Petro River Oil (PTRC) 10-K 13 Aug 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2019	Aug. 09, 2019	Oct. 31, 2018
Document And Entity Information
Entity Registrant Name	Petro River Oil Corp.
Entity Central Index Key	0001172298
Document Type	10-K
Document Period End Date	Apr. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Public Float			$ 13,778,575
Shell company	false
Entity Common Stock, Shares Outstanding		17,938,540
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Reporting Status	Yes
Well Known Seasoned Issuer	No
Voluntary Filer	No
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	DE
Entity File Number	000-49760

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Apr. 30, 2019	Apr. 30, 2018
Current Assets:
Cash and cash equivalents	$ 1,214,858	$ 47,330
Accounts receivable - oil and gas	128,987	308,099
Prepaid expenses and other current assets	206,210	612
Prepaid oil and gas asset development costs	55,116	0
Total Current Assets	1,605,171	356,041
Oil and gas assets, full cost method, Costs subject to amortization, net	5,868,932	3,779,414
Oil and gas assets, full cost method, Costs not being amortized, net	100,000	100,000
Property, plant and equipment, net	63	822
Investment in Horizon Energy Partners	2,037,151	1,592,418
Investment in Horizon Energy Partners, LLC	400,000	0
Other assets	5,266	17,133
Total Long-term Assets	8,411,412	5,489,787
Total Assets	10,016,583	5,845,828
Current Liabilities:
Accounts payable and accrued expenses	714,786	908,343
Accrued interest on notes payable - related party	0	298,581
Redetermination liability	0	259,313
Asset retirement obligations, current portion	720,442	413,794
Total Current Liabilities	1,435,228	1,880,031
Long-term liabilities:
Asset retirement obligations, net of current portion	328,749	246,345
Note payable - related parties, net of debt discount	0	2,360,750
Derivative liabilities	4,191,754	0
Total Long-term Liabilities	4,520,503	2,607,095
Total Liabilities	5,955,731	4,487,126
Commitments and contingencies
Equity:
Preferred shares	0	0
Common shares - 150,000,000 authorized; par value $0.00001; 17,938,540 and 17,309,733 issued and outstanding, respectively	180	173
Additional paid-in capital	59,563,627	52,407,543
Accumulated deficit	(56,154,121)	(51,049,014)
Total Petro River Oil Corp. Equity	3,409,690	1,358,702
Non-controlling interests	651,162	0
Total Equity	4,060,852	1,358,702
Total Liabilities and Equity	10,016,583	5,845,828
Series A Preferred Stock [Member]
Equity:
Preferred shares	4	0
Series B Preferred Stock [Member]
Equity:
Preferred shares	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Apr. 30, 2019	Apr. 30, 2018
Note payable - related parties, debt discount	$ 0	$ 2,139,250
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	150,000,000	150,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	17,938,540	17,309,733
Common stock, shares outstanding	17,938,540	17,309,733
Series A Preferred Stock [Member]
Preferred stock, shares authorized	500,000	500,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares issued	435,403	0
Preferred stock, shares outstanding	435,403	0
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, 2019	Apr. 30, 2018
Revenues
Oil and natural gas sales	$ 1,622,077	$ 723,409
Royalty revenue	23,093	0
Total Revenues	1,645,170	723,409
Operating Expenses
Lease operating expenses	416,445	127,814
Depreciation, depletion and accretion	683,163	157,386
Impairment of oil and gas assets	984,774	1,733,932
General and administrative	1,727,670	3,644,751
Total Operating Expenses	3,812,052	5,663,883
Operating Loss	(2,166,882)	(4,940,474)
Other Income (Expense)
Interest income (expense), net	(3,124,286)	(65,569)
Loss on assumption of Pearsonia interests	0	(3,351,965)
Loss on redetermination	0	(11,914,204)
Loss on legal settlement	(75,000)	0
Loss on extinguishment of debt	(94,388)	0
Change in fair value of derivative liabilities	(41,410)	0
Net gain on real estate rights	0	267,734
Other Income (Expense)	(3,335,084)	(15,064,004)
Net Loss Before Income Tax Provision	(5,501,966)	(20,004,478)
Income Tax Provision	0	333,203
Net Loss	(5,501,966)	(20,337,681)
Net Income (Loss) Attributable to Non-controlling Interest	(396,859)	101,423
Net Loss Attributable to Petro River Oil Corp.	(5,105,107)	(20,439,104)
Deemed dividend on Series A Preferred Stock	(3,512,021)	0
Net Loss Attributable to Petro River Oil Corp. and Subsidiaries	$ (8,617,128)	$ (20,439,104)
Loss Per Common Share - Basic and Diluted	$ (.48)	$ (1.24)
Weighted Average Number of Common Shares Outstanding – Basic and Diluted	17,772,293	16,546,093

Consolidated Statements of Chan

Consolidated Statements of Changed in Stockholders' Equity - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest	Total
Balance, shares at Apr. 30, 2017	0	15,827,821
Balance at Apr. 30, 2017	$ 0	$ 158	$ 46,681,073	$ (30,609,910)	$ 12,610,470	$ 28,681,791
Stock based compensation, shares			906,591			906,951
Stock based compensation			$ 2,178,716			$ 2,178,716
Cashless exercise of options, shares		15,145
Warrants issued with secured promissory note			2,003,227			2,003,227
Contribution of overriding royalty interest			250,000			250,000
Acquisition of Pearsonia interest, shares		14,466,667
Acquisition of Pearsonia interest		$ 15	2,566,652		785,298	3,351,965
Acquisition of Bandolier interest upon redetermination					(13,497,191)	(13,497,191)
Non-controlling interest contribution					176,000	176,000
Net income (loss)				(20,439,104)	101,423	(20,337,681)
Balance, shares at Apr. 30, 2018	0	17,309,733
Balance at Apr. 30, 2018	$ 0	$ 173	52,407,543	(51,049,014)	0	1,358,702
Stock based compensation, shares		260,000
Stock based compensation		$ 3	497,669			497,672
Shares issued for legal settlement, shares		68,807
Shares issued for legal settlement		$ 1	74,999			75,000
Stock issued for acquisition of non-controlling interest, shares		300,000
Stock issued for acquisition of non-controlling interest		$ 3	1,496,262		748,021	2,244,286
Non-controlling interest contribution					300,000	300,000
Deemed dividend			(3,512,021)			(3,512,021)
Preferred A and warrants issued for cash and services, shares	147,009
Preferred A and warrants issued for cash and services	$ 1		2,800,182			2,800,184
Preferred A and warrants issued for debt conversion, shares	31,092
Preferred A and warrants issued for debt conversion			621,836			621,836
Preferred A and warrants issued for secured debt, shares	257,302
Preferred A and warrants issued for secured debt	$ 3		5,177,156			5,177,159
Net income (loss)				(5,105,107)	(396,859)	(5,501,966)
Balance, shares at Apr. 30, 2019	435,403	17,938,540
Balance at Apr. 30, 2019	$ 4	$ 180	$ 59,563,627	$ (56,154,121)	$ 651,162	$ 4,060,852

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (5,501,966)	$ (20,337,681)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	497,672	906,591
Depreciation, depletion and accretion	683,163	157,386
Amortization of debt discount	2,139,251	363,977
Impairment of oil and gas assets	984,774	1,733,932
Loss on redetermination	0	11,914,204
Loss on assumption of Personia interests	0	3,351,965
Loss on legal settlement	75,000	0
Loss on extinguishment of debt	94,388	0
Net gain on interest in real estate rights	0	(267,734)
Change in fair value of derivative liability	41,410	0
Derivative liability in excess of face value of equity instrument	525,352	0
Deferred income tax expense	0	333,203
Changes in operating assets and liabilities:
Accounts receivable - oil and gas	179,112	(299,676)
Accounts receivable - other	0	17,449
Accrued interest on notes receivable - related party	0	(593,021)
Prepaid expenses and other current assets	(193,731)	1,267,555
Accounts payable and accrued expenses	(324,430)	1,105,496
Accrued interest on notes payable - related party	331,493	0
Net Cash Used in Operating Activities	(468,512)	(346,354)
Cash Flows From Investing Activities:
Proceeds from the sale of interest in real estate rights	0	1,553,884
Prepaid oil and gas assets	0	(446,856)
Issuance of notes receivable - related party	0	(1,558,501)
Capitalized expenditures on oil and gas assets	(1,058,097)	(3,536,935)
Cash received from acquisition of LBE Partners	138,686	0
Cash paid in MegaWest exchange transaction	0	(119,722)
Cash paid for cost method investment	(844,733)	(379,418)
Net Cash Used in Investing Activities	(1,764,144)	(4,487,548)
Cash Flows From Financing Activities:
Proceeds from the issuance of Series A Preferred Stock and warrants	2,800,184	0
Proceeds from notes payable - related party	300,000	4,500,000
Cash paid for debt inducement	0	(250,000)
Cash received from non-controlling interest contributions	300,000	0
Net Cash Provided by Financing Activities	3,400,184	4,250,000
Change in cash and cash equivalents	1,167,528	(583,902)
Cash and cash equivalents, beginning of year	47,330	631,232
Cash and cash equivalents, end of year	1,214,858	47,330
Cash Paid During the year for:
Income taxes	30,782	86,876
Interest	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Receivable for sale of oil and gas equipment	0	17,449
Warrants issued with notes payable	0	2,003,227
Overriding interest contributed as debt inducement	0	250,000
Accrued oil and gas development costs	239,866	54,458
Change in estimate of asset retirement obligations	15,695	61,633
Additions to asset retirement obligation from new drilling	0	29,325
Derivative liability from warrant issuances	3,512,021	0
Issuance of Series A Preferred Stock for conversion of debt	$ 5,798,995	$ 0

