Petro River Oil (PTRC) 10-K 29 Jul 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2016	Jul. 29, 2016	Oct. 31, 2015
Document And Entity Information
Entity Registrant Name	Petro River Oil Corp.
Entity Central Index Key	1,172,298
Document Type	10-K
Document Period End Date	Apr. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Public Float			$ 4,382,387
Entity Common Stock, Shares Outstanding		15,827,997
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Reporting Status	Yes
Well Known Seasoned Issuer	No
Voluntary Filer	No

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Apr. 30, 2016	Apr. 30, 2015
Current Assets:
Cash and cash equivalents	$ 774,751	$ 1,010,543
Certificate of deposit - restricted	80,803	125,000
Accounts receivable - oil and gas	903	42,688
Accounts receivable - related party	4,829,693	0
Accrued interest on notes receivable - related party	170,653	0
Interest in real estate rights	2,820,402	0
Prepaid expenses and other current assets	24,967	52,771
Prepaid oil and gas asset development costs	844,131	0
Total Current Assets	9,546,303	1,231,002
Oil and gas assets, full cost method, Costs subject to amortization, net	778,226	6,935,000
Oil and gas assets, full cost method, Costs not being amortized, net	100,000	8,822,011
Property, plant and equipment, net of accumulated depreciation of $308,223 and $313,508, respectively	2,341	60,953
Intangible assets, net	0	2,203,393
Notes receivable - related party	17,848,000	0
Other assets	53,778	27,922
Total Other Assets	18,782,345	18,049,279
Total Assets	28,328,648	19,280,281
Current Liabilities:
Accounts payable and accrued expenses	206,780	252,227
Deferred tax liability	2,501,209	0
Notes payable - related party	1,600,000	0
Asset retirement obligations, current portion	561,958	541,959
Total Current Liabilities	4,869,947	794,186
Long-term liabilities:
Asset retirement obligations, net of current portion	201,104	376,471
Total Long-term Liabilities	201,104	376,471
Total Liabilities	5,071,051	1,170,657
Stockholders' Equity:
Preferred shares - 5,000,000 authorized; par value $0.00001; 0 shares issued and outstanding; Preferred B shares - 29,500 authorized; par value $0.00001; 0 shares issued and outstanding	0	0
Common shares - 100,000,000 authorized; par value $0.00001; 4,263,672 and 4,259,506 issued and outstanding	43	43
Additional paid-in capital	38,849,655	31,115,291
Accumulated deficit	(27,643,419)	(16,650,486)
Total Petro River Oil Corp. Equity	11,206,279	14,464,848
Non-controlling interests	12,051,318	3,644,776
Total Equity	23,257,597	18,109,624
Total Liabilities and Equity	28,328,648	19,280,281
Series B Preferred Stock [Member]
Stockholders' Equity:
Preferred shares - 5,000,000 authorized; par value $0.00001; 0 shares issued and outstanding; Preferred B shares - 29,500 authorized; par value $0.00001; 0 shares issued and outstanding	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Apr. 30, 2016	Apr. 30, 2015
Accumulated depreciation of Property, plant and equipment	$ 308,223	$ 313,508
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	11,250,000
Common stock, par value	$ .00001	$ 0.00001
Common stock, shares issued	4,263,672	4,259,506
Common stock, shares outstanding	4,263,672	4,259,506
Series B Preferred Stock [Member]
Preferred stock, shares authorized	29,500	29,500
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Operations Revenues
Oil and natural gas sales	$ 87,939	$ 2,127,576
Total Revenues	87,939	2,127,576
Operating Expenses
Lease operating expenses	373,028	1,847,688
Depreciation, depletion and accretion	161,326	750,360
Amortization of intangible assets	120,452	20,293
Gain on sale of equipment	(5,519)	0
Loss on sale of oil and gas assets	7,519,460	0
Impairment of oil and gas assets	6,870,613	1,246,975
Impairment of intangible assets	2,082,941	0
General and administrative	3,103,358	4,606,377
Total Operating Expenses	20,225,659	8,471,693
Operating loss	(20,137,720)	(6,344,117)
Other Income (Expense)
Interest income (expense) - net	174,458	(462)
Net gain on interest in real estate rights	10,474,713
Other Income (Expense)	10,649,171	(462)
Net Loss Before Income Tax Provision	(9,488,549)	(6,344,579)
Income Tax Provision	2,501,209	0
Net Loss	(11,989,758)	(6,344,579)
Net loss attributable to non-controlling interest	(996,825)	(1,355,224)
Net loss attributable to Petro River Oil Corp. and Subsidiaries	$ (10,992,933)	$ (4,989,355)
Basic and Diluted Net Loss Per Common Share	$ (2.54)	$ (1.21)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	4,260,670	4,121,149

Consolidated Statements of Chan

Consolidated Statements of Changed in Stockholders’ Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest [Member]	Total
Balance at Apr. 30, 2014	$ 41	$ 27,756,190	$ (11,661,131)	$ 0	$ 16,095,100
Balance, shares at Apr. 30, 2014	4,092,839
Issuance of stock and warrants for acquisition of assets	$ 2	2,223,684			2,223,686
Issuance of stock and warrants for acquisition of assets, shares	166,667
Stock based compensation		1,135,417			1,135,417
Non-controlling interest contribution				5,000,000	5,000,000
Net loss			(4,989,355)	(1,355,224)	(6,344,579)
Balance at Apr. 30, 2015	$ 43	31,115,291	(16,650,486)	3,644,776	18,109,624
Balance, shares at Apr. 30, 2015	4,259,506
Stock based compensation		1,593,349			1,593,349
Stock based compensation, shares	4,166
Contribution of interest in joint venture		6,141,015		9,403,367	15,544,382
Net loss			(10,992,933)	(996,825)	(11,989,758)
Balance at Apr. 30, 2016	$ 43	$ 38,849,655	$ (27,643,419)	$ 12,051,318	$ 23,257,597
Balance, shares at Apr. 30, 2016	4,263,672

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (11,989,758)	$ (6,344,579)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation, depletion and accretion	161,326	750,360
Amortization of intangible assets	120,452	20,293
Stock-based compensation	1,593,349	1,135,417
Impairment of oil and gas assets	6,870,613	1,246,975
Impairment of intangible assets	2,082,941	0
Loss on sale of oil and gas assets	7,519,460	0
Gain on sale of equipment	(5,519)	0
Net gain on interest in real estate rights	(10,474,713)
Deferred tax liability	2,501,209	0
Changes in operating assets and liabilities:
Accounts receivable - oil and gas	41,785	9,291
Accrued interest on notes receivable - related party	(170,653)	0
Prepaid expenses and other assets	27,804	(34,396)
Accounts payable and accrued expenses	(45,447)	(228,410)
Net Cash Used in Operating Activities	(1,767,151)	(3,445,049)
Cash Flows From Investing Activities:
Purchase of certificate of deposit - restricted	0	(125,000)
Proceeds from interest in real estate rights	18,369,000	0
Change in reclamation deposit	44,197	0
Prepaid oil and gas development costs	(844,131)	0
Capitalized expenditures on oil and gas assets	(102,864)	(8,701,100)
Cash received upon disposal of oil and gas assets	279,013	0
Issuance of notes receivable - related party	(17,848,000)	0
Proceeds from sale of equipment	60,000	0
Purchase of equipment	0	(39,757)
Payments on deposit	(25,856)	0
Net Cash Used in Investing Activities	(468,641)	(8,865,857)
Cash Flows From Financing Activities:
Proceeds from notes payable - related party	1,600,000	0
Cash payments of note payable	0	(31,500)
Cash received from non-controlling interest contribution	0	5,000,000
Net Cash Provided by Financing Activities	1,600,000	4,968,500
Change in cash and cash equivalents	(235,792)	(7,342,406)
Cash and cash equivalents, beginning of year	1,010,543	8,352,949
Cash and cash equivalents, end of year	774,751	1,010,543
Cash Paid During the year for:
Income taxes	14,482	0
Interest	0	308
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Interest in real estate rights contributed by non-controlling interest	15,544,382	0
Acquisition of oil and gas assets for accrued liabilities	0	52,514
Acquisition of intangible assets for common stock and warrants	0	2,223,686
Issuance of note payable for purchase of fixed assets	$ 0	$ 31,500

Organization

Organization	12 Months Ended
	Apr. 30, 2016
Organization And Liquidity
Organization	Petro River Oil Corp. (the “ Company The Company recently completed a reorganization, including the addition of new management, the acquisition of several promising new assets, and an infusion of cash. In connection with the reorganization, the Company consummated the MegaWest Transaction, defined below, in which Fortis Property Group, LLC (“ Fortis The Company’s core holdings are in the Mid-Continent Region in Oklahoma and Larne Basin, Northern Ireland. Following the acquisition of Horizon I Investments, LLC (“ Horizon Investments Horizon Energy In light of the challenging oil price environment and capital markets, management is focusing on specific target acquisitions and investments, limiting operating expenses and exploring farm-in and joint venture opportunities for the Company’s oil and gas assets. No assurances can be given that management will be successful. Recent Developments Reverse Stock Split. Reverse Split MegaWest Transaction. Contribution Agreement MegaWest Shares MegaWest Transaction Upon execution of the Contribution Agreement, (i) the Company transferred its 50% membership interest in Bandolier Energy, LLC (the “ Bandolier Interest Subject to the terms and conditions of the Contribution Agreement, the Contribution Agreement provided for a redetermination of the fair market value of the Bandolier Interest six months after the execution thereof (the “ Redetermination .

