Camber Energy (CEIN) 10-Q 16 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 09, 2016
Document And Entity Information
Entity Registrant Name	LUCAS ENERGY, INC.
Entity Central Index Key	1,309,082
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Trading Symbol	LEI
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,467,891
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Current Assets
Cash	$ 250,921	$ 166,597
Accounts Receivable	92,634	170,542
Inventories	194,996	194,519
Other Current Assets	48,547	102,300
Total Current Assets	587,098	633,958
Property and Equipment
Oil and Gas Properties (Full Cost Method)	48,494,625	49,299,535
Other Property and Equipment	420,351	420,950
Total Property and Equipment	48,914,976	49,720,485
Accumulated Depletion, Depreciation and Amortization	(13,248,193)	(12,604,570)
Total Property and Equipment, Net	35,666,783	37,115,915
Other Assets	61,872	188,645
Total Assets	36,315,753	37,938,518
Current Liabilities
Accounts Payable	$ 2,648,928	2,436,543
Common Stock Payable		19,363
Accrued Expenses	$ 568,236	226,975
Note Payable - Victory		$ 350,000
Convertible Notes Payable - Silver Star, Net of Discount	$ 617,082
Note Payable - Rogers, Net of Discount	7,153,734	$ 7,249,411
Total Current Liabilities	10,987,980	10,282,292
Asset Retirement Obligations	1,147,178	1,051,694
Total Liabilities	$ 12,135,158	$ 11,333,986
Commitments and Contingencies (see Note 10)
Stockholders' Equity
Preferred Stock Series A, 2,000 Shares Authorized of $0.001 Par, 500 Shares Issued and Outstanding	$ 773,900	$ 773,900
Common Stock, 100,000,000 Shares Authorized of $0.001 Par, 1,467,891 Shares Issued and Outstanding Shares at December 31, 2015 and 1,402,383 Shares Issued and 1,400,907 Shares Outstanding at March 31, 2015	1,468	1,402
Additional Paid in Capital	57,929,959	57,395,429
Accumulated Deficit	$ (34,524,732)	(31,517,040)
Common Stock Held in Treasury, 0 and 1,476 Shares, Respectively, at Cost		(49,159)
Total Stockholders' Equity	$ 24,180,595	26,604,532
Total Liabilities and Stockholders' Equity	$ 36,315,753	$ 37,938,518

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000	2,000
Preferred stock, shares issued	500	500
Preferred stock, shares outstanding	500	500
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	1,467,891	1,402,383
Common stock, shares outstanding	1,467,891	1,400,907
Treasury stock, shares in treasury	0	1,476

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Operating Revenues
Crude Oil	$ 183,705	$ 682,803	$ 867,406	$ 2,617,668
Total Revenues	183,705	682,803	867,406	2,617,668
Operating Expenses
Lease Operating Expenses	182,449	335,390	597,932	1,242,021
Severance and Property Taxes	27,961	81,611	98,456	230,871
Depreciation, Depletion, Amortization, and Accretion	204,069	388,220	739,107	1,203,700
General and Administrative	675,827	747,963	1,854,646	2,747,168
Total Expenses	1,090,306	1,553,184	3,290,141	5,423,760
Operating Loss	(906,601)	(870,381)	(2,422,735)	(2,806,092)
Other Expense (Income)
Interest Expense	51,394	335,285	557,613	1,066,540
Other Expense	65,132	100,998	27,344	163,293
Total Other Expenses	116,526	436,283	584,957	1,229,833
Loss Before Income Taxes	$ (1,023,127)	$ (1,306,664)	$ (3,007,692)	(4,035,925)
Income Tax Expense				13,500
Net Loss	$ (1,023,127)	$ (1,306,664)	$ (3,007,692)	$ (4,049,425)
Net Loss Per Common Share
Basic and Diluted (in dollars per share)	$ (0.70)	$ (0.94)	$ (2.09)	$ (3.06)
Weighted Average Number of Common Shares Outstanding
Basic and Diluted (in shares)	1,463,590	1,386,043	1,438,573	1,321,905

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net Loss	$ (3,007,692)	$ (4,049,425)
Adjustments to Reconcile Net Losses to Net Cash Used in Operating Activities:
Depreciation, Depletion, Amortization and Accretion	739,107	1,203,700
Share-Based Compensation	129,581	159,952
Amortization of Discount on Notes	66,315	47,988
Amortization of Deferred Financing Costs	125,145	228,463
Settlement of Debt	20,519	(19,554)
Loss (Gain) on Sale of Property and Equipment	602	(1,722)
Changes in Operating Assets and Liabilities
Accounts Receivable	77,908	264,748
Inventories	(477)	(75,543)
Other Current Assets	53,753	214,396
Accounts Payable and Accrued Expenses	610,026	858,222
Net Cash Used in Operating Activities	(1,185,213)	(1,168,775)
Cash Flows from Investing Activities
Additions of Oil and Gas Properties	(149,453)	(1,881,638)
Proceeds from Sale of Oil and Gas Properties	347,600	1,272,296
Additions of Other Property and Equipment		(324)
Proceeds from Victory Settlement	54,021
Proceeds from Deposits, net	1,628
Proceeds from Sale of Other Property and Equipment		3,000
Net Cash Provided By (Used in) Investing Activities	253,796	(606,666)
Cash Flows from Financing Activities
Net Proceeds from the Sale of Common Stock		1,802,090
Porceeds from Issuance of Convertible Notes	800,000
Proceeds from Issuance of Notes Payable	250,000
Sale of Treasury Stock	104,754
Stock Placement Fees	(22,013)
Deferred Financing Costs		(32,621)
Payments on Notes Payable	(117,000)	(249,853)
Net Cash Provided by Financing Activities	1,015,741	1,519,616
Increase (Decrease) in Cash	84,324	(255,825)
Cash and Cash Equivalents at Beginning of the Period	166,597	522,155
Cash and Cash Equivalents at End of the Period	$ 250,921	$ 266,330
[us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber]	22,920	26,412

GENERAL

GENERAL	9 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1 - GENERAL History of the Company. The accompanying unaudited interim consolidated financial statements of Lucas Energy, Inc. (“Lucas” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Lucas’s annual report filed with the SEC on Form 10-K for the year ended March 31, 2015. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year 2015, as reported in the Form 10-K have been omitted. The Company’s fiscal year ends on the last day of March of the calendar year. The Company refers to the twelve-month periods ended March 31, 2016 and 2015 as its 2016 and 2015 fiscal years, respectively. Pursuant to the authorization provided by the Company’s stockholders at the Company’s March 25, 2015 annual meeting of stockholders, and in order to meet the continued listing standards of the NYSE MKT, the Board of Directors of the Company approved the filing of a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of Nevada to effect a 1-for-25 reverse stock split of all of the outstanding shares of the Company’s common stock which was effective on July 15, 2015. The effect of the reverse split was to combine each 25 shares of outstanding common stock prior to the reverse split into one new share subsequent to the reverse split, with no change in authorized shares or par value per share, and to reduce the number of common stock shares outstanding from approximately 35.1 million shares to approximately 1.4 million shares (prior to rounding fractional shares up to the nearest whole share). Proportional adjustments were also made to the conversion and exercise prices of the Company’s outstanding convertible preferred stock, warrants and stock options, and to the number of shares issued and issuable under the Company’s stock incentive plans. All issued and outstanding shares of common stock, conversion terms of preferred stock, options and warrants to purchase common stock and per share amounts contained in the financial statements, in accordance with SAB TOPIC 4C, have been retroactively adjusted to reflect the reverse split for all periods presented.

