Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 20, 2015 | Jun. 30, 2014 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Trading Symbol | pkpl | ||
Entity Registrant Name | Park Place Energy Corp. | ||
Entity Central Index Key | 1310982 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 45,731,482 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $8,413,372 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_balance_sheets
Consolidated balance sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash | $1,539,439 | $32,782 |
Receivables | 6,307 | 91,375 |
Prepaid expenses and deposits | 11,993 | 5,256 |
Total current assets | 1,557,739 | 129,413 |
Restricted cash | 0 | 2,300 |
Oil and gas properties | 2,196,157 | 1,206,201 |
Total assets | 3,753,896 | 1,337,914 |
Current liabilities | ||
Accounts payable and accrued liabilities | 268,862 | 197,777 |
Total liabilities | 268,862 | 197,777 |
Stockholders' equity | ||
Common stock Authorized: 250,000,000 shares, par value $0.00001 Issued and outstanding: 45,624,427 and 32,063,447 shares, respectively | 456 | 321 |
Additional paid-in capital | 17,072,916 | 13,748,758 |
Stock subscriptions and stock to be issued | 46,116 | 153,286 |
Accumulated other comprehensive gain | 558 | 0 |
Accumulated deficit | -13,635,012 | -12,762,228 |
Total stockholders' equity | 3,485,034 | 1,140,137 |
Total liabilities and stockholders' equity | $3,753,896 | $1,337,914 |
Consolidated_balance_sheets_Pa
Consolidated balance sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 45,624,427 | 32,063,447 |
Common Stock, Shares, Outstanding | 45,624,427 | 32,063,447 |
Consolidated_statements_of_ope
Consolidated statements of operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses | ||
Depreciation | $0 | $1,010 |
General and administrative | 813,161 | 696,860 |
Total expenses | 813,161 | 697,870 |
Loss before other income (expense) | -813,161 | -697,870 |
Other income (expense) | ||
Foreign exchange loss | -59,623 | -8,049 |
Gain on sale of subsidiary | 0 | 19,775 |
Loss on settlement of debt | 0 | -3,414 |
Loss on disposal of property and equipment | 0 | -990 |
Total other income (expense) | -59,623 | 7,322 |
Loss before income taxes | -872,784 | -690,548 |
Income taxes | 0 | 0 |
Net loss for the period | ($872,784) | ($690,548) |
Loss per share, basic and diluted | ($0.02) | ($0.03) |
Weighted average number of shares outstanding | 39,749,796 | 24,598,535 |
Consolidated_statements_of_com
Consolidated statements of comprehensive loss (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | ($872,784) | ($690,548) |
Other comprehensive income: | ||
Foreign currency cumulative translation adjustment | 558 | 0 |
Comprehensive loss for the year | ($872,226) | ($690,548) |
Consolidated_statement_of_stoc
Consolidated statement of stockholders equity (USD $) | Common Stock [Member] | Additional paid-in capital [Member] | Stock subscriptions and stock to be issued [Member] | Accumulated Deficit [Member] | Accumulated other comprehensive income (loss) [Member] | Total |
Beginning Balance at Dec. 31, 2012 | $207 | $12,406,065 | ($12,071,680) | $334,592 | ||
Beginning Balance (Shares) at Dec. 31, 2012 | 20,667,581 | |||||
Issuance of common stock for cash | 110 | 1,099,890 | 1,100,000 | |||
Issuance of common stock for cash (Shares) | 11,000,000 | |||||
Issuance of common stock in settlement of debt | 1 | 9,103 | 9,104 | |||
Issuance of common stock in settlement of debt (Shares) | 75,866 | |||||
Share subscriptions received | 153,286 | 153,286 | ||||
Stock-based compensation expense | 212,103 | 212,103 | ||||
Stock issuance costs | 0 | |||||
Issuance of common stock for consulting services | 3 | 21,597 | 21,600 | |||
Issuance of common stock for consulting services (Shares) | 320,000 | |||||
Issuance of common stock upon vesting of restricted stock units | 0 | |||||
Net loss | -690,548 | -690,548 | ||||
Ending Balance at Dec. 31, 2013 | 321 | 13,748,758 | 153,286 | -12,762,228 | 1,140,137 | |
Ending Balance (Shares) at Dec. 31, 2013 | 32,063,447 | |||||
Issuance of common stock for cash | 135 | 3,150,651 | -153,286 | 2,997,500 | ||
Issuance of common stock for cash (Shares) | 13,506,430 | |||||
Stock-based compensation expense | 84,474 | 46,116 | 130,590 | |||
Restricted stock granted for services | 102,059 | 102,059 | ||||
Stock issuance costs | -15,650 | -15,650 | ||||
Issuance of common stock for consulting services | 2,624 | 2,624 | ||||
Issuance of common stock for consulting services (Shares) | 32,800 | |||||
Issuance of common stock upon vesting of restricted stock units | 102,059 | |||||
Issuance of common stock upon vesting of restricted stock units (Shares) | 21,750 | |||||
Currency translation adjustment | 558 | 558 | ||||
Net loss | -872,784 | -872,784 | ||||
Ending Balance at Dec. 31, 2014 | $456 | $17,072,916 | $46,116 | ($13,635,012) | $558 | $3,485,034 |
Ending Balance (Shares) at Dec. 31, 2014 | 45,624,427 |
Consolidated_statements_of_cas
Consolidated statements of cash flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | ||
Net loss | ($872,784) | ($690,548) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 0 | 1,010 |
Gain on sale of subsidiary | 0 | -19,775 |
Loss on settlement of debt | 0 | 3,414 |
Loss on disposal of property and equipment | 0 | 990 |
Stock-based compensation | 130,590 | 212,103 |
Changes in operating assets and liabilities: | ||
Receivables | 85,068 | -86,583 |
Prepaid expenses and deposits | -6,737 | 8,716 |
Accounts payable and accrued liabilities | 71,085 | 170,778 |
Due to/from related parties | 0 | 700 |
Net cash used in operating activities | -592,778 | -399,195 |
Investing activities | ||
Restricted cash | 2,300 | 6,325 |
Oil and gas properties expenditures | -885,273 | -839,764 |
Net cash used in investing activities | -882,973 | -833,439 |
Financing activities | ||
Proceeds from issuance of common stock | 2,997,500 | 1,100,000 |
Share issuance costs | -15,650 | 0 |
Stock subscriptions received | 0 | 153,286 |
Net cash provided by financing activities | 2,981,850 | 1,253,286 |
