Groove Botanicals (GRVE) 10-K 14 Aug 15 2014 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2015	Aug. 05, 2015
Document And Entity Information
Entity Registrant Name	Avalon Oil & Gas, Inc.
Entity Central Index Key	918,573
Document Type	10-K
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 16,548
Entity Common Stock, Shares Outstanding		16,548,062
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,014

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Current Assets:
Cash and cash equivalents	$ 135,713	$ 223,914
Accounts receivable, net of allowance for doubtful accounts of $0 and $0	33,344	54,226
Notes receivable	11,429	15,714
Deposits and prepaid expenses	368,946	302,057
Receivables from joint interests, net of allowance for doubtful accounts of $131,236 and $136,873	20,000	20,000
Total current assets	$ 569,432	615,911
Notes receivable		$ 2,857
Property and equipment, net	$ 18,125
Unproven oil & gas properties	1,867,183	$ 1,867,183
Producing oil & gas properties, net	239,283	149,477
Intellectual property rights, net	53,234	95,815
Total Assets	2,747,257	2,731,243
Current Liabilities:
Accounts payable and accrued liabilities	433,752	579,536
Accrued payroll - related parties	211,317	207,817
Dividends payable	32,950	66,730
Accrued liabilities to joint interest	10,567	11,596
Notes payable - related party	20,000	$ 26,000
Notes payable	224,300
Total current liabilities	$ 932,885	$ 891,679
Notes payable, net of discount		514,300
Accrued asset retirement obligation (ARO) liability	$ 124,220	112,927
Total Liabilities	1,057,105	1,518,906
Stockholders' Equity
Preferred stock, Series A: $.10 par value, 1,000,000 shares authorized, 100 shares issued and outstanding stated at redemption value, as of December 31, 2013 and March 31, 2013, respectively; Series B: $.10 par value, 2,000 shares authorized, 200 shares issued and outstanding stated at redemption value as of December 31, 2013 and March 31, 2013, respectively	10	10
Preferred stock, Series B, $.10 par value, 2,000 shares authorized; 1,625 shares and 1,300 shares issued and outstanding started at redemption value as March 31, 2015 and March 31, 2014, liquidation preference of $1,625,000 and $1,324,780 as of March 31, 2015 and 2014	164	130
Common stock, $.001 par value: 200,000,000 shares authorized 16,548,062 and 11,658,062 shares issued and outstanding at March 31, 2015 and March 31, 2014, respectively	16,549	11,659
Additional paid in capital	32,572,302	32,024,126
Accumulated deficit	(30,898,873)	(30,823,588)
Total Stockholders Equity	1,690,152	1,212,337
Total Liabilities and Stockholders' Equity	$ 2,747,257	$ 2,731,243

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Allowance for doubtful accounts	$ 0	$ 0
Allowance for doubtful accounts on receivables from joint interests	$ 131,236	$ 136,873
Preferred stock, shares issued	100
Common stock, par value	$ .001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	16,548,062	11,658,062
Common stock, shares outstanding	16,548,062	11,658,062
Preferred stock, Series A
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	100	100
Preferred stock, shares outstanding	100	100
Preferred stock, liquidation preference	$ 532,950	$ 541,950
Preferred stock, Series B
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	2,000	2,000
Preferred stock, shares issued	1,625	1,300
Preferred stock, shares outstanding	1,625	1,300
Preferred stock, liquidation preference	$ 1,625,000	$ 1,324,780

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Oil & Gas Sales	$ 110,371	$ 156,322
Operating expenses:
Lease operating expense, severance taxes and ARO accretion	100,060	134,033
Selling, general and administrative expenses	285,534	$ 602,303
Stock based compensation	24,454
Depreciation, depletion, and amortization	74,411	$ 63,046
Total operating expenses	484,459	799,382
Operating loss	(374,088)	(643,060)
Other income (expense):
Gain on extinguishment of debt	$ 424,624	5,884
(Loss) on conversion of notes payable		$ (57,050)
Gain on conversion of dividends payable	$ 82,779
Other miscellaneous income	10,100
Interest expense, net	(43,101)	$ (91,752)
Total other income (expense)	474,402	(142,918)
Gain (Loss) before income tax	$ 100,314	$ (785,978)
Provision for income taxes
Net Income (loss)	$ 100,314	$ (785,978)
Preferred stock dividends	(175,599)	(64,780)
Net loss attributable to common shareholders	$ (75,285)	$ (850,758)
Net loss per share - basic and diluted	$ (.006)	$ (0.085)
Weighted average shares outstanding - basic and diluted	12,722,363	10,009,185

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ 100,314	$ (785,978)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	24,454	262,001
Gain on extinguishment of debt	$ (424,624)	(5,884)
Gain (Loss) on conversion of debt		$ 57,050
Gain on conversion of dividends payable	$ 82,779
Stock issued for reduction of interest on notes payable	176,959
Stock issued for licensing fees	15,000
Depreciation	4,532
Depletion	27,298	$ 20,459
Depreciation and ARO liability	2,896	2,896
Amortization of intangible assets	42,581	42,587
Net change in operating assets and liabilities:
Accounts receivable	20,882	(1,559)
Accounts payable and other accrued expenses	$ (143,149)	$ 11,568
Dividends payable
Due to related party	$ (6,000)	$ 5,000
Asset retirement obligation accretion	11,293	10,266
Net cash (used) in operating activities	(230,343)	(381,594)
Cash flows from investing activities:
Deposit on the purchase of additional assets	22,657	$ (142,057)
Purchase of property and equipment	(22,657)
Acquisition of oil producing properties	(120,000)
Principle payments received on notes receivable	7,142	$ 6,434
Net cash provided in investing activities	$ (112,858)	$ (135,623)
Cash flows from financing activities:
Payments on notes payable
Proceeds from notes payable	$ 60,000
Common stock issued for cash		$ 300,000
Preferred stock B issued for cash	$ 260,000	350,000
Dividends paid on preferred stock	(65,000)	(38,800)
Net cash provided in financing activities	255,000	611,200
Net (decrease) in cash and cash equivalents	(88,201)	93,983
Cash and cash equivalents at beginning of period	223,914	129,931
Cash and cash equivalents at end of period	135,713	223,914
Supplemental disclosures of cash flow information:
Cash paid during the period for Interest	$ 8,500	$ 72,000
Cash paid during the period for Taxes
Common stock issued in exchange for consulting services	$ 99,000	$ 262,001
Common stock issued in exchange for licenses	15,000	262,001
Common stock issued for conversion of note payable, accrued interest, and assumption of debt	52,500	109,007
Common stock issued for the conversion of dividends payable	61,600	262,001
Gain (Loss) on extinguishment of debt	424,624	5,884
Preferred stock issued in exchange for consulting services	15,000	262,001
Preferred stock issued for conversion of notes payable, accrued interest, and assumption of debt	$ 50,000	$ 600,000

STATEMENT OF CHANGES IN SHAREHO

STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Preferred Stock, Series A	Preferred stock, Series B	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Retained	Total
Beginning balance at Mar. 31, 2013	$ 10	$ 15	$ 6,209	$ 30,408,684		$ (29,972,830)	$ 442,088
Beginning balance, Shares at Mar. 31, 2013	100	150	6,208,062
Preferred stock issued for common stock		$ 20	$ (2,000)	1,980
Preferred stock issued for common stock, shares		200	(2,000,000)
Preferred Stock issued for conversion of note payable		$ 60		599,940			$ 600,000
Preferred Stock issued for conversion of note payable, Shares		600
Stock issued for cash			$ 3,300	296,700			300,000
Stock issued for cash, Shares			3,300,000
Preferred Stock issued for cash		$ 35		349,965			350,000
Preferred Stock issued for cash, Shares		350
Common stock issued for conversion of note payable and assumption liabilities			$ 1,050	107,957			109,007
Common stock issued for conversion of note payable and assumption liabilities, Shares			1,050,000
Stock issued for consulting services			$ 3,100	258,900			262,000
Stock issued for consulting services, Shares			3,100,000
Preferred Dividends						$ (64,780)	(64,780)
Net Loss						(785,978)	(785,978)
Balance at Mar. 31, 2014	$ 10	$ 130	$ 11,659	32,024,126		(30,823,588)	1,212,337
Balance, Shares at Mar. 31, 2014	100	1,300	11,658,062
Preferred Stock issued for conversion of note payable		$ 5		49,995			50,000
Preferred Stock issued for conversion of note payable, Shares		50
Common stock issued for consulting services		$ 200		13,800			14,000
Common stock issued for consulting services, shares		200,000
Preferred Stock issued for cash		$ 27		259,973			260,000
Preferred Stock issued for cash, Shares		260
Common stock issued for consulting services (b)			$ 1,700	83,300			85,000
Common stock issued for consulting services (b), shares			1,700,000
Common stock issued for licenses			$ 300	14,700			15,000
Common stock issued for licenses, shares			300,000
Common stock issued for conversion of note payable and assumption liabilities			$ 1,150	51,350			52,500
Common stock issued for conversion of note payable and assumption liabilities, Shares			1,150,000
Stock issued for consulting services		$ 2		14,998			15,000
Stock issued for consulting services, Shares		15
Common stock issued in exchange for dividends payable			$ 1,540	60,060			61,600
Common stock issued in exchange for dividends payable, shares			1,540,000
Preferred Dividends						(175,599)	(175,599)
Net Loss						100,314	100,314
Balance at Mar. 31, 2015	$ 10	$ 164	$ 16,549	$ 32,572,302		$ 30,898,873	$ 1,690,152
Balance, Shares at Mar. 31, 2015	100	1,625	16,548,062

