Amazing Energy Oil & Gas (AMAZ) 10-Q/A 26 May 17 2017 Q2 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jan. 31, 2017	May 23, 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		66,121,040
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	Jan. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jan. 31, 2017	Jul. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 1,142,547	$ 344,148
Oil and gas receivables	46,063	63,910
Oil and gas receivables, related party		40,378
Prepaid expense and other current assets	284,704	236,425
TOTAL CURRENT ASSETS	1,473,314	684,861
Property, plant, and equipment, net of accumulated depreciation of $242,502 and $193,563, respectively	616,401	399,077
OIL AND GAS PROPERTIES, Full Cost Method
Evaluated properties, net of accumulated depletion of $1,054,379 and $997,986 respectively	5,545,727	6,245,523
Other assets and restricted cash	76,622	26,622
TOTAL ASSETS	7,712,064	7,356,083
CURRENT LIABILITIES:
Accounts payable	34,880	260,290
Revenue payable to interest owners	339,786	474,115
Accrued liabilities	22,495	20,922
Interest payable, related parties	126,468	20,324
Current portion of convertible debt, related party	329,506	329,506
Note payable on acquisition, related party	229,167
Notes payable to related parties	172,500	230,000
Equipment note payable	49,016
TOTAL CURRENT LIABILITIES	1,303,818	1,335,157
LONG TERM LIABILITIES:
Asset retirement obligation	178,899	211,218
Common stock payable	20,000	32,250
Long-term convertible debt, related party	2,751,665	2,751,665
TOTAL LONG-TERM LIABILITIES	2,950,564	2,995,133
TOTAL LIABILITIES	4,254,382	4,330,290
STOCKHOLDERS' EQUITY:
Preferred stock, no par value per share, 10,000,000 shares authorized, no 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, 66,044,116 and 60,839,456 issued and outstanding	66,044	60,840
Additional paid-in capital	29,623,671	27,638,956
Accumulated deficit	(26,232,623)	(24,674,593)
TOTAL STOCKHOLDERS' EQUITY	3,457,682	3,025,793
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,712,064	$ 7,356,083

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Jan. 31, 2017	Jul. 31, 2016
Net of accumulated depreciation (in Dollars)	$ 242,502	$ 193,563
Net of accumulated depletion (in Dollars)	$ 1,054,379	$ 997,986
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, Series A, par value (in Dollars per share)	$ 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 (in Dollars per share)	$ 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	66,044,116	60,839,456
Common stock, outstanding	66,044,116	60,839,456

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
REVENUES:
Oilfield service revenue	$ 76,465	$ 141,732	$ 162,671	$ 216,004
Oil and gas sales	65,037	16,902	119,254	138,941
Total revenue	141,502	158,634	281,925	354,945
OPERATING EXPENSES:
Oil and gas production costs	40,902		63,608	20,872
Lease operating expenses	108,588	86,797	136,411	212,513
General and administrative	281,293	145,583	573,172	260,316
Depreciation	31,689	19,938	53,939	39,987
Depletion	27,782	46,416	56,393	105,438
Accretion	2,180	3,363	4,898	6,753
Gain on sale of mineral rights	(50,000)	(146,898)	(50,000)	(146,898)
Write-off of leasehold interest				46,127
Total operating expenses	442,434	155,199	838,421	545,108
LOSS FROM OPERATIONS	(300,932)	3,435	(556,496)	(190,163)
OTHER INCOME (EXPENSE):
Interest income	174	185	2,726	369
Interest expense	(5,629)		(19,667)
Interest expense, related parties	(61,630)	(67,944)	(123,260)	(135,887)
Total other income (expense)	(67,085)	(67,759)	(140,201)	(135,518)
NET LOSS	$ (368,017)	$ (64,324)	$ (696,697)	$ (325,681)
NET LOSS PER COMMON SHARE - Basic and diluted (in Dollars per share)	$ 0	$ 0	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted (in Shares)	64,411,053	53,462,452	63,884,346	53,541,990

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Net loss	$ (696,697)	$ (325,681)
Adjustments to reconcile net loss to net cash (used) by operating activities:
Common stock issued for services	12,375	15,000
Gain from sale of leasehold and mineral rights	(50,000)	(146,898)
Write-off of leasehold interest		46,127
Depreciation expense	53,939	39,987
Depletion expense	56,393	105,438
Accretion expense	4,898	6,753
Changes in operating assets and liabilities
Oil and gas receivables	17,847	(226,750)
Oil and gas receivables, related party	40,378	112,676
Prepaid expenses and other current asset	(48,279)	(36,937)
Accounts payable	(225,410)	(33,608)
Revenue payable to interest owners	(134,329)	(232,682)
Accrued liabilities	1,573	(59,558)
Interest payable, related parties	106,144	134,739
NET CASH (USED IN) OPERATING ACTIVITIES	(861,168)	(601,394)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from optioned mineral properties	50,000	50,000
Proceeds from sale of working interests, oil and gas properties	656,596
Purchase of secured letter of credit, restricted	(50,000)
Acquisition of property and equipment	(218,271)
Acquisition of oil and gas properties	(50,410)
NET CASH PROVIDED BY INVESTING ACTIVITIES	387,915	50,000
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock payable	20,000
Proceeds from sale of common stock	1,583,961
Payments on equipment note payable	(3,976)
Payments on notes payable	(57,500)	(63,324)
Payments on notes payable on acquisition, related party	(270,833)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	1,271,652	(63,324)
NET INCREASE (DECREASE) IN CASH	798,399	(614,718)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	344,148	974,563
CASH AND CASH EQUIVALENTS OF PERIOD	1,142,547	359,845
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equipment acquired with note payable	52,992
Issuance of related party note payable for common control entity acquisition (Note 5)	500,000
Deemed equity contribution of common control entity (Note 1)	362,333
Oil and gas properties purchased with accounts payable, related party		55,634
Loan and deposit exchanged for mineral property		$ 100,212
Common stock issued for common stock payable	$ 32,250

NOTE 1 - NATURE OF OPERATIONS

NOTE 1 - NATURE OF OPERATIONS	6 Months Ended
	Jan. 31, 2017
Disclosure Text Block [Abstract]
Nature of Operations [Text Block]	NOTE 1 – NATURE OF OPERATIONS 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. 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 7). 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, the Company entered into an agreement with Jed Miesner, the Chairman of the Company's board of directors, 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 became a wholly owned subsidiary corporation of the Company. 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 6). 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 similar to the pooling of interest method of accounting. Under this method of accounting, the Company's Consolidated Financial Statements as of January 31, 2017 and July 31, 2016 have been recast to reflect Jilpetco's historical book 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 was recorded as a deemed equity contribution of $362,333 as of August 1, 2016. Intercompany balances and transactions between the entities are eliminated in consolidation of the financial statements.

