Formcap (FRMC) 10-K/A 17 Apr 15 2014 FY Annual report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Apr. 14, 2015	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	FORMCAP CORP.
Entity Central Index Key	1102709
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$10,266,822
Entity Common Stock, Shares Outstanding		88,841,833
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Condensed Balance Sheets
Cash	$278	$910
Prepayments	6,875
Related Party Note Receivable	8,170	9,266
Total current assets	15,323	10,176
Exploration property lease		101,802
TOTAL ASSETS	15,323	111,978
Accounts payable and accrued liabilities	23,107	101,297
Accounts payable -related parties	104,357
Convertible promissory notes payable- related parties	113,490	48,990
Convertible promissory notes payable	125,100	111,800
Notes payable	52,059	78,653
Related parties payables	111,500	111,500
Royalty and license fee payable	135,000	135,000
Total Current Liabilities	664,613	587,240
TOTAL LIABILITIES	664,613	587,240
Preferred stock, 50,000,000 shares authorized at par value of $0.001, no shares issued and outstanding
Common stock, 200,000,000 shares authorized at par value of $0.001; 88,841,833 and 9,223,822 shares issued and outstanding, respectively	88,767	9,224
Stock subscription receivable		-17,000
Additional paid-in capital	22,228,795	13,888,388
Accumulated deficit	-22,966,852	-14,355,874
Total Stockholders' Deficit	-649,290	-475,262
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$15,323	$111,978

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
STOCKHOLDERS' DEFICIT
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value	$0.00	$0.00
Common stock, shares issued	88,841,833	9,223,822
Common stock, shares outstanding	88,841,833	9,223,822

Condensed_Statements_of_Operat

Condensed Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Condensed Statements Of Operations
REVENUES
COST OF SALES
GROSS MARGIN
OPERATING EXPENSES
Consulting fees	64,950	14,022
Loss on impairment of oil & gas properties	516,802
General and administrative expenses	50,820	98,181
Total Operating Expenses	632,572	112,203
LOSS FROM OPERATIONS	-632,572	-112,203
OTHER INCOME AND (EXPENSE)
Interest expense		-10
Loss on settlement of debt	-7,978,406	-2,274,000
Total Other Income and (Expense)	-7,978,406	-2,274,010
INCOME (LOSS) BEFORE INCOME TAXES PROVISION FOR INCOME TAXES	-8,610,978	-2,386,213
NET INCOME (LOSS)	($8,610,978)	($2,386,213)
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE	($0.29)	($0.05)
WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE	29,510,359	9,223,822

Statement_of_Stockholders_Defi

Statement of Stockholders' Deficit (USD $)	Preferred Stock	Common Stock	Stock Subscription Receivable	Additional Paid-In Capital	Deficit Accumulated During the Development Stage	Total
Beginning Balance, Amount at Dec. 31, 2012		$204	($17,000)	$11,178,408	($11,969,661)	($808,049)
Beginning Balance, Shares at Dec. 31, 2012		203,824
Shares issued in settlement of Debt, Shares		9,000,000
Shares issued in settlement of Debt, Amount		9,000		2,690,000		2,699,000
Shares issued pursuant to the acquisition of oil and gas lease rights, Shares		20,000
Shares issued pursuant to the acquisition of oil and gas lease rights, Amount		20		19,980		20,000
Net loss					-2,386,213	-2,386,213
Ending Balance, Amount at Dec. 31, 2013		9,224	-17,000	13,888,388	-14,355,874	-475,262
Ending Balance, Shares at Dec. 31, 2013		9,223,824
Shares issued pursuant to a financing transaction, Shares		1,000,000
Shares issued pursuant to a financing transaction, Amount		1,000		2,309,000		2,310,000
Rounding shares issued to shareholders, Shares		43,009
Rounding shares issued to shareholders, Amount		43		-43
Shares issued pursuant to an consulting agreement, Shares		500,000
Shares issued pursuant to an consulting agreement, Amount		500		54,450		54,950
Shares issued pursuant to a debt settlement agreement, Shares		78,000,000
Shares issued pursuant to a debt settlement agreement, Amount		78,000		5,977,000		5,523,000
Shares issued pursuant to an escrow agreement, Shares		75,000
Shares issued pursuant to an escrow agreement, Amount				75		75
Write-off of uncollectible subscription receivable			17,000			17,000
Net loss					-8,610,978	-8,610,978
Ending Balance, Amount at Dec. 31, 2014		$88,767		$22,228,795	($22,966,852)	($649,290)
Ending Balance, Shares at Dec. 31, 2014		88,841,833

