Amazing Energy Oil & Gas (AMAZ) 10-Q/A 17 Jan 17 2016 Q1 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Oct. 31, 2016	Jan. 06, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Amazing Energy Oil & Gas, Co.
Document Type	10-Q
Current Fiscal Year End Date	--07-31
Entity Common Stock, Shares Outstanding		64,941,754
Amendment Flag	false
Entity Central Index Key	1,375,618
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Oct. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Oct. 31, 2016	Jul. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 1,119,598	$ 344,148
Oil and gas receivables	30,930	236,425
Oil and gas receivables, related party		31,278
Prepaid expenses	281,847	157,861
Total current assets	1,432,375	769,712
Property, plant, and equipment, net of accumulated depreciation of $243,917 and $228,047, respectively	659,955	420,019
OIL AND GAS PROPERTIES, Full Cost Method
Evaluated properties, net of accumulated depletion of $1,026,597 and $997,986 respectively	6,201,267	6,245,523
Other assets	26,622	26,622
Total Assets	8,320,219	7,461,876
CURRENT LIABILITIES:
Accounts payable	67,053	413,070
Revenue payable to interest owners	636,550	401,104
Accrued liabilities	4,238	20,921
Interest payable, related parties	91,718
Current portion of convertible debt, related party	354,852	329,506
Note payable on acquisition, related party	350,000
Notes payable to related parties	230,000	230,000
Equipment note payable	51,998
Total current liabilities	1,786,409	1,394,601
LONG TERM LIABILITIES:
Asset retirement obligation	214,126	211,218
Common stock payable	44,625	32,250
Long-term convertible debt, related party	2,726,318	2,751,665
Total long-term liabilities	2,985,069	2,995,133
Total Liabilities	4,771,478	4,389,734
STOCKHOLDERS' EQUITY:
Preferred stock, no par value per share, 10,000,000 shares authorized, -0- shares issued and outstanding	0	0
Series A Preferred Stock, $0.01 par value, 9,000 shares issued and outstanding	90	90
Series B Preferred Stock, $0.01 par value, 50,000 shares issued and outstanding	500	500
Common stock, $0.001 par value per share, 3,000,000,000 shares authorized, 64,903,154 and 60,839,456 issued and outstanding	64,904	60,840
Additional paid-in capital	29,358,137	27,638,956
Accumulated deficit	(25,874,890)	(24,628,244)
	3,548,741	3,072,142
Total Liabilities and Stockholders' Equity	$ 8,320,219	$ 7,461,876

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Oct. 31, 2016	Jul. 31, 2016
Net of accumulated depreciation (in Dollars)	$ 243,917	$ 228,047
Net of accumulated depletion (in Dollars)	$ 1,026,597	$ 997,986
Preferred stock, shares authorized (in Dollars per share)	$ 10,000,000	$ 10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred Stock, Series A, par value	0.01	0.01
Preferred Stock, Series A, issued	9,000	9,000
Preferred Stock, Series A, outstanding	9,000	9,000
Preferred Stock, Series B, par value	0.01	0.01
Preferred Stock, Series B, issued	50,000	50,000
Preferred Stock, Series B, outstanding	50,000	50,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	3,000,000,000	3,000,000,000
Common stock, issued	64,903,154	60,839,456
Common stock, outstanding	64,903,154	60,839,456

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
REVENUES:
Oilfield Service Revenue	$ 132,530	$ 108,751
Oil and Gas Sales	51,877	122,039
	184,407	230,790
OPERATING EXPENSES:
Oil and gas production costs	15,957	51,437
Lease operating expenses	(1,805)	106,009
General and administrative expenses	369,429	138,355
Depreciation expense	16,546	18,317
Depletion expense	28,611	59,022
Accretion expense	2,908	3,390
Gain on leasehold sale		46,127
Total operating expenses	431,646	422,657
LOSS FROM OPERATIONS	(247,239)	(191,867)
OTHER INCOME (EXPENSE):
Interest income	2,552	184
Interest expense	(3,559)
Interest expense, related parties	(91,718)	(67,943)
Total other income (expense)	(92,725)	(67,759)
NET LOSS	$ (339,964)	$ (259,626)
NET LOSS PER COMMON SHARE - Basic and diluted (in Dollars per share)	$ (0.005)	$ (0.005)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted (in Shares)	63,884,346	53,441,528