LIQUIDITY AND GOING CONCERN CON

LIQUIDITY AND GOING CONCERN CONSIDERATIONS	9 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY AND GOING CONCERN CONSIDERATIONS	NOTE 2 – LIQUIDITY AND GOING CONCERN CONSIDERATIONS At December 31, 2015, the Company’s total current liabilities of $11.0 million exceeded its total current assets of $0.6 million, resulting in a working capital deficit of $10.4 million, while at March 31, 2015, the Company’s total current liabilities of $10.3 million exceeded its total current assets of $0.6 million, resulting in a working capital deficit of $9.7 million. The $0.7 million increase in the working capital deficit is primarily related to cash used from our new convertible notes with Silver Star Oil Company (“Silver Star”) of $0.6 million, net of discount of $0.2 million, and $0.2 million of additional payables incurred related to the recent purchase agreement entered into by the Company, noted below, offset by a $0.1 million decrease in amounts owed under our Rogers loan. On August 28, 2015, we entered into an amendment to the Rogers Loan (defined in Note 6) whereby we agreed to, among other things, extend the maturity date of the Rogers Loan to October 31, 2016 (from September 13, 2015), pay $39,000 in monthly principal payments in lieu of interest as well as pay all operating income of the collateralized assets (beginning October 1, 2015). Additionally, on December 14, 2015, we entered into an amendment to the Rogers Loan requiring us to transfer all of our oil and gas interests and equipment to our newly formed wholly-owned Texas subsidiary, CATI Operating LLC (“CATI”), which clarified that following the transfer, our lender had no right to foreclose upon Lucas (at the Nevada corporate parent level) upon the occurrence of an event of default and that instead our lender would only take action against CATI and its assets (see “Note 6 – Notes Payable” below). On August 28, 2015, we entered into a Non-Revolving Line of Credit Agreement with Silver Star. The line of credit provides us the right to sell up to $2.4 million in convertible promissory notes to Silver Star. The Company has the right to request advances in an amount not to exceed $200,000, each thirty days, and each advance is to be evidenced by a convertible promissory note (described in greater detail in “Note 6 – Note Payable” below). During the current fiscal year, we sold four convertible notes of $200,000 to Silver Star for a total of $800,000 pursuant to the terms of the line of credit. Subsequently, on February 10, 2016 the Company sold another convertible note to Silver Star for $200,000. Although we are able to continue to borrow funds under the line of credit over the next several months, going forward, we anticipate requiring additional funding of approximately $0.5 million for drilling and workover activities on existing properties and administrative expenses, as well as the funding required to repay the amounts owed under the Rogers Loan, as amended, in the event we cannot further extend or restructure such debt, and amounts required to complete the transactions contemplated by the December 2015 purchase agreement described below. On December 30, 2015 we signed a purchase agreement to acquire, from 21 different entities and individuals, working interests in producing properties and undeveloped acreage. The assets agreed to be acquired include varied interests in two largely contiguous acreage blocks in the liquids-rich Mid-Continent region. In exchange for the assets being acquired, Lucas will assume $31,350,000 in commercial bank debt, issue 552,000 shares of a newly designated form of convertible preferred stock, issue 13,009,664 shares of common stock, and pay $4,975,000 in cash. At the closing of the transaction, which is subject to various closing conditions, we will rebrand and change our name to “Camber Energy, Inc.” The purchase agreement also includes customary termination provisions for both the Company and the sellers, which include, subject to the terms of the purchase agreement and in certain circumstances rights to cure or other prerequisites. The Company also obtained the opinion of Canaccord Genuity Corporation (“Canaccord”) providing that in the opinion of Canaccord, the acquisition is fair, from a financial point of view, to the Company, prior to the approval of such purchase agreement by the Board of Directors. The Company agreed to pay Canaccord $170,000 for the fairness opinion. We currently anticipate the closing of the acquisition, which is subject to various closing conditions, to occur during the first quarter of fiscal 2017 and will require additional funding of approximately $1.35 million in legal expenses, investment banking fees and other transaction costs in order to complete the acquisition, in addition to the cash required to be paid at closing as described above. Lucas is currently discussing potential financing transactions in order to fulfill our current capital requirements as well as our planned asset acquisition, which we believe, if finalized and completed, will ensure the future viability of the Company. However, due to our current capital structure and 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 obtain the necessary financing to finalize the asset purchase or drill additional wells and develop our proved undeveloped reserves (PUDs); coupled with the continued substantial drop in commodity prices over the last twelve months, we believe that our revenues will continue to decline over time. Therefore, we may be forced to scale back our business plan, sell assets to satisfy outstanding debts or take other remedial steps which may include seeking bankruptcy protection. These conditions raise substantial doubt about our ability to continue as a going concern for the next twelve months. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company has provided a discussion of significant accounting policies, estimates and judgments in its 2015 Annual Report. There have been no changes to the Company’s significant accounting policies since March 31, 2015.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Dec. 31, 2015
Property and Equipment
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Oil and Gas Properties Lucas uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized. Properties not subject to amortization consist of acquisition, exploration and development costs, which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired and the corresponding costs are added to the capitalized costs subject to amortization. Costs of oil and gas properties are amortized using the units of production method. Amortization expense calculated per equivalent physical unit of production amounted to $31.78 per barrel of oil equivalent (“BOE”) for the three months ended December 31, 2015, and was $36.20 per BOE for the three months ended December 31, 2014. Amortization expense calculated per equivalent physical unit of production amounted to $31.85 per BOE for the nine months ended December 31, 2015, and was $36.28 per BOE for the nine months ended December 31, 2014. In applying the full cost method, Lucas performs an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the “estimated present value,” of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions at the end of the period, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. The price used in the ceiling test is the simple average first of the month price for the prior 12 months. If capitalized costs exceed this limit, the excess is charged as an impairment expense. As of December 31, 2015, no impairment of oil and gas properties was indicated. All of Lucas’s oil and gas properties are located in the United States. Below are the components of Lucas’s oil and gas properties recorded at: December 31, March 31, Proved leasehold costs $ 10,244,951 $ 11,062,137 Costs of wells and development 37,532,337 37,520,061 Capitalized asset retirement costs 717,337 717,337 Total oil and gas properties 48,494,625 49,299,535 Accumulated depreciation and depletion (12,930,110 ) (12,336,704 ) Net capitalized costs $ 35,564,515 $ 36,962,831 On June 25, 2015, we closed the sale (effective June 1, 2015) of 139.04 net acres of oil and gas properties located in Karnes County, Texas, to Earthstone Energy, Inc. (“Earthstone Energy”), which included the sale of all working interest, net lease interest and contractual rights owned by us in the Copeland-Karnes Unit and the Griffin Unit (the “Units”), but not any contractual obligations relating to the LEI Copeland-Karnes wellbore and the LEI Griffin wellbore or production therefrom. Earthstone Energy also became the operator of the Units. The total purchase price paid to us for the purchase was $347,600, along with the grant from Earthstone Energy to us of an option to participate, at cost, for up to 20% of an 8/8ths interest, in all future operations within the proposed ESTE-Boggs Unit upon successfully obtaining the required funding, provided that we were required to exercise the option (with proof of funding) on or before August 1, 2015, or such earlier date as Earthstone Energy begins drilling. We also agreed, in the event we exercised the option, to pay Earthstone Energy for 20% of all costs incurred. We were unable to provide the required funding and as a result, we were not able to exercise our option to participate, which option expired. Also, on June 25, 2015, per the Earthstone Settlement and Earthstone/Victory Settlement (described below under “Note 13 - Settlement Agreements”), Earthstone (defined in Note 13) agreed to pay us approximately $54,000 (representing the net of amounts previously paid by Victory (defined in Note 6) to Earthstone in connection with the terms of a prior participation agreement covering certain leases in Karnes County, Texas and certain amounts owed to us in connection with title issues discovered in connection with those leases) and we agreed that we are deemed a non-consenting party in connection with such wells; and Victory agreed to assign certain oil and gas interests in the wells which we transferred to Victory in February 2015, to Earthstone. As a result, we capitalized approximately $142,000 (approximately $196,000 paid by Victory to Earthstone less approximately $54,000 paid by Earthstone to Lucas) to our oil and gas property full-cost pool. In addition, on June 25, 2015, per the Victory Settlement Agreement (described below under “Note 13 - Settlement Agreements”), Victory retained ownership and control over five Penn Virginia well-bores and also retained the obligations to pay expenses associated with such Penn Virginia well-bores effective after August 1, 2014; and we also assigned Victory rights to another property located in the same field as the Penn Virginia well-bores. In total, six Penn Virginia well-bores rights were assigned to Victory, representing a $529,860 credit to our oil and gas property full-cost pool. On September 3, 2015, per the Rogers Settlement Agreement (described below under “Note 13 - Settlement Agreements”), Lucas requested the return of certain assets granted to Victory as part of the Rogers Settlement Agreement. Those assets included the assignment of a 3.28% leasehold working interest in the Dingo Unit and a 1.48% leasehold working interest in the Platypus Unit; as well as 44,070 shares of common stock of Lucas. These assets were subsequently returned to Lucas. As a result, Lucas recorded a credit of $110,616 to our oil and gas property full-cost pool representing the fair value of the forfeited shares ($2.51 per share) on the date the common stock was returned to Lucas on September 24, 2015. Office Lease On July 27, 2015, we moved our corporate headquarters from 3555 Timmons Lane, Suite 1550, Houston, Texas 77027 to 450 Gears Road, Suite 780, Houston, Texas 77067 in connection with the expiration of our prior office space lease and received proceeds from our security deposit of $6,628. We entered into a sublease on approximately 3,300 square feet of office space that expires on January 31, 2016 and has a base monthly rent of approximately $5,000 of which we have already paid four months in advance as well as a $5,000 security deposit. We are currently negotiating new lease terms for office space in our current location. No agreement has been finalized as of the date of this report.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	NOTE 5 – ASSET RETIREMENT OBLIGATIONS The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the retirement of oil and gas property and equipment for the nine-month period ended December 31, 2015. Lucas does not have any short-term asset retirement obligations as of December 31, 2015. Carrying amount at March 31, 2015 $ 1,051,694 Accretion 95,484 Carrying amount at December 31, 2015 $ 1,147,178