Organization

Organization	12 Months Ended
	Apr. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Petro River Oil Corp. (the “ Company Horizon Energy The Company’s core holdings are in the Mid-Continent Region in Oklahoma, including in Osage County and Kay County, Oklahoma. Following the acquisition of Horizon I Investments, LLC (“ Horizon Investments The Company’s prospects in Oklahoma are owned directly by the Company and indirectly through Spyglass Energy Group, LLC (“ Spyglass Bandolier Effective September 24, 2018, the Company acquired a 66.67% membership interest in LBE Partners, LLC, a Delaware limited liability company (“ LBE Partners The execution of the Company’s business plan is dependent on obtaining necessary working capital. While no assurances can be given, in the event management is able to obtain additional working capital, the Company plans to continue drilling additional wells on its existing concessions, and to acquire additional high-quality oil and gas properties, primarily proved producing, and proved undeveloped reserves. The Company also intends to explore low-risk development drilling and work-over opportunities. Management is also exploring farm-in and joint venture opportunities for the Company’s oil and gas assets. Recent Developments Horizon Subscription Agreement On February 25, 2019, the Company executed a Subscription Agreement, pursuant to which the Company purchased 145.454 membership units in Horizon Energy Acquisition, LLC (“ Horizon Acquisition Acquisition of Interest In connection with the Acquisition of Interest, the Company also executed the Limited Liability Company Agreement for Horizon, which provides the Company with the right to appoint one Manager to Horizon Acquisition’s three-member Board of Managers. The Company appointed Mr. Cohen, the Company’s Executive Chairman, to the Board of Managers. Mr. Cohen purchased 36.363 membership units in Horizon Acquisition in a separate transaction, representing an approximate 3.6% membership interest. Creation of a New Series A Convertible Preferred Stock On January 31, 2019, the Company filed the Certificate of Designations of Preferences and Rights of Series A Convertible Preferred Stock with the Secretary of State for the State of Delaware – Division of Corporations, which it thereafter amended on March 13, 2019 (collectively, the “ Series A COD Series A Preferred Stated Value Holders of Series A Preferred have the right to vote, subject to a 9.999% voting limitation (which does not apply to Scot Cohen), on an as-converted basis with the holders of the Company’s common stock on any matter presented to the Company’s stockholders for their action or consideration; provided, however, that so long as shares of Series A Preferred remain outstanding, the Company may not, without first obtaining the affirmative consent of a majority of the shares of Series A Preferred outstanding, voting as a separate class, take the following actions: (i) alter or change adversely the power, preferences and rights provided to the holders of the Series A Preferred under the Series A COD, (ii) authorize or create a class of stock that is senior to the Series A Preferred, (iii) amend its Certificate of Incorporation so as to adversely affect any rights of the holders of the Series A Preferred, (iv) increase the number of authorized shares of Series A Preferred, or (v) enter into any agreements with respect to the foregoing. Each share of Series A Preferred has a liquidation preference equal to the Stated Value plus all accrued and unpaid dividends. Each share of Series A Preferred is convertible into that number of shares of the Company’s common stock (“ Conversion Shares Conversion Price Ownership Limitation Maximum Percentage Series A Financing On January 31, 2019 (the “ Closing Date New Investors SPA Debt Holders Debt Conversion Agreements Offering Fortis The Offering resulted in net cash proceeds to the Company of approximately $2.8 million, which net proceeds do not include the amount of debt converted into units by the Debt Holders. The Company currently intends to use the net proceeds to fund the drilling of ten additional development and exploration wells in its Osage County concession (the “ New Drilling Program In connection with the Offering, on January 31, 2019 Bandolier Energy, LLC (“ Bandolier Assignment Agreements Senior Secured Debt Exchange On January 31, 2019, the Company entered into agreements (the “ Secured Debt Conversion Agreements Secured Debt Holders Senior Secured Debt Senior Secured Debt Exchange As additional consideration for the conversion of the Senior Secured Debt, the Company agreed to (i) reduce the exercise price of warrants issued to the Secured Debt Holders on June 15, 2017 and November 6, 2017 from $2.38 and $2.00, respectively, to $0.50 per share of common stock issuable upon the exercise of such warrants, and (ii) to extend the expiration date of such warrants to five years from the Closing Date. The Company computed the fair value of the warrants directly preceding the modification and compared the fair value to that of the modified warrants with new terms. The fair value of the modified warrants was lower than the fair value of the warrants preceding the modification; therefore, no accounting treatment resulted from the modification. Acquisition of Membership Interest in LBE Partners, LLC On October 2, 2018, the Company, ICO Liquidating Trust, LLC (“ ICO LBE Purchase Agreement The Company recorded the purchase of LBE Partners using the acquisition method of accounting as specified in ASC 805 Business Combinations. The following table summarizes fair values of the net assets acquired and liabilities assumed and the allocation of the aggregate value of the purchase consideration, and non-controlling interest: Purchase consideration: Common stock issued $ 333,000 Total Purchase Consideration $ 333,000 Purchase price allocation: Cash $ 138,686 Prepaid drilling costs 55,116 Oil and gas assets – net 2,425,482 Liabilities assumed – accounts payable (19,198 ) Liabilities assumed – asset retirement obligation (355,800 ) Non-controlling interest (748,021 ) Contributed capital (1,163,265 ) Net assets acquired $ 333,000 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, 2017 and May 1, 2018 (the beginning of each fiscal year). The pro-forma amounts presented are not necessarily indicative of either the actual operation results had the acquisition transaction occurred as of May 1, 2017 and May 1, 2018. For the Year Ended April 30, 2019 Petro River LBE Partners Pro-Forma Combined Revenue $ 1,645,170 $ 300,342 $ 1,975,630 Net income (loss) (5,105,107 ) 50,643 (5,054,464 ) Loss per share of common share - basic and diluted (0.48 ) $ (0.48 ) Weighted average number of common shares outstanding - basic and diluted 17,772,293 17,772,293 For the Year Ended April 30, 2018 Petro River LBE Partners Pro-Forma Combined Revenue $ 723,409 $ 351,936 $ 1,075,345 Net income (loss) (20,337,681 ) 8,709 (20,328,972 ) Loss per share of common share - basic and diluted (1.24 ) $ (1.21 ) Weighted average number of common shares outstanding - basic and diluted 16,546,093 16,846,093 At April 30, 2019 the non–controlling interest in LBE was as follows: Non–controlling interest at April 30, 2018 $ - Acquisition of non–controlling interest in LBE Partners acquisition 748,021 Contributions from non–controlling interest 300,000 Non–controlling share of net loss (396,859 ) Non–controlling interest at April 30, 2019 $ 651,162 MegaWest Exchange Transaction On January 31, 2018, the Company entered into an Assignment and Assumption of Membership Interest with MegaWest Energy Kansas Corp. (“ MegaWest Assignment Agreement Bandolier “Bandolier Interest” Exchange Transaction MegaWest Assets Fortis The Redetermination was conducted pursuant to the Contribution Agreement, pursuant to which the Board of MegaWest was entitled to engage a qualified appraiser to determine the value of the MegaWest Assets and Bandolier Interests, and upon the completion thereof (a “ Redetermination Shortfall Capital Contribution In lieu of engaging a qualified appraiser to quantify the Shortfall Capital Contribution, and in lieu of requiring MegaWest to exercise its remedies under the terms of the Contribution Agreement, the Company and MegaWest entered into the Exchange Transaction. As a result, the Company has no further rights or interest in MegaWest, and MegaWest has no further rights or interest in any assets associated with the Bandolier Interests. Pursuant to the Contribution Agreement and Assignment Agreement, the Company continues to be responsible for a reimbursement payment to MegaWest in the amount of $259,313, together with interest accrued thereon at an annual rate 10%, which will be due and payable one year after the date of the Assignment Agreement and has been included as a payable since January 31, 2018. As a result of the Redetermination, the Company recorded a loss on redetermination of $11,914,204 reflecting the write-off of the related assets, liabilities and non-controlling interests of Fortis’ interest in MegaWest as shown below: Assets Cash and cash equivalents $ 119,722 Accounts receivable - real estate - related party 1,146,885 Accrued interest on notes receivable - related party 1,390,731 Interest in Bandolier 259,313 Notes receivable - related party, current portion 26,344,883 Total Assets $ 29,261,534 Liabilities Accounts payable and accrued expenses $ 74,212 Deferred tax liability 3,775,927 Total Liabilities 3,850,139 Non-controlling interest 13,497,191 Loss on redetermination $ (11,914,204) At the time the parties entered into the Contribution Agreement, management anticipated that the market price for crude oil would return to prices reached prior to 2015, and that additional wells would be drilled, resulting in greater revenue from the Bandolier Interests. Subsequent to the execution of the Contribution Agreement, only two wells had been drilled as of January 2018. That fact, together with the relatively low price of crude oil and the anticipated delays in drilling additional wells to demonstrate the value of the Bandolier Interests contributed to Fortis’ election to terminate the Contribution Agreement at the end of its term, as amended. Had the market price of oil supported the value of developing the Bandolier oil and gas properties at that time, under the terms of the Contribution Agreement, Fortis would have been required to fund the planned drilling program.

Going Concern and Management's

Going Concern and Management's Plan	12 Months Ended
	Apr. 30, 2019
Going Concern And Managements Plan
Going Concern and Management's Plan	The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred significant operating losses since its inception. As of April 30, 2019, the Company had an accumulated deficit of approximately $56.2 million, had working capital of approximately $170,000, and had cash and cash equivalents of approximately $1.2 million. As a result of the utilization of cash in its operating activities, and the development of its assets, the Company has incurred losses since it commenced operations. The Company’s primary source of operating funds since inception has been debt and equity financings. In addition, the Company has a limited operating history prior to its acquisition of Bandolier. These matters raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these financial statements. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. 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. In addition, Management intends to raise additional capital through debt and equity instruments in order to execute its business, operating and development plans. Management can provide no assurances that the Company will be successful in its capital raising efforts. In order to conserve capital, from time to time, management may defer certain development activity.

