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Derivatives | 12 Months Ended
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Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | 7. Derivatives The Company has used price swap contracts to reduce price volatility associated with certain of its oil sales. With respect to the Company’s fixed price swap contracts, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is less than the swap price, and the Company is required to make a payment to the counterparty if the settlement price for any settlement period is greater than the swap price. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate (“NYMEX WTI”) pricing. All derivative financial instruments are recorded at fair value. The Company has not designated its derivative instruments as hedges for accounting purposes and, as a result, marks its derivative instruments to fair value and recognizes the realized and unrealized changes in fair value in the consolidated statements of operations under the caption “Gain (loss) on derivative instruments.” The following summarizes the loss on derivative instruments included in the consolidated statements of operations for the years ended March 31, 2016, 2015 and 2014:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Unrealized loss on open non-hedge derivative instruments |  | $ | - |  |  | $ | - |  |  | $ | (44,981 | )
Gain (loss) on settlement of non-hedge derivative instruments |  |  | - |  |  |  | 102,069 |  |  |  | (54,281 | )
Total gain (loss) on derivative instruments |  | $ | - |  |  | $ | 102,069 |  |  | $ | (99,262 | )
As of March 31, 2016 the Company does not have any open crude oil derivative positions with respect to future production.

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