Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 09, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PKPL | |
Entity Registrant Name | Park Place Energy Corp. | |
Entity Central Index Key | 1,310,982 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 45,731,482 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 491,644 | $ 1,539,439 |
Receivables | 2,885 | 6,307 |
Prepaid expenses and deposits | 20,770 | 11,993 |
Total current assets | 515,299 | 1,557,739 |
Oil and gas properties | 2,582,734 | 2,196,157 |
Note receivable | 39,086 | |
Total assets | 3,137,119 | 3,753,896 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 53,401 | 268,862 |
Total liabilities | $ 53,401 | $ 268,862 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock Authorized: 250,000,000 shares, par value $0.00001 Issued and outstanding: 45,731,482 and 45,624,427 shares, respectively | $ 457 | $ 456 |
Additional paid-in capital | 17,223,883 | 17,072,916 |
Stock to be issued | 46,116 | |
Accumulated other comprehensive gain | 988 | 558 |
Accumulated deficit | (14,141,610) | (13,635,012) |
Total stockholders' equity | 3,083,718 | 3,485,034 |
Total liabilities and stockholders' equity | $ 3,137,119 | $ 3,753,896 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares issued | 45,731,482 | 45,624,427 |
Common stock, shares outstanding | 45,731,482 | 45,624,427 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Expenses | ||||
General and administrative | $ 176,441 | $ 267,552 | $ 587,460 | $ 635,023 |
Total expenses | 176,441 | 267,552 | 587,460 | 635,023 |
Loss before other expenses | (176,441) | (267,552) | (587,460) | (635,023) |
Other income (expenses) | ||||
Reversed tax penalties | 120,000 | 120,000 | ||
Foreign exchange loss | (1,066) | (12,034) | (39,138) | (21,117) |
Total other income (expenses) | 118,934 | (12,034) | 80,862 | (21,117) |
Net loss for the period | $ (57,507) | $ (279,586) | $ (506,598) | $ (656,140) |
Loss per share, basic and diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average number of shares outstanding | 45,731,482 | 43,246,407 | 45,729,521 | 37,767,677 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss for the period | $ (57,507) | $ (279,586) | $ (506,598) | $ (656,140) |
Other comprehensive income (loss): | ||||
Foreign currency cumulative translation adjustment | (91) | 430 | ||
Comprehensive loss for the period | $ (57,598) | $ (279,586) | $ (506,168) | $ (656,140) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) | Total | Common Stock [Member] | Additional paid-in capital [Member] | Stock to be issued [Member] | Accumulated other comprehensive income [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2014 | $ 3,485,034 | $ 456 | $ 17,072,916 | $ 46,116 | $ 558 | $ (13,635,012) |
Beginning Balance, Shares at Dec. 31, 2014 | 45,624,427 | 45,624,427 | ||||
Issuance of restricted shares | $ 1 | 46,115 | $ (46,116) | |||
Issuance of restricted shares, Shares | 107,055 | |||||
Stock-based compensation expense | $ 56,062 | 56,062 | ||||
Restricted stock issued for oil and gas properties | 48,790 | 48,790 | ||||
Currency translation adjustment | 430 | 430 | ||||
Net loss | (506,598) | (506,598) | ||||
Ending Balance at Sep. 30, 2015 | $ 3,083,718 | $ 457 | $ 17,223,883 | $ 988 | $ (14,141,610) | |
Ending Balance, Shares at Sep. 30, 2015 | 45,731,482 | 45,731,482 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Net loss for the period | $ (506,598) | $ (656,140) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 56,062 | 106,512 |
Changes in operating assets and liabilities: | ||
Receivables | 3,422 | 84,415 |
Prepaid expenses and deposits | (8,777) | (15,728) |
Accounts payable and accrued liabilities | (222,508) | 127,138 |
Net cash used in operating activities | (678,399) | (353,803) |
Investing activities: | ||
Issuance of note receivable | (39,086) | |
Oil and gas properties expenditures | (330,740) | (745,324) |
Net cash used in investing activities | (369,826) | (745,324) |
Financing activities: | ||
Proceeds from issuance of common stock / stock subscriptions received | 2,981,850 | |
Net cash provided by financing activities | 2,981,850 | |
Effect of exchange rate changes on cash and cash equivalents | 430 | |
Change in cash | (1,047,795) | 1,882,723 |
Cash, beginning of period | 1,539,439 | 32,782 |
Cash, end of period | 491,644 | $ 1,915,505 |
Non-cash investing and financing activities: | ||
Oil and gas expenditures included in accounts payable | 7,047 | |
Restricted stock issued for oil and gas properties | 48,790 | |