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Avalon Oil & Gas, Inc. (the "Company") was originally incorporated in Colorado in April 1991 under the name Snow Runner (USA), Inc. The Company was the general partner of Snow Runner (USA) Ltd.; a Colorado limited partnership to sell proprietary snow skates under the name "Sled Dogs" which was dissolved in August 1992. In late 1993, the Company relocated its operations to Minnesota and in January 1994 changed our name to Snow Runner, Inc. In November 1994 we changed our name to the Sled Dogs Company. On November 5, 1997, we filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In September 1998, we emerged from protection of Chapter 11 of the U.S. Bankruptcy Code. In May, 1999, we changed our state of domicile to Nevada and our name to XDOGS.COM, Inc. On July 22, 2005, the Board of Directors and a majority of the Company's shareholders approved an amendment to our Articles of Incorporation to change the Company's name to Avalon Oil & Gas, Inc., and to increase the authorized number of shares of our common stock from 200,000,000 shares to 1,000,000,000 shares par value of $0.001, and engage in the acquisition of producing oil and gas properties. On November 16, 2011, a majority of the Company's shareholders approved an amendment to our Articles of Incorporation to increase the authorized number of shares of our common stock from 1,000,000,000 shares to 3,000,000,000 shares par value of $0.001. On June 4, 2012 the Board of Directors approved an amendment to our Articles of Incorporation to a reverse split of the issued and outstanding shares of Common Stock of the Corporation (“Shares”) such that each holder of Shares as of the record date of June 4, 2012 shall receive one (1) post-split Share on the effective date of June 4, 2012 for each three hundred (300) Shares owned. The reverse split was effective on July 23, 2012. On September 28, 2012, we held a special meeting of Avalon’s shareholders and approved an amendment to the Company’s Articles of Incorporation such that the Company would be authorized to issue up to 200,000,000 shares of common stock. We filed an amendment with the Nevada Secretary of State on April 10, 2013, to increase our authorized shares to 200,000,000. The Company is currently in the process of raising funds to acquire oil and gas properties and related oilfield technologies, which the Company plans to develop into commercial applications. On September 22, 2007 the Company entered into an agreement with respect to its purchase of a 75.6% interest in Oiltek, Inc. (Oiltek) for $50,000 and the right of Oiltek to market Avalon's intellectual property. On March 19, 2014, the Company formed Weyer Partners, LLC, (“Weyer”) a one hundred percent (100%) wholly owned Minnesota Corporation. Weyer Partners, LLC, was formed to operate oil and gas properties in Oklahoma and Texas. Weyer is consolidated in these financial statements. On May 9, 2014, the Company formed AFS Holdings, Inc., (“AFS”) a one hundred percent (100%) wholly owned Nevada Corporation. AFS Holding, Inc., was formed to leverage the Company’s relationship with IP TechEx, and market technology licensed from IP TechEx. AFS is consolidated in these financial statements. Principles of consolidation The consolidated financial statements include the accounts of the Company and the Company’s subsidiary’s Oiltek, Inc., AFS Holdings, Inc., and Weyer Partners, LLC. All significant inter-company items have been eliminated in consolidation. Going Concern The March 31, 2015, consolidated financial statements have been prepared assuming the Company will continue as a going concern. However, the Company has incurred a loss of $30,898,873 from inception through March 31, 2015, and has a working capital deficiency of $363,453 and stockholders’ equity of $1,690,152 as of March 31, 2015. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. The Company currently has minimal revenue generating operations and expects to incur substantial operating expenses in order to expand its business. As a result, the Company expects to incur operating losses for the foreseeable future. The Company will continue to seek equity and debt financing to meet our operating losses. The accompanying consolidated financial statements do not include any adjustments that might become necessary should the Company be unable to continue as a going concern. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Basis of Accounting The Company's financial statements are prepared using the accrual method of accounting. Revenues are recognized when earned and expenses when incurred. Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash on deposit, certificates of deposit, money market accounts, and investment grade commercial paper that are readily convertible into cash and purchased with original maturities of three months or less. The Company maintains its cash balances at several financial institutions. Accounts at the institutions are insured by the Federal Deposit Insurance Corporation up to $250,000. Fair Value of Financial Instruments The Company's financial instruments are cash and cash equivalents, accounts receivable, accounts payable, notes payable, notes receivable and long-term debt. The recorded values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair values based on their short-term nature. The recorded values of notes payable, notes receivable and long-term debt approximate their fair values, as interest approximates market rates. Accounts Receivable and Receivables from the Joint Interest Management periodically assesses the collectability of the Company's accounts receivable and receivables from the Joint Interest. Accounts determined to be uncollectible are charged to operations when that determination is made. The Company had an allowance for receivables from the Joint Interest of $131,236 and $136,873 for the years ended March 31, 2015 and 2014. Oil and Natural Gas Properties The Company follows the full cost method of accounting for natural gas and oil properties. Under the full cost concept, all costs incurred in acquiring, exploring, and developing properties cost center are capitalized when incurred and are amortized as mineral reserves in the cost center are produced, subject to a limitation that the capitalized costs not exceed the value of those reserves. The unamortized costs relating to a property that is surrendered, abandoned, or otherwise disposed of are accounted for as an adjustment of accumulated amortization, rather than as a gain or loss that enters into the determination of net income, until all of the properties constituting the amortization base are disposed of, at which point gain or loss is recognized. All acquisition, exploration, and development costs are capitalized. The Company capitalizes all internal costs, including: salaries and related fringe benefits of employees directly engaged in the acquisition, exploration and development of natural gas and oil properties, as well as other identifiable general and administrative costs associated with such activities. During the year ended March 31, 2014 no acquisition costs were capitalized. During the year ended March 31, 2015, we capitalized $120,000 for the purchase of the Kensington Energy Assets. Oil and natural gas properties are reviewed for recoverability at least annually or when events or changes in circumstances indicate that its carrying value may exceed future undiscounted cash inflows. As of March 31, 2015 and 2014, the Company had not identified any such impairment. Property and Equipment, net Property and equipment is reviewed on an annual basis for impairment and as of March 31, 2015, the Company had not identified any such impairment. Repairs and maintenance are charged to operations when incurred and improvements and renewals are capitalized. Property and equipment are stated at cost. Depreciation is calculated using the straight-line method for financial reporting purposes and accelerated methods for tax purposes. Their estimated useful lives are as follows: Office Equipment: 5-7 Years Asset Retirement Obligations In accordance with the provisions of Financial Accounting Standards Board “FASB” Accounting Standard Codification “ASC” 410-20-15, “Accounting for Asset Retirement Obligations”, the Company records the fair value of its liability for asset retirement obligations in the period in which it is incurred and a corresponding increase in the carrying amount of the related long live assets. Over time, the liability is accreted to its present value at the end of each reporting period, and the capitalized cost is depreciated over the useful life of the related assets. Upon settlement of the liability, the Company will either settle the obligation for its recorded amount or incur a gain or loss upon settlement. The Company's asset retirement obligations relate to the plugging and abandonment of its oil properties. Intellectual Property Rights, net The cost of licensed technologies acquired is capitalized and will be amortized over the shorter of the term of the licensing agreement or the remaining life of the underlying patents. The Company evaluates recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that intangible assets carrying amount may not be recoverable. Such circumstances include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of cost significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the assets against the estimated undiscounted future cash flows associated with it. There were not any impairment losses for the fiscal years ended March 31, 2015 and 2014. Should the sum of the expected cash flows be less than the carrying amount of assets being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying amount of the assets, exceed fair value. Estimated amortization of intangible assets over the next five years is as follows: March 31, 2016 $ 42,587 2017 10,647 $ 53,234 Stock Based Compensation Share awards granted to employees and independent directors are accounted for under ASC 718, "Share-Based Payment". ASC 718-10 eliminates accounting for share-based compensation transaction using the intrinsic value method and requires instead that such transactions be accounted for using a fair-value-based method. The Company has elected to adopt the provisions of ASC 718-10 effective January 1, 2006, under the modified prospective transition method, in which compensation cost was recognized beginning with the effective date (a) based on the requirements of ASC 718-10 for all share-based payments granted after the effective date and (b) based on the requirements of ASC 718-10 for all awards granted to employees prior to the effective date of ASC 718-10 that remain unvested on the effective date. The Company records share-based compensation expense for awards granted to non-employees in exchange for services at fair value in accordance with the provisions of ASC 505-50, "Equity Based" payment to non-employees. For the awards granted to non-employees, the Company will record compensation expenses equal to the fair value of the share options at the measurement date, which is determined to be the earlier of the performance commitment date or the service completion date. Warrants The value of warrants issued is recorded at their fair values as determined by use of a Black Scholes Model at such time or over such periods as the warrants vest. Loss per Common Share ASC 260-10-45, “Earnings Per Share”, requires presentation of "basic" and "diluted" earnings per share on the face of the statements of operations for all entities with complex capital structures. Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted during the period. Dilutive securities having an anti-dilutive effect on diluted earnings per share are excluded from the calculation. In addition, the Company had a net loss during current period so dilutive securities would decrease negative EPS and have an anti-dilutive effect. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10-25, “Accounting for Uncertainty in Income Taxes”, is intended to clarify the accounting for uncertainty in income taxes recognized in a company's financial statements and prescribes the recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740-10-25 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Under ASC 740-10-25, evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The adoption of ASC 740-10-25 at January 1, 2007 did not have a material effect on the Company's financial position. Revenue Recognition In accordance with the requirements ASC topic 605 "Revenue Recognition", revenues are recognized at such time as (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the seller's price to the buyer is fixed or determinable and (4) collectability is reasonably assured. Specifically, oil and gas sales are recognized as income at such time as the oil and gas are delivered to a viable third party purchaser at an agreed price. Interest income is recognized as it is earned.

RECEIVABLE FROM JOINT INTERESTS

RECEIVABLE FROM JOINT INTERESTS	12 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
RECEIVABLE FROM JOINT INTERESTS	NOTE 2: RECEIVABLE FROM JOINT INTERESTS The Company is the operator of certain wells acquired in the Expanded Bedford Agreement (see note 4). Pursuant to an operating agreement (the “Operating Agreement”), the Company charges the other owners of the Grace Wells for their pro-rata share of operating and workover expenses. These receivables are carried on the Company’s balance sheet as Receivable from Joint Interests. At March 31, 2015 and 2014, the amount of these receivables is $151,236 and $156,873, respectively. During the year ended March 31, 2015, the Company deemed the collectability of the receivable from joint interests in the amount of $131,236 and 136,873, respectively as unlikely.

DEPOSITS AND PREPAID EXPENSES

DEPOSITS AND PREPAID EXPENSES	12 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
DEPOSITS AND PREPAID EXPENSES	NOTE 3: DEPOSITS AND PREPAID EXPENSES During the year ended March 31, 2015 and 2014 the Company has advanced $279,400 and $302,057 toward the purchase of properties. During the year ended March 31, 2015 the Company prepaid consulting fees in the amount of $100,000 which is being amortized over 36 months. Amortization through March 31, 2015 was $10,454. March 31, 2015 March 31, 2014 Deposits on wells $ 279,400 $ 302,057 Prepaid consulting fees 100,000 - 379,400 302,057 Less: Accumulated amortization on prepaid fees (10,454 ) - Total $ 368,946 $ 302,057-

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4: PROPERTY AND EQUIPMENT A summary of property and equipment at March 31, 2015 and 2014 is as follows: March 31, 2015 March 31, 2014 Office Equipment $ 41,778 $ 41,778 Vehicles 22,657 - Leasehold improvements -0- -0- 64,435 41,778 Less: Accumulated depreciation (46,310 ) (41,778 ) Total $ 18,125 $ - Depreciation expense for the years ended March 31, 2015 and 2014 was $4,532 and $0, respectively.

INTELLECTUAL PROPERTY RIGHTS

INTELLECTUAL PROPERTY RIGHTS	12 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTELLECTUAL PROPERTY RIGHTS	NOTE 5: INTELLECTUAL PROPERTY RIGHTS A summary of the intellectual property rights at March 31, 2015 and 2014, are as follows: March 31, 2015 March 31, 2014 Intelli-well $ 425,850 $ 425,850 Less: accumulated amortization (372,616 ) (330,035 ) Total $ 53,234 $ 95,815 Amortization expense for the years

OIL AND GAS PROPERTY ACTIVITY

OIL AND GAS PROPERTY ACTIVITY	12 Months Ended
	Mar. 31, 2015
Extractive Industries [Abstract]
OIL AND GAS PROPERTY ACTIVITY	NOTE 6: OIL AND GAS PROPERTY ACTIVITY The table below shows the Company’s working interests in the Grace Wells as of March 31, 2015 and 2014: Well March 31, 2014 Working Interest Additional Acquisition March 31, 2015 Working Interest Grace #1 65.25 % 0 % 65.25 % Grace #2 55.75 % 0 % 55.75 % Grace #3 64.00 % 0 % 64.00 % Grace #5A 52.00 % 0 % 52.00 % Grace #6 58.00 % 0 % 58.00 % Producing oil and gas properties consist of the following: March 31, 2015 March 31, 2014 Lincoln County, Oklahoma $ 111,402 $ 111,402 Lipscomb County, Texas 250,082 250,082 Miller County, Arkansas 139,909 139,909 Ward Petroleum Assets 290,500 290,500 Kensington Energy Assets 120,000 - Other Properties 159,856 159,856 Total Properties 1,237,078 1,117,078 Asset retirement cost, net 37,676 40,572 Property impairments (481,072 ) (481,072 ) Less: Depletion (554,399 ) (527,101 ) Net $ 239,283 $ 149,477 For the year ended March 31, 2015 and 2014, depletion per Bbl was $6.85 and $5.14, respectively.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	NOTE 7: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following: March 31, 2015 March 31, 2014 Accounts payable $ 371,722 $ 375,272 Accrued interest 62,030 204,264 Total $ 433,752 $ 579,536

