Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jul. 31, 2015 | Sep. 09, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BRINX RESOURCES LTD | |
Entity Central Index Key | 1,212,641 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | BNXR | |
Entity Common Stock, Shares Outstanding | 24,629,832 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 15,298 | $ 109,953 |
Marketable securities | 0 | 37,076 |
Accounts receivable | 1,748 | 8,579 |
Prepaid expenses and deposit | 9,774 | 23,506 |
Total current assets | 26,820 | 179,114 |
Oil and gas interests, full cost method of accounting, net of accumulated depletion | 300,963 | 951,502 |
Property, plant and equipment(net) | 387 | 967 |
Total assets | 328,170 | 1,131,583 |
Current liabilities | ||
Accounts payable and accrued liabilities | 5,172 | 54,912 |
Total current liabilities | 5,172 | 54,912 |
Asset retirement obligations | 37,810 | 34,754 |
Total liabilities | 42,982 | 89,666 |
Stockholders' equity | ||
Preferred stock - $0.001 par value; authorized - 25,000,000 shares Series A Preferred stock - $0.001 par value; authorized - 1,000,000 shares Issued and outstanding - 500,001 shares | 500 | 500 |
Common stock - $0.001 par value; authorized - 100,000,000 shares Issued and outstanding - 24,629,832 shares | 24,630 | 24,630 |
Capital in excess of par value | 2,868,057 | 2,868,057 |
Accumulative other comprehensive loss | 0 | (173,020) |
Retained earnings | (2,607,999) | (1,678,250) |
Total stockholders' equity | 285,188 | 1,041,917 |
Total liabilities and stockholders' equity | $ 328,170 | $ 1,131,583 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Jul. 31, 2015 | Oct. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 24,629,832 | 24,629,832 |
Common stock, shares outstanding | 24,629,832 | 24,629,832 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 500,001 | 500,001 |
Preferred stock, shares outstanding | 500,001 | 500,001 |
STATEMENTS OF COMPREHENSIVE (LO
STATEMENTS OF COMPREHENSIVE (LOSS) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
REVENUES | ||||
Natural gas and oil sales | $ 5,366 | $ 16,726 | $ 14,714 | $ 121,243 |
DIRECT COSTS | ||||
Production costs | 4,913 | 10,466 | 19,961 | 30,568 |
Depreciation, depletion and accretion | 6,265 | 7,023 | 25,511 | 52,192 |
General and administrative | 15,638 | 116,609 | 269,410 | 347,991 |
Writedown of natural gas and oil properties | 0 | 0 | 596,203 | 0 |
Writeoff of undeveloped minerial interests | 0 | 0 | 0 | 3,101 |
Total Expenses | (26,816) | (134,098) | (911,085) | (433,852) |
OPERATING (LOSS) | (21,450) | (117,372) | (896,371) | (312,609) |
OTHER INCOME | ||||
Income from settlement of litigation | 117,000 | 0 | 117,000 | 0 |
Interest income | 0 | 50 | 0 | 179 |
Realized (loss) on sale of marketable security | 0 | (10,664) | (150,378) | (10,664) |
NET(LOSS) | 95,550 | (127,986) | (929,749) | (323,094) |
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | ||||
Unrealized gain (loss) on held for sale of marketable security | 0 | (62,206) | 0 | 110,594 |
COMPREHENSIVE (LOSS) FOR THE PERIODS | $ 95,550 | $ (190,192) | $ (929,749) | $ (212,500) |
Net Income/(Loss) Per Common Share | ||||
- Basic (in dollars per share) | $ 0 | $ (0.01) | $ (0.04) | $ (0.01) |
- Diluted (in dollars per share) | $ 0 | $ (0.01) | $ (0.04) | $ (0.01) |
Weighted average number of common shares outstanding | ||||
- Basic (in shares) | 24,629,832 | 24,629,832 | 24,629,832 | 24,629,832 |
- Diluted (in shares) | 24,629,832 | 24,629,832 | 24,629,832 | 24,629,832 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | ||
Net (loss) | $ (929,749) | $ (323,094) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and accretion | 25,511 | 52,192 |
Realized loss on sale of marketable security | 150,378 | 10,664 |
Writedown of natural gas and oil properties | 596,203 | 0 |
Writeoff of undeveloped minerial interests | 0 | 3,101 |
Changes in working capital: | ||
Decrease in accounts receivable | 6,831 | 21,035 |
Decrease in prepaid expenses and deposit | 13,732 | 865 |
Increase / (Decrease) in accounts payable and accrued liabilities | (11,573) | (43,843) |
Net cash (used in) operating activities | (148,667) | (279,080) |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | ||
Redemption of Certificate of deposit | 0 | 100,000 |
Sale of marketable security | 59,718 | 51,241 |
Sale proceeds of natural gas and oil working interests | 0 | 275,148 |
Payments on oil and gas interests | (5,706) | (98,438) |
Net cash provided by / (used in) investing activities | 54,012 | 327,951 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | ||
Net cash provided by /(used in) financing activities | 0 | 0 |
Net increase / (decrease) in cash | (94,655) | 48,871 |
Cash and cash equivalents, beginning of the periods | 109,953 | 60,812 |
Cash and cash equivalents, end of the periods | 15,298 | 109,683 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | 0 | 0 |
Income from settlement of litigation | 117,000 | 0 |