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 6 – NOTES PAYABLE Victory Loan On February 3, 2015, Victory Energy Corporation (“Victory”) and Lucas entered into a letter of intent for a business combination between Victory and Lucas that outlined the proposed terms under which Victory and Lucas planned to combine through a merger. In anticipation of the merger, Victory desired to provide Lucas with loans necessary to allow Lucas to meet working capital requirements and to pay down certain payables so that Lucas could maintain key vendors and cover transaction costs during the period prior to the merger. As collateral for the loans that were to be made by Victory to Lucas, Lucas was to pledge to Victory shares of Lucas common stock pursuant to a pledge and security agreement. Victory had loaned Lucas a total of $350,000 through March 31, 2015, which was recognized as a current liability on the balance sheet on March 31, 2015 as the maturity date for the loan was February 26, 2016. After March 31, 2015, but prior to the entry into the Victory Settlement on June 24, 2015, noted below, Victory loaned Lucas an additional $250,000 for a total loan balance of $600,000. On May 11, 2015, Victory notified Lucas that Victory did not intend to proceed with the merger and thereby terminated the letter of intent. Thereafter, on June 24, 2015, Lucas and Victory executed a Settlement Agreement and Mutual Release whereby among other things, Lucas acknowledged that Victory had no further obligation to advance any funds to Lucas, and Lucas exchanged working interests in certain oil and gas properties and 44,070 shares of restricted common stock (the “Settlement Shares”) in complete satisfaction of the $600,000 owed to Victory under the Loan Agreement. Therefore, we recognized no liability to Victory as of December 31, 2015 on our balance sheet, as the loan amount was allocated to oil and gas property full-cost pool as part of the $529,860 credit in Note 4. The 44,070 shares of restricted common stock were ultimately forfeited and returned to Lucas on September 24, 2015 due to Victory’s failure to comply with the terms of the Rogers Settlement (which is defined and described in greater detail below under “Note 13 - Settlement Agreements”). The forfeited shares, along with 1,476 treasury shares (for a total of 45,546 shares of common stock), were then sold in a private transaction on September 28, 2015 for an aggregate of $104,754 (see “Note 7 – Stockholders’ Equity” below). Rogers Loan At December 31, 2015, the Company had $7,153,734 due under the $7.5 million Letter Loan Agreement (“Rogers Loan”) entered into with Louise H. Rogers (“Rogers”) on August 13, 2013. Amortization of debt discount of $21,323 was recorded during the nine months ended December 31, 2015. No unamortized discount remained as of December 31, 2015. On August 28, 2015, we and Rogers entered into an amendment to the Rogers Loan. Pursuant to the amendment, the parties agreed to extend the maturity date of the Rogers Loan to October 31, 2016 (from September 13, 2015); we agreed to pay all professional fees incurred by Rogers; we agreed to make principal payments to Rogers from certain insurance proceeds to be received after the date of the amendment; we agreed to pay Rogers $39,000 in lieu of interest on the Rogers Loan as well as all operating income of collateralized assets (beginning October 1, 2015); and the parties agreed that if after 90 days a related party of Silver Star and Rogers could not agree to a buyout of the Rogers Loan, which did not occur, the Company would transfer all of its assets to a wholly-owned subsidiary, which as noted below, occurred on December 16, 2015. In connection with the amendment, Rogers also agreed to waive all past events of default which had occurred under the terms of the Rogers Loan. On December 14, 2015, we entered into an amendment to the Rogers Loan. The amendment (i) required us to transfer all of our oil and gas interests and equipment to our newly formed wholly-owned Texas subsidiary, CATI; (ii) clarified that following the transfer, Rogers had no right to foreclose upon the Company (at the Nevada corporate parent level) upon the occurrence of an event of default under the Rogers Loan, and that instead Rogers would only take action against CATI and its assets; and (iii) required Rogers to release all UCC and other security filings on the Company (provided that Rogers is allowed to file the same filings on CATI and its assets). Subsequently, we formally assigned all of our oil and gas interests and equipment to CATI pursuant to an Assignment and Bill of Sale dated December 16, 2015. On December 16, 2015, we, CATI and Rogers entered into an Assignment, Novation, and Assumption Agreement (the “Assignment Agreement”). Pursuant to the Assignment Agreement, we assigned our obligations under the Rogers Loan and related loan documents, to CATI, as if CATI had originally been parties thereto, CATI agreed to assume such obligations and to take whatever actions requested by Rogers in order for Rogers to secure the amounts owed under the Rogers Loan, and Rogers agreed to release us (at the parent company level) from any obligations under the Rogers Loan and related loan documents, other than under the amendment above. Silver Star Line of Credit On August 30, 2015, Lucas entered into a Non-Revolving Line of Credit Agreement with Silver Star. The line of credit provides the Company the right, from time to time, subject to the terms of the line of credit, to sell up to $2.4 million in convertible promissory notes to Silver Star. Specifically, the Company has the right to request advances in an amount not to exceed $200,000, every thirty days, subject to the conditions set forth in the line of credit. Unless otherwise agreed between the parties, each of the convertible notes are due and payable on October 1, 2016, accrue interest at the rate of 6% per annum (15% upon the occurrence of an event of default), and allow the holder thereof the right to convert the principal and interest due thereunder into common stock of the Company at a conversion price of $1.50 per share, provided that the total number of shares of common stock issuable upon conversion of the convertible notes cannot exceed 19.9% of our outstanding shares of common stock on August 30, 2015, the date the line of credit was agreed to, which was 289,398 shares (or the total voting power outstanding on such date), or otherwise exceed the amount of shares that would require stockholder approval under applicable NYSE MKT rules, unless or until we receive stockholder approval for such issuances. In the event the number of shares of common stock issuable upon conversion of the convertible notes exceeds such threshold, the notes cannot be converted into common stock. We have the right to prepay the convertible notes at any time, provided we provide the holder at least 30 days prior notice of our intention to prepay such notes. During the current nine months ended December 31, 2015, we sold four convertible notes totaling $800,000 to Silver Star, in $200,000 increments on September 28, 2015, October 21, 2015, November 23, 2015 and December 31, 2015 pursuant to the terms of the line of credit. If fully converted by Silver Star (without factoring in any accrued and unpaid interest thereon, which is also convertible into our common stock as provided in the note, or taking into account any conversion limitations associated therewith), a total of 133,334 shares of common stock would be required to be issued to Silver Star for each note (representing approximately between 8.4% and 9.1% of our then outstanding shares of common stock) and if fully converted at maturity, when factoring in accrued interest thereon through maturity, a total of 562,017 shares of common stock would be required to be issued to Silver Star for the four notes issued, of which only approximately 289,398 common shares are eligible to be fully converted in order to not exceed the 19.9% threshold noted above. The convertible notes contained a beneficial conversion feature with a combined intrinsic value of $505,320 for the four notes. The intrinsic value is based upon the difference between the market price of Lucas’s common stock on the date of issuance and the conversion price of $1.50. As the total number of shares of common stock issuable upon conversion of the convertible notes cannot exceed 19.9% of our outstanding shares of common stock on the date the line of credit was agreed to without stockholder approval. Therefore, only $227,910 in intrinsic value was recognized as a discount based on August 30, 2015, the 289,398 common shares limitation noted above. The discount is being amortized through interest expense using the effective interest method over the term of the notes. The Company determined that the remaining 243,935 common shares available for issuance are contingently convertible based on the fact that these additional notes require stockholder approval before they can be converted. Therefore, the Company will not record the additional debt discount of $277,410 for the beneficial conversion feature intrinsic values for these common shares or for any subsequent notes issued until those notes are deemed convertible by shareholder approval. As of December 31, 2015, we had total convertible notes due to Silver Star of $617,082 (net of the unamortized discount of $182,918) which is recognized as a short-term liability on the Company’s balance sheet as of December 31, 2015. The Company has also recognized approximately $6,000 in accrued interest as of December 31, 2015.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY Preferred Stock As of December 31, 2015, the Company has 500 shares of Series A Convertible Preferred Stock issued and outstanding. Each share of the Series A Convertible Preferred Stock is convertible into 40 shares of the Company’s common stock and has no liquidation preference and no maturity date. Additionally, the conversion rate of the Series A Convertible Preferred Stock adjusts automatically in connection with and in proportion to any dividends payable by the Company in common stock. The following summarizes Lucas’s common stock activity during the nine-month period ended December 31, 2015: Common Shares* Issued Amount (a) Per Shares Treasury Outstanding Balance at March 31, 2015 1,402,383 (1,476 ) 1,400,907 Pledge Shares Issued in Consideration of Victory Note $ 234,777 $ 5.33 44,070 — 44,070 Cancellation of Pledge Shares Issued in Consideration of Victory Note 110,616 2.51 — (44,070 ) (44,070 ) Sale of Treasury Shares 104,754 2.30 — 45,546 45,546 Share-Based Compensation 78,770 3.67 21,438 — 21,438 Balance at December 31, 2015 1,467,891 — 1,467,891 * In accordance with SAB TOPIC 4C, all issued and outstanding shares of common stock have been retroactively adjusted to reflect the reverse split that occurred on July 15, 2015. (a) Net proceeds or fair market value on grant date, as applicable. On June 25, 2015, pursuant to the Victory Settlement (described below under “Note 13 - Settlement Agreements”), we and Victory agreed that among other things, we would issue 44,070 shares of our restricted common stock to Victory in full consideration of the $600,000 owed under the Loan Agreement, which would be held in escrow until the payment of amounts owed to Rogers under the Rogers Settlement (which is described in greater detail below under “Note 13 - Settlement Agreements”). On September 3, 2015, Lucas requested the return of 44,070 shares of common stock from the escrow agent established as part of the Rogers Settlement. Per the settlement agreement with Victory, in the event Victory failed to timely make the full payment of $258,000 due to our lender by August 27, 2015, then all assets held in escrow would be promptly returned to Lucas. As a result, the escrow agent returned the 44,070 shares of common stock to Lucas, which shares were then placed in the Company’s treasury. On September 17, 2015, Allied Petroleum, Inc. (“Allied”), entered into a Subscription Agreement with Lucas and agreed to purchase 45,546 shares of the restricted common stock of Lucas (the “Allied Shares”), which shares were held in the Company’s treasury, for $2.30 per share (a 17% discount to the $2.78 closing price of the Company’s common stock on September 17, 2015) or $104,754 in aggregate. The Company received funds from Allied on September 25, 2015, and issued Allied the Allied Shares on September 28, 2015. The principal of Allied is John Chambers, who is also the principal of Silver Star, with whom the Company entered into a Non-Revolving Line of Credit Agreement on August 30, 2015 (see “Note 6 – Notes Payable”). Because the Allied shares were issued from the Company’s treasury, the sale did not result in an increase in the Company’s total issued shares. See “Note 9 – Share-Based Compensation”, for information on common stock activity related to Share-Based Compensation, including shares granted to the board of directors, officers, employees and consultants. Warrants During the nine months ended December 31, 2015, no warrants were exercised or cancelled. The following is a summary of the Company’s outstanding warrants at December 31, 2015: Warrants Exercise Expiration Intrinsic Value at Outstanding Price ($) Date December 31, 2015 100,422 (1) 71.50 July 4, 2016 $ — 41,300 (2) 57.50 October 18, 2017 — 11,000 (3) 37.50 April 4, 2018 — 2,000 (4) 37.50 May 31, 2018 — 11,195 (5) 0.01 August 13, 2018 81,612 66,668 (6) 25.00 April 21, 2019 — 232,585 $ 81,612 (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 Rogers Loan. The warrants were exercisable on the grant date (August 13, 2013) and remain exercisable until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan. The exercise price was lowered to $0.01 per share on August 12, 2015, and the Company recorded approximately $15,000 in one-time amortization expenses related to the price reduction. (6) Warrants issued in connection with the sale of units in the Company’s unit offering in April 2014. The Warrants became exercisable on April 21, 2014 and will remain exercisable thereafter until April 21, 2019.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES The Company has estimated that its effective tax rate for Federal purposes will be zero for the 2016 fiscal year and consequently, recorded no provision or benefit for income taxes for the nine months ended December 31, 2015.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 9 – SHARE-BASED COMPENSATION Lucas measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period. Common Stock Lucas issued 21,438 shares of its common stock with an aggregate grant date fair value of $78,770 during the nine-month period ended December 31, 2015, 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 agreement with an officer and as additional compensation for other managerial personnel . The Company recorded share-based compensation of $59,407 for the nine months ended December 31, 2015 and settled a stock payable of $19,363 from March 31, 2015. Stock Options The following table sets forth stock option activity for the nine-month periods ended December 31, 2015 and 2014: Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at March 31 24,920 $ 33.80 36,579 $ 34.75 Expired/Cancelled (2,000 ) 32.00 (10,167 ) 28.00 Outstanding at December 31 22,920 $ 33.96 26,412 $ 37.35 No stock options were granted during the nine months ended December 31, 2015. Compensation expense related to stock options during the three-month and nine-month periods ended December 31, 2015 was $12,816 and $55,038, respectively. Options outstanding and exercisable at December 31, 2015 and December 31, 2014 had no intrinsic value, respectively. The intrinsic value is based upon the difference between the market price of Lucas’s common stock on the date of exercise and the grant price of the stock options. The following tabulation summarizes the remaining terms of the options outstanding: Exercise Remaining Options Options 24.50 1.0 3,000 3,000 40.75 1.8 4,000 3,000 43.50 1.8 6,000 6,000 40.25 2.0 2,000 2,000 39.50 2.1 2,000 2,000 5.50 2.2 4,000 4,000 51.75 4.8 1,920 1,920 Total 22,920 21,920 As of December 31, 2015, total unrecognized stock-based compensation expense related to all non-vested stock options was $36,671, which is being recognized over a weighted average period of approximately 1.6 years. In prior periods, the shareholders of the Company approved the Company’s 2014, 2012 and 2010 Stock Incentive Plans (“the Plans”). The Plans are intended to secure for the Company the benefits arising from ownership of the Company’s common stock by the employees, officers, directors and consultants of the Company, all of whom are and will be responsible for the Company’s future growth. The Plans provide an opportunity for any employee, officer, director or consultant of the Company to receive incentive stock options (to eligible employees only), nonqualified stock options, restricted stock, stock awards and shares in performance of services. There are 47,781 shares available for issuance under the Plans as of December 31, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES Legal Proceedings On May 1, 2015, Tanner Services, L.L.C. (“Tanner”) filed a petition against us in the District Court of Harris County, Texas 152 nd

