Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 13, 2013 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Trading Symbol | 'pkpl | ' |
Entity Registrant Name | 'Park Place Energy Corp. | ' |
Entity Central Index Key | '0001310982 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 32,063,447 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_balance_sheets
Consolidated balance sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash | $246,223 | $12,181 |
Amounts receivable | 87,899 | 4,812 |
Prepaid expenses and deposits | 10,936 | 14,031 |
Due from related party | 0 | 700 |
Total current assets | 345,058 | 31,724 |
Restricted cash | 2,369 | 8,661 |
Property and equipment | 3,845 | 4,951 |
Oil and gas properties | 1,035,055 | 346,291 |
Total assets | 1,386,327 | 391,627 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 116,698 | 56,484 |
Total liabilities | 116,698 | 56,484 |
Commitments | 0 | 0 |
Stockholders' equity | ' | ' |
Common stock Authorized: 250,000,000 shares, par value US$0.00001 Issued and outstanding: 32,063,447 and 20,667,581 shares, respectively | 331 | 212 |
Additional paid-in capital | 14,077,378 | 12,811,461 |
Accumulated other comprehensive income | 179,970 | 195,247 |
Deficit accumulated during the exploration stage | -12,988,050 | -12,671,777 |
Total stockholders' equity | 1,269,629 | 335,143 |
Total liabilities and stockholders' equity | $1,386,327 | $391,627 |
Consolidated_balance_sheets_Pa
Consolidated balance sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 32,063,447 | 20,667,581 |
Common Stock, Shares, Outstanding | 32,063,447 | 20,667,581 |
Consolidated_statements_of_ope
Consolidated statements of operations (USD $) | 3 Months Ended | 9 Months Ended | 89 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Oil and gas revenue | $0 | $0 | $0 | $3,391 | $1,653,688 |
Direct costs | ' | ' | ' | ' | ' |
Depletion | 0 | 0 | 0 | 0 | 1,256,066 |
Production costs | 0 | 0 | 0 | 4,365 | 1,167,045 |
Total direct costs | 0 | 0 | 0 | 4,365 | 2,423,111 |
Gross profit | 0 | 0 | 0 | -974 | -769,423 |
Expenses | ' | ' | ' | ' | ' |
Consulting | 18,154 | 18,209 | 55,347 | 44,085 | 2,067,989 |
Depreciation | 248 | 453 | 793 | 1,359 | 8,838 |
Exploration costs | 0 | 0 | 0 | 0 | 308,534 |
Foreign exchange loss | 13,172 | -3,257 | 15,407 | -6,751 | 144,676 |
Impairment of oil and gas costs | 0 | 0 | 0 | 0 | 4,304,265 |
Insurance | 3,538 | 0 | 10,454 | 0 | 37,019 |
Investor relations | -231 | 119 | 563 | 1,839 | 911,284 |
Management fees | 3,515 | 11,855 | 15,607 | 36,090 | 741,134 |
Office and general | 12,456 | 12,772 | 24,873 | 45,927 | 789,666 |
Professional fees | 52,261 | 11,365 | 87,361 | 64,640 | 1,185,217 |
Stock-based compensation | 75,979 | 0 | 78,582 | 0 | 2,092,688 |
Travel | 3,785 | 6,013 | 7,253 | 20,894 | 236,431 |
Wages | 6,447 | 0 | 16,452 | 0 | 16,452 |
Total expenses | 189,324 | 57,529 | 312,692 | 208,083 | 12,844,193 |
Loss before other income (expense) | -189,324 | -57,529 | -312,692 | -209,057 | -13,613,616 |
Other income (expense) | ' | ' | ' | ' | ' |
Accretion of discount on convertible note payable | 0 | 0 | 0 | 0 | -146,205 |
Gain on marketable securities | 0 | 0 | 0 | 0 | 4,635 |
Gain on sale of oil and gas properties | 0 | 0 | 0 | 0 | 381,166 |
Gain/(loss) on settlement of debt | 0 | 0 | -3,467 | 0 | 343,196 |
Interest and other revenue | 0 | 0 | 0 | 0 | 109,705 |
Interest expense | 0 | 0 | 0 | 0 | -7,862 |
Loss on disposal of property and equipment | 0 | 0 | -114 | 0 | -114 |
Loss on sale of oil and gas properties | 0 | 0 | 0 | 0 | -53,869 |
Loss on write-down of promissory note | 0 | 0 | 0 | 0 | -254,997 |
Total other income (expense) | 0 | 0 | -3,581 | 0 | 375,655 |
Loss before income taxes | -189,324 | -57,529 | -316,273 | -209,057 | -13,237,961 |
Deferred income tax recovery | 0 | 0 | 0 | 0 | 291,060 |
Net loss for the period | -189,324 | -57,529 | -316,273 | -209,057 | -12,946,901 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -35,688 | -6,019 | -15,277 | 5,817 | 189,406 |
Comprehensive loss | ($225,012) | ($63,548) | ($331,550) | ($203,240) | ($12,757,495) |
Loss per share, basic and diluted | ($0.01) | ' | ($0.01) | ($0.01) | ' |
Weighted average number of shares outstanding | 24,704,751 | 20,667,581 | 22,082,887 | 20,667,581 | ' |
Consolidated_statements_of_cas
Consolidated statements of cash flows (USD $) | 9 Months Ended | 89 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Operating activities | ' | ' | ' |
Net loss for the period | ($316,273) | ($209,057) | ($12,946,901) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Accretion of discount on convertible note payable | 0 | 0 | 146,205 |
Deferred income tax recovery | 0 | 0 | -291,060 |