Accounts payable settled with transfer of well | $ 38,167 | $ 0 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Brinx Resources Ltd. (the "Company") was incorporated under the laws of the State of Nevada on December 23, 1998, and issued its initial common stock in February 2001. The Company holds oil and gas interests in Oklahoma and California. In 2006, the Company commenced oil and gas production and started earning revenues. The accompanying financial statements of the Company are unaudited. In the opinion of management, the financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for fair presentation. The results of operations for the nine-month period ended July 31, 2015 are not necessarily indicative of the operating results for the entire year. These financial statements should be read in conjunction with the financial statements and notes included in the Company's Form 10-K for the year ended October 31, 2014. The preparation of financial statement in conformity with generally accepted accounting principles 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The oil and gas industry is subject, by its nature, to environmental hazards and clean-up costs. At this time, management knows of no substantial costs from environmental accidents or events for which the Company may be currently liable. In addition, the Company's oil and gas business makes it vulnerable to changes in prices of crude oil and natural gas. Such prices have been volatile in the past and can be expected to be volatile in the future. By definition, proved reserves are based on current oil and gas prices and estimated reserves. Price declines reduce the estimated quantity of proved reserves and increase annual depletion expense (which is based on proved reserves). The Company utilizes the full cost method of accounting for oil and gas activities. Under this method, subject to a limitation based on estimated value, all costs associated with property acquisition, exploration and development, including costs of unsuccessful exploration; are capitalized within a cost center. No gain or loss is recognized upon the sale or abandonment of undeveloped or producing oil and gas interests unless the sale represents a significant portion of oil and gas interests and the gain significantly alters the relationship between capitalized costs and proved oil and gas reserves of the cost center. Depreciation, depletion and amortization of oil and gas interests are computed on the units of production method based on proved reserves. Amortizable costs include estimates of future development costs of proved undeveloped reserves. Capitalized costs of oil and gas interests may not exceed an amount equal to the present value, discounted at 10 Revenue from sales of crude oil, natural gas and refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customers. Title transfers for crude oil, natural gas and bulk refined products generally occur at pipeline custody points or when a tanker lifting has occurred. Revenues from the production of oil and natural gas properties in which the Company shares an undivided interest with other producers are recognized based on the actual volumes sold by the Company during the period. Gas imbalances occur when the Company's actual sales differ from its entitlement under existing working interests. The Company records a liability for gas imbalances when it has sold more than its working interest of gas production and the estimated remaining reserves make it doubtful that the partners can recoup their share of production from the field. At July 31, 2015 and 2014, the Company had no overproduced imbalances. Accounts receivable are carried at net receivable amounts less an estimate for doubtful accounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. Computer equipment is stated at cost. Provision for depreciation on computer equipment is calculated using the straight-line method over the estimated useful life of three years The Company has adopted FASB ASC 360 " Accounting for the Impairment or Disposal of Long-Lived Assets", The Company follows FASB ASC 410-20 "Accounting for Asset Retirement Obligations" Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company's asset retirement obligations are related to the plugging, dismantlement, removal, site reclamation and similar activities of its oil and gas exploration activities. Basic income/(loss) per share is computed based on the weighted average number of common shares outstanding during each year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have the dilutive effect on income/(loss) per share. The dilutive effect of outstanding options was nil as of July 31, 2015 and 2014. July 31, 2015 July 31, 2014 Basic earnings per share computation: (Loss) from continuing operations $ (929,749) $ (323,094) Basic shares outstanding 24,629,832 24,629,832 Basic earnings per share $ (0.04) $ (0.01) Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of the firm's assets and liabilities. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. The firm's tax assets and liabilities, if any, are presented as a component of "Other assets" and "Other liabilities and accrued expenses," respectively, in the balance sheet. Tax provisions are computed in accordance with FASB ASC 740, "Accounting for Income Taxes" The Company applies the provisions of FASB ASC 740-10 "Accounting for Uncertainty in Income Taxes an Interpretation" For purposes of reporting cash flows, the Company considers as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. On occasion, the Company may have cash balances in excess of federally insured amounts. All equity Investments are classified as available for sale and any subsequent changes in the fair value are recorded in comprehensive income. If in the opinion of management there has been a decline in the value of the investment below the carrying value that is considered to be other than temporary, the valuation adjustment is recorded in net earnings in the period of determination. The fair value of the investments is based on the quoted market price on the closing date of the period. The Company adopted FASB ASC 820-10-50, "Fair Value Measurements" Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. Marketable securities are valued using Level 1 inputs. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, and accounts receivable. The Company maintains cash at one financial institution. The Company periodically evaluates the credit worthiness of financial institutions, and maintains cash accounts only in large high quality financial institutions, thereby minimizing exposure for deposits in excess of federally insured amounts. The Company believes credit risk associated with cash and cash equivalents to be minimal. The Company has recorded trade accounts receivable from the business operations. Management periodically evaluates the collectability of the trade receivables and believes that the Company's receivables are fully collectable and that the risk of loss is minimal. In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers, which eliminates the transaction- and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. Public entities are required to adopt the revenue recognition standard for reporting periods beginning after December 15, 2016, and interim and annual reporting periods thereafter. The Company is currently evaluating the impact this ASU will have on the Company's financial statements. FASB issued ASU 2014-15 on August 27, 2014, providing guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if "conditions or events raise substantial doubt about the entity's ability to continue as a going concern." The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company currently discloses a going-concern in Note 1 however the Company will evaluate the impact this ASU will have on the financial statements. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred a net loss of $ 2,607,499 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Jul. 31, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities [Text Block] | 2. MARKETABLE SECURITIES During the period ended April 30, 2015, the Company sold its remaining 617,929 59,718 150,378 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 9 Months Ended |
Jul. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3 ACCOUNTS RECEIVABLE Accounts receivable consists of revenues receivable, interest receivable and other receivable. The revenue receivable are from the operators of the oil and gas projects for the sale of oil and gas by the operators on the Company's behalf and are carried at net receivable amounts less an estimate for doubtful accounts. Management considers all accounts receivable to be fully collectible at July 31, 2015 and October 31, 2014. July 31, 2015 October 31, 2014 Accounts receivable $ 1,748 $ 8,579 Less: allowance for doubtful account - - $ 1,748 $ 8,579 |
OIL AND GAS INTERESTS
OIL AND GAS INTERESTS | 9 Months Ended |
Jul. 31, 2015 | |
Oil and Gas Property [Abstract] | |
Oil and Gas Interests [Text Block] | OIL AND GAS INTERESTS July 31, 2015 October 31, 2014 2008-3 Drilling Program, Oklahoma $ 314,819 $ 312,794 2009-2 Drilling Program, Oklahoma 114,420 114,420 2009-3 Drilling Program, Oklahoma 353,399 353,399 2009-4 Drilling Program, Oklahoma 190,182 190,182 2010-1 Drilling Program, Oklahoma (47,813) (47,813) Washita Bend 3D, Oklahoma 816,628 926,598 Double T Ranch #1 SWDW, Oklahoma 53,632 51,816 Kings City Prospect, California 406,766 406,766 South Wayne Prospect, Oklahoma 61,085 61,085 PP F-12-2, PP F-12-3, PP F-12-4 and PP F-52, Mississippi (222,123) (222,123) Three Sands Project, Oklahoma 555,715 555,715 Asset retirement cost 2,604 2,689 Less: Accumulated depletion and impairment (2,298,351) (1,754,026) $ 300,963 $ 951,502 2008-3 Drilling Program, Oklahoma On January 12, 2009, the Company acquired a 5 6.25 5.00 314,819 2009-2 Drilling Program, Oklahoma (continued) On June 19, 2009, the Company acquired a 5 6.25 5.00 114,420 2009-3 Drilling Program, Oklahoma On August 12, 2009, the Company acquired a 5.00 6.25 5.00 353,399 2009-4 Drilling Program, Oklahoma On December 19, 2009, the Company acquired a 5.00 6.25 5.00 190,182 2010-1 Drilling Program, Oklahoma On April 23, 2010, the Company acquired a 5.00 6.25 5.00 On January 1, 2014, the Company sold all its working interest in Mi ss 275,147 100 Washita Bend 3D Exploration Project, Oklahoma On March 1, 2010, the Company acquired a 5.00 5.625 5.00 5 816,628 As a result of seismic evaluation and analysis, eight initial prospects at the Washita Bend Project have been identified. Lucretia #1-14 was the first well drilled on May 14, 2013. This well was classified as a dry hole on May 27, 2013. On August 1, 2013, Karges #1-35 was also classified as a dry hole. On September 4, 2013, Carol #1-22 was plugged and abandoned. The costs of $ 148,391 