NOTE 2 - SIGNIFICANT ACCOUNTING

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jan. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. 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 January 31, 2017 are not necessarily indicative of the results for the year ending July 31, 2017. 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 shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2017, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying consolidated balance sheets and statements of operations, the Company has an accumulated deficit of $26,232,623. At January 31, 2017, the Company's working capital was $169,496. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing, obtaining additional financing from investors, and/or lenders, and attaining additional commercial production. However, there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt about its ability to continue as a going concern exists. 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 financial statements do not include adjustments relating to the recoverability of recorded assets nor the implications of associated bankruptcy costs should the Company be unable to continue as a going concern. 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 January 31, 2017 and 2016. 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. Asset Retirement Obligations The Company accounts for its future asset retirement obligations by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long lived asset. The Company depletes the amount added to proved oil and gas property costs and gathering assets using the units-of-production method. The Company's asset retirement obligation consists of costs related to the plugging of wells, removal of facilities and equipment and site restoration on its oil and gas properties and gathering assets. The asset retirement liability is allocated to operating expense using a systematic and rational method

NOTE 3 - EARNINGS PER SHARE

NOTE 3 - EARNINGS PER SHARE	6 Months Ended
	Jan. 31, 2017
Earnings Per Share Reconciliation [Abstract]
Earnings Per Share Reconciliation Disclosure	NOTE 3 – EARNINGS PER SHARE Basic Earnings Per Share ("EPS") is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period and includes no dilution. Diluted EPS reflects the potential dilution of securities that could occur from common shares issuable through convertible debt, convertible preferred stock and warrants. The outstanding securities at January 31, 2017 and 2016, that could have a dilutive effect are as follows: January 31, 2017 January 31, 2016 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 For the three and six month periods ended January 31, 2017 and 2016, respectively, the effect of the Company's outstanding common stock equivalents would have been anti-dilutive.

NOTE 4 - PREPAID EXPENSE AND OT

NOTE 4 - PREPAID EXPENSE AND OTHER CURRENT ASSETS	6 Months Ended
	Jan. 31, 2017
Disclosure Text Block Supplement [Abstract]
Other Current Assets [Text Block]	NOTE 4 – PREPAID EXPENSE AND OTHER CURRENT ASSETS As of January 31, 2017 and July 31, 2016, the prepaid expense and other current asset balance was composed of the following: January 31, 2017 July 31, 2016 (Recast) Prepaid expense $ 58,638 $ 35,028 Billable well and completion costs 226,066 201,397 Total prepaid expense and other current assets $ 284,704 $ 236,425

NOTE 5 - OIL AND GAS PROPERTIES

NOTE 5 - OIL AND GAS PROPERTIES	6 Months Ended
	Jan. 31, 2017
Oil and Gas Property [Abstract]
Oil and Gas Properties [Text Block]	NOTE 5 – OIL AND GAS PROPERTIES The Company is currently participating in oil and gas exploration activities in Texas. The Company's oil and gas properties are located entirely 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 January 31, 2017 and July 31, 2016 are set forth in the table below: January 31, 2017 July 31, 2016 (Recast) Proved leasehold costs $ 1,849,592 $ 2,477,079 Cost of wells and development 4,621,628 4,600,327 Asset retirement obligation, asset 128,886 166,103 Total cost of oil and gas properties 6,600,106 7,243,509 Less: Accumulated depletion ( 1,054,379 ) (997,986 ) Oil and gas properties, net full cost method $ 5,545,727 $ 6,245,523 On November 1, 2016, the Company sold 60% working interest on three wells in oil and gas properties which resulted in a reduction in total oil and gas properties of $590,270 for the three months ended January 31, 2017. For the six months ended January 31, 2017, the Company has sold an 11% working interest in four wells and a 60% working interest in three wells. The sale of working interests in seven wells resulted in a reduction in oil and gas properties of $656,596 for the six months ended January 31, 2017.

NOTE 6 - COMMON CONTROL ACQUISI

NOTE 6 - COMMON CONTROL ACQUISITION OF JILPETCO, INC.	6 Months Ended
	Jan. 31, 2017
Disclosure Text Block Supplement [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	NOTE 6 – COMMON CONTROL ACQUISITION OF JILPETCO, INC. On April 15, 2016, the Company entered into an agreement with Jed Miesner, the Chairman of the Company's Board of Directors, to acquire all of his interest (100% of the total outstanding shares of common stock) in 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, the Company 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 January 31, 2017, the Company 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 (recast) for the Company and Jilpetco as of August 1, 2015. Separate results for the Company and Jilpetco for the three months ended January 31, 2017 and 2016 were as follows: Three months ended January 31, 2017 2016 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 65,037 $ 76,465 $ 141,502 $ 16,902 $ 141,732 $ 158,634 Operating Expenses (318,544 ) (123,890 ) (442,434 ) (88,055 ) (67,144 ) (155,199 ) Other Income (Expense) (63,797 ) (3,288 ) (67,085 ) (67,336 ) (423 ) (67,759 ) Net income (loss) $ (317,304 ) $ (50,713 ) $ (368,017 ) $ (138,489 ) $ 74,165 $ (64,324 ) Earnings per common share: Basic and Diluted $ (0.01 ) $ 0 $ (0.01 ) $ 0 $ 0 $ 0 Separate results for the Company and Jilpetco for the six months ended January 31, 2017 and 2016 were as follows: Six months ended January 31, 2017 2016 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 119,254 $ 162,671 $ 281,925 $ 138,941 $ 216,004 $ 354,945 Operating Expenses (572,091 ) (266,330 ) (838,421 ) (417,031 ) (128,077 ) (545,108 ) Other Income (Expense) (127,679 ) (12,522 ) (140,201 ) (134,692 ) (826 ) (135,518 ) Net loss (580,516 ) (116,181 ) (696,697 ) (412,782 ) 87,101 (325,681 ) Earnings per commons share: Basic and Diluted $ (0.01 ) $ (0.00 ) $ (0.01 ) $ (0.01 ) $ (0.00 ) $ (0.01 ) Intercompany profit between the entities was eliminated in presentation of these results.