Stock issued for subscription receivable | $ 46,116 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1) Summary of Significant Accounting Policies (a) Basis of Presentation These consolidated financial statements are unaudited and have been prepared from the books and records of Park Place Energy Corp. and its consolidated subsidiary (“Park Place”, the “Company”, “we”, or “our”). In our opinion, all normal and recurring adjustments necessary for a fair presentation of the financial position of the Company as of September 30, 2015, and the results of operations for the three and nine months ended September 30, 2015 and 2014, and cash flows for the nine months ended September 30, 2015 and 2014, have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of the Company included in its Form 10-K for the year ended December 31, 2014. (b) Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern Subtopic 205- 40—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. The adoption of ASU 2014- 15 is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. (c) 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 consolidated statement of operations. 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. In computing diluted EPS, the average stock price for the period is used in determining the potential dilutive effect of outstanding stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the three and nine months ended September 30, 2015 and 2014, the Company had 14,810,645 and 14,444,610 potentially dilutive shares outstanding, respectively, and 13,593,517 and 13,266,313, respectively, that were excluded from the calculation of diluted EPS. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2.) Going Concern As shown in the accompanying consolidated financial statements, the Company has no revenues and has incurred continuous losses from operations and had an accumulated deficit of $14,141,610 at September 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new ventures to increase revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful, therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Oil and Gas Properties
Oil and Gas Properties | 9 Months Ended |
Sep. 30, 2015 | |
Extractive Industries [Abstract] | |
Oil and Gas Properties | 3.) Oil and Gas Properties September 30, December 31, Unproven properties Bulgaria $ 2,582,734 $ 2,196,157 The Company holds a 98,205 acre oil and gas exploration claim in the Dobrudja Basin located in northeast Bulgaria. 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. The Company’s commitment is to perform geological and geophysical exploration activities in the first 3 years of the initial term (the “Exploration and Geophysical Work Stage”), followed by drilling activities in years 4 and 5 of the initial term (the “Data Evaluation and Drilling Stage”). The Company is required to drill 10,000 meters (approximately 32,800 feet) of new wellbore (which may be vertical, horizontal or diagonal) and conduct other exploration activities during the initial term. The Company intends to commence its work program efforts once it receives all regular regulatory approvals of its work programs. |
Note Receivable
Note Receivable | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Note Receivable | 4.) Note Receivable In April 2015, the Company loaned $38,570 to a Bulgarian company pursuant to a revolving credit facility, enabling such Bulgarian company to buy and manage land in Bulgaria to be leased by the Company for future well sites. The credit facility has a maximum loan obligation of BGN 1,000,000 ($574,800 at September 30, 2015), bears interest at 6.32%, has a five-year term and is secured by the land the Bulgarian company buys. Payment on the facility is due the earlier of the end of the five-year term (April 6, 2020) or demand by the Company. As of September 30, 2015 the outstanding balance on the loan obligation was $39,086. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Common Stock | 5.) Common Stock In January 2015, the Company issued 107,055 shares of common stock upon the vesting of restricted stock units for employee compensation. |
Stock Options