Basis of Preparation

Basis of Preparation	12 Months Ended
	Apr. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The consolidated financial statements and accompanying footnotes are prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly owned and majority owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Non–controlling interest represents the minority equity investment in the Company’s subsidiaries, plus the minority investors’ share of the net operating results and other components of equity relating to the non–controlling interest. These consolidated financial statements include the Company and the following subsidiaries: Petro Spring, LLC, PO1, LLC, Petro River UK Limited and MegaWest Energy USA Corp. and MegaWest Energy USA Corp.’s wholly owned subsidiaries: MegaWest Energy Texas Corp. MegaWest Energy Kentucky Corp. MegaWest Energy Missouri Corp. MegaWest Energy Montana Corp. Also contained in the consolidated financial statements is the financial information for the Company’s 58.51% owned subsidiary, MegaWest Kansas Energy Corp. (“MegaWest”). In addition, MegaWest has a 50% ownership interest in Bandolier Energy LLC. The Company follows the guidance under ASC 810 and determined that MegaWest and Bandolier Energy LLC both qualify as variable interest entities and through its ownership and control of their operations, the Company and its related parties, as a group, is considered as the primary beneficiary in these two variable interest entities.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Apr. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	(a) Use of Estimates: The preparation of financial statements in conformity 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s financial statements are based on a number of significant estimates, including oil and natural gas reserve quantities which are the basis for the calculation of depreciation, depletion and impairment of oil and natural gas properties, and timing and costs associated with its asset retirement obligations, as well as those related to the fair value of stock options, stock warrants and stock issued for services. While we believe that our estimates and assumptions used in preparation of the financial statements are appropriate, actual results could differ from those estimates. (b) Cash and Cash Equivalents: Cash and cash equivalents include all highly liquid monetary instruments with original maturities of three months or less when purchased. These investments are carried at cost, which approximates fair value. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash deposits. The Company maintains its cash in institutions insured by the Federal Deposit Insurance Corporation (“ FDIC As of April 30, 2016 and 2015, restricted cash consisted of a certificate of deposit in the amount of $80,803 and $125,000, respectively, with an annual interest rate of 0.5% and maturity date of March 13, 2017. (c) Receivables: Pursuant to FASB ASC paragraph 310-10-35-47 receivables that management has the intent and ability to hold for the foreseeable future shall be reported in the balance sheet at outstanding principal adjusted for any charge-offs and the allowance for doubtful accounts. The Company follows FASB ASC paragraphs 310-10-35-7 through 310-10-35-10 to estimate the allowance for doubtful accounts. Pursuant to FASB ASC paragraph 310-10-35-9, losses from uncollectible receivables shall be accrued when both of the following conditions are met: (a) Information available before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25) indicates that it is probable that an asset has been impaired at the date of the financial statements, and (b) The amount of the loss can be reasonably estimated. These conditions may be considered in relation to individual receivables or in relation to groups of similar types of receivables. If the conditions are met, an accrual shall be made even though the particular receivables that are uncollectible may not be identifiable. The Company reviews individually each receivable for collectability and performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and general economic conditions that may affect a client’s ability to pay. Bad debt expense is included in general and administrative expenses, if any. Pursuant to FASB ASC paragraph 310-10-35-41 Credit losses for receivables (uncollectible receivables), which may be for all or part of a particular receivable, shall be deducted from the allowance. The related receivable balance shall be charged off in the period in which the receivables are deemed uncollectible. Recoveries of receivables previously charged off shall be recorded when received. The Company charges off its account receivables against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts at April 30, 2016 and 2015 was $0 and $0, respectively. (d) Interest in Real Estate Rights: (e) Oil and Gas Operations: Oil and Gas Properties Oil and gas properties may include costs that are excluded from costs being depleted. Oil and gas costs excluded represent investments in unproved properties and major development projects in which the Company owns a direct interest. These unproved property costs include non-producing leasehold, geological and geophysical costs associated with leasehold or drilling interests and in process exploration drilling costs. All costs excluded are reviewed at least annually to determine if impairment has occurred. The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ ASC Proved Oil and Gas Reserves Depletion, Depreciation and Amortization: In arriving at rates under the unit-of-production method, the quantities of recoverable oil and natural gas reserves are established based on estimates made by the Company’s geologists and engineers which require significant judgment, as does the projection of future production volumes and levels of future costs, including future development costs. In addition, considerable judgment is necessary in determining when unproved properties become impaired and in determining the existence of proved reserves once a well has been drilled. All of these judgments may have significant impact on the calculation of depletion expenses. There have been no material changes in the methodology used by the Company in calculating depletion, depreciation and amortization of oil and gas properties under the full cost method during the years ended April 30, 2016 and 2015. (f) Intangible Assets : Intangible assets consist of patent rights. Applicable long–lived assets are amortized or depreciated over the shorter of their estimated useful lives, the estimated period that the assets will generate revenue, or the statutory or contractual term in the case of patents. Estimates of useful lives and periods of expected revenue generation are reviewed periodically for appropriateness and are based upon management’s judgment. Patent rights were amortized on the straight-line method over their estimated useful lives of 15 years. (g) Impairment of Long-Lived Assets : The Company assesses the recoverability of its long-lived assets when there are indications that the assets might be impaired. When evaluating assets for potential impairment, the Company compares the carrying value of the asset to its estimated undiscounted future cash flows. If an asset’s carrying value exceeds such estimated cash flows (undiscounted and with interest charges), the Company records an impairment charge for the difference. (h) Asset Retirement Obligations: The Company recognizes a liability for the estimated fair value of site restoration and abandonment costs when the obligations are legally incurred and the fair value can be reasonably estimated. The fair value of the obligations is based on the estimated cash flow required to settle the obligations discounted using the Company’s credit adjusted risk-free interest rate. The obligation is recorded as a liability with a corresponding increase in the carrying amount of the oil and gas assets. The capitalized amount will be depleted on a unit-of-production method. The liability is increased each period, or accretes, due to the passage of time and a corresponding amount is recorded in the consolidated statements of operations. Revisions to the estimated fair value would result in an adjustment to the liability and the capitalized amount in oil and gas assets. (i) Income Taxes The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management’s assessment as to their realization. Uncertain Tax Positions The Company evaluates uncertain tax positions pursuant to ASC Topic 740-10-25 “ Accounting for Uncertainty in Income Taxes At April 30, 2016 and 2015, the Company has approximately $2,501,209 and $0, respectively, of liabilities for uncertain tax positions. Interpretation of taxation rules relating to net operating loss utilization in real estate transactions give rise to uncertain positions. In connection with the uncertain tax position, there was no interest or penalties recorded as the position is expected but the tax returns are not yet due. The Company is subject to ongoing tax exposures, examinations and assessments in various jurisdictions. Accordingly, the Company may incur additional tax expense based upon the outcomes of such matters. In addition, when applicable, the Company will adjust tax expense to reflect the Company’s ongoing assessments of such matters, which require judgment and can materially increase or decrease its effective rate as well as impact operating results. The number of years with open tax audits varies depending on the tax jurisdiction. The Company’s major taxing jurisdictions include the United States (including applicable states). (j) Oil and Gas Revenue: Sales of oil and gas, net of any royalties, are recognized when oil has been delivered to a custody transfer point, persuasive evidence of a sales arrangement exists, the rights and responsibility of ownership pass to the purchaser upon delivery, collection of revenue from the sale is reasonably assured, and the sales price is fixed or determinable. The Company sells oil and gas on a monthly basis. Virtually all of its contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, the quality of the oil and gas, and prevailing supply and demand conditions, so that the price of the oil and gas fluctuates to remain competitive with other available oil supplies. (k) Stock-Based Compensation: Generally, all forms of stock-based compensation, including stock option grants, warrants, and restricted stock grants are measured at their fair value utilizing an option pricing model on the award’s grant date, based on the estimated number of awards that are ultimately expected to vest. The Company recognizes compensation expense for all equity–based payments in accordance with ASC 718“Share–based payments". The fair value of option award is estimated on the date of grant using the Black–Scholes option valuation model. The Black–Scholes option valuation model requires the development of assumptions that are input into the model. These assumptions are the expected stock volatility, the risk–free interest rate, the option’s expected life, the dividend yield on the underlying stock and the expected forfeiture rate. Expected volatility is calculated based on the historical volatility of the Company’s common stock over the expected option life and other appropriate factors. Risk–free interest rates are calculated based on continuously compounded risk–free rates for the appropriate term. The dividend yield is assumed to be zero as the Company has never paid or declared any cash dividends on its common stock and does not intend to pay dividends on the common stock in the foreseeable future. The expected forfeiture rate is estimated based on historical experience. Determining the appropriate fair value model and calculating the fair value of equity–based payment awards requires the input of the subjective assumptions described above. The assumptions used in calculating the fair value of equity–based payment awards represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and the Company uses different assumptions, the equity–based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate and recognize expense only for those shares expected to vest. If the actual forfeiture rate is materially different from our estimate, the equity–based compensation expense could be significantly different from what the Company has recorded in the current period. The Company accounts for share–based payments granted to non–employees in accordance with ASC 505, “Equity Based Payments to Non–Employees” The expenses resulting from stock-based compensation are recorded as general and administrative expenses in the consolidated statement of operations, depending on the nature of the services provided. (l) Per Share Amounts: Basic net income (loss) per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. For the year ended April 30, 2015, potentially dilutive securities were not included in the calculation of diluted net loss per share because to do so would be anti-dilutive. For the year ended April 30, 2016, the dilutive effect of stock options and warrants was 0 because all the options and warrants outstanding were out of the money. The Company had the following common stock equivalents at April 30, 2016 and 2015: As April 30, 2016 April 30, 2015 Stock Options 743,050 540,941 Stock Purchase Warrants 133,333 336,459 876,383 877,400 (m) Fair Value of Financial Instruments: All financial instruments, including cash and cash equivalents, accounts receivable and accounts payable and accrued expenses are recognized on the consolidated balance sheet initially at carrying value. The carrying value of these assets approximates their fair value due to their short-term maturities. At each balance sheet date, the Company assesses financial assets for impairment with any impairment recorded in the consolidated statement of operations. To assess loans and receivables for impairment, the Company evaluates the probability of collection of accounts receivable and records an allowance for doubtful accounts, which reduces loans and receivables to the amount management reasonably believes will be collected. In determining the amount of the allowance, the following factors are considered: the length of the time the receivable has been outstanding, specific knowledge of each customer’s financial condition and historical experience. Market risk is the risk that changes in commodity prices will affect the Company’s oil sales, cash flows or the value of its financial instruments. The objective of commodity price risk management is to manage and control market risk exposures within acceptable limits while maximizing returns. The Company is exposed to changes in oil prices which impact its revenues and to changes in natural gas process which impact its operating expenses. The Company does not utilize financial derivatives or other contracts to manage commodity price risks. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are categorized using a valuation hierarchy for disclosure of the inputs used to measure fair value, which prioritize the inputs into three broad levels: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date, and include those financial instruments that are valued using models or other valuation methodologies. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. (n) Recent Accounting Pronouncements: In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The standard’s core principle (issued as ASU 2014-09 by the FASB), is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The new guidance must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU 2014-09 by one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. This ASU is effective for public reporting companies for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating its adoption method and the impact of the standard on its consolidated financial statements and have not yet determined the method by which the Company will adopt the standard in 2017. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” (topic 606). In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross verses Net)” (topic 606). These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09, “Revenue from Contracts with Customers”. The amendments in ASU 2016-10 provide clarifying guidance on materiality of performance obligations; evaluating distinct performance obligations; treatment of shipping and handling costs; and determining whether an entity's promise to grant a license provides a customer with either a right to use an entity's intellectual property or a right to access an entity's intellectual property. The amendments in ASU 2016-08 clarify how an entity should identify the specified good or service for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements. The adoption of ASU 2016-10 and ASU 2016-08 is to coincide with an entity's adoption of ASU 2014-09, which we intend to adopt for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the new standard. In April 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation” (topic 718). The FASB issued this update to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The updated guidance is effective for annual periods beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption of the update is permitted. The Company is currently evaluating the impact of the new standard. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows. (o) Subsequent Events: The Company evaluates subsequent events through the date the consolidated financial statements are issued.

Business Acquisitions

Business Acquisitions	12 Months Ended
	Apr. 30, 2016
Business Acquisitions
Business Acquisitions	Acquisition of Interest in Bandolier Energy LLC . Bandolier Bandolier Acquisition PWIG Ranger Station Option On May 30, 2014, Bandolier acquired for $8,712,893, less a $407,161 claw back, all of the issued and outstanding equity of Spyglass Energy Group, LLC (“ Spyglass The Company recorded the purchase of Spyglass using the acquisition method of accounting as specified in ASC 805 “Business Combinations.” The Company consolidated Bandolier as of May 30, 2014, and the results of operations of the Company include that of Bandolier from June 1, 2014. The following table summarizes, on an unaudited pro forma basis, the results of operations of the Company as though the acquisition had occurred as of May 1, 2014. The pro forma amounts presented are not necessarily indicative of either the actual operation results had the acquisition transaction occurred as of May 1, 2014. For the Year Ended April 30, 2015 Revenues $ 2,494,392 Net loss $ (4,849,864 ) Net loss per common share - basic and diluted $ (1.14 ) Weighted average number of common shares outstanding - basic and diluted 4,259,505

Accounts Receivable _ Related P

Accounts Receivable – Related Party	12 Months Ended
	Apr. 30, 2016
Accounts Receivable Related Party
Accounts Receivable – Related Party	As discussed in Note 1, on October 15, 2015, the Company entered into the Contribution Agreement with Fortis pursuant to which the Company and Fortis each agreed to assign certain assets to MegaWest in exchange for the MegaWest Shares. Upon execution of the Contribution Agreement, Fortis transferred its interest in 30 condominium units and the right to any profits and proceeds therefrom. For the year ended April 30, 2016, Fortis sold 25 condominium units and MegaWest recorded a net gain on interest in real estate rights of $10,474,713. For the year ended April 30, 2016, MegaWest received cash of $17,848,000; and as of April 30, 2016, the Company had an accounts receivable – related party in the amount of $4,829,693 related to interest in real estate rights of 25 condominium units sold.

Notes Receivable _ Related Part

Notes Receivable – Related Party	12 Months Ended
	Apr. 30, 2016
Notes Receivable Related Party
Notes Receivable – Related Party	During November and December 2015 and March 2016, the Company entered into six promissory note agreements with Fortis, with total principal amounts of $17,848,000. The notes receivable bear interest at an annual interest rate of 3% and mature on December 31, 2017. For the year ended April 30, 2016, the Company recorded $170,653 of interest on the notes receivable. As of April 30, 2016, the outstanding balance of the notes receivable was $17,848,000.