Depletion | 0 | 0 | 1,256,066 |
Depreciation | 793 | 1,359 | 8,838 |
Gain on sale of marketable securities | 0 | 0 | -4,635 |
Gain on sale of oil and gas properties | 0 | 0 | -381,166 |
Gain loss on settlement of debt | 3,467 | 0 | -343,196 |
Impairment of oil and gas costs | 0 | 0 | 2,984,236 |
Interest accrued on notes payable | 0 | 0 | 20,392 |
Loss on disposal of property and equipment | 114 | 0 | 114 |
Shares and warrants issued for services | 0 | 0 | 895,760 |
Stock-based compensation | 78,582 | 0 | 2,092,688 |
Write-off of exploration advances | 0 | 0 | 37,558 |
Changes in operating assets and liabilities | ' | ' | ' |
Amounts receivable | -83,087 | 11,854 | -87,899 |
Prepaid expenses and deposits | 3,095 | 12,971 | -10,976 |
Accounts payable and accrued liabilities | 66,289 | -1,526 | 1,082,725 |
Due from a related party | 700 | -13,730 | 65,449 |
Net cash used in operating activities | -246,320 | -198,129 | -5,475,802 |
Investing activities | ' | ' | ' |
Cash acquired through recapitalization | 0 | 0 | 320 |
Restricted cash | 6,292 | -8,481 | -2,369 |
Exploration advances | 0 | 0 | -270,919 |
Loan receivable | 0 | 0 | -572,000 |
Proceeds from sale of oil and gas properties | 0 | 0 | 50,000 |
Proceeds from sale of marketable securities | 0 | 0 | 79,635 |
Oil and gas properties expenditures | -672,647 | -147,655 | -4,771,097 |
Purchase of property and equipment | 0 | 0 | -13,008 |
Net cash used in investing activities | -666,355 | -156,136 | -5,499,438 |
Financing activities | ' | ' | ' |
Proceeds from loans payable | 0 | 0 | 770,550 |
Proceeds from issuance of common stock/ subscriptions received | 1,156,103 | 0 | 10,251,036 |
Repurchase of common stock | 0 | 0 | -15,028 |
Net cash provided by financing activities | 1,156,103 | 0 | 11,006,558 |
Effect of exchange rate changes on cash | -9,386 | 5,817 | 214,905 |
Change in cash | 234,042 | -348,448 | 246,223 |
Cash, beginning of period | 12,181 | 432,535 | 0 |
Cash, end of period | $246,223 | $84,087 | $246,223 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Basis of Presentation [Text Block] | ' | |
1 | Basis of Presentation | |
The accompanying consolidated financial statements of Park Place Energy Corp. (the “Company”) should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. | ||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. | ||
These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has a history of negative cash flows from operating activities and the continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at September 30, 2013, the Company has an accumulated deficit of $12,988,050 since inception. This factor raises substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Recent Accounting Pronouncements [Text Block] | ' | |
2 | Recent Accounting Pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Property and Equipment [Text Block] | ' | |||||||||||||
3 | Property and Equipment | |||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Accumulated | Net carrying | Net carrying | ||||||||||||
Cost | depreciation | value | value | |||||||||||
$ | $ | $ | $ | |||||||||||
Computer equipment | – | – | – | 717 | ||||||||||
Office furniture and equipment | 7,493 | 3,648 | 3,845 | 4,234 | ||||||||||
7,493 | 3,648 | 3,845 | 4,951 |
Oil_and_Gas_Properties
Oil and Gas Properties | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Oil and Gas Properties [Text Block] | ' | |||||||
4 | Oil and Gas Properties | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Unproven Properties | 1,035,055 | 346,291 | ||||||
Bulgaria | ||||||||
The Company holds a 98,205 square kilometer oil and gas exploration claim in the Dobroudja Basin located in northeast Bulgaria (the “Block”). The Company intends to conduct exploration and test production activities over a five year period in accordance with or exceeding its minimum work program obligation of US$4,825,000. On October 25, 2010, an appeal against the Bulgarian Council of Ministers decision to award the Block to the Company was filed with the Supreme Administrative Court of Bulgaria and on March 26, 2012 the Court upheld the Company’s claim to the Vranino property and rejected the appeal. On September 14, 2012, the Company was served with an appeal against the July 17, 2012 Fifth Division Supreme Court of Bulgaria’s decision to uphold the award of the Vranino license. On June 12, 2013, the appeal was dismissed, ultimately concluding the litigation in favor Park Place. | ||||||||