NOTE 7 - ACQUISITION OF GULF SO

NOTE 7 - ACQUISITION OF GULF SOUTH SECURITIES, INC.	6 Months Ended
	Jan. 31, 2017
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	NOTE 7 - 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 Gulf South Holdings, Inc. ("GSHI") and others in consideration of GSHI transferring to us 100,000 shares of common stock of Gulf South Securities, Inc. ("GSSI"), a registered broker-dealer located in Gig Harbor, WA. The 100,000 shares received by the Company constituted all of the issued and outstanding shares of common stock of GSSI. The common stock purchase warrants have an exercise price of $0.60 per share and are exercisable through July 31, 2019. Further, the Company issued 50,000 restricted shares of its 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 January 31, 2017. 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 a wholly owned subsidiary corporation of the Company. 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 January 31, 2016 Six months ended January 31, 2016 Revenue $ 158,634 $ 354,945 Operating expenses (358,854 ) (790,188 ) Other income (expense) (67,759 ) (135,518 ) Net loss $ (267,979 ) $ (570,761 ) Net loss per share available to common stockholders, basic and diluted $ (0.01 ) $ (0.01 ) The unaudited pro forma financial information includes adjustments to 1) eliminate acquisition-related costs and goodwill impairment for the period ended January 31, 2016 which are non-recurring and 2) reflect the issuance of common stock as consideration in the acquisition and for payment of acquisition costs.

NOTE 8 - RELATED PARTY TRANSACT

NOTE 8 - RELATED PARTY TRANSACTIONS	6 Months Ended
	Jan. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 8 – RELATED PARTY TRANSACTIONS Convertible Debt - Related Party 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 collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. At January 31, 2017 and July 31, 2016, the short-term components of this loan were $191,092, respectively. The long-term amounts at January 31, 2017 and July 31, 2016 were $1,748,971 respectively. On December 30, 2010, Amazing Energy, LLC, formalized loan agreements with Petro Pro Ltd., an entity 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 January 31, 2017 and July 31, 2016, the current components of this loan was $108,315, respectively. The long-term amounts at January 31, 2017 and July 31, 2016 was $991,685, 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. 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). At January 31, 2017 and July 31, 2016, the current components of this loan was $30,162. The long-term amounts at January 31, 2017 and July 31, 2016 was $11,009. On February 1, 2015, the Company amended the related party loan agreements discussed above. The amendments included modifying the terms of the notes to adjust the interest rate to 8% for two years following the amendment date, a rate of 6% for the following 2 years and a rate of Prime plus 2% for the remaining years. The amended notes also included a conversion feature that allows the principal and accrued interest of the loans to be converted into common stock of Amazing Energy, Inc. at $0.60 per share at the option of related party note holders. If converted, these notes and accrued interest as of January 31, 2017, would convert into 6,041,775 shares of Amazing Energy, Inc.'s common stock which can then be converted into 13,921,168 shares of the Company. Contractual principal maturities for the two loan agreements and the credit facility outstanding at January 31, 2017, for the remaining terms are summarized by year as follows: Contractual Principal Maturities Period ending January 31, Jed Miesner Petro Pro, Ltd. JLM Strategic Investments, LP Total 2018 $ 191,029 $ 108,315 $ 30,162 $ 329,506 2019 57,676 32,703 11,009 101,388 2020 62,690 35,319 - 98,009 2021 67,273 38,144 - 105,417 2022 72,655 41,196 - 113,851 Subsequent years 1,488,677 844,323 - 2,333,000 $ 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 January 31, 2017, Mr. Miesner has waived any event of default on the aforementioned delinquent payments of principal and interest due on the loans and credit facility. As of January 31, 2017, and July 31, 2016, the accrued and unpaid interest due to related parties was $123,361 and $0, respectively. Related party interest expense for the three months ended January 31, 2017 and 2016 was $61,630 and $67,370, respectively. Related party interest expense for the six months ended January 31, 2017 and 2016, was $123,360 and $134,739, respectively. At January 31, 2017, the balance of the convertible debt was convertible to 11,832,724 shares of common stock at a conversion price of $0.60 per share. 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. The aggregate principal amount of the notes was $230,000. 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. On August 15, 2016, the loan agreements were modified to accept additional amounts from all the individual noteholders except Mr. Manning. As of January 31, 2017, no additional amounts have been loaned. Contractual principal interest and fees for the loan outstanding at January 31, 2017 are summarized as follows: Contractual Principal Interest & Fees Principal Interest & Fees Tony Alford $ 48,750 $ 906 Robert Bories 48,750 906 Robert Manning 15,000 279 Petro Pro Ltd. *1 48,750 906 Reese Pinney 11,250 210 Total $ 172,500 $ 3,207 *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 January 31, 2017 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 three months ended January 31, 2017 and 2016 was $123,718 and $67,944 respectively.

NOTE 9 - ASSET RETIREMENT OBLIG

NOTE 9 - ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jan. 31, 2017
Policy Text Block [Abstract]
Asset Retirement Obligation [Policy Text Block]	NOTE 9 – ASSET RETIREMENT OBLIGATIONS During three months ended January 31, 2017, the Company revised its Asset Retirement Obligation to reflect the sale of certain working interests in its oil and gas properties considered to be subject to remediation exposure for the Company. The decrease in present value liability was subtracted from the Company's Asset Retirement Obligation Asset which shall be amortized over the remaining useful life of its oil and gas properties. The information below reconciles the value of the asset retirement obligation for three and six month periods ended January 31, 2017 and January 31, 2016, respectively: For the three months ended January 31, 2017 2016 Beginning balance $ 213,935 $ 247,307 Accretion expense 2,181 3,363 Revisions in estimated cash flow (37,217 ) - Ending balance, January 31, 2017 $ 178,899 $ 250,670 For the six months ended January 31, 2017 2016 Beginning balance $ 211,218 $ 240,254 Asset retirement obligation incurred - 3,663 Accretion expense 4,898 6,753 Revisions in estimated cash flow (37,217 ) - Ending balance, January 31, 2017 $ 178,899 $ 250,670