Stock Options | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | 6.) Stock Options On April 1, 2015, the Company granted 150,000 stock options at an exercise price of $0.14 per share to directors of the Company. Such option agreements are their annual compensation. The following table summarizes the Company’s stock options as of September 30, 2015. Number Weighted Weighted Aggregate Outstanding, December 31, 2014 2,100,000 $ 0.17 $ 0.14 $ — Granted 150,000 0.14 0.14 — Expired — — — — Outstanding, September 30, 2015 2,250,000 $ 0.17 $ 0.14 $ 42,000 Additional information regarding stock options as of September 30, 2015, is as follows: Outstanding Exercisable Range of Number Weighted Weighted Number Weighted $0.10 1,050,000 2.0 $ 0.10 1,050,000 $ 0.10 $0.14 150,000 2.5 $ 0.14 150,000 $ 0.14 $0.20 100,000 1.3 $ 0.20 50,000 $ 0.20 $0.23-0.235 850,000 1.1 $ 0.23 825,000 $ 0.23 $0.28 100,000 1.8 $ 0.28 50,000 $ 0.28 2,250,000 1.7 $ 0.17 2,125,000 $ 0.16 The fair value of stock options vested during the nine months ended September 30, 2015 and 2014 was $20,729 and $60,429, respectively, which was recorded as stock-based compensation and charged to operations. |
Restricted Stock Units
Restricted Stock Units | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Units | 7.) Restricted Stock Units During the nine months ended September 30, 2015, the Company granted 900,541 restricted stock units (“RSUs”) with vesting periods ranging from seventeen to twenty months and a fair value of $123,404. Of this total grant of RSUs, officers of the Company were granted 519,609 RSUs with a fair value of $70,566. Expense related to RSUs is recognized ratably over the vesting period. Number of Weighted Balance, December 31, 2014 887,422 $ 0.25 Issued 900,541 $ 0.14 Vested — $ — Balance, September 30, 2015 1,787,963 $ 0.19 During the three and nine months ended September 30, 2015 and 2014, stock compensation expense related to vested restricted stock units was $11,873 and $18,930 and $35,333 and $46,083, respectively. During the nine months ended September 30, 2015, $48,790 related to grants of restricted stock was charged to oil and gas properties ($0 for the prior year period). At September 30, 2015 unrecognized compensation expense related to RSUs totaled $40,689 that will be recognized over a weighted average period of approximately eight months. |
Segmented Information
Segmented Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segmented Information | 8.) Segmented Information The Company’s operations are in the resource industry in Bulgaria with head offices in the United States and a satellite office in Sofia, Bulgaria. The Company operates as a single reportable segment and its oil and gas properties are located in Bulgaria. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9.) Income Taxes 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: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Benefit at statutory rate $ (19,552 ) $ (95,059 ) $ (172,243 ) $ (223,088 ) Permanent differences and other: 43 672 721 672 Valuation allowance change 19,509 94,387 171,522 222,416 Income tax provision $ — $ — $ — $ — |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation These consolidated financial statements are unaudited and have been prepared from the books and records of Park Place Energy Corp. and its consolidated subsidiary (“Park Place”, the “Company”, “we”, or “our”). In our opinion, all normal and recurring adjustments necessary for a fair presentation of the financial position of the Company as of September 30, 2015, and the results of operations for the three and nine months ended September 30, 2015 and 2014, and cash flows for the nine months ended September 30, 2015 and 2014, have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of the Company included in its Form 10-K for the year ended December 31, 2014. |
Recent Accounting Pronouncements | (b) Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern Subtopic 205- 40—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. The adoption of ASU 2014- 15 is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. |
Loss Per Share | (c) 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 consolidated statement of operations. 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. In computing diluted EPS, the average stock price for the period is used in determining the potential dilutive effect of outstanding stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the three and nine months ended September 30, 2015 and 2014, the Company had 14,810,645 and 14,444,610 potentially dilutive shares outstanding, respectively, and 13,593,517 and 13,266,313, respectively, that were excluded from the calculation of diluted EPS. |
Oil and Gas Properties (Tables)
Oil and Gas Properties (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Extractive Industries [Abstract] | |
Schedule of Unproved Properties | September 30, December 31, Unproven properties Bulgaria $ 2,582,734 $ 2,196,157 |
Stock Options (Tables)
