Liberty Energy (LBYE) 10-K 10 Apr 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Jul. 31, 2014	Apr. 09, 2015	Jan. 31, 2014
Document And Entity Information
Entity Registrant Name	LIBERTY ENERGY CORP.
Entity Central Index Key	1372336
Document Type	10-K
Document Period End Date	31-Jul-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$1,656,183
Entity Common Stock, Shares Outstanding		99,690,255
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

Balance_Sheet

Balance Sheet (USD $)	Jul. 31, 2014	Jul. 31, 2013
Current Assets
Cash	$59	$1,894
Other Current Assets	2,700	0
Total Current Assets	2,759	1,894
Oil and Gas Properties, full cost method	535,201	363,939
Accumulated Depletion, Depreciation and Amortization	-10,391	0
Net Oil and Gas Properties	524,810	363,939
Total Assets	527,569	365,833
Current Liabilities
Accounts Payable	153,601	87,928
Notes Payable	61,934	32,500
Notes Payable - Related Party	36,300	0
Current Portion Due - Long Term Notes Payable	20,318	0
Accrued Interest	5,019	25,564
Accounts Payable - Related Parties	170,550	114,300
Total Current Liabilities	447,722	260,292
Long Term Liabilities
Notes Payable	286,358	0
Asset Retirement Obligations	109,495	0
Total Long Term Liabilities	395,853	0
Total Liabilities	843,575	260,292
Stockholders' Equity (Deficit)
Common stock, $0.001 par value, 150,000,000 shares authorized; 103,190,255 and 98,243,130 shares issued and outstanding as of July 31, 2014 and July 31, 2013, respectively	103,190	98,243
Preferred Shares, $.001 par value, 10,000,000 shares authorized; 50,000 and 0 shares issued and outstanding as of July 31, 2014 and July 31, 2013, respectively	50	0
Additional paid-in capital - Common Shares	2,091,632	1,926,015
Additional Paid In Capital - Series A Preferred	44,589	0
Additional Paid In Capital - Warrants to Class A Preferred	5,361	0
Total Additional Paid In Capital	2,141,582	1,926,015
Accumulated Deficit	-2,560,828	-1,918,717
Total Stockholders' Equity (Deficit)	-316,006	105,541
Total Liabilities & Stockholders' Equity (Deficit)	$527,569	$365,833

Balance_Sheet_Parenthetical

Balance Sheet (Parenthetical) (USD $)	Jul. 31, 2014	Jul. 31, 2013
COMMON STOCK
Common stock, par value	$0.00	$0.00
Common stock, authorized	150,000,000	150,000,000
Common stock, issued	103,190,255	98,243,130

Statement_of_Operations

Statement of Operations (USD $)	12 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Revenues
Oil and Gas Sales	$10,593	$0
Total Revenues	10,593	0
Operating Costs
Impairment Expense	363,939	0
Accretion Expense	5,585	0
Depreciation	10,391	0
Other Operating Costs	7,564	10,814
Total Operating Expense	-387,479	-10,814
Operating Loss	-376,886	-10,814
General & Administrative Expenses
Professional Fees	84,410	40,827
General & Administrative	179,426	296,271
Total General & Administrative Expenses	-263,836	-337,098
Other Income/(Expense)
Gain on Baylor County Leases	10,355	0
Interest expense	-11,744	-122,614
Loss on derivative liability	0	-28,974
Total Other Income (Expense)	-1,389	-151,588
Net Loss	($642,111)	($499,500)
Net Loss per share- Basic earnings per share	($0.01)	($0.01)
Weighted average number of common shares outstanding	99,992,617	92,745,896

Statement_of_Changes_in_Equity

Statement of Changes in Equity (USD $)	Common Stock	Class A Preferred	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Jul. 31, 2012	$88,528		$1,598,661	($1,419,217)	$267,972
Beginning Balance, Shares at Jul. 31, 2012	88,528,470
Shares issued for advisory board services, Shares	50,000
Shares issued for advisory board services, Amount	50		2,450		2,500
Converted debt, Shares	7,665,860
Converted debt, Amount	7,666		88,480		96,146
Derivative related to convertible debt			85,424		85,424
Stock to be issued to Petro Fund 1			43,000		43,000
Net loss				-499,500	-499,500
Ending Balance, shares at Jul. 31, 2013	96,244,330
Ending Balance, amount at Jul. 31, 2013	96,244		1,818,015	-1,918,717	-4,458
Beginning Balance, Amount at Jul. 31, 2013					105,541
Shares issued for advisory board services, Amount					66,500
Asher Conversion to Common Stock, Shares	898,204
Asher Conversion to Common Stock, Amount	898		14,102		15,000
Shares Issued for Advances from Petro Fund 1, Shares	548,921
Shares Issued for Advances from Petro Fund 1, Amount	548		73,069		73,617
Stock issued to officers, Shares	5,500,000
Stock issued to officers, Amount	5,500		174,500		180,000
To reduce the accrued interest recorded on 7/31/13 related to discount on the shares issued			11,946		11,946
Class A Shares Issued to Dai Brooks as part of purchase of Baylor County Leases, Shares		50,000
Class A Shares Issued to Dai Brooks as part of purchase of Baylor County Leases, Amount		50	49,950		50,000
Net loss				-642,111	-642,111
Ending Balance, shares at Jul. 31, 2014	103,191,455	50,000
Ending Balance, amount at Jul. 31, 2014	$103,190	$50	$2,141,582	($2,560,828)	($316,006)

Statement_of_Cash_Flows

Statement of Cash Flows (USD $)	12 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($642,111)	($499,500)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Impairment Expense	363,939	0
ARO Depreciation	10,391	0
ARO Accretion	5,585	0
Loss on derivative liability	0	28,974
Amortization of debt discount & financing	0	75,000
Stock Issued for Services	66,500	0
Stock compensation	3,500	112,500
Amortization of deferred financing costs	0	5,000
Changes in operating assets and liabilities:
Utilities Deposit	-2,700	0
Accounts Payable and accrued liabilities	150,561	170,540
Net cash used in operating activities	-44,335	-107,486
CASH FLOWS FROM INVESTING ACTIVITIES
Addition of Oil and Gas Properties	0	0
Net cash used in investing activities	-44,335	-107,486
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	42,500	43,000
Repayment of loan payable	0	-27,500
Proceeds from notes loan payable	0	55,000
Net cash provided by (used in) financing activities	42,500	70,500
Net increase (decrease) in cash	-1,835	-36,986
Cash at beginning of period	1,894	38,880
Cash at end of period	59	1,894
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest Expense Paid	16,429	14,835
Income Taxes	0	0
Non Cash Activity
Lease acquired through issuance of notes payable	381,292	0
Lease acquired through issuance of common stock	50,000	0
ARO Assets	103,910	0
Write-off of Discount on Oil and Gas Properties	0	103,750
Shares issued for conversion of note payable issued on May 23, 2012 and interest of $1,700	0	44,200
Shares issued for conversion of note payable issued on July 11, 2012 and interest of $1,300	0	28,800
Shares issued for conversion of note payable issued on April 10, 2013 and interest of $850	$15,000	$0

Statement_of_Cash_Flows_Parent

Statement of Cash Flows (Parenthetical) (USD $)	Apr. 10, 2013	Jul. 11, 2012	23-May-12
Statement of Cash Flows [Abstract]
Interest of note payable converted to shares	$850	$1,300	$1,700

NOTE_1_ORGANIZATION_AND_DESCRI

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Jul. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
	Liberty Energy Corp. (f/k/a DMA Minerals Inc., the “Company”) was incorporated on June 6, 2006 under the laws of the State of Nevada. Since inception, the Company has produced only nominal revenues. The Company’s principal activity is the exploration and development of oil and gas properties. Properties are located in the United States of America.
	The Company’s success will depend in large part on its ability to obtain funds to explore, acquire and develop oil and gas interests within the United States. There can be no assurance that oil and gas properties obtained by the Company will contain reserves or that properties with reserves will be profitable to extract. The Company will be subject to local and national laws and regulations which could impact the Company’s ability to execute its business plan.

