Amazing Energy Oil & Gas (AMAZ) 10-K 13 Nov 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jul. 31, 2019	Nov. 13, 2019	Jan. 31, 2019
Document And Entity Information
Entity Registrant Name	Amazing Energy Oil & Gas, Co.
Entity Central Index Key	0001375618
Document Type	10-K
Document Period End Date	Jul. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 24,962,107
Entity Common Stock, Shares Outstanding		97,876,232
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Current assets:
Cash and cash equivalents	$ 177,227	$ 523,695
Receivable from working interest owners	93,708	33,954
Production revenue receivable	38,575	48,188
Other current assets	70,221	40,000
Total current assets	379,731	645,837
Oil and gas properties - proved, net	6,243,003	5,422,989
Oil and gas properties - unproved	3,765,501	3,079,492
Property and equipment, net	297,112	434,528
Other assets	126,362	78,600
TOTAL ASSETS	10,811,709	9,661,446
Current liabilities:
Accounts payable and accrued liabilities	1,987,826	295,015
Payable to related party	85,038	25,038
Notes payable, related parties	528,502	311,730
Note payable on acquisition	1,900,000	0
Equipment note payable	11,928	10,247
Due to working interest owners	414,122	389,562
Accrued interest payable, related parties	152,858	400,805
Total current liabilities	5,080,274	1,432,397
Long term liabilities:
Promissory note payable, net of debt discount	200,560	0
Notes payable, related party	3,452,668	2,769,440
Equipment note payable	9,090	22,847
Stock subscriptions	330,000	0
Asset retirement obligation	636,205	258,575
Total liabilities	9,708,797	4,483,259
Commitments and contingencies (Notes 5 and 11)
Stockholders' equity:
Common stock, par value $0.001 per share; 3,000,000,000 shares authorized; 94,426,232 issued and outstanding at July 31, 2019, 83,975,232 issued and outstanding at July 31, 2018	94,430	83,977
Additional paid-in capital	41,602,711	37,637,323
Accumulated deficit	(40,594,729)	(32,543,703)
Total stockholders' equity	1,102,912	5,178,187
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	10,811,709	9,661,446
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock	0	90
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock	$ 500	$ 500

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2019	Jul. 31, 2018
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	94,426,232	83,975,232
Common stock, shares outstanding	94,426,232	83,975,232
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	0	9,000
Preferred stock, shares outstanding	0	9,000
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	50,000	50,000
Preferred stock, shares outstanding	50,000	50,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Revenue
Oil and gas sales	$ 594,891	$ 362,245
Oilfield service revenue	1,658	84,389
Total Gross Revenue	596,549	446,634
Operating Expense
Production costs	619,805	130,056
Depreciation, depletion and amortization	365,369	342,426
General and administrative expense	4,200,529	6,286,876
Accretion expense	31,773	9,449
Potential litigation settlement	340,972	0
Impairment of oil and gas properties	2,164,192	0
Total Operating Expenses	7,722,640	6,768,807
Loss from operations	(7,126,091)	(6,322,173)
Other (income) expense
Interest and other income	(3,416)	(13,946)
Interest expense	332,996	0
Financing cost, related parties	77,000	0
Interest expense, related parties	518,355	207,229
Total other (income) expense	924,935	193,283
Loss before taxes	(8,051,026)	(6,515,456)
Provision for income taxes	0	0
Net loss	$ (8,051,026)	$ (6,515,456)
Loss per share:
Basic and Diluted	$ (.093)	$ (0.092)
Weighted average shares outstanding:
Basic and Diluted	86,500,127	70,733,286

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance at Jul. 31, 2017	$ 590	$ 66,581	$ 28,814,857	$ (26,028,247)	$ 2,853,781
Beginning Balance (in shares) at Jul. 31, 2017	59,000	66,581,040
Issuance of common stock for cash		$ 12,920	3,217,080		3,230,000
Issuance of common stock for cash (in shares)		12,920,008
Issuance of common stock for services		$ 857	534,343		535,200
Issuance of common stock for services (in shares)		856,628
Issuance of common stock for oil and gas properties		$ 3,619	1,732,810		1,736,429
Issuance of common stock for oil and gas properties (in shares)		3,617,556
Stock purchase warrants issued for oil and gas properties			77,961		77,961
Stock purchase warrants issued for services			1,038,587		1,038,587
Stock options issued for services			2,221,685		2,221,685
Accounts payable settled with shares of common stock, amount					0
Warrants issued with notes payable, related party					0
Warrant modification with issuance of note payable, related party					0
Net loss				(6,515,456)	(6,515,456)
Ending Balance at Jul. 31, 2018	$ 590	$ 83,977	37,637,323	(32,543,703)	5,178,187
Ending Balance (in shares) at Jul. 31, 2018	59,000	83,975,232
Issuance of common stock for cash		$ 1,800	418,200		420,000
Issuance of common stock for cash (in shares)		1,800,000
Issuance of common stock for services		$ 1,397	345,374		346,771
Issuance of common stock for services (in shares)		1,395,000
Issuance of common stock for oil and gas properties					0
Stock purchase warrants issued for oil and gas properties					0
Stock purchase warrants issued for services			236,577		236,577
Stock options issued for services			1,370,800		1,370,800
Accounts payable settled with shares of common stock, amount		$ 66	16,416		16,482
Accounts payable settled with shares of common stock, shares		66,000
Warrants issued with notes payable, related party			288,000		288,000
Warrant modification with issuance of note payable, related party			480,771		480,771
Issuance of common stock in offering for working interest, net of offering costs, amount		$ 7,190	1,709,160		1,716,350
Issuance of common stock in offering for working interest, net of offering costs, shares		7,190,000
Redemption of Preferred Stock - Series A, amount	$ (90)		(899,910)		(900,000)
Redemption of Preferred Stock - Series A, shares	(9,000)
Net loss				(8,051,026)	(8,051,026)
Ending Balance at Jul. 31, 2019	$ 500	$ 94,430	$ 41,602,711	$ (40,594,729)	$ 1,102,912
Ending Balance (in shares) at Jul. 31, 2019	50,000	94,426,232

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Cash Flows From Operating Activities
Net loss	$ (8,051,026)	$ (6,515,456)
Adjustments to reconcile net loss to net cash from operations:
Stock based compensation	1,954,148	3,795,472
Financing fees associated with debt modification	60,000	0
Accretion expense	31,773	9,449
Depreciation, depletion and amortization	377,368	342,426
Impairment of oil and gas properties	2,164,192	0
Amortization of note discount	469,331	0
Loss on abandonment of equipment	4,805	0
Change in:
Receivable from working interest owners	(59,754)	30,438
Production revenue receivable	9,613	(8,287)
Other current assets	(30,221)	27,843
Other assets	22,238	(1,978)
Accounts payable and accrued liabilities	1,759,293	155,194
Payable to related parties	60,000
Due to working interest owners	24,560	(6,823)
Accrued interest payable	(180,947)	156,796
Net cash from operating activities	(1,384,627)	(2,014,926)
Cash Flows From Investing Activities
Investment in oil and gas properties	(2,802,715)	(1,122,422)
Acquisition of property and equipment	0	(12,000)
Proceeds from sale of oil and gas working interests	924,751	200,000
Net cash from investing activities	(1,877,964)	(934,422)
Cash Flows From Financing Activities
Proceeds from sale of common stock and warrants	750,000	3,230,000
Proceeds from sale of common stock with working interest (Note 5)	1,548,199	0
Proceeds from notes payable, related parties	600,000	25,000
Proceeds from note payable	500,000	0
Payments on note payable	0	(50,000)
Payments on equipment note	(12,076)	(11,893)
Payments on notes payable, related parties	(400,000)	(372,500)
Payments on note payable on acquisition, related party	0	(104,167)
Net cash from financing activities	2,986,123	2,716,440
Net change in cash, cash equivalents, and restricted cash	(276,468)	(232,908)
Cash and cash equivalents and restricted cash - beginning of year	573,695	806,603
Cash and cash equivalents and restricted cash - end of year	297,227	573,695
Non-cash investing and financing activities
Warrant modification with issuance of note payable, related party	480,771	0
Note payable, related party settled with participation in oil and gas working interest	100,000	0
Accounts payable settled with shares of common stock	16,482	0
Warrants issued with notes payable, related parties	288,000	0
Redemption of preferred stock in exchange for note payable, related parties	900,000	0
Accounts payable settled with common stock and participation in oil and gas working interest	50,000	0
Related party note payable settled with common stock and participation in oil and gas working interest	260,000	0
Related party interest payable settled with common stock and participation in oil and gas working interest	67,000	0
Warrants issued as commission on sales of working interests	50,050	0
Oil and gas properties acquired with note payable, acquisition	1,900,000
Acquisition of oil and gas properties for shares of common stock	0	1,736,429
Acquisition of oil and gas properties for warrants to purchase common stock	0	77,961
Due to working interest owners transferred to related party	0	25,038
Supplemental cash disclosure
Cash paid for interest	$ 428,298	$ 34,993