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) Income	($8,610,978)	($2,386,213)
Adjustments to reconcile net loss to net cash used by operating activities:
Common stock and options issued for services	54,950
Expenses paid on behalf of the Company	32,800
Loss on impairment of assets	516,802
Loss on settlement of debt	7,978,406	2,274,000
Changes to operating assets and liabilities:
Prepaid expenses and other current assets	-6,875
Accounts payable and accrued liabilities	36,167	43,353
Notes Receivable	1,096	-9,266
Net Cash Used in Operating Activities	2,368	-78,126
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of oil and gas lease		-6,802
Net Cash Used in Investing Activities		-6,802
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party payables		15,000
Proceeds from convertible notes payable		70,790
Repayment of convertible notes payable	-3,000
Net Cash Provided by Financing Activities	-3,000	85,790
NET INCREASE (DECREASE) IN CASH	-632	862
CASH AT BEGINNING OF PERIOD	910	48
CASH AT END OF PERIOD	278	910
CASH PAID FOR:
Interest		10
NON CASH FINANCING ACTIVITIES:
Common Stock issued for oil and gas lease	2,310,000	20,000
Conversion of related party payables to common stock		425,000
Extinguishment of related party notes payable and accounts payable	6,055,000	2,699,000
Notes Payable Issued for Oil and Gas Lease	$110,000	$75,000

ORGANIZATION_AND_DESCRIPTION_O

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	FormCap Corp. (the “Company” or “FormCap”) was incorporated in the State of Florida on April 10, 1991, under the name of Aarden-Bryn Enterprises, Inc. The Company became a foreign registrant in the State of Nevada on December 24, 1998, and became qualified to transact business in the State of Nevada.
	Since its incorporation, the Company has changed its name several times. On August 27, 1998 the Company changed its name to Corbett’s Cool Clear WTAA, Inc., on September 24, 1999 to WTAA International, Inc., on December 6, 2001 to Gravitas International, Inc., and finally to its current name, FormCap Corp. on October 12, 2007.
	On September 18, 2007, the Company merged the Florida jurisdiction and the Nevada jurisdiction into one Nevada jurisdiction.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation
	These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are stated in US dollars. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may differ from these estimates.
	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Basic Earnings (Loss) Per Share
	Basic earnings (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no dilutive or potentially dilutive instruments outstanding as of December 31, 2014 and 2013.
	Stock Issued in Exchange for Services
	The valuation of common stock issued in exchange for services is valued at an estimated fair market value as determined by the most readily determinable value of either the stock or services exchanged. Values of the stock are based upon other sales and issuances of the Company’s common stock within the same general time period.
	Cash and Cash Equivalents
	Cash equivalents are comprised of certain highly liquid investments with original maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts which at times may exceed federally insured limits of $250,000. The Company has not experienced any losses related to this concentration of risk. Deposits did not exceed insured limits during the years ended December 31, 2014 and 2013.
	Financial Instruments
	For accounts receivable, accounts payable, accrued liabilities, current portion of long-term debt and long-term debt, the carrying amounts of these financial instruments approximates their fair value. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.
	Foreign Currency Translation
	The Company translates foreign currency transactions and balances to its reporting currency, United States Dollars, in accordance with ASC 830 “Foreign Currency Matters”. Monetary assets and liabilities are translated into the functional currency at the exchange rate in effect at the end of the year. Non-monetary assets and liabilities are translated at the exchange rate prevailing when the assets were acquired or the liabilities assumed. Revenue and expenses are translated at the rate approximating the rate of exchange on the transaction date. All exchange gains and losses are included in the determination of net income (loss) for the year.
	Crude oil and natural gas properties
	The Company uses the successful efforts method of accounting for crude oil and natural gas properties whereby costs incurred to acquire mineral interests in crude oil and natural gas properties, to drill and equip exploratory wells that find proved reserves, to drill and equip development wells, and expenditures for enhanced recovery operations are capitalized. Geological and geophysical costs, seismic costs incurred for exploratory projects, lease rentals and costs associated with unsuccessful exploratory wells or projects are expensed as incurred. Costs of seismic studies that are utilized in development drilling within an area of proved reserves are capitalized as development costs. To the extent a seismic project covers areas of both developmental and exploratory drilling, those seismic costs are proportionately allocated between capitalized development costs and exploration expense. Maintenance, repairs and costs of injection are expensed as incurred, except that the costs of replacements or renewals that expand capacity or improve production are capitalized.
	Under the successful efforts method of accounting, the Company capitalizes exploratory drilling, equipping and facility costs on the balance sheet pending determination of whether the project has found proved reserves in economically producible quantities. The Company capitalizes costs associated with the acquisition or construction of support equipment and facilities with the drilling and development costs to which they relate. If proved reserves are assigned to a project, the associated capitalized costs become part of well equipment and facilities. However, if proved reserves are not found in a project, the capitalized costs associated with the project are expensed, net of any salvage value. Total capitalized costs pending the determination of proved reserves were $0 and $101,802 at December 31, 2014 and December 31, 2013, respectively.
	Income Taxes
	The Company applies ASC 740, which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.
	The Company adopted ASC 740, at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements.
	Recently Adopted Accounting Standards
	In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development or exploration stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of September 30, 2014.