On July 12, 2013, the Company, along with its wholly owned Bulgarian subsidiary, BG Explorations EOOD (“BGE”), entered into an agreement (the “Agreement”) with a non-related party. Pursuant to the Agreement, BGE agreed to purchase data and geological and geophysical reports on the area covered by the Block for 308,750 Euros. The non-related party agreed as part of the Agreement not to further appeal the license award to the Company. The Company has primarily engaged in data gathering, acquisition and assessment to date regarding the Block. |
Common_Stock
Common Stock | 9 Months Ended | ||
Sep. 30, 2013 | |||
Common Stock [Text Block] | ' | ||
5 | Common Stock | ||
(a) | On January 14, 2013, the Company increased its authorized capital to 250,000,000 shares of common stock with no change in par value | ||
(b) | On May 1, 2013, the Company issued 200,000 common shares with a fair value of $12,124 for consulting fees. | ||
(c) | On May 22, 2013, the Company issued 75,866 common shares with a fair value of $9,343 to settle accounts payable of $5,974 (US$5,690), which resulted in a loss on settlement of debt of $3,467. | ||
(d) | On August 19, 2013, the Company issued 120,000 common shares with a fair value of $9,885 for consulting fees. | ||
(e) | On August 30, 2013, the Company issued 11,000,000 shares of common stock at US$0.10 per unit and each unit consisted of one share of common stock and one share purchase warrant exercisable for a period of three years at a price of US$0.20 per share. |
Stock_Options
Stock Options | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Stock Options [Text Block] | ' | ||||||||||
6 | Stock Options | ||||||||||
On November 21, 2011, the Company adopted a stock option plan (the “Plan”) whereby the total number of authorized options to be granted is up to a total of 2,000,000 shares of common stock. Under the plan the exercise price of each option shall not be less than the market price of the Company’s stock as calculated immediately preceding the day of the grant. The vesting schedule for each option shall be specified by the Company at the time of grant. The maximum term of options granted is five years. | |||||||||||
The following table summarizes the continuity of the Company’s stock options: | |||||||||||
Weighted | Aggregate | ||||||||||
average | intrinsic | ||||||||||
Number | exercise price | value | |||||||||
of options | US$ | US$ | |||||||||
Outstanding, December 31, 2012 | 300,000 | 0.1 | |||||||||
Granted | 800,000 | 0.1 | |||||||||
Outstanding, September 30, 2013 | 1,100,000 | 0.1 | – | ||||||||
Additional information regarding stock options as of September 30, 2013, is as follows: | |||||||||||
Outstanding | Exercisable | ||||||||||
Weighted | |||||||||||
average | Weighted | Weighted | |||||||||
Range of | remaining | average | average | ||||||||
exercise prices | Number of | contractual life | exercise price | Number of | exercise price | ||||||
US$ | shares | (years) | US$ | shares | US$ | ||||||
0.1 | 1,100,000 | 3.9 | 0.1 | 1,000,000 | 0.1 | ||||||
The fair values for stock options granted have been estimated using the Black-Scholes option pricing model assuming no expected dividends and the following weighted average assumptions: | |||||||||||
Nine months | Nine months | ||||||||||
ended | ended | ||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | ||||||||||
Risk-free interest rate | 1.17% | – | |||||||||
Expected life (in years) | 4.5 | – | |||||||||
Expected volatility | 187% | – | |||||||||
The fair value of stock options vested during the nine months ended September 30, 2013, was $78,582 (2012 - $nil) which was recorded as stock-based compensation and charged to operations. The weighted average fair value of stock options granted during the nine months ended September 30, 2013 was US$0.10 (2012 - $nil) per stock option. |
SHARE_PURCHASE_WARRANTS
SHARE PURCHASE WARRANTS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
SHARE PURCHASE WARRANTS [Text Block] | ' | |||||||
7 | Share Purchase Warrants | |||||||
The following table summarizes the continuity of common share purchase warrants: | ||||||||
Weighted | ||||||||
average | ||||||||
exercise | ||||||||
Number of | price | |||||||
warrants | US$ | |||||||
Balance, December 31, 2012 | – | – | ||||||
Issued | 11,000,000 | 0.2 | ||||||
Balance, September 30, 2013 | 11,000,000 | 0.2 | ||||||
As at September 30, 2013, the following common share purchase warrants were outstanding: | ||||||||
Number of | Exercise | |||||||
warrants | price | |||||||
outstanding | US$ | Expiry date | ||||||
11,000,000 | 0.2 | 29-Aug-16 |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||
Sep. 30, 2013 | |||
Related Party Transactions [Text Block] | ' | ||
8 | Related Party Transactions | ||
(a) | During the nine months ended September 30, 2013, the Company incurred management fees of $12,092 (2012 – $24,235) to a company controlled by the former President of the Company. | ||