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 8: NOTES PAYABLE March 31, 2015 March 31, 2014 On May 8, 2006, the Company entered into a convertible note payable agreement with a shareholder in the amount of $100,000. The note carries an interest rate of 10% per annum and matures of November 8, 2006. The note holder has the right to convert the note and accrued interest at a rate of $0.01 per share. The value of this conversion feature was treated as a loan discount for the full $100,000 of the loan and was amortized to interest expense over the life of the loan. On May 8, 2007 the note was extended for one year. The conversion feature of the note was valued at $25,852 and was treated as a prepaid loan costs. The prepaid loan costs have been amortized over the life of the new note. On October 19, 2007, the note holder converted $30,000 of principal plus accrued interest of $16,152 for 1,350,000 shares of common stock. On November 30, 2007, the note holder converted $10,000 of principal for 950,000 shares of common stock. On January 31, 2008, the note holder converted $10,000 of principal and accrued interest of $600 for 1,250,000 shares of common stock. On February 29, 2008, the note holder converted $8,000 of principal for 1,250,000 shares of common stock. On March 31, 2008, the note holder converted $5,000 of principal for 1,250,000 shares of common stock. On March 31, 2008, the note holder converted $5,000 of principal for 1,250,000 shares of common stock. On June 6, 2008, the note holder converted $7,000 of principal and $1,372 of accrued interest for 1,550,000 shares of common stock. On June 23, 2008, the note holder converted $10,000 of principal and $395 of accrued interest for 1,500,000 shares of common stock. On October 15, 2008, the note holder converted $5,000 of principal and $10,000 of interest for 3,300,000 shares of common stock. On December 3, 2008, the note holder converted $3,000 of principal and $201 of interest for 2,000,000 shares of common stock. On February 24, 2009, the note holder converted $2,000 of principal and $167 of accrued interest into 4,000,000 shares of common stock During the three months ended September 30, 2009, the Company issued 33,000,000 shares for the conversion of $2,000 of principal and $367 of accrued interest on this note, and for other consideration. During the three months ended December 31, 2009, the Company issued 30,000,000 shares of common stock for the conversion of $1,000 principal and $361 of accrued interest on this note and for other considerations. During the period ended March 31, 2014, the Company issued 450,000 shares of common stock for the conversion of $450 principal. Interest in the amount of $180 and $183 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. The maturity of this note has been extended until April 1, 2016. $ 1,800 $ 1,800 On November 11, 2008, the Company issued a convertible promissory note to an investor in the amount of $50,000. The current balance of the note is $30,000. The note carries an interest rate of 10% per annum and a maturity date of October 1, 2009. The note holder has the right to convert the note and accrued interest into shares of the Company’s common stock at a rate of $3.00 per share. The discount is being amortized to interest expense over the life of the note via the effective interest method. Interest in the amount of $3,000 and $3,000 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. Accrued interest was $14,877 and $11,876 respectively at March 31, 2015 and 2014. The maturity date of this note has been extended until April 1, 2016. 30,000 30,000 On December 22, 2008, the Company issued a promissory note to an investor in the amount of $150,000. This note carries an interest rate of 10% per annum and matures of December 15, 2009. In addition to the note payable, the Company issued 7,500,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. At the time of the issuance of the shares to the note holder, the market price of the shares exceeded the fair value of the note payable; as a result the value of the discount was capped at the face value of the note, $150,000. The discount will be amortized to interest expense over the life of the note, 1 year, via the effective interest method. Interest in the amount of $10,891 and $15,000 was accrued on this note during the years ended March 31, 2015 and 2014, respectively. Accrued interest was $79,110 on March 31, 2014. The principal and interest on this note was extinguished with the issuance of 650,000 shares of common stock to the note holder on December 22, 2014. -0- 150,000 On December 31, 2008, the Company received a cash advance from an investor in the amount of $100,000. On January 1, 2009, the Company received an additional $50,000 and the Company entered into a note payable agreement in the amount of $150,000. The note bears interest at a rate of 10% per annum and matures on December 15, 2009. In additional to the note payable, the Company issued 7,500,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. At the time of issuance of the shares to the note holders, the market price of the shares exceeded the fair value of the note payable; as a result the value of the discount was capped at the face value of the note, $150,000. The discount will be amortized over the life of the note via the effective interest method. Interest in the amount of $14,836 and $15,000 was accrued on this note the years ended March 31, 2015 and 2014, respectively. The total accrued interest was $78,123 on March 31, 2014. The principal and interest on this note was extinguished with the issuance of 500,000 shares of common stock and the payment of $5,000 to the note holder on March 27, 2014. -0- 150,000 March 31, 2015 March 31, 2014 On January 27, 2009, the Company issued a promissory note to an investor in the amount of $50,000. The note carries an interest rate of 10% per annum and matures on December 15, 2009. In addition to the note payable, the Company issued 1,000,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. The shares are value using the closing market price on the date the note was signed and have a value of $25,000. The discount will be amortized over the life of the note via the effective interest method. Interest in the amount of $5,000 and $5,000 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. . Accrued interest was $30,863 and $25,863 at March 31, 2015 and 2014 respectively. The maturity date of this note has been extended until Apri1 1, 2016. $ 50,000 $ 50,000 On November 28, 2006, Oiltek, of which the Company has a majority interest in, issued a convertible note payable in the amount of $2,500. This note bears interest at a rate of 8% per annum and matures on October 1, 2007. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $2,500 was recorded as a discount to the note and was amortized to interest expense during the period ended December 31, 2006. Interest in the amount of $200 and $200 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. The maturity date of this note has been extended until Apri1 1, 2016. 2,500 2,500 On November 28, 2006, Oiltek, of which the Company has a majority interest in, issued a convertible note payable in the amount of $5,000. This note bears interest at a rate of 8% per annum and matured on October 1, 2007. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $5,000 was recorded as a discount to the note and was amortized to interest expense during the period ended December 31, 2006. Interest in the amount of $400 and $400 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. The maturity date of this note has been extended until Apri1 1, 2016. 5,000 5,000 March 31, 2015 March 31, 2014 On January 1, 2011 the Company issued a convertible note payable in the amount of $250,000. This note bears interest at a rate of 8% per annum and will mature on April 1, 2015. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $95,000 was recorded as a discount to the note and is being amortized to interest expense. A discount of $-0- and $94,050 was deducted for the years ended March 31, 2015 and 2014 respectively. Interest in the amount of $4,010 and $17,945 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. Accrued interest was $5,858 and $1,847 at March 31, 2015 and 2014 respectively as interest in the amount of $0 and $40,482 was paid through the years. In January 2014 the Company exchanged 125 shares of class B preferred stock for $125,000 in principal. In June 2014, the Company exchanged 50 shares of its Series B Preferred Stock for $50,000 in principal. The maturity date of this note has been extended until Apri1 1, 2016. $ 75,000 $ 125,000 On September 29, 2014, the Company issued two promissory notes note payable in the total amount of $60,000. These notes bear interest at a rate of 5% per annum, matured on January 1, 2014, and were extended until December 1, 2015. Accrued interest as of March 31, 2015 was $1,504. 60,000 -0- Total outstanding $ 224,300 $ 514,300 Note Unamortized Net of March 31, 2015: Amount Discounts Discount Notes payable – long-term portion $ - $ - $ Notes payable – current portion 224,300 - 224,300 Total $ 224,300 $ - $ 224,300 Note Unamortized Net of March 31, 2014: Amount Discounts Discount Notes payable – long-term portion $ 514,300 $ (0) $ 514,300 Notes payable – current portion -0- (0) ) -0- Total $ 514,300 $ (0 ) $ 514,300 Minimum future principal payments under the note payable are due as follows during the years ended March 31: 2016 $ 224,300 $ 224,300

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9: RELATED PARTY TRANSACTIONS During the fiscal year ended March 31, 2015 and 2014 the president advanced the Company $0 and $5,000 respectively. The balance as of March 31, 2015 and 2014 were $20,000 and $26,000 respectively. Preferred Stock The 100 shares of Series A Preferred Stock were issued on June 3, 2002 as payment for $500,000 in promissory notes, are convertible into the number of shares of common stock sufficient to represent forty percent (40%) of the fully diluted shares outstanding after their issuance The holder of these shares of Series A Preferred Stock is our President, Kent Rodriguez. The Series A Preferred Stock pays an eight percent (8%) dividend. The dividends are cumulative and payable quarterly. The Series A Preferred Stock carries liquidating preference, over all other classes of stock, equal to the amount paid for the stock plus any unpaid dividends. The Series A Preferred Stock provides for voting rights on an "as converted to common stock" basis. During the years ended March 31, 2015 and 2014, the Company incurred $40,000 in Class A preferred stock dividends, respectively. The holders of the Series A Preferred Stock have the right to convert each share of preferred stock into a sufficient number of shares of common stock to equal 40% of the then fully-diluted shares outstanding. Fully diluted shares outstanding is computed as the sum of the number of shares of common stock outstanding plus the number of shares of common stock issuable upon exercise, conversion or exchange of outstanding options, and warrants. In the event that the Company does not have an adequate number of shares of Common Stock authorized, upon a conversion request, only the maximum allowable number of shares of Series A preferred stock shall convert into Common Stock and the remaining shares of Series A preferred Stock shall convert upon lapse of the applicable restrictions. Employment Agreements KENT RODRIGUEZ During the years ended March 31, 2015 and 2014, the Company charged to operations the amount of $48,000 in annual salary for Mr. Rodriguez, of which $44,500 and $42,400 was paid to him during the years ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and 2014, the balances of accrued and unpaid salaries were $211,317 and $207,817.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10: INCOME TAXES Deferred income taxes result from the temporary difference arising from the use of accelerated depreciation methods for income tax purposes and the straight-line method for financial statement purposes, and an accumulation of Net Operating Loss carry forwards for income tax purposes with a valuation allowance against the carry forwards for book purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Included in deferred tax assets are Federal and State net operating loss carry forwards of $30,798,559 which will expire beginning in 2028. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon our cumulative losses through March 31, 2015, we have provided a valuation allowance reducing the net realizable benefits of these deductible differences to $0 at March 31, 2015. The amount of the deferred tax asset considered realizable could change in the near term if projected future taxable income is realized. Due to significant changes in the Company's ownership, the Company's future use of its existing net operating losses may be limited. A reconciliation between the actual income tax expense and income taxes computed by applying the statutory Federal and state income tax rates to income from continuing operations before income taxes is as follows: Twelve Months Ended March 31, 2015 Twelve Months Ended March 31, 2014 Computed “expected” income tax benefit at approximately 38.73% $ (10,471,510 ) $ (10,480,020 ) Change in valuation allowance 10,471,510 10,480,020 $ - $ -