GOING_CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 3 - GOING CONCERN	The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
	In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
	The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

PROMISSORY_NOTE_RECEIVABLE_REL

PROMISSORY NOTE RECEIVABLE - RELATED PARTY	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 4 - PROMISSORY NOTE RECEIVABLE - RELATED PARTY	On June 3, 2013 the Company advanced the sum of $11,194 ($11,500 Canadian Dollars) to an related Canadian company. The loan is secured by a promissory note and is due on December 31, 2014. During the year the Borrower repaid $1,097 leaving a balance of $8,169 as of December 31, 2014.
	The promissory note is non-interest bearing until maturity and bears interest at 3% per annum thereafter. The Promissory note will become due and payable if the company receives financing totalling $5,000,000 in aggregate prior to the maturity date. The promissory note is convertible into common shares of the company either in whole or in part at the option of the Company on terms to be determined by the borrowing company.

EXPLORATION_PROPERTY_LEASE

EXPLORATION PROPERTY LEASE	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 5 - EXPLORATION PROPERTY LEASE	On November 19, 2013 the Company executed a Definitive Agreement with Kerr Energy Group and Keta Oil & Gas LLC (Kerr and Keta) both incorporated in Kansas.
	Pursuant to the terms of the Agreement the Company agreed to acquire up to 2,400 acres in Cowley County, Kansas at a cost not exceed $200 per acre. In addition, the Company agreed to issue Kerr and Keta a total of 200,000 Rule 144 shares of the common stock of FormCap.
	The Company acquired 100% of the Leases (80% net revenue to FormCap; 20% freehold royalty), and will be the operator. The Company will have the option to purchase additional leases in Cowley County from Kerr and Keta in an Area of Mutual Interest, the terms of which are set forth in the Agreement. FormCap is required to drill one test well in each of the first two years of the lease term in order to maintain its interest in the Leases.
	During January 2014, Ironridge Global IV, Ltd. ("Ironridge") purchased from Kerr and Keta the Company’s obligation in the aggregate amount of $671,939 (the "Claim Amount"). Subsequently, the Company offered to settle the Claim Amount by the issuance of unrestricted and fully tradable shares of the Company's common stock. Ironridge accepted the Company's settlement offer, subject to a hearing on the fairness of the settlement terms. On February 21, 2014, the Company, Ironridge and the CEO of the Company entered into a Stipulation Order for the settlement on the terms agreed on by Ironridge and the Company. On February 21, 2014, a California Superior Court for the County of Los Angeles (the "State Court") held a hearing on the fairness of the Company's settlement offer to Ironridge. Pursuant to the court order issued by the State Court on February 21, 2014, the shares of the Company's common stock will be deemed issued in settlement of the claims (subject to certain adjustments based on the future trading value of the stock) when delivered to Ironridge. On February 24, 2014 the Company's transfer agent delivered to Ironridge 10,000,000 shares of the Company's common stock. The shares issued to Ironridge were freely tradable and exempt from registration under the Securities Act of 1933 and the California Corporations Code. The number of shares to be issued to Ironridge was subject to adjustment based trading price of the Company's stock such that the value of the shares is sufficient to cover the Claim Amount, a 10% agent fee amount and Ironridge's reasonable legal fees and expenses ( the "Final Amount"). Under the Stipulation Order, Ironridge could not be the beneficial owner of more than 9.99% of the Company's outstanding shares of common stock until the Final Amount is paid. Further Ironridge agreed not to exercise any voting rights of the shares issued to it nor influence or cause any change in control of the Company.
	On March 11, 2014 Ironridge paid Kerr and Keta $305,000 in full and final settlement of all monies due in connection with the acquisition of 2,400 acres of the Cowley leases. Ironridge was obligated to provide $367,000 to the Company to fund the drilling of two test wells on the Cowley lands within 90 days of the issuance of the shares of Common stock. On May 24, 2014, Ironridge defaulted upon its obligation to fund the two test wells and on July 3, 2014, Ironridge was deregistered. Accordingly, the Company recorded a loss on receivable of $367,000 that Ironridge had pledged to pay towards drilling expenses.
	As at December 31, 2014 the Company had capitalized $516,802 toward the acquisition of the Cowley Leases. (December 31, 2013 - $101,802) The Company conducted an impairment test of the Cowley Leases as at December 31, 2014 and determined that the leases were impaired. Accordingly, the Company recorded a charge of $516,802 against the Leases.