Interest in Real Estate Rights

Interest in Real Estate Rights	12 Months Ended
	Apr. 30, 2016
Interest In Real Estate Rights
Interest in Real Estate Rights	As discussed in Note 5, MegaWest received an interest in real estate rights of 30 condominium units from Fortis pursuant to the Megawest Transaction. Between October 15, 2015 and April 30, 2016, Fortis sold and MegaWest is entitled to a profit of its interest in real estate rights of 25 condominium units with a cost basis of $12,723,980 for gross proceeds of $24,434,274, of which $4,829,693 was included in accounts receivable – related party as of April 30, 2016. MegaWest incurred commissions and closing costs of $1,220,581 and general and administrative expenses of $15,000 related to the 25 units sold. For the year ended April 30, 2016, the Company recognized a net gain of $10,474,713 related to its interest in real estate rights contributed by Fortis. The following table summarizes the activity for interest in real estate rights: April 30, 2016 Balance at April 30, 2015 $ - Additions – interest in real estate rights of 30 condominium units contributed by Fortis 15,544,382 Less: cost basis of interest in real estate rights of 25 condominium units sold by Fortis (12,723,980 ) Balance at April 30, 2016 $ 2,820,402

Oil and Gas Assets

Oil and Gas Assets	12 Months Ended
	Apr. 30, 2016
Extractive Industries [Abstract]
Oil and Gas Assets	The following table summarizes the oil and gas assets by project: Cost Oklahoma Kansas Missouri Other (1) Total Balance May 1, 2015 $ - $ 7,922,601 $ 918,991 $ 100,000 $ 8,941,592 Additions 8,751,867 1,747 - - 8,753,614 Depreciation, depletion and amortization (569,892 ) (121,328 ) - - (691,220 ) Impairment of oil and gas assets (1,246,975 ) - - - (1,246,975 ) Balance April 30, 2015 6,935,000 7,803,020 918,991 100,000 15,757,011 Additions 102,864 - - - 102,864 Disposals (279,013 ) (7,727,287 ) - - (8,006,301 ) Depreciation, depletion and amortization (29,003 ) (75,733 ) - - (104,736 ) Impairment of oil and gas assets (5,951,622 ) - (918,991 ) - (6,870,613 ) Balance April 30, 2016 $ 778,226 $ - $ - $ 100,000 $ 878,226 (1) Other property consists primarily of four used steam generators and related equipment that will be assigned to future projects. As of April 30, 2016 and 2015, management concluded that impairment was not necessary as all other assets were carried at salvage value. Kern County Project. Closing Date Agreement Project Under the terms of the Agreement, the Company paid $108,333 to the sellers on the Closing Date, and is obligated to pay certain other costs and expenses after the Closing Date related to existing and new leases as more particularly set forth in the Agreement. In addition, the sellers are entitled to an overriding royalty interest in certain existing and new leases acquired after the Closing Date, and the Company is required to make certain other payments, each in amounts set forth in the Agreement. Acquisition of Interest in Larne Basin. Petro UK Larne Licenses Larne Transaction Under the terms of the Farmout Agreement, Petro UK deposited approximately $735,000 into an escrow agreement (" Escrow Agreement Divestiture of Kansas Properties. Effective December 23, 2015, Petro River Oil, LLC (" Petro MegaWest Divestiture of Oklahoma Properties. Impairment of Oil & Gas Properties.

Intangible Assets

Intangible Assets	12 Months Ended
	Apr. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Acquisition of Havelide and Coalthane Assets. Petro Spring I Havelide Purchase Agreement Havelide Coalthane Havelide Assets Coalthane Assets The Company’s intangible assets are held by Petro Spring, a wholly owned technology focused subsidiary of the Company. It was launched with an intentionally broad mandate to acquire and commercialize cutting edge technologies with the intent to capitalize on the significant technological experience of its leadership team and network of industry relationships within the energy sector. The Company’s intangibles assets consisted of the following: Estimated Useful Life As of April 30, 2016 As of April 30, 2015 Patent rights 15 years $ 2,223,686 $ 2,223,686 Less: accumulated amortization (140,745 ) (20,293 ) Less: impairment of intangible assets (2,082,941 ) - Intangible assets, net $ - $ 2,203,393 The Company recorded amortization expense of $120,452 and $20,293 for the years ended April 30, 2016 and 2015, respectively. As of April 30, 2016, the Company did not have adequate capital to fund additional development of the intangibles and therefore the Company has been unable to identify near-term opportunities to commercialize the technology. As of April 30, 2016, the Company performed an impairment assessment on the intangible assets and recognized an impairment charge of $2,082,941.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Apr. 30, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	The total future asset retirement obligation was estimated based on the Company’s ownership interest in all wells and facilities, the estimated legal obligations required to retire, dismantle, abandon and reclaim the wells and facilities and the estimated timing of such payments. The Company estimated the present value of its asset retirement obligations at both April 30, 2016 and 2015, based on a future undiscounted liability of $895,291 and $1,143,857, respectively. These costs are expected to be incurred within one to 24 years. A credit-adjusted risk-free discount rate of 10% and an inflation rate of 2% were used to calculate the present value. Changes to the asset retirement obligation were as follows: April 30, 2016 April 30, 2015 Balance, beginning of period $ 918,430 $ 818,010 Additions - 52,514 Disposals (207,827 ) - Accretion 52,459 47,906 Total asset retirement obligations 763,062 918,430 Less: current portion of asset retirement obligations (561,958 ) (541,959 ) Long-term portion of asset retirement obligations $ 201,104 $ 376,471 Expected timing of ass et retirement obligations: Year Ending April 30, 2017 $ 561,958 2018 - 2019 - 2020 - 2021 - Thereafter 394,654 Subtotal 956,612 Effect of discount (193,550 ) Total $ 763,062 As of April 30, 2016 and 20

Related Party Transactions

Related Party Transactions	12 Months Ended
	Apr. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Employment Agreements a) Upon completion of the Share Exchange, the Company entered into an Employment Agreement with Scot Cohen, the Company’s Executive Chairman (the “ Employment Agreement The Company computed the economic benefit of the grant as of the date of grant utilizing a Black-Scholes option-pricing model. The Company utilized the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, $11.80; exercise price of $11.80; expected volatility of 96%; and a discount rate of 2.80%. The grant date fair value of the award was $2,006,227. For the years ended April 30, 2016 and 2015, the Company expensed $1,028,947 and $401,245, respectively, to general and administrative expenses. b) On November 22, 2013, Petro River Oil Corp. entered into an employment agreement with Ruben Alba. Under the terms of this agreement, Mr. Alba will receive an annual base salary of $120,000. Mr. Alba was also granted 62,500 stock options of the Company pursuant to the Company’s 2012 Equity Compensation Plan (the “ Plan On October 30, 2015, in connection with the Company’s ongoing corporate restructuring, the Company ended its relationship with Mr. Alba. The Company computed the economic benefit of the grant as of the date of grant utilizing a Black-Scholes option-pricing model. The Company utilized the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, $11.80; exercise price of $11.80; expected volatility of 96%; and a discount rate of 2.80%. The grant date fair value of the award was $575,839. For the years ended April 30, 2016 and 2015, the Company expensed $55,533 and $115,168, respectively, to general and administrative expenses. c) On November 22, 2013, the Company entered into an employment agreement with Gary Williky on November 20, 2013. Under the terms of this agreement, Mr. Williky will receive an annual base salary of $120,000. Mr. Williky was also granted 31,250 stock options of the Company pursuant to the Plan, to vest in five equal installments. The first installment vested immediately upon granting. The final four installments will vest on the anniversaries of the initial grant date, subject to the following conditions: (i) the adoption by the Company of an amendment to the Plan, approved by a vote of the shareholders of the Company, to increase the number of shares permitted to be granted under the Plan, and to put in place a stock option grant limitation in accordance with §162(m) of the Internal Revenue Code of 1986, as amended; and (ii) Mr. Williky’s continued employment with the Company. On July 30, 2015, in connection with the Company’s ongoing corporate restructuring, the Company ended its relationship with Mr. Williky. The Company computed the economic benefit of the grant as of the date of grant utilizing a Black-Scholes option pricing model. The Company utilized the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, $11.80; exercise price of $11.80; expected volatility of 96%; and a discount rate of 2.80%. The grant date fair value of the award was $287,919. For the years ended April 30, 2016 and 2015, the Company expensed $14,514 and $57,584, respectively to general and administrative expenses. d) On November 25, 2013, the Company entered into an employment agreement with Luis Vierma. Under the terms of this agreement, Mr. Vierma will receive an annual base salary of $84,000. Mr. Vierma was also granted 31,250 stock options of the Company pursuant to the Plan, to vest in five equal installments. The first installment vested immediately upon granting. The final four installments will vest on the anniversaries of the initial grant date, subject to the following conditions: (i) the adoption by the Company of an amendment to the Plan, approved by a vote of the shareholders of the Company, to increase the number of shares permitted to be granted under the Plan, and to put in place a stock option grant limitation in accordance with §162(m) of the Internal Revenue Code of 1986, as amended; and (ii) Mr. Vierma’s continued employment with the Company. On May 27, 2015, the Company ended its relationship with Mr. Vierma due to a corporate restructuring. On May 27, 2015, in connection with the Company’s ongoing corporate restructuring, the Company ended its relationship with Mr. Vierma. The Company computed the economic benefit of the grant as of the date of grant utilizing a Black-Scholes option-pricing model. The Company utilized the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, $11.80; exercise price of $11.80; expected volatility of 96%; and a discount rate of 2.80%. The grant date fair value of the award was $287,919. For the years ended April 30, 2016 and 2015, the Company expensed $4,260 and $57,584, respectively, to general and administrative expenses. e) On November 26, 2013, the Company entered into a consulting agreement with Brio Financial Group (“ Brio The Company computed the economic benefit of the grant as of the date of grant utilizing a Black-Scholes option-pricing model. The Company utilized the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, $11.80; exercise price of $11.80; expected volatility of 65%; and a discount rate of 0.12%. The grant date fair value of the award was $8,764. For the years ended April 30, 2016 and 2015, the Company expensed $0 and $1,022 to general and administrative expenses. f) On November 27, 2013, the Company entered into an employment agreement with Daniel Smith. Under the terms of this agreement, Mr. Smith will receive an annual base salary of $120,000. Mr. Smith was also granted 62,500 stock options of the Company pursuant to the Company’s Plan to vest in five equal installments. The first installment vested immediately upon granting. The final four installments will vest on the anniversaries of the initial grant date, subject to the following conditions: (i) the adoption by the Company of an amendment to the Plan, approved by a vote of the shareholders of the Company, to increase the number of shares permitted to be granted under the Plan, and to put in place a stock option grant limitation in accordance with §162(m) of the Internal Revenue Code of 1986, as amended; and (ii) Mr. Smith’s continued employment with the Company. On October 30, 2015, in connection with the Company’s ongoing corporate restructuring, the Company ended its relationship with Mr. Smith. The Company computed the economic benefit of the grant as of the date of grant utilizing a Black-Scholes option pricing model. The Company utilized the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, $11.80; exercise price of $11.80; expected volatility of 96%; and a discount rate of 2.80%. The grant date fair value of the award was $575,839. For the years ended April 30, 2016 and 2015, the Company expensed $55,533 and $115,168, respectively, to general and administrative expenses. g) On February 18, 2015, in conjunction with the Havelide and Coalthane purchases, the Company entered into an employment agreement with Steven Boyd, the developer of the Havelide and Coalthane technologies. Under the terms of this agreement, Mr. Boyd will receive an annual base salary of $120,000. h) On October 30, 2015, Mr. Stephen Brunner joined the Company as President. Mr. Brunner has been tasked with making oil and gas related decisions and execute the Company’s growth strategy. Under the terms of the contract, Mr. Brunner will receive a base salary of $5,000 per month from January 2016 until March 2016, which amount will increase to $10,000 per month thereafter. Mr. Brunner was also granted 53,244 stock options, which represents 1.25% of the Company’s outstanding common stock as of January 31, 2016, subject to vesting schedules, aligning his interests strongly with shareholders. He also has the right to purchase an additional 1.75% of the Company’s common stock subject to shareholder approval on the increase of the current stock option plan and achieving pre-defined target objectives. The Company computed the fair value of the grant as of the date of grant utilizing a Black-Scholes option-pricing model using the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, $1.78; exercise price of $2.00; expected volatility of 171%; and a discount rate of 2.16%. The grant date fair value of the award was $89,525. For the years ended April 30, 2016, the Company expensed $29,974 to general and administrative expenses. MegaWest Transaction On October 15, 2015, the Company entered into a contribution agreement with MegaWest and Fortis pursuant to which the Company and Fortis each agreed to contribute certain assets to MegaWest in exchange for shares of MegaWest common stock. See Note 1 above. Accounts Receivable - Related Party Upon execution of the Contribution Agreement, Fortis transferred certain indirect interests held in 30 condominium units and the rights to any profits and proceeds therefrom, with its basis of $15,544,382, to MegaWest. As of April 30, 2016, the Company had an accounts receivable – related party in the amount of $4,829,693, which was due from Fortis for the profits belonging to MegaWest, see Note 5 above. Notes Receivable – Related Party As discussed in Note 6, the Company entered into six promissory note agreements with Fortis, with total principal amounts of $17,848,000. The notes receivable bear interest at an annual interest rate of 3% and mature on December 31, 2017. For the year ended April 30, 2016, the Company recorded $170,653 of interest income on the notes receivable. As of April 30, 2016, the outstanding balance of the notes receivable was $17,848,000. Notes Payable – Related Party On December 1, 2015, the Company issued a non-recourse promissory note, in the principal amount of $750,000 to Horizon Investments ( “Note A” On December 7, 2015, the Company entered into the Horizon Transaction, pursuant to which the Company executed a purchase agreement to acquire Horizon Investments in an all-stock deal. See Note 4. Mr. Scot Cohen, the Company’s Executive Chairman, is the sole Manager of Horizon Investments. In addition, Mr. Cohen owns a 9.2% membership interest in Horizon Investments. Horizon Investments owns a 20% interest in Horizon Energy Partners. Mr. Cohen owns a 2.8% membership interest in Horizon Energy Partners. On January 13, 2016, the Company issued a second non-recourse promissory note in the principal amount of $750,000 (" Note B On April 7, 2016, the Company issued a third non-recourse promissory note in the principal amount of $100,000 (" Note C