NOTE_2_GOING_CONCERN

NOTE 2 - GOING CONCERN	12 Months Ended
	Jul. 31, 2014
Note 2 - Going Concern
NOTE 2 - GOING CONCERN	NOTE 2 – GOING CONCERN
	The financial statements of the Company have been prepared assuming that future issuances of the Company’s equity or debt securities will be required in order for the Company to continue to finance its operations and continue as a going concern. The Company has no revenues or cash flow to meet operating expenses. The Company has incurred cumulative net losses since its inception and requires capital for its future operational activities. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s plan of operations, and its transition to profitable operations is necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

NOTE_3_SUMMARY_OF_SIGNIFICANT_

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jul. 31, 2014
Accounting Policies [Abstract]
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.
	In May 2014, FASB issued Accounting Standard Update (ASU) 2014-09 – Revenue from Contracts with Customers (Topic) 606.This Statement is a joint collaborative effort between FASB and the International Accounting Standard Board (IASB) to improve and standardized revenue recognition across industries or transactions. Previous revenue recognition guidance in GAAP comprised broad revenue concepts together with numerous requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. Accordingly, FASB and IASB developed a common revenue standard that would: (a) remove inconsistencies and weaknesses in revenue requirements (b) provide a more robust framework for addressing revenue issues (c) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; (d) provide useful information to users of financial statements through improved disclosure requirements (e) simplify the preparation of financial statement by reducing the number of requirements to which an entity must refer. The core principle underlying the provisions of the Statement is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following five steps:
		-	Identify the contract(s) with a customer
		-	Identify the performance obligations in the contract
		-	Determine the transaction price
		-	Allocate the transaction price to the performance obligations in the contract
		-	Recognize revenue when (or as) the entity satisfies a performance obligation
	The provisions of this Statement are effective for annual reporting periods beginning after December 15, 2017. Management is evaluating the impact, if any, upon its financial position, results of operations or cash flow upon adoption.
	In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update removed the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer in a development stage that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. Finally, the amendments remove paragraph 810-10-15-16. Paragraph 810-10-15-16 states that a development stage entity does not meet the condition in paragraph 810-10-15-14(a) to be a variable interest entity if (1) the entity can demonstrate that the equity invested in the legal entity is sufficient to permit it to finance the activities that it is currently engaged in and (2) the entity’s governing documents and contractual arrangements allow additional equity investments. The amendments in this Update also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The amendments to eliminate that exception simplify GAAP by reducing avoidable complexity in existing accounting literature and improve the relevance of information provided to financial statement users by requiring the application of the same consolidation guidance by all reporting entities. The elimination of the exception may change the consolidation analysis, consolidation decision, and disclosure requirements for a reporting entity that has an interest in an entity in the development stage. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company adopted ASU No. 2014-10 effective July 31, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Net Loss per Share
	Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. As the Company is in a net loss position, there are no outstanding potentially dilutive securities that would cause diluted earnings per share to differ from basic earnings per share.
	Oil and Gas Properties
	The Company follows the full-cost method of accounting for oil and natural gas properties. Under this method, all costs incurred in the exploration, acquisition and development, including that for the unproductive wells are capitalized in separate cost centers for each country. Such capitalized costs include contract and concessions acquisition, geological, geophysical, and other exploration work, drilling, completing and equipping oil and gas wells, constructing production facilities and pipelines, and other related costs.
	The capitalized costs of oil and gas properties in each cost center are amortized on a composite unit of production method based on future gross revenues from proved reserves. Sales or other dispositions of oil and gas properties are normally accounted for as adjustments of capitalized costs. A gain or loss is not recognized in income unless a significant portion of a cost center’s reserves is involved. Capitalized costs associated with acquisition and evaluation of unproved properties are excluded from amortization until it is determined whether proved reserves can be assigned to such properties or until the value of the properties is impaired. If the net capitalized costs of oil and gas properties in a cost center exceed an amount equal to the sum of the present value of estimated future net revenues from proved oil and gas reserves in the cost center and the lower of cost or fair value of properties not being amortized, both adjusted for income tax effects, such excess is charged to expense.
	Capitalized costs associated with acquisition and evaluation of unproved properties are excluded from amortization until it is determined whether proved reserves can be assigned to such properties or until the value of the properties is impaired. Our policy is consistent with ASC 932.
	ASC 932 provides guidance specific to oil and gas producing activities. It contains several Subtopics that interact with other Topics in the Codification. Guidance in these Subtopics rather than the more general guidance in the other Topics shall be applied to the specific issues addressed.
	Asset Retirement Obligations
	The Company provides for future asset retirement obligations on its resource properties and facilities based on estimates established by current legislation and industry practices.
	The asset retirement obligation is measured at the cost to plug and abandon the wells located on the leasehold properties as of July 31, 2014 at a rate estimated at $3 per measured depth footage of which this rate is obtained from estimated figures published by the Railroad Commission of Texas. As the total amount of the ARO Calculations is being booked in the present there is no future value to calculate, as such calculations for inflation and accretion are not accounted for at this time. The asset retirement obligation is initially measured at fair value and capitalized as an asset retirement cost. The obligation is accreted through interest expense until it is expensed and or settled. The fair value of the obligation is estimated based on figures published by the Railroad Commission of Texas and is then accreted using an expected inflation rate for oil field service costs.
	The significant assumptions used to develop the expected liability during the period are as follows:
		-	Average cost to remediate individual well sites by Measured Depth: $3 (net to our interest)
		-	Average gross salvage value expected from individual well sites remediated: $0 (net)
		-	Expected inflation rate for oil field service costs: 5% excluded from calculation Risk weighted cost of credit: 8% excluded from calculation
		-	Average time to abandonment: 20 years excluded from calculation
	Actual retirement costs will be recorded against the obligation when incurred. Any difference between the recorded asset retirement obligation and the actual retirement costs incurred is recorded as a gain or loss in the settlement period.
	Depreciation
	The Company recorded depreciation for a total of $10,391 of its oil and gas properties for the fiscal year ending July 31, 2014, based on a 5 year straight line depreciation method.
	Depletion
	The company did not record depletion for the fiscal year ending July 31, 2014. During the fiscal year subsequent to the acquisition of the Baylor leasehold properties an immaterial amount of oil was produced by C.D. Ayres as operator for Liberty, and a detailed revenue billing statement or load ticket from the Purchaser Gatherer Sunoco was not presented to us from the Operator C.D. Ayres.
	Depletion will be recorded as oil and or gas is produced from the leasehold properties.
	Concentrations
	Subsequent to the acquisition of oil and gas field interests, the Company also became a party to the operator agreements (“JOA’s”) that define the rights and responsibilities of the third party operator and passive interest holders. Under the JOA, the third party operator is responsible for acquiring customers to sell the oil and gas produced and to either performing or contracting out to other third parties to perform services necessary to continue and maintain acreage. Currently all of the Company’s leasehold interests have as their third party operator BEP Operating LLC which is controlled by a related party managing member.
	Revenue and Cost Recognition
	The Company uses the sales method of accounting for natural gas and oil revenues. Under this method, revenues are recognized based on the actual volumes of gas and oil sold to purchasers. The volume sold may differ from the volumes to which the Company is entitled based on our interest in the properties. Costs associated with production are expensed in the period incurred.
	Income Taxes
	The Company accounts for its income taxes in accordance with ASC No. 740, "Income Taxes". Under ASC 740, a liability method is used whereby deferred tax assets and liabilities are determined based on temporary differences between basis used for financial reporting and income tax reporting purposes. Income taxes are provided based on tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not, that the Company will not realize the tax assets through future operations.
	The Company’s federal tax returns for the years ended 2009 through 2013 are open to examination. At July 31, 2014, the Company evaluated its open tax years in all known jurisdictions. Based on this evaluation, the Company did not identify any uncertain tax positions. The Company accounts for interest and penalties relating to uncertain tax positions in the current period statement of operations as necessary.
	Fair Value of Financial Instruments
	GAAP establishes a fair value hierarchy which has three levels based on the reliability of the inputs to determine the fair value. These levels include: Level 1, defined as inputs such as unadjusted quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for use when little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist primarily of cash and cash equivalents, and payables, accrued liabilities and notes payable. The carrying values of these financial instruments approximate their respective fair values as they are either short-term in nature or carry interest rates that approximate market rates. The Company evaluates its embedded conversion features contained within their convertible notes for derivative treatment. The Company’s derivative liabilities recognized since August 1, 2012 were considered Level 3 financial instruments.

