Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 30, 2014 | Jan. 14, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | STRONGBOW RESOURCES INC. | |
Entity Central Index Key | 1382231 | |
Document Type | 10-Q | |
Document Period End Date | 30-Nov-14 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -26 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 29,881,824 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
Balance_Sheets
Balance Sheets (USD $) | Nov. 30, 2014 | Feb. 28, 2014 |
CURRENT ASSETS | ||
Cash | $67,562 | $43,137 |
Receivable | 0 | 1,702 |
Prepaid expense and other | 25,700 | 81 |
Due from related party | 26,349 | 0 |
Note receivable | 25,000 | 0 |
Current Assets | 144,611 | 44,920 |
Equipment | 67,406 | 60,789 |
Oil and gas properties, full cost method, unproven | 993,538 | 992,197 |
Total Assets | 1,205,555 | 1,097,906 |
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) | ||
Accounts payable | 548,525 | 984,288 |
Accrued liabilities | 153,703 | 92,557 |
Due to related parties | 10,500 | 72,553 |
Advances and notes payable | 21,958 | 558,540 |
Derivative financial liabilities | 419,329 | 0 |
Total current liabilities | 1,154,015 | 1,707,938 |
Asset retirement obligations | 23,124 | 31,354 |
Liabilities | 1,177,139 | 1,739,292 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Capital Stock Authorized: 750,000,000 common shares, par value $0.001 per share Issued and outstanding: 29,881,824 common shares (27,121,684 at February 28, 2014) | 21,772 | 19,787 |
Additional paid in capital | 3,030,598 | 2,255,304 |
Accumulated other comprehensive loss | -59,113 | -21,560 |
Deficit accumulated during the exploration stage | -2,964,841 | -2,894,917 |
Total Stockholders' Equity (Deficit) | 28,416 | -641,386 |
Total Liabilities and Stockholders' Equity (Deficit) | $1,205,555 | $1,097,906 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2014 | Feb. 28, 2014 |
Stockholders equity: | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 750,000,000 | 750,000,000 |
Common stock, issued shares | 29,881,824 | 27,121,684 |
Common stock, outstanding shares | 29,881,824 | 27,121,684 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 125 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | |
GENERAL AND ADMINISTRATIVE EXPENSES | |||||
Consulting | $39,662 | $0 | $69,885 | $0 | $637,650 |
Depreciation | 914 | 800 | 2,514 | 2,400 | 5,713 |
Impairment of oil and gas property | 0 | 0 | 0 | 0 | 913,215 |
Management fees | 25,503 | -115 | 80,487 | 42,288 | 611,983 |
Office, travel and general (recovery) | -6,120 | 8,711 | 24,968 | 41,256 | 489,602 |
Professional fees | 30,799 | 53,812 | 82,817 | 131,673 | 564,280 |
Total general and administrative expenses | -90,758 | -63,208 | -260,671 | -217,617 | -3,222,443 |
Loss from operations | -90,758 | -63,208 | -260,671 | -217,617 | -3,222,443 |
Gain on settlement of debt | 133,347 | 95,424 | 187,134 | 151,614 | 311,891 |
Loss on settlement of notes payable | -62,280 | 0 | -62,280 | 0 | -62,280 |
Interest income (expense) | 65 | -232 | 93 | -207 | -41,562 |
Gain on fair value adjustment of derivative financial liabilities | 65,800 | 0 | 65,800 | 0 | 65,800 |
Interest expense recovery | 0 | 0 | 0 | 9,105 | 8,753 |
Loss on settlement of deposit | 0 | 0 | 0 | 0 | -25,000 |
Net income (loss) | 46,174 | 31,984 | -69,924 | -57,105 | -2,964,841 |
Foreign Currency Translation | -640 | 17,910 | -37,553 | 42,303 | -59,113 |
Comprehensive loss | $45,534 | $49,894 | ($107,477) | ($14,802) | ($3,023,954) |
Basic income (loss) per share | $0 | $0 | $0 | $0 | |
Weighted average number of basic common shares outstanding | 29,569,905 | 27,501,396 | 28,576,849 | 27,357,176 | |
Diluted income (loss) per share | $0 | $0 | $0 | $0 | |
Weighted average number of diluted common shares outstanding | 30,627,927 | 27,501,396 | 28,929,868 | 27,357,176 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 125 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($69,924) | ($57,105) | ($2,964,841) |