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Apr. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	As of April 30, 2016 and 2015, the Company had 5,000,000 shares of blank check preferred stock authorized with a par value of $0.00001 per share. None of the blank check preferred shares were issued or outstanding. As of April 30, 2016 and April 30, 2015, the Company had 29,500 shares of preferred B preferred stock authorized with a par value of $0.00001 per share (“ Series B Preferred As of April 30, 2016, the Company had 100,000,000 shares of common stock authorized with a par value of $0.00001 per share. There were 4,263,672 and 4,259,506 shares of common stock issued and outstanding as of April 30, 2016 and 2015, respectively. On January 19, 2016, the Company granted 25,000 shares of the Company’s restricted common stock for certain consulting services, vesting over six months. During the year ended April 30, 2016, the Company issued 4,166 shares of this restricted stock and recognized stock-based compensation of $6,875. In February 2016, the Company cancelled the related consulting agreement and the remaining 20,834 shares of the Company’s restricted common stock were not issued.

Stock Options

Stock Options	12 Months Ended
	Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	As of April 30, 2016, the Company has one equity incentive plan. The number of shares reserved for issuance in aggregate under the plan is limited to 120 million shares. The exercise price, term and vesting schedule of stock options granted are set by the Board of Directors at the time of grant. Stock options granted under the plan may be exercised on a cashless basis, if such exercise is approved by the Board. In a cashless exercise, the employee receives a lesser amount of shares in lieu of paying the exercise price based on the quoted market price of the shares on the trading day immediately preceding the exercise date. On October 23, 2015, the Company restructured its option plan by cancelling 395,629 options and issuing 453,039 options to new and existing option holders pursuant to the Amended and Restated 2012 Equity Compensation Plan. In December 2015, the Company issued an additional 111,667 options to consultants. For options issued during the year ended April 30, 2016, the Company computed the fair value of the grant as of the date of grant utilizing a Black-Scholes option-pricing model using the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, range of $2.00 to $12.00; exercise price range of $2.00 to $12.00; expected volatility range of 170% to 179%; and a discount rate range of 1.83% to 2.29%. The following table summarizes information about the options outstanding and exercisable for the years ended April 30, 2016 and 2015: Options Weighted Average Exercise Prices Outstanding – April 30, 2014 440,191 $ 12.00 Exercisable – April 30, 2014 121,025 $ 12.00 Granted 105,000 $ 106.00 Exercised - $ - Forfeited/Cancelled (3,750 ) $ 12.00 Outstanding April 30, 2015 540,941 $ 12.00 Exercisable – April 30, 2015 158,241 $ 12.00 Granted 672,706 2.26 Exercised - - Forfeited/Cancelled (470,597 ) 10.25 Outstanding April 30, 2016 743,050 4.00 Exercisable – April 30, 2016 421,460 $ 3.41 Outstanding - Aggregate Intrinsic Value $ - Exercisable - Aggregate Intrinsic Value $ - The following table summarizes information about the options outstanding and exercisable at April 30, 2016: Options Outstanding Options Exercisable Exercise Price Options Weighted Avg. Life Remaining Weighted Average Exercise Price Options Weighted Average Exercise Price $ 44.00 2,326 0.01 years $ 44.00 2,326 $ 44.00 $ 12.00 132,987 7.93 years $ 12.00 54,654 $ 12.00 $ 6.00 10,000 9.00 years $ 6.00 10,000 $ 6.00 $ 3.39 24,000 $ 3.39 4,000 $ 3.39 $ 3.00 51,001 9.91 years $ 3.00 4,250 $ 3.00 $ 2.87 65,334 9.25 years $ 2.87 13,611 $ 2.87 $ 2.00 457,402 9.25 years $ 2.00 332,620 $ 2.00 743,050 421,460 Aggregate Intrinsic Value $ - $ - During the years ended April 30, 2016 and 2015, the Company expensed an aggregate $1,586,474 and $1,135,417 to general and administrative expenses for stock based compensation pursuant to employment and consulting agreements. As of April 30, 2016, the Company has $59,551 in unrecognized stock-based compensation expense which will be amortized over a weighted average exercise period of 3.5 years. Warrants: Number of Warrants Weighted Average Exercise Price Weighted Average Life Remaining Outstanding and exercisable – April 30, 2014 203,125 $ 27.12 1.62 Forfeited - - - Granted 133,333 50.0 5.0 Outstanding and exercisable – April 30, 2015 336,458 36.19 2.29 Forfeited - - - Granted/Expired (203,125 ) - - Outstanding and exercisable – April 30, 2016 133,333 $ 50.00 3.83 There were no changes of the Company’s warrants during the year ended April 30, 2016. The aggregate intrinsic value of the outstanding warrants was $0.

Non-Controlling Interest

Non-Controlling Interest	12 Months Ended
	Apr. 30, 2016
Noncontrolling Interest [Abstract]
Non-Controlling Interest	For the years ended April 30, 2016 and 2015, the changes in the Company’s non–controlling interest was as follows: Bandolier MegaWest Total Non–controlling interest at May 1, 2014 $ - $ - $ - Contribution by non-controlling interest holders 5,000,000 - 5,000,000 Non–controlling interest share of losses (1,355,22 ) - (1,355,224 ) Non–controlling interest at April 30, 2015 3,644,776 - 3,644,776 Contribution of real estate by non-controlling interest holders - 9,403,367 9,403,367 Non–controlling interest share of income (losses) (4,375,836 ) 3,379,011 (996,825 ) Non–controlling interest at April 30, 2016 $ (731,060 ) $ 12,782,378 $ 12,051,318

Income Taxes

Income Taxes	12 Months Ended
	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	As of April 30, 2016 and 2015, the Company had approximately $2.65 million and $9.42 million of net operating loss carryovers (“ NOLs The income tax expense (benefit) consists of the following: For the Year Ended April 30, 2016 For the Year Ended April 30, 2015 Foreign Current $ - $ - Deferred - - U.S. Federal Current - - Deferred (4,503,473 ) 11,522,597 U.S. State & Local Current - - Deferred (504,613 ) 1,085,319 Change in valuation allowance 7,509,295 (12,607,916 ) Income tax provision (benefit) $ 2,501,209 $ - In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on this assessment management has established a full valuation allowance against all of the deferred tax assets for every period, since it is more likely than not that all of the deferred tax assets will not be realized. The Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: April 30, 2016 April 30, 2015 U.S. Net operating loss carryovers $ 3,933,952 $ 3,421,532 Depreciation 2,531,949 2,450,785 Bandolier LLC flow-through 4,313,122 463,906 Accretion of asset retirement obligation 288,511 341,679 Stock-based compensation 1,599,551 981,097 Total deferred tax assets 12,667,085 7,658,999 Valuation allowance (12,667,085 ) (7,658,999 ) Deferred tax asset, net of valuation allowance $ - $ - April 30, 2016 April 30, 2015 Tax liability – MegaWest $ 2,501,209 $ - Total deferred tax liability $ 2,501,209 $ - The expected tax expense (benefit) based on the statutory rate is reconciled with actual tax expense benefit as follows: For the Year Ended April 30, 2016 For the Year Ended April 30, 2015 U.S. federal statutory rate (34.00 )% (34.00 )% State income tax, net of federal benefit (3.81 )% (3.20 )% Change in rate (0.98 )% 11.72 % Net realized built in loss limitation 0.00 % 221.36 % Other permanent differences (2.98 )% 2.84 % Change in valuation allowance 62.63 % (198.72 )% Income tax provision (benefit) 20.86 % 0.00 %

Contingency and Contractual Obl

Contingency and Contractual Obligations	12 Months Ended
	Apr. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingency and Contractual Obligations	As a result of the Share Exchange, the Company inherited the following contingencies: (a) In January 2010, the Company experienced a flood in its Calgary office premises as a result of a broken water pipe. There was significant damage to the premises rendering them unusable until the landlord had completed remediation. Pursuant to the lease contract, the Company asserted that rent should be abated during the remediation process and accordingly, the Company did not pay any rent after December 2009. During the remediation process, the Company engaged an independent environmental testing company to test for air quality and for the existence of other potentially hazardous conditions. The testing revealed the existence of potentially hazardous mold and the consultant provided specific written instructions for the effective remediation of the premises. During the remediation process, the landlord did not follow the consultant’s instructions and correct the potentially hazardous mold situation and subsequently in June 2010 gave notice and declared the premises to be ready for occupancy. The Company re-engaged the consultant to re-test the premises and the testing results again revealed the presence of potentially hazardous mold. The Company determined that the premises were not fit for re-occupancy and considered the landlord to be in default of the lease and the lease terminated. On January 30, 2014 the landlord filed a Statement of Claim against the Company for rental arrears in the amount aggregating approximately CAD $759,000 (approximately USD $605,500 as of April 30, 2016). On October 20, 2014, the Company filed a summary judgment application stating that the landlord’s claim is barred as it was commenced outside the 2-year statute of limitation period under the Alberta Limitations Act. The landlord subsequently filed a cross-application to amend its Statement of Claim to add a claim for loss of prospective rent in an amount of approximately CAD $665,000 (approximately USD $530,500 as of April 30, 2016). The applications were heard on June 25, 2015 and the court allowed both the Company’s summary judgment application and the landlord’s amendment application. Both of these orders were appealed and the appeals were both dismissed by decision rendered April 1, 2016. Both of these orders have been further appealed to the Court of Appeal of Alberta, and the appeals are scheduled to be heard on December 7, 2016. The net effect of the orders which are presently under appeal is that it is the claim for loss of prospective rent which is to proceed. (b) In September 2013, the Company was notified by the Railroad Commission of Texas (the “ Commission (c) On August 11, 2014, Martha Donelson and John Friend amended their complaint in an existing lawsuit by filing a class action complaint styled: Martha Donelson and John Friend, et al. v. United States of America, Department of the Interior, Bureau of Indian Affairs and Devon Energy Production, LP, et al., Proceeding BIA NEPA ab initio On October 7, 2014, Spyglass, along with other defendants, filed a Motion to Dismiss the August 11, 2014 Amended Complaint on various procedural and legal grounds. Following the significant briefing, the Court, on March 31, 2016, granted the Motion to Dismiss as to all defendants and entered a judgment in favor of the defendants against the plaintiffs. On April 14, 2016, Spyglass with the other defendants, filed a Motion seeking its attorneys’ fees and costs. Said motion remains pending. On April 28, 2016, the plaintiffs filed three motions: a Motion to Amend or Alter the Judgment; a Motion to Amend the Complaint; and a Motion to Vacate Order. All three Motions are pending as of the effective date of this response. There is no specific timeline by which the Court must render a ruling. Spyglass intends to continue to vigorously defend its interest in this matter. (d) Mega West Energy Missouri Corp. (“ Mega West James Long and Jodeane Long v. Mega West Energy Missouri and Petro River Oil Corp. is a case for unlawful detainer, pursuant to which the plaintiffs contend that Mega West oil and gas lease has expired and Mega West is unlawfully possessing the plaintiffs real property by asserting that the leases remain in effect. The case was originally filed in Vernon County, Missouri on September 20, 2013. Mega West filed an Answer and Counterclaims on November 26, 2013 and the plaintiffs filed a motion to dismiss the counterclaims. Mega West filed a motion for Change of Judge and Change of Venue and the case was transferred to Barton County. The court granted the motion to dismiss the counterclaims on February 3, 2014. Mega West filed a second case on October 14, 2014 ( Mega West Energy Missouri Corp. v. James Long, Jodeane Long, and Arrow Mines LLC (e) The Company is from time to time involved in legal proceedings in the ordinary course of business. It does not believe that any of these claims and proceedings against it is likely to have, individually or in the aggregate, a material adverse effect on its financial condition or results of operations.

