Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 6 Months Ended
Sep. 30, 2012
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,785,082) $ (138,544,003)
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from discontinued operations 0 (11,899,714)
Depreciation and amortization 57,962 43,125
Interest expense 0 3,551,022
Provision expense for notes receivable 220,875 0
Loss on sale of Emir Oil 0 127,147,771
Changes in operating assets and liabilities    
Decrease/(increase) in prepaid expenses and other assets 1,080,816 6,598
Increase/(decrease) in accounts payable 22,288 (473,570)
Increase/(decrease) in taxes payables and accrued liabilities 32,857 7,832,196
Net cash used in operating activities - continuing operations (370,284) (12,336,575)
Net cash provided by operating activities - discontinued operations 0 33,067,626
Net cash (used in)/ provided by operating activities (370,284) 20,731,051
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in short term notes receivable 0 (66,150)
Proceed from sale of Emir Oil 0 159,601,000
Purchase of other fixed assets 0 (153,308)
Net cash provided by investing activities - continuing operations 0 159,381,542
Net cash used in investing activities - discontinued operations 0 (23,126,407)
Net cash provided by investing activities 0 136,255,135
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment related to redemption of convertible notes 0 (61,400,000)
Cash paid for convertible notes coupon 0 (4,546,796)
Cash distribution (1,793,257) 0
Intercompany advances(1) 0 6,303,531
Net cash used in financing activities - continuing operations (1,793,257) (59,643,265)
Net cash used in financing activities - discontinued operations(2) 0 (6,623,936)
Net cash used in financing activities (1,793,257) (66,267,201)
NET CHANGE IN CASH AND CASH EQUIVALENTS (2,163,541) 90,718,985
NET CHANGE IN CASH AND CASH EQUIVALENTS from discontinuing operations 0 3,317,283
NET CHANGE IN CASH AND CASH EQUIVALENTS from continuing operations (2,163,541) 87,401,702
CASH AND CASH EQUIVALENTS at beginning of period 39,372,278 426,045
CASH AND CASH EQUIVALENTS at end of period 37,208,737 87,827,747
Reconciliation of cash and cash equivalents at end of period to Condensed Consolidated Balance Sheet    
Cash and cash equivalents 37,208,737 51,827,747
Restricted cash 0 36,000,000
Non-Cash Investing and Financing Activities    
Transfer of inventory and prepayments for materials used in oil and gas projects to oil and gas properties 0 1,198,675
Depreciation on other fixed assets capitalized as oil and gas properties $ 0 $ 479,227