CONVERTIBLE_PROMISSORY_NOTES_P

CONVERTIBLE PROMISSORY NOTES PAYABLE RELATED PARTIES	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 6 - CONVERTIBLE PROMISSORY NOTES PAYABLE - RELATED PARTIES	On January 2, 2014, a related party paid Kerr and Keta a further $50,000 in connection with the acquisition of the Cowley leases. On that date the Company issued a promissory note in the amount of $50,000 to the related party. The note matures on December 31, 2015.
	On May 19, 2014 a related party paid certain creditors $7,000. On that date the Company issued a promissory note in the amount of $7,000 to the related party. The note matures on December 31, 2015.
	On July 28, 2014 the Company issued a promissory note in the amount of $5,000 to a related party. The note matures on December 31, 2015.
	On August 11, 2014 a related party paid a certain creditor $2,500. On that date the Company issued a promissory note in the amount of $2,500 to the related party. The note matures on December 31, 2015.
	As at December 31, 2014, the Company owed $113,490 to related party holders of Convertible Promissory Notes (December 31, 2013 - $48,990)
	The Promissory notes are non-interest bearing until maturity and bear interest at 3% per annum thereafter. The Promissory notes will become due and payable if the Company receives financing totalling $5,000,000 in aggregate prior to the maturity date. The promissory notes are convertible into common shares of the Company either in whole or in part at the option of the Holders on terms to be determined by the Company.

CONVERTIBLE_PROMISSORY_NOTES_P1

CONVERTIBLE PROMISSORY NOTES PAYABLE	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 7 - CONVERTIBLE PROMISSORY NOTES PAYABLE	During April and May, 2013 the Company issued convertible promissory notes in the amounts of $15,000 to two unrelated third parties. The notes mature on December 31, 2014
	On June 3, 2013, the Company issued promissory notes in the amounts of $20,000 Canadian Dollars in favour an unrelated third party. The notes mature on December 31, 2015
	On July 30, 2013 the Company issued a promissory note in the amount $5,000 Dollars in favour an unrelated third party. The note matures on December 31, 2015
	On August 9, 2013 the Company issued a promissory note in the amount of $3,000 in favour an unrelated third party. The note matures on December 31, 2015
	On September 30, 2013 the Company issued a promissory note in the amount of $25,000 to an unrelated third party. The note matures on December 31, 2015
	On November 8, 2013 the Company issued a promissory note in the amount of $7,500 to a related third party. The note matures on December 31, 2015
	On November 6, 2013 the Company issued a promissory note in the amount of $3,000 to a unrelated third party. The note matures on December 31, 2015
	On November 19, 2013 the Company issued a promissory note in the amount of $7,500 to a unrelated third party. The note matures on December 31, 2015
	On December 16, 2013, an unrelated third party paid $50,000 to Kerr and Keta in connection with the acquisition of the Cowley leases. On that date the Company issued a promissory note in the amount of $50,000 to the unrelated third party. The note matures on December 31, 2015.
	On December 24, 2013 the Company issued a promissory note in the amount of $24,800 to an unrelated third party. The note matures on December 31, 2015.
	On January 23, 2014, an unrelated third party paid Kerr and Keta a further $50,000 in connection with the acquisition of the Cowley leases. On that date the Company issued a promissory note in the amount of $50,000 to the unrelated third party. The note matures on December 31, 2015.
	On February 28, 2014 the Company issued a promissory note in the amount of $11,000 to an unrelated party. The note matures on December 31, 2015.
	On April 15, 2014 an unrelated party paid a certain creditor $10,000. On that date the Company issued a promissory note in the amount of $10,000 to the related party. The note matures on December 31, 2015.
	On April 15, 2014 the Company repaid $3,000 against a promissory note issued to an unrelated party.
	On December 3, 2014 the Company issued a promissory note in the amount of $7,300 to an unrelated party. The note matures on December 31, 2015.
	On December 4, 2014 the Company entered into an Assignment of Creditor and Settlement of Debt agreement with a holder of multiple convertible promissory notes in the amount of $62,000. The Company issued 28,000,000 common shares in connection with this transaction
	As at December 31, 2014, the Company owed $128,100 to the holders of the Convertible Promissory notes (December 31, 2013 - $111,800)
	The promissory notes are non-interest bearing until maturity and bear interest at 3% per annum thereafter. The Promissory notes will become due and payable if the Company receives financing totaling $5,000,000 in aggregate prior to the maturity date. The promissory notes are convertible into common shares of the Company either in whole or in part at the option of the holders on terms to be determined by the Company.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 8 - RELATED PARTY TRANSACTIONS	The Company from time to time has borrowed funds from or has received services from several related parties for operating purposes.
	On August 27, 2014, the Company entered in a debt settlement agreement with a related party. The Company agreed to settle a debt of $10,000 by the issuance of 50,000,000 shares of common stock with a fair value of $5,495,000. The Company recorded a loss of $5,485,000 on this transaction.
	As of December 31, 2014 the Company owed related parties $111,500 (December 31, 2013 - $111,500). These amounts bear no interest, are not collateralized, and are due on demand.

