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Derivatives (Tables) | 12 Months Ended
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Mar. 31, 2014
Derivatives Tables |
Open crude oil derivative positions with respect to future production based on NYMEX WTI pricing |
|  | Volume (bbls) |  |  | Fixed Swap Price |
Production Period |  |  |  |  |  |
April 2014 – March 2015 |  |  | 6,000 |  |  | $ | 90.00 |
Net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet |
|  | 2014 |  |  | 2013 |
Current assets: Derivative instruments |  | $ | - |  |  | $ | - |
Noncurrent assets: Derivative instruments |  |  | - |  |  | $ | - |
Total assets |  | $ | - |  |  | $ | - |
Current liabilities: Derivative instruments |  | $ | 44,981 |  |  | $ | - |
Noncurrent liabilities: Derivative instruments |  |  | - |  |  | $ | - |
Total liabilities |  | $ | 44,981 |  |  | $ | - |
Loss on derivative instruments included in the consolidated statements of operations |
|  | 2014 |  |  | 2013 |
Unrealized loss on open non-hedge derivative instruments |  | $ | (44,981 | ) |  | $ | - |
Loss on settlement of non-hedge derivative instruments |  |  | (54,281 | ) |  | $ | - |
Total loss on derivative instruments |  | $ | (99,262 | ) |  | $ | - |

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 + Details
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