Basis of Preparation

Basis of Preparation	12 Months Ended
	Apr. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“ U.S. GAAP These consolidated financial statements include the Company and the following subsidiaries: Bandolier Energy, LLC; Horizon I Investments, LLC; 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. As a result of the acquisition of membership interest in the Osage County Concession in November 2017, Bandolier is now a wholly-owned subsidiary of the Company and the Company consolidates 100% of the financial information of Bandolier. Bandolier operates the Company’s Oklahoma oil and gas properties. As a result of the acquisition of a 66.67% membership interest in LBE Partners effective on September 24, 2018, LBE Partners is now a subsidiary of the Company, and the Company consolidates the financial information of LBE Partners with a non-controlling interest in the remaining 33.33% membership interest. LBE Partners has varying working interest in multiple oil fields located in Texas. Also contained in the consolidated financial statements for the periods ended April 30, 2019 and 2018 is the financial information of MegaWest, which prior to January 31, 2018 was 58.51% owned by the Company. The consolidated financial statements for the year ended April 30, 2018 include the results of operations of MegaWest; however, the assets and liabilities were written off in the year ended April 30, 2018.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Apr. 30, 2019
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 management’s 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, 2019, approximately $752,000 exceed the FDIC insurance limits. (c) Receivables: Receivables that management has the intent and ability to hold for the foreseeable future are reported in the balance sheet at outstanding principal adjusted for any charge-offs and the allowance for doubtful accounts. Losses from uncollectible receivables are accrued when both of the following conditions are met: (a) information available before the financial statements are issued or are available to be issued 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 each receivable individually 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. 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, 2019 and 2018 was $0. (d) 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. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. As of April 30, 2019 and 2018, management engaged a third party to perform an independent study of the oil and gas assets. The Company recorded total impairment of $984,774 and $1,733,932 to the consolidated statements of operations for the years ended April 30, 2019 and 2018, respectively. 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, 2019 and 2018. (e) 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. (f) 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. (g) Fair Value of Financial Instruments: The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“ Paragraph 820-10-35-37 Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, and accounts payable and accrued liabilities approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. (h) Preferred Stock: The Company applies the accounting standards for distinguishing liabilities from equity under U.S. GAAP when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as permanent equity. (i) Derivative Liabilities: The Company evaluates its options, warrants, convertible notes, or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 815-10-05-4 and Section 815-40-25 of the FASB Accounting Standards Codification. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability. The change in fair value is recorded in the consolidated statement of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation and then the related fair value is reclassified to equity. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date. The Company adopted Section 815-40-15 of the FASB Accounting Standards Codification (“ Section 815-40-15 The Company utilizes a binomial option pricing model to compute the fair value of the derivative liability and to mark to market the fair value of the derivative at each balance sheet date. The Company records the change in the fair value of the derivative as other income or expense in the consolidated statements of operations. The Company had derivative liabilities of $4,191,754 and $0 as of April 30, 2019 and 2018, respectively. (j) Income Taxes: Income Tax Provision The Company utilizes the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry-forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that the value of such assets will be realized. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Uncertain Tax Positions The Company evaluates uncertain tax positions to recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. At April 30, 2019 and 2018, the Company had $0 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). (k) Revenue Recognition: ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) Revenue from Contracts with Customers The Company’s revenue is comprised of revenue from exploration and production activities as well as royalty revenue related to a royalty interest agreement executed in February 2018. The Company’s oil is sold primarily to marketers, gatherers, and refiners. Natural gas is sold primarily to interstate and intrastate natural-gas pipelines, direct end-users, industrial users, local distribution companies, and natural-gas marketers. NGLs are sold primarily to direct end-users, refiners, and marketers. Payment is generally received from the customer in the month following delivery. Contracts with customers have varying terms, including spot sales or month-to-month contracts, contracts with a finite term, and life-of-field contracts where all production from a well or group of wells is sold to one or more customers. The Company recognizes sales revenue for oil, natural gas, and NGLs based on the amount of each product sold to a customer when control transfers to the customer. Generally, control transfers at the time of delivery to the customer at a pipeline interconnect, the tailgate of a processing facility, or as a tanker lifting is completed. Revenue is measured based on the contract price, which may be index-based or fixed, and may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation, and fuel costs. Revenue is recognized for the sale of the Company’s net share of production volumes. Sales on behalf of other working interest owners and royalty interest owners are not recognized as revenue. (l) 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. Under fair value recognition provisions, the Company recognizes equity–based compensation net of an estimated forfeiture rate and recognizes compensation cost only for those shares expected to vest over the requisite service period of the award. The fair value of an 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 the Company’s estimate, the equity–based compensation expense could be significantly different from what the Company has recorded in the current period. The Company determines the fair value of the stock–based payments to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete. The expense resulting from stock-based compensation is recorded as general and administrative expenses in the consolidated statement of operations, depending on the nature of the services provided. (m) Per Share Amounts: Basic net income (loss) per common share is computed by dividing net loss attributable to stockholders by the weighted-average number of shares of common stock 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 years ended April 30, 2019 and 2018, potentially dilutive securities were not included in the calculation of diluted net loss per share because to do so would be anti-dilutive. The Company had the following common stock equivalents at April 30, 2019 and 2018: April 30, 2019 April 30, 2018 Series A Preferred Shares 21,770,150 - Stock options 2,607,385 2,555,385 Stock purchase warrants 11,128,706 2,223,669 Total 35,506,241 4,779,054 (n) Recent Accounting Pronouncements: In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” In September 2016 , Financial Instruments - Credit Losses In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. 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 has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

Oil and Gas Assets

Oil and Gas Assets	12 Months Ended
	Apr. 30, 2019
Extractive Industries [Abstract]
Oil and Gas Assets	The following table summarizes the oil and gas assets by project: Cost Oklahoma Texas Larne Basin Other (1) Total Balance, May 1, 2017 $ 1,232,192 $ — $ 761,444 $ 100,000 $ 2,093,636 Additions 3,665,851 — — — 3,665,851 Depreciation, depletion and amortization (146,141 ) — — — (146,141 ) Impairment of oil and gas assets (972,488 ) — (761,444 ) — (1,733,932 ) Balance, April 30, 2018 3,779,414 — — 100,000 3,879,414 Additions 1,307,720 2,431,419 — — 3,739,139 Depreciation, depletion and amortization (380,873 ) (283,974 ) — — (664,847 ) Impairment of oil and gas assets — (984,774 ) — — (984,774 ) Balance, April 30, 2019 $ 4,706,261 $ 1,162,671 $ — $ 100,000 $ 5,968,932 (1) Other property consists primarily of four, used steam generators and related equipment that will be assigned to future projects. As of April 30, 2019 and 2018, management concluded that impairment was not necessary as all other assets were carried at salvage value. Kern and Kay County Projects. Red Fork AMI Red Fork Exchange Effective Date The acquisition of the additional concessions in Kay County, Oklahoma added additional prospect locations adjacent to the Company’s 106,000-acre concession in Osage County, Oklahoma. The similarity of the prospects in Kay and Kern County allows for the leverage of assets, infrastructure and technical expertise. 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 Oklahoma Properties. Texas Properties. Impairment of Oil & Gas Properties.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Apr. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	The total future asset retirement obligations were 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, 2019 and 2018 based on a future undiscounted liability of $1,118,249 and $728,091, respectively. These costs are expected to be incurred within 1 to 42 years. A credit-adjusted risk-free discount rate of 10% and an inflation rate range of 1.5% to 2.66% were used to calculate the present value. Changes to the asset retirement obligations were as follows: Year Ended April 30, 2019 Year Ended April 30, 2018 Balance, beginning of period $ 660,139 $ 558,696 Additions 355,800 29,325 Change in estimates 15,695 61,633 Disposals - - Accretion 17,557 10,485 1,049,191 660,139 Less: Current portion for cash flows expected to be incurred within one year (720,442 ) (413,794 ) Long-term portion, end of period $ 328,749 $ 246,345 During the year ended April 30, 2019 and 2018, the Company recorded accretion expense of $17,557 and $10,485, respectively. Expected timing of asset retirement obligations: Year Ending April 30, 2019 $ 720,442 2020 - 2021 - 2022 - 2023 - Thereafter 397,807 Subtotal 1,118,249 Effect of discount (69,058 ) Total $ 1,049,191

Related Party Transactions

Related Party Transactions	12 Months Ended
	Apr. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Series A Financing On January 31, 2019, the Company entered into a Securities Purchase Agreement with Scot Cohen, the Company’s Executive Chairman Cohen Investment Cohen Debt Conversion Acquisition of Membership Interest in LBE Partners On October 2, 2018, the Company, ICO and LBE Partners entered into the LBE Assignment Agreement and the LBE Purchase Agreement, pursuant to which, effective September 24, 2018, the Company purchased a 66.67% membership interest in LBE Partners from ICO in exchange for 300,000 restricted shares of the Company’s common stock to ICO. Both ICO and LBE Partners are managed by Mr. Cohen. Related Party Loan On June 18, 2018, Bandolier entered into a loan agreement with Scot Cohen (the “ Cohen Loan Agreement June 2017 $2.0 Million Secured Note Financing Scot Cohen owns or controls 31.25% of Funding Corp., the former holder of the senior secured promissory note in the principal amount of $2.0 million (the “ June 2017 Secured Note On May 17, 2018, the parties executed an extension of the due date of the first interest payment from June 1, 2018 to December 31, 2018. As consideration for the interest payment extension, the Company agreed to pay Funding Corp. an additional 10% of the interest due June 1, 2018 on December 31, 2018. The Company accrued an additional $19,160 of interest expense related to this extension. On December 17, 2018, the parties executed a second extension of the due date of the first interest payment from December 31, 2018 to March 31, 2019. On January 31, 2019, the Company and Funding Corp. entered into a Secured Debt Conversion Agreement, pursuant to which Funding Corp. agreed to convert the outstanding balance due under the June 2017 Secured Note, amounting to approximately $2.3 million, into 116,503 shares of Series A Preferred. As a result of the Secured Debt Exchange, all indebtedness, liabilities and other obligations arising under the June 2017 Secured Note were cancelled and deemed satisfied in full. In connection with the issuance of the June 2017 Secured Note, the Company issued to Funding Corp. warrants to purchase 840,336 shares of the Company’s common stock (the “ June 2017 Warrant As additional consideration for the purchase of the June 2017 Secured Note, the Company issued to Funding Corp. an overriding royalty interest equal to 2% in all production from the Company’s interest in the Company’s concessions located in Osage County, Oklahoma, originally held by Spyglass, valued at $250,000, which was recorded as contributed capital, since no repayment was required, and debt discount on the consolidated balance sheet. The debt discount is amortized over the earlier of (i) the term of the debt or (ii) conversion of the debt, using the effective interest method. The amortization of debt discount is included as a component of interest expense in the consolidated statements of operations. There was unamortized debt discount of $0 as of April 30, 2019. During the years ended April 30, 2019 and 2018, the Company recorded amortization of debt discount totaling $994,190 and $207,867, respectively. As of April 30, 2019 and 2018, the outstanding balance, net of debt discount, was $0 and $1,005,812, respectively, and accrued interest on the June 2017 Secured Note due to related party was $0 and $174,065, respectively. As a result of the Secured Debt Exchange, the June 2017 Secured Note was terminated as of January 31, 2019. November 2017 $2.5 Million Secured Note Financing Scot Cohen owns or controls 41.20% of Funding Corp. II, the former holder of the senior secured promissory note in the principal amount of $2.5 million (the “ November 2017 Secured Note On May 17, 2018, the parties executed an extension of the due date of the first interest payment from June 1, 2018 to December 31, 2018. As consideration for the interest payment extension, the Company agreed to pay Funding Corp. II an additional 10% of the interest due on June 1, 2018 on December 31, 2018. The Company accrued an additional $14,247 of interest expense related to this extension. On December 17, 2018, the parties executed a second extension of the due date of the first interest payment from December 31, 2018 to March 31, 2019. On January 31, 2019, the Company and Funding Corp. II entered into a Secured Debt Conversion Agreement, pursuant to which Funding Corp. II agreed to convert the outstanding balance due under the November 2017 Secured Note, amounting to approximately $2.8 million, into 140,799 shares of Series A Preferred stock. As a result of the Secured Debt Exchange, all indebtedness, liabilities and other obligations arising under the November 2017 Secured Note were cancelled and deemed satisfied in full. In connection with the issuance of the November 2017 Secured Note, the Company issued to Funding Corp. II warrants to purchase 1.25 million shares of the Company’s common stock (the “ November 2017 Warrant As additional consideration for the purchase of the November 2017 Secured Note, the Company issued to Funding Corp. II an overriding royalty interest equal to 2% in all production from the Company’s interest in the Company’s concessions located in Osage County, Oklahoma, originally held by Spyglass (the “ Existing Osage County Override The debt discount is amortized over the earlier of (i) the term of the debt or (ii) conversion of the debt, using the effective interest method. The amortization of debt discount is included as a component of interest expense in the consolidated statements of operations. There was unamortized debt discount of $0 as of April 30, 2019. During the years ended April 30, 2019 and 2018, the Company recorded amortization of debt discount totaling $1,145,061 and $156,110, respectively. As of April 30, 2019 and 2018, the outstanding balance, net of debt discount, was $0 and $1,354,93 8, respectively, and accrued interest on the November 2017 Secured Note due to related party was $0 and $120,548, respectively. As a result of the Secured Debt Exchange, the November 2017 Secured Note was terminated as of January 31, 2019.

