Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Income Statement [Abstract]        
REVENUES $ 0 $ 0 $ 0 $ 0
COSTS AND OPERATING EXPENSES        
General and administrative 759,904 283,857 2,498,098 19,964,085
Interest expense 0 0 0 3,551,022
Amortization and depreciation 28,982 29,408 86,944 72,533
Total costs and operating expenses 788,886 313,265 2,585,042 23,587,640
LOSS FROM OPERATIONS (788,886) (313,265) (2,585,042) (23,587,640)
OTHER INCOME /(EXPENSE)        
Foreign exchange gain/(loss), net 0 (225) 31 (33,216)
Interest income 7,492 9,273 11,690 30,243
Other income/(expense), net 0 0 6,845 (9,550)
Total other income/(expense) 7,492 9,048 18,566 (12,523)
LOSS FROM CONTINUING OPERATIONS (781,394) (304,217) (2,566,476) (23,600,163)
DISCONTINUED OPERATIONS        
Loss on sale of Emir Oil, net of tax benefit of $0, $0, $0, and $3,977,385 0 0 0 (127,147,771)
Income from discontinued operations (net of tax) 0 0 0 11,899,714
NET LOSS $ (781,394) $ (304,217) $ (2,566,476) $ (138,848,220)
BASIC AND DILUTED NET LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS $ (0.01) $ (0.01) $ (0.05) $ (0.42)
BASIC AND DILUTED NET LOSS ON SALE OF EMIR OIL $ 0 $ 0 $ 0 $ (2.28)
BASIC AND DILUTED NET INCOME PER COMMON SHARE FROM DISCONTINUED OPERATIONS $ 0 $ 0 $ 0 $ 0.21