Fortem Resources (FTMRQ) 10-K 2 Jun 15 2015 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Feb. 28, 2015	29-May-15	Aug. 31, 2014
Document And Entity Information
Entity Registrant Name	STRONGBOW RESOURCES INC.
Entity Central Index Key	1382231
Document Type	10-K
Document Period End Date	28-Feb-15
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 Public Float			$11,592,020
Entity Common Stock, Shares Outstanding		29,881,824
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015

Balance_Sheets

Balance Sheets (USD $)	Feb. 28, 2015	Feb. 28, 2014
CURRENT ASSETS
Cash	$26,858	$43,137
Receivable	4,680	1,702
Prepaid expense and other	72,578	81
Current Assets	104,116	44,920
Equipment	65,421	60,789
Oil and gas properties, full cost method	587,770	992,197
Total Assets	757,307	1,097,906
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable	558,591	984,288
Accrued liabilities	35,937	92,557
Due to related parties	130,884	72,553
Advances and notes payable	19,965	558,540
Derivative financial liabilities	379,463	0
Total current liabilities	1,124,840	1,707,938
Asset retirement obligations	21,515	31,354
Liabilities	1,146,355	1,739,292
STOCKHOLDERS' DEFICIT
Capital Stock Authorized: 750,000,000 common shares, par value $0.001 Issued and outstanding 29,881,824 common shares (27,896,697 at February 28, 2014)	21,772	19,787
Additional paid in capital	2,962,947	2,255,304
Accumulated other comprehensive loss	-123,371	-21,560
Accumulated deficit	-3,250,396	-2,894,917
Total Stockholders' Equity (Deficit)	-389,048	-641,386
Total Liabilities and Stockholders' Equity (Deficit)	$757,307	$1,097,906

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2015	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	27,896,697
Common stock, outstanding shares	29,881,824	27,896,697

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
GENERAL AND ADMINISTRATIVE EXPENSES
Accretion	$1,704	$0
Consulting	97,908	1,816
Depreciation	3,462	3,199
Impairment of oil and gas properties	221,648	344,603
Management fees	106,524	108,973
Office, travel and general	130,078	100,558
Professional fees	104,192	217,469
Loss From Operations	-665,516	-776,618
Net gain on settlement of debts	109,392	75,809
Interest income (expense)	156	-16,644
Gain on fair value adjustment of derivative financial liabilities	200,489	0
Interest expense recovery	0	8,753
Net loss	-355,479	-708,700
Foreign currency translation	-101,811	-37,889
Comprehensive loss	($457,290)	($746,589)
Basic and diluted loss per share	($0.01)	($0.03)
Weighted average number of basic and diluted common shares outstanding	28,898,624	27,357,176

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($355,479)	($708,700)
Non-cash items
Gain from settlement of debt	-109,392	-75,809
Impairment of oil and gas properties	221,648	344,603
Gain on fair value adjustment of derivative financial liabilities	-200,489	0
Depreciation	3,462	3,199
Accretion	1,704	0
Changes in non-cash working capital items
Receivable	-2,978	98,370
Prepaid expenses and other	-72,497	8,769
Accounts payable and accrued liabilities	-109,078	-107,284
Cash used in operating activities	-623,099	-436,852
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures on oil and gas properties	-11,243	-59,565
Expenditures on equipment	-8,877	0
Cash used in investing activities	-20,120	-59,565
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock issued for cash	756,657	432,420
Proceeds from (repayment of) advances and notes payable	-212,340	57,375
Net proceeds from related parties	82,494	12,434
Cash provided by financing activities	626,811	502,229
EFFECT OF FOREIGN EXCHANGE	129	32,896
CHANGE IN CASH	-16,279	38,708
CASH, BEGINNING	43,137	4,429
CASH, ENDING	26,858	43,137
NON-CASH TRANSACTIONS
Accrued expenditures on oil and gas properties	10,358	855,948
Common stock issued as repayment of note payable	376,923	0
Common stock issued as settlement of accounts payable	156,000	0
Settlement of related parties debt	0	85,500
Accrued expenditures on equipment	$7,541	$0

Statements_of_Stockholders_Def

Statements of Stockholders' Deficit (USD $)	Common Stock	Additional Paid In Capital	Obligation To Issue Shares	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance, Amount at Feb. 28, 2013	$16,687	$1,640,484	$100,000	($2,186,217)	$16,329	($412,717)
Beginning Balance, Shares at Feb. 28, 2013	27,121,697
Common Stock issued for cash, Shares	675,000
Common Stock issued for cash, Amount	2,700	429,720				699,625
Shares issued for obligation to issue shares	100,000
Shares issued for obligation to issue shares, amount	400	99,600	-100,000
Settlement of related parties debt		85,500				85,500
Net loss				-708,700		-708,700
Foreign currency translation					-37,889	-37,889
Ending Balance, Amount at Feb. 28, 2014	19,787	2,255,304	0	-2,894,917	-21,560	-641,386
Ending Balance, Shares at Feb. 28, 2014	27,896,697
Common Stock issued for cash, Shares	1,246,666
Common Stock issued for cash, Amount	1,247	755,410				756,657
Value of warrants issued		-579,952				-579,952
Common stock issued as repayment of note payable, Shares	538,461
Common stock issued as repayment of note payable, amount	538	376,385				376,923
Common stock issued as settlement of accounts payable, Shares	200,000
Common stock issued as settlement of accounts payable, amount	200	155,800				156,000
Settlement of related parties debt						0
Net loss				-355,479		-355,479
Foreign currency translation					-101,811	-101,811
Ending Balance, Amount at Feb. 28, 2015	$21,772	$2,962,947	$0	($3,250,396)	($123,371)	($389,048)
Ending Balance, Shares at Feb. 28, 2015	29,881,824