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Jul. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	Amazing Energy Oil and Gas, Co. is incorporated in the State of Nevada. Through its primary subsidiary, Amazing Energy, Inc., also a Nevada corporation, the Company operates its main business of 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. During the year ended July 31, 2019 an additional subsidiary was formed, Amazing Energy Holdings, LLC, a Texas limited liability company, for the acquisition of the Lea County, New Mexico properties and the Pecos County, Texas assets that the Company acquired in the transaction with Wyatt Energy, LLC.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jul. 31, 2019
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Basis of presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. (U.S. GAAP) The financial statements are presented on a consolidated basis and include all of the accounts of Amazing Energy Oil and Gas, Co. and its wholly owned subsidiaries, Amazing Energy, Inc., Amazing Energy LLC, Jilpetco, Inc., and Amazing Energy Holdings, LLC. All significant intercompany balances and transactions have been eliminated. Going Concern These consolidated financial statements have been prepared in accordance with U.S. GAAP as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next twelve months. As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2019, the Company has limited financial resources with which to achieve its objectives to obtain profitability and positive cash flows. At July 31, 2019, the Company has an accumulated deficit of $40,594,729 and a working capital deficit of $4,700,543. Achievement of the Company’s objectives will be dependent upon the Company’s ability to obtain additional financing, to locate profitable oil and gas properties and to 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 as to 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 Recognition The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them disaggregated on the Company’s Consolidated Statements of Operations. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in Accounting Standard Codification (“ASC”) 606. Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. The Company also provided oilfield services to both related party entities and outside oil and gas well working interest owners. Revenue from administration fees to unrelated working interest owners are recognized on an accrual basis in the period services are provided. Receivables Production revenue receivable consist of oil and natural gas revenues due under normal trade terms. Receivables are carried at original amounts on joint interest billings less an estimate for doubtful accounts. Management determines the allowance by regularly evaluating individual working interest owner receivables and considering their financial condition, credit history and current economic conditions. Due to Working Interest Owners The Company provides oilfield services which includes interest owner accounting and subsequent disbursement of the interest owners’ pro-rata share of oil proceeds from a given lease. Generally, the pro-rata share of oil proceeds less any applicable pro-rata share of operating expenses is distributed to the interest owner within two months of sale of oil and natural gas. The due to working interest owners’ balances comprises those proceeds which have yet to be distributed to interest owners as a result of the time required to process administrative functions and process payment and any revenue suspense. Asset Retirement Obligations The fair value of a liability for an asset’s retirement obligation (“ARO”) is recognized in the period in which a contractual obligation is created and if a reasonable estimate of fair value can be made. A corresponding charge capitalized as part of the carrying amount of the related long-lived asset. The liability is accreted to its then-present value each subsequent period, and the capitalized cost is depleted over the useful life of the related asset. Abandonment costs incurred are recorded as a reduction of the ARO liability. Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and certain assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Management’s estimates include estimates of impairment in carrying value of assets and liabilities, and collectability of recorded oilfield services receivables, stock-based compensation, deferred income taxes, asset retirement obligations, oil and gas property ceiling tests, and depreciation, depletion and amortization. Actual results could differ from these estimates. Risks and Uncertainties The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating an emerging oil and gas business, including the potential risk of business failure. Concentration of Risks The Company’s cash is placed with a highly rated financial institution, and the Company periodically reviews the credit worthiness of the financial institutions with which it does business. At times, the Company’s cash balances are in excess of amounts guaranteed by the Federal Deposit Insurance Corporation. The Company’s oil and gas revenue originates from production from its properties in Texas and New Mexico. Each revenue stream in both Texas and New Mexico is sold to a single purchaser of minerals through month to month contracts. While this creates a purchaser concentration, there are alternate buyers of the production in event the sole customer in each state is unable or unwilling to purchase. The Company sells all of its production to only four purchasers; two in Texas and two in New Mexico. As a result, during the fiscal years ended July 31, 2019 and 2018, these purchasers represented 50% or more of its oil and gas revenue. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a remaining maturity of three months or less when acquired to be cash equivalents. Restricted Cash As of July 31, 2019 and 2018, the Company has a letter of credit in the amount of $50,000 in favor of the Texas Railroad Commission as a bond for reclamation on its oil and gas properties at July 31, 2019 and a $70,000 bond in favor of the State of New Mexico which are included in Other assets on the Consolidated Balance Sheet. Income Taxes The Company accounts for income taxes using the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their basis for tax purposes and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognizes a tax benefit from an uncertain position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position and will record the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority. The Company classifies any interest and penalties associated with income taxes as income tax expense. Fair value of financial instruments Financial instruments consist of cash and various notes payable. The fair value of these financial instruments approximates the carrying values at July 31, 2019 and July 31, 2018. Property and equipment Property and equipment are stated at cost. Improvements which significantly increase an asset’s value or significantly extend its useful life are capitalized and depreciated over the asset’s remaining useful life. When property, plant or equipment is sold at a price either higher or lower than its carrying amount, or un-depreciated cost at the date of disposal, the difference between the sale proceeds over the carrying amount is recognized as gain, while a loss is recognized when the carrying amount exceeds the sale proceeds. Property and equipment are depreciated on a straight-line basis over their useful lives, which are typically five to seven years for equipment. Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value, if any, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. Repairs and maintenance costs are expensed in the period incurred. Oil and gas properties The Company uses the full cost method of accounting for oil and gas properties. Under this method of accounting, all costs incurred in the acquisition, exploration and development of oil and natural gas properties, including unproductive wells, are capitalized. This includes any internal costs that are directly related to property acquisition, exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves. Oil and natural gas properties include costs that are excluded from costs being depleted or amortized. Excluded costs represent investments in unproved and unevaluated properties and include non-producing leasehold, geological and geophysical costs associated with leasehold or drilling interests and exploration drilling costs. These costs are excluded until the project is evaluated and proved reserves are established or impairment is determined. Excluded costs are reviewed periodically to determine if impairment has occurred. The amount of any evaluated or impaired oil and gas properties is transferred to capitalized costs being amortized. Depletion and amortization The depletion base for oil and natural gas properties includes the sum of all capitalized costs net of accumulated depreciation, depletion, and amortization (“DD&A”), estimated future development costs and asset retirement costs not included in oil and natural gas properties, less costs excluded from amortization. The depletion base of oil and natural gas properties is amortized on a units-of-production method. Limitation on Capitalized Costs Under the full-cost method of accounting, the Company is required, at the end of each fiscal quarter, to perform a test to determine the limit on the book value of our oil and natural gas properties (the “Ceiling Test”). If the capitalized costs of our oil and gas properties, net of accumulated amortization and related deferred income taxes, exceed the “Ceiling”, this excess or impairment is charged to expense and reflected as additional accumulated depreciation, depletion and amortization or as a credit to oil and natural gas properties. The expense may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the Ceiling. (See Note 5) The Ceiling is defined as the sum of: (a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period (with consideration of price changes only to the extent provided by contractual arrangements including hedging arrangements), less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves; plus (b) the cost of properties not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; and net of (d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties.. The determination of oil and gas reserves is a subjective process, and the accuracy of any reserve estimate depends on the quality of available data and the application of engineering and geological interpretation and judgment. Estimates of economically recoverable reserves and future net cash flows depend on several variable factors and assumptions that are difficult to predict and may vary considerably from actual results. In particular, reserve estimates for wells with limited or no production history are less reliable than those based on actual production. Subsequent re-evaluation of reserves and cost estimates related to future development of proved oil and gas reserves could result in significant revisions to proved reserves. Other issues, such as changes in regulatory requirements, technological advances, and other factors, which are difficult to predict, could also affect estimates of proved reserves in the future. Stock-based compensation Compensation cost for equity awards is based on the fair value of the equity instrument on the date of grant. The Company estimates the fair value of options and warrants to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten-year maximum term and varying vesting periods as determined by the Board of Directors. For options issued with service vesting conditions, compensation cost is recognized over the vesting period. For options issued with performance conditions, compensation cost is recognized if and when the Company concludes that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures. For options issued with market conditions, compensation cost is recognized over the requisite service period and discounted by the probability of the condition thereof being met. Environmental laws and regulations The Company is subject to extensive federal, state, and local environmental laws and regulations. Environmental expenditures are expensed or capitalized depending on their future economic benefit. The Company believes that it is in compliance with existing laws and regulations. Fair value measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At July 31, 2019 and July 31, 2018, the Company had no assets or liabilities measured at fair value on a recurring basis. See Notes 5 and 10 and related accounting policy disclosure regarding fair value estimates for ceiling tests and asset retirement obligations. Recent accounting pronouncements Accounting Standards Updates Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The guidance establishes a new five step principle-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. The Company adopted the new standard on August 1, 2018 using the modified retrospective method. The adoption resulted in no changes in the timing of revenue recognition compared to the prior methodology. See Note 7 for further information. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this update on August 1, 2018 had no impact to the consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a Consolidated Statement of Cash Flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted this update as of August 1, 2018. Cash and cash equivalents and restricted cash on the Consolidated Statement of Cash Flows includes restricted cash of $120,000 and $50,000 as of July 31, 2019 and July 31, 2018, respectively. Accounting Standards Updates to Become Effective in Future Periods In February, 2016 the FASB issued ASU, No. 2016-02, Leases. The ASU requires companies to recognize on the Consolidated Balance Sheet, the assets and liabilities for the rights and obligations created by leased assets. ASU No. 2016-02 will be effective for the Company on August 1, 2019, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU No. 2016-02 will have on the Company’s consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope of the standard for stock-based compensation to include share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 will become effective for the Company on August 1, 2019 and early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and makes additions to certain disclosure requirements with respect to fair value measurements. The update is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Jul. 31, 2019
Loss per share:
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 July 31, 2019 and 2018, that could have a dilutive effect are as follows: July 31, 2019 July 31, 2018 Convertible preferred stock 5,500,000 6,490,000 Warrants 10,651,308 6,280,633 Stock options 32,085,000 28,085,000 Total potential dilution 48,236,308 40,855,633 For the years ended July 31, 2019 and 2018, the effect of this potential dilution has not been recognized since it would have been anti-dilutive due to net losses in those periods.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Jul. 31, 2019
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	As of July 31, 2019 and July 31, 2018, property and equipment were composed of the following: July 31, 2019 July 31, 2018 Drilling equipment $ 751,936 $ 811,340 Other equipment 22,235 52,864 774,171 864,204 Less: Accumulated depreciation (477,059 ) (429,676 ) Total property and equipment, net $ 297,112 $ 434,528

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES	12 Months Ended
	Jul. 31, 2019
Oil and Gas Property [Abstract]
OIL AND GAS PROPERTIES	The Company is currently participating in oil and gas exploration activities in Texas and New Mexico. The Company’s oil and gas properties are located entirely in the United States. The Company’s mineral lease interests are comprised of leased acreage within the Pecos County, Texas of an approximate 70,000 acre AMI and 5,385 acres under lease in New Mexico as of July 31, 2019. Through a series of agreements with representatives of mineral owners, the Company has the right to acquire additional acreage for future development encompassing a large percentage of the approximately 70,000 acre AMI in Pecos County, Texas not already under lease as of July 31, 2019. Under those agreements the Company is required to make annual payments into trust accounts to hold the acquisition opportunity. As actual leases are acquired those trust funds are available to pay the lease cost per acre at predetermined amounts ranging from $200 to $300 per acre. The Company is obligated to pay certain bonus lease payments related to certain of its lease properties in Pecos County, Texas. The Company is required to pay $27,000 each year on the JT Walker lease on August 7th. The Company is also required to pay $200,000 every five years on August 7th to continue the JPMorgan lease. The most recent payment on this lease was made in July, 2017. The next JPMorgan lease payment is due by August 7, 2022. The Company is current in its lease payments under these leases. The Company’s 5,385 gross acre interest (4,682 net acres) in Lea County, New Mexico is currently being held by production. Moreover, as long as the wells on each lease continues to produce oil and gas in commercial quantities, no additional lease payments will have to be made to the mineral owners. At July 31, 2019, the Company has a working interest in twenty-six (26) wells located on the leasehold premises in Pecos County, Texas. The Company has drilled twenty-six (26) wells throughout the property, with sixteen wells (16) currently producing, eight (8) wells being temporarily shut-in and awaiting further evaluation and with two (2) wells having been permanently shut-in and awaiting either plugging or conversion to injector wells for a possible future water flood program. At July 31, 2019, the Company has a working interest in ten (10) wells located on the leasehold premises in Lea County, New Mexico. Seven (7) wells are currently producing oil and/or gas and three (3) wells are being used to dispose of produced water from its seven (7) wells. The Oil and gas property balances at July 31, 2019 and July 31, 2018, are set forth in the table below: July 31, 2019 July 31,2018 Unproved properties not subject to amortization $ 3,765,501 $ 3,079,492 Property costs subject to amortization 9,510,574 6,627,470 Asset retirement obligation, asset 540,472 194,615 Total cost of oil and gas properties 13,816,547 9,901,577 Less: Accumulated depletion and impairment (3,808,043 ) (1,399,096 ) Oil and gas properties, net full cost method $ 10,008,504 $ 8,502,481 Year ended July 31, 2018 activity: Effective March 9, 2018, the Company transferred a 16.125% working interest in four wells and issued common stock purchase warrants to acquire the Company’s common stock valued at $77,961, see Note 12, in exchange for $200,000 in cash. Gain or loss was not recognized on this sale since the sale did not significantly alter the relationship between capitalized costs and proved reserves. During the year ended July 31, 2018, the Company issued 3,617,556 shares of common stock for lease interests with total fair value of $1,736,429. The working interests below were acquired effective June 1, 2018 and resulted in the Company holding 100% of the working interest in the developed wells in Pecos County as of July 31, 2018. Net Number of Fair Working Revenue Owner Name Shares Value Interest Interest Related Parties TONY ALFORD 246,668 $ 118,401 10.83 % 8.13 % PETRO-PRO, LTD. 246,668 118,401 10.83 % 8.13 % Unrelated Parties 3,124,220 1,499,627 Totals 3,617,556 $ 1,736,429 Year ended July 31, 2019 activity: On October 17, 2018, the Company acquired the deep rights in 26,000 mostly contiguous acres in the Permian Basin in Pecos County, Texas. The purchased acreage is subject to basically the same option terms that are applicable to the other Pecos County, Texas acreage controlled by the Company. The cost of the acquisition was $500,000. During the fiscal year ended July 31, 2019, the Company offered an opportunity to several investors for participation in development of the WWJD #31- H well. The investment was offered to joint venture working interest partners (the “WWJD #31-H Partners”) who paid 100% of all recompletion costs on a turnkey basis for the development of the horizontal well. In exchange, the WWJD #31-H Partners received a 63% working interest in the wellbore, but will receive a preferred payout of 75% of the net monthly revenue to the working interest until such time that they have received a cumulative payout equal to 110% of their initial investment. In addition, the WWJD #31-H Partners received shares of the Company’s common stock proportionately to their cash investment (at the rate of one half share of common stock for each $1.00 invested in the well). Consideration from the offering received totaled $1,260,000, which was first allocated to the shares of common stock based on the fair value of the shares on the date of each of the WWJD #31-H Partners investment and the remainder of the proceeds were allocated to the percentage participation interest acquired by the participants. Consideration received was as follows: Allocated to Working interest Common stock in WWJD Well #31 Consideration No. of Value Participation % Value Cash $ 1,025,000 512,500 $ 100,249 51.25 % $ 924,751 Settlement of accounts payable and accrued liabilities 25,000 12,500 2,251 1.25 % 22,749 Settlement of accrued interest payable, related party 50,000 25,000 5,000 2.50 % 45,000 Settlement of notes payable, related parties 160,000 80,000 18,900 8.00 % 141,100 Totals $ 1,260,000 630,000 $ 126,400 63.00 % $ 1,133,600 Mr. Will McAndrew, the Company’s CEO, participated in the above transaction in exchange for settlement of accounts payable and accrued liabilities representing accrued compensation of $25,000 due to him. On October 12, 2018, the Company entered into an Option Agreement for the acquisition of several oil and gas producing leaseholds in New Mexico. At the date that the Option Agreement was executed, the Company paid the seller a non-refundable deposit of $100,000, with the understanding that the cash deposit would be applied against the negotiated purchase price if a purchase was consummated. The Company exercised its option to purchase the New Mexico properties and the transaction was closed effective January 1, 2019. The negotiated purchase price was $2,000,000, and in addition to applying the $100,000 deposit against the purchase price, the Seller agreed to take a $1,900,000 promissory note, which will become due and payable, including accrued interest at a rate of 7% per annum, on December 31, 2019. During the fiscal year ended July 31, 2019, the Company offered an opportunity to several investors to participate in a recompletion attempt on the Moe 35 1-04H which is located in Lea County, New Mexico. The investment was offered to joint venture working interest partners (the “Moe Partners”) who paid 100% of all completion costs on a turnkey basis for the development and reworking of the horizontal well. In exchange, the Moe Partners received working interests in the well-bore, and they will receive a preferred payout of 75% of the net monthly revenue to the working interest until such time that they have received a cumulative payout equal to 110% of their investment. Consideration from the offering received totaled $1,640,000, which was first allocated to the shares of common stock based on the fair value of the shares on the date of each of the Moe 35 1-04H Partners investment and the remainder of the proceeds were allocated to the percentage participation interest acquired by the participants. Consideration received from the sale of the working interests in the well and common stock issued to participating Moe Partners during the fiscal year ended July 31, 2019 are summarized as follows: Allocated to Allocated to Working interest Common stock in Moe 35 1-04H No. of Participation Consideration Shares Value % Interest Value Cash $ 1,498,000 5,992,000 $ 1,498,000 40.95 % $ - Settlement of accounts payable and accrued liabilities 25,000 100,000 25,000 0.75 % - Settlement of accrued interest payable, related party 17,000 68,000 17,000 1.28 % - Settlement of notes payable, related parties 100,000 400,000 100,000 6.23 % - Warrants issued for commission on sales - - (50,050 ) - Totals $ 1,640,000 $ 6,560,000 $ 1,589,950 49.20 % $ - Mr. Will McAndrew, the Company’s CEO, participated in the above transaction in exchange for settlement of accounts payable and accrued liabilities representing accrued compensation of $25,000 due to him. Ceiling Test During the fiscal year ended July 31, 2019, the Company recorded a full cost ceiling impairment of $2,164,192. The ceiling is defined as the sum of: (a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period (average prices of $58.99/Bbl. and $2.92/mcf yielded estimated undiscounted revenue of $21,021,540 at July 31, 2019), less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves (estimated undiscounted expenditures of $12,018,720 at July 31, 2019); plus (b) the cost of properties not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; and net of (d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties ($Nil at July 31, 2019). The net present value was estimated to be $6,243,003 based on these factors. No impairment was recorded during the fiscal year ended July 31, 2018.