(b) | During the nine months ended September 30, 2013, the Company incurred wages of $15,963 (2012 - $nil) to the Chief Executive Officer of the Company. | ||
(c) | As at September 30, 2013, the amount of $nil (December 31, 2012 - $700) was due from a company controlled by the former President of the Company which is non-interest bearing, unsecured, and due on demand. | ||
(d) | As at September 30, 2013, the Company owed $nil (December 31, 2012 - $5,693 (US$5,690)) to a company controlled by a director of the Company which was included in accounts payable and accrued liabilities. This amount owing was non-interest bearing, unsecured, and due on demand. Refer to Note 5(c). |
Supplementary_Cash_Flow_Inform
Supplementary Cash Flow Information | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Supplementary Cash Flow Information [Text Block] | ' | ||||||||||
9 | Supplementary Cash Flow Information | ||||||||||
Accumulated from | |||||||||||
Nine months | Nine months | May 4, 2006 (date | |||||||||
ended | ended | of inception) to | |||||||||
September 30 | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | |||||||||
$ | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Common stock issued to settle debt | 9,343 | – | 645,981 | ||||||||
Common stock issued for conversion of note payable and interest | – | – | 315,091 | ||||||||
Marketable securities received for assignment of oil and gas interest | – | – | 75,000 | ||||||||
Supplemental disclosures: | |||||||||||
Interest paid | – | – | – | ||||||||
Income taxes paid | – | – | – |
Segmented_Information
Segmented Information | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Segmented Information [Text Block] | ' | ||||||||||
10 | Segmented Information | ||||||||||
The Company’s operations are in Canada and Bulgaria. Geographical information is as follows: | |||||||||||
30-Sep-13 | Canada | Bulgaria | Total | ||||||||
$ | $ | $ | |||||||||
Revenue | – | – | – | ||||||||
Restricted cash | 2,369 | – | 2,369 | ||||||||
Property and equipment | 3,845 | – | 3,845 | ||||||||
Oil and gas properties | – | 1,035,055 | 1,035,055 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||
Sep. 30, 2013 | |||
Commitments and Contingencies [Text Block] | ' | ||
11 | Commitments | ||
(a) | On July 25, 2013, the Company entered into an agreement with a consultant whereby the Company is to pay the consultant 10,000 GBP per month for a period of four months, issue 120,000 shares of common stock (issued), and grant 100,000 stock options (granted) with an exercise price of US$0.10 per share expiring three years from the date of grant and vesting as follows: 50,000 stock options shall vest on the date of grant and 50,000 shall vest when the Company completes a capital raise by the Company of at least US$10,000,000 within six months of the grant date. | ||
(b) | On November 1, 2013, the Company entered into an agreement with the new President/Chief Executive Officer of the Company whereby the Company is to pay US$13,000 per month for a period of two years effective as of September 1, 2013. The term will renew on a month to month basis thereafter. For the period following the month during which at least US$10,000,000 of financing has been completed by the Company not later than September 1, 2014, the Company is to pay the President US$18,000 per month. The President would also be issued 300,000 fully vested restricted stock units which will be subject to a minimum two year hold period upon completion of this financing. The Company will issue the President 100,000 fully vested restricted stock units upon each anniversary of this agreement dated upon completion of the financing so long as the agreement remains in effect. If the Company completes any additional cash financing of US$10,000,000 or more in addition to the first US$10,000,000, the Company will issue 250,000 fully vested restricted stock units upon the first subsequent capital raise and 200,000 upon completion of a second subsequent capital raise. The Company granted the President 400,000 stock options exercisable at US$0.23 per share expiring on October 31, 2016. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Accumulated | Net carrying | Net carrying | ||||||||||||
Cost | depreciation | value | value | |||||||||||
$ | $ | $ | $ | |||||||||||
Computer equipment | – | – | – | 717 | ||||||||||
Office furniture and equipment | 7,493 | 3,648 | 3,845 | 4,234 | ||||||||||
7,493 | 3,648 | 3,845 | 4,951 |
Oil_and_Gas_Properties_Tables
Oil and Gas Properties (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Unproved Properties Disclosure [Table Text Block] | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Unproven Properties | 1,035,055 | 346,291 | ||||||