POST-RETIREMENT BENEFITS

POST-RETIREMENT BENEFITS	9 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
POST-RETIREMENT BENEFITS	NOTE 11 – POST-RETIREMENT BENEFITS Lucas maintains a matched defined contribution savings plan for its employees. During the three-month and nine-month periods ended December 31, 2015, Lucas’s total costs recognized for the savings plan were $5,575 and $20,250, respectively. 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.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 12 – SUPPLEMENTAL CASH FLOW INFORMATION Net cash paid for interest and income taxes was as follows for the nine-month periods ended December 31, 2015 and 2014: Nine Months Ended December 31, 2015 2014 Interest $ 74,152 $ 780,556 Income Taxes — 44,500 Non-cash investing and financing activities for the nine-month periods ended December 31, 2015 and 2014 included the following: Nine Months Ended December 31, 2015 2014 Change in Accrued Capital Expenditures $ 76,899 $ 622,649 Issuance of Restricted Stock for Amended Loan $ — $ 47,250 Conversion of Preferred Stock to Common Stock $ — $ 2,321,700 Decrease in Asset Retirement Obligation $ — $ (36,883 ) Discount from Beneficial Conversion Feature on Convertible Notes $ 227,910 $ — Forgiveness of Debt in Victory Settlement $ 600,000 $ — Common Stock Issued to Settle Stock Payable $ 234,777 $ — Return and Cancellation of Common Stock Issued in Victory Settlement $ (110,616 ) $ —