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
Net loss	$ (339,964)	$ (259,626)
Adjustments to reconcile net loss to net cash (used) by operating activities:
Gain from sale of leasehold		(46,127)
Depreciation expense	16,546	18,317
Depletion expense	28,611	59,022
Accretion expense	2,908	3,390
Changes in operating assets and liabilities
Oil and gas receivables	205,495	(83,216)
Oil and gas receivables, related party	31,278	(2,601)
Prepaid expenses	(123,985)	(996)
Revenue receivable		112,676
Accounts payable	(346,018)	(6,759)
Revenue payable to interest owners	235,446	(267,128)
Accrued liabilities	(16,683)	(16,558)
Interest payable, related parties	91,718	67,368
NET CASH (USED IN) OPERATING ACTIVITIES	(214,648)	(329,984)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale of oil and gas properties	120,000
Acquisition of property and equipment	(204,484)	(43,195)
Acquisition of oil and gas properties	(104,354)
NET CASH (USED IN) INVESTING ACTIVITIES	(188,838)	(43,195)
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock payable	12,375
Payments on notes payable on acquisition, related party	(150,000)
Proceeds from sale of common stock	1,316,561
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,178,936
NET INCREASE (DECREASE) IN CASH	775,450	(373,179)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	344,148	974,563
CASH AND CASH EQUIVALENTS OF PERIOD	1,119,598	601,385
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equipment acquired through issuance of debt	52,992
Issuance of related party note payable for common control entity acquisition (Note 5)	500,000
Oil and gas properties purchased with accounts payable		$ 43,195
Deemed equity contribution of common control entity	$ 407,682

Note 1. Description of Business

Note 1. Description of Business and Basis of Presentation	3 Months Ended
	Oct. 31, 2016
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Description of Business and Basis of Presentation On October 14, 2014, Gold Crest Mines, Inc. ("Gold Crest", "the Company", "the Parent", "us" or "we") incorporated a wholly owned Nevada subsidiary corporation named Amazing Energy Oil and Gas, Co. On October 15, 2014, Gold Crest merged the foregoing wholly owned subsidiary corporation into Gold Crest Mines, Inc. and, pursuant to Nevada law, changed its name to Amazing Energy Oil and Gas, Co. The Company entered into a change in control agreement as the first step in a reverse acquisition process with certain shareholders of Amazing Energy, Inc. on October 7, 2014. Through its primary subsidiary, Amazing Energy, Inc. (also a Nevada corporation) the main business of the Company is the exploration, development, and production of oil and gas in the Permian Basin of west Texas. Amazing Energy, Inc. was formed in 2010 as a Texas corporation and then changed its domicile to Nevada in 2011. The Company owns interests in oil and gas properties located in Texas. The Company is primarily engaged in the acquisition, exploration and development of oil and gas properties and the production and sale of oil and natural gas. Amazing Energy, LLC was formed in December 2008 as a Texas Limited Liability Company. In December of 2010, Amazing Energy, Inc. and Amazing Energy, LLC were combined as commonly controlled entities. On July 31, 2016, the Company acquired Gulf South Securities, Inc. ("GSSI") (See Note 6). GSSI was organized to be active in various aspects of the securities industry and is registered as a broker-dealer with the Financial Industry Regulatory Authority ("FINRA") and the Securities and Exchange Commission ("SEC"). FINRA regulatory approval for the change in control is pending. GSSI is a FINRA limited broker dealer for the purpose of acting as a managing broker dealer to sell and distribute oil and gas drilling limited partnership offerings. On April 15, 2016, we entered into an agreement with Jed Miesner, our Chairman, to acquire all of his interest (100% of the total outstanding shares of common stock) of Jilpetco, Inc., a Texas corporation ("Jilpetco") in consideration of $500,000. Jilpetco is engaged in the business of operating and providing oilfield services to oil and gas properties. As a result, Jilpetco will become our wholly owned subsidiary corporation. On August 25, 2016, we announced that the foregoing agreement was amended to extend the closing date to August 31, 2016 and exclude certain property therefrom. The parties agreed to allow Jed Miesner to assign certain accounts receivable and to exclude certain personal property from the transaction. In addition, the $500,000 consideration for the acquisition is in the form of a note payable at 6% interest. (See Note 5). Effective August 31, 2016, the Company completed the acquisition of Jilpetco. As the Company and Jilpetco were under common control at the time of the acquisition, it is required under U.S. GAAP to account for this common control acquisition in a manner similar to the pooling of interest method of accounting. Under this method of accounting, the Company's Consolidated Financial Statements as of October 31, 2016 and 2015, and July 31, 2016 have been recast to reflect Jilpetco's historical cost basis in its assets and liabilities instead of reflecting the fair market value of the assets and liabilities. The historical balances reflected herein have been adjusted and recast as if the entities had been combined as of August 1, 2015. The difference between the purchase price and historical cost of the net assets acquired has been recorded as an equity contribution of $407,682 from Jilpetco as of August 1, 2016. Intercompany balances and transactions between the entities are eliminated in consolidation of the financial statements. Basis of presentation These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). These consolidated financial statements do not contain all of the information required for annual financial statements. The unaudited consolidated financial statements have been prepared using the significant accounting policies as set out in the audited consolidated financial statements of Amazing Energy Oil and Gas, Co. for the year ended July 31, 2016 and Jilpetco accounting policies as outlined below. The unaudited consolidated financial statements should be read in conjunction with the historical financial statements and notes thereto of Amazing Energy Oil and Gas, Co. as filed with the SEC on Form 10-K filed November 14, 2016. It is management's opinion that these consolidated financial statements include all adjustments necessary for fair presentation, in all material respects, in accordance with US GAAP applied on a basis consistent with Amazing Energy Oil and Gas, Co. accounting policies. Results as of October 31, 2016 are not necessarily indicative of the results for the year ending July 31, 2017. Business Combinations When we acquire a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated similar to the pooling of interests method of accounting. The assets and liabilities are recorded at the transferring entity's historical cost instead of reflecting the fair value of assets and liabilities. Revenue and Cost Recognition The Company uses the sales method of accounting for oil and gas 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 the Company may be entitled to, based on the Company's individual interest in the property. Periodically, imbalances between production and nomination volumes can occur for various reasons. In cases where imbalances have occurred, a production imbalance receivable or liability will be recorded when determined. Costs associated with production are expensed in the period in which they are incurred. Accounts Receivable Trade accounts receivable are carried at original invoice amount less an estimate for doubtful accounts. There was no allowance for doubtful accounts at October 31, 2016 and 2015. Management determines the allowance by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history and current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as income when received.