NOTE 10 - COMMITMENTS AND CONTI

NOTE 10 - COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jan. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 10 – 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 The Company's principal executive offices are in leased office space in Amarillo, Texas. The leased office space consists of approximately 3,700 square feet and is leased through February 28, 2019 at an annual cost of approximately $52,000. Mineral properties In Alaska, the Company's wholly owned subsidiary Kisa controls or has interests in 38 mining claims covering 5,840 acres. The interests are held under and are subject to state mining laws and regulations. The Company is required to perform certain work commitments and pay annual assessments to the state to hold these claims in good standing. The commitments and annual assessments will be due no later than November 30, 2016. The carrying value of the claims at January 31, 2017 and July 31, 2016 was $0. (See Note 12) Preferred Stock In connection with the issuance of the Series A and Series B Preferred Stock as discussed in Note 6 and Note 7, for each new oil and gas well drilled by the Company with funds raised or delivered due to the efforts of the former GSHI officers, now Company officers, the Company will pay Jed Miesner $10,000 in exchange for 100 shares of Series A Preferred Stock and Robert Bories $10,000 in exchange for 100 shares of Series B Preferred Stock. In the event that the Company drills wells for its own account the Board of Directors of the Company will decide if such wells qualify for the aforementioned redemption. The Company will promptly cancel any Series A or B Preferred Stock purchased. As of January 31, 2017, there was no redemption or accrual made under this provision.

NOTE 11 - STOCKHOLDERS' EQUITY

NOTE 11 - STOCKHOLDERS' EQUITY	6 Months Ended
	Jan. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 11 – STOCKHOLDERS' EQUITY Shares Issued for cash On May 16, 2016, the Company began a private placement offering of 20,000,000 restricted shares of common stock at $0.26 per share. As of July 31, 2016, 699,400 shares had been sold for $181,844. For the three months ended January 31, 2017, 1,105,386 additional shares were sold for gross proceeds of $287,400 and for the six months ended January 31, 2017, 6,169,084 shares were sold for gross proceeds of $1,603,962. Cumulatively, as of January 31, 2017, the private placement has sold 6,868,484 restricted shares of common stock for total gross proceeds of $1,785,806. For the three months ended January 31, 2017, the Company issued 2,247,117 restricted shares of common stock for gross proceeds of $584,250. The Company may, in its sole discretion, extend the offering period to March 31, 2017 or terminate the offering at any time. On December 31, 2016, the Company extended the offering period to March 31, 2017. Shares Issued in lieu of cash for services On January 20, 2017, the Company issued 112,500 restricted shares of common stock for services provided by a vendor. The shares issued were payment of $32,250 for common stock payable at July 31, 2016 and $12,375 in services for the six months ended January 31, 2017. The shares were issued at a fair value of $0.40 per share. Warrants There were no warrants issued or exercised during the three and six months ended January 31, 2017 and January 31, 2016, respectively.

NOTE 12 - SUBSEQUENT EVENTS

NOTE 12 - SUBSEQUENT EVENTS	6 Months Ended
	Jan. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 12 – SUBSEQUENT EVENTS 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. On March 29, 2017, the Company received $120,000 from Afranex. On April 30, 2017, the Company issued 78,324 restricted shares of its common stock at $0.26 per share pursuant to the terms of a private placement offering (Note 11) for proceeds received on January 24, 2017. The fair value of the shares of $20,000 is included in "Common Stock Payable" at January 31, 2017.

NOTE 13 - REVISION OF FINANCIAL

NOTE 13 - REVISION OF FINANCIAL STATEMENTS	6 Months Ended
	Jan. 31, 2017
Disclosure Text Block Supplement [Abstract]
Supplemental Balance Sheet Disclosures [Text Block]	NOTE 13 – REVISION OF FINANCIAL STATEMENTS When preparing the consolidated financial statements for the six months ended January 31, 2017, management determined that certain Jilpetco (see Note 6) amounts included in the October 31, 2016 consolidated financial statements required revision. The previously issued Consolidated Balance Sheets as of July 31, 2016 and October 31, 2016 and Consolidated Statement of Operations for the three-month period ended October 31, 2016 have been revised as follows: Balance sheet (recast) at July 31, 2016 As previously reported Revision As Revised Cash $ 344,148 $ - $ 344,148 Other Current Assets 425,564 (84,851 ) 340,713 Property and equipment, net 420,019 (20,942 ) 399,077 Oil and gas properties, net 6,245,523 - 6,245,523 Other assets 26,622 $ - $ 26,622 Total assets $ 7,461,876 (105,793 ) 7,356,083 Current liabilities $ 1,394,601 $ (59,444 ) $ 1,335,157 Long term liabilities 2,995,133 - 2,995,133 Total liabilities 4,389,734 (59,444 ) 4,330,290 Preferred stock 590 - 590 Common stock 60,840 - 60,840 Additional paid in Capital 27,638,956 - 27,638,956 Accumulated deficit (24,628,244 ) (46,349 ) (24,674,593 ) Total shareholders' equity 3,072,142 (46,349 ) 3,025,793 Total liabilities and shareholders' equity $ 7,461,876 $ (105,793 ) $ 7,356,083 Balance sheet (recast) at October 31, 2016 As previously reported Revision As Revised Cash $ 1,119,598 $ (50,000 ) $ 1,069,598 Other Current Assets 312,777 169,302 482,079 Property and equipment, net 659,955 (26,646 ) 633,309 Oil and gas properties, net 6,201,267 (158,399 ) 6,042,868 Other assets 26,622 $ 50,000 $ 76,622 Total assets $ 8,320,219 (15,743 ) 8,304,476 Current liabilities $ 1,786,409 $ 281,771 $ 2,068,180 Long term liabilities 2,985,069 25,153 3,010,222 Total liabilities 4,771,478 306,924 5,078,402 Preferred stock 590 - 590 Common stock 64,904 (1,107 ) 63,797 Additional paid in Capital 29,358,137 (331,844 ) 29,026,293 Accumulated deficit (25,874,890 ) 10,284 (25,864,606 ) Total shareholders' equity 3,548,741 (322,667 ) 3,226,074 Total liabilities and shareholders' equity $ 8,320,219 $ (15,743 ) $ 8,304,476 For the three months ended October 31, 2016 Statement of Operations As previously reported Revision As Revised Revenue $ 184,407 $ (43,984 ) $ 140,423 Operating expenses (431,646 ) 35,659 (395,987 ) Other income (expense) (92,725 ) 19,609 (73,116 ) Net income (loss) $ (339,964 ) $ 11,284 $ (328,680 )