Effect of exchange rate changes on cash and cash equivalents | 558 | 0 |
Change in cash | 1,506,657 | 20,652 |
Cash, beginning of year | 32,782 | 12,130 |
Cash, end of year | 1,539,439 | 32,782 |
Non-cash investing and financing activities: | ||
Common stock issued to settle debt | 0 | 9,104 |
Stock subscriptions received | -153,286 | 0 |
Issuance of common stock for consulting services | 2,624 | 21,600 |
Issuance of common stock upon vesting of restricted stock units | $102,059 | $0 |
Nature_of_Business
Nature of Business | 12 Months Ended | |
Dec. 31, 2014 | ||
Nature of Business [Text Block] | 1 | Nature of Business |
Park Place Energy Corp. (the “Company”) was incorporated under the laws of the State of Nevada on August 27, 2004 under the name ST Online Corp. On July 30, 2007, the Company acquired Park Place Energy (Canada) Inc. and changed its name. The Company is in the business of acquiring and exploring oil and gas properties. On December 30, 2013, the Company disposed Park Place Energy (Canada) Inc. The Company has not produced significant revenue from its principal business. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Summary of Significant Accounting Policies [Text Block] | 2 | Summary of Significant Accounting Policies | |
(a) | Basis of Presentation | ||
These consolidated financial statements for 2014 include the accounts of the Company and its wholly owned subsidiary, BG Exploration EOOD, a company incorporated under the laws of Bulgaria. For 2013 the accounts of the Company also included Park Place Energy (Canada) Inc. until its date of disposal. All inter-company transactions and balances have been eliminated upon consolidation. | |||
(b) | Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the estimated useful lives and recoverability of long-lived assets, impairment of oil and gas properties, fair value of stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
(c) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
(d) | Long-lived Assets | ||
In accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances that could trigger a review include, but are not limited to: significant decreases in the market price of the assets; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the assets; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the assets; and current expectation that the assets will more likely than not be sold or disposed significantly before the end of their estimated useful life. Recoverability is assessed based on the carrying amount of the assets and their fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the assets, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount of the assets is not recoverable and exceeds fair value. | |||
(e) | Oil and Gas Properties | ||
The Company follows the full cost method of accounting for oil and natural gas operations, whereby all costs of exploring for and developing oil and natural gas reserves are capitalized and accumulated in cost centers on a country-by-country basis. Costs include: licence and land acquisition costs, geological, engineering, geophysical, seismic and other data, carrying charges on non-productive properties and costs of drilling and completing both productive and non-productive wells. General and administrative costs which are associated with acquisition, exploration and development activities are capitalized. General and administrative costs are capitalized other than to the extent of the Company’s working interest in operated capital expenditure programs on which operator’s fees have been charged equivalent to standard industry operating agreements. | |||
The costs in each cost center, including the costs of well equipment, are depleted and depreciated using the unit-of-production method based on the estimated proved reserves before royalties. The costs of acquiring and evaluating significant unproved properties are initially excluded from depletion calculations. These unevaluated properties are assessed periodically to ascertain whether impairment has occurred. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion. | |||
The capitalized costs (less accumulated depletion and depreciation in each cost center) are limited to an amount equal to the estimated future net revenue from proved reserves (based on prices and costs at the balance sheet date) plus the cost (net of impairments) of unproved properties. The total capitalized costs, less accumulated depletion and depreciation, site restoration provision and future income taxes of all cost centers, is further limited to an amount equal to the future net revenue from proved reserves plus the cost (net of impairments) of unproved properties of all cost centers less estimated future site restoration costs, general and administrative expenses, financing costs and income taxes. | |||
Proceeds from the sale of oil and natural gas properties are applied against capitalized costs, with no gain or loss recognized, unless such a sale would significantly alter the rate of depletion and depreciation. | |||
(f) | Asset Retirement Obligations | ||
The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that results from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset that is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost). The Company does not have any significant asset retirement obligations. | |||
(g) | Financial Instruments and Fair Value Measures | ||
ASC 820 (“Fair Value Measurements and Disclosures”) requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
The Company’s financial instruments consist principally of cash, receivables, and accounts payable and accrued liabilities. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||
(h) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
As of December 31, 2014 and 2013, the Company did not have any amounts recorded pertaining to uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. During the years ended December 31, 2014 and 2013, the Company recognized penalties of $0 and $120,000, respectively, in general and administrative expense. The Company’s tax years 2011 and forward remain open for review. | |||