Note 2. Going Concern

Note 2. Going Concern	3 Months Ended
	Oct. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern [Text Block]	Note 2. Going Concern These consolidated financial statements have been prepared in accordance with generally U.S. GAAP to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. As of the release date of these financial statements, the Company has not yet achieved profitable operations, has had accumulated losses since its inception and expects to incur further losses in the development of its business. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management's plan to address the Company's ability to continue as a going concern includes: (1) obtaining debt or equity funding from private placements or institutional sources; (2) obtaining loans from financial institutions, where possible, or (3) participating in joint venture transactions with third parties. Although management believes that it will be able to obtain the necessary funding to allow the Company to remain a going concern through the methods discussed above, there can be no assurances that such methods will prove successful. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Note 3. Earnings Per Share

Note 3. Earnings Per Share	3 Months Ended
	Oct. 31, 2016
Earnings Per Share Reconciliation [Abstract]
Earnings Per Share Reconciliation Disclosure	Note 3. Earnings Per Share Basic earnings per share include no dilution and are computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share October 31, 2016 October 31, 2015 Conversion option on related party debt 11,832,724 13,921,168 Convertible preferred stock 6,490,000 - Warrants 2,674,576 - Total potential dilution 20,997,300 13,921,168

Note 4. Oil and Gas Properties

Note 4. Oil and Gas Properties	3 Months Ended
	Oct. 31, 2016
Oil and Gas Property [Abstract]
Oil and Gas Properties [Text Block]	Note 4. Oil and Gas Properties The Company is currently participating in oil and gas exploration activities in Texas. All of the Company's oil and gas properties are located in the United States. The Company has leasehold rights within approximately 70,000 contiguous acres in Pecos County, Texas, which lies within the Permian Basin. The property is located in the Northeast region of the County. The Pecos leasehold is comprised of multiple leases, and the Company has a variable working interest in twenty-two wells on these leases. The Company has drilled twenty-two wells throughout this property, with sixteen producing and six shut-in. The oil and gas property balances at October 31, 2016 and July 31, 2016 are set forth in the table below: October 31, 2016 July 31, 2016 Proved leasehold costs $ 2,477,079 $ 2,477,079 Cost of wells and development 4,584,682 4,600,327 Asset retirement obligation, asset 166,103 166,103 Total cost of oil and gas properties 7,227,864 7,243,509 Less: Accumulated depletion (1,026,597 ) (997,986 ) Oil and gas properties, net full cost method $ 6,201,267 $ 6,245,523