76,890 44,793 On December 9, 2014, the Company agreed to forfeit all of its right, title, interest, and ownership of any kind in and to the Washita Bend 3D Exploration Program. The Company also agreed that Ranken Energy Corporation exchanged Brinx's joint interest billing balance through October 31, 2014 in the amount of $ 38,167 Double T Ranch#1 SWDW, Oklahoma On July 17, 2012, the Company acquired a 3.00 53,632 South Wayne Prospect, Oklahoma On March 14, 2010, the Company acquired a 5.00 5,000 32,370 6.25 5.00 61,085 Impairment Under the full cost method, the Company is subject to a ceiling test. This ceiling test determines whether there is an impairment to the proved properties. The impairment amount represents the excess of capitalized costs over the present value, discounted at 10 596,203 Depletion Under the full cost method, depletion is computed on the units of production method based on proved reserves. Depletion expense recognized was $ 21,790 48,765 July 31, 2015 October 31, 2014 Proved properties $ 2,599,313 $ 2,061,127 Unproved properties - 644,401 Total Proved and Unproved properties 2,599,313 2,705,528 Accumulated depletion expense (904,493) (921,402) Impairment (1,393,857) (832,624) Net capitalized cost $ 300,963 $ 951,502 Results of Operations July 31, 2015 July 31, 2014 Revenues $ 14,714 $ 121,243 Production costs (19,961) (30,568) Depletion and accretion (25,511) (52,192) Results of operations (excluding corporate overhead) $ (30,758) $ 38,483 |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 9 Months Ended |
Jul. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | 5. ASSET RETIREMENT OBLIGATIONS The Company follows FASB ASC 410-20 " Accounting for Asset Retirement Obligations" "Accounting for Asset Retirement Obligations" 12 The Company amortizes the amount added to oil and gas properties and recognizes accretion expense in connection with the discounted liability over the remaining useful lives of the respective wells. July 31, 2015 October 31, 2014 Beginning balance $ 34,754 $ 31,636 Liabilities assumed 142 227 Revisions (227) (905) Accretion expense 3,141 3,796 Ending balance $ 37,810 $ 34,754 The reclamation obligation relates to the Ard#1-36, Bagwell#1-20, Bagwell#2-20, Miss Gracie#1-18, Joe Murray Farm#1-18, Gehrke#1-24, Jack#1-13, Jackson 1-18, and Double T Ranch at Oklahoma Properties, and McPherson#1-1 well at South Wayne Prospect. The present value of the reclamation liability may be subject to change based on management's current estimates, changes in remediation technology or changes in applicable laws and regulations. Such changes will be recorded in the accounts of the Company as they occur. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Jul. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 6. CAPITAL STOCK PREFERRED STOCK The Company has authorized 25,000,000 500,001 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jul. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS During the nine-month period ended July 31, 2015 and 2014, the Company entered into the following transactions with related parties: a) The Company paid or accrued $ 15,000 63,000 b) The Company paid or accrued $ 11,000 121,500 c) Due to the reversal of past consulting fees to a director which are no longer payable, the Company has a credit of $ 2,000 27,000 |
MAJOR CUSTOMERS
MAJOR CUSTOMERS | 9 Months Ended |
Jul. 31, 2015 | |
Major Customers [Abstract] | |
Major Customers [Text Block] | MAJOR CUSTOMERS The Company collected $ 14,621 116,918 99 96 1,230 10,505 |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | CONTINGENCIES Hamm Litigation In September 2010, two lawsuits were filed in the District Court of Garvin County in the State of Oklahoma by Harold Hamm ("Hamm") against certain defendants ("Defendants") and consolidated together alleging, among other things, that Hamm owns an interest in two oil and gas leases in Garvin County and is entitled to a 50 6.25 5.0 7,643 190,476 Beckett Complaint In April 2013, Jeffrey R. Beckett, a shareholder of the Company, filed a lawsuit in the District Court of Washoe County, Nevada against the Company, its directors, Kenneth A. Cabianca and George Knight, and a principal of one of the Company's consultants, Sarah Cabianca, generally alleging mismanagement of the Company's affairs by the directors to the detriment of the Company and its shareholders (the "State Lawsuit"). The State Lawsuit seeks the issuance of an injunction, the appointment of a receiver and unspecified damages. In June 2013, Mr. Beckett filed a similar complaint against the same defendants in the United States District Court for the District of Nevada (the "Federal Lawsuit"). Sarah Cabianca has been dismissed from the State Lawsuit and the Federal Lawsuit has been dismissed. The Company has settled this lawsuit with the result that all the directors and officers have resigned and Jeffery R. Beckett has been appointed to the Board of Directors as Chairman and sole director of the Company. As part of the settlement the Company was no longer obligated to pay $ 117,000 |
Subsequent events
Subsequent events | 9 Months Ended |
Jul. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent events On July 20, 2015, Leo Dagle and Joe Thompson were appointed to the Board of Directors. |