NOTE_4_UNEVALUATED_OIL_AND_GAS

NOTE 4 - UNEVALUATED OIL AND GAS PROPERTIES	12 Months Ended
	Jul. 31, 2014
Notes to Financial Statements
NOTE 4 - UNEVALUATED OIL AND GAS PROPERTIES	NOTE 4 - UNEVALUATED OIL AND GAS PROPERTIES
	Trius Acquisition
	On October 1, 2009, the Company entered into a lease purchase and sale agreement with Trius Energy LLC, a Texas corporation, to acquire four oil and gas leases in Texas for $125,000. The interests consist of a 100% WI (Working Interest) at a 75% NRI (Net Revenue Interest) in the Dahlstrom Lease, 2% WI at 75% NRI in the Ratliff Lease, and 100% WI at a 70% NRI in the Lockhart Project, consisting of two leases, the Anton Lease (1 tract) and Alexander Lease (3 tracts).
	The Anton Lease lapsed on January 9, 2011. The tract had 1 shut-in well and based on historical data, discussions with their operators and geologists the Company determined that it would not be cost effective to pursue the well, therefore the lease was allowed to lapse and $3,512 of leasehold cost were written off.
	The remaining leases lapsed on July 25, 2012. It was determined by the Company after discussions with their operators, geologists and based on historical data that it would not be cost effective to pursue the leases and existing wells therefore the lease was allowed to lapse. In connection with the lapse, $690,397 of leasehold cost was written off. The Company also accrued payables for $23,280 for the plugging and abandonment of wells associated with these properties which are recorded under accounts payable.
	Bulgaria
	On September 22, 2009, we entered into a purchase and sales agreement with William C. Athens to acquire a total of 1/16th of 1% of 8/8ths ORRI (overriding royalty interest) in the A-Lovech exploration block in Bulgaria for a total price of $400,000. This agreement was later terminated, however, the Company retains a 1/64th of the 1% interest in the A-Lovech exploration block and the seller has retained the funds paid by the Company for this acquisition. These assets were fully written off as of July 31, 2014.
	Langold Acquisition
	On February 22, 2012, the Company entered into and closed a 3 year lease assignment agreement with Langold Enterprises Limited (an entity with some cross ownership and common principal manager of Asia-Pacific, the Company’s primary source of capital to date) pertaining to certain interests in oil and gas properties in Bastrop, Caldwell and Eastland Counties, Texas. The interests which were assigned to the Company are three year leases to the following properties:
	A 100% working interest in 2 separate properties equaling approximately 300 acres of exploration property located in Bastrop County, Texas. A 100% working interest in 5 separate properties equaling approximately 622 acres of exploration property located in Caldwell County, TX. A 100% working interest in an approximately 5 acre oil and gas property called the Dillon Hall property located in the Gerron Hinds League in Caldwell County, Texas. The Dillon Hall property is not currently producing, and though it holds an existing well, that well requires a work-over to be put back into production. A 100% working interest in a property equaling approximately 112 acres of exploration property located in Eastland County, TX.
	In consideration for the above leases the Company issued 24,155,435 restricted shares of our common stock to Langold, a non-US shareholder. The restricted shares were valued equal to the volume weighted average of the closing price (the “VWAP”) of Common Stock for the ten (10) Banking Days immediately preceding the execution of the assignment, as quoted on Google Finance or other sources of stock quotes as agreed to by the parties. The original value assigned these shares and the leaseholds was $3.3 million. It was determined that due to the relationship between Langold and Asia-Pacific, this transaction was not arms length but rather was related party. The Company corrected the error and the shares issued and the leasehold costs recorded were valued at the price paid by Langold on their original 3 year lease acquisition from the land owners. That price paid was $20,000 cash plus 1,800,000 shares of restricted Liberty Energy stock which was valued at $243,932 for a total consideration of $263,932 which is recorded as oil and gas properties in the prior year balance sheets as of July 31, 2013 and 2012. These assets were fully written off as of July 31, 2014.
	Baylor County Leases
	In March 2014, the Company entered into a series of agreements to acquire certain oil and gas leases located in Baylor County, Texas from certain non-related third parties. Specifically, the Company acquired four oil & gas producing leases in a transaction which covers 1,038 acres with 17 oil wells, 4 injection wells and related surface production equipment. Average production of 3-4 Barrels of Oil Per Day (BOPD) from operating wells is anticipated before any additional cleaning or remedial work is performed. The leases provide 100% Working Interest and 70-75% Net Revenue Interest (NRI) for the Company in exchange for seller financing, a carried 5% ORR and $50,000 in restricted preferred stock.
	The operator has advanced field work including replacing mechanical down hole pumps, replacing pump jack motors, upgrading a water injection pump and stabilizing needed pump jack platforms. The Baylor County leases have historically produced from multiple pay zones and these leases have all depth rights. The leases are estimated to contain a minimum of 15 and likely up to 30 infill drilling locations with expectations based on historical IP (initial production) rates of between 15-20 BOPD on new wells.
	In connection with the acquisition of the Baylor County leases, the Company entered into several agreements as follows:
	(i) The Company entered into a non-interest bearing promissory note in the face amount of $65,000 payable in ten equal monthly installments of $6,500 commencing April 15, 2014 with a final maturity date of January 15, 2015 and has not been renewed or repaid as of filing date. The balance of the outstanding of the promissory note as of July 31, 2014 was $61,934. The Company has the option of satisfying the installments by payment of certain specifically enumerated obligations of a third party. The note is secured by a mortgage on the leasehold interest.
	(ii) The Company entered into a promissory note in the face amount of $316,292 payable in 117 equal monthly installments of $3,715.47 commencing March 1, 2014 with a final maturity date of December 1, 2023. The note bears interest at a rate of seven percent (7%) per annum. The note is secured by a mortgage on the leasehold interest.
	(iii) The Company further agreed to issue to Dai-Brooks Enterprises, LLC 50,000 shares of newly issued Company Series A Convertible Preferred Stock and Warrants to purchase 500,000 shares of Company Common stock for a period of three (3) years at an exercise price of $.07 per share.