Note 5. Common Control Acquisit

Note 5. Common Control Acquisition of Jilpetco, Inc.	3 Months Ended
	Oct. 31, 2016
Disclosure Text Block Supplement [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Note 5. Common Control Acquisition of Jilpetco, Inc. On April 15, 2016, we entered into an agreement with Jed Miesner, our Chairman, to acquire all of his interest (100% of the total outstanding shares of common stock) of Jilpetco, Inc., a Texas corporation ("Jilpetco") in consideration of $500,000. Jilpetco is engaged in the business of operating and providing oilfield services to oil and gas properties. On August 25, 2016, we announced that the foregoing agreement was amended to extend the closing date to August 31, 2016 and exclude certain property therefrom. The parties agreed to allow Jed Miesner to assign certain accounts receivable, and to exclude certain personal property from the transaction. In addition, the $500,000 consideration for the acquisition is in the form of a note payable at 6% interest calling for monthly payments of principal and interest and maturing on December 25, 2017. As of October 31, 2016, we have made payments of $150,000 plus interest on this note. The Company completed the acquisition of Jilpetco on August 31, 2016 (see Note 1. "Description of Business and Basis of Presentation"). As the Company and Jilpetco were under common control at the time of the acquisition, the results of operations have been combined for the Company and Jilpetco as of August 1, 2015. Separate results for the Company and Jilpetco for the three months ended October 31, 2016 and 2015 were as follows: Three Months Ended Three Months Ended October 31, 2016 October 31, 2015 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 51,877 $ 132,530 $ 184,407 $ 122,039 $ 108,751 $ 230,790 Operating Expenses $ 102,275 $ 329,372 $ 431,647 $ 309,269 $ 113,388 $ 422,657 Other Income (Expense) $ (61,624) $ (31,101) $ (92,725) $ (67,356) $ (403) $ (67,759) Net loss $ (112,022) $ (227,943) $ (339,965) $ (254,586) $ (5,040) $ (259,626) Earnings per common share: Basic and Diluted $ (0.002) $ (0.004) $ (0.005) $ (0.005) $ (0.000) $ (0.005) Intercompany profit between the entities was eliminated in presentation of these results.

Note 6. Acquisition of Gulf Sou

Note 6. Acquisition of Gulf South Securities, Inc.	3 Months Ended
	Oct. 31, 2016
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Note 6. Acquisition of Gulf South Securities, Inc. On July 31, 2016, the Company issued 5,373,528 shares of common stock and 2,674,576 common stock purchase warrants to GSHI and others in consideration of GSHI transferring to us 100,000 shares of common stock of GSSI which constitutes all of the issued and outstanding shares of common stock of GSSI. Further, we issued 50,000 shares of our Series B Preferred Stock to Bories Capital, LLC. These preferred shares were issued to Bories Capital, LLC, owned by Robert Bories, an officer of the Company as of July 31, 2016. Robert Bories is an officer of GSHI and Bories Capital, LLC has released its security interest in the common stock of GSSI. Upon the completion of the foregoing stock exchange, GSSI became our wholly owned subsidiary corporation. GSSI is an SEC, FINRA registered securities broker-dealer. The unaudited pro forma financial information below represents the combined results of our operations as if Three Months Ended October 31, 2015 (Unaudited) Revenue $ 230,790 Loss from operations $ (233,292 ) Net loss $ (301,051 ) Net loss per share available to common stockholders, basic and diluted $ (0.006 ) The unaudited pro forma financial information includes adjustments to 1) eliminate acquisition-related costs and goodwill impairment for the period ended October 31, 2015 which are non-recurring and 2) reflect the issuance of common stock as consideration in the acquisition and for payment of acquisition costs.