ORGANIZATION AND SUMMARY OF S16
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of financial statement in conformity with generally accepted accounting principles 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The oil and gas industry is subject, by its nature, to environmental hazards and clean-up costs. At this time, management knows of no substantial costs from environmental accidents or events for which the Company may be currently liable. In addition, the Company's oil and gas business makes it vulnerable to changes in prices of crude oil and natural gas. Such prices have been volatile in the past and can be expected to be volatile in the future. By definition, proved reserves are based on current oil and gas prices and estimated reserves. Price declines reduce the estimated quantity of proved reserves and increase annual depletion expense (which is based on proved reserves). |
Oil and Gas Interests Policy [Policy Text Block] | OIL AND GAS INTERESTS The Company utilizes the full cost method of accounting for oil and gas activities. Under this method, subject to a limitation based on estimated value, all costs associated with property acquisition, exploration and development, including costs of unsuccessful exploration; are capitalized within a cost center. No gain or loss is recognized upon the sale or abandonment of undeveloped or producing oil and gas interests unless the sale represents a significant portion of oil and gas interests and the gain significantly alters the relationship between capitalized costs and proved oil and gas reserves of the cost center. Depreciation, depletion and amortization of oil and gas interests are computed on the units of production method based on proved reserves. Amortizable costs include estimates of future development costs of proved undeveloped reserves. Capitalized costs of oil and gas interests may not exceed an amount equal to the present value, discounted at 10 |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION Revenue from sales of crude oil, natural gas and refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customers. Title transfers for crude oil, natural gas and bulk refined products generally occur at pipeline custody points or when a tanker lifting has occurred. Revenues from the production of oil and natural gas properties in which the Company shares an undivided interest with other producers are recognized based on the actual volumes sold by the Company during the period. Gas imbalances occur when the Company's actual sales differ from its entitlement under existing working interests. The Company records a liability for gas imbalances when it has sold more than its working interest of gas production and the estimated remaining reserves make it doubtful that the partners can recoup their share of production from the field. At July 31, 2015 and 2014, the Company had no overproduced imbalances. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE Accounts receivable are carried at net receivable amounts less an estimate for doubtful accounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. |
Property, Plant and Equipment, Policy [Policy Text Block] | OTHER EQUIPMENT Computer equipment is stated at cost. Provision for depreciation on computer equipment is calculated using the straight-line method over the estimated useful life of three years |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS The Company has adopted FASB ASC 360 " Accounting for the Impairment or Disposal of Long-Lived Assets", |
Asset Retirement Obligations, Policy [Policy Text Block] | ASSET RETIREMENT OBLIGATIONS The Company follows FASB ASC 410-20 "Accounting for Asset Retirement Obligations" Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company's asset retirement obligations are related to the plugging, dismantlement, removal, site reclamation and similar activities of its oil and gas exploration activities. |
Earnings Per Share, Policy [Policy Text Block] | INCOME / (LOSS) PER SHARE Basic income/(loss) per share is computed based on the weighted average number of common shares outstanding during each year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have the dilutive effect on income/(loss) per share. The dilutive effect of outstanding options was nil as of July 31, 2015 and 2014. July 31, 2015 July 31, 2014 Basic earnings per share computation: (Loss) from continuing operations $ (929,749) $ (323,094) Basic shares outstanding 24,629,832 24,629,832 Basic earnings per share $ (0.04) $ (0.01) |
Income Tax, Policy [Policy Text Block] | INCOME TAXES Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of the firm's assets and liabilities. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. The firm's tax assets and liabilities, if any, are presented as a component of "Other assets" and "Other liabilities and accrued expenses," respectively, in the balance sheet. Tax provisions are computed in accordance with FASB ASC 740, "Accounting for Income Taxes" The Company applies the provisions of FASB ASC 740-10 "Accounting for Uncertainty in Income Taxes an Interpretation" |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH EQUIVALENTS For purposes of reporting cash flows, the Company considers as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. On occasion, the Company may have cash balances in excess of federally insured amounts. |