Derivative Liabilities

Derivative Liabilities	12 Months Ended
	Apr. 30, 2019
Derivative Liability [Abstract]
Derivative Liabilities	As discussed above in Note 1, on January 31, 2019, the Company sold and issued an aggregate of 178,101 units, for an aggregate purchase price of $3,562,015, to certain accredited investors and to certain debtholders. The units sold and issued in the Offering included five-year warrants to purchase 8,905,037 shares of Company common stock, at an exercise price of $0.50 per share. The Company identified certain features embedded in the warrants requiring the Company to classify the warrants as a derivative liability; specifically, the warrants contain a fundamental transaction provision that permits their settlement in cash at fair value of the remaining unexercised portion of this Warrant at the option of the holder upon the occurrence of a change in control. The fair value of the derivative feature of the warrants on the date of issuance and balance sheet date were calculated using a binomial option model valued with the following weighted average assumptions: April 30, 2019 April 30, 2018 Risk-free interest rate 2.63% to 3.15% 2.30% to 2.95% Expected life of grants 4 – 10 years 4 – 10 years Expected volatility of underlying stock 151% to 156% 159% to 168% Dividends 0% 0% As of April 30, 2019, the derivative liability of the warrants was $4,191,754. In addition, for the year ended April 30, 2019, the Company recorded $525,352 as additional interest expense on the statement of operations for the portion of the fair value of the warrant that exceeded face value of the Series A Preferred shares sold. The Company also recorded $41,410 as the change in the value of the derivative liabilities.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Apr. 30, 2019
Equity:
Stockholders' Equity	On January 31, 2019, the Company filed the Series A COD with the Secretary of State with the State of Delaware, designating 500,000 shares of the Company’s preferred stock as Series A Preferred. On January 31, 2019, the Company sold and issued 178,101 shares of Series A Preferred to the New Investors and the Debt Holders in connection with the Series A Financing. In addition, the Company issued an aggregate of 257,302 shares of Series A Preferred to Funding Corp. and Funding Corp. II in connection with the Senior Secured Debt Exchange. See Note 1 for additional information regarding the Series A Financing and the Senior Secured Debt Exchange. In May 2018, the Company granted a total of 260,000 shares of restricted common stock to Scot Cohen and Steven Brunner in exchange for a reduction in cash compensation with a fair value of approximately $325,000, based on the market price of the Company’s common stock on the grant date. The shares vest monthly in equal installments over a 12-month period. During the year ended April 30, 2019, the Company recorded stock-based compensation of $297,916 related to these grants. As discussed in Note 1, on October 2, 2018, pursuant to the LBE Purchase Agreement, the Company issued 300,000 shares of restricted common stock to ICO in exchange for a 66.67% interest in LBE Partners. As discussed in Note 13, on October 4, 2018, the Company settled the dispute with its former landlord in exchange for the issuance of 68,807 shares of Company common stock, satisfying the $75,000 liability related to the lease. During the year ended April 30, 2018, the Company issued 15,145 shares of common stock related to a cashless exercise of 35,000 options. Stock Options As of April 30, 2019, 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. During the year ended April 30, 2019 and 2018, the Company computed the fair value of the option utilizing a Black-Scholes option-pricing model using the following assumptions: April 30, 2019 April 30, 2018 Risk-free interest rate 2.63% to 3.15% 2.30% to 2.95% Expected life of grants 4 – 10 years 4 – 10 years Expected volatility of underlying stock 151% to 156% 159% to 168% Dividends 0% 0% The expected stock price volatility for the Company’s stock options was estimated using the historical volatilities of the Company’s common stock. Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods. The following table summarizes options activity for the years ended April 30, 2019 and 2018: Options Weighted Average Exercise Prices Outstanding – April 30, 2017 2,599,682 $ 2.13 Granted 25,703 1.40 Exercised (35,000 ) 1.38 Forfeited/Cancelled (35,000 ) 1.38 Outstanding – April 30, 2018 2,555,385 2.14 Granted 52,000 1.45 Outstanding – April 30, 2019 2,607,385 $ 2.13 Exercisable – April 30, 2019 2,566,619 $ 2.14 The following table summarizes information about the options outstanding and exercisable at April 30, 2019: Options Outstanding Options Exercisable Exercise Price Options Weighted Avg. Life Remaining (years) Options Weighted Average Exercise Price $ 1.30 12,000 0.04 12,000 $ 0.01 $ 1.38 1,795,958 7.34 1,775,192 $ 0.95 $ 1.40 25,703 8.64 25,703 $ 0.01 $ 1.50 40,000 9.25 20,000 $ 0.01 $ 1.98 5,000 7.27 5,000 $ 0.00 $ 2.00 457,402 6.17 457,402 $ 0.36 $ 2.87 65,334 5.81 65,334 $ 0.07 $ 3.00 51,001 6.66 51,001 $ 0.06 $ 3.39 12,000 6.89 12,000 $ 0.02 $ 6.00 10,000 5.74 10,000 $ 0.02 $ 12.00 132,987 4.52 132,987 $ 0.63 2,607,385 2,566,619 Aggregate Intrinsic Value - During the years ended April 30, 2019 and 2018, the Company expensed an aggregate $199,752 and $906,591 to general and administrative expenses for stock-based compensation pursuant to employment and consulting agreements. As of April 30, 2019, the Company has $33,089 in unrecognized stock-based compensation expense which will be amortized over a weighted average exercise period of 6.97 years. Warrants: As discussed above, on January 31, 2019, the Company sold and issued an aggregate of 178,101 units to certain accredited investors and to certain debtholders. The units sold and issued in the Offering included five-year warrants to purchase 8,905,037 shares of Company common stock, at an exercise price of $0.50 per share. The relative fair value of the warrants were estimated to be $4,209,148 using the Black-Scholes option-pricing model. The relative fair values of $952,056 for the 840,336 June 2017 Warrants granted in conjunction with the June 2017 Secured Note Financing and $1,051,171 for the 1.25 million November 2017 Warrants granted in connection with the November 2017 Secured Note Financing (as discussed in Note 7) were estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used for the warrants granted during the years ended April 30, 2019 and 2018 were as follows: April 30, 2019 April 30, 2018 Exercise price $ 0.50 $ 1.75 to 2.38 Risk-free interest rate 2.24% to 2.43% 1.49% to 1.73% Expected volatility of underlying stock 141% to 144% 160% to 170% Expected life of grants 4 – 10 years 3 years Dividends 0% 0% The following table summarizes the warrant activity for the years ended April 30, 2019 and 2018: Number of Warrants Weighted Average Exercise Price Weighted Average Life Remaining Outstanding and exercisable – April 30, 2017 133,333 $ 50.00 2.83 Forfeited - - - Granted/Expired 2,090,336 2.15 2.57 Outstanding and exercisable – April 30, 2018 2,223,669 5.02 2.57 Forfeited - - - Granted/Expired 8,905,037 0.50 3.81 Outstanding and exercisable – April 30, 2019 11,128,706 $ 1.09 4.71 The aggregate intrinsic value of the outstanding warrants was $659,772.

Non-Controlling Interest

Non-Controlling Interest	12 Months Ended
	Apr. 30, 2019
Noncontrolling Interest [Abstract]
Non-Controlling Interest	For the years ended April 30, 2019 and 2018, the changes in the Company’s non–controlling interest was as follows: Bandolier MegaWest LBE Total Non–controlling interests at May 1, 2017 $ (699,873 ) $ 13,310,343 $ - $ 12,610,470 Contribution of real estate by non-controlling interest holders 785,298 (13,497,191 ) - (12,711,893 ) Non–controlling interest share of income (losses) (85,425 ) 186,848 - 101,423 Non–controlling interests at April 30, 2018 - - - - Contribution by non-controlling interest holders - - 1,048,021 1,048,021 Non–controlling interest share of income (losses) - - (396,859 ) (396,859 ) Non–controlling interests at April 30, 2019 $ - $ - 651,162 $ 651,162 As discussed above, as a result of the MegaWest Transaction and the Membership Interest Assignment, the non-controlling interests in Bandolier and Fortis’ interest in MegaWest were written down to $0.

Income Taxes

Income Taxes	12 Months Ended
	Apr. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	As of April 30, 2019, the Company had approximately $30.8 million of net operating loss carryovers (“ NOLs The income tax expense (benefit) consists of the following: For the Year Ended April 30, 2019 For the Year Ended April 30, 2018 Foreign Current $ $ - Deferred - U.S. Federal Current Deferred (1,128,877) (4,217,889 ) U.S. State & Local Current - - Deferred (160,836) (478,113 ) Change in valuation allowance 1,289,713 5,029,205 Income tax provision (benefit) $ - $ 333,203 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, 2019 April 30, 2018 U.S. net operating loss carryovers $ 9,220,074 $ 8,449,933 Depreciation 2,316,141 2,156,408 Impairment of oil and gas assets 5,087,832 4,851,566 Accretion of asset retirement obligation 143,716 139,545 Stock-based compensation 2,359,308 2,239,907 Total deferred tax assets 19,127,071 17,837,358 Valuation allowance (19,127,071 ) (17,837,358 ) Deferred tax asset, net of valuation allowance $ - $ - April 30, 2019 April 30, 2018 Tax liability – MegaWest $ - $ - Total deferred tax liability $ - $ - 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, 2019 For the Year Ended April 30, 2018 U.S. federal statutory rate (21.00 )% (27.50 )% State income tax, net of federal benefit (2.99 )% (3.12 )% Change in rate 0.00 % (1.20 )% Other permanent differences 0.55 % 8.94 % Change in valuation allowance 23.44 % 24.50 % Income tax provision (benefit) 0.00 % 1.62 %

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	Apr. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Change in Accounting Policy. Revenue from Contracts with Customers (Topic 606) Significant Accounting Policies Exploration and Production. Disaggregation of Revenue from Contracts with Customers. For the Year Ended April 30, 2019 For the Year Ended April 30, 2018 Oil sales $ 1,576,432 $ 713,109 Natural gas sales 45,645 10,300 Royalty revenue 23,093 - Total revenue from customers $ 1,645,170 $ 723,409 There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of April 30, 2019 and 2018.