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Mar. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 11: STOCKHOLDERS’ EQUITY Preferred Stock Series A Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.10 per share. As of March 31, 2015 and 2014, the Company has 100 shares of Series A preferred stock issued and outstanding. During the twelve months ended March 31, 2015 and 2014, the Company incurred $40,000 respectively in Series A preferred stock dividends, and paid $49,000 and $38,800 for the twelve months ended March 31, 2015 and 2014 respectively. As of March 31, 2015 and 2014, the accrued balance due Mr. Rodriguez was $32,950 and $41,950 respectively. The liquidation preference as of March 31, 2015 and March 31, 2014 was $532,950 or $53,295 per share. The 100 shares of Series A Preferred Stock, issued to Mr. Rodriguez as payment for $500,000 in promissory notes, are convertible into the number of shares of common stock sufficient to represent 40 percent (40%) of the fully diluted shares outstanding after their issuance. The Series A Preferred Stock pays an eight percent (8%) dividend. The dividends are cumulative and payable quarterly. The Series A Preferred Stock carries liquidating preference, over all other classes of stock, equal to the amount paid for the stock plus any unpaid dividends. The Series A Preferred Stock provides for voting rights on an "as converted to common stock" basis. The holders of the Series A Preferred Stock have the right to convert the preferred stock into shares of common stock such that if converted simultaneously, they shall represent forty percent (40%) of the fully diluted shares outstanding after their issuance. Fully diluted shares outstanding is computed as the sum of the number of shares of common stock outstanding plus the number of shares of common stock issuable upon exercise, conversion or exchange of outstanding options, warrants, or convertible securities. Series B Preferred Stock In March, 2013, our Board of Directors authorized the issuance of 2,000 shares of Series B Preferred Stock, par value $0.10 per share (the "Series B Preferred Stock"). The face amount of share of the Series B Preferred Stock is $1,000. As of March 31, 2015 and 2014, the Company has 1,625 and 1,300 shares of Series B preferred stock respectively issued and outstanding. The liquidation preference as of March 31, 2015 and March 31, 2014 was $1,625,000 and $1,324,780 or $1,000.00 and $1,019.06 per share, respectively. The Series B Preferred Stock accrues dividends at the rate of 9% per annum on the original purchase price for the shares. These dividends are payable annually, beginning in January 2014. We are prohibited from paying any dividends on our Common Stock until all accrued dividends are paid on our Series B Preferred Stock. The Series B Preferred Stock ranks junior to the Series A Preferred Stock owned by our President and Chief Executive Officer, as to Dividends and to a distribution of assets in the event of a liquidation of assets. The Holders of Series B Preferred Stock do not have any voting rights and their consent is not required to take any sort of corporate action. Series B Preferred Stock Issuances during the year ended March 31, 2015: In April 2014 we exchanged 50 shares Series B Preferred Stock for $50,000 of notes payable. In September 2014 we issued 175 Shares of Series B Preferred Stock to an accredited investor for $175,000. In October 2014 we issued 15 shares Series B Preferred Stock for consulting services for $15,000. In March 2015 we issued 85 Shares of Series B Preferred Stock to an accredited investor for $85,000. In March 2015 we issued 1,540,000 Shares of Common Stock for all accrued interest as of March 31, 2015, on the outstanding 1,625 shares of our Series B Preferred Stock. During the twelve months ended March 31, 2015 and 2014, the Company incurred $135,599 and $24,780 in dividends on Series B preferred stock. Total dividends payable from both A and B preferred shares at March 31, 2015 and 2014 is $32,950 and $66,730 respectively. Common Stock On June 4, 2012 the Board of Directors approved an amendment to our Articles of Incorporation to a reverse split of the issued and outstanding shares of Common Stock of the Corporation (“Shares”) such that each holder of Shares as of the record date of June 4, 2012 shall receive one (1) post-split Share on the effective date of June 4, 2012 for each three hundred (300) Shares owned. The reverse split was effective on July 23, 2012. The Company has authorized 200,000,000 shares of common stock with a par value of $0.001 per share. As of March 31, 2015 and 2014, the Company has 16,548,062 and 6,208,062 shares of common stock issued and outstanding. Common stock issuances during the year ended March 31, 2014: On May 3, 2013, the Company issued 500,000 shares of Common Stock for $50,000 or $0.10 per share, and was based on current market value at the date of issuance. On May 5, 2013, the Company issued 100,000 shares of Common Stock for compensation for the placement of 500,000 shares of Common Stock and 50 Shares of Series B Preferred Stock for $100,000 to a third party. The value of these shares in the amount of $10,000, or $0.10 per share was charged to operations, and was based on the current market value at the date of issuance. On June 4, 2013, the Company issued 100,000 shares of common stock for the conversion of a note payable and assumption of debt. The fair market value of these shares was $8,000 or $0.08 per share and was based on the current market value on the date of issuance. $100 has been credited to the note payable, and a loss of $7,900 was recognized on this conversion, and was charged to operations. On June 28, 2013, the Company issued 2,800,000 shares of Common Stock for $250,000, and was based on current market value at the date of issuance. On June 28, 2013, the Company issued 500,000 shares of Common Stock to a consultant, the value of these shares in the amount of $50,000, or $0.10 per share was charged to operations, and was based on the current market value at the date of issuance. On July 1, 2013, the Company issued 100,000 shares of common stock for the conversion of a note payable and assumption of debt. The fair market value of these shares was $17,000, or $0.17 per share which was based on the current market value on the date of issuance. $100 has been credited to the note payable, and a loss of $16,900 was recognized on this conversion, and was charged to operations. On July 2, 2013, the Company issued 180,000 shares of Common Stock to its board of directors, the value of these shares in the amount of $18,000, or $0.10 per share was charged to operations, and was based on the on current market value at the date of issuance. On July 26, 2013, the Company issued 250,000 shares of Common Stock to a consultant, the value of these shares in the amount of $25,000, or $0.10 per share was charged to operations, and was valued at closing bid price of the Company's common stock on the date the Consulting Agreement was executed by the Company. On September 13, 2013, the Company issued 150,000 shares of common stock for the conversion of a note payable and assumption of debt. The fair market value of these shares was $22,500, or $0.15 per share which was based on the current market value on the date of issuance. $150 has been credited to the note payable, and a loss of $22,350 was recognized on this conversion, and was charged to operations. On October 10, 2013, the Company issued 220,000 shares of common stock to a consultant, the value of these shares in the amount of $22,000, or $0.10 per share was charged to operations, and was valued at closing bid price of the Company's common stock on the date the Consulting Agreement was executed by the Company. On October 16, 2013, the Company issued 100,000 shares of common stock for the conversion of a note payable and assumption of debt. The fair market value of these shares was $10,000 or $0.10 per share which was based on the current market value on the date of issuance. $100 has been credited to the note payable, and a loss of $9,900 was recognized on this conversion, and was charged to operations. On November 6, 2013, the Company issued 250,000 to a consultant, the value of these shares in the amount of $25,000, or $0.10 per share was charged to operations, and was valued at closing bid price of the Company's common stock on the date the Consulting Agreement was executed by the Company. On March 25, 2014 the Company exchanged 2,000,000 shares of Common Stock for 200 shares of Series B Preferred Stock. On March 31, 2014, the Company issued 600,000 shares of common stock for payment of accrued interest of $51,507. On March 31, 2014 the Company issued 1,600,000 shares of common stock to a consultant, the value of these shares in the amount of $112,000, or $0.07 per share was charged to operations, and was valued at closing bid price of the Company's common stock on the date the Consulting Agreement was executed by the Company. Common stock issuances during the year ended March 31, 2015: On April 25, 2014, the Company issued 200,000 shares of common stock to a consultant, the value of these shares in the amount of $14,000, or $0.07 per share was charged to operations, and was valued at closing bid price of the Company's common stock on the date the Consulting Agreement was executed by the Company. On December 1, 2014, the Company issued 300,000 shares of common stock for a technology licensing agreement dated December 1, 2014, the value of these shares in the amount of $15,000, or $0.05 per share was charged to operations, and was valued at the middle of the closing bid price and the closing offering price of the Company's common stock on the date the Consulting Agreement was executed by the Company On December 15, 2015, the Company issued 650,000 shares of common stock in exchange for a $150,000 promissory note payable and $90,000 of accrued interest. The value of these shares in the amount of $32,500, or $0.05 per share and was valued at closing bid price of the Company's common stock on the date the Agreement was executed by the Company. $207,500 was treated as a gain from this transaction. On December 26, 2014, the Company issued 1,700,000 shares of common to a consultant, the value of these shares in the amount of $85,000, or $0.05 per share was charged to operations, and was valued at the middle of the closing bid price and the closing offering price of the Company's common stock on the date the Consulting Agreement was executed by the Company. On March 25, 2015, the Company issued 1,540,000 shares of common stock to the holders of Series B Preferred Stock to pay all accrued interest as of March 31, 2015. The value of these shares is in the amount of $61,600, or $.04 per share. On March 27, 2015, the Company issued 500,000 shares of common stock along with $6,000, in exchange for a $150,000 promissory note payable and $90,000 of accrued interest. The value of these shares in the amount of $20,000 or $0.04 per share, and were valued at closing bid price of the Company's common stock on the date the Agreement was executed by the Company, $215,000 was treated as a gain from this transaction. Options There are no stock options outstanding. Warrants The following table summarizes the warrants outstanding and the related prices for the shares of the Company’s common stock issued to non-employees of the Company at March 31, 2015: Transactions involving warrants are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding at March 31, 2014 167 $ 600.00 Granted - - Exercised - - Cancelled or expired 167 - Outstanding at March 31, 2015 -0- $

TECHNOLOGY LICENSE AGREEMENTS

TECHNOLOGY LICENSE AGREEMENTS	12 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
TECHNOLOGY LICENSE AGREEMENTS	NOTE 12: TECHNOLOGY LICENSE AGREEMENTS On December 1, 2014, the Company entered into an exclusive license agreement for anti-corrosion technology from Ronald Knight in exchange for three hundred thousand (300,000) shares of our common stock. This license calls for an earned royalty of three percent (3.00%) on sales of licensed products and services as they may relate to corrosion prevention and maintenance of sump pumps at gasoline and diesel dispensing locations, including, but not limited to gas stations, convenience stores, trucking companies, bus companies, and any other locations where gasoline and/or diesel is dispensed. We did not have any revenue for the period ended March 31, 2015.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
LOSS PER SHARE	NOTE 13: LOSS PER SHARE ASC 260-10-45 requires a reconciliation of the numerator and denominator of the basic and diluted earnings per share (EPS) computations. As the Company is in a loss position during the year ended March 31, 2015 and 2014, there is no dilutive effect included. The net loss per share was $0.006 and $0.085 for March 31, 2015 and 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14: Commitments and contingencies through the date of these financial statements were issued have been considered by the Company and none were noted which were required to be disclosed.

ASC 932-235-55 SUPPLEMENTAL DIS

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES	12 Months Ended
	Mar. 31, 2015
Asc 932-235-55 Supplemental Disclosures
ASC 932-235-55 SUPPLEMENTAL DISCLOSURES	NOTE 15: ASC 932-235-55 SUPPLEMENTAL DISCLOSURES Net Capitalized Costs The Company's aggregate capitalized costs related to natural gas and oil producing activities are summarized as follows: March 31, 2015 March 31, 2014 Natural gas and oil properties and related equipment: Proven $ 1,274,754 $ 1,165,546 Unproven 1,867,183 1,867,183 Accumulated depreciation, depletion, and impairment (1,035,471 ) (1,008,173 ) Net capitalized costs $ 2,106,466 $ 2,016,660 Future development of the unproven properties is dependent on future financing and market prices for oil and gas. Costs Incurred Costs incurred in natural gas and oil property acquisition, exploration and development activities that have been capitalized are summarized as follows: March 31, 2015 March 31, 2014 Acquisition of properties $ 120,000 $ - 0 - Development costs - 0 - - 0 - Total costs incurred $ 120,000 $ - 0 - Results of Operations for Natural Gas and Oil Producing Activities The Company's results of operations from natural gas and oil producing activities are presented below for the fiscal years ended March 31, 2015 and 2014. The following table includes revenues and expenses associated directly with the Company's natural gas and oil producing activities. It does not include any interest costs and general and administrative costs and, therefore, is not necessarily indicative of the contribution to consolidated net operating results of the Company's natural gas and oil operations. March 31, 2015 March 31, 2014 Production revenues $ 110,371 $ 156,322 Production costs (100,060 ) (134,033 ) Impairment of property - - Depreciation and depletion expense (74,411 ) (63,046 ) $ (64,100 ) $ (40,757) Imputed income tax provision (1) - - Results of operation for natural gas / oil producing activity $ (64,100 ) $ (40,757) (1) The imputed income tax provision is hypothetical (at the statutory rate) and determined without regard to the Company's deduction for general and administrative expenses, interest costs and other income tax credits and deductions, nor whether the hypothetical tax provision will be payable. Natural Gas and Oil Reserve Quantities The following schedule contains estimates of proved natural gas and oil reserves attributable to the Company. Proved reserves are estimated quantities of natural gas and oil that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are those which are expected to be recovered through existing wells with existing equipment and operating methods. Reserves are stated in thousand cubic feet (mcf) of natural gas and barrels (bbl) of oil. Geological and engineering estimates of proved natural gas and oil reserves at one point in time are highly interpretive, inherently imprecise and subject to ongoing revisions that may be substantial in amount. Although every reasonable effort is made to ensure that the reserve estimates are accurate, due to their nature reserve estimates are generally less precise than other estimates presented in connection with financial statement disclosures. Oil - bbls Proved reserves: Balance as of March 31, 2006 - Purchase of reserves-in-place 29,815 Extensions and discoveries - Production (1,043 ) Balance as of March 31, 2007 28,772 Purchase of reserves-in-place 11,560 Extensions and discoveries 4,216 Change in estimates (11,911 ) Production (3,504 ) Balance as of March 31, 2008 29,133 Purchase of reserves-in-place 22,282 Extensions and discoveries - Change in estimates - Production (5,768 ) Balance as of March 31, 2009 45,647 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates - Production (22,514 ) Balance as of March 31, 2010 23,133 Purchase of reserves-in-place 4,823 Extensions and discoveries - Change in estimates - Production (5,291 ) Balance as of March 31, 2011 22,665 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates 4,506 Production (2,439 ) Balance as of March 31, 2012 24,732 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates 2,873 Production (2,290) Balance as of March 31, 2013 25,315 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates 7,736 Production (3,979) Balance as of March 31, 2014 29,072 Purchase of reserves-in-place 4,759 Extensions and discoveries - Change in estimates 3,251 Production (2,145) Balance as of March 31, 2015 34,937 Standardized Measure of Discounted Future Net Cash Flows The following schedule presents the standardized measure of estimated discounted future net cash flows from the Company's proved reserves for the fiscal years ended March 31, 2015 and 2014. Estimated future cash flows are based on independent reserve data. Because the standardized measure of future net cash flows was prepared using the prevailing economic conditions existing at March 31, 2015 and 2014, it should be emphasized that such conditions continually change. Accordingly, such information should not serve as a basis in making any judgment on the potential value of the Company's recoverable reserves or in estimating future results of operations. March 31, 2015 March 31, 2014 Future production revenue $ 1,317,165 $ 1,126,270 Future production costs (675,670 ) (566,261 ) Future development costs - - Future cash flows before income taxes 641,495 560,009 Future income tax - - Future net cash flows 641,495 560,009 Effect of discounting future annual cash flows at 10% (253,043 ) (234,457 ) Standard measure of discounted net cash flows $ 388,452 $ 325,552 (1) The weighted average oil wellhead price used in computing the Company's reserves were $80.60 per bbl and $93.51 per bbl at March 31, 2015 and 2014, respectively. The weighted average gas wellhead price used in computing the Company's reserves were $3.34 and $3.63/mmbtu at March 31, 2015 and 2014, respectively. The oil and gas pricing were calculated using the arithmetic average of the price on the first day of each month that was received for each property during the previous fiscal year. These prices were held constant throughout the economic life of the properties. Previous year run checks were used to determine the actual prices received. The following schedule contains a comparison of the standardized measure of discounted future net cash flows to the net carrying value of proved natural gas and oil properties at March 31, 2015 and 2014: March 31, 2015 March 31, 2014 Standardized measure of discount future net cash flows $ 388,452 $ 325,552 Proved natural oil and gas property, net of accumulated depreciation, depletion, and amortization, including impairment 239,283 149,477 Standardized measure of discount future net cash flows in excess of net carrying value of proved natural oil and gas properties $ 149,169 $ 176,075

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 16: SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance of the consolidated financial statements and no subsequent event is identified. We will continue to review our operations with the regard to the current market price oil and natural gas.