Note 7. Related Parties Debt

Note 7. Related Parties Debt	3 Months Ended
	Oct. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 7. Related Parties Debt Related Party Convertible Debt On January 3, 2011, the Company formalized a loan agreement with Jed Miesner, the Company's CEO and Chairman for $1,940,000. The loan is scheduled to mature on December 31, 2030, bear interest at the rate of 8% per annum, and are collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. At October 31, 2016 and July 31, 2016, the short term components of this loan were $205,448 and $191,029 respectively. The long term amounts at October 31, 2016 and July 31, 2016 were $1,734,551 and $1,748,971 respectively. On December 30, 2010, Amazing Energy, LLC, (a wholly owned subsidiary of the Company) entered into a $2,000,000 line of credit facility with JLM Strategic Investments LP, an entity controlled by Jed Miesner. Funds advanced on the line of credit mature on December 31, 2030, bear interest at the rate of 8% per annum and are collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. At October 31, 2016 and July 31, 2016 the short term components of this loan were $32,913 and $30,162 respectively. The long term amounts at October 31, 2016 and July 31, 2016 were $8,258 and $11,008 respectively. There was a reduction in this debt of $287,303 on July 31, 2016 by the issuance of the Series A Preferred Stock (see below). On December 30, 2010, Amazing Energy, LLC, formalized loan agreements with Petro Pro Ltd., an entity also controlled by Jed Miesner for $1,100,000. The loan is scheduled to mature on December 31, 2030, bear interest at the rate of 8% per annum and are collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. At October 31, 2016 and July 31, 2016, the short term components of this loan were $116,491 and $108,315 respectively. The long term amounts at October 31, 2016 and July 31, 2016 were $983,509 and $991,685 respectively. Contractual Principal Maturities Period Ending JLM Strategic October 31, Jed Miesner Petro Pro, Ltd. Investments, LP Total 2017 $ 205,448 $ 116,491 $ 32,913 $ 354,852 2018 57,676 32,703 8,258 101,387 2019 62,690 35,319 - 97,609 2020 67,273 38,144 - 105,417 2021 72,655 41,196 - 113,851 Subsequent years 1,474,258 836,147 - 2,308,055 $ 1,940,000 $ 1,100,000 $ 41,171 $ 3,081,171 Effective July 31, 2016, the Company authorized the issuance of 9,000 shares of Preferred Series A stock with par value of $0.01 per share. These shares were issued to Jed Miesner, the Company's controlling shareholder, in exchange for cancellation of related party interest payable in the amount of $612,697 and debt payable to JLM Strategic Investments, LP in the amount of $287,303. No principal payments have been paid on the two loan agreements and the credit facility since their inception. At October 31, 2016, Mr. Miesner has waived any event of default on the aforementioned delinquent payments of principal and interest due on the loans and credit facility. Notes Payable - Related Parties On May 27, 2016 Jilpetco entered into loan agreements with Tony Alford, Robert Bories, Robert Manning, Petro Pro Ltd., and Reese Pinney. Messrs. Alford, Manning are members of the Board of Directors and Miesner is Chairman. Messrs. Bories and Pinney are officers of the Company. Modification of Debt Agreements On August 15, 2016, the loan agreements were modified to accept additional amounts from all the individual noteholders except Mr. Manning. As of October 31, 2016, no additional amounts have been loaned. The loan is scheduled to mature on November 23, 2016, bear interest at the rate of 8% per annum and pay a participation fee equal to 10% of the principal amount of the loan. Contractual principal interest & fees for the loan outstanding at October 31, 2016 are summarized as follows: Contractual Principal Interest & Fees Three Months Ended Three Months Ended Date 31-Oct-16 31-Oct-16 Principal Interest & Fees Tony Alford $ 65,000 $ 8,501 Robert Bories $ 65,000 $ 8,501 Robert Manning $ 20,000 $ 2,422 Petro Pro Ltd. *1 $ 65,000 $ 8,501 Reese Pinney $ 15,000 $ 1,934 Total $ 230,000 $ 29,860 *1 Jed Miesner, the Company's chairman, is a member of Petro Pro Management LLC which is the General Partner of Petro Pro Ltd. At November 23, 2016, the Noteholders have waived any event of default and have commenced discussion to extend or replace the loan with a new loan agreement. On January 6, 2017, the Company paid 25% of the principal, being $57,500, paid the 10% note fee, being $23,000, and paid the accrued interest through November 23, 2016, being $ 8,035, for a grand total of payments being $88,536. As of October 31, 2016 and July 31, 2016, the accrued and unpaid interest due to related parties was $91,718 and $0, respectively. Related party interest expense for the quarters ended October 31, 2016 and 2015 was $91,718 and $67,943 respectively.

Note 8. Commitments and Conting

Note 8. Commitments and Contingencies	3 Months Ended
	Oct. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 8. Commitments and Contingencies The Company is subject to contingencies as a result of environmental laws and regulations. Present and future environmental laws and regulations applicable to the Company's operations could require substantial capital expenditures or could adversely affect its operations in other ways that cannot be predicted at this time. Lease Commitments – Mineral Properties Preferred Stock

Note 9. Stockholders' Equity

Note 9. Stockholders' Equity	3 Months Ended
	Oct. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 9. Stockholders' Equity Shares Issued for cash

Note 10. Subsequent Event

Note 10. Subsequent Event	3 Months Ended
	Oct. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 10. Subsequent Event The Company, through its subsidiary Kisa Gold Mining Inc. ("Kisa"), has an option agreement with Afranex Gold Limited ("Afranex") which grants Afranex the option to purchase all of the outstanding common stock of Kisa or purchase all of Kisa's right, title and interest in certain mining permits and associated assets of Kisa. The option period was to end on December 31, 2016 or such later date which was to be agreed upon by both parties. On January 3, 2017, Afranex paid a $50,000 non-refundable option fee to the Company, as consideration for extending the option period to March 31, 2017. Afranex agrees to pay the Company, on settlement of the acquisition, a total of $120,000 settlement cash consideration.