Subsequent Events

Subsequent Events	12 Months Ended
	Apr. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Increase in Authorized Common Stock. Horizon Investments Acquisition (Unaudited) On May 3, 2016, the Company consummated the acquisition of Horizon Investments. As a result of the acquisition, the Company acquired: (i) a 20% membership interest in Horizon Energy; (ii) three promissory notes issued by the Company to Horizon Investments in the principal amount of $1.6 million (the “ Horizon Notes Closing Proceeds Purchased Assets Horizon Acquisition Purchase Agreement As consideration for the Horizon Acquisition, and in accordance with the Purchase Agreement, as amended, the Company issued 11,564,250 shares of its common stock on the Closing Date, which amount included 1,395,917 additional shares of common stock in consideration for the additional cash, receivables and other assets reflected on Horizon Investment's balance sheet on the Closing Date. Horizon Energy is an oil and gas exploration and development company owned and managed by former senior oil and gas executives. It has a portfolio of domestic and international assets, including two assets located in the United Kingdom, adjacent to the giant Wytch Farm oil field, the largest onshore oil field in Western Europe. Other projects include the proposed redevelopment of a large oil field in Kern County, California and the development of an additional recent discovery in Kern County. The following table summarizes the allocation of the purchase price to the net assets acquired: Purchase price allocation Cash and cash equivalents $ 2,637,014 Certificate of deposit - restricted 686,355 Cost method investment – Horizon Energy Partners, LLC 688,000 Notes receivable – related party 1,500,000 Escrow deposits payable (690,000 ) Net assets acquired $ 4,821,369 Consideration for net assets acquired Fair value of common stock issued $ 4,821,369 The following table summarizes, on an unaudited pro forma basis, the results of operations of the Company as though the acquisition had occurred as of May 1, 2015. The pro forma amounts presented are not necessarily indicative of either the actual operation results had the acquisition transaction occurred as of May 1, 2015. Petro River Oil Corp. for the Year Ended April 30, 2016 Horizon I Investments, LLC for the Period from October 22, 2015 (Inception) through March 31, 2016 Pro Forma Combined For the Year Ended April 30, 2016 Revenues $ 87,939 $ - $ 87,939 Net loss $ (11,989,758 ) $ (54,631 ) $ (12,044,389 ) Net loss per common share - basic and diluted $ (2.58 ) $ (0.00 ) $ (0.76 ) Weighted average number of common shares outstanding - basic and diluted 4,260,670 11,564,250 15,824,920 Divestiture of Grassy Creek Assets. Effective July 11, 2016, MegaWest Energy Missouri Corp (“ MegaWest Missouri Grassy Creek Assets Paluca Issuance of Options.

Supplemental Information on Oil

Supplemental Information on Oil and Gas Operations	12 Months Ended
	Apr. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Information on Oil and Gas Operations (Unaudited):	This supplementary oil and natural gas information is provided in accordance with the United States Financial Accounting Standards Board (“ FASB The Company retains qualified independent reserves evaluators to evaluate the Company’s proved oil reserves. For the year ended April 30, 2016 and 2015, the report by Pinnacle Energy Services, LLC. (“ Pinnacle Proved oil and natural gas reserves, as defined within the SEC Rule 4-10(a)(22) of Regulation S-X, are those quantities of oil and gas, which, by analysis of geoscience and engineering data can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs, and under existing economic conditions, operating methods and government regulations prior to the time of which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether determinable or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. Developed oil and natural gas reserves are reserves that can be expected to be recovered from existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and through installed extraction equipment and infrastructure operational at the time of the reserves estimate is the extraction is by means not involving a well. Estimates of the Company’s oil reserves are subject to uncertainty and will change as additional information regarding producing fields and technology becomes available and as future economic and operating conditions change. The following tables summarize the Company’s proved developed and undeveloped reserves within the United States, net of royalties, as of April 30, 2016 and 2015: Oil (MBbls) 2016 2015 Proved reserves as at May 1 508 - Extensions, Acquisitions and discoveries 508 Dispositions (301 ) - Production (1 ) - Revisions of prior estimates - - Total Proved reserves as at April 30 206 508 Oil (MBbls) 2016 2015 Proved developed producing - 35 Non-producing 206 286 Proved undeveloped - 187 Total Proved reserves as at April 30 206 508 Gas (MCFs) 2016 2015 Proved reserves as at May 1 868 - Extensions, Acquisitions and discoveries 868 Dispositions (537 ) - Production - - Revisions of prior estimates - - Total Proved reserves as at April 30 331 868 Gas (MCFs) 2016 2015 Proved developed producing - - Non-producing 331 485 Proved undeveloped - 383 Total Proved reserves as at April 30 331 868 Capitalized Costs Related to Oil and Gas Assets 2016 2015 Proved properties $ 7,753,575 $ 8,062,394 Unproved properties 100,000 13,555,565 7,853,575 21,617,959 Less: accumulated impairment (6,975,349 ) (5,960,948 ) $ 878,226 $ 15,657,011 Costs incurred in Oil and Gas Activities: 2016 2015 Development $ 102,864 $ 8,701,100 Exploration - - $ 102,864 $ 8,701,100 The following standardized measure of discounted future net cash flows from proved oil reserves has been computed using the average first-day-of-the-month price during the previous 12-month period, costs as at the balance sheet date and year-end statutory income tax rates. A discount factor of 10% has been applied in determining the standardized measure of discounted future net cash flows. The Company does not believe that the standardized measure of discounted future net cash flows will be representative of actual future net cash flows and should not be considered to represent the fair value of the oil properties. Actual net cash flows will differ from the presented estimated future net cash flows due to several factors including: ● Future production will include production not only from proved properties, but may also include production from probable and possible reserves; ● Future production of oil and natural gas from proved properties may differ from reserves estimated; ● Future production rates may vary from those estimated; ● Future rather than average first-day-of-the-month prices during the previous 12-month period and costs as at the balance sheet date will apply; ● Economic factors such as changes to interest rates, income tax rates, regulatory and fiscal environments and operating conditions cannot be determined with certainty; ● Future estimated income taxes do not take into account the effects of future exploration expenditures; and ● Future development and asset retirement obligations may differ from those estimated. Future net revenues, development, production and restoration costs have been based upon the estimates referred to above. The following tables summarize the Company’s future net cash flows relating to proved oil reserves based on the standardized measure as prescribed in FASB ASC Topic 932 - “Extractive Activities - Oil and Gas”: 2016 2015 Future cash flows relating to proved reserves: Future cash inflows $ 9,588,000 $ 37,455,000 Future operating costs (5,170,000 ) (14,950,000 ) Future development costs (820,000 ) (6,185,000 ) Future income taxes (680,000 ) (2,385,000 ) Future net cash flows 2,918,000 13,935,000 10% discount factor (779,000 ) (7,000,000 ) Standardized measure $ 2,139,000 $ 6,935,000 Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows The following table summarizes the principal sources of changes in standardized measure of discounted future estimated net cash flows at 10% per annum for the years ended April 30, 2016 and 2015: 2016 2015 Standardized measure, beginning of year $ 6,935,000 $ - Sales of oil produced, net of production costs 388,000 - Net changes in sales and transfer prices and in production costs and production costs related to future production (4,245,000 ) - Previously estimated development costs incurred during the period - - Changes in future development costs 5,365,000 - Revisions of previous quantity estimates due to prices and performance (5,180,000 ) - Accretion of discount 214,000 (7,000,000 ) Discoveries, net future production and development costs associated with these extensions and discoveries - 13,935,000 Purchases and sales of minerals in place - - Timing and other (1,338,000 ) - Standardized measure, end of year $ 2,139,000 $ 6,935,000