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Avalon Oil & Gas, Inc. (the "Company") was originally incorporated in Colorado in April 1991 under the name Snow Runner (USA), Inc. The Company was the general partner of Snow Runner (USA) Ltd.; a Colorado limited partnership to sell proprietary snow skates under the name "Sled Dogs" which was dissolved in August 1992. In late 1993, the Company relocated its operations to Minnesota and in January 1994 changed our name to Snow Runner, Inc. In November 1994 we changed our name to the Sled Dogs Company. On November 5, 1997, we filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In September 1998, we emerged from protection of Chapter 11 of the U.S. Bankruptcy Code. In May, 1999, we changed our state of domicile to Nevada and our name to XDOGS.COM, Inc. On July 22, 2005, the Board of Directors and a majority of the Company's shareholders approved an amendment to our Articles of Incorporation to change the Company's name to Avalon Oil & Gas, Inc., and to increase the authorized number of shares of our common stock from 200,000,000 shares to 1,000,000,000 shares par value of $0.001, and engage in the acquisition of producing oil and gas properties. On November 16, 2011, a majority of the Company's shareholders approved an amendment to our Articles of Incorporation to increase the authorized number of shares of our common stock from 1,000,000,000 shares to 3,000,000,000 shares par value of $0.001. On June 4, 2012 the Board of Directors approved an amendment to our Articles of Incorporation to a reverse split of the issued and outstanding shares of Common Stock of the Corporation (“Shares”) such that each holder of Shares as of the record date of June 4, 2012 shall receive one (1) post-split Share on the effective date of June 4, 2012 for each three hundred (300) Shares owned. The reverse split was effective on July 23, 2012. On September 28, 2012, we held a special meeting of Avalon’s shareholders and approved an amendment to the Company’s Articles of Incorporation such that the Company would be authorized to issue up to 200,000,000 shares of common stock. We filed an amendment with the Nevada Secretary of State on April 10, 2013, to increase our authorized shares to 200,000,000. The Company is currently in the process of raising funds to acquire oil and gas properties and related oilfield technologies, which the Company plans to develop into commercial applications. On September 22, 2007 the Company entered into an agreement with respect to its purchase of a 75.6% interest in Oiltek, Inc. (Oiltek) for $50,000 and the right of Oiltek to market Avalon's intellectual property. On March 19, 2014, the Company formed Weyer Partners, LLC, (“Weyer”) a one hundred percent (100%) wholly owned Minnesota Corporation. Weyer Partners, LLC, was formed to operate oil and gas properties in Oklahoma and Texas. Weyer is consolidated in these financial statements. On May 9, 2014, the Company formed AFS Holdings, Inc., (“AFS”) a one hundred percent (100%) wholly owned Nevada Corporation. AFS Holding, Inc., was formed to leverage the Company’s relationship with IP TechEx, and market technology licensed from IP TechEx. AFS is consolidated in these financial statements.
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of the Company and the Company’s subsidiary’s Oiltek, Inc., AFS Holdings, Inc., and Weyer Partners, LLC. All significant inter-company items have been eliminated in consolidation.
Going Concern	Going Concern The March 31, 2015, consolidated financial statements have been prepared assuming the Company will continue as a going concern. However, the Company has incurred a loss of $30,898,873 from inception through March 31, 2015, and has a working capital deficiency of $363,453 and stockholders’ equity of $1,690,152 as of March 31, 2015. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. The Company currently has minimal revenue generating operations and expects to incur substantial operating expenses in order to expand its business. As a result, the Company expects to incur operating losses for the foreseeable future. The Company will continue to seek equity and debt financing to meet our operating losses. The accompanying consolidated financial statements do not include any adjustments that might become necessary should the Company be unable to continue as a going concern.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Basis of Accounting	Basis of Accounting The Company's financial statements are prepared using the accrual method of accounting. Revenues are recognized when earned and expenses when incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash on deposit, certificates of deposit, money market accounts, and investment grade commercial paper that are readily convertible into cash and purchased with original maturities of three months or less. The Company maintains its cash balances at several financial institutions. Accounts at the institutions are insured by the Federal Deposit Insurance Corporation up to $250,000.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company's financial instruments are cash and cash equivalents, accounts receivable, accounts payable, notes payable, notes receivable and long-term debt. The recorded values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair values based on their short-term nature. The recorded values of notes payable, notes receivable and long-term debt approximate their fair values, as interest approximates market rates.
Accounts Receivable	Accounts Receivable and Receivables from the Joint Interest Management periodically assesses the collectability of the Company's accounts receivable and receivables from the Joint Interest. Accounts determined to be uncollectible are charged to operations when that determination is made. The Company had an allowance for receivables from the Joint Interest of $131,236 and $136,873 for the years ended March 31, 2015 and 2014.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company follows the full cost method of accounting for natural gas and oil properties. Under the full cost concept, all costs incurred in acquiring, exploring, and developing properties cost center are capitalized when incurred and are amortized as mineral reserves in the cost center are produced, subject to a limitation that the capitalized costs not exceed the value of those reserves. The unamortized costs relating to a property that is surrendered, abandoned, or otherwise disposed of are accounted for as an adjustment of accumulated amortization, rather than as a gain or loss that enters into the determination of net income, until all of the properties constituting the amortization base are disposed of, at which point gain or loss is recognized. All acquisition, exploration, and development costs are capitalized. The Company capitalizes all internal costs, including: salaries and related fringe benefits of employees directly engaged in the acquisition, exploration and development of natural gas and oil properties, as well as other identifiable general and administrative costs associated with such activities. During the year ended March 31, 2014 no acquisition costs were capitalized. During the year ended March 31, 2015, we capitalized $120,000 for the purchase of the Kensington Energy Assets. Oil and natural gas properties are reviewed for recoverability at least annually or when events or changes in circumstances indicate that its carrying value may exceed future undiscounted cash inflows. As of March 31, 2015 and 2014, the Company had not identified any such impairment.
Property and Equipment, net	Property and Equipment, net Property and equipment is reviewed on an annual basis for impairment and as of March 31, 2015, the Company had not identified any such impairment. Repairs and maintenance are charged to operations when incurred and improvements and renewals are capitalized. Property and equipment are stated at cost. Depreciation is calculated using the straight-line method for financial reporting purposes and accelerated methods for tax purposes. Their estimated useful lives are as follows: Office Equipment: 5-7 Years
Asset Retirement Obligations	Asset Retirement Obligations In accordance with the provisions of Financial Accounting Standards Board “FASB” Accounting Standard Codification “ASC” 410-20-15, “Accounting for Asset Retirement Obligations”, the Company records the fair value of its liability for asset retirement obligations in the period in which it is incurred and a corresponding increase in the carrying amount of the related long live assets. Over time, the liability is accreted to its present value at the end of each reporting period, and the capitalized cost is depreciated over the useful life of the related assets. Upon settlement of the liability, the Company will either settle the obligation for its recorded amount or incur a gain or loss upon settlement. The Company's asset retirement obligations relate to the plugging and abandonment of its oil properties.
Intellectual Property Rights, net	Intellectual Property Rights, net The cost of licensed technologies acquired is capitalized and will be amortized over the shorter of the term of the licensing agreement or the remaining life of the underlying patents. The Company evaluates recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that intangible assets carrying amount may not be recoverable. Such circumstances include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of cost significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the assets against the estimated undiscounted future cash flows associated with it. There were not any impairment losses for the fiscal years ended March 31, 2015 and 2014. Should the sum of the expected cash flows be less than the carrying amount of assets being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying amount of the assets, exceed fair value. Estimated amortization of intangible assets over the next five years is as follows: March 31, 2016 $ 42,587 2017 10,647 $ 53,234
Stock Based Compensation	Stock Based Compensation Share awards granted to employees and independent directors are accounted for under ASC 718, "Share-Based Payment". ASC 718-10 eliminates accounting for share-based compensation transaction using the intrinsic value method and requires instead that such transactions be accounted for using a fair-value-based method. The Company has elected to adopt the provisions of ASC 718-10 effective January 1, 2006, under the modified prospective transition method, in which compensation cost was recognized beginning with the effective date (a) based on the requirements of ASC 718-10 for all share-based payments granted after the effective date and (b) based on the requirements of ASC 718-10 for all awards granted to employees prior to the effective date of ASC 718-10 that remain unvested on the effective date. The Company records share-based compensation expense for awards granted to non-employees in exchange for services at fair value in accordance with the provisions of ASC 505-50, "Equity Based" payment to non-employees. For the awards granted to non-employees, the Company will record compensation expenses equal to the fair value of the share options at the measurement date, which is determined to be the earlier of the performance commitment date or the service completion date.
Warrants	Warrants The value of warrants issued is recorded at their fair values as determined by use of a Black Scholes Model at such time or over such periods as the warrants vest.
Loss per Common Share	Loss per Common Share ASC 260-10-45, “Earnings Per Share”, requires presentation of "basic" and "diluted" earnings per share on the face of the statements of operations for all entities with complex capital structures. Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted during the period. Dilutive securities having an anti-dilutive effect on diluted earnings per share are excluded from the calculation. In addition, the Company had a net loss during current period so dilutive securities would decrease negative EPS and have an anti-dilutive effect.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10-25, “Accounting for Uncertainty in Income Taxes”, is intended to clarify the accounting for uncertainty in income taxes recognized in a company's financial statements and prescribes the recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740-10-25 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Under ASC 740-10-25, evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The adoption of ASC 740-10-25 at January 1, 2007 did not have a material effect on the Company's financial position.
Revenue Recognition	Revenue Recognition In accordance with the requirements ASC topic 605 "Revenue Recognition", revenues are recognized at such time as (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the seller's price to the buyer is fixed or determinable and (4) collectability is reasonably assured. Specifically, oil and gas sales are recognized as income at such time as the oil and gas are delivered to a viable third party purchaser at an agreed price. Interest income is recognized as it is earned.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Estimated amortization of intangible assets	March 31, 2016 $ 42,587 2017 10,647 $ 53,234

DEPOSITS AND PREPAID EXPENSES (

DEPOSITS AND PREPAID EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Deposits and Prepaid Expenses	March 31, 2015 March 31, 2014 Deposits on wells $ 279,400 $ 302,057 Prepaid consulting fees 100,000 - 379,400 302,057 Less: Accumulated amortization on prepaid fees (10,454 ) - Total $ 368,946 $ 302,057-

INTELLECTUAL PROPERTY RIGHTS (T

INTELLECTUAL PROPERTY RIGHTS (Tables)	12 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of intellectual property rights	March 31, 2015 March 31, 2014 Intelli-well $ 425,850 $ 425,850 Less: accumulated amortization (372,616 ) (330,035 ) Total $ 53,234 $ 95,815

OIL AND GAS PROPERTY ACTIVITY (

OIL AND GAS PROPERTY ACTIVITY (Tables)	12 Months Ended
	Mar. 31, 2015
Extractive Industries [Abstract]
Working interests in the Grace Wells	Well March 31, 2013 Working Interest Additional Acquisition March 31, 2014 Working Interest Grace #1 65.25 % 0 % 65.25 % Grace #2 55.75 % 0 % 55.75 % Grace #3 64.00 % 0 % 64.00 % Grace #5A 52.00 % 0 % 52.00 % Grace #6 58.00 % 0 % 58.00 %
Producing oil and gas properties	March 31, 2014 March 31, 2013 Lincoln County, Oklahoma $ 111,402 $ 111,402 Other properties, net 1,005,676 1,005,676 Asset retirement cost 40,572 43,468 Property impairments (481,072 ) (481,072 ) Less: Depletion (527,101 ) (506,641 ) Net $ 149,477 $ 172,833

ACCOUNTS PAYABLE AND ACCRUED 28

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities consisted of the following: March 31, 2015 March 31, 2014 Accounts payable $ 371,722 $ 375,272 Accrued interest 62,030 204,264 Total $ 433,752 $ 579,536