PAYABLE TO RELATED PARTIES

PAYABLE TO RELATED PARTIES	12 Months Ended
	Jul. 31, 2019
Notes to Financial Statements
OILFIELD SERVICE MATTERS, RELATED PARTY	Effective June 1, 2018 the Company ceased to be the operator of record of properties in which it owns no working interest. The properties’ principal working interest owner is Petro Pro, Ltd. (“Petro Pro”), an entity controlled by Jed Miesner, former Chairman of the Board of Directors and current Director at July 31, 2019. In connection with the transfer of operations to US Petro, LLC (an entity is controlled by related parties, Mr. Miesner and Mr. Alford, Chairman of the Board) the Company agreed to transfer $25,038 to US Petro which was the amount of suspended revenue attributable to owners in the properties. As of July 31, 2019 the Company has a payable to the Thornhill Law Firm, A PLC for $60,000 for legal services. The Company recognized $60,000 in legal expense during the fiscal year ended July 31, 2019. No legal expenses were incurred in the fiscal year ended July 31, 2018. The principal of the firm is Tommie Thornhill who is also a director of the Company.

REVENUE

REVENUE	12 Months Ended
	Jul. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	On August 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, Revenue is recorded in the month production is delivered to the purchaser. However, settlement statements and payments for oil and natural gas sales may not be received for up to 60 days after the date production is delivered, and as a result, management is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. As of July 31, 2019 and 2018, receivables from contracts with customers were $38,575 and $48,188, respectively. Topic 606 did not change our pattern of timing of revenue recognition. The Company adopted the new standard on August 1, 2018 using the modified retrospective method. The adoption resulted in no changes in the timing of revenue recognition compared to the prior methodology. Detailed oil and gas revenue for the years ended July 31, 2019 and 2018 is as follows: Year ended July 31, 2019 2018 Oil $ 593,875 $ 302,996 Gas 1,016 59,249 Total $ 594,891 $ 362,245 The following tables present oil and natural gas revenues disaggregated by revenue source and by purchaser: Year Ended July 31, 2019 Total Oil and Oil Revenue Gas Revenue Natural Gas Revenues Rio Energy International, Inc. $ 403,355 $ 1,016 $ 404,371 Plains Marketing, L.P. 190,520 - 190,520 Total oil and natural gas revenues $ 593,875 $ 1,016 $ 594,891 Year Ended July 31, 2018 Total Oil and Oil Revenue Gas Revenue Natural Gas Revenues Rio Energy International, Inc. $ 302,996 $ 59,249 $ 362,245 Plains Marketing, L.P. - - - Total oil and natural gas revenues $ 302,996 $ 59,249 $ 362,245

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Jul. 31, 2019
Notes Payable [Abstract]
NOTE PAYABLE	Notes payable, related parties On January 3, 2011, the Company formalized a loan agreement for $1,940,000 with Jed Miesner, the Company’s CEO and Chairman at the time of the agreement and currently a director. 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. Effective April 1, 2019 the Company redeemed all of the issued and outstanding shares of its Series A Preferred Stock. The holder of 100% of the Series A was Jed Miesner. The Company redeemed all 9,000 shares of the Series A, which had the voting power equivalent to 90,000,000 shares of the Company’s common stock, for the consideration of $100.00 per share, or a total payment of $900,000. The redemption price was effectuated through an increase in the principal balance of a promissory note issued to Mr. Miesner by the Company’s wholly owned subsidiary Amazing Energy, LLC. The principal balance of the Note was increased from $1,940,000 to $2,840,000. 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 is collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. Terms of the notes were modified effective February 1, 2017, pursuant to an agreement between Jed Miesner, Petro Pro, Ltd., JLM and the Company. Beginning February 1, 2017, and continuing through February 1, 2019, the interest rate on the aforementioned notes was reduced from 8% to 6% per annum. Starting February 1, 2019 and continuing through the maturity date of the two notes (December 31, 2030), the annual interest rate on the notes was set at a rate equal to the Happy State Bank prime rate of 5.25% plus 2% at July 31, 2019. 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 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. Principal maturities for the two loan agreements and the credit facility outstanding at July 31, 2019 for the remaining terms are summarized by year as follows: Principal Maturities Year ending July 31, Jed Miesner Petro Pro, Ltd. JLM Strategic Total 2020 $ 310,995 $ 176,337 $ 41,170 $ 528,502 2021 67,272 38,144 - 105,416 2022 72,655 41,196 - 113,851 2023 78,467 44,492 - 122,959 2024 84,744 48,051 - 132,795 Subsequent years 2,225,867 751,780 - 2,977,647 $ 2,840,000 $ 1,100,000 $ 41,170 $ 3,981,170 As of July 31, 2019 and 2018, the accrued and unpaid interest on this related party convertible debt was $152,858 and $400,805, respectively. Related party interest expense on these notes for the fiscal years ended July 31, 2019 and 2018 was $230,351 and $198,698, respectively. During the fiscal years ended July 31, 2019 and July 31, 2018, the Company paid interest on these notes in the amounts of $428,298 and $34,993, respectively, in cash and $50,000 in a working interest participation in well WWJD #31-H during the fiscal year ended July 31, 2019 (see Note 5). At July 31, 2019, the balance of the convertible debt and accrued interest was convertible into membership units of Amazing Energy, LLC, a wholly owned subsidiary of the Company, at $.60 per unit. See Note 13 Subsequent events. On October 16, 2018, the Company entered into promissory notes with its Chairman of the Board and one of its Directors to fund the acquisition of the Wyatt properties in Pecos County, Texas and to allow the Company to enter into an Option Agreement for acquisition of several oil and gas producing properties in Lea County, New Mexico. The aggregate principal amount of the two new notes was $600,000. The notes required a placement fee of $60,000 (equal to 10% of the principal amounts of the loans), which was expensed as financing cost during year ended July 31, 2019. As additional consideration for the financing, the Company issued 2,400,000 warrants for the right to acquire its common stock at an exercise price of $0.25 per share for a term of six years. As a result, the Company recorded a debt discount of $288,000 to account for the relative fair value of the warrants (see Note 13). The debt discount was amortized as interest expense over the term of the note. On October 26, 2018, the Company paid $400,000 on the promissory notes. During the fiscal year ended July 31, 2019, an additional $160,000 of the promissory notes were satisfied through the noteholders’ participation in the offering of working interest in the WWJD #31-H and Moe 35 1-04H. The note holders received a 6.225 % working interest in the WWJD #31-H well and 400,000 shares of the Company’s common stock (see Note 5). The remaining related party note balance of $100,000 was satisfied on April 10 by granting a 3% working interest in the Moe 35 1-04H well via the remaining note holder’s election to participate in the Company’s offering to raise capital for the recompletion of the well. At July 31, 2019, the notes have been paid in full and the related debt discount has been fully amortized. Related party financing costs on these notes for the year ended July 31, 2019 was $77,000. Promissory note payable – October 2018 On October 22, 2018, the Company entered into a promissory note with Bories Capital, LLC (Bories) for $500,000, the owner of which is a holder of all of the outstanding shares of the Company’s Preferred B stock. The note bears interest at the Hancock Whitney Bank prime rate plus two percent (7.50% at July 31, 2019) and is due in full at maturity on October 24, 2020. Interest is payable monthly beginning on November 30, 2018. As additional consideration for the note, the Company agreed to modify the terms of 2,674,576 warrants to acquire common stock held by the owner of Bories. The warrants were amended to change the exercise price from $0.60 to $0.40 per share and extend the expiration date from July 31, 2019 to April 1, 2024. These modifications resulted in financing fee of $480,771 which represents the difference in the fair value of the warrants before and after the change in terms. The amount was recognized as a discount on the note and is being amortized as interest expense over the term of the note. Amortization of $181,331 was recognized as interest expense during the year ended July 31, 2019. At July 31, 2019, the discount balance is $299,440. In addition, terms of the Series B Preferred Stock held by the owner of Bories were modified. The Company agreed to suspend its right to call the preferred stock until from the original call date of April 1, 2019 to April 1, 2024. In exchange for this suspension, the Series B Preferred stockholder’s right to convert the preferred shares into warrants to acquire the Company’s common stock was amended to extend the conversion period to April 1, 2024. Note payable, acquisition – October 2018 On October 12, 2018 the Company entered into an agreement for the acquisition of oil and gas producing interest in New Mexico for $2,000,000. As part of the agreement, the Company entered into a seller financed note payable of $1,900,000. The note bears interest of 7% and the entire balance of principal and interest is due at maturity on December 31, 2019. Note payable on acquisition, related party – August 2016 In August 2016, the Company executed a note with Jed Miesner for $500,000 in consideration for the acquisition of Jilpetco. The note bore interest at 6% and had payments of principal and interest payments through maturity on December 25, 2017. On December 19, 2017, the Company made the final principal payment on the note. Jilpetco notes payable, related parties – May 2016 On May 27, 2016, Jilpetco entered into several loan agreements totaling $180,000 with Tony Alford, Robert Bories, Robert Manning, Petro Pro Ltd., and Reese Pinney. Messrs. Alford and Manning were (and remain) directors of the Company at the time of the agreements. Messrs. Bories and Pinney were officers of the Company. During the years ended July 31, 2018 and 2017, additional borrowings and participation fees of $25,000 and $225,000, respectively, were added to these notes payable. The notes and related interest payable were paid in full in December 15, 2017 and January 2, 2018. Note payable - July 2017 On July 21, 2017, the Company entered into a note payable agreement with an unrelated party. The principal amount of the note was $50,000. The note matured on January 21, 2018 and bore interest at a rate of 8% per annum and included a participation fee of $5,000 equal to 10% of the principal amounts of the loan. The loan was paid in full including interest and fees on January 21, 2018.