Significant Accounting Polici25

Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	The preparation of financial statements in conformity 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s financial statements are based on a number of significant estimates, including oil and natural gas reserve quantities which are the basis for the calculation of depreciation, depletion and impairment of oil and natural gas properties, and timing and costs associated with its asset retirement obligations, as well as those related to the fair value of stock options, stock warrants and stock issued for services. While we believe that our estimates and assumptions used in preparation of the financial statements are appropriate, actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and cash equivalents include all highly liquid monetary instruments with original maturities of three months or less when purchased. These investments are carried at cost, which approximates fair value. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash deposits. The Company maintains its cash in institutions insured by the Federal Deposit Insurance Corporation (“ FDIC As of April 30, 2016 and 2015, restricted cash consisted of a certificate of deposit in the amount of $80,803 and $125,000, respectively, with an annual interest rate of 0.5% and maturity date of March 13, 2017.
Receivables	Pursuant to FASB ASC paragraph 310-10-35-47 receivables that management has the intent and ability to hold for the foreseeable future shall be reported in the balance sheet at outstanding principal adjusted for any charge-offs and the allowance for doubtful accounts. The Company follows FASB ASC paragraphs 310-10-35-7 through 310-10-35-10 to estimate the allowance for doubtful accounts. Pursuant to FASB ASC paragraph 310-10-35-9, losses from uncollectible receivables shall be accrued when both of the following conditions are met: (a) Information available before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25) indicates that it is probable that an asset has been impaired at the date of the financial statements, and (b) The amount of the loss can be reasonably estimated. These conditions may be considered in relation to individual receivables or in relation to groups of similar types of receivables. If the conditions are met, an accrual shall be made even though the particular receivables that are uncollectible may not be identifiable. The Company reviews individually each receivable for collectability and performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and general economic conditions that may affect a client’s ability to pay. Bad debt expense is included in general and administrative expenses, if any. Pursuant to FASB ASC paragraph 310-10-35-41 Credit losses for receivables (uncollectible receivables), which may be for all or part of a particular receivable, shall be deducted from the allowance. The related receivable balance shall be charged off in the period in which the receivables are deemed uncollectible. Recoveries of receivables previously charged off shall be recorded when received. The Company charges off its account receivables against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts at April 30, 2016 and 2015 was $0 and $0, respectively.
Interest in Real Estate Rights
Oil and Gas Operations	Oil and Gas Properties Oil and gas properties may include costs that are excluded from costs being depleted. Oil and gas costs excluded represent investments in unproved properties and major development projects in which the Company owns a direct interest. These unproved property costs include non-producing leasehold, geological and geophysical costs associated with leasehold or drilling interests and in process exploration drilling costs. All costs excluded are reviewed at least annually to determine if impairment has occurred. The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ ASC Proved Oil and Gas Reserves Depletion, Depreciation and Amortization: In arriving at rates under the unit-of-production method, the quantities of recoverable oil and natural gas reserves are established based on estimates made by the Company’s geologists and engineers which require significant judgment, as does the projection of future production volumes and levels of future costs, including future development costs. In addition, considerable judgment is necessary in determining when unproved properties become impaired and in determining the existence of proved reserves once a well has been drilled. All of these judgments may have significant impact on the calculation of depletion expenses. There have been no material changes in the methodology used by the Company in calculating depletion, depreciation and amortization of oil and gas properties under the full cost method during the years ended April 30, 2016 and 2015.
Intangible Assets	Intangible assets consist of patent rights. Applicable long–lived assets are amortized or depreciated over the shorter of their estimated useful lives, the estimated period that the assets will generate revenue, or the statutory or contractual term in the case of patents. Estimates of useful lives and periods of expected revenue generation are reviewed periodically for appropriateness and are based upon management’s judgment. Patent rights were amortized on the straight-line method over their estimated useful lives of 15 years.
Impairment of Long-Lived Assets	The Company assesses the recoverability of its long-lived assets when there are indications that the assets might be impaired. When evaluating assets for potential impairment, the Company compares the carrying value of the asset to its estimated undiscounted future cash flows. If an asset’s carrying value exceeds such estimated cash flows (undiscounted and with interest charges), the Company records an impairment charge for the difference.
Asset Retirement Obligations	The Company recognizes a liability for the estimated fair value of site restoration and abandonment costs when the obligations are legally incurred and the fair value can be reasonably estimated. The fair value of the obligations is based on the estimated cash flow required to settle the obligations discounted using the Company’s credit adjusted risk-free interest rate. The obligation is recorded as a liability with a corresponding increase in the carrying amount of the oil and gas assets. The capitalized amount will be depleted on a unit-of-production method. The liability is increased each period, or accretes, due to the passage of time and a corresponding amount is recorded in the consolidated statements of operations. Revisions to the estimated fair value would result in an adjustment to the liability and the capitalized amount in oil and gas assets.
Income Taxes	The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management’s assessment as to their realization. Uncertain Tax Positions The Company evaluates uncertain tax positions pursuant to ASC Topic 740-10-25 “ Accounting for Uncertainty in Income Taxes At April 30, 2016 and 2015, the Company has approximately $2,501,209 and $0, respectively, of liabilities for uncertain tax positions. Interpretation of taxation rules relating to net operating loss utilization in real estate transactions give rise to uncertain positions. In connection with the uncertain tax position, there was no interest or penalties recorded as the position is expected but the tax returns are not yet due. The Company is subject to ongoing tax exposures, examinations and assessments in various jurisdictions. Accordingly, the Company may incur additional tax expense based upon the outcomes of such matters. In addition, when applicable, the Company will adjust tax expense to reflect the Company’s ongoing assessments of such matters, which require judgment and can materially increase or decrease its effective rate as well as impact operating results. The number of years with open tax audits varies depending on the tax jurisdiction. The Company’s major taxing jurisdictions include the United States (including applicable states).
Oil and Gas Revenue	Sales of oil and gas, net of any royalties, are recognized when oil has been delivered to a custody transfer point, persuasive evidence of a sales arrangement exists, the rights and responsibility of ownership pass to the purchaser upon delivery, collection of revenue from the sale is reasonably assured, and the sales price is fixed or determinable. The Company sells oil and gas on a monthly basis. Virtually all of its contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, the quality of the oil and gas, and prevailing supply and demand conditions, so that the price of the oil and gas fluctuates to remain competitive with other available oil supplies.
Stock-based Compensation	Generally, all forms of stock-based compensation, including stock option grants, warrants, and restricted stock grants are measured at their fair value utilizing an option pricing model on the award’s grant date, based on the estimated number of awards that are ultimately expected to vest. The Company recognizes compensation expense for all equity–based payments in accordance with ASC 718“Share–based payments". The fair value of option award is estimated on the date of grant using the Black–Scholes option valuation model. The Black–Scholes option valuation model requires the development of assumptions that are input into the model. These assumptions are the expected stock volatility, the risk–free interest rate, the option’s expected life, the dividend yield on the underlying stock and the expected forfeiture rate. Expected volatility is calculated based on the historical volatility of the Company’s common stock over the expected option life and other appropriate factors. Risk–free interest rates are calculated based on continuously compounded risk–free rates for the appropriate term. The dividend yield is assumed to be zero as the Company has never paid or declared any cash dividends on its common stock and does not intend to pay dividends on the common stock in the foreseeable future. The expected forfeiture rate is estimated based on historical experience. Determining the appropriate fair value model and calculating the fair value of equity–based payment awards requires the input of the subjective assumptions described above. The assumptions used in calculating the fair value of equity–based payment awards represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and the Company uses different assumptions, the equity–based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate and recognize expense only for those shares expected to vest. If the actual forfeiture rate is materially different from our estimate, the equity–based compensation expense could be significantly different from what the Company has recorded in the current period. The Company accounts for share–based payments granted to non–employees in accordance with ASC 505, “Equity Based Payments to Non–Employees” The expenses resulting from stock-based compensation are recorded as general and administrative expenses in the consolidated statement of operations, depending on the nature of the services provided.
Per Share Amounts	Basic net income (loss) per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. For the year ended April 30, 2015, potentially dilutive securities were not included in the calculation of diluted net loss per share because to do so would be anti-dilutive. For the year ended April 30, 2016, the dilutive effect of stock options and warrants was 0 because all the options and warrants outstanding were out of the money. The Company had the following common stock equivalents at April 30, 2016 and 2015: As of April 30, 2016 April 30, 2015 Stock Options 743,050 540,941 Stock Purchase Warrants 133,333 336,459 876,383 877,400
Fair Value of Financial Instruments	All financial instruments, including cash and cash equivalents, accounts receivable and accounts payable and accrued expenses are recognized on the consolidated balance sheet initially at carrying value. The carrying value of these assets approximates their fair value due to their short-term maturities. At each balance sheet date, the Company assesses financial assets for impairment with any impairment recorded in the consolidated statement of operations. To assess loans and receivables for impairment, the Company evaluates the probability of collection of accounts receivable and records an allowance for doubtful accounts, which reduces loans and receivables to the amount management reasonably believes will be collected. In determining the amount of the allowance, the following factors are considered: the length of the time the receivable has been outstanding, specific knowledge of each customer’s financial condition and historical experience. Market risk is the risk that changes in commodity prices will affect the Company’s oil sales, cash flows or the value of its financial instruments. The objective of commodity price risk management is to manage and control market risk exposures within acceptable limits while maximizing returns. The Company is exposed to changes in oil prices which impact its revenues and to changes in natural gas process which impact its operating expenses. The Company does not utilize financial derivatives or other contracts to manage commodity price risks. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are categorized using a valuation hierarchy for disclosure of the inputs used to measure fair value, which prioritize the inputs into three broad levels: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date, and include those financial instruments that are valued using models or other valuation methodologies. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.
Recent Accounting Pronouncements	In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The standard’s core principle (issued as ASU 2014-09 by the FASB), is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The new guidance must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU 2014-09 by one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. This ASU is effective for public reporting companies for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating its adoption method and the impact of the standard on its consolidated financial statements and have not yet determined the method by which the Company will adopt the standard in 2017. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” (topic 606). In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross verses Net)” (topic 606). These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09, “Revenue from Contracts with Customers”. The amendments in ASU 2016-10 provide clarifying guidance on materiality of performance obligations; evaluating distinct performance obligations; treatment of shipping and handling costs; and determining whether an entity's promise to grant a license provides a customer with either a right to use an entity's intellectual property or a right to access an entity's intellectual property. The amendments in ASU 2016-08 clarify how an entity should identify the specified good or service for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements. The adoption of ASU 2016-10 and ASU 2016-08 is to coincide with an entity's adoption of ASU 2014-09, which we intend to adopt for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the new standard. In April 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation” (topic 718). The FASB issued this update to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The updated guidance is effective for annual periods beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption of the update is permitted. The Company is currently evaluating the impact of the new standard. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.
Subsequent Events	The Company evaluates subsequent events through the date the consolidated financial statements are issued.

Significant Accounting Polici26

Significant Accounting Policies (Tables)	12 Months Ended
	Apr. 30, 2016
Accounting Policies [Abstract]
Schedule of Common Stock Equivalents	The Company had the following common stock equivalents at April 30, 2016 and 2015: As of April 30, 2016 April 30, 2015 Stock Options 743,050 540,941 Stock Purchase Warrants 133,333 336,459 876,383 877,400

Business Acquisitions (Tables)

Business Acquisitions (Tables)	12 Months Ended
	Apr. 30, 2016
Horizon. [Member]
Pro forma results	Petro River Oil Corp. for the Year Ended April 30, 2016 Horizon I Investments, LLC for the Period from October 22, 2015 (Inception) through March 31, 2016 Pro Forma Combined For the Year Ended April 30, 2016 Revenues $ 87,939 $ — $ 87,939 Net loss $ (11,989,758 ) $ (54,631 ) $ (12,044,389 ) Net loss per common share - basic and diluted $ (2.54 ) $ (0.00 ) $ (0.76 ) Weighted average number of common shares outstanding - basic and diluted 4,260,670 11,564,250 15,824,920

Interest in Real Estate Rights

Interest in Real Estate Rights (Tables)	12 Months Ended
	Apr. 30, 2016
Interest In Real Estate Rights Tables
Summary of activity for interest in real estate rights	April 30, 2016 Balance at April 30, 2015 $ - Additions – interest in real estate rights of 30 condominium units contributed by Fortis 15,544,382 Less: cost basis of interest in real estate rights of 25 condominium units sold by Fortis (12,723,980 ) Balance at April 30, 2016 $ 2,820,402

Oil and Gas Assets (Tables)

Oil and Gas Assets (Tables)	12 Months Ended
	Apr. 30, 2016
Extractive Industries [Abstract]
Schedule of Oil and Gas Assets	The following table summarizes the oil and gas assets by project: Cost Oklahoma Kansas Missouri Other (1) Total Balance May 1, 2015 $ - $ 7,922,601 $ 918,991 $ 100,000 $ 8,941,592 Additions 8,751,867 1,747 - - 8,753,614 Depreciation, depletion and amortization (569,892 ) (121,328 ) - - (691,220 ) Impairment of oil and gas assets (1,246,975 ) - - - (1,246,975 ) Balance April 30, 2015 6,935,000 7,803,020 918,991 100,000 15,757,011 Additions 102,864 - - - 102,864 Disposals (279,013 ) (7,727,287 ) - - (8,006,301 ) Depreciation, depletion and amortization (29,003 ) (75,733 ) - - (104,736 ) Impairment of oil and gas assets (5,951,622 ) - (918,991 ) - (6,870,613 ) Balance April 30, 2016 $ 778,226 $ - $ - $ 100,000 $ 878,226 (1) Other property consists primarily of four used steam generators and related equipment that will be assigned to future projects. As of April 30, 2016 and 2015, management concluded that impairment was not necessary as all other assets were carried at salvage value.