NOTE_5_COMMITMENTS_AND_CONTING

NOTE 5 - COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jul. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
NOTE 5 - COMMITMENTS AND CONTINGENCIES	NOTE 5 - COMMITMENTS AND CONTINGENCIES
	The Company may from time to time be involved in legal proceedings arising from the normal course of business. There are no pending or threatened legal proceedings as of July 31, 2014.

NOTE_6_RELATED_PARTY_TRANSACTI

NOTE 6 - RELATED PARTY TRANSACTIONS	12 Months Ended
	Jul. 31, 2014
Related Party Transactions [Abstract]
NOTE 6 - RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS
	Buchanan Ventures, Inc.
	Effective October 25, 2013, the Company entered into two separate agreements with Buchanan Ventures, Inc. to engage Carlos Buchanan as a consultant. Under the first agreement (“Contractor Agreement”), it was agreed that Mr. Buchanan would, among other things, (a) assist with the development of the Company’s business, (b) assist with the financial and investment structuring of the Company and (c) assist with evaluating acquisition prospects. As consideration for such consulting services, the Company agreed to pay Mr. Buchanan an aggregate of $150,000, payable every 90 days over a term of 24 months, payable in either cash or Company stock at the Company’s discretion. As of July 31, 2014, Company had accrued $56,250 due on account of the Contractor Agreement. Under the second agreement (“Finder Fee Agreement”) Mr. Buchanan agreed, among other things, to introduce a mezzanine lender to advance to the Company over a period of 12 months up to $7,500,000 to support development and acquisition plans. In consideration of such services, the Company agreed to issue to Mr. Buchanan a total of 10,000,000 shares of Company common stock, subject to adjustment and clawback of all or a portion of the shares based upon Mr. Buchanan’s performance under the Finder Fee Agreement. As of July 31, 2014, no part of the consideration payable on account of the second agreement has been earned. Mr. Buchanan is the brother of Armando Rafael Buchanan, the Company’s Chief Financial Officer.
	BEP Operating, LLC.
	In connection with the Baylor County Leases acquired by the Company, on May 30, 2014, the Company entered into an Operating Agreement with BEP Operating, LLC as the successor operator of the properties described in the Baylor County Leases. Pursuant to this agreement, BEP Operating, LLC will hold the license to operate these leases. BEP Operating, LLC is licensed by the Texas Railroad Commission and is bonded to undertake these operations. The Company anticipates that in the future when it has satisfied all requirements of the Texas Railroad Commission and is duly bonded, it will directly operate these leases. No fees payable to BEP Operating, LLC were paid during fiscal year 2014 as all costs during that period were billed to the then operators of the properties. The Operating Agreement calls for the Company to reimburse all of BEP Operating, LLC’s operating expenses incurred in connection with the work and to pay an additional amount on account of the operator’s overhead. BEP Operating, LLC is controlled by Carlos E. Buchanan II, the brother of Armando Rafael Buchanan, the Company’s Chief Financial Officer.
	Delta S Energy LLC, which has entered into a farm-in agreement with the Company, and Delta S Ventures, LP, which is an investor in the Company, are related parties. This agreement provides a positive financial impact for the Company as it provide it with liquidity and ability to conduct operations on the leases as part of the agreement in order to increase oil production from the properties which will have an effect on revenue.
	Subsequent to October 31, 2013, the Company received free rent from BEP Operating LLC a related party without a written agreement. Based on comparable commercial lease space in the current market for office lease space, properties are marketed at various prices but a sample market rate of $15 per Square foot annualized, an approximation of 133 square feet of usable space for the Company would be estimated at $2,000 annually.
	At July 31, 2014, the Company owed $114,300 two former officers, one former director and one current director which have been accrued as accounts payable in non-interest bearing notes. We have reported the liability as owing to related parties. All amounts owing to related parties relate to fees for services provided. In addition, at July 31, 2014, the Company had accrued $36,300 as short-term notes payable for amounts due to two current directors.
	In July 2014, the Board of Directors authorized the Company to enter into Stock Purchase Agreements with six (6) of its shareholders to repurchase an aggregate of 11,384,273 shares of its common stock for an aggregate consideration of $11,384, payable within 36 months from the date of execution of each Stock Purchase Agreement, together with interest thereon at a rate of four percent (4%) per annum. As of April 9, 2015, the Company had not reached agreement with any of these six shareholders.
	Also in July 2014, the Board of Directors authorized the Company to enter into Share Exchange Agreements with Daniel Martinez-Atkinson, Ian Spowart and Langold Enterprises whereby the Company would exchange an aggregate of 52,355,435 shares of Company Common Stock for an aggregate of 2,355,995 shares of a newly issued Company Series B Convertible Preferred Stock (which has yet to be designated) which would be convertible by its terms into an aggregate of 47,119,900 shares of Company Common Stock. As of July 31, 2014, none of these exchanges had been completed.

NOTE_7_CONVERTIBLE_NOTES_PAYAB

NOTE 7 - CONVERTIBLE NOTES PAYABLE	12 Months Ended
	Jul. 31, 2014
Note 7 - Convertible Notes Payable
NOTE 7 - CONVERTIBLE NOTES PAYABLE	NOTE 7 – CONVERTIBLE NOTES PAYABLE
	The April 10, 2013 Convertible Note
	On April 10, 2013, the Company entered into a Securities Purchase Agreement with Asher. Pursuant to the Agreement, Asher Enterprises has agreed to purchase an 8% convertible note (the “April Note”) in the aggregate principal amount of $32,500, $30,000 was funded to the Company with the remaining $2,500 recorded as interest expense for financing costs charged by Asher’s legal counsel. This convertible note together with any unpaid accrued interest is convertible into shares of common stock at the holder’s option 180 days from inception at a variable conversion price calculated as 61% of the market price which means the average of the lowest three trading prices during the ten trading day period ending on the latest complete trading day prior to the conversion date with no floor stated in the conversion feature. The convertible note, issued on April 16, 2013, was due on January 15, 2014 at an interest rate of 8% per annum.
	On October 16, 2013, Asher converted $15,000 of April Note principal into 898,204 shares of common stock.
	On October 28, 2013, the Company settled the note in full for $31,118, which included all accrued interest and prepayment penalties.