Investment, Policy [Policy Text Block] | MARKETABLE SECURITIES AND INVESTMENTS All equity Investments are classified as available for sale and any subsequent changes in the fair value are recorded in comprehensive income. If in the opinion of management there has been a decline in the value of the investment below the carrying value that is considered to be other than temporary, the valuation adjustment is recorded in net earnings in the period of determination. The fair value of the investments is based on the quoted market price on the closing date of the period. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUE The Company adopted FASB ASC 820-10-50, "Fair Value Measurements" Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. Marketable securities are valued using Level 1 inputs. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, and accounts receivable. The Company maintains cash at one financial institution. The Company periodically evaluates the credit worthiness of financial institutions, and maintains cash accounts only in large high quality financial institutions, thereby minimizing exposure for deposits in excess of federally insured amounts. The Company believes credit risk associated with cash and cash equivalents to be minimal. The Company has recorded trade accounts receivable from the business operations. Management periodically evaluates the collectability of the trade receivables and believes that the Company's receivables are fully collectable and that the risk of loss is minimal. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers, which eliminates the transaction- and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. Public entities are required to adopt the revenue recognition standard for reporting periods beginning after December 15, 2016, and interim and annual reporting periods thereafter. The Company is currently evaluating the impact this ASU will have on the Company's financial statements. FASB issued ASU 2014-15 on August 27, 2014, providing guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if "conditions or events raise substantial doubt about the entity's ability to continue as a going concern." The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company currently discloses a going-concern in Note 1 however the Company will evaluate the impact this ASU will have on the financial statements. |
Going Concern Policy [Policy Text Block] | GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred a net loss of $ 2,607,499 |
ORGANIZATION AND SUMMARY OF S17
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The table below presents the computation of basic and diluted earnings per share for the nine-month periods ended July 31, 2015 and 2014: July 31, 2015 July 31, 2014 Basic earnings per share computation: (Loss) from continuing operations $ (929,749) $ (323,094) Basic shares outstanding 24,629,832 24,629,832 Basic earnings per share $ (0.04) $ (0.01) |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | July 31, 2015 October 31, 2014 Accounts receivable $ 1,748 $ 8,579 Less: allowance for doubtful account - - $ 1,748 $ 8,579 |
OIL AND GAS INTERESTS (Tables)
OIL AND GAS INTERESTS (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Schedule of Exploratory Wells Drilled [Table Text Block] | The Company holds the following oil and natural gas interests: July 31, 2015 October 31, 2014 2008-3 Drilling Program, Oklahoma $ 314,819 $ 312,794 2009-2 Drilling Program, Oklahoma 114,420 114,420 2009-3 Drilling Program, Oklahoma 353,399 353,399 2009-4 Drilling Program, Oklahoma 190,182 190,182 2010-1 Drilling Program, Oklahoma (47,813) (47,813) Washita Bend 3D, Oklahoma 816,628 926,598 Double T Ranch #1 SWDW, Oklahoma 53,632 51,816 Kings City Prospect, California 406,766 406,766 South Wayne Prospect, Oklahoma 61,085 61,085 PP F-12-2, PP F-12-3, PP F-12-4 and PP F-52, Mississippi (222,123) (222,123) Three Sands Project, Oklahoma 555,715 555,715 Asset retirement cost 2,604 2,689 Less: Accumulated depletion and impairment (2,298,351) (1,754,026) $ 300,963 $ 951,502 |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | Capitalized Costs July 31, 2015 October 31, 2014 Proved properties $ 2,599,313 $ 2,061,127 Unproved properties - 644,401 Total Proved and Unproved properties 2,599,313 2,705,528 Accumulated depletion expense (904,493) (921,402) Impairment (1,393,857) (832,624) Net capitalized cost $ 300,963 $ 951,502 |
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block] | Results of operations for oil and gas producing activities during the nine-month periods ended are as follows: July 31, 2015 July 31, 2014 Revenues $ 14,714 $ 121,243 Production costs (19,961) (30,568) Depletion and accretion (25,511) (52,192) Results of operations (excluding corporate overhead) $ (30,758) $ 38,483 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The information below reflects the change in the asset retirement obligations during the nine-month period ended July 31, 2015 and year ended October 31, 2014: July 31, 2015 October 31, 2014 Beginning balance $ 34,754 $ 31,636 Liabilities assumed 142 227 Revisions (227) (905) Accretion expense 3,141 3,796 Ending balance $ 37,810 $ 34,754 |