(i) | Foreign Currency Translation | ||
Operations outside the United States prepare financial statements in currencies other than the United States dollar. The income statement amounts are translated at average exchange rates for the year, while the assets and liabilities are translated at year-end exchange rates. Translation adjustments are accumulated as a separate component of stockholders' equity and other comprehensive income. The functional currency of our Bulgarian operations is considered to be the Bulgarian Lev. | |||
(j) | Stock-based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718 (“Compensation – Stock Compensation”) using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. | |||
(k) | Loss Per Share | ||
The Company computes loss per share of Company stock in accordance with ASC 260 ("Earnings per Share"), which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing the loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at December 31, 2014 and 2013, the Company had 13,987,422 and 12,800,000 potentially dilutive shares outstanding, respectively. | |||
(l) | Comprehensive Loss | ||
Comprehensive loss consists of net loss and other related gains and losses affecting stockholders’ equity that are excluded from net income or loss. | |||
(m) | Reclassifications | ||
Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year’s presentation. | |||
(n) | 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 any other new accounting pronouncements have been issued that might have a material impact on its financial position or results of operations. |
Sale_of_Park_Place_Energy_Cana
Sale of Park Place Energy (Canada) Inc. | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Sale of Park Place Energy (Canada) Inc. [Text Block] | 3 | Sale of Park Place Energy (Canada) Inc. | ||
On December 30, 2013, the Company completed the sale of its wholly-owned subsidiary Park Place Energy (Canada) Inc. to a non-related party for proceeds of $10, resulting in a gain of $19,775 on sale of subsidiary. | ||||
Property and equipment | $ | 3,364 | ||
Accounts payable | (23,129 | ) | ||
Net liabilities sold | (19,765 | ) | ||
Cash proceeds received | 10 | |||
Gain on sale of subsidiary | $ | 19,775 |
Oil_and_Gas_Properties
Oil and Gas Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Oil and Gas Properties [Text Block] | 4 | Oil and Gas Properties | ||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Unproven properties | ||||||||
Bulgaria | $ | 2,196,157 | $ | 1,206,201 | ||||
The Company holds a 98,205 acre oil and gas exploration claim in the Dobrudja Basin located in northeast Bulgaria (the “Block”). The Company intends to conduct exploration for natural gas and test production activities over a five year period in accordance with or exceeding its minimum work program obligation, which includes five wells, and additional testing and work. The Company intends to commence its work program efforts in 2015. |
Common_Stock
Common Stock | 12 Months Ended | ||
Dec. 31, 2014 | |||
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 shares of common stock with a fair value of $12,000 for consulting fees that was recorded in oil and gas properties. | ||
(c) | On May 22, 2013, the Company issued 75,866 shares of common stock with a fair value of $9,103 to settle accounts payable of $5,690 to a company controlled by a director of the Company. This resulted in a loss on settlement of debt of $3,414. | ||
(d) | On August 19, 2013, the Company issued 120,000 shares of common stock with a fair value of $9,600 for consulting fees that was recorded in oil and gas properties. | ||
(e) | On August 30, 2013, the Company issued 11,000,000 units at a price of $0.10 per unit for proceeds of $1,100,000. Each unit consisted of one share of common stock and one share purchase warrant exercisable at a price of $0.20 per share expiring on August 29, 2016. | ||
(f) | As of December 31, 2013, the Company had received subscriptions for 766,430 shares of common stock at a price of $0.20 per share for proceeds of $153,286, which is included in stock subscriptions received. | ||
(g) | During the year ended December 31, 2014, the Company issued 13,506,430 shares of common stock for proceeds of $2,997,500. | ||
(h) | During the year ended December 31, 2014, the Company issued 32,800 shares of common stock with a fair value of $2,624. The services were valued based on the fair market value of the shares exchanged, which approximate the fair market value of the services received. | ||
(i) | During the year ended December 31, 2014, the Company issued 21,750 shares of common stock upon the vesting of restricted stock units. |
Stock_Options
Stock Options | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stock Options [Text Block] | 6 | Stock Options | |||||||||
The Company has issued stock options (and other stock-based awards) pursuant to two equity plans, the 2013 Long-Term Incentive Plan (the “2013 LTIP”) and the 2011 Stock Option Plan (which was replaced by the 2013 LTIP). The 2013 LTIP permits grants of stock options, stock appreciation rights, restricted stock awards and other stock-based awards. Under the 2013 LTIP, the maximum number of shares of authorized stock that may be delivered is 10% of the total number of shares of common stock issued and outstanding of the Company as determined on the applicable date of grant of an award under the 2013 LTIP. Under the 2013 LTIP, the exercise price of each option (or other stock-based award) 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 (or other stock-based award) shall be specified by the Board of Directors at the time of grant. The maximum term of options (or other stock-based award) granted is ten years or such lesser time as determined by the Board of Directors at the time of grant. | |||||||||||
The following table summarizes the continuity of the Company’s stock options: | |||||||||||
