v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities    
Net Loss $ (56,574,202) $ (3,007,692)
Adjustments to reconcile net losses to net cash used in operating activities:    
Depreciation, Depletion, Amortization and Accretion 1,946,366 739,107
Impairment of Oil and Gas Properties 48,990,520  
Share-Based Compensation 86,484 129,581
Amortization of Discount on Notes 1,423,203 191,460
Change in Fair Value of Derivative Liability (67,572)  
(Gain) Loss on Settlement of Account Payable (44,278) 20,519
Loss on Sale of Property and Equipment   602
Changes in Components of Working Capital and Other Assets    
Accounts Receivable (1,382,777) 77,908
Inventories (7,680) (477)
Prepaid Expenses and Other Current Assets (52,862) 53,753
Accounts Payable and Accrued Expenses (595,328) 610,026
Net Cash Used in Operating Activities (6,278,126) (1,185,213)
Investing Cash Flows    
Cash Paid for Oil and Gas Property Development Costs (1,552,026) (149,453)
Cash Paid for Segundo Acquisition (4,975,000)  
Proceeds from Sale of Oil and Gas Properties   347,600
Proceeds from Victory Settlement   54,021
Cash Paid for Deposits (62,653)  
Cash Paid for Other Property and Equipment (17,001)  
Deposit for Acquisition of Property, Plant and Equipment   1,628
Net Cash Used in Investing Activities (6,606,680) 253,796
Financing Cash Flows    
Proceeds from Issuance of Notes Payable 1,500,000 250,000
Proceeds from the Exercise of Warrants 4,072,500  
Principal Repayments on Notes Payable (1,500,000) (117,000)
Proceeds from Issuance of Long-term Notes Payable 41,640,000  
Principal Repayments on Long-Term Notes Payable (33,136,615)  
Proceeds from Issuance of Convertible Notes 150,000 800,000
Proceeds from the Issuance of Series C Preferred Stock and Warrants 5,000,000  
Bond Sinking Fund Deposit (2,398,929)  
Porceeds from Sale of Treasury Stock   104,754
Stock Placement Fees Paid (659,578) (22,013)
Net Cash Provided by Financing Activities 14,667,378 1,015,741
Increase in Cash 1,782,572 84,324
Cash at Beginning of the Period 197,662 166,597
Cash at End of the Period $ 1,980,234 $ 250,921

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