SETTLEMENT AGREEMENTS

SETTLEMENT AGREEMENTS	9 Months Ended
	Dec. 31, 2015
Settlement Agreements
SETTLEMENT AGREEMENTS	NOTE 13 – SETTLEMENT AGREEMENTS On June 25, 2015, (a) we entered into (1) a Compromise Settlement Agreement and Mutual General Release with Earthstone Operating, LLC, Earthstone Energy, Inc., Oak Valley Resources, LLC, Oak Valley Operating LLC and Sabine River Energy, LLC (collectively “Earthstone” and the “Earthstone Settlement”); (2) a Compromise Settlement Agreement and Mutual General Release with Earthstone and Victory, AEP Assets LLC and Aurora Energy Partners (collectively the “Victory Parties” and the “Earthstone/Victory Settlement”); and (3) a Settlement Agreement and Mutual Release with Victory (the “Victory Settlement”); and (b) Victory and Louise H. Rogers, our senior lender (“Rogers”) entered into a Settlement Agreement and Mutual Release (the “Rogers Settlement”). Earthstone Settlement and Earthstone/Victory Settlement Pursuant to the terms of the Earthstone Settlement and the Earthstone/Victory Settlement, Earthstone agreed to pay us $54,020 (representing the net of amounts previously paid by Victory to Earthstone in connection with the terms of a participation agreement covering certain leases in Karnes County, Texas and certain amounts owed to us in connection with title issues discovered in connection with those leases) and we agreed that we are deemed a non-consenting party in connection with such Wells; and Victory agreed to assign certain oil and gas interests in the Wells which we transferred to Victory in February 2015, to Earthstone. We and Earthstone also agreed to not disparage or talk negatively about each other and further agreed to release each other (the Victory Parties also agreed to release Earthstone pursuant to the Earthstone/Victory Settlement) from any and all claims, demands and causes of action which either party had against the other prior to the June 25, 2015 effective date of the Earthstone/Victory Settlement, whether known or unknown, except in connection with the breach, enforcement or interpretation of the Earthstone/Victory Settlement. Victory Settlement Pursuant to the Victory Settlement, we and Victory agreed to terminate any and all obligations between the parties pursuant to that certain February 2, 2015 Letter of Intent for Business Combination, pursuant to which we and Victory previously planned to combine our companies, and that certain Pre-Merger Collaboration Agreement dated February 26, 2015, as amended by amendment No. 1 thereto, dated March 3, 2015 (as amended, the “Collaboration Agreement”); that Victory would retain ownership and control over five Penn Virginia well-bores (the “Penn Virginia Well-Bores”) and would also retain the obligations to pay expenses associated with such Penn Virginia Well-Bores effective after August 1, 2014; and that we would also assign Victory rights to another property located in the same field as the Penn Virginia Well-Bores. We also confirmed the amount of $600,000 previously advanced to us by Victory pursuant to the terms of a prior Pre-Merger Loan and Funding Agreement dated February 26, 2015 (the “Funding Agreement”); that Victory had no further obligations to advance any additional funds to us pursuant to the terms of the Funding Agreement (which originally provided us the right to borrow up to $2 million from Victory); and that we would issue 44,070 shares of our restricted common stock to Victory (the “Victory Shares”) in full consideration of the $600,000 owed under the Funding Agreement (which were to be held in escrow until the payment of amounts owed to Rogers under the Rogers Settlement described below). We and Victory also agreed to release each other from any and all claims, demands and causes of action which either party had against the other prior to the June 25, 2015 effective date of the Victory Settlement, whether known or unknown, in connection with the terminated agreements. The Victory Shares were in lieu of any shares of common stock we were required to pledge to Victory pursuant to the terms of the Funding Agreement and related agreements. The Victory Shares were ultimately forfeited and returned to Lucas on September 24, 2015 due to Victory’s failure to comply with the terms of the Rogers Settlement described below. The forfeited shares, along with 1,476 treasury shares (for a total of 45,546 shares of common stock), were then sold in a private transaction on September 28, 2015 for an aggregate of $104,754 (see “Note 7 – Stockholders’ Equity” above). Rogers Settlement Pursuant to the Rogers Settlement, Victory and Rogers agreed, among other things, to terminate the $250,000 contingently payable note which was issued to Rogers in connection with the entry by us and Victory into the Collaboration Agreement and that Victory would pay Rogers, on or before July 15, 2015, approximately $253,750, On July 16, 2015, Victory entered into an Amendment Agreement whereby, Victory and Rogers agreed that the amount to be paid by Victory to Rogers was $258,125, instead of $253,750. The Amendment further specified that if Victory failed to make the payment of $258,125 on or before July 15, 2015, Victory would be in default under the Rogers Settlement and default interest on the amount due would begin to accrue at a per diem rate of approximately $129, and the escrow would continue until August 27, 2015, during which time Victory was required to make all payments owed to Rogers. Additionally, Victory acknowledged in the amendment its obligation to pay Rogers’ attorney’s fees in the amount of $22,500. All payments owed to Rogers were not made by August 27, 2015 and on September 3, 2015, Lucas requested from the escrow agent the return of certain assets granted to Victory as part of the Victory Settlement. Those assets included the assignment of a 3.28% leasehold working interest in the Dingo Unit and a 1.48% leasehold working interest in the Platypus Unit; as well as 44,070 shares of common stock of Lucas. In turn, the escrow agent returned these assets to Lucas and the 44,070 shares were returned to the Company and cancelled.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS On February 1, 2016, we entered into a first amendment to the Non-Revolving Line of Credit Agreement with Silver Star, which added a 9.99% ownership blocker to the Convertible Promissory Notes and which prevents the holder of the notes from converting such notes into common stock if upon such conversion the holder would beneficially own more than 9.99% of our outstanding common stock, subject to the ability of any holder to modify such limitation with 61 days prior written notice. On February 10, 2016 we sold a convertible note in the aggregate principal amount of $200,000 to Silver Star pursuant to the terms of the line of credit. The convertible note is due and payable on October 1, 2016, accrues interest at the rate of 6% per annum (15% upon the occurrence of an event of default), and allows the holder thereof the right to convert the principal and interest due thereunder into common stock of the Company at a conversion price of $1.50 per share, provided that any conversion is subject to us first receiving shareholder approval for the issuance of shares of our common stock under the convertible note and line of credit under applicable NYSE MKT rules and regulations, which we have not sought or obtained to date. We have the right to prepay the convertible note at any time, provided we provide the holder at least 30 days prior notice of our intention to prepay such note. The convertible note includes customary events of default for facilities of similar nature and size, including in the event a change of control (as defined in the convertible note) occurs, or we fail to comply with the reporting requirements of the Exchange Act. If fully converted by Silver Star (without factoring in any accrued and unpaid interest thereon, which is also convertible into our common stock as provided in the note), notwithstanding the requirement for NYSE Approval (as discussed above), a total of 133,334 shares of common stock would be required to be issued to Silver Star (representing approximately 9.1% of our current outstanding shares of common stock) and if fully converted at maturity, when factoring in accrued interest thereon through maturity, a total of 138,761 shares of common stock would be required to be issued to Silver Star. The convertible note contained a beneficial conversion feature with an intrinsic value of $164,000. As the total number of shares of common stock issuable upon conversion of the convertible notes cannot exceed 19.9% of our outstanding shares of common stock on August 30, 2015, the date the line of credit was agreed to, without stockholder approval, none of the $164,000 of intrinsic value was recognized as a discount based on the 289,398 common shares limitation noted in Note 6. Pursuant to a letter agreement dated February 2, 2016, we provided Silver Star the required thirty days’ notice to prepay the outstanding Convertible Promissory Notes, provided that we do not currently have the funds necessary to prepay such notes. Additionally, pursuant to the agreement, we and Silver Star agreed to amend the line of credit to remove the requirement that Silver Star consent to the Company making distributions on its common stock, repurchasing common stock or making certain advances. Finally, Silver Star agreed that if Silver Star has not advanced the balance remaining under the line of credit ($1.4 million) by February 19, 2016, the terms of the Convertible Promissory Notes which require us to provide thirty days prior written notice before prepayment will be removed from the Convertible Promissory Notes and such Convertible Promissory Notes can be repaid at any time. Silver Star also agreed to waive the requirement that the Company obtain its prior written consent to undertake certain corporate actions, including amending the articles of incorporation, designating preferred stock, issuing securities totaling more than 10% of the Company’s outstanding common stock, and effecting stock splits, as originally required pursuant to the terms of the line of credit. We also received notice that on February 2, 2016, $300,000 of the Convertible Promissory Notes were assigned by Silver Star to Rockwell Capital Partners.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Dec. 31, 2015
Property and Equipment
Schedule of net capitalized costs being amortized	Below are the components of Lucas’s oil and gas properties recorded at: December 31, March 31, Proved leasehold costs $ 10,244,951 $ 11,062,137 Costs of wells and development 37,532,337 37,520,061 Capitalized asset retirement costs 717,337 717,337 Total oil and gas properties 48,494,625 49,299,535 Accumulated depreciation and depletion (12,930,110 ) (12,336,704 ) Net capitalized costs $ 35,564,515 $ 36,962,831