Weighted | Weighted | ||||||||||
average | average | Aggregate | |||||||||
Number | exercise | fair value | intrinsic | ||||||||
of options | price | price | value | ||||||||
Outstanding, December 31, 2012 | 300,000 | $ | 0.1 | 0.09 | |||||||
Granted | 1,500,000 | 0.16 | 0.14 | ||||||||
Outstanding, December 31, 2013 | 1,800,000 | 0.15 | 0.13 | ||||||||
Granted | 350,000 | 0.24 | 0.2 | ||||||||
Expired | (50,000 | ) | 0.1 | 0.09 | |||||||
Outstanding, December 31, 2014 | 2,100,000 | 0.17 | 0.14 | $ | - | ||||||
Additional information regarding stock options as of December 31, 2014, is as follows: | |||||||||||
Outstanding | Exercisable | ||||||||||
Weighted | |||||||||||
average | |||||||||||
remaining | Weighted | Weighted | |||||||||
Range of | Number of | contractual | average | Number of | average | ||||||
exercise prices | shares | life (years) | exercise price | shares | exercise price | ||||||
$0.10 | 1,050,000 | 2.7 | $ 0.10 | 1,000,000 | $ 0.10 | ||||||
0.2 | 100,000 | 2 | 0.2 | 50,000 | 0.2 | ||||||
0.23 - 0.235 | 850,000 | 1.9 | 0.23 | 825,000 | 0.23 | ||||||
0.28 | 100,000 | 2.6 | 0.28 | 50,000 | 0.28 | ||||||
2,100,000 | 2.3 | $ 0.17 | 1,925,000 | $ 0.16 | |||||||
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: | |||||||||||
2014 | 2013 | ||||||||||
Risk-free interest rate | 0.81% | . 91% | |||||||||
Expected life (in years) | 3 | 3.8 | |||||||||
Expected volatility | 173% | 188% | |||||||||
The fair value of stock options vested during the year ended December 31, 2014 and 2013 was $60,429 and $212,103, respectively, that was recorded as stock-based compensation and included in general and administrative expenses. The weighted average fair value of stock options granted during the year ended December 31, 2014 and 2013 was $0.20 and $0.15 per option, respectively. At December 31, 2014, the COmpany had $25,000 in unrecognized compensation expense related to stock options that will be expensed through January 2017. |
Share_Purchase_Warrants
Share Purchase Warrants | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Share Purchase Warrants [Text Block] | 7 | The following table summarizes the continuity of share purchase warrants: | |||||||||
Weighted | |||||||||||
average | |||||||||||
Number of | exercise | ||||||||||
warrants | price | Expire | |||||||||
Balance, December 31, 2012 | – | – | |||||||||
Issued | 11,000,000 | $0.20 | |||||||||
Balance, December 31, 2013 | 11,000,000 | 0.2 | |||||||||
Balance, December 31, 2014 | 11,000,000 | 0.2 | 2016 |
Restricted_Stock_Units
Restricted Stock Units | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Restricted Stock Units [Text Block] | 8 | Restricted Stock Units | ||||||
During 2014, the Company granted restricted stock units (“RSUs”) with vesting periods ranging from one month to sixteen months. Officers of the Company were granted 443,467 RSUs with a fair value of $101,798. Expense related to RSUs is recognized ratably over the vesting period. | ||||||||
Number of | Weighted | |||||||
restricted stock | average fair | |||||||
units | value per award | |||||||
Balance, December 31, 2013 | – | – | ||||||
Issued | 1,082,122 | $ | 0.26 | |||||
Vested | (194,700 | ) | 0.28 | |||||
Balance, December 31, 2014 | 887,442 | $ | 0.25 | |||||
At December 31, 2014 unrecognized compensation expense related to RSUs totaled $76,311 that will be recognized over a weighted average period of 0.9 years. The total fair value of shares vested and released during fiscal year 2014 was $54,516. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2014 | |||
Related Party Transactions [Text Block] | 9 | Related Party | |
(a) | During the year ended December 31, 2013, the Company incurred management and consulting fees of $13,000 to a company controlled by the former President of the Company. | ||
(b) | During the year ended December 31, 2013, the Company incurred oil and gas consulting costs of $29,250 and management fees of $22,750 to a company controlled by the President of the Company, of which $13,773 was included in accounts payable and accrued liabilities as at December 31, 2013. The amount owing is non-interest bearing, unsecured, and due on demand. | ||
(c) | During the year ended December 31, 2013, the Company incurred wages of $20,879 to the Chief Financial Officer of the Company. | ||
(d) | During the year ended December 31, 2013, the Company incurred management and consulting fees of $16,813 to the Corporate Secretary, of which $7,250 was included in accounts payable and accrued liabilities as at December 31, 2014. The amount owing is non-interest bearing, unsecured, and due on demand. | ||
(e) | During the year ended December 31, 2013, the Company incurred oil and gas consulting costs of $71,765 to a company controlled by the Vice President of Exploration of the Company. | ||
(f) | During the year ended December 31, 2013, the Company incurred accounting fees of $11,273 to a company controlled by the Treasurer of the Company. | ||
(g) | During the year ended December 31, 2013, the Company granted 700,000 stock options with a fair value of $136,319 to officers and directors of the Company. |
Commitments
Commitments | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments [Text Block] | 10 | Commitments | |
(a) | On September 1, 2013, the Company entered into an agreement with a consultant whereby the Company was to pay the consultant Cdn$7,500 per month, increasing to Cdn$10,000 per month when the Company raised at least Cdn$10,000,000 in financing, for a period of two years. The Company had the right to terminate this agreement after the expiration of one year if the Company had not secured a financing of at least Cdn$10,000,000 during the first year of this agreement. On August 1, 2014, the Company and the consultant entered into a termination agreement under which this consulting agreement terminated as of December 31, 2014. In lieu of any and all termination fees payable under the consulting agreement, the Company granted 164,700 RSUs. Such RSUs vested on December 31, 2014, but were not issued. | ||