NOTES_PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 9 - NOTES PAYABLE	On December 4, 2014 the Company entered into an Assignment of Creditor and Settlement of Debt agreement with a holder of notes payable in the amount of $26,594. The Company issued 28,000,000 shares of Common Stock in connection with this transaction
	The balance owed to these parties as of December 31, 2013 was $49,059 (December 31, 2012 - $78,653). These amounts bear no interest, are not collateralized, and are due on demand.

COMMON_STOCK

COMMON STOCK	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 10 - COMMON STOCK	The Company has two classes of stock authorized as of December 31, 2014. The Company has 50,000,000 shares of preferred stock authorized with no shares outstanding as of December 31, 2014 and 2013. The Company also has 200,000,000 shares of common stock authorized with 88,841,833 shares issued and outstanding as of December 31, 2014 (December 31, 2013 – 9,223,822).
	On July 31, 2014, the Company effected a 1 for 10 reverse stock split. All references in these financial statements to number of common shares issued and outstanding, price per share and weighted average number of common shares have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted. The Company’s authorized preferred stock and authorized common stock remain unchanged.
	On February 24, 2014, the Company issued 1,000,000 shares of common stock in connection with the purchase of the Cowley leases which were valued at $2,310,000. The Company recognized a loss of $2,005,000 on this transaction.
	On August 27, 2014, the Company entered in to a contract for financial consulting and advisory services for a six month term, expiring on January 27, 2015. The Company agreed to issue 500,000 restricted shares as compensation to the consultants which were valued using fair market value of the stock price on that date for a total compensation expense of $54,950.
	On August 27, 2014, the Company entered in a debt settlement agreement with a related party. The Company agreed to settle a debt of $10,000 by the issuance of 50,000,000 shares of common stock with a fair value of $5,495,000. The Company recorded a loss of $5,485,000 on this transaction.
	On September 3, 2014, the Company entered into an escrow agreement with a creditor. The Company agreed to pay the creditor $2,500 upon the signing of the agreement and to issue 75,000 shares to be held in escrow. The Company is obligated to pay the creditor a further $7,514 forty five days after the Company’s stock becomes DWAC-eligible. Upon payment of the final amount owing the shares will be returned to the Company. The company has not yet paid the creditor and the shares remain in escrow.
	On December 4, 2014, the Company entered in an Assignment of Creditors and Settlement of Debt agreement. The Company agreed to settle Convertible Promissory Notes Payable in the amount of $62,000 and Notes Payable in the amount of $26,594 by the issuance of 28,000,000 shares of common stock valued at $532,000. The Company recorded a loss of $471,406 on this transaction.
	During 2014, the company determined that the $17,000 subscription receivable for shares issued in 2007 was uncollectible. The resulting write-off of this amount has been recorded in loss on settlement of debt.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 11 - INCOME TAXES	Income Taxes
	The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized.
	Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.
	Net deferred tax assets consist of the following components as of December 31, 2014 and 2013:
	Deferred tax assets:	December 31,			December 31,
		2014			2013
	Net operating loss carryover	$	(9,512,712	)	$	(6,584,979	)
	Common stock and warrants issued for services		582,395			563,712
	Common stock issued for settlement of debt		45,900			45,900
	Loss on extinguishment of debt		5,334,640			2,621,982
	Impairment of assets		599,423			423,710
	Amortization of beneficial conversion feature		258,373			258,373
	Valuation allowance		2,691,981			2,671,302
	Income tax expense per books	$	-		$	-
	The income tax provision differs from the amount of income tax determined by applying the estimated U.S. federal and state income tax rates of 39% to pretax income from continuing operations for the year ended December 31, 2014 and 2013 due to the following:
		December 31,			December 31,
		2014			2013
	Income tax expense at statutory rate	$	(40,520	)	$	(37,210	)
	Common stock and warrants issued for services
	Loss on extinguishment of debt
	Impairment of assets
	Amortization of beneficial conversion feature
	(Gain) Loss on extinguishment of debt
	Valuation allowance					37,210
	Income tax expense per books	$	(40,520	)	$	-
	As at December 31, 2014, the Company had net operating loss carry forwards of approximately $7,808,730 through 2034. No tax benefit has been reported in the December 31, 2014 financial statements as the potential tax benefit is offset by a valuation allowance of the same amount.
	Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 12 - SUBSEQUENT EVENTS	In accordance with ASC 855-10 Company management reviewed all material events through the date of this report. The Company has determined that there are no items to disclose.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
Significant Accounting Policies Policies
Basis of Presentation	These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are stated in US dollars. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may differ from these estimates.
Use of Estimates	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Basic Earnings (Loss) Per Share	Basic earnings (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no dilutive or potentially dilutive instruments outstanding as of December 31, 2014 and 2013.
Stock Issued in Exchange for Services	The valuation of common stock issued in exchange for services is valued at an estimated fair market value as determined by the most readily determinable value of either the stock or services exchanged. Values of the stock are based upon other sales and issuances of the Company’s common stock within the same general time period.
Cash and Cash Equivalents	Cash equivalents are comprised of certain highly liquid investments with original maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts which at times may exceed federally insured limits of $250,000. The Company has not experienced any losses related to this concentration of risk. Deposits did not exceed insured limits during the years ended December 31, 2014 and 2013.
Financial Instruments	For accounts receivable, accounts payable, accrued liabilities, current portion of long-term debt and long-term debt, the carrying amounts of these financial instruments approximates their fair value. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.
Foreign Currency Translation	The Company translates foreign currency transactions and balances to its reporting currency, United States Dollars, in accordance with ASC 830 “Foreign Currency Matters”. Monetary assets and liabilities are translated into the functional currency at the exchange rate in effect at the end of the year. Non-monetary assets and liabilities are translated at the exchange rate prevailing when the assets were acquired or the liabilities assumed. Revenue and expenses are translated at the rate approximating the rate of exchange on the transaction date. All exchange gains and losses are included in the determination of net income (loss) for the year.
Crude oil and natural gas properties	The Company uses the successful efforts method of accounting for crude oil and natural gas properties whereby costs incurred to acquire mineral interests in crude oil and natural gas properties, to drill and equip exploratory wells that find proved reserves, to drill and equip development wells, and expenditures for enhanced recovery operations are capitalized. Geological and geophysical costs, seismic costs incurred for exploratory projects, lease rentals and costs associated with unsuccessful exploratory wells or projects are expensed as incurred. Costs of seismic studies that are utilized in development drilling within an area of proved reserves are capitalized as development costs. To the extent a seismic project covers areas of both developmental and exploratory drilling, those seismic costs are proportionately allocated between capitalized development costs and exploration expense. Maintenance, repairs and costs of injection are expensed as incurred, except that the costs of replacements or renewals that expand capacity or improve production are capitalized.
	Under the successful efforts method of accounting, the Company capitalizes exploratory drilling, equipping and facility costs on the balance sheet pending determination of whether the project has found proved reserves in economically producible quantities. The Company capitalizes costs associated with the acquisition or construction of support equipment and facilities with the drilling and development costs to which they relate. If proved reserves are assigned to a project, the associated capitalized costs become part of well equipment and facilities. However, if proved reserves are not found in a project, the capitalized costs associated with the project are expensed, net of any salvage value. Total capitalized costs pending the determination of proved reserves were $0 and $101,802 at December 31, 2014 and December 31, 2013, respectively.
Income Taxes	The Company applies ASC 740, which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.
	The Company adopted ASC 740, at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements.
Recently Adopted Accounting Standards	In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development or exploration stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of September 30, 2014.