Note 3. Earnings Per Share (Tab

Note 3. Earnings Per Share (Tables)	3 Months Ended
	Oct. 31, 2016
Earnings Per Share Reconciliation [Abstract]
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]	October 31, 2016 October 31, 2015 Conversion option on related party debt 11,832,724 13,921,168 Convertible preferred stock 6,490,000 - Warrants 2,674,576 - Total potential dilution 20,997,300 13,921,168

Note 4. Oil and Gas Properties

Note 4. Oil and Gas Properties (Tables)	3 Months Ended
	Oct. 31, 2016
Oil and Gas Property [Abstract]
Property, Plant and Equipment [Table Text Block]	October 31, 2016 July 31, 2016 Proved leasehold costs $ 2,477,079 $ 2,477,079 Cost of wells and development 4,584,682 4,600,327 Asset retirement obligation, asset 166,103 166,103 Total cost of oil and gas properties 7,227,864 7,243,509 Less: Accumulated depletion (1,026,597 ) (997,986 ) Oil and gas properties, net full cost method $ 6,201,267 $ 6,245,523

Note 5. Common Control Acquis18

Note 5. Common Control Acquisition of Jilpetco, Inc. (Tables)	3 Months Ended
	Oct. 31, 2016
Disclosure Text Block Supplement [Abstract]
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]	Three Months Ended Three Months Ended October 31, 2016 October 31, 2015 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 51,877 $ 132,530 $ 184,407 $ 122,039 $ 108,751 $ 230,790 Operating Expenses $ 102,275 $ 329,372 $ 431,647 $ 309,269 $ 113,388 $ 422,657 Other Income (Expense) $ (61,624) $ (31,101) $ (92,725) $ (67,356) $ (403) $ (67,759) Net loss $ (112,022) $ (227,943) $ (339,965) $ (254,586) $ (5,040) $ (259,626) Earnings per common share: Basic and Diluted $ (0.002) $ (0.004) $ (0.005) $ (0.005) $ (0.000) $ (0.005)

Note 6. Acquisition of Gulf S19

Note 6. Acquisition of Gulf South Securities, Inc. (Tables)	3 Months Ended
	Oct. 31, 2016
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended October 31, 2015 (Unaudited) Revenue $ 230,790 Loss from operations $ (233,292 ) Net loss $ (301,051 ) Net loss per share available to common stockholders, basic and diluted $ (0.006 )

Note 7. Related Parties Debt (T

Note 7. Related Parties Debt (Tables)	3 Months Ended
	Oct. 31, 2016
Related Party Transactions [Abstract]
Investments Classified by Contractual Maturity Date [Table Text Block]	Contractual Principal Maturities Period Ending JLM Strategic October 31, Jed Miesner Petro Pro, Ltd. Investments, LP Total 2017 $ 205,448 $ 116,491 $ 32,913 $ 354,852 2018 57,676 32,703 8,258 101,387 2019 62,690 35,319 - 97,609 2020 67,273 38,144 - 105,417 2021 72,655 41,196 - 113,851 Subsequent years 1,474,258 836,147 - 2,308,055 $ 1,940,000 $ 1,100,000 $ 41,171 $ 3,081,171
Schedule of Short-term Debt [Table Text Block]	Contractual Principal Interest & Fees Three Months Ended Three Months Ended Date 31-Oct-16 31-Oct-16 Principal Interest & Fees Tony Alford $ 65,000 $ 8,501 Robert Bories $ 65,000 $ 8,501 Robert Manning $ 20,000 $ 2,422 Petro Pro Ltd. *1 $ 65,000 $ 8,501 Reese Pinney $ 15,000 $ 1,934 Total $ 230,000 $ 29,860

Note 1. Description of Busine21

Note 1. Description of Business and Basis of Presentation (Details) - USD ($)	1 Months Ended	5 Months Ended
	Aug. 31, 2016	Aug. 31, 2016	Apr. 15, 2016	Jan. 03, 2011	Dec. 30, 2010
Disclosure Text Block [Abstract]
Equity Method Investment, Ownership Percentage	100.00%	100.00%	100.00%
Payments to Acquire Other Productive Assets		$ 500,000
Notes Payable, Related Parties	$ 500,000	$ 500,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%	6.00%		8.00%	8.00%
Contribution of Property	$ 407,682