(b) | On November 1, 2013 (as amended on August 1, 2014 and March 27, 2015), the Company entered into an agreement with the President of the Company and a company controlled by the President of the Company with a term of two years effective September 1, 2013. The term will renew on a month-to- month basis thereafter. Pursuant to the agreement as amended, the Company is to pay $18,000 per month, with $5,000 of such consulting fees being deferred and paid in RSUs to the President of the Company through and including the month that a Phase I Capital Raise transaction is completed by the Company not later than March 31, 2016, at which time the deferral ends. The pricing for such RSUs will be determined based on the average closing price of the Company’s common shares for the last ten days of the calendar quarter in which such RSUs accrued. Phase I Capital Raise is defined as the following: | ||
(i) | Raising in the aggregate $10,000,000 in one or a series of capital raises, the calculation of which commences June 15, 2013; or | ||
(ii) | A farm out or other infusion of capital for the project (under a financing or other arrangement) in an amount of $20,000,000 or greater. | ||
If the Phase I Capital Raise is completed on or before March 31, 2016, the President would also be issued 300,000 fully vested RSUs, 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 RSUs 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 $10,000,000 or more in addition to the first $10,000,000 of equity financing, the Company will issue the President 250,000 fully vested RSUs upon the first subsequent capital raise and 200,000 upon completion of a second subsequent capital raise. |
Segmented_Information
Segmented Information | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Segmented Information [Text Block] | 11 | Segmented Information | |||||||||
The Company’s operations are in the resource industry in Canada and Bulgaria. Geographical information is as follows: | |||||||||||
31-Dec-14 | |||||||||||
Canada | Bulgaria | Total | |||||||||
Oil and gas properties | $ | – | $ | 2,195,157 | $ | 2,196,157 | |||||
31-Dec-13 | |||||||||||
Canada | Bulgaria | Total | |||||||||
Restricted cash | $ | 2,300 | $ | – | $ | 2,300 | |||||
Oil and gas properties | – | 1,206,201 | 1,206,201 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Taxes [Text Block] | 12 | Income Taxes | ||||||
The Company has net operating losses carried forward of $9,873,512 available to offset taxable income in future years which expires beginning in fiscal 2014. | ||||||||
The Company is subject to United States federal and state income taxes at a rate of 34%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows: | ||||||||
2014 | 2013 | |||||||
Income tax at statutory rate | $ | (296,747 | ) | $ | (234,786 | ) | ||
Permanent differences and other | 810 | 88,366 | ||||||
Removal of losses from disposal of subsidiary | – | 3,199,681 | ||||||
Valuation allowance change | 295,937 | (3,053,261 | ) | |||||
Income tax provision | $ | – | $ | – | ||||
The significant components of deferred income tax assets and liabilities as at December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
Net operating losses carried forward | $ | 3,356,994 | $ | 1,309,952 | ||||
Oil and gas properties | 125,566 | 125,566 | ||||||
Stock compensation expense | 44,401 | - | ||||||
Property and equipment | 377 | 377 | ||||||
Total deferred income tax assets | 3,527,338 | 1,435,895 | ||||||
Valuation allowance | (3,527,338 | ) | (1,435,895 | ) | ||||
Net deferred income tax asset | $ | – | $ | – |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Use of Estimates [Policy Text Block] | (b) | Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the estimated useful lives and recoverability of long-lived assets, impairment of oil and gas properties, fair value of stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Cash and Cash Equivalents [Policy Text Block] | (c) | Cash and Cash Equivalents | |
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
Long-lived Assets [Policy Text Block] | (d) | Long-lived Assets | |
In accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances that could trigger a review include, but are not limited to: significant decreases in the market price of the assets; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the assets; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the assets; and current expectation that the assets will more likely than not be sold or disposed significantly before the end of their estimated useful life. Recoverability is assessed based on the carrying amount of the assets and their fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the assets, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount of the assets is not recoverable and exceeds fair value. | |||
Oil and Gas Properties [Policy Text Block] | (e) | Oil and Gas Properties | |
The Company follows the full cost method of accounting for oil and natural gas operations, whereby all costs of exploring for and developing oil and natural gas reserves are capitalized and accumulated in cost centers on a country-by-country basis. Costs include: licence and land acquisition costs, geological, engineering, geophysical, seismic and other data, carrying charges on non-productive properties and costs of drilling and completing both productive and non-productive wells. General and administrative costs which are associated with acquisition, exploration and development activities are capitalized. General and administrative costs are capitalized other than to the extent of the Company’s working interest in operated capital expenditure programs on which operator’s fees have been charged equivalent to standard industry operating agreements. | |||