Non-cash items | |||
Gain from settlement of debt | -187,134 | -151,614 | -311,891 |
Loss on settlement of notes payable | 62,280 | 0 | 62,280 |
Impairment of oil and gas property | 0 | 0 | 913,215 |
Gain on fair value adjustment of derivative financial liabilities | -65,800 | 0 | -65,800 |
Service fees paid in stock | 0 | 0 | 44,000 |
Depreciation | 2,514 | 2,400 | 5,713 |
Changes in non-cash working capital items | |||
Receivable | 1,702 | 99,271 | 0 |
Prepaid expenses | -28,350 | 6,916 | -28,432 |
Accounts payable and accrued liabilities | -59,462 | -74,714 | 175,838 |
Assignment of accrued expenses | 0 | 0 | 25,271 |
Cash used in operating activities | -344,174 | -174,846 | -2,144,647 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures on oil and gas properties | -130,082 | -164,608 | -1,114,340 |
Expenditures on equipment | -9,131 | 0 | -73,119 |
Cash used in investing activities | -139,213 | -164,608 | -1,187,459 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Common stock issued for cash | 756,657 | 291,420 | 2,708,977 |
Advances to note receivable | -25,000 | 0 | -25,000 |
Proceeds from (repayments of) advances and notes payable | -177,525 | 23,518 | 441,130 |
Net proceeds from (to) related parties | -88,402 | 3,432 | 204,907 |
Cash provided by financing activities | 465,730 | 318,370 | 3,330,014 |
EFFECT OF FOREIGN EXCHANGE | 42,082 | 21,337 | 69,654 |
CHANGE IN CASH | 24,425 | 253 | 67,562 |
CASH, BEGINNING OF PERIOD | 43,137 | 4,429 | 0 |
CASH, END OF PERIOD | 67,562 | 4,682 | 67,562 |
SUPPLEMENTAL DISCLOSURE: | |||
Cash paid for interest | 0 | 0 | 900 |
Cash paid for income taxes | 0 | 0 | 0 |
Non-cash transactions | |||
Common stock issued for services | 0 | 0 | 44,000 |
Accrued expenditures on oil and gas properties | 0 | 0 | 419,476 |
Note payable forgiven in assignment transaction | 0 | 0 | 150,000 |
Settlement of related parties debt | 0 | 0 | 85,500 |
Common stock issued as repayment of note payable | 376,923 | 0 | 394,923 |
Common stock issued as settlement of accounts payable | $128,828 | $0 | $128,828 |
1_NATURE_AND_CONTINUANCE_OF_OP
1. NATURE AND CONTINUANCE OF OPERATIONS | 9 Months Ended |
Nov. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE AND CONTINUANCE OF OPERATIONS | Strongbow Resources Inc. (the “Company”) was incorporated in the State of Nevada on July 9, 2004. The Company is in the exploration stage and focuses its business efforts on the acquisition, exploration, and development of oil and gas properties. |
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of November 30, 2014, the Company has not achieved profitable operations and has accumulated a deficit of $2,964,841. | |
As of November 30, 2014, one Statement of Claim totaling $247,037 (CAD$281,267) is outstanding against the Company for non-payment of past due invoices. The Claim remaining is currently recorded as accounts payable. | |
The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and pay its liabilities when they come due. To date, the Company has funded operations through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity or debt financings and loans from directors. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The ability of the Company to continue its operations as a going concern is dependent upon its ability to raise sufficient new capital to fund its operating commitments and ongoing losses and ultimately on generating profitable operations. | |
2_SUMMARY_OF_SIGNIFICANT_ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Nov. 30, 2014 | |
Notes to Financial Statements | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation |
The unaudited interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended February 28, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended November 30, 2014 are not necessarily indicative of the results that may be expected for the year ending February 28, 2015. | |
Recent Accounting Pronouncements | |