Stock Options (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Options Activity | The following table summarizes the Company’s stock options as of September 30, 2015. Number Weighted Weighted Aggregate Outstanding, December 31, 2014 2,100,000 $ 0.17 $ 0.14 $ — Granted 150,000 0.14 0.14 — Expired — — — — Outstanding, September 30, 2015 2,250,000 $ 0.17 $ 0.14 $ 42,000 |
Summary of Additional Information Regarding Stock Options | Additional information regarding stock options as of September 30, 2015, is as follows: Outstanding Exercisable Range of Number Weighted Weighted Number Weighted $0.10 1,050,000 2.0 $ 0.10 1,050,000 $ 0.10 $0.14 150,000 2.5 $ 0.14 150,000 $ 0.14 $0.20 100,000 1.3 $ 0.20 50,000 $ 0.20 $0.23-0.235 850,000 1.1 $ 0.23 825,000 $ 0.23 $0.28 100,000 1.8 $ 0.28 50,000 $ 0.28 2,250,000 1.7 $ 0.17 2,125,000 $ 0.16 |
Restricted Stock Units (Tables)
Restricted Stock Units (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Units Activity | Expense related to RSUs is recognized ratably over the vesting period. Number of Weighted Balance, December 31, 2014 887,422 $ 0.25 Issued 900,541 $ 0.14 Vested — $ — Balance, September 30, 2015 1,787,963 $ 0.19 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Provision for Income Taxes | 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: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Benefit at statutory rate $ (19,552 ) $ (95,059 ) $ (172,243 ) $ (223,088 ) Permanent differences and other: 43 672 721 672 Valuation allowance change 19,509 94,387 171,522 222,416 Income tax provision $ — $ — $ — $ — |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 14,810,645 | 13,593,517 | 14,444,610 | 13,266,313 |
Going Concern - Additional Info
Going Concern - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Revenue | $ 0 | |
Accumulated deficit | $ (14,141,610) | $ (13,635,012) |
Oil and Gas Properties - Schedu
Oil and Gas Properties - Schedule of Unproved Properties (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Unproven properties | $ 2,582,734 | $ 2,196,157 |
Bulgaria [Member] | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Unproven properties | $ 2,582,734 | $ 2,196,157 |
Oil and Gas Properties - Additi
Oil and Gas Properties - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015amft | |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Abstract] | |
Oil and gas acreage, undeveloped, net | 98,205 |
Initial term for natural gas and test production activities | 5 years |
Commitment period of exploration activities and geophysical work stage | 3 years |
Commitment period of drilling activities of data evaluation | 2 years |
New well bore required to be drilled in meters | m | 10,000 |
New well bore required to be drilled in feet | ft | 32,800 |
Note Receivable - Additional In
Note Receivable - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2015BGN | Apr. 30, 2015USD ($) | |
Line of Credit Facility [Line Items] | |||
Note receivable | $ 39,086 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Note receivable | $ 38,570 | ||
Borrowing capacity | $ 574,800 | BGN 1,000,000 | |
Line of credit facility, interest rate | 6.32% | ||
Line of credit facility, period | 5 years |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - shares | Sep. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||
Common stock, shares issued | 45,731,482 | 45,624,427 | |
Restricted Stock Units (RSUs) [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares issued | 107,055 |
Stock Options - Additional Info
Stock Options - Additional Information (Detail) - USD ($) | Apr. 01, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of options, Granted | 150,000 | 150,000 | |
Weighted average exercise price, Granted | $ 0.14 | $ 0.14 | |
Fair value of stock options vested | $ 20,729 | $ 60,429 |
Stock Options - Summary of Stoc
Stock Options - Summary of Stock Options Activity (Detail) - USD ($) | Apr. 01, 2015 | Sep. 30, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of options, Outstanding beginning balance | 2,100,000 | |
Number of options, Granted | 150,000 | 150,000 |
Number of options, Expired | 0 | |
Number of options, Outstanding ending balance | 2,250,000 | |
Weighted average exercise price, Outstanding beginning balance | $ 0.17 | |
Weighted average exercise price, Granted | $ 0.14 | 0.14 |
Weighted average exercise price, Expired | 0 | |
Weighted average exercise price, Outstanding ending balance | 0.17 | |
Weighted average fair value, Outstanding beginning balance | 0.14 | |
Weighted average fair value, Granted | 0.14 | |