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Schedule of reconciliation of long-term legal obligations	The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the retirement of oil and gas property and equipment for the nine-month period ended December 31, 2015. Lucas does not have any short-term asset retirement obligations as of December 31, 2015. Carrying amount at March 31, 2015 $ 1,051,694 Accretion 95,484 Carrying amount at December 31, 2015 $ 1,147,178

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of common stock activity	The following summarizes Lucas’s common stock activity during the nine-month period ended December 31, 2015: Common Shares* Issued Amount (a) Per Shares Treasury Outstanding Balance at March 31, 2015 1,402,383 (1,476 ) 1,400,907 Pledge Shares Issued in Consideration of Victory Note $ 234,777 $ 5.33 44,070 — 44,070 Cancellation of Pledge Shares Issued in Consideration of Victory Note 110,616 2.51 — (44,070 ) (44,070 ) Sale of Treasury Shares 104,754 2.30 — 45,546 45,546 Share-Based Compensation 78,770 3.67 21,438 — 21,438 Balance at December 31, 2015 1,467,891 — 1,467,891 * In accordance with SAB TOPIC 4C, all issued and outstanding shares of common stock have been retroactively adjusted to reflect the reverse split that occurred on July 15, 2015. (a) Net proceeds or fair market value on grant date, as applicable.
Schedule of outstanding warrants	The following is a summary of the Company’s outstanding warrants at December 31, 2015: Warrants Exercise Expiration Intrinsic Value at Outstanding Price ($) Date December 31, 2015 100,422 (1) 71.50 July 4, 2016 $ — 41,300 (2) 57.50 October 18, 2017 — 11,000 (3) 37.50 April 4, 2018 — 2,000 (4) 37.50 May 31, 2018 — 11,195 (5) 0.01 August 13, 2018 81,612 66,668 (6) 25.00 April 21, 2019 — 232,585 $ 81,612 (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 Rogers Loan. The warrants were exercisable on the grant date (August 13, 2013) and remain exercisable until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan. The exercise price was lowered to $0.01 per share on August 12, 2015, and the Company recorded approximately $15,000 in one-time amortization expenses related to the price reduction. (6) Warrants issued in connection with the sale of units in the Company’s unit offering in April 2014. The Warrants became exercisable on April 21, 2014 and will remain exercisable thereafter until April 21, 2019.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	The following table sets forth stock option activity for the nine-month periods ended December 31, 2015 and 2014: Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at March 31 24,920 $ 33.80 36,579 $ 34.75 Expired/Cancelled (2,000 ) 32.00 (10,167 ) 28.00 Outstanding at December 31 22,920 $ 33.96 26,412 $ 37.35
Schedule of remaining terms of options outstanding	The following tabulation summarizes the remaining terms of the options outstanding: Exercise Remaining Options Options 24.50 1.0 3,000 3,000 40.75 1.8 4,000 3,000 43.50 1.8 6,000 6,000 40.25 2.0 2,000 2,000 39.50 2.1 2,000 2,000 5.50 2.2 4,000 4,000 51.75 4.8 1,920 1,920 Total 22,920 21,920

SUPPLEMENTAL CASH FLOW INFORM24

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow information	Net cash paid for interest and income taxes was as follows for the nine-month periods ended December 31, 2015 and 2014: Nine Months Ended December 31, 2015 2014 Interest $ 74,152 $ 780,556 Income Taxes — 44,500 Non-cash investing and financing activities for the nine-month periods ended December 31, 2015 and 2014 included the following: Nine Months Ended December 31, 2015 2014 Change in Accrued Capital Expenditures $ 76,899 $ 622,649 Issuance of Restricted Stock for Amended Loan $ — $ 47,250 Conversion of Preferred Stock to Common Stock $ — $ 2,321,700 Decrease in Asset Retirement Obligation $ — $ (36,883 ) Discount from Beneficial Conversion Feature on Convertible Notes $ 227,910 $ — Forgiveness of Debt in Victory Settlement $ 600,000 $ — Common Stock Issued to Settle Stock Payable $ 234,777 $ — Return and Cancellation of Common Stock Issued in Victory Settlement $ (110,616 ) $ —

GENERAL (Details Narrative)

GENERAL (Details Narrative)	9 Months Ended
	Dec. 31, 2015shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of reverse split values	1-for-25 reverse stock split of all of the outstanding shares of the Company’s common stock which was effective on July 15, 2015.
Stock splits during period	35,100,000
Reduction in the number of shares	1,400,000
Reverse stock split ratio	.04

LIQUIDITY AND GOING CONCERN C26

LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details Narrative)	Dec. 30, 2015USD ($)Nshares	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Oct. 01, 2016USD ($)	Feb. 10, 2016USD ($)	Nov. 23, 2015USD ($)	Sep. 28, 2015USD ($)	Aug. 30, 2015USD ($)	Aug. 28, 2015USD ($)	Aug. 13, 2013USD ($)
Current liabilities		$ 10,987,980	$ 10,282,292
Current assets		587,098	633,958
Working capital deficit		10,400,000	$ 9,700,000
Additional funding for drilling and workover activities		500,000
Increase working capital deficit		700,000
Purchase Agreement [Member] | Canaccord Genuity Corporation [Member]
Professional fees	$ 170,000
Purchase Agreement [Member] | 21 Different Entities & Individuals [Member] | Mid-Continent Region [Member]
Increase working capital deficit	$ 200,000
Number of acreage blocks | N	2
Commercial bank debt	$ 31,350,000
Cash	4,975,000
Legal fees	$ 1,350,000
Purchase Agreement [Member] | 21 Different Entities & Individuals [Member] | Mid-Continent Region [Member] | Preferred Stock [Member]
Number of shares issued | shares	552,000
Purchase Agreement [Member] | 21 Different Entities & Individuals [Member] | Mid-Continent Region [Member] | Common Stock [Member]
Number of shares issued | shares	13,009,664
Convertible Promissory Notes [Member] | Non-Revolving Line of Credit Agreement [Member]
Notes payable		617,082						$ 2,400,000	$ 200,000
Debt instrument face amount		800,000
Debt discount		227,910
Convertible Promissory Notes [Member] | Non-Revolving Line of Credit Agreement [Member] | Subsequent Event [Member]
Notes payable				$ 200,000
Convertible Promissory Note # 4 [Member] | Non-Revolving Line of Credit Agreement [Member]
Debt instrument face amount		600,000
Accounts Payable		200,000
Debt discount		200,000
Convertible Promissory Note # 3 [Member] | Non-Revolving Line of Credit Agreement [Member]
Debt instrument face amount						$ 200,000
Convertible Promissory Notes # 1[Member] | Non-Revolving Line of Credit Agreement [Member]
Debt instrument face amount							$ 200,000
Additional Convertible Promissory Notes [Member] | Non-Revolving Line of Credit Agreement [Member] | Subsequent Event [Member]
Debt instrument face amount					$ 200,000
Letter Loan - Ms. Rogers [Member]
Notes payable		7,153,734								$ 7,500,000
Increase working capital deficit		$ 100,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative)	Sep. 24, 2015$ / sharesshares	Sep. 03, 2015USD ($)shares	Jul. 27, 2015USD ($)a	Dec. 31, 2015USD ($)aN$ / shares$ / Boe	Dec. 31, 2014$ / Boe	Dec. 31, 2015USD ($)aN$ / shares$ / Boe	Dec. 31, 2014USD ($)$ / Boe	Jun. 25, 2015N	Mar. 31, 2015USD ($)$ / shares
Amortization expense, per equivalent physical unit of production, per barrel of oil | $ / Boe				31.78	36.20	31.85	36.28
Gross proceeds oil and natural gas property						$ 347,600	$ 1,272,296
Capitalized lease cost				$ 35,564,515		$ 35,564,515			$ 36,962,831
Security deposit			$ 5,000
Area of land | a			3,300
Sublease monthly base rent			$ 5,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.001		$ 0.001			$ 0.001
Proceeds from deposits, net				$ 6,628		$ 1,628
Rogers Settlement Agreement [Member]
Number of common stock issued | shares		44,070
Gain on sale of oil and gas property full-cost pool		$ 110,616
Common stock, par value (in dollars per share) | $ / shares	$ 2.51
Restricted common stock forfeited | shares	44,070
Rogers Settlement Agreement [Member] | Dingo Unit [Member]
Percentage of working interest share		3.28%
Rogers Settlement Agreement [Member] | Platypus Unit [Member]
Percentage of working interest share		1.48%
Earthstone Energy [Member]
Gross proceeds oil and natural gas property						$ 347,600
Area of oil and gas properties sold | a				139.04		139.04
Percentage of working interest share						20.00%
Capitalized lease cost				$ 142,000		$ 142,000
Earthstone Energy To Lucas [Member]
Capitalized lease cost				54,000		54,000
Victory To Earthstone Energy [Member]
Capitalized lease cost				$ 196,000		$ 196,000
Penn Virginia Corporation [Member]
Number of wells | N				6		6		5
Oil and gas property				$ 529,860		$ 529,860