The costs in each cost center, including the costs of well equipment, are depleted and depreciated using the unit-of-production method based on the estimated proved reserves before royalties. The costs of acquiring and evaluating significant unproved properties are initially excluded from depletion calculations. These unevaluated properties are assessed periodically to ascertain whether impairment has occurred. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion. | |||
The capitalized costs (less accumulated depletion and depreciation in each cost center) are limited to an amount equal to the estimated future net revenue from proved reserves (based on prices and costs at the balance sheet date) plus the cost (net of impairments) of unproved properties. The total capitalized costs, less accumulated depletion and depreciation, site restoration provision and future income taxes of all cost centers, is further limited to an amount equal to the future net revenue from proved reserves plus the cost (net of impairments) of unproved properties of all cost centers less estimated future site restoration costs, general and administrative expenses, financing costs and income taxes. | |||
Proceeds from the sale of oil and natural gas properties are applied against capitalized costs, with no gain or loss recognized, unless such a sale would significantly alter the rate of depletion and depreciation. | |||
Asset Retirement Obligations [Policy Text Block] | (f) | Asset Retirement Obligations | |
The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that results from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset that is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost). The Company does not have any significant asset retirement obligations. | |||
Financial Instruments and Fair Value Measures [Policy Text Block] | (g) | Financial Instruments and Fair Value Measures | |
ASC 820 (“Fair Value Measurements and Disclosures”) requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Income Taxes [Policy Text Block] | (h) | Income Taxes | |
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
As of December 31, 2014 and 2013, the Company did not have any amounts recorded pertaining to uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. During the years ended December 31, 2014 and 2013, the Company recognized penalties of $0 and $120,000, respectively, in general and administrative expense. The Company’s tax years 2011 and forward remain open for review. | |||
Foreign Currency Translation [Policy Text Block] | (i) | Foreign Currency Translation | |
Operations outside the United States prepare financial statements in currencies other than the United States dollar. The income statement amounts are translated at average exchange rates for the year, while the assets and liabilities are translated at year-end exchange rates. Translation adjustments are accumulated as a separate component of stockholders' equity and other comprehensive income. The functional currency of our Bulgarian operations is considered to be the Bulgarian Lev. | |||
Stock-based Compensation [Policy Text Block] | (j) | Stock-based Compensation | |
The Company records stock-based compensation in accordance with ASC 718 (“Compensation – Stock Compensation”) using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. | |||
Loss Per Share [Policy Text Block] | (k) | Loss Per Share | |
The Company computes loss per share of Company stock in accordance with ASC 260 ("Earnings per Share"), which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing the loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at December 31, 2014 and 2013, the Company had 13,987,422 and 12,800,000 potentially dilutive shares outstanding, respectively. | |||
Comprehensive Loss [Policy Text Block] | (l) | Comprehensive Loss | |
Comprehensive loss consists of net loss and other related gains and losses affecting stockholders’ equity that are excluded from net income or loss. | |||
Reclassifications [Policy Text Block] (PriorPeriodReclassificationAdjustmentDescription) | (m) | Reclassifications | |
Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year’s presentation. | |||
Recent Accounting Pronouncements [Policy Text Block] | (n) | 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 any other new accounting pronouncements have been issued that might have a material impact on its financial position or results of operations. |
Sale_of_Park_Place_Energy_Cana1
Sale of Park Place Energy (Canada) Inc. (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Schedules of Gain Loss on Sale of Subsidiary [Table Text Block] | Property and equipment | $ | 3,364 | |
Accounts payable | (23,129 | ) | ||
Net liabilities sold | (19,765 | ) | ||
Cash proceeds received | 10 | |||
Gain on sale of subsidiary | $ | 19,775 |
Oil_and_Gas_Properties_Tables
Oil and Gas Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Unproved Properties Disclosure [Table Text Block] | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Unproven properties | ||||||||
Bulgaria | $ | 2,196,157 | $ | 1,206,201 |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | |||||||||||
Weighted | Weighted | ||||||||||
average | average | Aggregate | |||||||||
Number | exercise | fair value | intrinsic | ||||||||
of options | price | price | value | ||||||||
Outstanding, December 31, 2012 | 300,000 | $ | 0.1 | 0.09 | |||||||
Granted | 1,500,000 | 0.16 | 0.14 | ||||||||
Outstanding, December 31, 2013 | 1,800,000 | 0.15 | 0.13 | ||||||||
Granted | 350,000 | 0.24 | 0.2 | ||||||||
Expired | (50,000 | ) | 0.1 | 0.09 | |||||||
Outstanding, December 31, 2014 | 2,100,000 | 0.17 | 0.14 | $ | - | ||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Outstanding | Exercisable | |||||||||
Weighted | |||||||||||
average | |||||||||||
remaining | Weighted | Weighted | |||||||||
Range of | Number of | contractual | average | Number of | average | ||||||
exercise prices | shares | life (years) | exercise price | shares | exercise price | ||||||
$0.10 | 1,050,000 | 2.7 | $ 0.10 | 1,000,000 | $ 0.10 | ||||||
0.2 | 100,000 | 2 | 0.2 | 50,000 | 0.2 | ||||||
0.23 - 0.235 | 850,000 | 1.9 | 0.23 | 825,000 | 0.23 | ||||||
0.28 | 100,000 | 2.6 | 0.28 | 50,000 | 0.28 | ||||||