EQUIPMENT NOTE PAYABLE

EQUIPMENT NOTE PAYABLE	12 Months Ended
	Jul. 31, 2019
Notes Payable [Abstract]
EQUIPMENT NOTE PAYABLE	On September 13, 2016, the Company entered into a retail installment sale contract and security agreement (the “equipment note”) for the purchase of equipment. The equipment note is collateralized by a tractor loader backhoe. The equipment note requires 60 monthly installment payments of $994 through September 13, 2021. At July 31, 2019 and 2018, the balance of the note was $21,018 and $33,094, respectively. Principal payments for future years ending July 31, 2020 and 2021 are $11,928, and $9,090, respectively.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Jul. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	The information below reconciles the value of the asset retirement obligation for years ended July 31, 2019 and 2018 respectively: For the years ended July 31, 2019 2018 Beginning balance $ 258,575 $ 183,397 Asset retirement obligation incurred 345,857 65,729 Accretion 31,773 9,449 Ending balance $ 636,205 $ 258,575 During the fiscal year ended July 31, 2019, the Company increased its working interest ownership in oil and gas leases for which it already had an interest and acquired additional properties (see Note 5). The Company estimated future costs to retire these properties and recorded asset retirement obligations. The estimated future costs were discounted using a credit adjusted, risk-free interest rate of 6.0% and adjusted for inflation rate of 2.6%. As a result, the Company increased its asset retirement obligation by $345,857 to reflect the increased ownership in additional wells that were added during the fiscal year ended July 31, 2019. During the fiscal year ended July 31, 2018, the Company increased its working interest ownership in oil and gas leases for which it already had an interest (See Note 5). As a result, the Company increased its asset retirement obligation by $65,729 to reflect the increased ownership in those working interests.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jul. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	The Company did not recognize a tax provision for the fiscal years ended July 31, 2019 and 2018 due to ongoing net losses incurred by the Company. The following is reconciliation between the federal income tax benefit computed at the statutory federal income tax rate and actual income tax benefit for the fiscal years ended July 31, 2019 and July 31, 2018 and deferred taxes as of July 31, 2019 and 2018 (all amounts rounded to nearest thousand): For the year ended July 31, 2019 2018 Applicable statutory benefit at 21% in 2019 and 26.5% in 2018 $ (1,609,000 ) $ (1,767,000 ) Prior year change in estimate - 112,000 Impact on the change in federal tax rate - 1,471,000 Meals and entertainment and other 16,000 4,000 Change in valuation allowance 1,675,000 180,000 Net tax benefit $ - $ - At July 31 2,019 2,018 Deferred tax assets: Net operating loss carryforward $ 3,174,000 $ 2,539,000 Stock based compensation 1,278,000 868,000 Depletion and depreciation 421,000 - Total deferred tax assets 4,873,000 3,407,000 Deferred tax liabilities: Intangible drilling and other costs for oil and gas properties $ (807,000 ) $ (906,000 ) Depletion and depreciation - (34,000 ) Other (15,000 ) (91,000 ) Total deferred tax liabilities (822,000 ) (1,031,000 ) Net deferred tax assets 4,051,000 2,376,000 Less valuation allowance (4,051,000 ) (2,376,000 ) Net deferred tax assets $ - $ - The Company had federal net operating loss carry forwards of approximately $15,118,000 and $12,100,000 at July 31, 2019 and 2018, respectively. The federal net operating loss carry forwards will begin to expire in fiscal years ending July 31, 2033 through July 31, 2039. Realization of the net deferred tax asset is dependent, in part, on generating sufficient taxable income prior to expiration of the loss carryforwards. The Company has placed a 100% valuation allowance against the net deferred tax asset because future realization of these assets is not assured. On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company did not incur any income tax benefit or provision for the fiscal year ended July 31, 2018 as a result of the changes to tax laws and tax rates under the Act. The Company’s net deferred tax asset was reduced by approximately $1.5 million during the fiscal year ended July 31, 2018, which consisted primarily of the remeasurement of federal deferred tax assets and liabilities from 34% to 21%. Management has reviewed the Company’s tax positions and determined there were no uncertain tax positions requiring recognition in the consolidated financial statements. Currently tax years from fiscal 2015 through 2019 remain open for examination by tax authorities. Net operating losses prior to 2015 could be adjusted during an examination of open years.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jul. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	The Company is subject to contingencies because 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. Legal contingency On September 7, 2017, Amazing Energy LLC and Jilpetco Inc. were served with a summons and complaint in Cause No. P-7600-83-CV in the 83rd District Court in Pecos County, Texas. The nature of the litigation is that Amazing Energy & Jilpetco were joined as defendants in a case in Pecos County, Texas, between Fredrick Bartlett Wulff, Sr. et al plaintiffs and Benedum & Trees, LLC et al defendants. The suit alleges breach of lease, breach of implied duty to explore and develop, and requests a declaratory judgment that the leases are terminated, and the suit requests an accounting of lease production. The plaintiffs seek a release of the oil and gas leases except as to Section 91. The Company’s counsel handling this case failed to comply with discovery and the court awarded sanctions and legal costs against the Company in July 2019. At July 31, 2019, the Company has accrued $65,492 due to working interest owners related to the Wulff claims which was released subsequent to July 31, 2019. In addition, the Company has accrued $98,291 in accounts payable for the sanctions and legal costs which was paid subsequent to July 31, 2019. The plaintiffs still contend that breach of contract remains as to Section 91 leases. In the opinion of the Company’s management, the pending litigation claims against it, if decided adversely, will not have a material adverse effect on the Company’s financial condition, cash flows or results of operations. On December 11, 2017, Amazing Energy LLC and Jilpetco Inc. were each served with a summons and complaint in Cause No. P-7813-83-CV in the 83rd District Court in Pecos County, Texas. Amazing Energy and Jilpetco were named as defendants in a case by Rumson Royalty Company as the plaintiff. The suit alleges Amazing Energy and Jilpetco have suspended certain royalty and/or overriding interest payments owed to the plaintiff, and requests a declaratory judgment seeking the plaintiff’s share of production proceeds and reasonable attorney’s fees. Management will vigorously defend the case. It is too early in the litigation to evaluate the likely outcome or to evaluate the financial impact of the lawsuit, if any. In the opinion of the Company’s Management, none of the pending litigation, disputes or claims against it, if decided adversely, will have a material adverse effect on the Company’s financial condition, cash flows or results of operations. On October 24, 2018 AAPIM, LLC (“AAPIM”) filed a lawsuit in the District Court of Pecos County, Texas, 112th Judicial District (Cause No. P-12363-112-CV) against Amazing Energy, LLC, a wholly-owned subsidiary of the Company. The Petition alleged Amazing Energy, LLC failed to pay plaintiff its proportionate share of the proceeds from oil and gas production from minerals in Pecos County, Texas. The Company retained counsel to represent Amazing Energy, LLC in the lawsuit. However, counsel for Amazing Energy, LLC failed to answer AAPIM’s Petition in a timely manner. AAPIM, on January 7, 2019 filed a Motion for Default Judgment against Amazing Energy, LLC. Amazing Energy, LLC was not notified, by its counsel or its registered agent, of the Motion for Default Judgment and as a result the Motion for Default Judgment was unopposed and on January 9, 2019, AAPIM obtained a Default Judgment against Amazing Energy, LLC. The Company has been in negotiations with AAPIM to settle the amount owed by Amazing Energy, LLC pursuant to the Default Judgment and management believes a settlement of the outstanding amount will occur. For the fiscal year ending July 31, 2019, the Company has recognized an expense for the potential litigation settlement of $340,972 representing the amount of the judgment and interest expense of $50,303 incurred through July 31, 2019 as accounts payable. On May 30, 2019 the Company received a request from a Company investor requesting arbitration for allegations of misrepresentation by the Company, and/or its wholly-owned subsidiary Jilpetco, Inc., dating from the period of approximately 2011-2014. The arbitration request stated that unless the matter was resolved by July 5, 2019 the investor would turn to the Texas Attorney General’s office for relief. The Company entered into settlement negotiations with the investor but those negotiations were not concluded by the stated deadline. The investor thereafter sent the Company a copy of a letter from the Texas Attorney General’s office, dated July 24, 2019, acknowledging the investor’s correspondence with the Texas Attorney General’s office and alleged violations of Texas’ consumer protection laws and deceptive business practices. The Company has not directly received any communications from the Texas Attorney General’s office, and the investor has informed the Company he has withdrawn his complaint with the Attorney General’s office. Lease commitments The Company’s principal offices are located at 5700 West Plano Parkway, Suite 3600 in Plano, Texas. Prior to May 1, 2019, the Company subleased office space from a tenant under an approved sublease agreement. On May 1, 2019, the Company agreed to assume the remaining lease obligations (through November 30, 2019) of the former tenant and to become the new lessee under a new agreement that extended the lease term to February 28, 2023. Future minimum annual lease payments under the terms of the lease are as follows: For the Fiscal Year Ended July 31, Minimum Annual Lease Payments 2020 $ 81,646 2021 84,296 2022 84,959 August 1, 2022 to February 28, 2023 50,366 Total Minimum Future Office Lease Rental Payments $ 301,267 The Company has entered into month-to-month sublease agreements with several tenants. Under the terms of said agreements, the sublessees will pay approximately one-half (50%) of the total amount of rent that the Company pays each month that they continue to sublease space. Oil and gas lease commitments Royalties: The Company is obligated to pay royalties to holders of oil and natural gas interests in its operations Working Interest Holders: The Company is obligated to pay working interest holders a pro-rata portion of revenue in oil operations net of shared operating expenses. The amounts are based on monthly oil and gas sales and are charged monthly net of oil and gas revenue and recognized as “Due to working interest owners” on the Company’s Consolidated Balance Sheet. The typical oil and natural gas lease agreement covering our acreage positions in Pecos County, Texas and Lea County, New Mexico. provides for the payment of royalties to the mineral owners for all oil and natural gas produced form any wells drilled on the leased premises. The lessor royalties and other leasehold burdens on our properties generally range from 20% to 25%, resulting in a net revenue interest to the Company working interest generally ranging from 75% to 80%.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Jul. 31, 2019
Stockholders' equity:
STOCKHOLDERS' EQUITY	Common stock The Company is authorized to issue 3,000,000,000 shares of its common stock. All shares of common stock are equal to each other with respect to voting, liquidation, dividend, and other rights. Owners of shares are entitled to one vote for each share owned at any Shareholders’ meeting. The common stock of the Company does not have cumulative voting rights, which means that the holders of more than fifty percent (50%) of the shares voting in an election of directors may elect all of the directors if they choose to do so. Preferred stock The Company is authorized to issue 10,000,000 shares of its preferred stock with a no-par value per share. Series A convertible preferred stock: The Company has -0- and 9,000 shares of Series A preferred stock outstanding at July 31, 2019 and July 31, 2018, respectively. These shares were originally issued from the designated 10,000,000 shares of preferred stock, no par value. Effective April 1, 2019, the Company redeemed all of the issued and outstanding shares of its Series A preferred stock. The holder of 100% of the Series A was Jed Miesner, a member of the Company’s Board of Directors. The Company redeemed 9,000 shares of the Series A, which had the voting power equivalent to 90,000,000 shares of the Company’s common stock, for the consideration of $100.00 per share, or a total payment of $900,000. The redemption price was effectuated through an increase in the principal balance of a promissory note issued to Mr. Miesner by the Company’s wholly owned subsidiary Amazing Energy, LLC. The principal balance of the Note was increased from $1,940,000 to $2,840,000. Series B convertible preferred stock: The Company has 50,000 shares of Series B preferred stock outstanding at July 31, 2019. These Series B shares were issued from the designated 10,000,000 shares of preferred stock, no par value, with the following rights and preferences: ● Liquidation preference: Upon a liquidation event, an amount in cash equal to $100 per share, for a total of $5,000,000 computed as of July 31, 2019, shall be paid prior to liquidation payments to holders of Company securities junior to the Series B preferred stock. ● Dividends: Holders of the Series B preferred stock are not entitled to receive a dividend. ● Voting: The Series B preferred stock has no voting rights other than to be voted when required by the laws of the State of Nevada. ● Non-transferrable: The shares of Series B preferred stock are not transferrable except under a plan for wealth transfer and estate planning or upon conversion or redemption as set forth below. ● Conversion: Beginning July 31, 2024 (as amended), any shares of the Series B preferred stock outstanding will be convertible, at the discretion of the shareholder, for a period of three years, into common stock purchase warrants of the Company with an conversion price of $1.00 per share on the basis of 110 shares of common stock for each one share of Series B preferred stock outstanding. As additional consideration for a new promissory note dated October 22, 2018 (see Note 8), the terms of the right to convert preferred shares into warrants to acquire common stock attached to the Company’s Series “B” Preferred Stock, were amended to extend the conversion period to April 1, 2024 and to reduce the underlying warrant exercise price from $0.60 per share to $0.40 per share. The Company further agreed to suspend its right to call the Series “B” Preferred Stock until April 1, 2024. Common Stock: During the fiscal years ended July 31, 2019 and 2018, the Company issued the following: ● 1,800,000 and 12,920,008 shares of common stock, respectively, for cash of $420,000 and $3,230,000. Prior to July 31, 2019, the Company received additional cash of $330,000 for shares of common stock that were issued subsequent to year end. As such, the balance is shown as a subscription payable on the consolidated balance sheet. ● 1,395,000 and 856,628 shares of common stock with total fair values of $346,771 and $535,200, respectively, as compensation for services. ● 7,190,000 and 3,617,556 shares of common stock in offerings with working interests with total fair values of $1,716,350 and $1,736,429, respectively. ● 66,000 and -0- shares of common stock with total fair values of $16,482 and $-0-, respectively, in settlement of accounts payable. Warrants: During the fiscal year ended July 31, 2019, the Company issued 275,000 warrants with common stock sold for cash. These warrants have an exercise price of $0.50 and expire in 2022. In addition, the Company issued 200,200 warrants to a consultant for commission associated with the sale of working interests in the Moe 35 1-04H (See Note 5). These warrants have an exercise price of $0.25 and expire in 2022. During the fiscal years ended July 31, 2019 and 2018, the Company issued 1,495,475 and 3,469,391 warrants with total fair values of $358,434 and $1,038,587, respectively, as compensation for services. The warrants have a weighted average exercise price and term of $0.33 and 4.9 years, respectively. During the fiscal years ended July 31, 2019 and 2018, compensation expense of $236,577 and $1,038,587, respectively, was recognized. Unrecognized compensation of $121,857 at July 31, 2019 will be recognized over the next two years. During the fiscal year ended July 31, 2019, the Company issued 2,400,000 warrants in connection with note payable agreements with related parties (see Note 8). The warrants have a term of three years and an exercise price of $0.25. The fair value of the warrants was $553,822 and the relative fair value was $288,000 which was recorded as a discount on the note payable. During the fiscal year ended July 31, 2019, the Company amended terms of warrants to purchase 2,674,576 shares of common stock in connection with the note payable to Bories (see Note 8). The Company agreed to modify the terms of warrants to change the exercise price from $0.60 to $0.40 per share and extend the expiration date from July 31, 2019 to April 1, 2024. The fair value of these changes was $480,771 and recorded as a discount on the note payable. During the fiscal year ended July 31, 2018, the Company issued 136,666 warrants for oil and gas property interests with total fair value of $77,961. The weighted average fair value of warrants and the key assumptions used in the Black-Scholes valuation model to calculate the fair value for the fiscal years ended July 31, 2019 and 2018, are as follows: Fiscal Years Ended July 31, 2019 2018 Stock price $0.18 - $0.32 $0.30 - $0.69 Exercise price $0.23 to $0.50 $0.37 - $1.00 Expected term (in years) 3 to 5 3 to 5 Risk-free rate 2.23% - 3.01% 1.57% - 2.85% Volatility 156% - 166% 166% - 178% Warrant transactions for the years ended July 31, 2019 and 2018 are summarized as follows: Fiscal Years Ended July 31, 2019 2018 Outstanding warrants - beginning of year 6,280,633 2,674,576 Issued 4,370,675 3,606,057 Exercised - - Expired - - Outstanding warrants - end of year 10,651,308 6,280,633 The Company’s outstanding warrants at July 31, 2019 are as follows: Number Expiration Year of Warrants Exercise Price 2020 1,200,000 $0.50 2021 1,858,332 $0.40 to $1.00 2022 785,200 $0.25 to $0.60 2023 721,625 $0.23 to $0.74 2024 6,086,151 $0.31 to $0.40 10,651,308 Stock Options: On August 11, 2017, the Board of Directors authorized the grant of 5,835,000 options to purchase shares of common stock of the Company to certain officers related to their employment agreements (the “Listing Options”). The Listing Options will vest and be immediately exercisable on the date the Company’s stock is traded on the American Stock Exchange, the New York Stock Exchange, or any of the NASDAQ trading tiers. The Listing Options shall have an exercise price equal to the closing price on the date such trading commences. As of July 31, 2019, management has determined the probability of such an event is doubtful and, therefore, has not recognized any compensation expense to date regarding the Listing Options. On August 11, 2017, the Board of Directors authorized the grant of 11,750,000 options to purchase shares of common stock of the Company to certain officers. The options have an exercise price of $0.40 and expire five years from the date of grant. 2,937,500 of the options vested immediately on the grant date and the remainder vest 25% annually upon each anniversary of the grant date. On August 11, 2017, the Board of Directors authorized the grant of 10,000,000 options to purchase shares of common stock of the Company to its Chief Executive Officer. The options have an exercise price of $0.40 per share and expire five years from the date of grant. 2,000,000 options vested on the date of grant. The remaining 8,000,000 options contained market and performance conditions, of which 4,000,000 options are to vest based on market conditions being met and 4,000,000 options will vest upon achievement of certain performance objectives. On November 1, 2018, the Company’s board of directors agreed to reduce the exercise price from $0.40 to $0.25 on the August 11, 2017 options that were granted to the CEO. As result of this modification, the Company recognized additional compensation expense based on the incremental fair value of the modified options. Additional compensation of $33,039 was immediately recognized on options that had already fully vested. An amount of $36,710 was added to the unrecognized compensation on options that had not yet vested and is being amortized over the remaining vesting term of the options. For the fiscal years ended July 31, 2019 and 2018, total compensation of $831,345 and $2,084,561 was recognized on the August 11, 2017 grants. At July 31, 2019, unrecognized compensation of approximately $1,139,722 associated with the 2017 grants will be recognized over the next 3.03 years. During the fiscal years ended July 31, 2019 and 2018, the Board of Directors authorized the grant of 1,000,000 and 500,000 options, respectively, to purchase shares of common stock of the Company to certain directors. The options vested immediately at the date of grant. The fair value of the grants were $214,752 and $137,056 which the Company recognized as stock-based compensation for the year ended July 31, 2019 and 2018, respectively. During the fiscal year ended July 31, 2019 the Company issued 3,000,000 stock options to employees in connection with employment agreements. Stock-based compensation of $324,703 was recognized for initial and periodic vesting of options granted under employment agreements. Unrecognized compensation at July 31, 2019 of $361,992 will be recognized over the next 2.5 years. Options granted were valued using the Black-Scholes Option Pricing Model. The assumptions used in calculating the fair value of the options were as follows: Fiscal Years ended July 31, 2019 2018 Fair value of options granted $0.17 - $0.33 $0.25 – $0.29 Stock price $0.21 - $0.34 $0.26 - $0.30 Exercise price $0.30 $0.40 Expected term (in years) 3 to 5 4 to 5 Risk-free rate 2.49% - 2.96% 1.57% - 1.74% Volatility 157% - 166% 175% - 201% The following is a summary of the Company’s option activity for the years ended July 31, 2019 and 2018: Options Weighted Weighted Outstanding at July 31, 2017 - - - Issued 28,085,000 $ 0.31 5.00 Exercised - - - Expired - - - Outstanding at July 31, 2018 28,085,000 0.31 4.01 Issued 4,000,000 0.30 3.88 Exercised - - - Expired - - - Outstanding at July 31, 2019 32,085,000 $ 0.31 4.06 Outstanding at July 31, 2019, exercisable 8,841,667 $ 0.32 3.11 At July 31, 2019, the vested options had no intrinsic value.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jul. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	In November 2019, the Company came to terms on a proposed agreement with Jed and Lesa Miesner (the “Miesners”), and their affiliated companies JLM Strategic Investments, LP (“JLM”), Petro Pro, Ltd. (“PPL”), US Petro, LLC (“US Petro”). Pursuant to the agreement, the Company will pay the total sum of $1,750,000 to the Miesner and/or their affiliated entities. The proposed agreement provides that the Company will acquire all right, title and interest in and to three notes and mortgages/deeds of trust, with a value of approximately $4,200,000 held by the Miesners, JLM, and PPL, respectively. Furthermore, the parties have agreed that the Miesners, and their related affiliates, will surrender all of the shares of the Company’s common stock held by them, forgo any claims to all options to acquire shares of the Company’s common stock, all warrants to purchase the Company’s common stock, and any claims for compensation and wrongful termination pursuant to Jed Miesner’s former employment agreement with the Company, as well as a release of any and all other claims the Miesners, and/or any of their affiliated companies, may have against the Company and/or any of its subsidiaries. In exchange, the Company will forgo any claims it may have against Jed Miesner pursuant to his former employment agreement with the Company and any other additional claims the Company, and/or any of its subsidiaries, may have against the Miesners and/or any of their affiliated companies. As a part of the proposed agreement, Jed Miesner will also resign from the Company’s board of directors. On August 28, 2019, TCI Business Capital, Inc. (“TCI”) filed a petition, in the 416th District Court of Colin County, Texas (Case No. 416-04883-2019), against the Company and its wholly-owned subsidiary Jilpetco, Inc. TCI is a commercial factoring company that purchased certain accounts receivable from Diligent Well Site Services, LLC (“Diligent”). Diligent had previously performed services to Jilpetco. On October 10, 2019, the Company and Jilpetco entered into a settlement agreement with TCI whereby the Company/Jilpetco agreed to pay TCI the total amount of $66,085 in two installments. The first installment of $33,085 was paid on October 16, 2019. The second installment, in the amount of $33,000 was due on or before October 30, 2019. The Company failed to make the second installment and on November 11, 2019 the Company was served, by TCI, with an amended petition. Management expects to retire the remaining amounts owed under the settlement agreement in short order. The total amount of $66,085 is accrued as an accounts payable at July 31, 2019.