Contingency and Contractual Obl

Contingency and Contractual Obligations	12 Months Ended
	Apr. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingency and Contractual Obligations	Pending Litigation (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. The Landlord subsequently terminated the lease. On January 30, 2014, the landlord filed a Statement of Claim against the Company for rental arrears in the amount aggregating CAD $759,000 (approximately USD $564,000 as of April 30, 2019). The Company filed a defense and on October 20, 2014, it 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 CAD $665,000 (approximately USD $494,000 as of April 30, 2018). 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 though two levels of the Alberta courts and the appeals were dismissed at both levels. The net effect is that the landlord's claim for loss of prospective rent is to proceed. On October 4, 2018, the Company and the landlord entered into a settlement agreement under which all actions by the landlord and the Company were dismissed for a payment by the Company to the landlord of 68,807 shares of common stock. (b) In September 2013, the Company was notified by the Railroad Commission of Texas (the “ Railroad 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. The 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. On November 23, 2016, the Court denied all three of Plaintiffs’ motions. On December 6, 2016, the Plaintiffs filed a Notice of Appeal to the Tenth Circuit Court of Appeals. That appeal is pending as of the filing date of these financial statements. There is no specific timeline by which the Court of Appeals must render a ruling. Spyglass intends to continue to vigorously defend its interest in this matter. (d) MegaWest Energy Missouri Corp. (“ MegaWest Missouri James Long and Jodeane Long v. MegaWest Energy Missouri and Petro River Oil Corp.

Subsequent Events

Subsequent Events	12 Months Ended
	Apr. 30, 2019
Subsequent Events [Abstract]
Subsequent Events

Supplemental Information on Oil

Supplemental Information on Oil and Gas Operations	12 Months Ended
	Apr. 30, 2019
Extractive Industries [Abstract]
Supplemental Information on Oil and Gas Operations (Unaudited)	The Company retains qualified independent reserves evaluators to evaluate the Company’s proved oil reserves. For the year ended April 30, 2019, the reports by Cawley, Gillespie & Associate, Inc. (“ CGA CGA 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, 2019 and 2018: Oil (MBbls) 2019 2018 Proved reserves as at May 1 496 167 Extensions, acquisitions and discoveries — — Dispositions — — Production (30 ) (12 ) Revisions of prior estimates (98 ) 341 Total Proved reserves as at April 30 368 496 Oil (MBbls) 2019 2018 Proved developed producing 196 214 Non-producing 28 30 Proved undeveloped 144 252 Total Proved reserves as at April 30 368 496 Gas (MCFs) 2019 2018 Proved reserves as at May 1 511 279 Extensions, acquisitions and discoveries — — Dispositions — — Production (22 ) (6 ) Revisions of prior estimates 186 238 Total Proved reserves as at April 30 675 511 Gas (MCFs) 2019 2018 Proved developed producing 334 137 Non-producing 28 25 Proved undeveloped 313 349 Total Proved reserves as at April 30 675 511 Capitalized Costs Related to Oil and Gas Assets 2019 2018 Proved properties $ 17,328,196 $ 12,729,430 Unproved properties 100,000 100,000 17,428,196 12,829,430 Less: accumulated depletion and impairment (11,459,264 ) (8,950,016 ) $ 5,968,932 $ 3,879,414 Costs Incurred in Oil and Gas Activities: 2019 2018 Development (1) $ 1,313,657 $ 3,665,851 Exploration 2,425,482 — $ 3,739,139 $ 3,665,851 (1) The above development oil and gas costs includes the oil and gas assets totaling $2,425,482 acquired through the LBE Partners acquisition. 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 Future cash flows relating to proved reserves: 2019 2018 Future cash inflows $ 24,636,000 $ 30,259,000 Future operating costs (8,923,000 ) (8,239,000 ) Future development costs (1,351,000 ) (1,759,000 ) Future income taxes (1,749,000 ) (2,147,000 ) Future net cash flows 12,613,000 18,114,000 10% discount factor (5,684,000 ) (8,133,000 ) Standardized measure $ 6,929,000 $ 9,981,000 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, 2019 and 2018: 2019 2018 Standardized measure, beginning of year $ 9,981,000 $ 2,024,000 Sales of oil produced, net of production costs 2,534,000 3,070,000 Net changes in sales and transfer prices and in production costs and production costs related to future production (946,000 ) (3,091,000 ) Previously estimated development costs incurred during the period — — Changes in future development costs (408,000 ) 1,144,000 Revisions of previous quantity estimates due to prices and performance (671,000 ) 5,216,000 Accretion of discount 69,000 100,000 Discoveries, net future production and development costs associated with these extensions and discoveries — — Purchases and sales of minerals in place 2,839,000 — Timing and other (6,469,000 ) 1,518,000 Standardized measure, end of year $ 6,929,000 $ 9,981,000

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 2019
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 management’s 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, 2019, approximately $752,000 exceed the FDIC insurance limits.
Receivables	Receivables that management has the intent and ability to hold for the foreseeable future are reported in the balance sheet at outstanding principal adjusted for any charge-offs and the allowance for doubtful accounts. Losses from uncollectible receivables are accrued when both of the following conditions are met: (a) information available before the financial statements are issued or are available to be issued 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 each receivable individually 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. 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, 2019 and 2018 was $0.
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. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. As of April 30, 2019 and 2018, management engaged a third party to perform an independent study of the oil and gas assets. The Company recorded total impairment of $984,774 and $1,733,932 to the consolidated statements of operations for the years ended April 30, 2019 and 2018, respectively. 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, 2019 and 2018.
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.
Fair Value of Financial Instruments	The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“ Paragraph 820-10-35-37 Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, and accounts payable and accrued liabilities approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
Preferred Stock	The Company applies the accounting standards for distinguishing liabilities from equity under U.S. GAAP when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as permanent equity.
Derivative Liabilities	The Company evaluates its options, warrants, convertible notes, or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 815-10-05-4 and Section 815-40-25 of the FASB Accounting Standards Codification. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability. The change in fair value is recorded in the consolidated statement of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation and then the related fair value is reclassified to equity. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date. The Company adopted Section 815-40-15 of the FASB Accounting Standards Codification (“ Section 815-40-15 The Company utilizes a binomial option pricing model to compute the fair value of the derivative liability and to mark to market the fair value of the derivative at each balance sheet date. The Company records the change in the fair value of the derivative as other income or expense in the consolidated statements of operations. The Company had derivative liabilities of $4,191,754 and $0 as of April 30, 2019 and 2018, respectively.
Income Taxes	Income Tax Provision The Company utilizes the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry-forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that the value of such assets will be realized. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Uncertain Tax Positions The Company evaluates uncertain tax positions to recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. At April 30, 2019 and 2018, the Company had $0 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).
Revenue Recognition	ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) Revenue from Contracts with Customers The Company’s revenue is comprised of revenue from exploration and production activities as well as royalty revenue related to a royalty interest agreement executed in February 2018. The Company’s oil is sold primarily to marketers, gatherers, and refiners. Natural gas is sold primarily to interstate and intrastate natural-gas pipelines, direct end-users, industrial users, local distribution companies, and natural-gas marketers. NGLs are sold primarily to direct end-users, refiners, and marketers. Payment is generally received from the customer in the month following delivery. Contracts with customers have varying terms, including spot sales or month-to-month contracts, contracts with a finite term, and life-of-field contracts where all production from a well or group of wells is sold to one or more customers. The Company recognizes sales revenue for oil, natural gas, and NGLs based on the amount of each product sold to a customer when control transfers to the customer. Generally, control transfers at the time of delivery to the customer at a pipeline interconnect, the tailgate of a processing facility, or as a tanker lifting is completed. Revenue is measured based on the contract price, which may be index-based or fixed, and may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation, and fuel costs. Revenue is recognized for the sale of the Company’s net share of production volumes. Sales on behalf of other working interest owners and royalty interest owners are not recognized as revenue.
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. Under fair value recognition provisions, the Company recognizes equity–based compensation net of an estimated forfeiture rate and recognizes compensation cost only for those shares expected to vest over the requisite service period of the award. The fair value of an 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 the Company’s estimate, the equity–based compensation expense could be significantly different from what the Company has recorded in the current period. The Company determines the fair value of the stock–based payments to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete. The expense resulting from stock-based compensation is 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 stockholders by the weighted-average number of shares of common stock 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 years ended April 30, 2019 and 2018, potentially dilutive securities were not included in the calculation of diluted net loss per share because to do so would be anti-dilutive. The Company had the following common stock equivalents at April 30, 2019 and 2018: April 30, 2019 April 30, 2018 Series A Preferred Shares 21,770,150 - Stock options 2,607,385 2,555,385 Stock purchase warrants 11,128,706 2,223,669 Total 35,506,241 4,779,054
Recent Accounting Pronouncements	In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” In September 2016 , Financial Instruments - Credit Losses In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. 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 has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

Organization (Tables)