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
Income Taxes Tables
Net deferred tax assets	Net deferred tax assets consist of the following components as of December 31, 2014 and 2013:
	Deferred tax assets:	December 31,			December 31,
		2014			2013
	Net operating loss carryover	$	(9,512,712	)	$	(6,584,979	)
	Common stock and warrants issued for services		582,395			563,712
	Common stock issued for settlement of debt		45,900			45,900
	Loss on extinguishment of debt		5,334,640			2,621,982
	Impairment of assets		599,423			423,710
	Amortization of beneficial conversion feature		2,583,736			258,373
	Valuation allowance		2,691,981			2,671,302
	Income tax expense per books	$	-		$	-
Income tax provision	The income tax provision differs from the amount of income tax determined by applying the estimated U.S. federal and state income tax rates of 39% to pretax income from continuing operations for the year ended December 31, 2014 and 2013 due to the following:
		December 31,			December 31,
		2014			2013
	Income tax expense at statutory rate	$	(40,520	)	$	(37,210	)
	Common stock and warrants issued for services
	Loss on extinguishment of debt
	Impairment of assets
	Amortization of beneficial conversion feature
	(Gain) Loss on extinguishment of debt
	Valuation allowance					37,210
	Income tax expense per books	$	(40,520	)	$	-

PROMISSORY_NOTE_RECEIVABLE_REL1

PROMISSORY NOTE RECEIVABLE b RELATED PARTY (Details Narrative) (USD $)	Dec. 31, 2014
Promissory Note Receivable Related Party Details Narrative
Repayment Note Receivable Borrowed	$1,097
Promissory Note Receivable balance	$8,169

EXPLORATION_PROPERTY_LEASE_Det

EXPLORATION PROPERTY LEASE (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Exploration Property Lease Details Narrative
Capitalized amount towards the Lease acquisition	$516,802	$101,802

CONVERTIBLE_PROMISSORY_NOTES_P2

CONVERTIBLE PROMISSORY NOTES PAYABLE - RELATED PARTY (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Convertible notes payable related parties	$125,100	$111,800
Convertible Promissory Note [Member]
Convertible notes payable related parties	$113,490	$48,990

CONVERTIBLE_PROMISSORY_NOTES_P3

CONVERTIBLE PROMISSORY NOTES PAYABLE (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Convertible Promissory Notes Payable Details Narrative
Convertible notes payable	$128,100	$111,800

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions Details Narrative
Due to related parties	$111,500	$111,500

NOTES_PAYABLE_Details_Narrativ

NOTES PAYABLE (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Notes Payable Details Narrative
Collateralized note payable	$49,059	$78,653

COMMON_STOCK_Details_Narrative

COMMON STOCK (Details Narrative)	Dec. 31, 2014	Dec. 31, 2013
Common Stock Details Narrative
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	88,841,833	9,223,822
Common stock, shares outstanding	88,841,833	9,223,822

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Taxes Details
Net operating loss carryover	($9,512,712)	($6,584,979)
Common stock and warrants issued for services	582,395	563,712
Common stock issued for settlement of debt	45,900	45,900
Loss on extinguishment of debt	5,334,640	2,621,982
Impairment of assets	599,423	423,710
Amortization of beneficial conversion feature	258,373	258,373
Valuation allowance	2,691,981	2,671,302
Income tax expense per books

INCOME_TAXES_Details_1

INCOME TAXES (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Taxes Details 1
Income tax expense at statutory rate	($40,520)	($37,210)
Common stock and warrants issued for services
Loss on extinguishment of debt
Impairment of assets
Amortization of beneficial conversion feature
(Gain) Loss on extinguishment of debt
Valuation allowance		37,210
Income tax expense per books	($40,520)

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014
Income Taxes Details Narrative
U.S. Federal and State Income Tax Rate	39.00%
Operating Loss Carryforwards	$7,808,730
Operating Loss Carryforwards Expire	2034