2,100,000 | 2.3 | $ 0.17 | 1,925,000 | $ 0.16 | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | |||||||||
Risk-free interest rate | 0.81% | . 91% | |||||||||
Expected life (in years) | 3 | 3.8 | |||||||||
Expected volatility | 173% | 188% |
Share_Purchase_Warrants_Tables
Share Purchase Warrants (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | Weighted | ||||||||||
average | |||||||||||
Number of | exercise | ||||||||||
warrants | price | Expire | |||||||||
Balance, December 31, 2012 | – | – | |||||||||
Issued | 11,000,000 | $0.20 | |||||||||
Balance, December 31, 2013 | 11,000,000 | 0.2 | |||||||||
Balance, December 31, 2014 | 11,000,000 | 0.2 | 2016 |
Restricted_Stock_Units_Tables
Restricted Stock Units (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Schedule of Vested Restricted Stock Units Activity [Table Text Block] | Number of | Weighted | ||||||
restricted stock | average fair | |||||||
units | value per award | |||||||
Balance, December 31, 2013 | – | – | ||||||
Issued | 1,082,122 | $ | 0.26 | |||||
Vested | (194,700 | ) | 0.28 | |||||
Balance, December 31, 2014 | 887,442 | $ | 0.25 |
Segmented_Information_Tables
Segmented Information (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Canada | Bulgaria | Total | Canada | Bulgaria | Total | |||||||||||||||||
Oil and gas properties | $ | – | $ | 2,195,157 | $ | 2,196,157 | Restricted cash | $ | 2,300 | $ | – | $ | 2,300 | |||||||||
Oil and gas properties | – | 1,206,201 | 1,206,201 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | ||||||
Income tax at statutory rate | $ | (296,747 | ) | $ | (234,786 | ) | ||
Permanent differences and other | 810 | 88,366 | ||||||
Removal of losses from disposal of subsidiary | – | 3,199,681 | ||||||
Valuation allowance change | 295,937 | (3,053,261 | ) | |||||
Income tax provision | $ | – | $ | – | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | ||||||
Net operating losses carried forward | $ | 3,356,994 | $ | 1,309,952 | ||||
Oil and gas properties | 125,566 | 125,566 | ||||||
Stock compensation expense | 44,401 | - | ||||||
Property and equipment | 377 | 377 | ||||||
Total deferred income tax assets | 3,527,338 | 1,435,895 | ||||||
Valuation allowance | (3,527,338 | ) | (1,435,895 | ) | ||||
Net deferred income tax asset | $ | – | $ | – |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies 1 | $0 |
Summary Of Significant Accounting Policies 2 | $120,000 |
Summary Of Significant Accounting Policies 3 | 13,987,422 |
Summary Of Significant Accounting Policies 4 | 12,800,000 |
Sale_of_Park_Place_Energy_Cana2
Sale of Park Place Energy (Canada) Inc. (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Sale Of Park Place Energy (canada) Inc. 1 | $10 |
Sale Of Park Place Energy (canada) Inc. 2 | $19,775 |
Oil_and_Gas_Properties_Narrati
Oil and Gas Properties (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
acre | |
Oil And Gas Properties 1 | 98,205 |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Common Stock 1 | 250,000,000 |
Common Stock 2 | 200,000 |
Common Stock 3 | $12,000 |
Common Stock 4 | 75,866 |
Common Stock 5 | 9,103 |
Common Stock 6 | 5,690 |
Common Stock 7 | 3,414 |
Common Stock 8 | 120,000 |
Common Stock 9 | 9,600 |
Common Stock 10 | 11,000,000 |
Common Stock 11 | $0.10 |
Common Stock 12 | 1,100,000 |
Common Stock 13 | $0.20 |
Common Stock 14 | 766,430 |
Common Stock 15 | $0.20 |
Common Stock 16 | 153,286 |
Common Stock 17 | 13,506,430 |
Common Stock 18 | 2,997,500 |
Common Stock 19 | 32,800 |
Common Stock 20 | $2,624 |
Common Stock 21 | 21,750 |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Options 1 | 10.00% |
Stock Options 2 | $60,429 |
Stock Options 3 | 212,103 |
Stock Options 4 | 0.2 |
Stock Options 5 | $0.15 |
Stock Options 6 | $25,000 |
Restricted_Stock_Units_Narrati
Restricted Stock Units (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Y | |
Restricted Stock Units 1 | 443,467 |
Restricted Stock Units 2 | $101,798 |
Restricted Stock Units 3 | 76,311 |
Restricted Stock Units 4 | 0.9 |
Restricted Stock Units 5 | $54,516 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions 1 | $13,000 |
Related Party Transactions 2 | 29,250 |
Related Party Transactions 3 | 22,750 |
Related Party Transactions 4 | 13,773 |
Related Party Transactions 5 | 20,879 |
Related Party Transactions 6 | 16,813 |
Related Party Transactions 7 | 7,250 |
Related Party Transactions 8 | 71,765 |
Related Party Transactions 9 | 11,273 |
Related Party Transactions 10 | 700,000 |
Related Party Transactions 11 | $136,319 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | CAD | |
Commitments 1 | 7,500 | 7,500 |
Commitments 2 | 10,000 | 10,000 |
Commitments 3 | 10,000,000 | |
Commitments 4 | 10,000,000 | |
Commitments 5 | 164,700 | 164,700 |
Commitments 6 | 18,000 | 18,000 |
Commitments 7 | 5,000 | |
Commitments 8 | 10,000,000 | |
Commitments 9 | 20,000,000 | |
Commitments 10 | 300,000 | 300,000 |
Commitments 11 | 100,000 | 100,000 |
Commitments 12 | 10,000,000 | |
Commitments 13 | $10,000,000 | |
Commitments 14 | 250,000 | 250,000 |
Commitments 15 | 200,000 | 200,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes 1 | $9,873,512 |
Income Taxes 2 | 34.00% |
Schedules_of_Gain_Loss_on_Sale
Schedules of Gain Loss on Sale of Subsidiary (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Sale Of Park Place Energy (canada) Inc. Schedules Of Gain Loss On Sale Of Subsidiary 1 | $3,364 |
Sale Of Park Place Energy (canada) Inc. Schedules Of Gain Loss On Sale Of Subsidiary 2 | -23,129 |
Sale Of Park Place Energy (canada) Inc. Schedules Of Gain Loss On Sale Of Subsidiary 3 | -19,765 |
Sale Of Park Place Energy (canada) Inc. Schedules Of Gain Loss On Sale Of Subsidiary 4 | 10 |
Sale Of Park Place Energy (canada) Inc. Schedules Of Gain Loss On Sale Of Subsidiary 5 | $19,775 |
Unproved_Properties_Disclosure
Unproved Properties Disclosure (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Oil And Gas Properties Unproved Properties Disclosure 1 | $2,196,157 |
Oil And Gas Properties Unproved Properties Disclosure 2 | $1,206,201 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