NOTE_8_STOCK_AND_WARRANT_TRANS

NOTE 8 - STOCK AND WARRANT TRANSACTIONS	12 Months Ended
	Jul. 31, 2014
Notes to Financial Statements
NOTE 8 - STOCK TRANSACTIONS	NOTE 8 – STOCK AND WARRANT TRANSACTIONS
	On May 22, 2012, the Company issued warrants to purchase 5,807,752 shares of Company common stock to Asia-Pacific Capital Ltd. The warrants issued have an exercise price of $1.25 and were fully vested at the date of grant. The warrants have a term of three years and none of these warrants have been exercised.
	In July 2014, the Board of Directors authorized the Company to enter into Stock Purchase Agreements with six (6) of its shareholders to repurchase an aggregate of 11,384,273 shares of its common stock for an aggregate consideration of $11,384.27, payable within 36 months from the date of execution of each Stock Purchase Agreement, together with interest thereon at a rate of four percent (4%) per annum. As of April 9, 2015, the Company had not reached agreement with any of these six shareholders.
	Also in July 2014, the Board of Directors authorized the Company to enter into Share Exchange Agreements with Daniel Martinez-Atkinson, Ian Spowart and Langold Enterprises whereby the Company would exchange an aggregate of 52,355,435 shares of Company Common Stock for an aggregate of 2,355,995 shares of a newly issued Company Series B Convertible Preferred Stock (which has yet to be designated) which would be convertible by its terms into an aggregate of 47,119,900 shares of Company Common Stock. As of July 31, 2014, none of these exchanges had been completed.
	On July 31, 2014, the Company agreed to issue to Dai-Brooks Enterprises, LLC 50,000 shares of newly issued Company Series A Convertible Preferred Stock and Warrants to purchase 500,000 shares of Company Common stock for a period of three (3) years at an exercise price of $.07 per share. The Company recorded the aggregate value of the Series A Preferred Stock and Warrants as $50,000.

NOTE_9_NOTES_PAYABLE

NOTE 9 - NOTES PAYABLE	12 Months Ended
	Jul. 31, 2014
Debt Disclosure [Abstract]
NOTE 9 - NOTES PAYABLE	NOTE 9 – NOTES PAYABLE
	The Company entered into a non-interest bearing promissory note in the face amount of $65,000 payable in ten equal monthly installments of $6,500 commencing April 15, 2014 with a final maturity date of January 15, 2015 and has not been renewed or repaid as of the date of filing. The principal balance of the note as of July 31, 2014 is $ 61,934. The Company has the option of satisfying the installments by payment of certain specifically enumerated obligations of a third party. The note is secured by a mortgage on the leasehold interest.
	The Company entered into a promissory note in the face amount of $316,292 payable in 117 equal monthly installments of $3,715.47 commencing March 1, 2014 with a final maturity date of December 1, 2023. The note bears interest at a rate of seven percent (7%) per annum. The note is secured by a mortgage on the leasehold interest.
	The below table represents the schedule of outstanding principal payments for long-term debt due in each of the next 5 years and amounts due after 5 years.
	Year	Principal
	2015	$20,318
	2016	$30,905
	2017	$27,583
	2018	$29,577
	2019 and thereafter	$198,293
	Total Principal	$306,676

NOTE_10_OFFICER_AND_DIRECTOR_C

NOTE 10 - OFFICER AND DIRECTOR COMPENSATION	12 Months Ended
	Jul. 31, 2014
Notes to Financial Statements
NOTE 10 - OFFICER AND DIRECTOR COMPENSATION	NOTE 10 – OFFICER AND DIRECTOR COMPENSATION
	On June 11, 2014, the Company’s Board of Directors approved compensation to the Company’s sole independent director, Richard Webb as follows: (a) $6,300 cash payable on May 1, 2014 for services provided as a director of the Company through May 1, 2014 and (b) additional compensation as an independent director of the Company at a rate of $15,000 per fiscal year, payable in two (2) semi-annual installments of $7,500 each on February 1 and May 1 of each year. The fees are payable in cash or in shares of the Company’s Common Stock, at the option of the Company.
	Also on June 11, 2014, the Company’s Board of Directors approved the vesting of certain restricted stock grants to the following employees of the Company as follows:
	Name	Shares	Vesting Date	Share Price	Value
	Arthur Roy	1,500,000	1-May-14	$0.02	$30,000
	Armando Buchanan	1,000,000	1-May-14	$0.02	$20,000
	Steve Williamson	1,000,000	1-May-14	$0.02	$20,000

NOTE_11_INCOME_TAXES

NOTE 11 - INCOME TAXES	12 Months Ended
	Jul. 31, 2014
Income Tax Disclosure [Abstract]
NOTE 11 - INCOME TAXES	NOTE 11 – INCOME TAXES
	As of July 31, 2014, the Company had federal net operating loss carryforwards of approximately $2,560,828 which can be used to offset future federal income tax. The federal and state net operating loss carryforwards expire at various dates through 2030. Deferred tax assets resulting from the net operating losses are reduced by a valuation allowance, when, in the opinion of management, utilization is not reasonably assured.
	A summary of the Company’s deferred tax assets as of July 31, 2014 are approximately as follows:
	Federal net operating loss (@ 34%)	$	870,682
	Less: valuation allowance		-870,682
	Net deferred tax asset	$	---

NOTE_12_SUBSEQUENT_EVENTS

NOTE 12 - SUBSEQUENT EVENTS	12 Months Ended
	Jul. 31, 2014
Subsequent Events [Abstract]
NOTE 12 - SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS
	In July 2014, the Board of Directors authorized the Company to enter into Stock Purchase Agreements with six (6) of its shareholders to repurchase an aggregate of 11,384,273 shares of its common stock for an aggregate consideration of $11,384, payable within 36 months from the date of execution of each Stock Purchase Agreement, together with interest thereon at a rate of four percent (4%) per annum. To date, the Company has only reached agreement with one of these six shareholders, ACR Holdings Ltd. (“ACR”). ACR tendered 3,063,512 shares to the Company in October 2014 and these shares were recorded as treasury shares.
	Also in July 2014, the Board of Directors authorized the Company to enter into Share Exchange Agreements with Daniel Martinez-Atkinson, Ian Spowart and Langold Enterprises whereby the Company would exchange an aggregate of 52,355,435 shares of Company Common Stock for an aggregate of 2,355,995 shares of a newly issued Company Series B Convertible Preferred Stock (which has yet to be designated) which would be convertible by its terms into an aggregate of 47,119,900 shares of Company Common Stock. As of the date of this report, none of these exchanges had been completed.
	On September 23, 2014, the Company sold 2,000,000 shares of common stock to Delta S Ventures, LP at a price of $.01 per share for proceeds of $20,000.
	In September 2014, the Company borrowed $5,000 from Buchanan Ventures, LLC for use as working capital. The advance is evidenced by a promissory note payable 18 months from the date of the advance and bears interest at a rate of five percent (5%) per annum.
	On October 3, 2014, the Company signed an agreement with Delta S Energy whereby the Company sold a 1/3 working interest in the Robert Motil and Otto Ptacek leases in Baylor County for a total consideration of $30,000, allocated $25,000 for the working interest and $5,000 for the first option to participate in a new welling program which expired on December 31, 2014. The $25,000 was used to improve the equipment and infrastructure on the leased properties.
	On November 5, 2014, each of Messrs. Roy and Webb elected to receive 1,500,000 shares of Company common stock valued at $0.01 per share for accrued director fees in the amount of $15,000 due to each such director.
	On January 14, 2015, the Company filed a Certificate of Designations authorizing the issuance of up to 100,000 shares of its Series C Preferred Stock. As of the date of this report, none if the series C Preferred stock has been issued.
	On January 27, 2015, the Company received notice of litigation filed by the holder of its Baylor County leases related to the Company’s default on its secured promissory note dated as of April 4, 2014. Subsequently, this matter was settled when Delta S Energy (“Delta”) paid the holder of the outstanding note and assumed the position as the payee.
	On February 23, 2015, the Company entered into a series of agreements with Delta pursuant to which the following occurred:
		a)	A Promissory Note in the amount of $316,292 payable by the Company to Perry Lynn Ayres was assigned by the holder to Delta and Delta is now the payee under said Promissory Note;
		b)	The Company assigned to Delta an Overriding Royalty Interest (ORRI) comprising 20% of 8/8 of hydrocarbon substances derived from certain leases in Baylor County, TX;
		c)	Delta assigned to the Company a working interest in certain leases in Baylor County, TX; and
		d)	Delta paid the Company $33,000, which was offset by $3,495 which was previously owed by the Company to Delta.

