Quarterly report pursuant to Section 13 or 15(d)

CASH AND CASH EQUIVALENTS

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CASH AND CASH EQUIVALENTS
 6 Months Ended
Sep. 30, 2011
Notes to Financial Statements  
CASH AND CASH EQUIVALENTS

 

As of September 30, 2011 and March 31, 2011 cash and cash equivalents included:

 

    September 30, 2011   March 31, 2011
                 
US Dollars   $ 87,786,905     $ 274,870  
Foreign currency     40,842       151,175  
    Total cash and cash equivalents     87,827,747       426,045  
Less restricted cash     36,000,000       —    
    Cash and cash equivalents – unrestricted   $ 51,827,747     $ 426,045  

 

As of September 30, 2011 and March 31, 2011, cash and cash equivalents included $21,824 and $21,823, respectively placed in money market funds having 30 day simple yields of 0.01%.

 

In accordance with the Purchase Agreement, the Company has placed the $36 million in cash in escrow to indemnify the buyer for losses arising from the Company’s breaches of representations and warranties, failure to perform covenants, ongoing litigation matters, compliance with (and validity of) Emir Oil’s exploration contract, transfer of certain payables, defects in ownership of certain facilities and pipelines, or violations of applicable environmental law. The maximum indemnification obligation of the Company is limited to $39 million except with respect to losses arising out of fraud or criminal misconduct.