Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (138,848,220) $ 1,678,764
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from discontinued operations (11,899,714) (12,615,370)
Depreciation and amortization 72,533 69,002
Interest expense 3,551,022 4,431,143
Loss on sale of Emir Oil 127,147,771 0
Loss on disposal of fixed assets 0 1,870
Stock based compensation expense 0 1,254,024
Changes in operating assets and liabilities    
Decrease/(increase) in prepaid expenses and other assets 30,807 (165,080)
Decrease/(increase) in accounts payable (444,639) 161,776
Increase in taxes payable and accrued liabilities 4,985,074 752
Net cash used in operating activities - continuing operations (15,405,366) (5,183,119)
Net cash provided by operating activities - discontinued operations 33,067,626 28,482,350
Net cash provided by operating activities 17,662,260 23,299,231
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in short term notes receivable (66,150) (50,350)
Proceeds from sale of Emir Oil 159,601,000 0
Purchase of other fixed assets (153,308) (19,237)
Net cash used in investing activities - continuing operations 159,381,542 (69,587)
Net cash used in investing activities - discontinued operations (23,126,407) (21,834,705)
Net cash provided by/(used in) investing activities 136,255,135 (21,904,292)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment related to redemption of convertible notes (61,400,000) 0
Cash paid for convertible notes coupon (4,546,796) (1,500,000)
Cash distribution (43,002,498) 0
Intercompany advances(1) 6,303,531 6,974,590
Net cash provided by/(used in) financing activities - continuing operations (102,645,763) 5,474,590
Net cash used in financing activities - discontinued operations(2) (6,623,936) (7,095,082)
Net cash used in financing activities (109,269,699) (1,620,492)
NET CHANGE IN CASH AND CASH EQUIVALENTS 44,647,696 (225,553)
NET CHANGE IN CASH AND CASH EQUIVALENTS from discontinued operations 3,317,283 (447,437)
NET CHANGE IN CASH AND CASH EQUIVALENTS from continuing operations 41,330,413 221,884
CASH AND CASH EQUIVALENTS at beginning of period 426,045 2,992,392
CASH AND CASH EQUIVALENTS at end of period 41,756,458 3,214,276
Reconciliation of cash and cash equivalents at end of period to Condensed Consolidated Balance Sheet    
Cash and cash equivalents 5,755,268 426,045
Restricted cash 36,001,190 0
Cash and cash equivalents at end of period 41,756,458 426,045
Non-Cash Investing and Financing Activities    
Transfer of inventory and prepayments for materials used in oil and gas projects to oil and gas properties 1,198,675 1,598,614
Depreciation on other fixed assets capitalized as oil and gas properties 479,227 340,760
Accrued non-cash share based obligations capitalized as part of oil and gas properties 0 1,064,000
Issuance of common stock for services, capitalized to oil and gas properties 0 2,214,569
Cash distribution accrued and not yet paid $ 15,016,556 $ 0