NOTE_3_SUMMARY_OF_SIGNIFICANT_1

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jul. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.
	In May 2014, FASB issued Accounting Standard Update (ASU) 2014-09 – Revenue from Contracts with Customers (Topic) 606.This Statement is a joint collaborative effort between FASB and the International Accounting Standard Board (IASB) to improve and standardized revenue recognition across industries or transactions. Previous revenue recognition guidance in GAAP comprised broad revenue concepts together with numerous requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. Accordingly, FASB and IASB developed a common revenue standard that would: (a) remove inconsistencies and weaknesses in revenue requirements (b) provide a more robust framework for addressing revenue issues (c) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; (d) provide useful information to users of financial statements through improved disclosure requirements (e) simplify the preparation of financial statement by reducing the number of requirements to which an entity must refer. The core principle underlying the provisions of the Statement is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following five steps:
		-	Identify the contract(s) with a customer
		-	Identify the performance obligations in the contract
		-	Determine the transaction price
		-	Allocate the transaction price to the performance obligations in the contract
		-	Recognize revenue when (or as) the entity satisfies a performance obligation
	The provisions of this Statement are effective for annual reporting periods beginning after December 15, 2017. Management is evaluating the impact, if any, upon its financial position, results of operations or cash flow upon adoption.
	In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update removed the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer in a development stage that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. Finally, the amendments remove paragraph 810-10-15-16. Paragraph 810-10-15-16 states that a development stage entity does not meet the condition in paragraph 810-10-15-14(a) to be a variable interest entity if (1) the entity can demonstrate that the equity invested in the legal entity is sufficient to permit it to finance the activities that it is currently engaged in and (2) the entity’s governing documents and contractual arrangements allow additional equity investments. The amendments in this Update also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The amendments to eliminate that exception simplify GAAP by reducing avoidable complexity in existing accounting literature and improve the relevance of information provided to financial statement users by requiring the application of the same consolidation guidance by all reporting entities. The elimination of the exception may change the consolidation analysis, consolidation decision, and disclosure requirements for a reporting entity that has an interest in an entity in the development stage. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company adopted ASU No. 2014-10 effective July 31, 2014.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Net Loss per Share	Net Loss per Share
	Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. As the Company is in a net loss position, there are no outstanding potentially dilutive securities that would cause diluted earnings per share to differ from basic earnings per share.
Oil and Gas Properties	Oil and Gas Properties
	The Company follows the full-cost method of accounting for oil and natural gas properties. Under this method, all costs incurred in the exploration, acquisition and development, including that for the unproductive wells are capitalized in separate cost centers for each country. Such capitalized costs include contract and concessions acquisition, geological, geophysical, and other exploration work, drilling, completing and equipping oil and gas wells, constructing production facilities and pipelines, and other related costs.
	The capitalized costs of oil and gas properties in each cost center are amortized on a composite unit of production method based on future gross revenues from proved reserves. Sales or other dispositions of oil and gas properties are normally accounted for as adjustments of capitalized costs. A gain or loss is not recognized in income unless a significant portion of a cost center’s reserves is involved. Capitalized costs associated with acquisition and evaluation of unproved properties are excluded from amortization until it is determined whether proved reserves can be assigned to such properties or until the value of the properties is impaired. If the net capitalized costs of oil and gas properties in a cost center exceed an amount equal to the sum of the present value of estimated future net revenues from proved oil and gas reserves in the cost center and the lower of cost or fair value of properties not being amortized, both adjusted for income tax effects, such excess is charged to expense.
	Capitalized costs associated with acquisition and evaluation of unproved properties are excluded from amortization until it is determined whether proved reserves can be assigned to such properties or until the value of the properties is impaired. Our policy is consistent with ASC 932.
	ASC 932 provides guidance specific to oil and gas producing activities. It contains several Subtopics that interact with other Topics in the Codification. Guidance in these Subtopics rather than the more general guidance in the other Topics shall be applied to the specific issues addressed.
Asset Retirement Obligations	Asset Retirement Obligations
	The Company provides for future asset retirement obligations on its resource properties and facilities based on estimates established by current legislation and industry practices.
	The asset retirement obligation is measured at the cost to plug and abandon the wells located on the leasehold properties as of July 31, 2014 at a rate estimated at $3 per measured depth footage of which this rate is obtained from estimated figures published by the Railroad Commission of Texas. As the total amount of the ARO Calculations is being booked in the present there is no future value to calculate, as such calculations for inflation and accretion are not accounted for at this time. The asset retirement obligation is initially measured at fair value and capitalized as an asset retirement cost. The obligation is accreted through interest expense until it is expensed and or settled. The fair value of the obligation is estimated based on figures published by the Railroad Commission of Texas and is then accreted using an expected inflation rate for oil field service costs.
	The significant assumptions used to develop the expected liability during the period are as follows:
		-	Average cost to remediate individual well sites by Measured Depth: $3 (net to our interest)
		-	Average gross salvage value expected from individual well sites remediated: $0 (net)
		-	Expected inflation rate for oil field service costs: 5% excluded from calculation Risk weighted cost of credit: 8% excluded from calculation
		-	Average time to abandonment: 20 years excluded from calculation
	Actual retirement costs will be recorded against the obligation when incurred. Any difference between the recorded asset retirement obligation and the actual retirement costs incurred is recorded as a gain or loss in the settlement period.
Depreciation	Depreciation
	The Company recorded depreciation for a total of $10,391 of its oil and gas properties for the fiscal year ending July 31, 2014, based on a 5 year straight line depreciation method.
Depletion	Depletion
	The company did not record depletion for the fiscal year ending July 31, 2014. During the fiscal year subsequent to the acquisition of the Baylor leasehold properties an immaterial amount of oil was produced by C.D. Ayres as operator for Liberty, and a detailed revenue billing statement or load ticket from the Purchaser Gatherer Sunoco was not presented to us from the Operator C.D. Ayres.
	Depletion will be recorded as oil and or gas is produced from the leasehold properties.
Concentrations	Concentrations
	Subsequent to the acquisition of oil and gas field interests, the Company also became a party to the operator agreements (“JOA’s”) that define the rights and responsibilities of the third party operator and passive interest holders. Under the JOA, the third party operator is responsible for acquiring customers to sell the oil and gas produced and to either performing or contracting out to other third parties to perform services necessary to continue and maintain acreage. Currently all of the Company’s leasehold interests have as their third party operator BEP Operating LLC which is controlled by a related party managing member.
Revenue and Cost Recognition	Revenue and Cost Recognition
	The Company uses the sales method of accounting for natural gas and oil revenues. Under this method, revenues are recognized based on the actual volumes of gas and oil sold to purchasers. The volume sold may differ from the volumes to which the Company is entitled based on our interest in the properties. Costs associated with production are expensed in the period incurred.
Income Taxes	Income Taxes
	The Company accounts for its income taxes in accordance with ASC No. 740, "Income Taxes". Under ASC 740, a liability method is used whereby deferred tax assets and liabilities are determined based on temporary differences between basis used for financial reporting and income tax reporting purposes. Income taxes are provided based on tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not, that the Company will not realize the tax assets through future operations.
	The Company’s federal tax returns for the years ended 2009 through 2013 are open to examination. At July 31, 2014, the Company evaluated its open tax years in all known jurisdictions. Based on this evaluation, the Company did not identify any uncertain tax positions. The Company accounts for interest and penalties relating to uncertain tax positions in the current period statement of operations as necessary.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	GAAP establishes a fair value hierarchy which has three levels based on the reliability of the inputs to determine the fair value. These levels include: Level 1, defined as inputs such as unadjusted quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for use when little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist primarily of cash and cash equivalents, and payables, accrued liabilities and notes payable. The carrying values of these financial instruments approximate their respective fair values as they are either short-term in nature or carry interest rates that approximate market rates. The Company evaluates its embedded conversion features contained within their convertible notes for derivative treatment. The Company’s derivative liabilities recognized since August 1, 2012 were considered Level 3 financial instruments.