NOTE 3 - EARNINGS PER SHARE (Ta

NOTE 3 - EARNINGS PER SHARE (Tables)	6 Months Ended
	Jan. 31, 2017
Earnings Per Share Reconciliation [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	January 31, 2017 January 31, 2016 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 - PREPAID EXPENSE AND 20

NOTE 4 - PREPAID EXPENSE AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jan. 31, 2017
Disclosure Text Block Supplement [Abstract]
Schedule of Other Current Assets [Table Text Block]	January 31, 2017 July 31, 2016 (Recast) Prepaid expense $ 58,638 $ 35,028 Billable well and completion costs 226,066 201,397 Total prepaid expense and other current assets $ 284,704 $ 236,425

NOTE 5 - OIL AND GAS PROPERTI21

NOTE 5 - OIL AND GAS PROPERTIES (Tables)	6 Months Ended
	Jan. 31, 2017
Oil and Gas Property [Abstract]
Schedule of Oil and Gas In Process Activities [Table Text Block]	January 31, 2017 July 31, 2016 (Recast) Proved leasehold costs $ 1,849,592 $ 2,477,079 Cost of wells and development 4,621,628 4,600,327 Asset retirement obligation, asset 128,886 166,103 Total cost of oil and gas properties 6,600,106 7,243,509 Less: Accumulated depletion ( 1,054,379 ) (997,986 ) Oil and gas properties, net full cost method $ 5,545,727 $ 6,245,523

NOTE 6 - COMMON CONTROL ACQUI22

NOTE 6 - COMMON CONTROL ACQUISITION OF JILPETCO, INC. (Tables)	3 Months Ended	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2017
Disclosure Text Block Supplement [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	Three months ended January 31, 2017 2016 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 65,037 $ 76,465 $ 141,502 $ 16,902 $ 141,732 $ 158,634 Operating Expenses (318,544 ) (123,890 ) (442,434 ) (88,055 ) (67,144 ) (155,199 ) Other Income (Expense) (63,797 ) (3,288 ) (67,085 ) (67,336 ) (423 ) (67,759 ) Net income (loss) $ (317,304 ) $ (50,713 ) $ (368,017 ) $ (138,489 ) $ 74,165 $ (64,324 ) Earnings per common share: Basic and Diluted $ (0.01 ) $ 0 $ (0.01 ) $ 0 $ 0 $ 0	Six months ended January 31, 2017 2016 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 119,254 $ 162,671 $ 281,925 $ 138,941 $ 216,004 $ 354,945 Operating Expenses (572,091 ) (266,330 ) (838,421 ) (417,031 ) (128,077 ) (545,108 ) Other Income (Expense) (127,679 ) (12,522 ) (140,201 ) (134,692 ) (826 ) (135,518 ) Net loss (580,516 ) (116,181 ) (696,697 ) (412,782 ) 87,101 (325,681 ) Earnings per commons share: Basic and Diluted $ (0.01 ) $ (0.00 ) $ (0.01 ) $ (0.01 ) $ (0.00 ) $ (0.01 )

NOTE 7 - ACQUISITION OF GULF 23

NOTE 7 - ACQUISITION OF GULF SOUTH SECURITIES, INC. (Tables)	3 Months Ended	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2017
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	Three months ended January 31, 2017 2016 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 65,037 $ 76,465 $ 141,502 $ 16,902 $ 141,732 $ 158,634 Operating Expenses (318,544 ) (123,890 ) (442,434 ) (88,055 ) (67,144 ) (155,199 ) Other Income (Expense) (63,797 ) (3,288 ) (67,085 ) (67,336 ) (423 ) (67,759 ) Net income (loss) $ (317,304 ) $ (50,713 ) $ (368,017 ) $ (138,489 ) $ 74,165 $ (64,324 ) Earnings per common share: Basic and Diluted $ (0.01 ) $ 0 $ (0.01 ) $ 0 $ 0 $ 0	Six months ended January 31, 2017 2016 Amazing Jilpetco Total Amazing Jilpetco Total Operating Revenue $ 119,254 $ 162,671 $ 281,925 $ 138,941 $ 216,004 $ 354,945 Operating Expenses (572,091 ) (266,330 ) (838,421 ) (417,031 ) (128,077 ) (545,108 ) Other Income (Expense) (127,679 ) (12,522 ) (140,201 ) (134,692 ) (826 ) (135,518 ) Net loss (580,516 ) (116,181 ) (696,697 ) (412,782 ) 87,101 (325,681 ) Earnings per commons share: Basic and Diluted $ (0.01 ) $ (0.00 ) $ (0.01 ) $ (0.01 ) $ (0.00 ) $ (0.01 )

NOTE 8 - RELATED PARTY TRANSA24

NOTE 8 - RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jan. 31, 2017
Related Party Transactions [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Contractual Principal Maturities Period ending January 31, Jed Miesner Petro Pro, Ltd. JLM Strategic Investments, LP Total 2018 $ 191,029 $ 108,315 $ 30,162 $ 329,506 2019 57,676 32,703 11,009 101,388 2020 62,690 35,319 - 98,009 2021 67,273 38,144 - 105,417 2022 72,655 41,196 - 113,851 Subsequent years 1,488,677 844,323 - 2,333,000 $ 1,940,000 $ 1,100,000 $ 41,171 $ 3,081,171
Schedule of Short-term Debt [Table Text Block]	Contractual Principal Interest & Fees Principal Interest & Fees Tony Alford $ 48,750 $ 906 Robert Bories 48,750 906 Robert Manning 15,000 279 Petro Pro Ltd. *1 48,750 906 Reese Pinney 11,250 210 Total $ 172,500 $ 3,207

NOTE 9 - ASSET RETIREMENT OBL25

NOTE 9 - ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2017
Policy Text Block [Abstract]
Schedule of Asset Retirement Obligations [Table Text Block]	For the three months ended January 31, 2017 2016 Beginning balance $ 213,935 $ 247,307 Accretion expense 2,181 3,363 Revisions in estimated cash flow (37,217 ) - Ending balance, January 31, 2017 $ 178,899 $ 250,670	For the six months ended January 31, 2017 2016 Beginning balance $ 211,218 $ 240,254 Asset retirement obligation incurred - 3,663 Accretion expense 4,898 6,753 Revisions in estimated cash flow (37,217 ) - Ending balance, January 31, 2017 $ 178,899 $ 250,670