Note 3. Earnings Per Share (Det

Note 3. Earnings Per Share (Details) - Earnings Per Share - shares	3 Months Ended	15 Months Ended
	Oct. 31, 2016	Oct. 31, 2016
Earnings Per Share [Abstract]
Conversion option on related party debt	11,832,724	13,921,168
Convertible preferred stock	6,490,000
Warrants	2,674,576
Total potential dilution	20,997,300	13,921,168

Note 4. Oil and Gas Propertie23

Note 4. Oil and Gas Properties (Details)	3 Months Ended
	Oct. 31, 2016a
Oil and Gas Property [Abstract]
Area of Land (in Acres)	70,000
Exploratory Wells Drilled, Net Productive	22
Development Wells Drilled, Net Productive	16
Exploratory Wells Drilled, Net Nonproductive	6

Note 4. Oil and Gas Propertie24

Note 4. Oil and Gas Properties (Details) - Oil and Gas Properties - USD ($)	Oct. 31, 2016	Jul. 31, 2016
Oil and Gas Properties [Abstract]
Proved leasehold costs	$ 2,477,079	$ 2,477,079
Cost of wells and development	4,584,682	4,600,327
Asset retirement obligation, asset	166,103	166,103
Total cost of oil and gas properties	7,227,864	7,243,509
Less: Accumulated depletion	(1,026,597)	(997,986)
Oil and gas properties, net full cost method	$ 6,201,267	$ 6,245,523

Note 5. Common Control Acquis25

Note 5. Common Control Acquisition of Jilpetco, Inc. (Details) - USD ($)	Jan. 07, 2017	Aug. 31, 2016	Oct. 31, 2016	Oct. 31, 2016	Apr. 15, 2016	Jan. 03, 2011	Dec. 30, 2010
Disclosure Text Block Supplement [Abstract]
Equity Method Investment, Ownership Percentage		100.00%			100.00%
Business Acquisition, Transaction Costs					$ 500,000
Issuance of Related Party Note Payable for Common Control Entity Acquisition		$ 500,000		$ 500,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%				8.00%	8.00%
Debt Instrument, Periodic Payment	$ 88,536		$ 150,000

Note 5. Common Control Acquis26

Note 5. Common Control Acquisition of Jilpetco, Inc. (Details) - Combined Results of Operations for Amazing Energy and Jilpetco - USD ($)	3 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
Combined Results of Operations for Amazing Energy and Jilpetco [Abstract]
Operating Revenue	$ 51,877	$ 122,039
Operating Revenue	132,530	108,751
Operating Revenue	184,407	230,790
Operating Expenses	102,275	309,269
Operating Expenses	329,372	113,388
Operating Expenses	431,647	422,657
Other Income (Expense)	(61,624)	(67,356)
Other Income (Expense)	(31,101)	(403)
Other Income (Expense)	(92,725)	(67,759)
Net loss	(112,022)	(254,586)
Net loss	(227,943)	(5,040)
Net loss	$ (339,964)	$ (259,626)
Basic and Diluted (in Dollars per share)	$ (0.002)	$ (0.005)
Basic and Diluted (in Dollars per share)	(0.004)	0
Basic and Diluted (in Dollars per share)	$ (0.005)	$ (0.005)

Note 6. Acquisition of Gulf S27

Note 6. Acquisition of Gulf South Securities, Inc. (Details)	1 Months Ended
	Jul. 31, 2016USD ($)shares
Business Combinations [Abstract]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	5,373,528
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $	$ 2,674,576
Business Combination, Consideration Transferred, Other | $	$ 100,000
Preferred Shares, Series B, Shares, Issued for Acquisition | shares	50,000

Note 6. Acquisition of Gulf S28

Note 6. Acquisition of Gulf South Securities, Inc. (Details) - Unaudited Pro Forma Financial	3 Months Ended
	Oct. 31, 2015USD ($)$ / shares
Unaudited Pro Forma Financial [Abstract]
Revenue	$ 230,790
Loss from operations	(233,292)
Net loss	$ (301,051)
Net loss per share available to common stockholders, basic and diluted (in Dollars per share) | $ / shares	$ (0.006)