NOTE_9_NOTES_PAYABLE_Tables

NOTE 9 - NOTES PAYABLE (Tables)	12 Months Ended
	Jul. 31, 2014
Debt Disclosure [Abstract]
Long-Term Debt	Year	Principal
	2015	$20,318
	2016	$30,905
	2017	$27,583
	2018	$29,577
	2019 and thereafter	$198,293
	Total Principal	$306,676

NOTE_11_INCOME_TAXES_Tables

NOTE 11 - INCOME TAXES (Tables)	12 Months Ended
	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Deferred tax assets	Federal net operating loss (@ 34%)	$	870,682
	Less: valuation allowance		-870,682
	Net deferred tax asset	$	---

NOTE_2_GOING_CONCERN_Details_N

NOTE 2 - GOING CONCERN (Details Narrative) (USD $)	12 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Note 2 - Going Concern
Revenues	$10,593	$0

NOTE_3_SUMMARY_OF_SIGNIFICANT_2

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Accounting Policies [Abstract]
Depreciation	($10,391)	$0

NOTE_4_UNEVALUATED_OIL_AND_GAS1

NOTE 4 - UNEVALUATED OIL AND GAS PROPERTIES (Details Narrative) (USD $)	0 Months Ended	1 Months Ended	9 Months Ended	12 Months Ended	117 Months Ended
	Feb. 22, 2012	Mar. 31, 2014	Jan. 15, 2015	Jul. 31, 2014	Dec. 01, 2023	Jul. 25, 2012	Apr. 28, 2011	Jan. 09, 2011	Oct. 01, 2009	Sep. 22, 2009
	Integer							Integer	Integer
	acre
Baylor County Leases
Value of Baylor oil and gas leases acquisition		$431,292
Overriding Royalty Interest to the seller in the Baylor acquisition		5.00%
Non-interest bearing promissory note to Baylor seller		65,000
Issuance of new series of Company preferred stock to Baylor seller, value		50,000
Warrants issued to Baylor seller		500,000
Duration of warrants issued to Baylor seller		3 years
Warrants issued to Baylor seller, exercise price per share		$0.07
Promissory note to Baylor seller		316,292
Payments on the $65,000 payable			10
Payments amount on the $65,000 payable			6,500
Payments on the $316,292 payable					117
Payments amount on the $316,292 payable					3,715
Interest rate per annum on the $316,292 payable		7.00%
Balance due on the $65,000 note				61,934
Trius Acquisition
Number of oil and gas leases									4
Purchase price of oil and gas leases									125,000
Working interest in the Dahlstrom Lease									100.00%
Net revenue interest in the Dahlstrom Lease									75.00%
Working interest in the Ratcliff Lease									2.00%
Net revenue interest in the Ratcliff Lease									75.00%
Working interest in the Lockhart Project									100.00%
Net revenue interest in the Lockhart Project									70.00%
Number of leases in the Lockhart Project.									2
Anton Lease tracts number									1
Alexander Lease tracts number									3
Shut in wells on the Anton Lease								1
Leasehold cost written off for the Anton Lease						3,512
Leasehold cost written off on Texas leases						690,397
Accrued payable on Texas wells						23,280
Bulgaria
Bulgaria overriding royalty interest										0.06%
Purchase price of Bulgaria overriding royalty interest										400,000
Monthly payments towards purchase of Bulgaria overriding royalty										100,000
Interest in exploration block retained after agreement termination							0.02%
Payment retained by Bulgaria overriding royalty payment seller after agreement termination							100,000
Langold Acquisition
Langold lease assignment agreement length	3 years
Working interest in Bastrop County	100.00%
Number of properties in Bastrop County	2
Acres of exploration property in Bastrop County	300
Working interest in Caldwell County	100.00%
Number of properties in Caldwell County	5
Property acreage in Caldwell County	622
Working interest in Dillon Hall property	100.00%
Acreage of the Dillon Hall property	5
Working interest in Eastland County	100.00%
Acreage of exploration property in Eastland County	112
Restricted shares issued for Langold leases	24,155,435
Banking days preceding assignment to determine restricted share value	10 days
Original value assigned to the shares and leaseholdes	3,300,000
Cash paid for the original Langold lease acquisition				20,000
LBYE stock paid for the original Langold lease acquisition				1,800,000
Value of stock paid for original Langold lease				243,932
Total consideration paid for Langold leases, recorded as oil and gas property				$263,932

NOTE_6_RELATED_PARTY_TRANSACTI1

NOTE 6 - RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	12 Months Ended
	Jul. 31, 2014	Oct. 25, 2013
	Integer
Buchanan Ventures Agreement #1
Payable to Buchanan Ventures for consulting agreement		$150,000
Buchanan Ventures consulting agreement payments due every period	90 days
Term of Buchanan Ventures agreement	24 months
Income threshold per month by the Company before payments are made		25,000
Due on the contractor agreement	56,250
Buchanan Ventures Agreement #2
Buchanan Ventures agrees to introduce a lender to lend capital, max amount		7,500,000
Duration for lender to lend capital	12 months
Shares issued to Buchanan Ventures for Agreement #2		10,000,000
Amount paid on Agreement #1 and #2	0
Owed to current officers and directors	36,300
Owed to former officers and directors	114,300
Number of former affiliates owed	2
Percent of company owned by each former affilate owed	16.00%
Rent expense paid to related party	0
Value of annual rent supplied by related party at no cost	$2,000