NOTE 13 - REVISION OF FINANCI26

NOTE 13 - REVISION OF FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jan. 31, 2017
Disclosure Text Block Supplement [Abstract]
Property, Plant and Equipment [Table Text Block]	Balance sheet (recast) at July 31, 2016 As previously reported Revision As Revised Cash $ 344,148 $ - $ 344,148 Other Current Assets 425,564 (84,851 ) 340,713 Property and equipment, net 420,019 (20,942 ) 399,077 Oil and gas properties, net 6,245,523 - 6,245,523 Other assets 26,622 $ - $ 26,622 Total assets $ 7,461,876 (105,793 ) 7,356,083 Current liabilities $ 1,394,601 $ (59,444 ) $ 1,335,157 Long term liabilities 2,995,133 - 2,995,133 Total liabilities 4,389,734 (59,444 ) 4,330,290 Preferred stock 590 - 590 Common stock 60,840 - 60,840 Additional paid in Capital 27,638,956 - 27,638,956 Accumulated deficit (24,628,244 ) (46,349 ) (24,674,593 ) Total shareholders' equity 3,072,142 (46,349 ) 3,025,793 Total liabilities and shareholders' equity $ 7,461,876 $ (105,793 ) $ 7,356,083
Schedule of Accrued Liabilities [Table Text Block]	For the three months ended October 31, 2016 Statement of Operations As previously reported Revision As Revised Revenue $ 184,407 $ (43,984 ) $ 140,423 Operating expenses (431,646 ) 35,659 (395,987 ) Other income (expense) (92,725 ) 19,609 (73,116 ) Net income (loss) $ (339,964 ) $ 11,284 $ (328,680 )

NOTE 1 - NATURE OF OPERATIONS (

NOTE 1 - NATURE OF OPERATIONS (Details) - USD ($)	Apr. 15, 2016	Aug. 02, 2016	Jan. 31, 2017	Aug. 25, 2016	Jul. 31, 2016
Disclosure Text Block [Abstract]
Equity Method Investment, Ownership Percentage	100.00%
Payments to Acquire Other Productive Assets	$ 500,000
Notes Payable, Related Parties, Current	$ 500,000		$ 172,500		$ 230,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%			6.00%
Contribution of Property		$ 362,333

NOTE 2 - SIGNIFICANT ACCOUNTI28

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016
Accounting Policies [Abstract]
Retained Earnings (Accumulated Deficit)	$ (26,232,623)	$ (25,874,890)	$ (24,674,593)
WorkingCapital	$ 169,496

NOTE 3 - EARNINGS PER SHARE (De

NOTE 3 - EARNINGS PER SHARE (Details) - Earnings Per Share - shares	3 Months Ended
	Jan. 31, 2017	Jan. 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 - PREPAID EXPENSE AND 30

NOTE 4 - PREPAID EXPENSE AND OTHER CURRENT ASSETS (Details) - Prepaid Expense & Other Current Asset - USD ($)	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016
Prepaid Expense & Other Current Asset [Abstract]
Prepaid expense	$ 284,704		$ 236,425
Billable well and completion costs	226,066		201,397
Total prepaid expense and other current assets	$ 284,704	$ 312,777	$ 236,425

NOTE 5 - OIL AND GAS PROPERTI31

NOTE 5 - OIL AND GAS PROPERTIES (Details)	3 Months Ended	6 Months Ended
	Jan. 31, 2017USD ($)a	Jan. 31, 2017USD ($)a
Oil and Gas Property [Abstract]
Area of Land | a	70,000	70,000
Exploratory Wells Drilled, Net Productive		22
Development Wells Drilled, Net Productive		16
Proceeds from Sale of Oil and Gas Property and Equipment | $	$ 590,270	$ 656,596

NOTE 5 - OIL AND GAS PROPERTI32

NOTE 5 - OIL AND GAS PROPERTIES (Details) - Oil and Gas Property - USD ($)	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016
Oil and Gas Property [Abstract]
Proved leasehold costs	$ 1,849,592		$ 2,477,079
Cost of wells and development	226,066		201,397
Asset retirement obligation, asset	128,886		166,103
Total cost of oil and gas properties	6,600,106		7,243,509
Less: Accumulated depletion	(1,054,379)		(997,986)
Oil and gas properties, net full cost method	$ 5,545,727	$ 6,201,267	$ 6,245,523

NOTE 6 - COMMON CONTROL ACQUI33

NOTE 6 - COMMON CONTROL ACQUISITION OF JILPETCO, INC. (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended	10 Months Ended
	Apr. 15, 2016	Jan. 06, 2017	Jan. 31, 2017	Jan. 31, 2017	Jan. 31, 2017	Jan. 31, 2017	Aug. 25, 2016
Disclosure Text Block Supplement [Abstract]
Equity Method Investment, Ownership Percentage	100.00%
Issuance of Related Party Note Payable for Common Control Entity Acquisition	$ 500,000				$ 500,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%						6.00%
Debt Instrument, Periodic Payment		$ 88,536	$ 108,315	$ 191,092		$ 150,000

NOTE 6 - COMMON CONTROL ACQUI34

NOTE 6 - COMMON CONTROL ACQUISITION OF JILPETCO, INC. (Details) - Common Control Acquisition of Jilpetco, Inc. - USD ($)	3 Months Ended			6 Months Ended
	Jan. 31, 2017	Oct. 31, 2016	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Common Control Acquisition of Jilpetco, Inc. [Abstract]
Operating Revenue	$ 65,037		$ 16,902	$ 119,254	$ 138,941
Operating Expenses	(318,544)	$ (431,646)	(88,055)	(572,091)	(417,031)
Other Income (Expense)	(63,797)	(92,725)	(67,336)
Net income (loss)	$ (368,017)	$ (339,964)	$ (64,324)	$ (696,697)	$ (325,681)
Earnings per common share: Basic and Diluted (in Dollars per share)	$ (0.01)		$ 0	$ (0.01)	$ (0.01)

NOTE 6 - COMMON CONTROL ACQUI35

NOTE 6 - COMMON CONTROL ACQUISITION OF JILPETCO, INC. (Details) - Common Control Acquisition of Jilpetco, Inc. - USD ($)	3 Months Ended			6 Months Ended
	Jan. 31, 2017	Oct. 31, 2016	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Common Control Acquisition of Jilpetco, Inc. [Abstract]
Operating Revenue	$ 65,037		$ 16,902	$ 119,254	$ 138,941
Operating Expenses	(318,544)	$ (431,646)	(88,055)	(572,091)	(417,031)
Other Income (Expense)				(127,679)	(134,692)
Net loss	$ (368,017)	$ (339,964)	$ (64,324)	$ (696,697)	$ (325,681)
Earnings per commons share: Basic and Diluted (in Dollars per share)	$ (0.01)		$ 0	$ (0.01)	$ (0.01)