PROPERTY AND EQUIPMENT (Detai28

PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Components of oil and gas properties recorded at cost
Proved leasehold costs	$ 10,244,951	$ 11,062,137
Costs of wells and development	37,532,337	37,520,061
Capitalized asset retirement costs	717,337	717,337
Total oil and gas properties	48,494,625	49,299,535
Accumulated depreciation and depletion	(12,930,110)	(12,336,704)
Net capitalized costs	$ 35,564,515	$ 36,962,831

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details)	9 Months Ended
	Dec. 31, 2015USD ($)
Reconciliation of carrying amounts of asset retirement obligations
Carrying amount at beginning	$ 1,051,694
Accretion	95,484
Carrying amount at end	$ 1,147,178

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative)	Oct. 01, 2016USD ($)N$ / shares	Sep. 28, 2015USD ($)Nshares	Sep. 24, 2015shares	Aug. 30, 2015USD ($)	May. 11, 2015USD ($)shares	Dec. 31, 2015USD ($)N$ / sharesshares	Dec. 31, 2014USD ($)	Nov. 23, 2015USD ($)	Oct. 21, 2015USD ($)	Aug. 28, 2015USD ($)	Mar. 31, 2015USD ($)shares	Feb. 26, 2015USD ($)	Aug. 13, 2013USD ($)
Amortization of Discount on Notes						$ 66,315	$ 47,988
Treasury stock, shares in treasury | shares		1,476				0					1,476
Common stock converted into treasury stock | shares		45,546				500					500
Sale of treasury stock		$ 104,754
Letter of Intent - Victory [Member]
Notes Payable					$ 250,000						$ 350,000	$ 2,000,000
Debt maturity date					Feb. 26, 2016
Final payment to be paid on maturity					$ 600,000
Number of shares issued | shares					44,070
Value of shares issued					$ 600,000
Letter Loan - Ms. Rogers [Member]
Notes Payable						$ 7,153,734							$ 7,500,000
Amortization of Discount on Notes						21,323
Victory Settlement Agreement [Member]
Number of shares forfeited | shares			44,070
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes [Member]
Notes Payable				$ 2,400,000		$ 617,082				$ 200,000
Note interest rate during period				6.00%
Debt conversion price | $ / shares						$ 1.50
Number of equity instrument issued upon conversion | N		562,017				562,017
Number of equity instrument to be issued upon conversion (without factoring in any accrued and unpaid interest) | N						133,334
Numbers of notes issued | N						4
Debt instrument face amount						$ 800,000
Debt instrument beneficial conversion feature amount						505,320
Accrued interest						$ 6,000
Percentage of outstanding common stock after conversion of debt						19.90%
Number of equity instrument issuable upon conversion - limitation | shares						289,398
Debt discount						$ 227,910
Number of remaining equity instrument to be issued upon conversion | N						243,935
Remaining debt discount						$ 182,918
Debt discount not recognized						$ 277,410
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes [Member] | Minimum [Member]
Percentage of outstanding common stock after conversion of debt						8.40%
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes [Member] | Maximum [Member]
Percentage of outstanding common stock after conversion of debt						9.10%
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes # 1[Member]
Debt instrument face amount		$ 200,000
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Note # 3 [Member]
Debt instrument face amount								$ 200,000
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes # 2 [Member]
Debt instrument face amount									$ 200,000
Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Note # 4 [Member]
Debt instrument face amount						$ 600,000
Debt discount						$ 200,000
Subsequent Event [Member] | Non-Revolving Line of Credit Agreement [Member] | Convertible Promissory Notes [Member]
Notes Payable	$ 200,000
Notes interest rate	6.00%
Notes interest rate after default	15.00%
Debt conversion price | $ / shares	$ 1.50
Number of equity instrument to be issued upon conversion (without factoring in any accrued and unpaid interest) | N	133,334
Description of debt conversion	Total number of shares of common stock issuable upon conversion of the convertible notes cannot exceed 19.9% of our outstanding shares of common stock.

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Sep. 17, 2015	May. 11, 2015	Dec. 31, 2015	Mar. 31, 2015
Number of preferred stock oustanding			500	500
Allied Petroleum, Inc. (Subscription Agreement ) [Member]
Number of shares issued	45,546
Number of shares issued, value	$ 104,754
Share price (in dollars per share)	$ 2.30
Letter of Intent - Victory [Member]
Number of shares issued		44,070
Number of shares issued, value		$ 600,000
Victory Settlement Agreement [Member]
Restricted common stock forfeited		44,070
Escrow deposits, recorded as restricted cash		$ 258,000
Series A Convertible Preferred Stock [Member]
Description of preferred stock conversion basis			Each share of the Series A Convertible Preferred Stock is convertible into 40 shares of the Company’s common stock and has no liquidation preference and no maturity date.
Number of preferred stock oustanding			500
Preferred stock conversion ratio			40

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	9 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Common stock activity
Beginning balance, issued	1,402,383
Beginning balance, outstanding	1,400,907
Beginning balance, treasury stock	(1,476)
Pledge Shares Issued in Consideration of Victory Note, value | $	$ 234,777	[1]
Pledge Shares Issued in Consideration of Victory Note, issued	44,070	[2]
Pledge Shares Issued in Consideration of Victory Note, per share | $ / shares	$ 5.33	[2]
Pledge Shares Issued in Consideration of Victory Note, outstanding	44,070	[2]
Cancellation of Pledge Shares Issued in Consideration of Victory Note, value | $	$ 110,616	[1]
Cancellation of Pledge Shares Issued in Consideration of Victory Note, per share | $ / shares	$ 2.51	[2]
Cancellation of Pledge Shares Issued in Consideration of Victory Note, treasury stock	(44,070)	[2]
Sale of Treasury Shares, value | $	$ 104,754
Sale of Treasury Shares, per share | $ / shares	$ 2.30	[2]
Sale of Treasury Shares, shares	45,546
Share-Based Compensation, shares	21,438	[2]
Share-Based Compensation, value | $	$ 78,770	[1]
Share-Based Compensation, per share | $ / shares	$ 3.67	[2]
Ending balance, issued	1,467,891
Ending balance, outstanding	1,467,891
Ending balance, treasury stock	0
Common Stock [Member]
Common stock activity
Beginning balance, issued	1,402,383	[2]
Beginning balance, outstanding	1,400,907	[2]
Pledge Shares Issued in Consideration of Victory Note, issued	44,070	[2]
Cancellation of Pledge Shares Issued in Consideration of Victory Note, treasury stock	(44,070)
Sale of Treasury Shares, shares	45,546
Share-Based Compensation, shares	21,438
Ending balance, issued	1,467,891	[2]
Ending balance, outstanding	1,467,891	[2]
Treasury Stock [Member]
Common stock activity
Beginning balance, treasury stock	(1,476)	[2]
Cancellation of Pledge Shares Issued in Consideration of Victory Note, treasury stock	(44,070)	[2]
Sale of Treasury Shares, shares	45,546
[1]	Net proceeds or fair market value on grant date, as applicable.
[2]	In accordance with SAB TOPIC 4C, all issued and outstanding shares of common stock have been retroactively adjusted to reflect the reverse split that occurred on July 15, 2015.