Organization (Tables)	12 Months Ended
	Apr. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Purchase consideration	Purchase consideration: Common stock issued $ 333,000 Total Purchase Consideration $ 333,000 Purchase price allocation: Cash $ 138,686 Prepaid drilling costs 55,116 Oil and gas assets – net 2,425,482 Liabilities assumed – accounts payable (19,198 ) Liabilities assumed – asset retirement obligation (355,800 ) Non-controlling interest (748,021 ) Contributed capital (1,163,265 ) Net assets acquired $ 333,000
Pro-forma	For the Year Ended April 30, 2019 Petro River LBE Partners Pro-Forma Combined Revenue $ 1,645,170 $ 300,342 $ 1,975,630 Net income (loss) (5,105,107 ) 50,643 (5,054,464 ) Loss per share of common share - basic and diluted (0.48 ) $ (0.48 ) Weighted average number of common shares outstanding - basic and diluted 17,772,293 17,772,293 For the Year Ended April 30, 2018 Petro River LBE Partners Pro-Forma Combined Revenue $ 723,409 $ 351,936 $ 1,075,345 Net income (loss) (20,337,681 ) 8,709 (20,328,972 ) Loss per share of common share - basic and diluted (1.24 ) $ (1.21 ) Weighted average number of common shares outstanding - basic and diluted 16,546,093 16,846,093
Non-controlling	Non–controlling interest at April 30, 2018 $ - Acquisition of non–controlling interest in LBE Partners acquisition 748,021 Contributions from non–controlling interest 300,000 Non–controlling share of net loss (396,859 ) Non–controlling interest at April 30, 2019 $ 651,162
Write-off of related assets, liabilities and non-controlling interests	Assets Cash and cash equivalents $ 119,722 Accounts receivable - real estate - related party 1,146,885 Accrued interest on notes receivable - related party 1,390,731 Interest in Bandolier 259,313 Notes receivable - related party, current portion 26,344,883 Total Assets $ 29,261,534 Liabilities Accounts payable and accrued expenses $ 74,212 Deferred tax liability 3,775,927 Total Liabilities 3,850,139 Non-controlling interest 13,497,191 Loss on redetermination $ (11,914,204

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Apr. 30, 2019
Accounting Policies [Abstract]
Schedule of common stock equivalents	April 30, 2019 April 30, 2018 Series A Preferred Shares 21,770,150 - Stock Options 2,607,385 2,555,385 Stock Purchase Warrants 11,128,706 2,223,669 Total 35,506,241 4,779,054

Oil and Gas Assets (Tables)

Oil and Gas Assets (Tables)	12 Months Ended
	Apr. 30, 2019
Extractive Industries [Abstract]
Schedule of oil and gas assets	Cost Oklahoma Texas Larne Basin Other (1) Total Balance, May 1, 2017 $ 1,232,192 $ - $ 761,444 $ 100,000 $ 2,093,636 Additions 3,665,851 - - - 3,665,851 Depreciation, depletion and amortization (146,141 ) - - - (146,141 ) Impairment of oil and gas assets (972,488 ) - (761,444 ) - (1,733,932 ) Balance, April 30, 2018 3,779,414 - - 100,000 3,879,414 Additions 1,307,720 2,431,419 - - 3,739,139 Depreciation, depletion and amortization (380,873 ) (283,974 ) - - (664,847 ) Impairment of oil and gas assets - (984,774 ) - - (984,774 ) Balance, April 30, 2019 $ 4,706,261 $ 1,162,671 $ - $ 100,000 $ 5,968,932

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Apr. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of changes to asset retirement obligation	Year Ended April 30, 2019 Year Ended April 30, 2018 Balance, beginning of period $ 660,139 $ 558,696 Additions 355,800 29,325 Change in estimates 15,695 61,633 Disposals - - Accretion 17,557 10,485 1,049,191 660,139 Less: Current portion for cash flows expected to be incurred within one year (720,442 ) (413,794 ) Long-term portion, end of period $ 328,749 $ 246,345
Schedule of expected timing of asset retirement obligations	Year Ending April 30, 2019 $ 720,442 2020 - 2021 - 2022 - 2023 - Thereafter 397,807 Subtotal 1,118,249 Effect of discount (69,058 ) Total $ 1,049,191

Derivative Liabilities (Tables)

Derivative Liabilities (Tables)	12 Months Ended
	Apr. 30, 2019
Derivative Liability [Abstract]
Weighted average assumptions	April 30, 2019 April 30, 2018 Risk-free interest rate 2.63% to 3.15% 2.30% to 2.95% Expected life of grants 4 – 10 years 4 – 10 years Expected volatility of underlying stock 151% to 156% 159% to 168% Dividends 0% 0%

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Apr. 30, 2019
Equity:
Schedule of stock option assumptions	April 30, 2019 April 30, 2018 Risk-free interest rate 2.51% to 3.15% 2.30% to 2.95% Expected life of grants 4 – 10 years 4 – 10 years Expected volatility of underlying stock 151% to 156% 159% to 168% Dividends 0% 0%
Schedule of changes in stock options	Options Weighted Average Exercise Prices Outstanding – April 30, 2017 2,599,682 2.13 Granted 25,703 1.40 Exercised (35,000 ) 1.38 Forfeited/Cancelled (35,000 ) 1.38 Outstanding – April 30, 2018 2,555,385 $ 2.14 Granted 52,000 1.45 Outstanding – April 30, 2019 2,607,385 $ 2.13 Exercisable – April 30, 2019 2,566,619 $ 2.14
Summary of options outstanding and exercisable	Options Outstanding Options Exercisable Exercise Price Options Weighted Avg. Life Remaining (years) Options Weighted Average Exercise Price $ 1.30 12,000 0.04 12,000 $ 0.01 $ 1.38 1,795,958 7.34 1,775,192 $ 0.95 $ 1.40 25,703 8.64 25,703 $ 0.01 $ 1.50 40,000 9.25 20,000 $ 0.01 $ 1.98 5,000 7.27 5,000 $ 0.00 $ 2.00 457,402 6.17 457,402 $ 0.36 $ 2.87 65,334 5.81 65,334 $ 0.07 $ 3.00 51,001 6.66 51,001 $ 0.06 $ 3.39 12,000 6.89 12,000 $ 0.02 $ 6.00 10,000 5.74 10,000 $ 0.02 $ 12.00 132,987 4.52 132,987 $ 0.63 2,607,385 2,556,619 Aggregate Intrinsic Value -
Schedule of warrant assumptions	April 30, 2019 April 30, 2018 Exercise price $ 0.50 $ 1.75 to 2.38 Risk-free interest rate 2.24% to 2.43% 1.49% to 1.73% Expected volatility of underlying stock 141% to 144% 160% to 170% Expected life of grants 4 – 10 years 3 years Dividends 0% 0%
Summary of warrants outstanding and exercisable	Number of Warrants Weighted Average Exercise Price Weighted Average Life Remaining Outstanding and exercisable – April 30, 2017 133,333 $ 50.00 2.83 Forfeited - - - Granted/Expired 2,090,336 2.15 2.57 Outstanding and exercisable – April 30, 2018 2,223,669 5.02 2.57 Forfeited - - - Granted/Expired 8,905,037 0.50 3.81 Outstanding and exercisable – April 30, 2019 11,128,706 $ 1.09 4.71

Non-Controlling Interest (Table

Non-Controlling Interest (Tables)	12 Months Ended
	Apr. 30, 2019
Noncontrolling Interest [Abstract]
Changes in non-controlling interest	Bandolier MegaWest LBE Total Non–controlling interests at May 1, 2017 $ (699,873 ) $ 13,310,343 $ - $ 12,610,470 Contribution of real estate by non-controlling interest holders 785,298 (13,497,191 ) - (12,711,893 ) Non–controlling interest share of income (losses) (85,425 ) 186,848 - 101,423 Non–controlling interests at April 30, 2018 - - - - Contribution by non-controlling interest holders - - 1,048,021 1,048,021 Non–controlling interest share of income (losses) - - (396,859 ) (396,859 ) Non–controlling interests at April 30, 2019 $ - $ - 651,162 $ 651,162

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of components of income taxes expense (benefits)	For the Year Ended April 30, 2019 For the Year Ended April 30, 2018 Foreign Current $ $ - Deferred - U.S. Federal Current Deferred (1,128,877) (4,217,889 ) U.S. State & Local Current - - Deferred (160,836) (478,113 ) Change in valuation allowance 1,289,713 5,029,205 Income tax provision (benefit) $ - $ 333,203
Schedule of deferred tax assets and liabilities	April 30, 2019 April 30, 2018 U.S. net operating loss carryovers $ 9,220,074 $ 8,449,933 Depreciation 2,316,141 2,156,408 Impairment of oil and gas assets 5,087,832 4,851,566 Accretion of asset retirement obligation 143,716 139,545 Stock-based compensation 2,359,308 2,239,907 Total deferred tax assets 19,127,071 17,837,358 Valuation allowance (19,127,071 ) (17,837,358 ) Deferred tax asset, net of valuation allowance $ - $ - April 30, 2019 April 30, 2018 Tax liability – MegaWest $ - $ - Total deferred tax liability $ - $ -
Schedule of expected tax expense (benefits) reconciliation	For the Year Ended April 30, 2019 For the Year Ended April 30, 2018 U.S. federal statutory rate (21.00) % (27.50 )% State income tax, net of federal benefit (2.99) % (3.12 )% Change in rate 0.00 % (1.20 )% Other permanent differences 0.55 % 8.94 % Change in valuation allowance 23.44 % 24.50 % Income tax provision (benefit) 0.00 % 1.62 %

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Apr. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	For the Year Ended April 30, 2019 For the Year Ended April 30, 2018 Oil sales $ 1,576,432 $ 713,109 Natural gas sales 45,645 10,300 Royalty revenue 23,093 - Total revenue from customers $ 1,645,170 $ 723,409

Supplemental Information on O_2

Supplemental Information on Oil and Gas Operations (Tables)	12 Months Ended
	Apr. 30, 2019
Extractive Industries [Abstract]
Developed and undeveloped reserves	Oil (MBbls) 2019 2018 Proved reserves as at May 1 496 167 Extensions, acquisitions and discoveries — — Dispositions — — Production (30 ) (12 ) Revisions of prior estimates (98 ) 341 Total Proved reserves as at April 30 368 496 Oil (MBbls) 2019 2018 Proved developed producing 196 214 Non-producing 28 30 Proved undeveloped 144 252 Total Proved reserves as at April 30 368 496 Gas (MCFs) 2019 2018 Proved reserves as at May 1 511 279 Extensions, acquisitions and discoveries — — Dispositions — — Production (22 ) (6 ) Revisions of prior estimates 186 238 Total Proved reserves as at April 30 675 511 Gas (MCFs) 2019 2018 Proved developed producing 334 137 Non-producing 28 25 Proved undeveloped 313 349 Total Proved reserves as at April 30 675 511 Capitalized Costs Related to Oil and Gas Assets 2019 2018 Proved properties $ 17,328,196 $ 12,729,430 Unproved properties 100,000 100,000 17,428,196 12,829,430 Less: accumulated depletion and impairment (11,459,264 ) (8,950,016 ) $ 5,968,932 $ 3,879,414 Costs Incurred in Oil and Gas Activities: 2019 2018 Development (1) $ 1,313,657 $ 3,665,851 Exploration 2,425,482 — $ 3,739,139 $ 3,665,851 (1) The above development oil and gas costs includes the oil and gas assets totaling $2,425,482 acquired through the LBE Partners acquisition.
Future net cash flows relating to proved oil reserves	Future cash flows relating to proved reserves: 2019 2018 Future cash inflows $ 24,636,000 $ 30,259,000 Future operating costs (8,923,000 ) (8,239,000 ) Future development costs (1,351,000 ) (1,759,000 ) Future income taxes (1,749,000 ) (2,147,000 ) Future net cash flows 12,613,000 18,114,000 10% discount factor (5,684,000 ) (8,133,000 ) Standardized measure $ 6,929,000 $ 9,981,000
Principal sources of changes in standardized measure of discounted future estimated net cash flows	2019 2018 Standardized measure, beginning of year $ 9,981,000 $ 2,024,000 Sales of oil produced, net of production costs 2,534,000 3,070,000 Net changes in sales and transfer prices and in production costs and production costs related to future production (946,000 ) (3,091,000 ) Previously estimated development costs incurred during the period — — Changes in future development costs (408,000 ) 1,144,000 Revisions of previous quantity estimates due to prices and performance (671,000 ) 5,216,000 Accretion of discount 69,000 100,000 Discoveries, net future production and development costs associated with these extensions and discoveries — — Purchases and sales of minerals in place 2,839,000 — Timing and other (6,469,000 ) 1,518,000 Standardized measure, end of year $ 6,929,000 $ 9,981,000