Note 7. Related Parties Debt (D

Note 7. Related Parties Debt (Details) - USD ($)	Jan. 07, 2017	Nov. 23, 2016	Oct. 31, 2016	Oct. 31, 2016	Jul. 31, 2016	Jul. 30, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 30, 2016	Aug. 31, 2016	Jan. 03, 2011	Dec. 30, 2010
Related Party Transactions [Abstract]
Convertible Notes Payable											$ 1,940,000	$ 1,100,000
Debt Instrument, Interest Rate, Stated Percentage										6.00%	8.00%	8.00%
Convertible Notes Payable, Current			$ 205,448	$ 205,448	$ 191,029			$ 205,448
Convertible Debt, Noncurrent			983,509	983,509	991,685	$ 1,748,971		$ 983,509	$ 1,734,551
Line of Credit, Current												$ 2,000,000
Line of Credit Facility, Interest Rate During Period								8.00%
Line of Credit Facility, Periodic Payment				32,913	30,162
Line of Credit Facility, Increase (Decrease), Net				8,258	11,008
Convertible Debt, Current			116,491	116,491	$ 108,315			$ 116,491
Preferred Shares, Series A, Shares, Issued for Conversion of Debt and Interest (in Shares)					9,000
Preferred Stock, No Par Value (in Dollars per share)					$ 0.01
Debt Conversion, Original Debt, Amount					$ 287,303	$ 612,697
Loan Payable, Participation Fee										10.00%
Debt Instrument, Periodic Payment, Principal		$ 57,500
Loan Payable, Participation Fee, Amount	$ 23,000
Debt Instrument, Periodic Payment, Interest	8,035
Debt Instrument, Periodic Payment	$ 88,536		150,000
Interest Payable			$ 91,718	91,718				$ 91,718
Due to Related Parties					0
Interest Expense, Related Party				$ 91,718	$ 67,943		$ 67,943

Note 7. Related Parties Debt 30

Note 7. Related Parties Debt (Details) - Contractual Principal Maturities - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Oct. 31, 2016	Oct. 30, 2016
Contractual Principal Maturities [Abstract]
2,017					$ 205,448
2,017					116,491
2,017					32,913
2,017					$ 354,852	$ 120,000	$ 10,000	$ 10,000
2,018				$ 57,676
2,018				32,703
2,018				8,258
2,018				$ 101,387
2,019			$ 62,690
2,019			35,319
2,019			$ 97,609
2,020		$ 67,273
2,020		38,144
2,020		$ 105,417
2,021	$ 72,655
2,021	41,196
2,021	113,851
Subsequent years	1,474,258
Subsequent years	836,147
Subsequent years	2,308,055
	1,940,000
	1,100,000
	41,171
	$ 3,081,171

Note 7. Related Parties Debt 31

Note 7. Related Parties Debt (Details) - Contractual Principal Interest & Fees	Oct. 31, 2016USD ($)
Contractual Principal Interest & Fees [Abstract]
Tony Alford	$ 65,000
Tony Alford	8,501
Robert Bories	65,000
Robert Bories	8,501
Robert Manning	20,000
Robert Manning	2,422
Petro Pro Ltd. *1	65,000
Petro Pro Ltd. *1	8,501
Reese Pinney	15,000
Reese Pinney	1,934
Total	230,000
Total	$ 29,860

Note 8. Commitments and Conti32

Note 8. Commitments and Contingencies (Details)	12 Months Ended
	Jul. 31, 2017USD ($)	Feb. 28, 2019ft²	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Oct. 31, 2016USD ($)a$ / item	Oct. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Area of Real Estate Property (in Square Feet) | ft²		3,700
Occupancy, Net	$ 52,000
Mining Claim (in Dollars per Item) | $ / item					38
Area of Land (in Acres) | a					70,000
Mineral Properties, Gross						$ 0
Contractual Obligation			$ 354,852	$ 120,000	$ 10,000	$ 10,000

Note 9. Stockholders' Equity (D

Note 9. Stockholders' Equity (Details) - USD ($)	2 Months Ended	3 Months Ended
	Jul. 31, 2016	Oct. 31, 2016	May 16, 2016
Stockholders' Equity Note [Abstract]
Shares Issued, Price Per Share			$ 0.26
Stock Issued During Period, Shares, New Issues	699,400	5,063,698
Stock Issued During Period, Value, New Issues	$ 181,844	$ 1,316,561

Note 10. Subsequent Event (Deta

Note 10. Subsequent Event (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017	Jan. 03, 2017	Oct. 31, 2016	Oct. 30, 2016
Subsequent Events [Abstract]
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year			$ 50,000
Contractual Obligation	$ 354,852	$ 120,000		$ 10,000	$ 10,000