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Apr. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	The Company’s intangibles assets consisted of the following: Estimated Useful Life As of April 30, 2016 As of April 30, 2015 Patent rights 15 years $ 2,223,686 $ 2,223,686 Less: accumulated amortization (140,745 ) (20,293 ) Less: impairment of intangible assets (2,082,941 ) - Intangible assets, net $ - $ 2,203,393

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Apr. 30, 2016
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes to Asset Retirement Obligation	Changes to the asset retirement obligation were as follows: April 30, 2016 April 30, 2015 Balance, beginning of period $ 918,430 $ 818,010 Additions - 52,514 Disposals (207,827 ) - Accretion 52,459 47,906 Total asset retirement obligations 763,062 918,430 Less: current portion of asset retirement obligations (561,958 ) (541,959 ) Long-term portion of asset retirement obligations $ 201,104 $ 376,471
Schedule of Expected Timing of Asset Retirement Obligations	Expected timing of ass et retirement obligations: Year Ending April 30, 2017 $ 561,958 2018 - 2019 - 2020 - 2021 - Thereafter 394,654 Subtotal 956,612 Effect of discount (193,550 ) Total $ 763,062

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Changes in Stock Options	The following table summarizes information about the options outstanding and exercisable at April 30, 2016: Options Weighted Average Exercise Prices Outstanding – April 30, 2014 440,191 $ 12.00 Exercisable – April 30, 2014 121,025 $ 12.00 Granted 105,000 $ 106.00 Exercised - $ - Forfeited/Cancelled (3,750 ) $ 12.00 Outstanding April 30, 2015 540,941 $ 12.00 Exercisable – April 30, 2015 158,241 $ 12.00 Granted 672,706 2.26 Exercised - - Forfeited/Cancelled (470,597 ) 10.25 Outstanding April 30, 2016 743,050 4.00 Exercisable – April 30, 2016 421,460 $ 3.41 Outstanding - Aggregate Intrinsic Value $ - Exercisable - Aggregate Intrinsic Value $ -
Summary of Options Outstanding and Exercisable	The following table summarizes information about the options outstanding and exercisable at April 30, 2016: Options Outstanding Options Exercisable Exercise Price Options Weighted Avg. Life Remaining Weighted Average Exercise Price Options Weighted Average Exercise Price $ 44.00 2,326 0.01 years $ 44.00 2,326 $ 44.00 $ 12.00 132,987 7.93 years $ 12.00 54,654 $ 12.00 $ 6.00 10,000 9.00 years $ 6.00 10,000 $ 6.00 $ 3.39 24,000 $ 3.39 4,000 $ 3.39 $ 3.00 51,001 9.91 years $ 3.00 4,250 $ 3.00 $ 2.87 65,334 9.25 years $ 2.87 13,611 $ 2.87 $ 2.00 457,402 9.25 years $ 2.00 332,620 $ 2.00 743,050 421,460 Aggregate Intrinsic Value $ - $ -
Summary of Warrants Outstanding and Exercisable	Number of Warrants Weighted Average Exercise Price Weighted Average Life Remaining Outstanding and exercisable – April 30, 2014 203,125 27.12 1.62 Forfeited - - - Granted 133,333 50.0 5.0 Outstanding and exercisable – April 30, 2015 336,458 36.19 2.29 Forfeited - - - Granted/Expired (203,125 ) - - Outstanding and exercisable – April 30, 2016 133,333 50.00 3.83

Non-Controlling Interest (Table

Non-Controlling Interest (Tables)	12 Months Ended
	Apr. 30, 2016
Non-controlling Interest Tables
Changes in non-controlling interest	Bandolier MegaWest Total Non–controlling interest at May 1, 2014 $ - $ - $ - Contribution by non-controlling interest holders 5,000,000 - 5,000,000 Non–controlling interest share of losses (1,355,22 ) - (1,355,224 ) Non–controlling interest at April 30, 2015 3,644,776 - 3,644,776 Contribution of real estate by non-controlling interest holders - 9,403,367 9,403,367 Non–controlling interest share of income (losses) (4,375,836 ) 3,379,011 (996,825 ) Non–controlling interest at April 30, 2016 $ (731,060 ) $ 12,782,378 $ 12,051,318

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Taxes Expense (Benefits)	For the Year Ended April 30, 2016 For the Year Ended April 30, 2015 Foreign Current $ - $ - Deferred - - U.S. Federal Current - - Deferred (4,503,473 ) 11,522,597 U.S. State & Local Current - - Deferred (504,613 ) 1,085,319 Change in valuation allowance 7,509,295 (12,607,916 ) Income tax provision (benefit) $ 2,501,209 $ -
Schedule of Deferred Tax Assets and Liabilities	A pril 30, 2016 April 30, 2015 U.S. Net operating loss carryovers $ 3,933,952 $ 3,421,532 Depreciation 2,531,949 2,450,785 Bandolier LLC flow-through 4,313,122 463,906 Accretion of asset retirement obligation 288,511 341,679 Stock-based compensation 1,599,551 981,097 Total deferred tax assets 12,667,085 7,658,999 Valuation allowance (12,667,085 ) (7,658,999 ) Deferred tax asset, net of valuation allowance $ - $ -
Schedule of Expected Tax Expense (Benefits) Reconciliation	For the Year Ended April 30, 2016 For the Year Ended April 30, 2015 U.S. federal statutory rate (34.00 )% (34.00 )% State income tax, net of federal benefit (3.81 )% (3.20 )% Change in rate (0.98 )% 11.72 % Net realized built in loss limitation 0.00 % 221.36 % Other permanent differences (2.98 )% 2.84 % Change in valuation allowance 62.63 % (198.72 )% Income tax provision (benefit) 20.86 % 0.00 %

Supplemental Information on O35

Supplemental Information on Oil and Gas Operations (Tables)	12 Months Ended
	Apr. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Developed and undeveloped reserves	The following tables summarize the Company’s proved developed and undeveloped reserves (all oil) within the United States, net of royalties, as of April 30, 2016 and 2015: Oil (MBbls) 2016 2015 Proved reserves as at May 1 508 - Extensions, Acquisitions and discoveries 508 Dispositions (301 ) - Production (1 ) - Revisions of prior estimates - - Total Proved reserves as at April 30 206 508 Oil (MBbls) 2016 2015 Proved developed producing - 35 Non-producing 206 286 Proved undeveloped - 187 Total Proved reserves as at April 30 206 508 Gas (MCFs) 2016 2015 Proved reserves as at May 1 868 - Extensions, Acquisitions and discoveries 868 Dispositions (537 ) - Production - - Revisions of prior estimates - - Total Proved reserves as at April 30 331 868 Gas (MCFs) 2016 2015 Proved developed producing - - Non-producing 331 485 Proved undeveloped - 383 Total Proved reserves as at April 30 331 868 Capitalized Costs Related to Oil and Gas Assets 2016 2015 Proved properties $ 7,753,575 $ 8,062,394 Unproved properties 100,000 13,555,565 7,853,575 21,617,959 Less: accumulated impairment (6,975,349 (5,960,948 ) $ 878,226 $ 15,657,011 Costs incurred in Oil and Gas Activities: 2016 2015 Development $ 102,864 $ 8,701,100 Exploration - $ 102,864 $ 8,701,100
Future net cash flows relating to proved oil reserves	Future cash flows relating to proved reserves: 2016 2015 Future cash inflows $ 9,588,000 $ 37,455,000 Future operating costs (5,169,000 ) (14,950,000 ) Future development costs (820,000 ) (6,185,000 ) Future income taxes (680,000 ) (2,385,000 ) Future net cash flows 2,918,000 13,935,000 10% discount factor (779,000 ) (7,000,000 ) Standardized measure $ 2,139,000 $ 6,935,000
Principal sources of changes in standardized measure of discounted future estimated net cash flows	2016 2015 Standardized measure, beginning of year $ 6,935,000 $ - Sales of oil produced, net of production costs 388,000 - Net changes in sales and transfer prices and in production costs and production costs related to future production (4,245,000 ) - Previously estimated development costs incurred during the period - - Changes in future development costs 5,365,000 - Revisions of previous quantity estimates due to prices and performance (5,180,000 ) - Accretion of discount 214,000 (7,000,000 ) Discoveries, net future production and development costs associated with these extensions and discoveries - 13,935,000 Purchases and sales of minerals in place - - Timing and other (1,338,000 ) - Standardized measure, end of year $ 2,139,000 $ 6,935,000

Significant Accounting Polici36

Significant Accounting Policies - Schedule of Common Stock Equivalents (Details) - shares	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Common stock equivalent shares	876,383	877,400
Stock Purchase Warrants [Member]
Common stock equivalent shares		336,459
Stock Options [Member]
Common stock equivalent shares	743,050	540,941
Stock Purchase Warrants [Member]
Common stock equivalent shares	133,333

Significant Accounting Polici37

Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Restricted cash	$ 80,803	$ 125,000
Allowance for doubtful accounts	0	0
Impairment of oil and gas assets	$ 6,870,613	1,246,975
Patents and copyright useful lives	15 years
OKLAHOMA
Impairment of oil and gas assets	$ 5,951,622	1,246,975
MISSOURI
Impairment of oil and gas assets	918,991	0
KANSAS
Impairment of oil and gas assets	0	0
Other [Member]
Impairment of oil and gas assets	0	$ 0
Bandolier Energy LLC. [Member]
Proved developed oil and gas assets	2,460,632
Proven undeveloped oil and gas assets	$ 5,921,641

Business Acquisitions (Details

Business Acquisitions (Details 1) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Net Loss per Common Share
Basic and Diluted	$ (2.54)	$ (1.21)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	4,260,670	4,121,149
Bandolier Energy LLC. [Member]
Revenues		$ 2,494,392
Net loss		$ (4,849,864)
Net Loss per Common Share
Basic and Diluted		$ (1.18)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		4,121,149

Interest in Real Estate Right39

Interest in Real Estate Rights (Details)	12 Months Ended
	Apr. 30, 2016USD ($)
Interest In Real Estate Rights Details
Balance, beginning	$ 0
Additions	15,544,382
Cost of sales	(12,723,980)
Balance, ending	$ 2,820,402

Oil and Gas Assets (Details)

Oil and Gas Assets (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Balance at beginning	$ 6,935,000	$ 8,941,592
Additions	102,864	8,753,614
Disposals	(7,519,460)	0
Depreciation, depletion and amortization	(104,736)
Impairment of oil and gas assets	(6,870,613)	(1,246,975)
Oil and gas assets, net	778,226	6,935,000
OKLAHOMA
Balance at beginning	6,935,000	0
Additions	102,864	8,751,867
Disposals	(279,013)
Depreciation, depletion and amortization	(29,003)
Impairment of oil and gas assets	(5,951,622)	(1,246,975)
Oil and gas assets, net	778,226	6,935,000
KANSAS
Balance at beginning	7,803,020	7,922,601
Additions	0	1,747
Disposals	(7,727,287)
Depreciation, depletion and amortization	(75,733)
Impairment of oil and gas assets	0	0
Oil and gas assets, net	0	7,803,020
MISSOURI
Balance at beginning	918,991	918,991
Additions	0	0
Disposals	0
Depreciation, depletion and amortization	0
Impairment of oil and gas assets	(918,991)	0
Oil and gas assets, net	0	918,991
Other [Member]
Balance at beginning	100,000	100,000
Additions	0	0
Disposals	0
Depreciation, depletion and amortization	0
Impairment of oil and gas assets	0	0
Oil and gas assets, net	$ 100,000	$ 100,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Less: Accumulated amortization	$ (140,745)	$ (20,293)
Less: impairment of intangible assets	(2,082,941)	0
Intangible assets, net	$ 0	2,203,393
Estimated useful life	15 years
Patents [Member]
Finite lived intangible assets, gross	$ 2,223,686	$ 2,223,686

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 120,452	$ 20,293
Intangible asset impairment	$ 2,082,941	$ 0

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations, beginning of period	$ 918,430	$ 818,010
Additions	0	52,514
Disposals	(207,827)	0
Accretion	52,459	47,906
Asset Retirement Obligations	763,062	918,430
Less: Current portion for cash flows expected to be incurred within one year	(561,958)	(541,959)
Long-term portion, end of period	$ 201,104	$ 376,471

Asset Retirement Obligations 44

Asset Retirement Obligations (Details 1) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Effect of discount	$ 52,459	$ 47,906
Asset Retirement Obligations	763,062	$ 918,430
Asset Retirement Obligation Costs [Member]
2,017	561,958
2,018	0
2,019	0
2,020	0
2,021	0
Thereafter	394,654
Total, before discount	956,612
Effect of discount	(193,550)
Asset Retirement Obligations	$ 763,062

