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8. Derivatives (Tables)
 9 Months Ended
Dec. 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      
  January 2015 – March 2015 1,500   $            90.00
Net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet
    As of   As of
    December 31,   March 31,
    2014   2014
  Current assets:  Derivative instruments $          57,849   $                 -
  Noncurrent assets:  Derivative instruments -            7,239
Total assets $          57,849   $         7,239
       
  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

    Three Months Ended   Nine Months Ended
    December 31   December 31
    2014   2013   2014   2013

Unrealized gain (loss) on open non-hedge

derivative instruments

 

$ 54,839

  

 

$ 18,594

  

 

$102,830

  

 

$ (38,023)

Gain (loss) on settlement of non-hedge derivative instruments

 

25,281

  

 

(11,190)

  

 

(4,959)

  

 

(41,261)

Total gain (loss) on derivative instruments $  80,120   $ 7,404   $ 97,871   $ (79,284)