ORGANIZATION AND SUMMARY OF S21
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Basic earnings per share computation: | ||||
(Loss) from continuing operations | $ 95,550 | $ (127,986) | $ (929,749) | $ (323,094) |
Basic shares outstanding (in shares) | 24,629,832 | 24,629,832 | 24,629,832 | 24,629,832 |
Basic earnings per share (in dollars per share) | $ 0 | $ (0.01) | $ (0.04) | $ (0.01) |
ORGANIZATION AND SUMMARY OF S22
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 9 Months Ended | |
Jul. 31, 2015 | Oct. 31, 2014 | |
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Capitalized Costs, Oil and Gas Producing Activities, Discounted Percentage | 10.00% | |
Retained Earnings (Accumulated Deficit), Total | $ 2,607,999 | $ 1,678,250 |
Property Plant And Equipment Depreciation Methods | straight-line method | |
Property, Plant and Equipment, Estimated Useful Lives | three years |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Textual) - USD ($) | 6 Months Ended | 9 Months Ended | |
Apr. 30, 2015 | Jul. 31, 2015 | Jul. 31, 2014 | |
Marketable Securities [Line Items] | |||
Marketable Securities, Number of Shares Sold (in shares) | 617,929 | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 59,718 | $ 59,718 | $ 51,241 |
Marketable Securities, Unrealized Gain (Loss) | $ 150,378 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 1,748 | $ 8,579 |
Less: allowance for doubtful account | 0 | 0 |
Accounts Receivable, Net, Current | $ 1,748 | $ 8,579 |
OIL AND GAS INTERESTS (Details)
OIL AND GAS INTERESTS (Details) - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 | Jan. 01, 2014 |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Asset retirement cost | $ 2,604 | $ 2,689 | |
Less: Accumulated depletion and impairment | (2,298,351) | (1,754,026) | |
Oil and Gas Property, Full Cost Method, Net | 300,963 | 951,502 | |
2008-3 Drilling Program, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 314,819 | 312,794 | |
2009-2 Drilling Program, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 114,420 | 114,420 | |
2009-3 Drilling Program, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 353,399 | 353,399 | |
2009-4 Drilling Program, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 190,182 | 190,182 | |
2010-1 Drilling Program, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | (47,813) | (47,813) | $ 275,147 |
Washita Bend 3D, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 816,628 | 926,598 | |
Double T Ranch #1 SWDW, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 53,632 | 51,816 | |
Kings City Prospect California [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 406,766 | 406,766 | |
South Wayne Prospect, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | 61,085 | 61,085 | |
PP F-12-2, PP F-12-3, PP F-12-4 and PP F-52, Mississippi [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | (222,123) | (222,123) | |
Three Sands Project, Oklahoma [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and Gas Property, Full Cost Method, Gross | $ 555,715 | $ 555,715 |
OIL AND GAS INTERESTS (Details
OIL AND GAS INTERESTS (Details 1) - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Proved properties | $ 2,599,313 | $ 2,061,127 |
Unproved properties | 0 | 644,401 |
Total Proved and Unproved properties | 2,599,313 | 2,705,528 |
Accumulated depletion expense | (904,493) | (921,402) |
Impairment | (1,393,857) | (832,624) |
Net capitalized cost | $ 300,963 | $ 951,502 |
OIL AND GAS INTERESTS (Detail27
OIL AND GAS INTERESTS (Details 2) - USD ($) | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Revenues | $ 14,714 | $ 121,243 |
Production costs | (19,961) | (30,568) |
Depletion and accretion | (25,511) | (52,192) |
Results of operations (excluding corporate overhead) | $ (30,758) | $ 38,483 |
OIL AND GAS INTERESTS (Detail28
OIL AND GAS INTERESTS (Details Textual) - USD ($) | Jan. 01, 2014 | Mar. 14, 2010 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Oct. 31, 2014 | Mar. 20, 2014 | Nov. 30, 2013 | Sep. 04, 2013 | Jul. 17, 2012 | Apr. 23, 2010 | Mar. 01, 2010 | Dec. 19, 2009 | Aug. 12, 2009 | Jun. 19, 2009 | Jan. 12, 2009 |
Oil and Gas Interests [Line Items] | |||||||||||||||||
Depletion, Total | $ 21,790 | $ 48,765 | |||||||||||||||
Impairment Of Proved Properties Discounted Rate | 10.00% | ||||||||||||||||
Impairment of Oil and Gas Properties | $ 0 | $ 0 | $ 596,203 | $ 0 | |||||||||||||
Capitalized Costs, Proved Properties | 2,599,313 | 2,599,313 | $ 2,061,127 | ||||||||||||||
2008-3 Drilling Program, Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | 314,819 | 314,819 | 312,794 | ||||||||||||||
2008-3 Drilling Program, Oklahoma [Member] | After Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
2008-3 Drilling Program, Oklahoma [Member] | Before Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 6.25% | ||||||||||||||||
2009-2 Drilling Program, Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | 114,420 | 114,420 | 114,420 | ||||||||||||||
2009-2 Drilling Program, Oklahoma [Member] | After Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
2009-2 Drilling Program, Oklahoma [Member] | Before Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 6.25% | ||||||||||||||||
2009-3 Drilling Program, Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | 353,399 | 353,399 | 353,399 | ||||||||||||||