Recent pronouncements with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
3_OIL_AND_GAS_PROPERTIES
3. OIL AND GAS PROPERTIES | 9 Months Ended |
Nov. 30, 2014 | |
Notes to Financial Statements | |
OIL AND GAS PROPERTIES | Effective February 21, 2012, the Company entered into a Farmout Agreement (the “Agreement”) with Harvest Operations Corp. (“Farmor”). The Agreement provided for the Company’s acquisition of an undivided 100% working interest (“Working Interest”) in a petroleum and natural gas license covering land located in the Compeer Area in the Province of Alberta, Canada (the “Farmout Lands”). |
To earn the Working Interest the Company was required to drill, complete, equip or abandon a test well on the Farmout Lands (“Test Well”). On March 14, 2012, the Company obtained operator status and was transferred the well license relating to the Test Well. | |
The Company’s Working Interest in the Farmout Lands will be held subject to a non-convertible overriding royalty payable to the Farmor (“Farmor’s Royalty”). The Farmor’s Royalty on net crude oil revenues will be measured on a sliding scale from 5% to 15% over a range of production volumes from 1 to 150 barrels per day. The Farmor’s Royalty on net gas and other petroleum product revenues is 15%. | |
The Test Well was spudded on May 27, 2012, and the total depth drilled in the Test Well met the contract depth requirements under the Agreement. Two cores were cut in the Test Well; the first core was in the Viking Formation and the second was in the deeper Bakken Formation. | |
On September 5, 2012, the Company received an earning notice granting the Company a 100% working interest in the Farmout Lands. | |
During the year ended February 28, 2014, the Company estimated that the net present value of future cash flows from the property is $992,197 and recorded an impairment charge of $344,603. | |
During the year ended February 28, 2014, net proceeds of $18,632 received from the sales of oil less direct costs of $35,565 was credited to the carrying value of the oil and gas properties. | |
As of November 30, 2014, the Company has incurred approximately $970,400 in exploration costs to drill, complete and equip the Test Well. | |
During the nine months ended November 30, 2014, net proceeds of $10,198 received from the sales of oil less direct costs of $13,142 was added to the carrying value of the oil and gas properties. |
4_EQUIPMENT
4. EQUIPMENT | 9 Months Ended | |||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||
EQUIPMENT | ||||||||||||||||||
30-Nov-14 | ||||||||||||||||||
Cost | Accumulated Depreciation | |||||||||||||||||
Oil and gas equipment | $ | 73,119 | $ | 5,713 | $ | 67,406 | ||||||||||||
28-Feb-14 | ||||||||||||||||||
Cost | Accumulated Depreciation | |||||||||||||||||
Oil and gas equipment | $ | 63,988 | $ | 3,199 | $ | 60,789 | ||||||||||||
5_NOTE_RECEIVABLE
5. NOTE RECEIVABLE | 9 Months Ended |
Nov. 30, 2014 | |
Receivables [Abstract] | |
5. NOTE RECEIVABLE | On September 24, 2014, the Company accepted a promissory note of $25,000 from an unrelated party in exchange for a demand loan of $25,000. As at November 30, 2014, the Company had $25,000 in note receivable. The note receivable is unsecured, non-interest bearing and payable upon demand. |
6_ADVANCES_AND_NOTES_PAYABLE
6. ADVANCES AND NOTES PAYABLE | 9 Months Ended |
Nov. 30, 2014 | |
Debt Disclosure [Abstract] | |
ADVANCES AND NOTES PAYABLE | As at November 30, 2014, the Company had $21,958 (CAD$25,000) in short term note obligation to an unrelated party. The note payable is unsecured, non-interest bearing and payable upon demand. |
On October 16, 2014, the Company paid $177,525 (CAD$200,000) and issued 538,461 common shares of the Company at a fair value of $0.70 (CAD$0.79) per share as full and final payment to settle the notes payable of $555,000. As a result of the settlement, the Company recorded a loss on settlement of debt totalling $62,280 (CAD$69,641). |
7_ASSET_RETIREMENT_OBLIGATIONS
7. ASSET RETIREMENT OBLIGATIONS | 9 Months Ended |