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Summary of notes payable	March 31, 2015 March 31, 2014 On May 8, 2006, the Company entered into a convertible note payable agreement with a shareholder in the amount of $100,000. The note carries an interest rate of 10% per annum and matures of November 8, 2006. The note holder has the right to convert the note and accrued interest at a rate of $0.01 per share. The value of this conversion feature was treated as a loan discount for the full $100,000 of the loan and was amortized to interest expense over the life of the loan. On May 8, 2007 the note was extended for one year. The conversion feature of the note was valued at $25,852 and was treated as a prepaid loan costs. The prepaid loan costs have been amortized over the life of the new note. On October 19, 2007, the note holder converted $30,000 of principal plus accrued interest of $16,152 for 1,350,000 shares of common stock. On November 30, 2007, the note holder converted $10,000 of principal for 950,000 shares of common stock. On January 31, 2008, the note holder converted $10,000 of principal and accrued interest of $600 for 1,250,000 shares of common stock. On February 29, 2008, the note holder converted $8,000 of principal for 1,250,000 shares of common stock. On March 31, 2008, the note holder converted $5,000 of principal for 1,250,000 shares of common stock. On March 31, 2008, the note holder converted $5,000 of principal for 1,250,000 shares of common stock. On June 6, 2008, the note holder converted $7,000 of principal and $1,372 of accrued interest for 1,550,000 shares of common stock. On June 23, 2008, the note holder converted $10,000 of principal and $395 of accrued interest for 1,500,000 shares of common stock. On October 15, 2008, the note holder converted $5,000 of principal and $10,000 of interest for 3,300,000 shares of common stock. On December 3, 2008, the note holder converted $3,000 of principal and $201 of interest for 2,000,000 shares of common stock. On February 24, 2009, the note holder converted $2,000 of principal and $167 of accrued interest into 4,000,000 shares of common stock During the three months ended September 30, 2009, the Company issued 33,000,000 shares for the conversion of $2,000 of principal and $367 of accrued interest on this note, and for other consideration. During the three months ended December 31, 2009, the Company issued 30,000,000 shares of common stock for the conversion of $1,000 principal and $361 of accrued interest on this note and for other considerations. During the period ended March 31, 2014, the Company issued 450,000 shares of common stock for the conversion of $450 principal. Interest in the amount of $180 and $183 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. The maturity of this note has been extended until April 1, 2016. $ 1,800 $ 1,800 On November 11, 2008, the Company issued a convertible promissory note to an investor in the amount of $50,000. The current balance of the note is $30,000. The note carries an interest rate of 10% per annum and a maturity date of October 1, 2009. The note holder has the right to convert the note and accrued interest into shares of the Company’s common stock at a rate of $3.00 per share. The discount is being amortized to interest expense over the life of the note via the effective interest method. Interest in the amount of $3,000 and $3,000 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. Accrued interest was $14,877 and $11,876 respectively at March 31, 2015 and 2014. The maturity date of this note has been extended until April 1, 2016. 30,000 30,000 On December 22, 2008, the Company issued a promissory note to an investor in the amount of $150,000. This note carries an interest rate of 10% per annum and matures of December 15, 2009. In addition to the note payable, the Company issued 7,500,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. At the time of the issuance of the shares to the note holder, the market price of the shares exceeded the fair value of the note payable; as a result the value of the discount was capped at the face value of the note, $150,000. The discount will be amortized to interest expense over the life of the note, 1 year, via the effective interest method. Interest in the amount of $10,891 and $15,000 was accrued on this note during the years ended March 31, 2015 and 2014, respectively. Accrued interest was $79,110 on March 31, 2014. The principal and interest on this note was extinguished with the issuance of 650,000 shares of common stock to the note holder on December 22, 2014. -0- 150,000 On December 31, 2008, the Company received a cash advance from an investor in the amount of $100,000. On January 1, 2009, the Company received an additional $50,000 and the Company entered into a note payable agreement in the amount of $150,000. The note bears interest at a rate of 10% per annum and matures on December 15, 2009. In additional to the note payable, the Company issued 7,500,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. At the time of issuance of the shares to the note holders, the market price of the shares exceeded the fair value of the note payable; as a result the value of the discount was capped at the face value of the note, $150,000. The discount will be amortized over the life of the note via the effective interest method. Interest in the amount of $14,836 and $15,000 was accrued on this note the years ended March 31, 2015 and 2014, respectively. The total accrued interest was $78,123 on March 31, 2014. The principal and interest on this note was extinguished with the issuance of 500,000 shares of common stock and the payment of $5,000 to the note holder on March 27, 2014. -0- 150,000 March 31, 2015 March 31, 2014 On January 27, 2009, the Company issued a promissory note to an investor in the amount of $50,000. The note carries an interest rate of 10% per annum and matures on December 15, 2009. In addition to the note payable, the Company issued 1,000,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. The shares are value using the closing market price on the date the note was signed and have a value of $25,000. The discount will be amortized over the life of the note via the effective interest method. Interest in the amount of $5,000 and $5,000 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. . Accrued interest was $30,863 and $25,863 at March 31, 2015 and 2014 respectively. The maturity date of this note has been extended until Apri1 1, 2016. $ 50,000 $ 50,000 On November 28, 2006, Oiltek, of which the Company has a majority interest in, issued a convertible note payable in the amount of $2,500. This note bears interest at a rate of 8% per annum and matures on October 1, 2007. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $2,500 was recorded as a discount to the note and was amortized to interest expense during the period ended December 31, 2006. Interest in the amount of $200 and $200 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. The maturity date of this note has been extended until Apri1 1, 2016. 2,500 2,500 On November 28, 2006, Oiltek, of which the Company has a majority interest in, issued a convertible note payable in the amount of $5,000. This note bears interest at a rate of 8% per annum and matured on October 1, 2007. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $5,000 was recorded as a discount to the note and was amortized to interest expense during the period ended December 31, 2006. Interest in the amount of $400 and $400 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. The maturity date of this note has been extended until Apri1 1, 2016. 5,000 5,000 March 31, 2015 March 31, 2014 On January 1, 2011 the Company issued a convertible note payable in the amount of $250,000. This note bears interest at a rate of 8% per annum and will mature on April 1, 2015. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $95,000 was recorded as a discount to the note and is being amortized to interest expense. A discount of $-0- and $94,050 was deducted for the years ended March 31, 2015 and 2014 respectively. Interest in the amount of $4,010 and $17,945 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. Accrued interest was $5,858 and $1,847 at March 31, 2015 and 2014 respectively as interest in the amount of $0 and $40,482 was paid through the years. In January 2014 the Company exchanged 125 shares of class B preferred stock for $125,000 in principal. In June 2014, the Company exchanged 50 shares of its Series B Preferred Stock for $50,000 in principal. The maturity date of this note has been extended until Apri1 1, 2016. $ 75,000 $ 125,000 On September 29, 2014, the Company issued two promissory notes note payable in the total amount of $60,000. These notes bear interest at a rate of 5% per annum, matured on January 1, 2014, and were extended until December 1, 2015. Accrued interest as of March 31, 2015 was $1,504. 60,000 -0- Total outstanding $ 224,300 $ 514,300
Schedule of notes payable with classification	Note Unamortized Net of March 31, 2015: Amount Discounts Discount Notes payable – long-term portion $ - $ - $ Notes payable – current portion 224,300 - 224,300 Total $ 224,300 $ - $ 224,300 Note Unamortized Net of March 31, 2014: Amount Discounts Discount Notes payable – long-term portion $ 514,300 $ (0) $ 514,300 Notes payable – current portion -0- (0) ) -0- Total $ 514,300 $ (0 ) $ 514,300
Minimum future principal payments due under note payable	Minimum future principal payments under the note payable are due as follows during the years ended March 31: 2016 $ 224,300 $ 224,300

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	Twelve Months Ended March 31, 2015 Twelve Months Ended March 31, 2014 Computed “expected” income tax benefit at approximately 38.73% $ (10,471,510 ) $ (10,480,020 ) Change in valuation allowance 10,471,510 10,480,020 $ - $ -

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Transactions involving warrants	Number of Shares Weighted Average Exercise Price Per Share Outstanding at March 31, 2014 167 $ 600.00 Granted - - Exercised - - Cancelled or expired 167 - Outstanding at March 31, 2015 -0- $

ASC 932-235-55 SUPPLEMENTAL D32

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Tables)	12 Months Ended
	Mar. 31, 2015
Asc 932-235-55 Supplemental Disclosures
Summary of aggregate capitalized costs related to natural gas and oil producing activities	March 31, 2015 March 31, 2014 Natural gas and oil properties and related equipment: Proven $ 1,274,754 $ 1,165,546 Unproven 1,867,183 1,867,183 Accumulated depreciation, depletion, and impairment (1,035,471 ) (1,008,173 ) Net capitalized costs $ 2,106,466 $ 2,016,660
Summary of costs incurred in natural gas and oil property acquisition, exploration and development activities	March 31, 2015 March 31, 2014 Acquisition of properties $ 120,000 $ - 0 - Development costs - 0 - - 0 - Total costs incurred $ 120,000 $ - 0 -
Results of Operations for Oil and Gas Producing Activities Disclosure	March 31, 2015 March 31, 2014 Production revenues $ 110,371 $ 156,322 Production costs (100,060 ) (134,033 ) Impairment of property - - Depreciation and depletion expense (74,411 ) (63,046 ) $ (64,100 ) $ (40,757) Imputed income tax provision (1) - - Results of operation for natural gas / oil producing activity $ (64,100 ) $ (40,757)
Summary of natural gas and oil reserve quantities	Oil - bbls Proved reserves: Balance as of March 31, 2006 - Purchase of reserves-in-place 29,815 Extensions and discoveries - Production (1,043 ) Balance as of March 31, 2007 28,772 Purchase of reserves-in-place 11,560 Extensions and discoveries 4,216 Change in estimates (11,911 ) Production (3,504 ) Balance as of March 31, 2008 29,133 Purchase of reserves-in-place 22,282 Extensions and discoveries - Change in estimates - Production (5,768 ) Balance as of March 31, 2009 45,647 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates - Production (22,514 ) Balance as of March 31, 2010 23,133 Purchase of reserves-in-place 4,823 Extensions and discoveries - Change in estimates - Production (5,291 ) Balance as of March 31, 2011 22,665 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates 4,506 Production (2,439 ) Balance as of March 31, 2012 24,732 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates 2,873 Production (2,290) Balance as of March 31, 2013 25,315 Purchase of reserves-in-place - Extensions and discoveries - Change in estimates 7,736 Production (3,979) Balance as of March 31, 2014 29,072 Purchase of reserves-in-place 4,759 Extensions and discoveries - Change in estimates 3,251 Production (2,145) Balance as of March 31, 2015 34,937
Summary of standardized measure of discounted future net cash flows to estimating future results of operations	March 31, 2015 March 31, 2014 Future production revenue $ 1,317,165 $ 1,126,270 Future production costs (675,670 ) (566,261 ) Future development costs - - Future cash flows before income taxes 641,495 560,009 Future income tax - - Future net cash flows 641,495 560,009 Effect of discounting future annual cash flows at 10% (253,043 ) (234,457 ) Standard measure of discounted net cash flows $ 388,452 $ 325,552
Summary of standardized measure of discounted future net cash flows	March 31, 2015 March 31, 2014 Standardized measure of discount future net cash flows $ 388,452 $ 325,552 Proved natural oil and gas property, net of accumulated depreciation, depletion, and amortization, including impairment 239,283 149,477 Standardized measure of discount future net cash flows in excess of net carrying value of proved natural oil and gas properties $ 149,169 $ 176,075

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated amortization of intangible assets (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Estimated amortization of intangible assets			$ 42,581	$ 42,587
Estimated amortization of intangible assets
Estimated amortization of intangible assets	$ 10,647	$ 42,587

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	2 Months Ended	12 Months Ended		276 Months Ended
	Jul. 23, 2012	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	May. 09, 2014	Mar. 19, 2014	Apr. 10, 2013	Mar. 31, 2013	Nov. 16, 2012	Sep. 28, 2012	Sep. 22, 2007	Jul. 22, 2005
Authorized number of shares of common stock		200,000,000	200,000,000	200,000,000			200,000,000		3,000,000,000	200,000,000		1,000,000,000
Common stock authorized, par value		$ .001	$ 0.001	$ .001					$ .001			$ .001
Reverse split terms	300 to 1
Percentage of interest											75.60%
Purchase price of interest in Oiltek											$ 50,000
Loss incurred from inception				$ (30,898,873)
Working capital deficiency		$ 363,453		363,453
Stockholders' Equity		1,690,152	$ 1,212,337	1,690,152				$ 442,088
Accounts at institutions insured by FDIC		250,000		250,000
Allowance for accounts receivable from joint working interests		131,236	$ 136,873	$ 131,236
Acquisition costs		$ (120,000)
Estimated useful lives; Office Equipment				5 years
Weyer
Percentage of interest						100.00%
AFS
Percentage of interest					100.00%