SUPPLEMENTAL OIL AND GAS DISCLO

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED)	12 Months Ended
	Jul. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED)	Costs Incurred 2019 2018 Development costs $ 4,691,215 $ 2,936,812 Total costs incurred $ 4,691,215 $ 2,936,812 Capitalized Costs July 31, 2019 July 31,2018 Unproved properties not subject to amortization $ 3,765,501 $ 3,079,492 Property costs subject to amortization 9,510,574 6,627,470 Asset retirement obligation, asset 540,472 194,615 Total cost of oil and gas properties 13,816,547 9,901,577 Less: Accumulated depletion and impairment (3,808,043 ) (1,399,096 ) Oil and gas properties, net full cost method $ 10,008,504 $ 8,502,481 Proved Oil and Gas Reserve ● Future revenues were based on an un-weighted 12-month average of the first-day-of-the-month price held constant throughout the life of the properties. ● Production and development costs were computed using year-end costs assuming no change in present economic conditions. ● Future net cash flows were discounted at an annual rate of 10%. Reserve estimates are inherently imprecise, and these estimates are expected to change as future information becomes available. Basis of Presentation As of July 31, 2019, in Pecos County, Texas, the Company had twenty-six (26) wells drilled with sixteen (16) currently producing, eight (8) wells currently shut-in and awaiting further evaluation and two (2) wells permanently shut-in awaiting either plugging or conversion to injector wells to be used in a future planned water flood program. Seven (7) additional producing wells and three(3) saltwater disposal wells in Lea County, New Mexico were acquired during the year ended July 31, 2019. The proved reserves as of July 31, 2019 represent the reserves that were estimated to be recovered from Pecos County, Texas and Lea County, New Mexico wells. There are also several wells planned for future drilling. All direct offset well locations in this report for Pecos County, Texas, are proved undeveloped and are based on 10-acre drainage patterns unless current developed completions are estimated to drain an area larger than their volumetric assignment. As such, the reserves of certain offset locations have been reduced. All Pecos County, Texas locations have a scheduled Queen and/or Greyburg reservoir completion and each of these reservoir completions includes the cost of drilling a single vertical wellbore. For Lea County, New Mexico, all locations have a scheduled San Andres reservoir completion and each of these reservoir completions includes the cost of drilling a single one-mile horizontal wellbore based on minimum spacing requires as determined by the Oil Conservation Division of New Mexico Energy, Minerals and Natural Resources Department. All reserves included in this report were estimated using either historical performance or volumetric methods. Estimated Quantities of Net Proved Oil and Natural Gas Reserves 2019 2018 Oil (1) Natural Gas(1) Oil (1) Natural Gas(1) RESERVES: Beginning of year 289,260 654,250 305,440 1,143,170 Revisions of previous estimates (1,966 ) 100,956 (12,821 ) (461,404 ) Sales of reserves (39,768 ) (16,166 ) - - Acquisition of reserves 128,349 76,490 2,402 4,982 Extensions, discoveries and other additions - - - - Production (11,635 ) (630 ) (5,761 ) (32,498 ) End of year 364,240 814,900 289,260 654,250 (1) Oil reserves are stated in barrels; gas reserves are stated in thousand cubic feet. The downward revision of previous gas reserves estimates was primarily due to reassessment of reservoir mapping based on additional log analysis from drilling. Standardized Measure of Discounted Future Net Cash Flows Relating to Proven Oil and Gas Reserves – In reviewing the information that follows, we believe that the following factors should be considered: ● future costs and sales prices will probably differ from those required to be used in these calculations; ● actual production rates for future periods may vary significantly from the rates assumed in the calculations; ● a 10% discount rate may not be reasonable relative to risk inherent in realizing future net oil and gas revenues; and ● future net revenues may be subject to different rates of income taxation. Under the standardized measure, future cash inflows were estimated by applying year-end oil and gas prices applicable to our reserves to the estimated future production of year-end proved reserves. Future cash inflows do not reflect the impact of open hedge positions. Future cash inflows were reduced by estimated future development, abandonment and production costs based on year-end costs in order to arrive at net cash flows before tax. Future income tax expense has been computed by applying year-end statutory tax rates to aggregate future pre-tax net cash flows reduced by the tax basis of the properties involved and tax carryforwards. Use of a 10% discount rate and year- end prices and costs are required by ASC 932-235. In general, management does not rely on the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable as well as proved reserves and varying price and cost assumptions considered more representative of a range of possible outcomes. Basis of Presentation Standardized Measure of Discounted Future Net Cash Flows – 2019 2018 Future cash inflows $ 21,021,540 $ 17,011,660 Future production costs (9,807,950 ) (5,837,010 ) Future development costs (2,211,000 ) (2,397,960 ) Future income tax expense (recovery) 769,851 (28,295 ) Future net cash flows 9,772,441 8,748,395 10% annual discount for estimated timing of cash flows (2,251,317 ) (2,115,426 ) Standardized measure of discounted future net cash flows related to proved reserves $ 7,521,124 $ 6,632,969 The following table presents a reconciliation of changes in the standardized measure of discounted future net cash flows: 2019 2018 Standardized Measure, beginning of year $ 6,632,969 $ 4,465,998 Sales of oil produced, net of production costs 24,914 (41,648 ) Net changes in prices, development and production costs (1,741,103 ) 1,906,668 Change in estimated future development costs (961,924 ) (960,920 ) Development costs incurred and changes during the period 1,426,105 552,135 Revisions of previous quantity estimates 258,680 (1,917,137 ) Accretion of discount 564,048 491,923 Net changes in production rates and other (822,319 ) 1,192,528 Purchase of reserves 2,456,189 69,060 Sales of reserves (739,170 ) - Net changes in income taxes 422,735 874,362 Standardized Measure, end of year $ 7,521,124 $ 6,632,969

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jul. 31, 2019
Accounting Policies [Abstract]
Basis of presentation	This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. (U.S. GAAP) The financial statements are presented on a consolidated basis and include all of the accounts of Amazing Energy Oil and Gas, Co. and its wholly owned subsidiaries, Amazing Energy, Inc., Amazing Energy LLC, Jilpetco, Inc., and Amazing Energy Holdings, LLC. All significant intercompany balances and transactions have been eliminated.
Going concern	These consolidated financial statements have been prepared in accordance with U.S. GAAP as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next twelve months. As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2019, the Company has limited financial resources with which to achieve its objectives to obtain profitability and positive cash flows. At July 31, 2019, the Company has an accumulated deficit of $40,594,729 and a working capital deficit of $4,700,543. Achievement of the Company’s objectives will be dependent upon the Company’s ability to obtain additional financing, to locate profitable oil and gas properties and to 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 as to 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 recognizes revenues from the sales of oil and natural gas to its customers and presents them disaggregated on the Company’s Consolidated Statements of Operations. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in Accounting Standard Codification (“ASC”) 606. Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. The Company also provided oilfield services to both related party entities and outside oil and gas well working interest owners. Revenue from administration fees to unrelated working interest owners are recognized on an accrual basis in the period services are provided.
Receivables	Production revenue receivable consist of oil and natural gas revenues due under normal trade terms. Receivables are carried at original amounts on joint interest billings less an estimate for doubtful accounts. Management determines the allowance by regularly evaluating individual working interest owner receivables and considering their financial condition, credit history and current economic conditions.
Due to working interest owners	The Company provides oilfield services which includes interest owner accounting and subsequent disbursement of the interest owners’ pro-rata share of oil proceeds from a given lease. Generally, the pro-rata share of oil proceeds less any applicable pro-rata share of operating expenses is distributed to the interest owner within two months of sale of oil and natural gas. The due to working interest owners’ balances comprises those proceeds which have yet to be distributed to interest owners as a result of the time required to process administrative functions and process payment and any revenue suspense.
Asset retirement obligations	The fair value of a liability for an asset’s retirement obligation (“ARO”) is recognized in the period in which a contractual obligation is created and if a reasonable estimate of fair value can be made. A corresponding charge capitalized as part of the carrying amount of the related long-lived asset. The liability is accreted to its then-present value each subsequent period, and the capitalized cost is depleted over the useful life of the related asset. Abandonment costs incurred are recorded as a reduction of the ARO liability. Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement.
Use of estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and certain assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Management’s estimates include estimates of impairment in carrying value of assets and liabilities, and collectability of recorded oilfield services receivables, stock-based compensation, deferred income taxes, asset retirement obligations, oil and gas property ceiling tests, and depreciation, depletion and amortization. Actual results could differ from these estimates.
Risks and uncertainties	The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating an emerging oil and gas business, including the potential risk of business failure.
Concentration of risks	The Company’s cash is placed with a highly rated financial institution, and the Company periodically reviews the credit worthiness of the financial institutions with which it does business. At times, the Company’s cash balances are in excess of amounts guaranteed by the Federal Deposit Insurance Corporation. The Company’s oil and gas revenue originates from production from its properties in Texas and New Mexico. Each revenue stream in both Texas and New Mexico is sold to a single purchaser of minerals through month to month contracts. While this creates a purchaser concentration, there are alternate buyers of the production in event the sole customer in each state is unable or unwilling to purchase. The Company sells all of its production to only four purchasers; two in Texas and two in New Mexico. As a result, during the fiscal years ended July 31, 2019 and 2018, these purchasers represented 50% or more of its oil and gas revenue.
Cash and cash equivalents	The Company considers all highly liquid investments purchased with a remaining maturity of three months or less when acquired to be cash equivalents.
Restricted cash	As of July 31, 2019 and 2018, the Company has a letter of credit in the amount of $50,000 in favor of the Texas Railroad Commission as a bond for reclamation on its oil and gas properties at July 31, 2019 and a $70,000 bond in favor of the State of New Mexico which are included in Other assets on the Consolidated Balance Sheet.
Income taxes	The Company accounts for income taxes using the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their basis for tax purposes and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognizes a tax benefit from an uncertain position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position and will record the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority. The Company classifies any interest and penalties associated with income taxes as income tax expense.
Fair value of financial instruments	Financial instruments consist of cash and various notes payable. The fair value of these financial instruments approximates the carrying values at July 31, 2019 and July 31, 2018.
Property, plant, and equipment	Property and equipment are stated at cost. Improvements which significantly increase an asset’s value or significantly extend its useful life are capitalized and depreciated over the asset’s remaining useful life. When property, plant or equipment is sold at a price either higher or lower than its carrying amount, or un-depreciated cost at the date of disposal, the difference between the sale proceeds over the carrying amount is recognized as gain, while a loss is recognized when the carrying amount exceeds the sale proceeds. Property and equipment are depreciated on a straight-line basis over their useful lives, which are typically five to seven years for equipment. Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value, if any, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. Repairs and maintenance costs are expensed in the period incurred.
Oil and gas properties	The Company uses the full cost method of accounting for oil and gas properties. Under this method of accounting, all costs incurred in the acquisition, exploration and development of oil and natural gas properties, including unproductive wells, are capitalized. This includes any internal costs that are directly related to property acquisition, exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves. Oil and natural gas properties include costs that are excluded from costs being depleted or amortized. Excluded costs represent investments in unproved and unevaluated properties and include non-producing leasehold, geological and geophysical costs associated with leasehold or drilling interests and exploration drilling costs. These costs are excluded until the project is evaluated and proved reserves are established or impairment is determined. Excluded costs are reviewed periodically to determine if impairment has occurred. The amount of any evaluated or impaired oil and gas properties is transferred to capitalized costs being amortized.
Depletion and amortization	The depletion base for oil and natural gas properties includes the sum of all capitalized costs net of accumulated depreciation, depletion, and amortization (“DD&A”), estimated future development costs and asset retirement costs not included in oil and natural gas properties, less costs excluded from amortization. The depletion base of oil and natural gas properties is amortized on a units-of-production method.
Limitation on capitalized costs	Under the full-cost method of accounting, the Company is required, at the end of each fiscal quarter, to perform a test to determine the limit on the book value of our oil and natural gas properties (the “Ceiling Test”). If the capitalized costs of our oil and gas properties, net of accumulated amortization and related deferred income taxes, exceed the “Ceiling”, this excess or impairment is charged to expense and reflected as additional accumulated depreciation, depletion and amortization or as a credit to oil and natural gas properties. The expense may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the Ceiling. (See Note 5) The Ceiling is defined as the sum of: (a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period (with consideration of price changes only to the extent provided by contractual arrangements including hedging arrangements), less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves; plus (b) the cost of properties not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; and net of (d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties.. The determination of oil and gas reserves is a subjective process, and the accuracy of any reserve estimate depends on the quality of available data and the application of engineering and geological interpretation and judgment. Estimates of economically recoverable reserves and future net cash flows depend on several variable factors and assumptions that are difficult to predict and may vary considerably from actual results. In particular, reserve estimates for wells with limited or no production history are less reliable than those based on actual production. Subsequent re-evaluation of reserves and cost estimates related to future development of proved oil and gas reserves could result in significant revisions to proved reserves. Other issues, such as changes in regulatory requirements, technological advances, and other factors, which are difficult to predict, could also affect estimates of proved reserves in the future.
Stock-based compensation	Compensation cost for equity awards is based on the fair value of the equity instrument on the date of grant. The Company estimates the fair value of options and warrants to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten-year maximum term and varying vesting periods as determined by the Board of Directors. For options issued with service vesting conditions, compensation cost is recognized over the vesting period. For options issued with performance conditions, compensation cost is recognized if and when the Company concludes that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures. For options issued with market conditions, compensation cost is recognized over the requisite service period and discounted by the probability of the condition thereof being met.
Environmental laws and regulations	The Company is subject to extensive federal, state, and local environmental laws and regulations. Environmental expenditures are expensed or capitalized depending on their future economic benefit. The Company believes that it is in compliance with existing laws and regulations.
Fair value measurements	When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At July 31, 2019 and July 31, 2018, the Company had no assets or liabilities measured at fair value on a recurring basis. See Notes 5 and 10 and related accounting policy disclosure regarding fair value estimates for ceiling tests and asset retirement obligations.
Recent accounting pronouncements	Accounting Standards Updates Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The guidance establishes a new five step principle-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. The Company adopted the new standard on August 1, 2018 using the modified retrospective method. The adoption resulted in no changes in the timing of revenue recognition compared to the prior methodology. See Note 7 for further information. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this update on August 1, 2018 had no impact to the consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a Consolidated Statement of Cash Flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted this update as of August 1, 2018. Cash and cash equivalents and restricted cash on the Consolidated Statement of Cash Flows includes restricted cash of $120,000 and $50,000 as of July 31, 2019 and July 31, 2018, respectively. Accounting Standards Updates to Become Effective in Future Periods In February, 2016 the FASB issued ASU, No. 2016-02, Leases. The ASU requires companies to recognize on the Consolidated Balance Sheet, the assets and liabilities for the rights and obligations created by leased assets. ASU No. 2016-02 will be effective for the Company on August 1, 2019, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU No. 2016-02 will have on the Company’s consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope of the standard for stock-based compensation to include share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 will become effective for the Company on August 1, 2019 and early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and makes additions to certain disclosure requirements with respect to fair value measurements. The update is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Jul. 31, 2019
Loss per share:
Schedule of outstanding securities that could have a dilutive effect	July 31, 2019 July 31, 2018 Convertible preferred stock 5,500,000 6,490,000 Warrants 10,651,308 6,280,633 Stock options 32,085,000 28,085,000 Total potential dilution 48,236,308 40,855,633