NOTE 7 - ACQUISITION OF GULF 36

NOTE 7 - ACQUISITION OF GULF SOUTH SECURITIES, INC. (Details) - USD ($)	1 Months Ended
	Jan. 31, 2017	Jul. 31, 2016	Jul. 31, 2019
Business Combinations [Abstract]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		5,373,528
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 2,674,576
Business Combination, Consideration Transferred, Other		$ 100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.60
Preferred Shares, Series B, Shares, Issued for Acquisition	50,000

NOTE 7 - ACQUISITION OF GULF 37

NOTE 7 - ACQUISITION OF GULF SOUTH SECURITIES, INC. (Details) - Acquisition of Gulf South Securities, Inc. - Unaudited Pro Forma Financial - USD ($)	3 Months Ended			6 Months Ended
	Jan. 31, 2017	Oct. 31, 2016	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Acquisition of Gulf South Securities, Inc. - Unaudited Pro Forma Financial [Abstract]
Revenue			$ 158,634		$ 354,945
Operating expenses	$ 318,544	$ 431,646	88,055	$ 572,091	417,031
Other income (expense)			(67,759)		(135,518)
Net loss			$ (267,979)		$ (570,761)
Net loss per share available to common stockholders, basic and diluted (in Dollars per share)			$ (0.01)		$ (0.01)

NOTE 8 - RELATED PARTY TRANSA38

NOTE 8 - RELATED PARTY TRANSACTIONS (Details)	2 Months Ended	3 Months Ended				4 Months Ended	6 Months Ended		10 Months Ended	12 Months Ended		24 Months Ended	960 Months Ended
	Jan. 06, 2017USD ($)	Jan. 31, 2017USD ($)$ / shares	Jan. 31, 2017USD ($)$ / shares	Jan. 31, 2016USD ($)	Jan. 31, 2016USD ($)	Jul. 31, 2016USD ($)$ / sharesshares	Jan. 31, 2017USD ($)$ / shares	Jan. 31, 2016USD ($)	Jan. 31, 2017USD ($)$ / shares	Jul. 31, 2016USD ($)$ / sharesshares	Jul. 31, 2016USD ($)$ / sharesshares	Jan. 31, 2019	Jan. 31, 2099USD ($)	Jan. 30, 2017USD ($)	May 27, 2016USD ($)	Jan. 31, 2011USD ($)	Dec. 30, 2010USD ($)$ / shares
Related Party Transactions [Abstract]
Due to Officers or Stockholders																$ 1,940,000
Debt Instrument, Interest Rate, Effective Percentage						8.00%				8.00%	8.00%				8.00%	8.00%	8.00%
Debt Instrument, Periodic Payment	$ 88,536	$ 108,315	$ 191,092						$ 150,000
Debt Instrument, Increase (Decrease), Net			1,748,971
Loans Payable		1,100,000	1,100,000				$ 1,100,000		1,100,000
Increase (Decrease) in Loan Payable			991,685
Line of Credit Facility, Maximum Borrowing Capacity																	$ 2,000,000
Repayments of Lines of Credit						$ 287,303
Line of Credit, Current		30,162	30,162				30,162		30,162
Long-term Line of Credit		$ 11,009	$ 11,009				$ 11,009		$ 11,009
Debt Instrument, Interest Rate, Increase (Decrease)												6.00%
Debt Instrument, Increase, Accrued Interest													$ 0.02
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares		$ 0.60	$ 0.60				$ 0.60		$ 0.60								$ 0.60
Debt Instrument, Convertible, Number of Equity Instruments			13,921,168				6,041,775
Preferred Shares, Series A, Shares, Issued for Conversion of Debt and Interest (in Shares) | shares						9,000				9,000	9,000
Preferred Stock, Series A, Par Value Per Share (in Dollars per share) | $ / shares		$ 0.01	$ 0.01			$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Preferred Shares, Series A, Value, Issued for Conversion of Debt and Interest										$ 612,697	$ 287,303
Interest Payable, Related Party, Current		$ (126,468)	$ (126,468)	$ 0	$ 0	$ (20,324)	$ (126,468)	$ 0	$ (126,468)	(20,324)	$ (20,324)			$ 91,718
Interest Expense, Related Party		123,718	61,630	$ 67,944	$ 67,944		123,260	$ 135,887		$ 0
Convertible Debt		$ 11,832,724	$ 11,832,724				$ 11,832,724		$ 11,832,724
Notes Payable, Related Parties															$ 230,000
Loan Payable, Participation Fee															10.00%
Debt Instrument, Periodic Payment, Principal	57,500
Accrued Bonuses, Current	23,000
Loan Payable, Participation Fee, Amount	$ 8,035

NOTE 8 - RELATED PARTY TRANSA39

NOTE 8 - RELATED PARTY TRANSACTIONS (Details) - Contractual Principal Maturities - USD ($)	Dec. 31, 2030	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Jan. 31, 2017	Jan. 30, 2017
Contractual Principal Maturities [Abstract]
	$ 1,488,677	$ 72,655	$ 67,273	$ 62,690	$ 57,676	$ 191,029		$ 120,000	$ 10,000	$ 10,000
Contractual Principal Maturities							$ 1,940,000

NOTE 8 - RELATED PARTY TRANSA40

NOTE 8 - RELATED PARTY TRANSACTIONS (Details) - Contractual Principal Interest & Fees	Jan. 31, 2017USD ($)
Contractual Principal Interest & Fees [Abstract]
Tony Alford	$ 48,750
Robert Bories	48,750
Robert Manning	15,000
Petro Pro Ltd. *1	48,750
Reese Pinney	11,250
Total	$ 172,500

NOTE 9 - ASSET RETIREMENT OBL41

NOTE 9 - ASSET RETIREMENT OBLIGATIONS (Details) - Asset Retirement Obligation - USD ($)	3 Months Ended	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2017
Asset Retirement Obligation [Abstract]
Balance	$ 213,935	$ 211,218
Accretion expense	2,181	4,898
Revisions in estimated cash flow	(37,217)	(37,217)
Balance	$ 178,899	$ 178,899