RECEIVABLE FROM JOINT INTERES35

RECEIVABLE FROM JOINT INTERESTS (Details Narrative) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Receivables [Abstract]
Receivables from Joint Interests	$ 156,873	$ 156,873
Unlikely collectability of receivable from joint interests amount	$ 131,236	$ 136,873

DEPOSITS AND PREPAID EXPENSES -

DEPOSITS AND PREPAID EXPENSES - Deposits and Prepaid Expenses (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Deposits on wells	$ 279,400	$ 302,057
Prepaid consulting fees	100,000
DepositsAndPrepaidExpenses	379,400	$ 302,057
Less: Accumulated amortization on prepaid fees	(1,054)
Total
DepositsAndPrepaidExpenses	$ 368,946	$ 302,057

DEPOSITS AND PREPAID EXPENSES37

DEPOSITS AND PREPAID EXPENSES (Details Narrative) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Notes to Financial Statements
Deposits on wells	$ 279,400	$ 302,057
Prepaid consulting fees	$ 100,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Leasehold improvements	$ 0	$ 0
Total Gross	64,435	41,778
Less: Accumulated depreciation	(46,310)	$ (41,778)
Total	18,125
Office Equipment
Total Gross	41,778	$ 41,778
Vehicles
Total Gross	$ 22,657

PROPERTY AND EQUIPMENT (Detai39

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4,532

INTELLECTUAL PROPERTY RIGHTS -

INTELLECTUAL PROPERTY RIGHTS - Summary of intellectual property rights (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Intelli-well	$ 425,850	$ 425,850
Less: accumulated amortization	(372,616)	(330,035)
Total	$ 53,234	$ 95,815

INTELLECTUAL PROPERTY RIGHTS (D

INTELLECTUAL PROPERTY RIGHTS (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated amortization of intangible assets	$ 42,581	$ 42,587

OIL AND GAS PROPERTY ACTIVITY -

OIL AND GAS PROPERTY ACTIVITY - Working interests in the Grace Wells (Details)	Mar. 31, 2015	Mar. 31, 2014
Grace #1 Well
Working interest	65.25%	65.25%
Grace #2 Well
Working interest	55.75%	55.75%
Grace #3 Well
Working interest	64.00%	64.00%
Grace #5A Well
Working interest	52.00%	52.00%
Grace #6 Well
Working interest	58.00%	58.00%

OIL AND GAS PROPERTY ACTIVITY43

OIL AND GAS PROPERTY ACTIVITY - Producing oil and gas properties (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Extractive Industries [Abstract]
Lincoln County, Oklahoma	$ 111,402	$ 111,402
Other properties, net	1,237,078	1,117,078
Asset retirement obligation	37,676	40,572
Property impairments	(481,072)	(481,072)
Less: Depletion	(554,399)	(527,101)
Net	$ 239,283	$ 149,477

OIL AND GAS PROPERTY ACTIVITY44

OIL AND GAS PROPERTY ACTIVITY (Details Narrative) - $ / bbl	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Extractive Industries [Abstract]
Depletion per Bbl	6.85	5.14

ACCOUNTS PAYABLE AND ACCRUED 45

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Accounts payable and accrued liabilities (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Payables and Accruals [Abstract]
Accounts payable	$ 371,722	$ 375,272
Accrued liabilities	62,030	204,264
Total	$ 433,752	$ 579,536

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Summary of notes payable
Notes payable	$ 224,300	$ 514,300
Convertible Debt [Member]
Summary of notes payable
Notes payable	1,800	1,800
Convertible Debt Two [Member]
Summary of notes payable
Notes payable	2,500	2,500
Convertible Debt Three [Member]
Summary of notes payable
Notes payable	5,000	5,000
Convertible Debt Four [Member]
Summary of notes payable
Notes payable	75,000	125,000
Promissory Note [Member]
Summary of notes payable
Notes payable	0	150,000
Promissory Note Two [Member]
Summary of notes payable
Notes payable	50,000	50,000
Promissory Note Three [Member]
Summary of notes payable
Notes payable	60,000	0
Convertible Promissory Note [Member]
Summary of notes payable
Notes payable	30,000	30,000
Note Payable
Summary of notes payable
Notes payable	$ 0	$ 150,000

Notes Payable (Details 1)

Notes Payable (Details 1) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Summary of notes payable
Notes payable - long-term portion		$ 514,300
Total	$ 224,300	514,300
Note Amount
Summary of notes payable
Notes payable - long-term portion		$ 514,300
Notes payable - current portion	$ 224,300
Total	$ 224,300	$ 514,300
Unamortized Discounts
Summary of notes payable
Notes payable - long-term portion
Notes payable - current portion
Total
Net Of Discount
Summary of notes payable
Notes payable - long-term portion		$ 514,300
Notes payable - current portion	$ 224,300
Total	$ 224,300	$ 514,300

Notes Payable (Details 2)

Notes Payable (Details 2)	Mar. 31, 2015USD ($)
Summary of minimum future principal payments
2,016	$ 224,300
Total	$ 224,300

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	12 Months Ended
	Mar. 31, 2015
Convertible Debt [Member]
Notes payable	On May 8, 2006, the Company entered into a convertible note payable agreement with a shareholder in the amount of $100,000. The note carries an interest rate of 10% per annum and matures of November 8, 2006. The note holder has the right to convert the note and accrued interest at a rate of $0.01 per share. The value of this conversion feature was treated as a loan discount for the full $100,000 of the loan and was amortized to interest expense over the life of the loan. On May 8, 2007 the note was extended for one year. The conversion feature of the note was valued at $25,852 and was treated as a prepaid loan costs. The prepaid loan costs have been amortized over the life of the new note. On October 19, 2007, the note holder converted $30,000 of principal plus accrued interest of $16,152 for 1,350,000 shares of common stock. On November 30, 2007, the note holder converted $10,000 of principal for 950,000 shares of common stock. On January 31, 2008, the note holder converted $10,000 of principal and accrued interest of $600 for 1,250,000 shares of common stock. On February 29, 2008, the note holder converted $8,000 of principal for 1,250,000 shares of common stock. On March 31, 2008, the note holder converted $5,000 of principal for 1,250,000 shares of common stock. On March 31, 2008, the note holder converted $5,000 of principal for 1,250,000 shares of common stock. On June 6, 2008, the note holder converted $7,000 of principal and $1,372 of accrued interest for 1,550,000 shares of common stock. On June 23, 2008, the note holder converted $10,000 of principal and $395 of accrued interest for 1,500,000 shares of common stock. On October 15, 2008, the note holder converted $5,000 of principal and $10,000 of interest for 3,300,000 shares of common stock. On December 3, 2008, the note holder converted $3,000 of principal and $201 of interest for 2,000,000 shares of common stock. On February 24, 2009, the note holder converted $2,000 of principal and $167 of accrued interest into 4,000,000 shares of common stock During the three months ended September 30, 2009, the Company issued 33,000,000 shares for the conversion of $2,000 of principal and $367 of accrued interest on this note, and for other consideration. During the three months ended December 31, 2009, the Company issued 30,000,000 shares of common stock for the conversion of $1,000 principal and $361 of accrued interest on this note and for other considerations. During the period ended March 31, 2014, the Company issued 450,000 shares of common stock for the conversion of $450 principal. Interest in the amount of $180 and $183 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. The maturity of this note has been extended until April 1, 2016.
Convertible Debt Two [Member]
Notes payable	On November 28, 2006, Oiltek, of which the Company has a majority interest in, issued a convertible note payable in the amount of $2,500. This note bears interest at a rate of 8% per annum and matures on October 1, 2007. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $2,500 was recorded as a discount to the note and was amortized to interest expense during the period ended December 31, 2006. Interest in the amount of $200 and $200 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. The maturity date of this note has been extended until Apri1 1, 2016.
Convertible Debt Three [Member]
Notes payable	On November 28, 2006, Oiltek, of which the Company has a majority interest in, issued a convertible note payable in the amount of $5,000. This note bears interest at a rate of 8% per annum and matured on October 1, 2007. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $5,000 was recorded as a discount to the note and was amortized to interest expense during the period ended December 31, 2006. Interest in the amount of $400 and $400 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. The maturity date of this note has been extended until Apri1 1, 2016.
Convertible Debt Four [Member]
Notes payable	On January 1, 2011 the Company issued a convertible note payable in the amount of $250,000. This note bears interest at a rate of 8% per annum and will mature on April 1, 2015. The principal amount of the note and accrued interest are convertible into shares of the Company’s common stock at a price of $0.01 per share. A beneficial conversion feature in the amount of $95,000 was recorded as a discount to the note and is being amortized to interest expense. A discount of $-0- and $94,050 was deducted for the years ended March 31, 2015 and 2014 respectively. Interest in the amount of $4,010 and $17,945 was accrued on this note during the twelve months ended March 31, 2015 and 2014, respectively. Accrued interest was $5,858 and $1,847 at March 31, 2015 and 2014 respectively as interest in the amount of $0 and $40,482 was paid through the years. In January 2014 the Company exchanged 125 shares of class B preferred stock for $125,000 in principal. In June 2014, the Company exchanged 50 shares of its Series B Preferred Stock for $50,000 in principal. The maturity date of this note has been extended until Apri1 1, 2016.
Promissory Note [Member]
Notes payable	On December 22, 2008, the Company issued a promissory note to an investor in the amount of $150,000. This note carries an interest rate of 10% per annum and matures of December 15, 2009. In addition to the note payable, the Company issued 7,500,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. At the time of the issuance of the shares to the note holder, the market price of the shares exceeded the fair value of the note payable; as a result the value of the discount was capped at the face value of the note, $150,000. The discount will be amortized to interest expense over the life of the note, 1 year, via the effective interest method. Interest in the amount of $10,891 and $15,000 was accrued on this note during the years ended March 31, 2015 and 2014, respectively. Accrued interest was $79,110 on March 31, 2014. The principal and interest on this note was extinguished with the issuance of 650,000 shares of common stock to the note holder on December 22, 2014.
Promissory Note Two [Member]
Notes payable	On January 27, 2009, the Company issued a promissory note to an investor in the amount of $50,000. The note carries an interest rate of 10% per annum and matures on December 15, 2009. In addition to the note payable, the Company issued 1,000,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. The shares are value using the closing market price on the date the note was signed and have a value of $25,000. The discount will be amortized over the life of the note via the effective interest method. Interest in the amount of $5,000 and $5,000 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. . Accrued interest was $30,863 and $25,863 at March 31, 2015 and 2014 respectively. The maturity date of this note has been extended until Apri1 1, 2016.
Promissory Note Three [Member]
Notes payable	On September 29, 2014, the Company issued two promissory notes note payable in the total amount of $60,000. These notes bear interest at a rate of 5% per annum, matured on January 1, 2014, and were extended until December 1, 2015. Accrued interest as of March 31, 2015 was $1,504.
Convertible Promissory Note [Member]
Notes payable	On November 11, 2008, the Company issued a convertible promissory note to an investor in the amount of $50,000. The current balance of the note is $30,000. The note carries an interest rate of 10% per annum and a maturity date of October 1, 2009. The note holder has the right to convert the note and accrued interest into shares of the Company’s common stock at a rate of $3.00 per share. The discount is being amortized to interest expense over the life of the note via the effective interest method. Interest in the amount of $3,000 and $3,000 was accrued on this note during the year ended March 31, 2015 and 2014, respectively. Accrued interest was $14,877 and $11,876 respectively at March 31, 2015 and 2014. The maturity date of this note has been extended until April 1, 2016.
Note Payable
Notes payable	On December 31, 2008, the Company received a cash advance from an investor in the amount of $100,000. On January 1, 2009, the Company received an additional $50,000 and the Company entered into a note payable agreement in the amount of $150,000. The note bears interest at a rate of 10% per annum and matures on December 15, 2009. In additional to the note payable, the Company issued 7,500,000 shares of common stock to the note holder. The shares are considered a discount to the note payable. At the time of issuance of the shares to the note holders, the market price of the shares exceeded the fair value of the note payable; as a result the value of the discount was capped at the face value of the note, $150,000. The discount will be amortized over the life of the note via the effective interest method. Interest in the amount of $14,836 and $15,000 was accrued on this note the years ended March 31, 2015 and 2014, respectively. The total accrued interest was $78,123 on March 31, 2014. The principal and interest on this note was extinguished with the issuance of 500,000 shares of common stock and the payment of $5,000 to the note holder on March 27, 2014.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transactions [Abstract]
Advances from the president of the Company	$ 0	$ 5,000
Total Advances to company	$ 20,000	26,000
Shares of Series A Preferred Stock issued to an officer/director as payment for promissory notes	100
Value of promissory notes to an officer/director	$ 500,000
Series A Preferred Stock conversion percentage, fully diluted shares outstanding after issuance	40.00%
Series A Preferred Stock dividend payment percentage	8.00%
Stock dividends incurred	$ 40,000	40,000
Amount charged to operations in annual salary	48,000	48,000
Amount of compensation paid to Mr. Rodriquez	44,500	42,400
Balance of accrued and unpaid salaries	$ 211,317	$ 207,817

