Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 2)

v3.7.0.1
INCOME TAXES (Details 2) - USD ($)
Mar. 31, 2017
Mar. 31, 2016
Deferred tax assets:    
Net operating tax loss carryforwards $ 3,912,500 $ 14,638,485
Gain on sale of oil and gas properties 7,197,260 6,696,052
Depletion 1,101,236 1,678,175
Unrealized net loss on available-for-sale securities 123,955 123,954
Share-based compensation 402,388 387,564
Total deferred tax assets 12,737,339 23,524,230
Deferred tax liabilities:    
Intangible drilling costs 25,949,194 (959,124)
Depreciation (4,165,651) (3,014,952)
Other 109,102 144,903
Total deferred tax liabilities 21,892,645 (3,829,173)
Subtotal 34,629,984 19,695,027
Less: Valuation allowance $ (34,629,984) $ (19,695,057)