Weighted average fair value, Outstanding ending balance | $ 0.14 | |
Aggregate intrinsic value, Outstanding | $ 42,000 |
Stock Options - Summary of Addi
Stock Options - Summary of Additional Information Regarding Stock Options (Detail) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option, outstanding number of shares | shares | 2,250,000 |
Stock option, outstanding weighted average remaining contractual life | 1 year 8 months 12 days |
Stock option, outstanding weighted average exercise price | $ 0.17 |
Stock option, exercisable number of shares | shares | 2,125,000 |
Stock option, exercisable weighted average exercise price | $ 0.16 |
$0.10 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option, outstanding number of shares | shares | 1,050,000 |
Stock option, outstanding weighted average remaining contractual life | 2 years |
Stock option, outstanding weighted average exercise price | $ 0.10 |
Stock option, exercisable number of shares | shares | 1,050,000 |
Stock option, exercisable weighted average exercise price | $ 0.10 |
$0.14 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option, outstanding number of shares | shares | 150,000 |
Stock option, outstanding weighted average remaining contractual life | 2 years 6 months |
Stock option, outstanding weighted average exercise price | $ 0.14 |
Stock option, exercisable number of shares | shares | 150,000 |
Stock option, exercisable weighted average exercise price | $ 0.14 |
$0.20 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option, outstanding number of shares | shares | 100,000 |
Stock option, outstanding weighted average remaining contractual life | 1 year 3 months 18 days |
Stock option, outstanding weighted average exercise price | $ 0.20 |
Stock option, exercisable number of shares | shares | 50,000 |
Stock option, exercisable weighted average exercise price | $ 0.20 |
$0.23-0.235 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options exercise prices, lower range | 0.23 |
Stock options exercise prices, upper range | $ 0.235 |
Stock option, outstanding number of shares | shares | 850,000 |
Stock option, outstanding weighted average remaining contractual life | 1 year 1 month 6 days |
Stock option, outstanding weighted average exercise price | $ 0.23 |
Stock option, exercisable number of shares | shares | 825,000 |
Stock option, exercisable weighted average exercise price | $ 0.23 |
$0.28 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option, outstanding number of shares | shares | 100,000 |
Stock option, outstanding weighted average remaining contractual life | 1 year 9 months 18 days |
Stock option, outstanding weighted average exercise price | $ 0.28 |
Stock option, exercisable number of shares | shares | 50,000 |
Stock option, exercisable weighted average exercise price | $ 0.28 |
Restricted Stock Units - Additi
Restricted Stock Units - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock issued for oil and gas properties | $ 48,790 | $ 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 900,541 | |||
Shares granted, fair value | $ 123,404 | |||
Stock compensation expense related to vested restricted stock units | $ 11,873 | $ 18,930 | 35,333 | $ 46,083 |
Unrecognized compensation expense | $ 40,689 | $ 40,689 | ||
Weighted average period | 8 months | |||
Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 519,609 | |||
Shares granted, fair value | $ 70,566 | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 17 months | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 20 months |
Restricted Stock Units - Summar
Restricted Stock Units - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted stock units, Beginning Balance | 887,422 |
Number of restricted stock units, Issued | 900,541 |
Number of restricted stock units, Vested | 0 |
Number of restricted stock units, Ending Balance | 1,787,963 |
Weighted average fair value per award, Beginning Balance | $ / shares | $ 0.25 |
Weighted average fair value per award, Issued | $ / shares | 0.14 |
Weighted average fair value per award, Vested | $ / shares | 0 |
Weighted average fair value per award, Ending Balance | $ / shares | $ 0.19 |
Segmented Information - Additio
Segmented Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income tax rate | 34.00% |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Benefit at statutory rate | $ (19,552) | $ (95,059) | $ (172,243) | $ (223,088) |
Permanent differences and other: | 43 | 672 | 721 | 672 |
Valuation allowance change | 19,509 | 94,387 | 171,522 | 222,416 |
Income tax provision | $ 0 | $ 0 | $ 0 | $ 0 |