NOTE 9 - ASSET RETIREMENT OBL42

NOTE 9 - ASSET RETIREMENT OBLIGATIONS (Details) - Asset Retirement Obligation - USD ($)	3 Months Ended	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2017
Asset Retirement Obligation [Abstract]
Balance	$ 213,935	$ 211,218
Asset retirement obligation incurred		3,663
Accretion expense	2,181	4,898
Revisions in estimated cash flow	(37,217)	(37,217)
Balance	$ 178,899	$ 178,899

NOTE 10 - COMMITMENTS AND CON43

NOTE 10 - COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	28 Months Ended
	Jan. 31, 2017USD ($)a	Feb. 28, 2019USD ($)	Dec. 31, 2030USD ($)	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Jan. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Occupancy, Net		$ 52,000
Mining Claim	38
Area of Land (in Acres) | a	70,000
Mineral Properties, Gross	$ 0
Contractual Obligation	$ 10,000		$ 1,488,677	$ 72,655	$ 67,273	$ 62,690	$ 57,676	$ 191,029	$ 120,000	$ 10,000

NOTE 11 - STOCKHOLDERS' EQUITY

NOTE 11 - STOCKHOLDERS' EQUITY (Details) - USD ($)	Jan. 31, 2017	Jan. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Jul. 31, 2016	Jan. 31, 2017	Jan. 31, 2017	May 17, 2016
Stockholders' Equity Note [Abstract]
Sale of Stock, Price Per Share (in Dollars per share)			$ 0.26					$ 0.26
Stock Issued During Period, Shares, New Issues (in Shares)			78,324	2,247,117	699,400	6,169,084	1,105,386
Stock Issued During Period, Value, New Issues			$ 20,000	$ 584,250	$ 181,844	$ 1,603,962	$ 287,400
Sale of Stock, Number of Shares Issued in Transaction (in Shares)							6,868,484
Sale of Stock, Gross Consideration Received							$ 1,785,806
Stock Issued During Period, Shares, Issued for Services (in Shares)		112,500
Stock Issued During Period, Value, Issued for Services	$ 12,375					$ 32,250
Shares Issued, Price Per Share (in Dollars per share)	$ 0.40	$ 0.40		$ 0.40		$ 0.40	$ 0.40

NOTE 12 - SUBSEQUENT EVENTS (De

NOTE 12 - SUBSEQUENT EVENTS (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Jul. 31, 2016	Jan. 31, 2017	Jan. 31, 2017	Dec. 31, 2030	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2017	Mar. 29, 2017	Jan. 30, 2017	Jan. 03, 2017	May 17, 2016
Subsequent Events [Abstract]
Contractual Obligation, Non-Refundable Option Fee															$ 50,000
Contractual Obligation		$ 10,000		$ 10,000	$ 10,000	$ 1,488,677	$ 72,655	$ 67,273	$ 62,690	$ 57,676	$ 191,029	$ 120,000		$ 10,000
Contractual Obligation, Paid during Period													$ 120,000
Stock Issued During Period, Shares, New Issues (in Shares)	78,324	2,247,117	699,400	6,169,084	1,105,386
Sale of Stock, Price Per Share (in Dollars per share)	$ 0.26															$ 0.26
Stock Issued During Period, Value, New Issues	$ 20,000	$ 584,250	$ 181,844	$ 1,603,962	$ 287,400

NOTE 13 - REVISION OF FINANCI46

NOTE 13 - REVISION OF FINANCIAL STATEMENTS (Details) - Balance Sheet (recast) at July 31, 2016 - USD ($)	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Jan. 31, 2016	Jul. 31, 2015
Balance Sheet (recast) at July 31, 2016 [Abstract]
Cash	$ 1,142,547	$ 1,119,598	$ 344,148	$ 359,845	$ 974,563
Other Current Assets	284,704	312,777	236,425
Property and equipment, net		659,955	420,019
Oil and gas properties, net	5,545,727	6,201,267	6,245,523
Other assets	76,622	26,622	26,622
Total assets	7,712,064	8,320,219	7,356,083
Current liabilities	1,303,818	1,786,409	1,335,157
Long term liabilities		2,985,069	2,995,133
Total liabilities	4,254,382	4,771,478	4,330,290
Preferred stock	0	590	0
Common stock	66,044	64,904	60,840
Additional paid in Capital		29,358,137	27,638,956
Accumulated deficit	(26,232,623)	(25,874,890)	(24,674,593)
Total shareholders' equity	3,457,682	3,548,741	3,025,793
Total liabilities and shareholders' equity	$ 7,712,064	$ 8,320,219	$ 7,356,083

NOTE 13 - REVISION OF FINANCI47

NOTE 13 - REVISION OF FINANCIAL STATEMENTS (Details) - Balance sheet (recast) at October 31, 2016 - USD ($)	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Jan. 31, 2016	Jul. 31, 2015
Balance sheet (recast) at October 31, 2016 [Abstract]
Cash	$ 1,142,547	$ 1,119,598	$ 344,148	$ 359,845	$ 974,563
Other Current Assets	284,704	312,777	236,425
Property and equipment, net		659,955	420,019
Oil and gas properties, net	5,545,727	6,201,267	6,245,523
Other assets	76,622	26,622	26,622
Total assets	7,712,064	8,320,219	7,356,083
Current liabilities	1,303,818	1,786,409	1,335,157
Long term liabilities		2,985,069	2,995,133
Total liabilities	4,254,382	4,771,478	4,330,290
Preferred stock	0	590	0
Common stock	66,044	64,904	60,840
Additional paid in Capital		29,358,137	27,638,956
Accumulated deficit	(26,232,623)	(25,874,890)	(24,674,593)
Total shareholders' equity	3,457,682	3,548,741	3,025,793
Total liabilities and shareholders' equity	$ 7,712,064	$ 8,320,219	$ 7,356,083

NOTE 13 - REVISION OF FINANCI48

NOTE 13 - REVISION OF FINANCIAL STATEMENTS (Details) - Statement of Operations - USD ($)	3 Months Ended			6 Months Ended
	Jan. 31, 2017	Oct. 31, 2016	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Statement of Operations [Abstract]
Revenue		$ 184,407
Operating expenses	$ (318,544)	(431,646)	$ (88,055)	$ (572,091)	$ (417,031)
Other income (expense)	(63,797)	(92,725)	(67,336)
Net income (loss)	$ (368,017)	$ (339,964)	$ (64,324)	$ (696,697)	$ (325,681)