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Jul. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	July 31, 2019 July 31, 2018 Drilling equipment $ 751,936 $ 811,340 Other equipment 22,235 52,864 774,171 864,204 Less: Accumulated depreciation (477,059 ) (429,676 ) Total property and equipment, net $ 297,112 $ 434,528

OIL AND GAS PROPERTIES (Tables)

OIL AND GAS PROPERTIES (Tables)	12 Months Ended
	Jul. 31, 2019
Oil and Gas Property [Abstract]
Schedule of oil and gas property	July 31, 2019 July 31,2018 Unproved properties not subject to amortization $ 3,765,501 $ 3,079,492 Property costs subject to amortization 9,510,574 6,627,470 Asset retirement obligation, asset 540,472 194,615 Total cost of oil and gas properties 13,816,547 9,901,577 Less: Accumulated depletion and impairment (3,808,043 ) (1,399,096 ) Oil and gas properties, net full cost method $ 10,008,504 $ 8,502,481
Proceeds from oil and gas properties	Net Number of Fair Working Revenue Owner Name Shares Value Interest Interest Related Parties TONY ALFORD 246,668 $ 118,401 10.83 % 8.13 % PETRO-PRO, LTD. 246,668 118,401 10.83 % 8.13 % Unrelated Parties 3,124,220 1,499,627 Totals 3,617,556 $ 1,736,429 Allocated to Working interest Common stock in WWJD Well #31 Consideration No. of Value Participation % Value Cash $ 1,025,000 512,500 $ 100,249 51.25 % $ 924,751 Settlement of accounts payable and accrued liabilities 25,000 12,500 2,251 1.25 % 22,749 Settlement of accrued interest payable, related party 50,000 25,000 5,000 2.50 % 45,000 Settlement of notes payable, related parties 160,000 80,000 18,900 8.00 % 141,100 Totals $ 1,260,000 630,000 $ 126,400 63.00 % $ 1,133,600 Allocated to Allocated to Working interest Common stock in Moe 35 1-04H No. of Participation Consideration Shares Value % Interest Value Cash $ 1,498,000 5,992,000 $ 1,498,000 40.95 % $ - Settlement of accounts payable and accrued liabilities 25,000 100,000 25,000 0.75 % - Settlement of accrued interest payable, related party 17,000 68,000 17,000 1.28 % - Settlement of notes payable, related parties 100,000 400,000 100,000 6.23 % - Warrants issued for commission on sales - - (50,050 ) - Totals $ 1,640,000 $ 6,560,000 $ 1,589,950 49.20 % $ -

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Jul. 31, 2019
Revenue from Contract with Customer [Abstract]
Detailed oil and gas revenue	Year ended July 31, 2019 2018 Oil $ 593,875 $ 302,996 Gas 1,016 59,249 Total $ 594,891 $ 362,245
Disaggregation of revenue	Year Ended July 31, 2019 Total Oil and Oil Revenue Gas Revenue Natural Gas Revenues Rio Energy International, Inc. $ 403,355 $ 1,016 $ 404,371 Plains Marketing, L.P. 190,520 - 190,520 Total oil and natural gas revenues $ 593,875 $ 1,016 $ 594,891 Year Ended July 31, 2018 Total Oil and Oil Revenue Gas Revenue Natural Gas Revenues Rio Energy International, Inc. $ 302,996 $ 59,249 $ 362,245 Plains Marketing, L.P. - - - Total oil and natural gas revenues $ 302,996 $ 59,249 $ 362,245

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Jul. 31, 2019
Notes Payable [Abstract]
Schedule of principal maturities for the two loan agreements and the credit facility outstanding	Principal Maturities Year ending July 31, Jed Miesner Petro Pro, Ltd. JLM Strategic Total 2020 $ 310,995 $ 176,337 $ 41,170 $ 528,502 2021 67,272 38,144 - 105,416 2022 72,655 41,196 - 113,851 2023 78,467 44,492 - 122,959 2024 84,744 48,051 - 132,795 Subsequent years 2,225,867 751,780 - 2,977,647 $ 2,840,000 $ 1,100,000 $ 41,170 $ 3,981,170

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Jul. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of asset retirement obligation	For the years ended July 31, 2019 2018 Beginning balance $ 258,575 $ 183,397 Asset retirement obligation incurred 345,857 65,729 Accretion 31,773 9,449 Ending balance $ 636,205 $ 258,575

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jul. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of reconciliation of income tax benefit	For the year ended July 31, 2019 2018 Applicable statutory benefit at 21% in 2019 and 26.5% in 2018 $ (1,691,000 ) $ (1,767,000 Prior year change in estimate - 112,000 Impact on the change in federal tax rate - 1,471,000 Meals and entertainment and other 16,000 4,000 Change in valuation allowance 1,675,000 180,000 Net tax benefit $ - $ -
Schedule of deferred tax assets and liabilities	At July 31 2,019 2,018 Deferred tax assets: Net operating loss carryforward $ 3,174,000 $ 2,539,000 Stock based compensation 1,278,000 868,000 Depletion and depreciation 421,000 - Total deferred tax assets 4,873,000 3,407,000 Deferred tax liabilities: Intangible drilling and other costs for oil and gas properties $ (807,000 ) $ (906,000 Depletion and depreciation - (34,000 Other (15,000 ) (91,000 Total deferred tax liabilities (822,000 ) (1,031,000 Net deferred tax assets 4,051,000 2,376,000 Less valuation allowance (4,051,000 ) (2,376,000 Net deferred tax assets $ - $ -

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jul. 31, 2019
Commitments And Contingencies
Future minimum annual lease payments	For the Fiscal Year Ended July 31, Minimum Annual Lease Payments 2020 $ 81,646 2021 $ 84,296 2022 $ 84,959 August 1, 2022 to February 28, 2023 $ 50,366 Total Minimum Future Office Lease Rental Payments $ 301,267

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Jul. 31, 2019
Stockholders' equity:
Schedule of warrants outstanding	The weighted average fair value of warrants and the key assumptions used in the Black-Scholes valuation model to calculate the fair value for the fiscal years ended July 31, 2019 and 2018, are as follows: Fiscal Years Ended July 31, 2019 2018 Stock price $0.18 - $0.32 $0.30 - $0.69 Exercise price $0.23 to $0.50 $0.37 - $1.00 Expected term (in years) 3 to 5 3 to 5 Risk-free rate 2.23% - 3.01% 1.57% - 2.85% Volatility 156% - 166% 166% - 178% Warrant transactions for the years ended July 31, 2019 and 2018 are summarized as follows: Fiscal Years Ended July 31, 2019 2018 Outstanding warrants - beginning of year 6,280,633 2,674,576 Issued 4,370,675 3,606,057 Exercised - - Expired - - Outstanding warrants - end of year 10,651,308 6,280,633 The Company’s outstanding warrants at July 31, 2019 are as follows: Number Expiration Year of Warrants Exercise Price 2020 1,200,000 $0.50 2021 1,858,332 $0.40 to $1.00 2022 785,200 $0.25 to $0.60 2023 721,625 $0.23 to $0.74 2024 6,086,151 $0.31 to $0.40 10,651,308
Schedule of stock options outstanding	The assumptions used in calculating the fair value of the options were as follows: Fiscal Years ended July 31, 2019 2018 Fair value of options granted $0.17 - $0.33 $0.25 – $0.29 Stock price $0.21 - $0.34 $0.26 - $0.30 Exercise price $0.30 $0.40 Expected term (in years) 3 to 5 4 to 5 Risk-free rate 2.49% - 2.96% 1.57% - 1.74% Volatility 157% - 166% 175% - 201% The following is a summary of the Company’s option activity for the years ended July 31, 2019 and 2018: Options Weighted Weighted Outstanding at July 31, 2017 - - - Issued 28,085,000 $ 0.31 5.00 Exercised - - - Expired - - - Outstanding at July 31, 2018 28,085,000 0.31 4.01 Issued 4,000,000 0.30 3.88 Exercised - - - Expired - - - Outstanding at July 31, 2019 32,085,000 $ 0.31 4.06 Outstanding at July 31, 2019, exercisable 8,841,667 $ 0.32 3.11

SUPPLEMENTAL OIL AND GAS DISC_2

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Tables)	12 Months Ended
	Jul. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Cost incurred in oil and gas property acquisition, exploration, and development activities disclosure	2019 2018 Development costs $ 4,691,215 $ 2,936,812 Total costs incurred $ 4,691,215 $ 2,936,812
Schedule of oil and gas in process activities	July 31, 2019 July 31,2018 Unproved properties not subject to amortization $ 3,765,501 $ 3,079,492 Property costs subject to amortization 9,510,574 6,627,470 Asset retirement obligation, asset 540,472 194,615 Total cost of oil and gas properties 13,816,547 9,901,577 Less: Accumulated depletion and impairment (3,808,043 ) (1,399,096 ) Oil and gas properties, net full cost method $ 10,008,504 $ 8,502,481
Schedule of proved oil and gas reserve	2019 2018 Oil (1) Natural Gas(1) Oil (1) Natural Gas(1) RESERVES: Beginning of year 289,260 654,250 305,440 1,143,170 Revisions of previous estimates (1,966 ) 100,956 (12,821 ) (461,404 ) Sales of reserves (39,768 ) (16,166 ) - - Acquisition of reserves 128,349 76,490 2,402 4,982 Extensions, discoveries and other additions - - - - Production (11,635 ) (630 ) (5,761 ) (32,498 ) End of year 364,240 814,900 289,260 654,250
Standardized measure of discounted future cash flows relating to proved reserves disclosure	2019 2018 Future cash inflows $ 21,021,540 $ 17,011,660 Future production costs (9,807,950 ) (5,837,010 ) Future development costs (2,211,000 ) (2,397,960 ) Future income tax expense (recovery) 769,851 (28,295 ) Future net cash flows 9,772,441 8,748,395 10% annual discount for estimated timing of cash flows (2,251,317 ) (2,115,426 ) Standardized measure of discounted future net cash flows related to proved reserves $ 7,521,124 $ 6,632,969

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Accumulated deficit	$ (40,594,729)	$ (32,543,703)
Working captial deficit	(4,700,543)
Letter of credit	$ 50,000
Minimum [Member]
Useful life of assets	5 years
Maximum [Member]
Useful life of assets	7 years

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Shares outstanding that could have a dilutive effect	48,236,308	40,855,633
Convertible Preferred Stock [Member]
Shares outstanding that could have a dilutive effect	5,500,000	6,490,000
Warrant [Member]
Shares outstanding that could have a dilutive effect	10,651,308	6,280,633
Stock Option [Member]
Shares outstanding that could have a dilutive effect	32,085,000	28,085,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Property and equipment, gross	$ 774,171	$ 864,204
Less: Accumulated depreciation	(477,059)	(429,676)
Property and equipment, net	297,112	434,528
Drilling Equipment [Member]
Property and equipment, gross	751,936	811,340
Other Equipment [Member]
Property and equipment, gross	$ 22,235	$ 52,864

OIL AND GAS PROPERTIES (Details

OIL AND GAS PROPERTIES (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Oil and Gas Property [Abstract]
Unproved properties not subject to amortization	$ 3,765,501	$ 3,079,492
Property costs subject to amortization	9,510,574	6,627,470
Asset retirement obligation, asset	540,472	194,615
Total cost of oil and gas properties	13,816,547	9,901,577
Less: Accumulated depletion	(3,808,043)	(1,399,096)
Oil and gas properties, net full cost method	$ 10,008,504	$ 8,502,481

OIL AND GAS PROPERTIES (Detai_2

OIL AND GAS PROPERTIES (Details 1)	12 Months Ended
	Jul. 31, 2019USD ($)shares
Common stock issued for lease interests (in shares) | shares	3,617,556
Common stock issued for lease interest | $	$ 1,736,429
Tony Alford, Chairman of the Board [Member]
Common stock issued for lease interests (in shares) | shares	246,668
Common stock issued for lease interest | $	$ 118,401
Working interest, rate	0.1083
Revenue interest, rate	0.0813
Petro Pro, Ltd. [Member]
Common stock issued for lease interests (in shares) | shares	246,668
Common stock issued for lease interest | $	$ 118,401
Working interest, rate	0.1083
Revenue interest, rate	0.0813
Unrelated Parties [Member]
Common stock issued for lease interests (in shares) | shares	3,124,220
Common stock issued for lease interest | $	$ 1,499,627