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1)	9 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Warrants outstanding	232,585
Warrant intrinsic value | $	$ 81,612
Warrants - Exercise Price 71.50 [Member]
Warrants outstanding	100,422	[1]
Warrant exercise price | $ / shares	$ 71.50
Warrant Expiration date	Jul. 4, 2016
Warrants - Exercise Price 57.50 [Member]
Warrants outstanding	41,300	[2]
Warrant exercise price | $ / shares	$ 57.50
Warrant Expiration date	Oct. 18, 2017
Warrants - Exercise Price 37.50 [Member]
Warrants outstanding	11,000	[3]
Warrant exercise price | $ / shares	$ 37.50
Warrant Expiration date	Apr. 4, 2018
Warrants - Exercise Price 37.50 [Member]
Warrants outstanding	2,000	[4]
Warrant exercise price | $ / shares	$ 37.50
Warrant Expiration date	May 31, 2018
Warrants - Exercise Price 0.01 [Member]
Warrants outstanding	11,195	[5]
Warrant exercise price | $ / shares	$ 0.01
Warrant Expiration date	Aug. 13, 2018
Warrant intrinsic value | $	$ 81,612
Warrants - Exercise Price 25.00 [Member]
Warrants outstanding	66,668	[6]
Warrant exercise price | $ / shares	$ 25
Warrant Expiration date	Apr. 21, 2019
[1]	Series B Warrants issued in connection with the sale of units in the Company's unit offering in December 2010. The Series B Warrants became exercisable on July 4, 2011 and will remain exercisable thereafter until July 4, 2016.
[2]	Warrants issued in connection with the sale of units in the Company's unit offering in April 2012. The warrants became exercisable on October 18, 2012, and will remain exercisable thereafter until October 18, 2017.
[3]	Warrants issued in connection with the issuance of the April 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (April 4, 2013) and remain exercisable until April 4, 2018.
[4]	Warrants issued in connection with the issuance of the May 2013 Notes, for which the outstanding principal and interest was paid in full on August 16, 2013. The warrants were exercisable on the grant date (May 31, 2013) and remain exercisable until May 31, 2018.
[5]	Warrants issued in connection with the Rogers Loan. The warrants were exercisable on the grant date (August 13, 2013) and remain exercisable until the earlier of (a) August 13, 2018; and (b) three years after the payment in full of the Loan. The exercise price was lowered to $0.01 per share on August 12, 2015, and the Company recorded approximately $15,000 in one-time amortization expenses related to the price reduction.
[6]	Warrants issued in connection with the sale of units in the Company's unit offering in April 2014. The Warrants became exercisable on April 21, 2014 and will remain exercisable thereafter until April 21, 2019.

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative)	3 Months Ended	9 Months Ended
	Dec. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of common stock issued | shares		21,438
Common stock aggregate grant fair		$ 78,770
Stock option compensation expense	$ 12,816	55,038
Stock award compensation expense		59,407
Settlement of stock payable		19,363
Unrecognized compensation expense - nonvested options	$ 36,671	$ 36,671
Unrecognized compensation expense period		1 year 7 months 6 days
Numbers of shares available for issuance | shares	47,781	47,781

SHARE-BASED COMPENSATION (Det35

SHARE-BASED COMPENSATION (Details) - $ / shares	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Options, Outstanding
Outstanding, beginning	24,920	36,579
Expired/Cancelled	(2,000)	(10,167)
Outstanding, ending	22,920	26,412
Options, Outstanding, Weighted Average Exercise Price
Outstanding, beginning	$ 33.80	$ 34.75
Expired/Cancelled	32	28
Outstanding, ending	$ 33.96	$ 37.35

SHARE-BASED COMPENSATION (Det36

SHARE-BASED COMPENSATION (Details 1)	9 Months Ended
	Dec. 31, 2015$ / sharesshares
Remaining terms of the options outstanding
Outstanding, ending	22,920
Exercisable, ending	21,920
Stock Options Exercise Price 24.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 24.50
Remaining Life	1 year
Outstanding, ending	3,000
Exercisable, ending	3,000
Stock Options Exercise Price 40.75 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 40.75
Remaining Life	2 years 9 months 18 days
Outstanding, ending	4,000
Exercisable, ending	3,000
Stock Options Exercise Price 43.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 43.50
Remaining Life	2 years 9 months 18 days
Outstanding, ending	6,000
Exercisable, ending	6,000
Stock Options Exercise Price 40.25 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 40.25
Remaining Life	2 years
Outstanding, ending	2,000
Exercisable, ending	2,000
Stock Options Exercise Price 39.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 39.50
Remaining Life	2 years 1 month 6 days
Outstanding, ending	2,000
Exercisable, ending	2,000
Stock Options Exercise Price 5.50 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 5.50
Remaining Life	2 years 2 months 12 days
Outstanding, ending	4,000
Exercisable, ending	4,000
Stock Options Exercise Price 51.75 [Member]
Remaining terms of the options outstanding
Exercise price | $ / shares	$ 51.75
Remaining Life	4 years 9 months 18 days
Outstanding, ending	1,920
Exercisable, ending	1,920

COMMITMENTS AND CONTINGENCIES (

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

POST-RETIREMENT BENEFITS (Detai

POST-RETIREMENT BENEFITS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Total costs recognized for defined contribution savings plan	$ 5,575	$ 9,126	$ 20,250	$ 33,651

SUPPLEMENTAL CASH FLOW INFORM39

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Supplemental cash flow information
Interest	$ 74,152	$ 780,556
Income Taxes		$ 44,500

SUPPLEMENTAL CASH FLOW INFORM40

SUPPLEMENTAL CASH FLOW INFORMATION (Details 1) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Change in Accrued Capital Expenditures	$ 76,899	$ 622,649
Issuance of Restricted Stock for Amended Loan		47,250
Conversion of Preferred Stock to Common Stock		2,321,700
Decrease in Asset Retirement Obligation		$ (36,883)
Discount from Beneficial Conversion Feature on Convertible Notes	227,910
Forgiveness of Debt in Victory Settlement	600,000
Common Stock Issued to Settle Stock Payable	234,777
Return and cancellation of Common Stock Issued in Victory Settlement	$ (110,616)

SETTLEMENT AGREEMENTS (Details

SETTLEMENT AGREEMENTS (Details Narrative) - USD ($)	Sep. 24, 2015	Sep. 03, 2015	Jul. 15, 2015	May. 11, 2015	Dec. 31, 2015	Sep. 28, 2015	Jun. 25, 2015	Mar. 31, 2015	Feb. 26, 2015
Treasury stock, shares in treasury					0	1,476		1,476
Common stock converted into treasury stock					500	45,546		500
Sale of treasury stock						$ 104,754
Letter of Intent - Victory [Member]
Notes payable				$ 250,000				$ 350,000	$ 2,000,000
Final payment to be paid on maturity				$ 600,000
Number of shares issued				44,070
Letter Agreement - Ms. Rogers [Member]
Settlement received			$ 253,750
Notes payable			250,000
Final payment to be paid on maturity			258,125
Restricted common stock forfeited	44,070
Diem rate			129
Attorney's fees			$ 22,500
Restricted common stock cancelled					44,070
Rogers Settlement Agreement [Member]
Number of shares issued		44,070
Restricted common stock forfeited	44,070
Rogers Settlement Agreement [Member] | Dingo Unit [Member]
Percentage of working interest share		3.28%
Rogers Settlement Agreement [Member] | Platypus Unit [Member]
Percentage of working interest share		1.48%
Eagle Ford Shale (Earthstone Energy/Oak Valley Resources) [Member]
Settlement received							$ 54,020

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	Feb. 10, 2016USD ($)N$ / shares	Feb. 01, 2016	Aug. 31, 2015	Feb. 02, 2016USD ($)
Non-Revolving Line of Credit Agreement [Member]
Balance remaining under line of credit				$ 1,400,000
Non-Revolving Line of Credit Agreement [Member] | Additional Convertible Promissory Notes [Member]
Notes interest rate	6.00%
Notes interest rate after default	15.00%
Debt conversion price (in dollars per share) | $ / shares	$ 1.50
Number of equity instrument issued upon conversion | N	138,761
Number of equity instrument to be issued upon conversion (without factoring in any accrued and unpaid interest) | N	133,334
Percentage of outstanding common stock after conversion of debt	9.10%		19.90%
Debt discount not recognized	$ 164,000
Debt instrument beneficial conversion feature amount	$ 164,000
First Amendment Non-Revolving Line of Credit Agreement [Member] | Rockwell Capital Partners [Member]
Notes Payable				$ 300,000
First Amendment Non-Revolving Line of Credit Agreement [Member] | Additional Convertible Promissory Notes [Member]
Percentage of outstanding common stock after conversion of debt		9.99%