Nov. 30, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | The Company’s asset retirement obligation consists of reclamation and closure costs associated with the Test Well in the Farmout Lands. The asset retirement obligation was estimated based on the Company’s understanding of its requirements to reclaim currently disturbed areas. Significant reclamation and closure activities include land rehabilitation, water, removal of building and well facilities and tailings reclamation. |
The undiscounted estimate of this liability was $43,915 (CAD$50,000) reflecting payments commencing in 2024. This estimate was adjusted for an inflation rate of 2.00% and then discounted at a rate of 10.00% for a net present value of $23,124 (CAD$26,328) as at November 30, 2014. |
8_DERIVATIVE_FINANCIAL_LIABILI
8. DERIVATIVE FINANCIAL LIABILITIES | 9 Months Ended | ||||
Nov. 30, 2014 | |||||
Notes to Financial Statements | |||||
DERIVATIVE FINANCIAL LIABILITIES | |||||
Balance, February 28, 2014 | - | ||||
Warrants issued | $ | 485,129 | |||
Fair value adjustment | (65,800 | ) | |||
Balance, November 30, 2014 | 419,329 | ||||
The derivative liability consists of the fair value of share purchase warrants that were issued in unit private placements that have an exercise price in a currency other than the functional currency of the Company. The derivative liability is a non-cash liability as the Company will not be required to expend any cash. | |||||
The fair value of the warrants was determined using the Black-Scholes option pricing model using the following current market assumptions: | |||||
Volatility | 109 | % | |||
Risk-free interest rate | 1.11 | % | |||
Expected life | 2.68 years | ||||
Dividend yield | nil |
9_SHARE_CAPITAL
9. SHARE CAPITAL | 9 Months Ended | ||||||||||
Nov. 30, 2014 | |||||||||||
Notes to Financial Statements | |||||||||||
SHARE CAPITAL | On March 17, 2014, the Company completed a one for four reverse stock split of the issued and outstanding common stock. All share and per share information in these financial statements has been retroactively restated to reflect the consolidation. | ||||||||||
On April 25, 2014, the Company issued 100,000 common shares at a price of $0.50 per share. Gross proceeds from the private placement totaled $50,000. | |||||||||||
In June 2014, the Company issued 200,000 common shares with a fair value of $0.64 (CAD$0.70) per share to settle outstanding debt of $128,828 (CAD$140,000). | |||||||||||
In June 2014, the Company issued 66,666 common shares at a price of $0.69 (CAD$0.75) per share for gross proceeds of $46,000 (CAD$50,000). Pursuant to the private placement, the Company paid a finder’s fee of $2,343 (CAD$2,500). | |||||||||||
In August 2014, the Company issued 80,000 units at a price of $0.65 per unit for gross proceeds of $52,000. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant being exercisable into one additional share at an exercise price of $1.50 for a period of two years. | |||||||||||
In September 2014, the Company issued 1,000,000 units at a price of $0.65 per unit for gross proceeds of $650,000. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant being exercisable into one additional share at an exercise price of $1.00 for a period of three years. Pursuant to the private placement, the Company paid a finder’s fee of $39,000. | |||||||||||
In October 2014, the Company issued 538,461 common shares with a fair value of $0.70 per share to settle notes payable of $315,107 (CAD$355,000). | |||||||||||
Warrants | |||||||||||
A summary of the share purchase warrants outstanding and exercisable at November 30, 2014 is as follows: | |||||||||||
Exercise | Number Outstanding | Expiry Date | |||||||||
Price | |||||||||||
$ | 1.5 | 80,000 | 22-Aug-16 | ||||||||
1 | 1,000,000 | 3-Sep-17 | |||||||||
10_RELATED_PARTY_TRANSACTIONS
10. RELATED PARTY TRANSACTIONS | 9 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Notes to Financial Statements | ||||||||||||
