Annual report pursuant to Section 13 and 15(d)

6. DISCONTINUED OPERATIONS AND SALE OF EMIR OIL

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6. DISCONTINUED OPERATIONS AND SALE OF EMIR OIL
 12 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
DISCONTINUED OPERATIONS AND SALE OF EMIR OIL

Emir Oil LLP

 

On September 19, 2011 the Company completed the sale of all of its interests in Emir Oil LLP to a subsidiary of MIE Holdings Corporation. The sale of Emir Oil was valued at $170 million in cash, net of $10.4 million in purchase adjustments.

 

The following is the summary of the net assets sold at September 19, 2011 and the resulting loss on sale:

 

Net assets sold (290,726,156)
   
    Tax effect of sale 3,977,385
Net sale value 159,601,000
   
Loss on sale of Emir Oil $  (127,147,771)

 

 

The components of discontinued operations for the years ended March 31, 2013 and 2012 were as follows:

 

  Year ended
  March 31, 2013   March 31, 2012
       
                 Revenue $ -   $ 41,633,064
       
               Operating expenses -   (29,914,188)
               Other income -   180,838
                Income tax expense -   -
       
                 Income from discontinued operations $ -   $ 11,899,714