2009-3 Drilling Program, Oklahoma [Member] | After Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
2009-3 Drilling Program, Oklahoma [Member] | Before Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 6.25% | ||||||||||||||||
2009-4 Drilling Program, Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | 190,182 | 190,182 | 190,182 | ||||||||||||||
2009-4 Drilling Program, Oklahoma [Member] | After Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
2009-4 Drilling Program, Oklahoma [Member] | Before Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 6.25% | ||||||||||||||||
2010-1 Drilling Program, Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Percentage of Oil and Gas Property and Equipment, Sold | 100.00% | ||||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | $ 275,147 | (47,813) | (47,813) | (47,813) | |||||||||||||
2010-1 Drilling Program, Oklahoma [Member] | After Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
2010-1 Drilling Program, Oklahoma [Member] | Before Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 6.25% | ||||||||||||||||
Washita Bend 3D, Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Capitalized Costs, Proved Properties | $ 44,793 | $ 76,890 | $ 148,391 | ||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | 816,628 | 816,628 | 926,598 | ||||||||||||||
Washita Bend 3D, Oklahoma [Member] | Ranken Energy Corpor [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Interest Billing Balance | 38,167 | ||||||||||||||||
Washita Bend 3D, Oklahoma [Member] | After Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Washita Bend 3D, Oklahoma [Member] | Before Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.625% | ||||||||||||||||
Washita Bend 3D, Oklahoma [Member] | Before and After casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Double T Ranch 1 Swdw, Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 3.00% | ||||||||||||||||
Capitalized Costs, Proved Properties | 53,632 | 53,632 | |||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | 53,632 | 53,632 | 51,816 | ||||||||||||||
South Wayne Prospect Oklahoma [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
Dry Hole Cost Of Exploration Projects | $ 32,370 | ||||||||||||||||
Payment For Lease Hold Prospect and Geophysical Fees | $ 5,000 | ||||||||||||||||
Oil and Gas Property, Full Cost Method, Gross | $ 61,085 | $ 61,085 | $ 61,085 | ||||||||||||||
South Wayne Prospect Oklahoma [Member] | After Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 5.00% | ||||||||||||||||
South Wayne Prospect Oklahoma [Member] | Before Casing Point [Member] | |||||||||||||||||
Oil and Gas Interests [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 6.25% |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jul. 31, 2015 | Oct. 31, 2014 | |
Asset Retirement Obligation [Line Items] | ||
Beginning balance | $ 34,754 | $ 31,636 |
Liabilities assumed | 142 | 227 |
Revisions | (227) | (905) |
Accretion expense | 3,141 | 3,796 |
Ending balance | $ 37,810 | $ 34,754 |
ASSET RETIREMENT OBLIGATIONS 30
ASSET RETIREMENT OBLIGATIONS (Details Textual) | 9 Months Ended |
Jul. 31, 2015 | |
Asset Retirement Obligation [Line Items] | |
Liability, Weighted Average Risk Free Discount Rate | 12.00% |
CAPITAL STOCK (Details Textual)
CAPITAL STOCK (Details Textual) - shares | Jul. 31, 2015 | Oct. 31, 2014 | Feb. 10, 2012 |
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 | |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued (in shares) | 500,001 | 500,001 | 500,001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 15,000 | $ 63,000 |
Director and President [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | 11,000 | 121,500 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 2,000 | $ 27,000 |
MAJOR CUSTOMERS (Details Textua
MAJOR CUSTOMERS (Details Textual) - USD ($) | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Oct. 31, 2014 | |
Revenue, Major Customer [Line Items] | |||
Accounts Receivable, Net, Current, Total | $ 1,748 | $ 8,579 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 14,621 | $ 116,918 | |
Concentration Risk, Percentage | 99.00% | 96.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Accounts Receivable, Net, Current, Total | $ 1,230 | $ 10,505 |
CONTINGENCIES (Details Textual)
CONTINGENCIES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Oct. 31, 2014 | |
Loss Contingencies [Line Items] | |||||
Oil and Gas Revenue | $ 5,366 | $ 16,726 | $ 14,714 | $ 121,243 | |
Income From Settlement Of Litigation | $ 117,000 | $ 0 | $ 117,000 | $ 0 | |
2009-3 Drilling Program, Oklahoma [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage Of Pending Outcome Of Legal Proceedings (in percentage) | 50.00% | ||||
Oil and Gas Revenue | $ 0 | $ 7,643 | |||
Oil and Gas Revenue Unrecognized | $ 190,476 | ||||
2009-3 Drilling Program, Oklahoma [Member] | Before Casing Point Interest Percentage [Member] | |||||
Loss Contingencies [Line Items] | |||||
Cost Method Investment Ownership Percentage (in percentage) | 6.25% | ||||
2009-3 Drilling Program, Oklahoma [Member] | After Casing Point Interest Percentage [Member] | |||||
Loss Contingencies [Line Items] | |||||
Cost Method Investment Ownership Percentage (in percentage) | 5.00% |