RELATED PARTY TRANSACTIONS | During the nine months ended November 30, 2014, the Company | |||||||||||
● | Incurred a total of $nil (November 30, 2013 - $42,288) in management fees to former directors and officers of the Company. | |||||||||||
● | Incurred a total of $80,487 (November 30, 2013 - $nil) in management fees to a director and officer of the Company. | |||||||||||
● | Incurred a total of $7,646 (November 30, 2013 - $nil) in consulting fees to a director and officer of the Company. | |||||||||||
As at November 30, 2014, $36,000 (February 28, 2014 - $36,000) was owing to a former director and officer of the Company and have been included in accounts payable. As at November 30, 2014, $140,528 (February 28, 2014 - $66,913) was owing to a director and officer of the Company and has been included in accrued liabilities. The amounts are non-interest bearing and unsecured. | ||||||||||||
The Company also advanced $26,349 (CAD$30,000) (February 28, 2014 - $nil) to a director and officer of the Company in which is shown as due from related parties. | ||||||||||||
Advances from related parties consist of the following: | ||||||||||||
30-Nov-14 | 28-Feb-14 | |||||||||||
Advances from a shareholder | $ | 10,500 | $ | 10,500 | ||||||||
Advances from a director and officer of the Company | - | 62,053 | ||||||||||
Total | 10,500 | 72,553 | ||||||||||
All of the Company’s advances from (to) related parties are non-interest bearing, unsecured, and payable upon demand. | ||||||||||||
11_CONTINGENCIES
11. CONTINGENCIES | 9 Months Ended |
Nov. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | During the nine months ended November 30, 2014, the Company settled $900,916 (CAD $1,007,398) of debt and note payable for an aggregate settlement amount of $767,699 (CAD $858,436) with various vendors and recognized a net gain on settlement of $124,854 net of GST of $8,363. |
As of November 30, 2014, one Statement of Claim totaling $247,037 (CAD $281,267) are outstanding against the Company for non-payment of past due invoices. The Company has not yet resolved the remaining Statement of Claim and the remaining Statement of Claim are recorded as accounts payable. | |
2_SUMMARY_OF_SIGNIFICANT_ACCOU1
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Nov. 30, 2014 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | Basis of Presentation |
The unaudited interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended February 28, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended November 30, 2014 are not necessarily indicative of the results that may be expected for the year ending February 28, 2015. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Recent pronouncements with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
4_EQUIPMENT_Tables
4. EQUIPMENT (Tables) | 9 Months Ended | |||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||
Oil and gas equipment | ||||||||||||||||||
30-Nov-14 | ||||||||||||||||||
Cost | Accumulated Depreciation | |||||||||||||||||
Oil and gas equipment | $ | 73,119 | $ | 5,713 | $ | 67,406 | ||||||||||||
28-Feb-14 | ||||||||||||||||||
Cost | Accumulated Depreciation | |||||||||||||||||
Oil and gas equipment | $ | 63,988 | $ | 3,199 | $ | 60,789 | ||||||||||||
8_DERIVATIVE_FINANCIAL_LIABILI1
8. DERIVATIVE FINANCIAL LIABILITIES (Tables) | 9 Months Ended | ||||
Nov. 30, 2014 | |||||
Derivative Financial Liabilities Tables | |||||
Schedule of derivative liabilities | |||||
Balance, February 28, 2014 | - | ||||
Warrants issued | $ | 485,129 | |||
Fair value adjustment | (65,800 | ) | |||
Balance, November 30, 2014 | 419,329 | ||||
Schedule of fair value of warrants and dividends | Volatility | 109 | % | ||
Risk-free interest rate | 1.11 | % | |||
Expected life | 2.68 years | ||||
Dividend yield | nil |
9_SHARE_CAPITAL_Tables
9. SHARE CAPITAL (Tables) | 9 Months Ended | ||||||||||
Nov. 30, 2014 | |||||||||||
Share Capital Tables | |||||||||||