Bulgaria | ||||||||
Stock_Options_Tables
Stock Options (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||
Weighted | Aggregate | ||||||||||
average | intrinsic | ||||||||||
Number | exercise price | value | |||||||||
of options | US$ | US$ | |||||||||
Outstanding, December 31, 2012 | 300,000 | 0.1 | |||||||||
Granted | 800,000 | 0.1 | |||||||||
Outstanding, September 30, 2013 | 1,100,000 | 0.1 | – | ||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||
Outstanding | Exercisable | ||||||||||
Weighted | |||||||||||
average | Weighted | Weighted | |||||||||
Range of | remaining | average | average | ||||||||
exercise prices | Number of | contractual life | exercise price | Number of | exercise price | ||||||
US$ | shares | (years) | US$ | shares | US$ | ||||||
0.1 | 1,100,000 | 3.9 | 0.1 | 1,000,000 | 0.1 | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||
Nine months | Nine months | ||||||||||
ended | ended | ||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | ||||||||||
Risk-free interest rate | 1.17% | – | |||||||||
Expected life (in years) | 4.5 | – | |||||||||
Expected volatility | 187% | – |
SHARE_PURCHASE_WARRANTS_Tables
SHARE PURCHASE WARRANTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | ' | |||||||
Weighted | ||||||||
average | ||||||||
exercise | ||||||||
Number of | price | |||||||
warrants | US$ | |||||||
Balance, December 31, 2012 | – | – | ||||||
Issued | 11,000,000 | 0.2 | ||||||
Balance, September 30, 2013 | 11,000,000 | 0.2 | ||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | |||||||
Number of | Exercise | |||||||
warrants | price | |||||||
outstanding | US$ | Expiry date | ||||||
11,000,000 | 0.2 | 29-Aug-16 |
Supplementary_Cash_Flow_Inform1
Supplementary Cash Flow Information (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||
Accumulated from | |||||||||||
Nine months | Nine months | May 4, 2006 (date | |||||||||
ended | ended | of inception) to | |||||||||
September 30 | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | |||||||||
$ | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Common stock issued to settle debt | 9,343 | – | 645,981 | ||||||||
Common stock issued for conversion of note payable and interest | – | – | 315,091 | ||||||||
Marketable securities received for assignment of oil and gas interest | – | – | 75,000 | ||||||||
Supplemental disclosures: | |||||||||||
Interest paid | – | – | – | ||||||||
Income taxes paid | – | – | – |
Segmented_Information_Tables
Segmented Information (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||
30-Sep-13 | Canada | Bulgaria | Total | ||||||||
$ | $ | $ | |||||||||
Revenue | – | – | – | ||||||||
Restricted cash | 2,369 | – | 2,369 | ||||||||
Property and equipment | 3,845 | – | 3,845 | ||||||||
Oil and gas properties | – | 1,035,055 | 1,035,055 |
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation 1 | $12,988,050 |
Oil_and_Gas_Properties_Narrati
Oil and Gas Properties (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Oil And Gas Properties 1 | 98,205 |
Oil And Gas Properties 2 | $4,825,000 |
Oil And Gas Properties 3 | 308,750 |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Common Stock 1 | 250,000,000 |
Common Stock 2 | 200,000 |
Common Stock 3 | $12,124 |
Common Stock 4 | 75,866 |
Common Stock 5 | 9,343 |
Common Stock 6 | 5,974 |
Common Stock 7 | 5,690 |
Common Stock 8 | 3,467 |
Common Stock 9 | 120,000 |
Common Stock 10 | $9,885 |
Common Stock 11 | 11,000,000 |
Common Stock 12 | $0.10 |
Common Stock 13 | $0.20 |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options 1 | 2,000,000 |
Stock Options 2 | $78,582 |
Stock Options 3 | 0 |
Stock Options 4 | 0.1 |
Stock Options 5 | $0 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions 1 | $12,092 |
Related Party Transactions 2 | 24,235 |
Related Party Transactions 3 | 15,963 |
Related Party Transactions 4 | 0 |
Related Party Transactions 5 | 0 |
Related Party Transactions 6 | 700 |
Related Party Transactions 7 | 0 |
Related Party Transactions 8 | 5,693 |
Related Party Transactions 9 | $5,690 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies 1 | 10,000 |
Commitments And Contingencies 2 | 120,000 |
Commitments And Contingencies 3 | 100,000 |
Commitments And Contingencies 4 | $0.10 |
Commitments And Contingencies 5 | 50,000 |
Commitments And Contingencies 6 | 50,000 |
Commitments And Contingencies 7 | $10,000,000 |
Commitments And Contingencies 8 | 13,000 |
Commitments And Contingencies 9 | 10,000,000 |
Commitments And Contingencies 10 | 18,000 |
Commitments And Contingencies 11 | 300,000 |
Commitments And Contingencies 12 | 100,000 |
Commitments And Contingencies 13 | 10,000,000 |
Commitments And Contingencies 14 | $10,000,000 |