Asset Retirement Obligations 45

Asset Retirement Obligations (Details Narrative) - USD ($)	Apr. 30, 2016	Apr. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation, future liability	$ 895,291	$ 1,143,857
Reclamation deposits	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
General and administrative	$ 3,103,358	$ 4,606,377
Note payable, outstanding	1,600,000	0
Notes Payable A
Note payable, outstanding	750,000
Notes Payable B
Note payable, outstanding	750,000
Notes Payable C
Note payable, outstanding	100,000
Brio Financial Group [Member]
General and administrative	0	1,022
Mr.Cohen [Member]
General and administrative	1,028,947	401,245
Ruben Alba [Member]
General and administrative	55,533	115,168
Williky [Member]
General and administrative	14,514	57,584
Vierma [Member]
General and administrative	4,260	57,584
Daniel Smith [Member]
General and administrative	55,533	115,168
Stephen Brunner [Member]
General and administrative	$ 29,974	$ 0

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - $ / shares	Apr. 30, 2016	Apr. 30, 2015
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	11,250,000
Common stock, par value	$ .00001	$ 0.00001
Common stock, shares issued	4,263,672	4,259,506
Common stock, shares outstanding	4,263,672	4,259,506
Series B Preferred Stock [Member]
Preferred stock, shares authorized	29,500	29,500
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Stock Options (Details)

Stock Options (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options, Outstanding, beginning balance	540,941	440,191
Number of Options, Exercisable, beginning balance	158,241	121,025
Number of Options, Granted	672,706	105,000
Number of Options, Exercised	0	0
Number of Options, Forfeited/Cancelled	(470,597)	(3,750)
Number of Options, Outstanding, ending balance	743,050	540,941
Number of Options, Exercisable, ending balance	421,460	158,241
Weighted Avg. Exercise Price, Outstanding	$ 12	$ 12
Weighted Avg. Exercise Price, Exercisable	12	12
Weighted Avg. Exercise Price, Granted		106
Weighted Avg. Exercise Price, Exercised	0	0
Weighted Avg. Exercise Price, Forfeited/Cancelled	10.25	12
Weighted Avg. Exercise Price, Outstanding	4	12
Weighted Avg. Exercise Price, Exercisable	$ 3.41	$ 12
Outstanding - Aggregate Intrinsic Value	$ 0
Exercisable - Aggregate Intrinsic Value	$ 0

Stock Options (Details 1)

Stock Options (Details 1)	12 Months Ended
	Apr. 30, 2016USD ($)$ / sharesshares
Options Outstanding | shares	743,050
Options Exercisable | shares	421,460
Options Outstanding - Aggregate Intrinsic Value | $	$ 0
Options Exercisable - Aggregate Intrinsic Value | $	$ 0
Exercise Price Range One [Member]
Exercise Price	$ 44
Options Outstanding | shares	2,326
Options Outstanding, Weighted Avg. Life Remaining	4 days
Options Outstanding, Weighted Avg. Exercise Price	$ 44
Options Exercisable | shares	2,326
Options Exercisable, Weighted Avg. Exercise Price	$ 44
Exercise Price Range Two [Member]
Exercise Price	$ 12
Options Outstanding | shares	132,987
Options Outstanding, Weighted Avg. Life Remaining	7 years 11 months 5 days
Options Outstanding, Weighted Avg. Exercise Price	$ 12
Options Exercisable | shares	54,654
Options Exercisable, Weighted Avg. Exercise Price	$ 12
Exercise Price Range Three [Member]
Exercise Price	$ 6
Options Outstanding | shares	10,000
Options Outstanding, Weighted Avg. Life Remaining	9 years
Options Outstanding, Weighted Avg. Exercise Price	$ 6
Options Exercisable | shares	10,000
Options Exercisable, Weighted Avg. Exercise Price	$ 6
Exercise Price Range Four [Member]
Exercise Price	$ 3.39
Options Outstanding | shares	24,000
Options Outstanding, Weighted Avg. Exercise Price	$ 3.39
Options Exercisable | shares	4,000
Options Exercisable, Weighted Avg. Exercise Price	$ 3.39
Exercise Price Range Five [Member]
Exercise Price	$ 3
Options Outstanding | shares	51,001
Options Outstanding, Weighted Avg. Life Remaining	9 years 10 months 28 days
Options Outstanding, Weighted Avg. Exercise Price	$ 3
Options Exercisable | shares	4,250
Options Exercisable, Weighted Avg. Exercise Price	$ 3
Exercise Price Range Six [Member]
Exercise Price	$ 2.87
Options Outstanding | shares	65,334
Options Outstanding, Weighted Avg. Life Remaining	9 years 3 months
Options Outstanding, Weighted Avg. Exercise Price	$ 2.87
Options Exercisable | shares	13,611
Options Exercisable, Weighted Avg. Exercise Price	$ 2.87
Exercise Price Range Seven [Member]
Exercise Price	$ 2
Options Outstanding | shares	457,402
Options Outstanding, Weighted Avg. Life Remaining	9 years 3 months
Options Outstanding, Weighted Avg. Exercise Price	$ 2
Options Exercisable | shares	332,620
Options Exercisable, Weighted Avg. Exercise Price	$ 2

Stock Options (Details 2)

Stock Options (Details 2) - $ / shares	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Weighted Avg. Exercise Price, Granted/Expired		$ 106
Stock Purchase Warrants [Member]
Number of Warrants, Outstanding and exercisable, Beginning balance	336,458	203,125
Number of Warrants, Forfeited	0	0
Number of Warrants, Granted/Expired	(203,125)	133,333
Number of Warrants, Outstanding and exercisable, Ending balance	133,333	336,458
Weighted Avg. Exercise Price, Outstanding and exercisable	$ 36.19	$ 27.12
Weighted Avg. Exercise Price, Forfeited	0	0
Weighted Avg. Exercise Price, Granted/Expired	0	50
Weighted Avg. Exercise Price, Outstanding and exercisable	$ 50	$ 36.19
Weighted Avg. Life Remaining, Outstanding and exercisable, beginning of period	2 years 3 months 14 days	1 year 7 months 13 days
Weighted Avg. Life Remaining, Outstanding and exercisable, granted		5 years
Weighted Avg. Life Remaining, Outstanding and exercisable, end of period	3 years 9 months 29 days	2 years 3 months 14 days

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock based compensation	$ 1,593,349	$ 1,135,417
Unrecognized stock-based compensation expense	$ 59,551

Non-Contolling Interest (Detail

Non-Contolling Interest (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Non-controlling interest at beginning balance	$ 3,644,776	$ 0
Contribution by non-controlling interest holders		5,000,000
Contribution of real estate by non-controlling interest holders	9,403,367
Non-controlling interest share of income (losses)	(996,825)	(1,355,224)
Non-controlling interest at Ending balance	12,051,318	3,644,776
Bandolier [Member]
Non-controlling interest at beginning balance	3,644,776	0
Contribution by non-controlling interest holders		5,000,000
Contribution of real estate by non-controlling interest holders	0
Non-controlling interest share of income (losses)	(4,375,836)	(1,355,224)
Non-controlling interest at Ending balance	(731,060)	3,644,776
MegaWest [Member]
Contribution by non-controlling interest holders		0
Contribution of real estate by non-controlling interest holders	9,403,367
Non-controlling interest share of income (losses)	3,379,011	0
Fortis [Member]
Non-controlling interest at beginning balance	0	0
Non-controlling interest at Ending balance	$ 12,782,387	$ 0

Income Taxes - (Details)

Income Taxes - (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
Foreign, Current	$ 0	$ 0
Foreign, Deferred	0	0
U.S. Federal, Current	0	0
U.S. Federal, Deferred	(4,503,473)	11,522,597
U.S. State & Local, Current	0	0
U.S. State & Local, Deferred	(504,613)	1,085,319
Change in valuation allowance	7,509,295	(12,607,916)
Income tax provision (benefit)	$ (2,501,209)	$ 0

Income Taxes - (Details 1)

Income Taxes - (Details 1) - USD ($)	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
U.S. Net operating loss carryovers	$ 3,933,952	$ 3,421,532
Depreciation	2,531,949	2,450,785
Bandolier LLC flow-through	4,313,122	463,906
Accretion of asset retirement obligation	288,511	341,679
Stock-based compensation	1,599,551	981,097
Total deferred tax assets	12,667,085	7,658,999
Valuation allowance	(12,667,085)	(7,658,999)
Deferred tax asset, net of valuation allowance	$ 0	$ 0

Income Taxes - (Details 2)

Income Taxes - (Details 2)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
US Federal statutory rate	(34.00%)	(34.00%)
State income tax, net of federal benefit	(3.81%)	(3.20%)
Change in rate	(0.98%)	11.72%
Net realized built in loss limitation	0.00%	221.36%
Other permanent differences	(2.98%)	2.84%
Change in valuation allowance	62.63%	(198.72%)
Income tax provision (benefit)	20.86%	0.00%

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
Net operating loss carryovers amount	$ 2,650,000	$ 9,420,000
Operating loss carryforwards expiry date	1/1/2027
Operating loss carryover to annaul limitation	$ 156,000

Contingency and Contractual O57

Contingency and Contractual Obligations (Details Narrative)	12 Months Ended
	Apr. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Landlord filed a statement against company for the amount	$ 605,000
Claim for prospective rental loss	$ 530,500

Supplemental Information on O58

Supplemental Information on Oil and Gas Operations - Developed and undeveloped reserves (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Proved reserves
Extensions, Acquisitions and discoveries	$ 0	$ 13,935,000
Capitalized Costs Related to Oil and Gas Assets
Proved properties	7,753,575	8,062,394
Unproved	100,000	1,355,565
Total capitalized costs, gross	7,853,575	21,617,959
Less: accumulated impairment	(6,975,349)	(5,960,948)
Total capitalized costs, gross	878,226	15,657,011
Costs incurred in Oil and Gas Activities
Development	102,864	8,701,100
Exploration	0	0
Net costs incurred	102,864	8,701,100
MBbls [Member]
Proved reserves
Proved reserves	508	0
Extensions, Acquisitions and discoveries	0	508
Dispositions	(301)	0
Production	(1)	0
Revisions of prior estimates	0	0
Proved reserves	206	508
Proved and unproved
Proved developed producing	0	35
Non-producing	206	286
Proved undeveloped	0	187
Total Proved reserves	206	508
Gas [Member]
Proved reserves
Proved reserves	868	0
Extensions, Acquisitions and discoveries	0	868
Dispositions	(537)	0
Production	0	0
Revisions of prior estimates	0	0
Proved reserves	331	868
Proved and unproved
Proved developed producing	0	0
Non-producing	485	331
Proved undeveloped	383	0
Total Proved reserves	$ 868	$ 331

Supplemental Information on O59

Supplemental Information on Oil and Gas Operations - Future net cash flows relating to proved oil reserves (Details) - USD ($)	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Future cash inflows
Future cash inflows	$ 9,588,000	$ 37,455,000
Future operating costs	(5,169,000)	(14,950,000)
Future development costs	(820,000)	(6,185,000)
Future income taxes	(680,000)	(2,385,000)
Future net cash flows	2,918,000	13,935,000
10% discount factor	214,000	(7,000,000)
Standardized measure	$ 2,139,000	$ 6,935,000	$ 0

Supplemental Information on O60

Supplemental Information on Oil and Gas Operations - Summary of Changes in Standardized Measure (Details) - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Reconciliation
Standardized measure, beginning of year	$ 6,935,000	$ 0
Sales of oil produced, net of production costs	388,000	0
Net changes in sales and transfer prices and in production costs and production costs related to future production	(4,245,000)	0
Previously estimated development costs incurred during the period	0	0
Changes in future development costs	5,365,000	0
Revisions of previous quantity estimates due to prices and performance	(5,180,000)	0
Accretion of discount	214,000	(7,000,000)
Discoveries, net future production and development costs associated with these extensions and discoveries	0	13,935,000
Purchases and sales of minerals in place	0	0
Timing and other	(1,338,000)	0
Standardized measure, end of year	$ 2,139,000	$ 6,935,000