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 | 0.09 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 3 | 1,500,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0.16 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.14 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 5 | 1,800,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.15 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 9 | 0.13 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 7 | 350,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0.24 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 12 | 0.2 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 9 | -50,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 10 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 15 | 0.09 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 11 | 2,100,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 12 | 0.17 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 18 | 0.14 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 13 | $0 |
Disclosure_of_Sharebased_Compe
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 1 | $0.10 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 2 | 1,050,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 3 | 2.7 |
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 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 7 | 0.2 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 8 | 100,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 9 | 2 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 10 | 0.2 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 11 | 50,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 12 | 0.2 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 13 | 0.23 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 14 | 0.235 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 15 | 850,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 16 | 1.9 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 17 | 0.23 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 18 | 825,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 19 | 0.23 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 20 | 0.28 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 21 | 100,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 22 | 2.6 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 23 | 0.28 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 24 | 50,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 25 | 0.28 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 26 | 2,100,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 27 | 2.3 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 28 | 0.17 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 29 | $1,925,000 |
Stock Options Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 30 | 0.16 |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | 0.81% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | 91.00% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 3 |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 3.8 |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 5 | 173.00% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 6 | 188.00% |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
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 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | $11,000,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0.2 |
Schedule_of_Vested_Restricted_
Schedule of Vested Restricted Stock Units Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 1 | $0 |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 2 | 0 |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 3 | 1,082,122 |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 4 | 0.26 |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 5 | -194,700 |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 6 | 0.28 |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 7 | $887,442 |
Restricted Stock Units Schedule Of Vested Restricted Stock Units Activity 8 | 0.25 |
Schedule_of_Revenue_from_Exter
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 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 | 2,195,157 | |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 3 | 2,196,157 | |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 1 | 2,300 | |
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 | 2,300 | |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 4 | 0 | |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 5 | 1,206,201 | |
Segmented Information Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 6 | $1,206,201 |
Schedule_of_Components_of_Inco
Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | ($296,747) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | -234,786 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | 810 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | 88,366 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | 3,199,681 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 7 | 295,937 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 8 | -3,053,261 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 9 | 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 10 | $0 |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $3,356,994 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 1,309,952 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | 125,566 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | 125,566 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 44,401 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | 377 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | 377 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | 3,527,338 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | 1,435,895 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | -3,527,338 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | -1,435,895 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | $0 |