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income tax rate	38.73%	38.73%
Computed "expected" income tax expense	$ (10,471,510)	$ (10,480,020)
Change in valuation allowance	$ 10,471,510	$ 10,480,020
Income taxes, total

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	Mar. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Federal and State net operating loss carry forwards	$ 30,798,559
Valuation allowance reducing the net realizable benefits of deductible differences	$ 0

STOCKHOLDERS' EQUITY - Transact

STOCKHOLDERS' EQUITY - Transactions involving warrants (Details) - $ / shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity [Abstract]
Outstanding at March 31, 2014	167	167
Granted
Exercised
Cancelled or expired	167
Outstanding at March 31, 2015	0	167
Weighted Average Price Per Share, Outstanding at March 31, 2014	$ 600
Weighted Average Price Per Share, Granted
Weighted Average Price Per Share, Exercised
Weighted Average Price Per Share, Cancelled or expired
Weighted Average Price Per Share, Outstanding at March 31, 2015		$ 600

STOCKHOLDERS' EQUITY - Preferre

STOCKHOLDERS' EQUITY - Preferred Stock (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2015	Oct. 31, 2014	Apr. 30, 2014	Mar. 25, 2014	Mar. 31, 2013
Preferred stock, shares issued	100		100
Preferred stock dividends			$ 175,599	$ 64,780
Preferred stock dividends paid			$ 40,000	$ 40,000
Common stock issued	16,548,062		16,548,062	11,658,062
Accrued balance due to Mr.Rodriguez	$ 211,317		$ 211,317	$ 207,817
Preferred stock, Series A
Preferred stock, shares authorized	1,000,000		1,000,000	1,000,000
Preferred stock, par value	$ 0.10		$ 0.10	$ 0.10
Preferred stock, shares issued	100		100	100
Preferred stock, shares outstanding	100		100	100
Accrued balance due to Mr.Rodriguez	$ 32,950		$ 32,950
Liquidation preference	$ 532,950		$ 532,950	$ 541,950
Fully diluted shares outstanding percentage	40.00%		40.00%
Preferred stock, Series B
Preferred stock, shares authorized	2,000		2,000	2,000
Preferred stock, par value	$ 0.10		$ 0.10	$ 0.10					$ .10
Preferred stock, shares issued	1,625		1,625	1,300					2,000
Preferred stock, shares outstanding	1,625		1,625	1,300
Preferred stock dividends			$ 32,950	$ 66,730
Liquidation preference	$ 1,625,000		$ 1,625,000	$ 1,324,780
Liquidation preference per share	$ 1,000		$ 1,000	$ 1,019.06
Dividend rate on preferred stock			9.00%
Preferred stock face amount	$ 1,000		$ 1,000	$ 1,000					$ 1,000
Preferred stock sold amount to accredited investor	$ 85,000	$ 175,000
Preferred stock shares sold to accredited investor	85	175
Preferred stock exchanged, shares	200		200		400		50	200
Preferred stock exchanged	$ 200,000		$ 200,000		$ 400,000		$ 50,000
Preferred stock, Series B | Consulting Services
Preferred stock, shares issued						175
Preferred stock face amount						$ 175,000
Preferred stock, Series A
Preferred stock, shares authorized				1,000,000
Preferred stock, par value				$ 0.10
Preferred stock, shares issued				100
Preferred stock, shares outstanding				100
Preferred stock dividends			40,000	$ 40,000
Preferred stock dividends paid			$ 49,000	38,800
Accrued balance due to Mr.Rodriguez				41,950
Liquidation preference				$ 53,295
Preferred stock issued to officer/director on conversion of promissory notes, Shares			100
Preferred stock issued to officer/director on conversion of promissory notes			$ 500,000
Dividend rate on preferred stock			8.00%
Common Stock for Accrued Interest
Preferred stock, shares issued	1,625		1,625
Common stock issued	1,540,000		1,540,000

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock (Details Narrative) - USD ($)	Mar. 27, 2015	Dec. 26, 2014	Jul. 02, 2014	Apr. 25, 2014	Mar. 31, 2014	Nov. 06, 2013	Oct. 16, 2013	Oct. 10, 2013	Sep. 13, 2013	Jul. 28, 2013	Jul. 26, 2013	Jul. 01, 2013	Jun. 28, 2013	Jun. 04, 2013	May. 05, 2013	May. 03, 2013	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2015	Apr. 30, 2014	Mar. 25, 2014	Apr. 10, 2013	Nov. 16, 2012	Sep. 28, 2012	Jul. 22, 2005
Common stock, shares authorized					200,000,000												200,000,000	200,000,000				200,000,000	3,000,000,000	200,000,000	1,000,000,000
Common stock, par value					$ 0.001												$ .001	$ 0.001					$ .001		$ .001
Common stock, shares issued					11,658,062												16,548,062	11,658,062
Common stock, shares outstanding					11,658,062												16,548,062	11,658,062
Common stock issued for compensation, value																	$ (24,454)
Common stock issued for conversion of note payable, value																	$ 52,500	$ 109,007
Gain (Loss) on conversion of notes payable																		57,050
Common stock issued for accrued interest, Value					$ 51,507													$ 51,507
Common stock issued for accrued interest, shares					600,000													600,000
Consulting Services
Common stock issued for compensation, shares		1,700,000		200,000	1,600,000
Common stock issued for compensation, value		$ 85,000		$ 14,000	$ 112,000
Promissory Note [Member]
Common stock issued for conversion of note payable, value	$ 6,000
Common stock issued for conversion of note payable, shares	500,000
Credited amount on conversion of notes payable	$ 150,000
Gain (Loss) on conversion of notes payable	$ 215,000
Common Stock
Common stock, shares authorized					200,000,000												200,000,000	200,000,000
Common stock, par value					$ 0.001												$ 0.001	$ 0.001
Common stock, shares issued					6,208,062												16,548,062	6,208,062
Common stock, shares outstanding					6,208,062												16,548,062	6,208,062
Common stock issued for cash, value													$ 250,000			$ 50,000
Common stock issued for cash, shares													2,800,000			500,000
Common stock issued for compensation, shares															100,000
Common stock issued for compensation, value															$ 10,000
Common stock, par value per share							$ .10		$ .15			$ .17
Common stock issued for conversion of note payable, value							$ 10,000		$ 22,500			$ 17,000		$ 8,000
Common stock issued for conversion of note payable, shares							100,000		150,000			100,000		100,000
Credited amount on conversion of notes payable							$ 100		$ 150			$ 100		$ 100
Gain (Loss) on conversion of notes payable							$ (9,900)		$ (22,350)			$ (16,900)		$ (7,900)
Stock Issued To A Consultant
Common stock issued for compensation, shares										500,000
Common stock issued for compensation, value										$ 50,000
Common stock, par value per share						$ .10		$ .10			$ .10
Common stock issued for services, value						$ 25,000		$ 22,000		$ 25,000	$ 25,000
Common stock issued for services, shares						250,000		220,000		250,000	250,000
Stock Issued To Board Of Directors
Common stock issued for services, value			$ 18,000
Common stock issued for services, shares			180,000
Preferred stock, Series B
Common stock exchanged for Preferred Shares																					2,000,000
Preferred stock exchanged, shares																	200		400	50	200

Technology license agreement (D

Technology license agreement (Details) - 12 months ended Mar. 31, 2015 - shares	Total
Technology License Agreement (Textual)
Shares exchanged for exclusive license agreement	300,000
Percentage of net sales as royalty income	3.00%

Loss Per Share (Details)

Loss Per Share (Details) - $ / shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Loss Per Share (Textual)
Net loss per share	$ .0006	$ 0.085

ASC 932-235-55 SUPPLEMENTAL D58

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Natural gas and oil properties and related equipment:
Proven	$ 1,274,754	$ 1,165,546
Unproven	1,867,183	1,867,183
Accumulated depreciation, depletion, and impairment	(1,035,471)	(1,008,173)
Net capitalized costs	$ 2,106,466	$ 2,016,660

ASC 932-235-55 SUPPLEMENTAL D59

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Summary of costs incurred in natural gas and oil property acquisition, exploration and development activities
Acquisition of properties	$ 120,000	$ 0
Development costs	0	0
Total costs incurred	$ 120,000	$ 0

ASC 932-235-55 SUPPLEMENTAL D60

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Details 2) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Summary of results of operations from natural gas and oil producing activities
Production revenues	$ 110,371	$ 156,322
Production costs	$ (100,060)	$ (134,033)
Impairment of property
Depreciation and depletion expense	$ (74,411)	$ (63,046)
Results of operation for natural gas / oil producing activity gross	$ (64,100)	$ (40,757)
Imputed income tax provision (1)
Results of operation for natural gas / oil producing activity	$ (64,100)	$ (40,757)

ASC 932-235-55 SUPPLEMENTAL D61

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Details 3) - bbl	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2010	Mar. 31, 2009	Mar. 31, 2008	Mar. 31, 2007
Summary of contains estimates of proved natural gas and oil reserves
Beginning Balance	29,072	25,315	24,732	22,665	23,133	45,647	29,133	28,772	28,772
Purchase of reserves-in-place					4,823		22,282	11,560	29,815
Extensions and discoveries								4,216
Change in estimates	3,251	7,736	2,873	4,506				(11,911)
Production	(2,145)	(3,979)	(2,290)	(2,439)	(5,291)	(22,514)	(5,768)	(3,504)	(1,043)
Balance	34,937	29,072	25,315	24,732	22,665	23,133	45,647	29,133	28,772

ASC 932-235-55 SUPPLEMENTAL D62

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Details 4) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule presents the standardized measure of estimated discounted future net cash flows
Future production revenue	$ 1,317,165	$ 1,126,270
Future production costs	$ (675,670)	$ (566,261)
Future development costs
Future cash flows before income taxes	$ 641,495	$ 560,009
Future net cash flows	641,495	560,009
Effect of discounting future annual cash flows at 10%	(253,043)	(234,457)
Standard measure of discounted net cash flows	$ 388,452	$ 325,552

ASC 932-235-55 SUPPLEMENTAL D63

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Details 5) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Principal sources of change in standardized measure of discounted future net cash flow relating to prove oil and gas reserves
Standardized measure of discount future net cash flows	$ 388,452	$ 325,552
Proved natural oil and gas property, net of accumulated depreciation, depletion, and amortization, including impairment	239,283	149,477
Standardized measure of discount future net cash flows in excess of net carrying value of proved natural oil and gas properties	$ 149,169	$ 176,075

ASC 932-235-55 SUPPLEMENTAL D64

ASC 932-235-55 SUPPLEMENTAL DISCLOSURES (Details Textual) - $ / shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Natural Gas [Member]
ASC 932 235 55 SUPPLEMENTAL DISCLOSURES (Textual)
Weighted average wellhead price used in computing the Company's reserves		$ 3.34
Oil [Member]
ASC 932 235 55 SUPPLEMENTAL DISCLOSURES (Textual)
Weighted average wellhead price used in computing the Company's reserves		$ 93.51
Oil [Member]
ASC 932 235 55 SUPPLEMENTAL DISCLOSURES (Textual)
Weighted average wellhead price used in computing the Company's reserves	$ 80.60
Natural Gas [Member]
ASC 932 235 55 SUPPLEMENTAL DISCLOSURES (Textual)
Weighted average wellhead price used in computing the Company's reserves	$ 3.63

Uncategorized Items - aogn-2015

Label	Element	Value
Stock Issued To A Consultant
CommonStockParValuePerShare	AOGN_CommonStockParValuePerShare	$ .10
Stock Issued To Board Of Directors
CommonStockParValuePerShare	AOGN_CommonStockParValuePerShare	.10
Common Stock
CommonStockParValuePerShare	AOGN_CommonStockParValuePerShare	.10
CommonStockParValuePerShare	AOGN_CommonStockParValuePerShare	0.08
CommonStockParValuePerShare	AOGN_CommonStockParValuePerShare	$ 0.10
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance	us-gaap_DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance	500,000