NOTE_7_CONVERTIBLE_NOTES_PAYAB1

NOTE 7 - CONVERTIBLE NOTES PAYABLE (Details Narrative) (USD $)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended	117 Months Ended
	Mar. 31, 2014	Apr. 30, 2013	Jan. 15, 2015	Jul. 31, 2014	Dec. 01, 2023	Oct. 28, 2013	Oct. 16, 2013	Jul. 31, 2013	Apr. 10, 2013
Baylor County Acquisition
Non-interest bearing promissory note to Baylor seller	$65,000
Payments on the $65,000 payable			10
Payments amount on the $65,000 payable			6,500
Promissory note to Baylor seller	316,292
Payments on the $316,292 payable					117
Payments amount on the $316,292 payable					3,715
Interest rate per annum on the $316,292 payable	7.00%
April convertible note, percentage on agreement									8.00%
April convertible note, total convertible amount									32,500
April convertible note, funded in cash									30,000
April convertible note, funded in interest expense for financing costs									2,500
April convertible note, period				180 days
April convertible note, due date		15-Jan-14
April convertible note, market price percent of conversion									61.00%
April convertible note, trading day period to determine conversion price				10 days
April convertible note, liability								58,064
April convertible note, total related interest								25,564
April convertible note, principal converted to common stock							15,000
April convertible note, shares issued for principal converted to common stock							898,204
April convertible note, settled in full amount						$31,118

NOTE_8_STOCK_AND_WARRANT_TRANS1

NOTE 8 - STOCK AND WARRANT TRANSACTIONS (Details Narrative) (USD $)	0 Months Ended	3 Months Ended	12 Months Ended
	22-May-12	Oct. 31, 2013	Nov. 06, 2014	Nov. 05, 2014	Jul. 31, 2014	Feb. 01, 2014	Dec. 16, 2013	Jul. 31, 2013	24-May-13	Apr. 11, 2013
	Integer
Notes to Financial Statements
Common stock, authorized					150,000,000			150,000,000
Common stock, par value					$0.00			$0.00
Preferred Stock, Shares Authorized					10,000,000
Preferred Stock, Par Value					$0.00
Unit price										0.05
Alternative unit price, percent of volume-weighted average market closing price										95.00%
Preceding days to determine volume-weighted average market closing price			10 days
Restricted shares within a unit										1
Purchase price of common stock									$43,000
Total warrants issued per Asia Pacific agreement	5,807,752
Exercisable price of warrants issued to Asia Pacific for advance related to Unit price	125.00%
Duration of warrants issued to Asia Pacific for advance	3 years
PF1 Agreement loan amount due in exchange for units										3,650,000
PF1 Advances allowed to extinguish debt, fund operating expenses, working capital, and general corporate activities										150,000
PF1 Advances allowed for use in mergers and acquisitions										3,500,000
Unissued shares of common stock sold to PF1 for cash									548,921
Cash paid by PF1 for shares of common stock									43,000
Additional advances from PF1, duration		41,118
Additional advances from PF1, instant					8,000
Shares issued to PF1 for advances							0
Shares of common stock issued to former officers upon resignation								2,000,000
Value of 2,000,000 shares of common stock issued to each former officers upon resignation								110,000
Additional shares of common stock issued to each former officers upon resignation								500,000
Common stock issued for services provided, shares				1,500,000
Price per shares of stock issued for services provided				$0.01
Total consulting expense from stock issued for services provided				15,000
CFO issued shares as earned compensation			1,000,000
Period of time over which the CFO will earn equity compensation			12 months
COO issued shares as earned compensation			1,000,000
Period of time over which the COO will earn equity compensation			12 months
Additional compensation payable accrued to two directors per year						$15,000

NOTE_9_NOTES_PAYABLE_Details

NOTE 9 - NOTES PAYABLE (Details) (USD $)	12 Months Ended				64 Months Ended	127 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015	Dec. 01, 2023	Dec. 01, 2023
Debt Disclosure [Abstract]
Future minimum payments of the long-term note payable	$29,577	$27,583	$30,905	$20,318	$198,293	$306,676

NOTE_10_OFFICER_AND_DIRECTOR_C1

NOTE 10 - OFFICER AND DIRECTOR COMPENSATION (Details Narrative) (USD $)	12 Months Ended
	Jul. 31, 2014	Jun. 11, 2014
Notes to Financial Statements
Independent director cash payable for services		$6,300
Annual compensation to independent director per year		15,000
Payments making up independent director annual compensation		2
Arthur Roy stock grants, shares		1,500,000
Arthur Roy stock grants, vesting date	1-May-14
Arthur Roy stock grants, share price		$0.02
Arthur Roy stock grants, value		30,000
Armando Buchanan stock grants, shares		1,000,000
Armando Buchanan stock grants, vesting date	1-May-14
Armando Buchanan stock grants, share price		$0.02
Armando Buchanan stock grants, value		20,000
Steve Williamson stock grants, shares		1,000,000
Steve Williamson stock grants, vesting date	1-May-14
Steve Williamson stock grants, share price		$0.02
Steve Williamson stock grants, value		$20,000

NOTE_11_INCOME_TAXES_Details

NOTE 11 - INCOME TAXES (Details) (USD $)	Jul. 31, 2014
Deferred tax liabilities:
Federal net operating loss (@ 34%)	$870,682
Less: valuation allowance	-870,682
Net deferred tax asset	$0

NOTE_11_INCOME_TAXES_Details_P

NOTE 11 - INCOME TAXES (Details) (Parenthetical)	12 Months Ended
	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Federal tax rate	34.00%

NOTE_11_INCOME_TAXES_Details_N

NOTE 11 - INCOME TAXES (Details Narrative) (USD $)	12 Months Ended
	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Federal net operating loss carryforwards	$2,560,828
NOL carryforwards expiration through date	1/1/30

NOTE_12_SUBSEQUENT_EVENTS_Deta

NOTE 12 - SUBSEQUENT EVENTS (Details Narrative) (USD $)	1 Months Ended
	Oct. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 23, 2015	Jan. 14, 2015	Nov. 05, 2014	Oct. 03, 2014	Sep. 23, 2014
Subsequent Events [Abstract]
Stock purchase agreement to repurchase shares from shareholders, shares			11,384,273
Stock purchase agreement to repurchase shares from shareholders, amount			$11,384
Stock purchase agreement to repurchase shares from shareholders, duration			36 months
Stock purchase agreement to repurchase shares from shareholders, interest rate			4.00%
Amount repurchased, shares	3,063,512
Common stock sold for cash, shares								2,000,000
Common stock sold for cash, amount								20,000
Common stock sold for cash, price per share								$0.01
Note issued for working capital, amount		5,000
Note issued for working capital, duration		18 months
Note issued for working capital, interest rate		5.00%
Interest in certain Baylor leases sold by company							33.30%
Price of certain Baylor lease interest sold by company							30,000
Amount of Baylor lease sale allocated for working interest							25,000
Amount of Baylor lease sale allocated Amount of Baylor lease sale allocated for option to particiapte in welling program							5,000
Amount used to improve leased property							25,000
Common stock issued for services provided, shares						1,500,000
Price per shares of stock issued for services provided						$0.01
Total consulting expense from stock issued for services provided						15,000
Series C Preferred Stock authorized					100,000
Series C Preferred Stock issued					0
Delta Agreements
Promissory note payable to Delta				316,292
Overriding royalty interest assigned to Delta, percent				20.00%
Delta payment to Company				33,000
Offset of Delta payment to Company alreay owed by Company to Delta				$3,495