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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Components of net deferred tax assets (liabilities)

		2014				2013
Deferred tax assets:
Percentage depletion carryforwards		$	1,463,834			$	1,336,630
Deferred stock-based compensation			29,475				24,003
Asset retirement obligation			298,089				252,158
Net operating loss			298,736				503,659
Derivative instruments			13,944
Other			9,673				3,237
			2,113,751				2,119,687
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment			(2,972,200	)			(2,972,886	)
Net deferred tax liabilities		$	(858,449	)		$	(853,199	)

Income tax provision constituents

		2014				2013				2012
Current income tax expense		$	6,500			$	-			$	-
Deferred income tax expense (benefit)			5,250				(31,504	)			(27,960	)
Total income tax provision:		$	11,750			$	(31,504	)		$	(27,960	)
Effective tax rate			4	%			(15	%)			(9	%)

Reconciliation of the provision for income taxes to income taxes computed

		2014				2013				2012
Tax expense at federal statutory rate (1)		$	106,374			$	(70,678	)		$	102,691
Statutory depletion carryforward			(127,204	)			-				(155,734	)
Effect of graduated rates			(13,841	)			3,391				(16,940	)
Revision of prior year estimates			-				-				4,314
Permanent differences			46,421				35,783				30,210
Other			-				-				7,499
Total income tax expense (benefit)		$	11,750			$	(31,504	)		$	(27,960	)
Effective income tax rate			4	%+			(15	%)			(9	%)

(1) The federal statutory rate was 34% for fiscal years ending March 31, 2014, 2013 and 2012.

Reconciliation of the beginning and ending balances of unrecognized tax benefits

		2014				2013				2012
Unrecognized tax benefits at beginning of period		$	677,000			$	677,000			$	670,000
Additions based on tax positions related to the current year			2,000				-				-
Changes to tax positions of prior years			-				-				7,000
Settlements			-				-				-
Expirations			-				-				-
Unrecognized tax benefits at end of period		$	679,000			$	677,000			$	677,000

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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