OIL AND GAS PROPERTIES (Detai_3

OIL AND GAS PROPERTIES (Details 2) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Value	$ 420,000	$ 3,230,000
WWJD #31-H Partners
Proceeds from offering of working interest	$ 1,260,000
Number of shares	630,000
Value	$ 126,400
Participation % interest	63.00%
Value of working interest	$ 1,133,600
WWJD #31-H Partners | Cash
Proceeds from offering of working interest	$ 1,025,000
Number of shares	512,500
Value	$ 100,249
Participation % interest	51.25%
Value of working interest	$ 924,751
WWJD #31-H Partners | Settlement of accounts payable and accrued liabilities
Proceeds from offering of working interest	$ 25,000
Number of shares	12,500
Value	$ 2,251
Participation % interest	1.25%
Value of working interest	$ 22,749
WWJD #31-H Partners | Settlement of accrued interest payable, related party
Proceeds from offering of working interest	$ 50,000
Number of shares	25,000
Value	$ 5,000
Participation % interest	2.50%
Value of working interest	$ 45,000
WWJD #31-H Partners | Settlement of notes payable, related party
Proceeds from offering of working interest	$ 160,000
Number of shares	80,000
Value	$ 18,900
Participation % interest	8.00%
Value of working interest	$ 141,100
Moe Partners
Proceeds from offering of working interest	$ 1,640,000
Number of shares	6,560,000
Value	$ 1,589,950
Participation % interest	49.20%
Value of working interest	$ 0
Moe Partners | Cash
Proceeds from offering of working interest	$ 1,498,000
Number of shares	5,992,000
Value	$ 1,498,000
Participation % interest	40.95%
Value of working interest	$ 0
Moe Partners | Settlement of accounts payable and accrued liabilities
Proceeds from offering of working interest	$ 25,000
Number of shares	100,000
Value	$ 25,000
Participation % interest	0.75%
Value of working interest	$ 0
Moe Partners | Settlement of accrued interest payable, related party
Proceeds from offering of working interest	$ 17,000
Number of shares	68,000
Value	$ 17,000
Participation % interest	1.28%
Value of working interest	$ 0
Moe Partners | Settlement of notes payable, related party
Proceeds from offering of working interest	$ 100,000
Number of shares	400,000
Value	$ 100,000
Participation % interest	6.23%
Value of working interest	$ 0
Moe Partners | Warrants issued for commission on sales
Proceeds from offering of working interest	$ 0
Number of shares	0
Value	$ (50,050)
Participation % interest	0.00%
Value of working interest	$ 0

OIL AND GAS PROPERTIES (Detai_4

OIL AND GAS PROPERTIES (Details Narrative)	12 Months Ended
	Jul. 31, 2019bbl
Oil and Gas Property [Abstract]
Number of producing wells	16
Number of non-producing wells	10

PAYABLE TO RELATED PARTIES (Det

PAYABLE TO RELATED PARTIES (Details Narrative)	Jul. 31, 2019USD ($)
Notes to Financial Statements
Due to related party	$ 60,000

REVENUE (Details)

REVENUE (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Total oil and gas revenue	$ 594,891	$ 362,245
Oil
Total oil and gas revenue	593,875	302,996
Gas
Total oil and gas revenue	$ 1,016	$ 59,249

REVENUE (Details1)

REVENUE (Details1) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Total oil and gas revenue	$ 594,891	$ 362,245
Oil
Total oil and gas revenue	593,875	302,996
Gas
Total oil and gas revenue	1,016	59,249
Rio Energy International, Inc
Total oil and gas revenue	404,371	362,245
Rio Energy International, Inc | Oil
Total oil and gas revenue	403,355	302,996
Rio Energy International, Inc | Gas
Total oil and gas revenue	1,016	59,249
Plains Marketing, L.P.
Total oil and gas revenue	190,520	0
Plains Marketing, L.P. | Oil
Total oil and gas revenue	190,520	0
Plains Marketing, L.P. | Gas
Total oil and gas revenue	$ 0	$ 0

NOTES PAYABLE (Details)

NOTES PAYABLE (Details)	Jul. 31, 2019USD ($)
2020	$ 528,502
2021	105,416
2022	113,851
2023	122,959
2024	132,795
Subsequent years	2,977,647
Total	3,981,170
Jed Miesner [Member]
2020	310,995
2021	67,272
2022	72,655
2023	78,467
2024	84,744
Subsequent years	2,225,867
Total	2,840,000
Petro Pro, Ltd. [Member]
2020	176,337
2021	38,144
2022	41,196
2023	44,492
2024	48,051
Subsequent years	751,780
Total	1,100,000
JLM Strategic Investments, LP [Member]
2020	41,170
2021	0
2022	0
2023	0
2024	0
Subsequent years	0
Total	$ 41,170

EQUIPMENT NOTE PAYABLE (Details

EQUIPMENT NOTE PAYABLE (Details Narrative)	Jul. 31, 2019USD ($)
Notes Payable [Abstract]
2020	$ 11,928
2021	$ 9,090

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]
Beginning balance	$ 258,575	$ 183,397
Asset retirement obligation incurred	345,857	65,729
Accretion expense	31,773	9,449
Ending balance	$ 636,205	$ 258,575

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Statutory benefit	$ (1,691,000)	$ (1,767,000)
Prior year change in estimate	0	112,000
Impact on the change in federal tax rate	0	1,471,000
Meals and entertainment and other	16,000	4,000
Change in valuation allowance	1,675,000	180,000
Net tax benefit	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Deferred Tax Assets:
Net operating loss carryforward	$ 3,174,000	$ 2,539,000
Stock based compensation	1,278,000	868,000
Depletion and depreciation	421,000	0
Total deferred tax assets	4,873,000	3,407,000
Deferred Tax Liabilities:
Intangible drilling and other costs for oil and gas properties	(807,000)	(906,000)
Depletion and depreciation	0	(34,000)
Other	(15,000)	(91,000)
Total deferred tax liabilities	(822,000)	(1,031,000)
Net deferred tax assets	4,051,000	2,376,000
Less valuation allowance	(4,051,000)	(2,376,000)
Total deferred tax assets and liabilities	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Federal net operating loss carryforward	$ 15,118,000	$ 12,100,000
Federal net operating loss expiring date	Jul. 31, 2039

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	Jul. 31, 2019USD ($)
Commitments And Contingencies
2020	$ 81,646
2021	84,296
2022	84,959
August 1, 2022 to February 28, 2023	50,366
Total Minimum Future Office Lease Rental Payments	$ 301,267

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Minimum [Member]
Weighted average fair value	$ 0.18	$ 0.30
Exercise price	$ 0.23	$ 0.37
Risk-free interest rate	2.23%	1.57%
Expected volatility of common stock	156.00%	166.00%
Expected term of warrant	3 years	3 years
Maximum [Member]
Weighted average fair value	$ 0.32	$ 0.69
Exercise price	$ 0.50	$ 1
Risk-free interest rate	3.01%	2.85%
Expected volatility of common stock	166.00%	178.00%
Expected term of warrant	5 years	5 years

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1) - Warrant [Member] - shares	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Warrant Outstanding
Outstanding, beginning	6,280,633	2,674,576
Issued	4,370,675	3,606,057
Exercised	0	0
Expired	0	0
Outstanding, ending	10,651,308	6,280,633

STOCKHOLDERS' EQUITY (Details 2

STOCKHOLDERS' EQUITY (Details 2) - Warrant [Member]	Jul. 31, 2019$ / sharesshares
Number of warrants | shares	10,651,308
2020 [Member]
Number of warrants | shares	1,200,000
Exercise price	$ 0.50
2021 [Member]
Number of warrants | shares	1,858,332
2021 [Member] | Minimum [Member]
Exercise price	$ 0.40
2021 [Member] | Maximum [Member]
Exercise price	$ 1
2022 [Member]
Number of warrants | shares	785,200
2022 [Member] | Minimum [Member]
Exercise price	$ 0.25
2022 [Member] | Maximum [Member]
Exercise price	$ 0.60
2023 [Member]
Number of warrants | shares	721,625
2023 [Member] | Minimum [Member]
Exercise price	$ 0.23
2023 [Member] | Maximum [Member]
Exercise price	$ 0.74
2024 [Member]
Number of warrants | shares	6,086,151
2024 [Member] | Minimum [Member]
Exercise price	$ 0.31
2024 [Member] | Maximum [Member]
Exercise price	$ 0.40

STOCKHOLDERS' EQUITY (Details 3

STOCKHOLDERS' EQUITY (Details 3) - Stock Option [Member] - $ / shares	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Options issued	4,000,000	28,085,000
Exercise price	$ 0.30	$ 0.40
Minimum [Member]
Weighted average fair value	0.17	0.25
Stock price	$ 0.21	$ 0.26
Expected volatility	157.00%	175.00%
Term	3 years	4 years
Risk-free rate	2.49%	1.57%
Maximum [Member]
Weighted average fair value	$ 0.33	$ 0.29
Stock price	$ 0.34	$ 0.30
Expected volatility	166.00%	201.00%
Term	5 years	5 years
Risk-free rate	2.96%	1.74%

STOCKHOLDERS' EQUITY (Details 4

STOCKHOLDERS' EQUITY (Details 4) - Stock Option [Member] - $ / shares	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Stock Option Outstanding
Outstanding, beginning	28,085,000	0
Issued	4,000,000	28,085,000
Exercised	0	0
Expired	0	0
Outstanding, ending	32,085,000	28,085,000
Options excercisable, ending	8,841,667
Stock Option Excerise Price
Outstanding, beginning	$ 0.31	$ 0
Issued	0.30	0.31
Exercised	0	0
Expired	0	0
Outstanding, ending	0.31	$ 0.31
Options excercisable, ending	$ 0.32
Weighted average remaining term, outstanding	4 years 22 days	4 years 4 days
Weighted average remaining term, exercisable	3 years 1 month 10 days

SUPPLEMENTAL OIL AND GAS DISC_3

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Development costs	$ 4,691,215	$ 2,936,812
Total costs incurred	$ 4,691,215	$ 2,936,812

SUPPLEMENTAL OIL AND GAS DISC_4

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Details 1) - bbl	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Oil [Member]
Beginning of year	289,260	305,440
Revisions of previous estimates	(1,966)	(12,821)
Sales of reserves	(39,768)	0
Acquisition of reserves	128,349	2,402
Extensions, discoveries and other additions	0	0
Production	(11,635)	(5,761)
End of year	364,240	289,260
Natural Gas [Member]
Beginning of year	654,250	1,143,170
Revisions of previous estimates	100,956	(461,404)
Sales of reserves	(16,166)	0
Acquisition of reserves	76,490	4,982
Extensions, discoveries and other additions	0	0
Production	(630)	(32,498)
End of year	814,900	654,250

SUPPLEMENTAL OIL AND GAS DISC_5

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Details 2) - USD ($)	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Future cash inflows	$ 21,021,540	$ 17,011,660
Future production costs	(9,807,950)	(5,837,010)
Future development costs	(2,211,000)	(2,397,960)
Future income tax expense (recovery)	769,851	(28,295)
Future net cash flows	9,772,441	8,748,395
Discount at 10% for estimated timing of cash flows	(2,251,317)	(2,115,426)
Standardized measure of discounted future net cash flows	$ 7,521,124	$ 6,632,969	$ 4,465,998

SUPPLEMENTAL OIL AND GAS DISC_6

SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Details 3) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Standardized measure, beginning of year	$ 6,632,969	$ 4,465,998
Sales of oil produced, net of production costs	24,914	(41,648)
Net changes in prices, development and production costs	(1,741,103)	1,906,668
Change in estimated future development costs	(961,924)	(960,920)
Development costs incurred and changes during the period	1,426,105	552,135
Revisions of previous quantity estimates	258,680	(1,917,137)
Accretion of discount	564,048	491,923
Net changes in production rates and other	(822,319)	1,192,528
Purchase of reserves	2,456,189	69,060
Sales of reserves	(739,170)	0
Net changes in income taxes	422,735	874,362
Standardized measure, end of year	$ 7,521,124	$ 6,632,969