Commitments And Contingencies 15 | 250,000 |
Commitments And Contingencies 16 | 200,000 |
Commitments And Contingencies 17 | 400,000 |
Commitments And Contingencies 18 | $0.23 |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Property And Equipment Schedule Of Property, Plant And Equipment 1 | $0 |
Property And Equipment Schedule Of Property, Plant And Equipment 2 | 0 |
Property And Equipment Schedule Of Property, Plant And Equipment 3 | 0 |
Property And Equipment Schedule Of Property, Plant And Equipment 4 | 717 |
Property And Equipment Schedule Of Property, Plant And Equipment 5 | 7,493 |
Property And Equipment Schedule Of Property, Plant And Equipment 6 | 3,648 |
Property And Equipment Schedule Of Property, Plant And Equipment 7 | 3,845 |
Property And Equipment Schedule Of Property, Plant And Equipment 8 | 4,234 |
Property And Equipment Schedule Of Property, Plant And Equipment 9 | 7,493 |
Property And Equipment Schedule Of Property, Plant And Equipment 10 | 3,648 |
Property And Equipment Schedule Of Property, Plant And Equipment 11 | 3,845 |
Property And Equipment Schedule Of Property, Plant And Equipment 12 | $4,951 |
Unproved_Properties_Disclosure
Unproved Properties Disclosure (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Oil And Gas Properties Unproved Properties Disclosure 1 | $1,035,055 |
Oil And Gas Properties Unproved Properties Disclosure 2 | $346,291 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 1 | $300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 3 | 800,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 5 | 1,100,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 7 | $0 |
Disclosure_of_Sharebased_Compe
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 1 | 0.1 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 2 | $1,100,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 3 | 3.9 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 4 | 0.1 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 5 | $1,000,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 6 | 0.1 |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | 1.17% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | $0 |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 4.5 |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 0 |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 5 | 187.00% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 6 | $0 |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $0 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 0 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | 11,000,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 0.2 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | $11,000,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | 0.2 |
Schedule_of_Stockholders_Equit1
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $11,000,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.2 |
Schedule_of_Cash_Flow_Suppleme
Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 1 | $30 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 2 | 9,343 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 3 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 4 | 645,981 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 5 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 6 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 7 | 315,091 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 8 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 9 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 10 | 75,000 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 11 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 12 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 13 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 14 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 15 | 0 |
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 16 | $0 |
Schedule_of_Revenue_from_Exter
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 1 | $0 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 2 | 0 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 3 | 0 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 4 | 2,369 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 5 | 0 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 6 | 2,369 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 7 | 3,845 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 8 | 0 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 9 | 3,845 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 10 | 0 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 11 | 1,035,055 |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 12 | $1,035,055 |