Organization (Details)

Organization (Details)	12 Months Ended
	Apr. 30, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock issued	$ 333,000
Total purchase consideration	333,000
Cash	138,686
Prepaid drilling costs	55,116
Oil and gas assets - net	2,425,482
Liabilities assumed - accounts payable	(19,198)
Liabilities assumed - asset retirement obligation	(355,800)
Non-controlling interest	(748,021)
Contributed capital	(1,163,265)
Net assets acquired	$ 333,000

Organization (Details 1)

Organization (Details 1) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Revenues	$ 1,645,170	$ 723,409
Net income (loss)	$ (8,617,128)	$ (20,439,104)
Loss per share of common share - Basic and diluted	$ (.48)	$ (1.24)
Weighted average number of common shares outstanding - Basic and diluted	17,772,293	16,546,093
Petro River
Revenues	$ 1,645,170	$ 723,409
Net income (loss)	$ (5,105,107)	$ (20,337,681)
Loss per share of common share - Basic and diluted	$ (.48)	$ (1.24)
Weighted average number of common shares outstanding - Basic and diluted	17,772,293	16,546,093
LBE Partners
Revenues	$ 300,342	$ 351,936
Net income (loss)	50,645	8,709
Combined
Revenues	1,975,630	1,075,345
Net income (loss)	$ (5,054,464)	$ (20,328,972)
Loss per share of common share - Basic and diluted	$ (.31)	$ (1.21)
Weighted average number of common shares outstanding - Basic and diluted	17,772,293	16,846,093

Organization (Details 2)

Organization (Details 2)	12 Months Ended
	Apr. 30, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-controlling interest, beginning	$ 0
Acquisition of non–controlling interest in LBE Partners acquisition	748,021
Contributions from non-controlling interest	300,000
Non-controlling share of net loss	(396,859)
Non-controlling interest, ending	$ 651,162

Organization (Details 3)

Organization (Details 3) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Assets
Cash and cash equivalents	$ 1,214,858	$ 47,330	$ 631,232
Total Assets	10,016,583	5,845,828
Liabilities
Accounts payable and accrued expenses	714,786	908,343
Deferred tax liability	0	0
Total Liabilities	5,955,731	4,487,126
Non-controlling interest	651,162	$ 0	$ 12,610,470
Loss on redetermination	(11,914,204)
Fortis Redetermination
Assets
Cash and cash equivalents	119,722
Accounts receivable - real estate - related party	1,146,885
Accrued interest on notes receivable - related party	1,390,731
Interest in Bandolier	259,313
Notes receivable - related party, current portion	26,344,883
Total Assets	29,261,534
Liabilities
Accounts payable and accrued expenses	74,212
Deferred tax liability	3,775,927
Total Liabilities	3,850,139
Non-controlling interest	$ 13,497,191

Going Concern and Management'_2

Going Concern and Management's Plan (Details Narrative) - USD ($)	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Going Concern And Managements Plan
Accumulated deficit	$ (56,154,121)	$ (51,049,014)
Cash and cash equivalents	$ 1,214,858	$ 47,330	$ 631,232

Significant Accounting Polici_4

Significant Accounting Policies (Details) - shares	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Common stock equivalent shares	35,506,241	4,779,054
Stock Purchase Warrants [Member]
Common stock equivalent shares		2,223,669
Series A Preferred Stock [Member]
Common stock equivalent shares	21,770,150	0
Stock Options [Member]
Common stock equivalent shares	2,607,385	2,555,385
Stock Purchase Warrants [Member]
Common stock equivalent shares	11,128,706

Significant Accounting Polici_5

Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Accounting Policies [Abstract]
Cash balance, uninsured	$ 752,000
Allowance for doubtful accounts	0	$ 0
Impairment of oil and gas assets	984,774	1,733,932
Derivative liabilities	4,191,754	0
Liabilities for uncertain tax positions	$ 0	$ 0

Oil and Gas Assets (Details)

Oil and Gas Assets (Details) - USD ($)		12 Months Ended
		Apr. 30, 2019	Apr. 30, 2018
Balance at beginning		$ 3,879,414	$ 2,093,636
Additions		3,739,139	3,665,851
Depreciation, depletion and amortization		(664,847)	(146,141)
Impairment of oil and gas assets		(984,774)	(1,733,932)
Oil and gas assets, net		5,968,932	3,879,414
Oklahoma [Member]
Balance at beginning		3,779,414	1,232,192
Additions		1,307,720	3,665,851
Depreciation, depletion and amortization		(380,873)	(146,141)
Impairment of oil and gas assets		0	(972,488)
Oil and gas assets, net		4,706,261	3,779,414
Texas [Member]
Balance at beginning		0	0
Additions		2,431,419	0
Depreciation, depletion and amortization		(283,974)	0
Impairment of oil and gas assets		(984,774)	0
Oil and gas assets, net		1,162,671	0
Larne Basin [Member]
Balance at beginning		0	761,444
Additions		0	0
Depreciation, depletion and amortization		0	0
Impairment of oil and gas assets		0	(761,444)
Oil and gas assets, net		0	0
Other [Member]
Balance at beginning	[1]	100,000	100,000
Additions		0	0
Depreciation, depletion and amortization	[1]	0	0
Impairment of oil and gas assets	[1]	0	0
Oil and gas assets, net	[1]	$ 100,000	$ 100,000
[1]	Other property consists primarily of four, used steam generators and related equipment that will be assigned to future projects. As of April 30, 2019 and 2018, management concluded that impairment was not necessary as all other assets were carried at salvage value.

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, beginning	$ 660,139	$ 558,696
Additions	355,800	29,325
Change in estimates	15,695	61,633
Disposals	0	0
Accretion	17,557	10,485
Asset retirement obligations, ending	1,049,191	660,139
Less: Current portion for cash flows expected to be incurred within one year	(720,442)	(413,794)
Long-term portion, end of period	$ 328,749	$ 246,345

Asset Retirement Obligations _2

Asset Retirement Obligations (Details 1) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Effect of discount	$ (17,557)	$ (10,485)
Total	1,049,191	$ 660,139	$ 558,696
Asset Retirement Obligation Costs [Member]
2020	720,442
2021	0
2022	0
2023	0
2024	0
Thereafter	397,807
Subtotal	1,118,249
Effect of discount	(69,058)
Total	$ 1,049,191

Asset Retirement Obligations _3

Asset Retirement Obligations (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, future liability	$ 1,118,249	$ 728,091
Accretion expense	$ 17,557	$ 10,485

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Amortization of debt discount	$ 2,139,251	$ 363,977
June 2017 Secured Note Financing
Unamortized debt discount	0
Amortization of debt discount	994,190	207,867
Related party debt	0	1,005,812
Accrued interest	0	174,065
November 2017 Secured Note Financing
Unamortized debt discount	0
Amortization of debt discount	1,145,061	156,110
Related party debt	0	135,493
Accrued interest	$ 0	$ 120,548

Derivative Liabilities (Details

Derivative Liabilities (Details)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Dividend yield	0.00%	0.00%
Minimum
Risk free interest rate	2.63%	2.30%
Expected life of grants	4 years	4 years
Maximum
Risk free interest rate	3.15%	2.95%
Expected life of grants	10 years	10 years
Derivative Liabilities
Dividend yield	0.00%	0.00%
Derivative Liabilities | Minimum
Risk free interest rate	2.63%	2.95%
Expected life of grants	4 years	4 years
Expected volatility	151.00%	159.00%
Derivative Liabilities | Maximum
Risk free interest rate	3.15%
Expected life of grants	10 years	10 years
Expected volatility	156.00%	168.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Dividends	0.00%	0.00%
Minimum
Risk-free interest rate	2.63%	2.30%
Expected life of grants	4 years	4 years
Expected volatility of underlying stock	151.00%	159.00%
Maximum
Risk-free interest rate	3.15%	2.95%
Expected life of grants	10 years	10 years
Expected volatility of underlying stock	156.00%	168.00%

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - $ / shares	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Equity:
Number of Options, Outstanding, Beginning	2,555,385	2,599,682
Number of Options, Granted	52,000	25,703
Number of Options, Exercised		(35,000)
Number of Options, Forfeited/Cancelled		(35,000)
Number of Options, Outstanding, Ending	2,607,385	2,555,385
Number of Options, Exercisable	2,566,619
Weighted Avg. Exercise Price, Outstanding, Beginning	$ 2.14	$ 2.13
Weighted Avg. Exercise Price, Granted	1.45	1.40
Weighted Avg. Exercise Price, Exercised		1.38
Weighted Avg. Exercise Price, Forfeited/Cancelled		1.38
Weighted Avg. Exercise Price, Outstanding, Ending	2.13	$ 2.14
Weighted Avg. Exercise Price, Exercisable	$ 2.14

