstanding ending	150,000
Options exercisable	150,000
Stock Options Exercise Price 1.61 [Member]
Remaining terms of the options outstanding
Exercise price	$1.61
Option Term	2 years 9 months 18 days
Outstanding ending	50,000
Stock Options Exercise Price 1.58 [Member]
Remaining terms of the options outstanding
Exercise price	$1.58
Option Term	3 years 1 month 6 days
Outstanding ending	50,000

SHAREBASED_COMPENSATION_Detail2

SHARE-BASED COMPENSATION (Details Narrative) (USD $)	9 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 27, 2013
Unrecognized compensation expense - nonvested options	$113,259	$113,259
Unrecognized compensation expense period	1 year 9 months 18 days
Numbers of shares available for issuance under plans	1,705,017	1,705,017
2014 Stock Incentive Plan [Member]
Shares authorized under incentive plan			1,000,000
Stock Options [Member]
Stock option compensation expense	$117,690	$36,311
Option expired	216,668
Stock Options [Member] | Board of Directors [Member]
Options cancelled		37,500

POSTRETIREMENT_BENEFITS_Detail

POSTRETIREMENT BENEFITS (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Total costs recognized for defined contribution savings plan	$9,126	$8,051	$33,651	$23,007

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Supplemental cash flow information
Interest	$780,556	$465,771
Income Taxes	44,500	15,000
Noncash Investing and Financing Activities:
Accrued capital expenditures included in accounts payable and accrued liabilities	662,649	1,589,962
Discounts on Notes Payable		292,464
Issuance of Restricted Stock for Amended Loan	47,250
Conversion of Preferred Stock to Common Stock	2,321,700
Decrease in Asset Retirement Obligations	($36,883)