Schedule of warrants outstanding and exercisable | Exercise | Number Outstanding | Expiry Date | ||||||||
Price | |||||||||||
$ | 1.5 | 80,000 | 22-Aug-16 | ||||||||
1 | 1,000,000 | 3-Sep-17 |
10_RELATED_PARTY_TRANSACTIONS_
10. RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Related Party Transactions Tables | ||||||||||||
Schedule of related party transactions | 30-Nov-14 | 28-Feb-14 | ||||||||||
Advances from a shareholder | $ | 10,500 | $ | 10,500 | ||||||||
Advances from a director and officer of the Company | - | 62,053 | ||||||||||
Total | 10,500 | 72,553 |
3_OIL_AND_GAS_PROPERTIES_Detai
3. OIL AND GAS PROPERTIES (Details Narrative) (USD $) | 9 Months Ended |
Nov. 30, 2014 | |
Oil And Gas Properties Details Narrative | |
Exploration Costs | $970,400 |
Revenue - sales of oil | 10,198 |
Cost of sales of oil | $13,142 |
4_EQUIPMENT_Details
4. EQUIPMENT (Details) (USD $) | Nov. 30, 2014 | Feb. 28, 2014 |
Cost | ||
Oil and gas equipment | $73,119 | $63,988 |
Accumulated Depreciation | ||
Oil and gas equipment | 5,713 | 3,199 |
Net Book Value | ||
Oil and gas equipment | $67,406 | $60,789 |
6_ADVANCES_AND_NOTES_PAYABLE_D
6. ADVANCES AND NOTES PAYABLE (Details Narrative) (USD $) | Nov. 30, 2014 | Feb. 28, 2014 |
Advances And Notes Payable Details Narrative | ||
Advances and Notes payable | $21,958 | $558,540 |
7_ASSET_RETIREMENT_OBLIGATIONS1
7. ASSET RETIREMENT OBLIGATIONS (Details Narrative) (USD $) | Nov. 30, 2014 | Feb. 28, 2014 |
Asset Retirement Obligations Details Narrative | ||
Assets retirement obligation related to Test Well on Farmout Lands | $23,124 | $31,354 |
8_DERIVATIVE_FINANCIAL_LIABILI2
8. DERIVATIVE FINANCIAL LIABILITIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 125 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | |
Derivative Financial Liabilities Details | |||||
Balance, February 28, 2014 | $0 | ||||
Warrants issued | 485,129 | 485,129 | |||
Fair value adjustment | -65,800 | 0 | -65,800 | 0 | -65,800 |
Balance, November 30, 2014 | $419,329 | $419,329 | $419,329 |
8_DERIVATIVE_FINANCIAL_LIABILI3
8. DERIVATIVE FINANCIAL LIABILITIES (Details 1) | 9 Months Ended |
Nov. 30, 2014 | |
Derivative Financial Liabilities Details 1 | |
Volatility | 109.00% |
Risk-free interest rate | 1.11% |
Expected life | 2 years 8 months 5 days |
Dividend yield | 0.00% |
9_SHARE_CAPITAL_Details
9. SHARE CAPITAL (Details) (USD $) | 12 Months Ended |
Nov. 30, 2014 | |
Warrant 1 | |
Exercise Price | $1.50 |
Number Outstanding | 80,000 |
Expiry Date | 22-Aug-16 |
Warrant 2 | |
Exercise Price | $1 |
Number Outstanding | 1,000,000 |
Expiry Date | 3-Sep-17 |
10_RELATED_PARTY_TRANSACTIONS_1
10. RELATED PARTY TRANSACTIONS (Details) (USD $) | Nov. 30, 2014 | Feb. 28, 2014 |
Related party advances | $10,500 | $72,553 |
Director and officer of the Company | ||
Related party advances | 0 | 62,053 |
Shareholder | ||
Related party advances | $10,500 | $10,500 |
10_RELATED_PARTY_TRANSACTIONS_2
10. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 9 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | |
Former directors and officers of the Company | |||
Related party accounts payable | $36,000 | $36,000 | |
Former directors and officers of the Company | Management fees | |||
Expense from related party transaction | 0 | 42,288 | |
Director and officer of the Company | |||
Related party accounts payable | 140,528 | 66,913 | |
Director and officer of the Company | Management fees | |||
Expense from related party transaction | 80,487 | 0 | |
Director and officer of the Company | Consulting fees | |||
Expense from related party transaction | $7,646 | $0 |
11_CONTINGENCIES_Details_Narra
11. CONTINGENCIES (Details Narrative) | 9 Months Ended |
Nov. 30, 2014 | |
Statement of Claim | As of November 30, 2014, one Statement of Claim totaling $247,037 (CAD$281,267) are outstanding against the Company for non-payment of past due invoices. The Company has not yet resolved the remaining Statement of Claim and the remaining Statement of Claim are recorded as accounts payable. |