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	12 Months Ended
	Apr. 30, 2019USD ($)$ / sharesshares
Options Outstanding	2,566,619
Options Exercisable	2,520,289
Options Exercisable - Aggregate Intrinsic Value | $	$ 0
Exercise Price Range One [Member]
Exercise Price | $ / shares	$ 1.30
Options Outstanding	12,000
Options Outstanding, Weighted Avg. Life Remaining	14 days
Options Exercisable	12,000
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .01
Exercise Price Range Two [Member]
Exercise Price | $ / shares	$ 1.38
Options Outstanding	1,775,192
Options Outstanding, Weighted Avg. Life Remaining	7 years 4 months 2 days
Options Exercisable	1,732,862
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .95
Exercise Price Range Three [Member]
Exercise Price | $ / shares	$ 1.40
Options Outstanding	25,703
Options Outstanding, Weighted Avg. Life Remaining	8 years 7 months 20 days
Options Exercisable	25,703
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .01
Exercise Price Range Four [Member]
Exercise Price | $ / shares	$ 1.50
Options Outstanding	20,000
Options Outstanding, Weighted Avg. Life Remaining	9 years 3 months
Options Exercisable	16,000
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .01
Exercise Price Range Five [Member]
Exercise Price | $ / shares	$ 1.98
Options Outstanding	5,000
Options Outstanding, Weighted Avg. Life Remaining	7 years 3 months 7 days
Options Exercisable	5,000
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .00
Exercise Price Range Six [Member]
Exercise Price | $ / shares	$ 2
Options Outstanding	457,402
Options Outstanding, Weighted Avg. Life Remaining	6 years 2 months 1 day
Options Exercisable	457,402
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .36
Exercise Price Range Seven [Member]
Exercise Price | $ / shares	$ 2.87
Options Outstanding	65,334
Options Outstanding, Weighted Avg. Life Remaining	5 years 9 months 22 days
Options Exercisable	65,334
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .07
Exercise Price Range Eight [Member]
Exercise Price | $ / shares	$ 3
Options Outstanding	51,001
Options Outstanding, Weighted Avg. Life Remaining	6 years 7 months 28 days
Options Exercisable	51,001
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .06
Exercise Price Range Nine [Member]
Exercise Price | $ / shares	$ 3.39
Options Outstanding	12,000
Options Outstanding, Weighted Avg. Life Remaining	6 years 10 months 20 days
Options Exercisable	12,000
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .02
Exercise Price Range Ten [Member]
Exercise Price | $ / shares	$ 6
Options Outstanding	10,000
Options Outstanding, Weighted Avg. Life Remaining	5 years 8 months 27 days
Options Exercisable	10,000
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .02
Exercise Price Range Eleven [Member]
Exercise Price | $ / shares	$ 12
Options Outstanding	132,987
Options Outstanding, Weighted Avg. Life Remaining	4 years 6 months 7 days
Options Exercisable	132,987
Options Exercisable, Weighted Avg. Exercise Price | $ / shares	$ .63

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - $ / shares	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Dividends	0.00%	0.00%
Minimum
Risk free interest rate	2.63%	2.30%
Expected volatility of underlying stock	151.00%	159.00%
Expected life of grants	4 years	4 years
Maximum
Risk free interest rate	3.15%	2.95%
Expected volatility of underlying stock	156.00%	168.00%
Expected life of grants	10 years	10 years
Stock Purchase Warrants [Member]
Exercise price	$ .50
Expected life of grants		3 years
Dividends	0.00%	0.00%
Stock Purchase Warrants [Member] | Minimum
Exercise price		$ 1.75
Risk free interest rate	2.24%	1.49%
Expected volatility of underlying stock	141.00%	160.00%
Expected life of grants	4 years
Stock Purchase Warrants [Member] | Maximum
Exercise price		$ 2.38
Risk free interest rate	2.43%	1.73%
Expected volatility of underlying stock	144.00%	170.00%
Expected life of grants	10 years

Stockholders' Equity (Details 4

Stockholders' Equity (Details 4) - $ / shares	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Weighted Avg. Exercise Price, Granted/Expired	$ 1.45	$ 1.40
Stock Purchase Warrants [Member]
Number of Warrants, Outstanding and exercisable, beginning	2,223,669	133,333
Number of Warrants, Forfeited	0	0
Number of Warrants, Granted/Expired	8,905,037	2,090,336
Number of Warrants, Outstanding and exercisable, ending	11,128,706	2,223,669
Weighted Avg. Exercise Price, Outstanding and exercisable, beginning	$ 5.02	$ 50
Weighted Avg. Exercise Price, Forfeited	.00	.00
Weighted Avg. Exercise Price, Granted/Expired	.50	2.15
Weighted Avg. Exercise Price, Outstanding and exercisable	$ 1.90	$ 5.02
Weighted Avg. Life Remaining, Outstanding and exercisable, beginning	2 years 6 months 25 days	2 years 9 months 29 days
Weighted Avg. Life Remaining, Outstanding and exercisable, Granted/Expired	3 years 9 months 22 days	2 years 6 months 25 days
Weighted Avg. Life Remaining, Outstanding and exercisable, ending	4 years 8 months 16 days	2 years 6 months 25 days

Non-Contolling Interest (Detail

Non-Contolling Interest (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Non-controlling interest, beginning	$ 0	$ 12,610,470
Contribution of real estate by non-controlling interest holders	1,048,021	(12,711,893)
Non-controlling interest share of income (losses)	(396,859)	101,423
Non-controlling interest, ending	651,162	0
Bandolier [Member]
Non-controlling interest, beginning	0	(699,873)
Contribution of real estate by non-controlling interest holders	0	785,298
Non-controlling interest share of income (losses)	0	(85,425)
Non-controlling interest, ending	0	0
MegaWest [Member]
Non-controlling interest, beginning	0	13,310,343
Contribution of real estate by non-controlling interest holders	0	(13,497,191)
Non-controlling interest share of income (losses)	0	186,848
Non-controlling interest, ending	0	0
LBE [Member]
Non-controlling interest, beginning	0	0
Contribution of real estate by non-controlling interest holders	1,048,021	0
Non-controlling interest share of income (losses)	(396,859)	0
Non-controlling interest, ending	$ 651,162	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Foreign, Current	$ 0	$ 0
Foreign, Deferred	0	0
U.S. Federal, Current	0	0
U.S. Federal, Deferred	(1,128,877)	(4,217,889)
U.S. State & Local, Current	0	0
U.S. State & Local, Deferred	(160,836)	(478,113)
Change in valuation allowance	1,289,713	5,029,205
Income tax provision (benefit)	$ 0	$ 333,203

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Apr. 30, 2019	Apr. 30, 2018
Income Tax Disclosure [Abstract]
U.S. Net operating loss carryovers	$ 9,220,074	$ 8,449,933
Depreciation	2,316,141	2,156,408
Impairment of oil and gas assets	5,087,832	4,851,566
Accretion of asset retirement obligation	143,716	139,545
Stock-based compensation	2,359,308	2,239,907
Total deferred tax assets	19,127,071	17,837,358
Valuation allowance	(19,127,071)	(17,837,358)
Deferred tax asset, net of valuation allowance	0	0
Tax liability - MegaWest	0	0
Total deferred tax liability	$ 0	$ 0

Income Taxes (Details 2)

Income Taxes (Details 2)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Income Tax Disclosure [Abstract]
US Federal statutory rate	(21.00%)	(27.50%)
State income tax, net of federal benefit	(2.99%)	(3.12%)
Change in rate	0.00%	(1.20%)
Other permanent differences	(0.55%)	8.94%
Change in valuation allowance	23.44%	24.50%
Income tax provision (benefit)	0.00%	1.62%

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Apr. 30, 2019USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryovers amount	$ 30,800,000
Operating loss carryforwards expiry date	Apr. 30, 2028
Operating loss carryover to annual limitation	$ 156,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Revenues	$ 1,645,170	$ 723,409
Oil sales
Revenues	1,576,432	713,109
Natural gas sales
Revenues	45,645	10,300
Royalty revenue
Revenues	$ 23,093	$ 0

Contingency and Contractual O_2

Contingency and Contractual Obligations (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Landlord filed a statement against company for the amount	$ 564,000	$ 494,000

Supplemental Information on O_3

Supplemental Information on Oil and Gas Operations - Developed and undeveloped reserves (Details) - USD ($)		12 Months Ended
		Apr. 30, 2019	Apr. 30, 2018
Proved reserves
Extensions, Acquisitions and discoveries		$ 0	$ 0
Capitalized Costs Related to Oil and Gas Assets
Proved properties		17,328,196	12,729,430
Unproved		100,000	100,000
Total capitalized costs, gross		17,428,196	12,829,430
Less: accumulated impairment		(11,459,264)	(8,950,016)
Total capitalized costs, gross		5,968,932	3,879,414
Costs incurred in Oil and Gas Activities
Development	[1]	1,313,657	3,665,851
Exploration		0	0
Acquisition		2,425,482	3,665,851
Net costs incurred		3,739,139	3,665,851
MBbls [Member]
Proved reserves
Proved reserves		496	167
Extensions, Acquisitions and discoveries		0	0
Dispositions		0	0
Production		(30)	(12)
Revisions of prior estimates		(98)	341
Proved reserves		368	496
Proved and unproved
Proved developed producing		196	214
Non-producing		28	30
Proved undeveloped		144	252
Total Proved reserves		368	496
Gas [Member]
Proved reserves
Proved reserves		511	279
Extensions, Acquisitions and discoveries		0	0
Dispositions		0	0
Production		(22)	(6)
Revisions of prior estimates		187	238
Proved reserves		675	511
Proved and unproved
Proved developed producing		334	137
Non-producing		28	25
Proved undeveloped		313	349
Total Proved reserves		$ 675	$ 511
[1]	The above development oil and gas costs includes the oil and gas assets totaling $2,425,482 acquired through the LBE Partners acquisition.

Supplemental Information on O_4

Supplemental Information on Oil and Gas Operations - Future net cash flows relating to proved oil reserves (Details) - USD ($)	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Future cash flows relating to proved reserves:
Future cash inflows	$ 24,636,000	$ 30,259,000
Future operating costs	(8,923,000)	(8,239,000)
Future development costs	(1,351,000)	(1,759,000)
Future income taxes	(1,749,000)	(2,147,000)
Future net cash flows	12,613,000	18,114,000
10% discount factor	(5,684,000)	(8,133,000)
Standardized measure	$ 6,929,000	$ 9,981,000	$ 2,024,000

Supplemental Information on O_5

Supplemental Information on Oil and Gas Operations - Summary of Changes in Standardized Measure (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Extractive Industries [Abstract]
Standardized measure, beginning	$ 9,981,000	$ 2,024,000
Sales of oil produced, net of production costs	2,534,000	3,070,000
Net changes in sales and transfer prices and in production costs and production costs related to future production	(946,000)	(3,091,000)
Previously estimated development costs incurred during the period	0	0
Changes in future development costs	(408,000)	1,144,000
Revisions of previous quantity estimates due to prices and performance	(671,000)	5,216,000
Accretion of discount	69,000	100,000
Discoveries, net future production and development costs associated with these extensions and discoveries	0	0
Purchases and sales of minerals in place	2,839,000	0
Timing and other	(6,469,000)	1,518,000
Standardized measure, ending	$ 6,929,000	$ 9,981,000