1_NATURE_AND_CONTINUANCE_OF_OP

1. NATURE AND CONTINUANCE OF OPERATIONS	12 Months Ended
	Feb. 28, 2015
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 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 February 28, 2015, the Company has not achieved profitable operations, has incurred losses in developing its business, and further losses are anticipated. The Company has an accumulated deficit of $3,250,396.
	As of February 28, 2015, one Statement of Claim totaling $224,620 (CAD$281,267) is outstanding against the Company and is recorded in 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	12 Months Ended
	Feb. 28, 2015
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation
	These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (“US GAAP’), and are expressed in United States dollars. The Company has not produced material revenues from its principal business to date.
	Use of Estimates
	The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of oil and gas properties, the assumptions used to record asset retirement obligations, and the estimated useful life of equipment.
	Foreign Currency Translation
	The Company’s functional currency is the Canadian dollar and reporting currency is the United States dollar. The Company translates assets and liabilities to US dollars using year-end exchange rates, stockholders’ deficit accounts are translated at historical exchange rates, and translates revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive income. The Company has not to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
	Oil and Gas Properties
	The Company utilizes the full cost method to account for its investment in oil and gas properties. Accordingly, all costs associated with acquisition, exploration and development of oil and gas reserves, including such costs as leasehold acquisition costs, interest costs relating to unproved properties, geological expenditures, tangible and intangible development costs including direct internal costs are capitalized to the full cost pool. When the Company commences production from established proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. Costs of unproved properties are not amortized until the proved reserves associated with the projects can be determined or until impairment occurs. If an assessment of such properties indicates that properties are impaired, the amount of impairment is added to the capitalized cost base to be amortized.
	The capitalized costs included in the full cost pool are subject to a "ceiling test", which limits such costs to the aggregate of the (i) estimated present value, using a ten percent discount rate, of the future net revenues from proved reserves, based on current economic and operating conditions, (ii) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, (iii) the cost of properties not being amortized, less (iv) income tax effects related to differences between the book and tax basis of the cost of properties not being amortized and the cost or estimated fair value of unproved properties included in the costs being amortized.
	Sales of proved and unproved properties are accounted for as adjustments of capitalized costs with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations. The Company’s oil and gas properties are under development with minimal production to date. Accordingly, no amortization is being recorded.
	Equipment
	Equipment is recorded at cost and amortized on a straight line basis over 20 years.
	Asset Retirement Obligations
	The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation.
	Environmental
	Oil and gas activities are subject to extensive federal and state environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites.
	Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Expenditures that have future economic benefits are capitalized. Liabilities for expenditures of a non-capital nature are recorded when an environmental assessment and/or remediation is probable, and the costs can be reasonably estimated.
	Fair Value of Financial instruments
	The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, receivable, accounts payable, amounts due to related party, and advances and notes payable approximates their carrying value due to their short-term nature.
	Impairment of Long-Term Assets
	The Company has adopted FASB ASC 360 “Accounting for the Impairment or Disposal of Long-Lived Assets," which requires that long-lived assets to be held and used be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Oil and gas interests accounted for under the full cost method are subject to a ceiling test, described above, and are excluded from this requirement.
	Income Taxes
	Income taxes are determined using the liability method. Deferred tax assets and liabilities, if any, are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.
	The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements.
	Loss per Share
	The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the period. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. Diluted LPS figures are equal to those of Basic LPS for each period since the Company in is a loss position.
	Revenue
	Revenue is recognized when:
	●	The significant risks and rewards of ownership have been transferred;
	●	Neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold has been retained;
	●	The amount of revenue can be measured reliably; and
	●	The costs incurred or to be incurred in respect of the transaction can be measured reliably.
	Revenue is measured at the fair value of consideration received or receivable.
	Proceeds from the sale of oil and gas prior to commercial production are credited to costs deferred during development.
	Recent Accounting Pronouncements
	In June 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update(ASU) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810,Consolidation”. This ASU does the following, among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders' equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, “Risks and Uncertainties”, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. The Company has evaluated adopted this ASU for the year ended February 28, 2015.
	The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows.

3_OIL_AND_GAS_PROPERTIES

3. OIL AND GAS PROPERTIES	12 Months Ended
	Feb. 28, 2015
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 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, 2015, net proceeds of $9,107 – (2014 - $18,632) were received from the sales of oil less direct costs of $24,717 – (2014 - $35,565) was added to the carrying value of the oil and gas properties.
	During the year ended February 28, 2015, the Company estimated that the net present value of future cash flows from the property is $587,770 and recorded an impairment charge of $221,648.

4_EQUIPMENT

4. EQUIPMENT	12 Months Ended
	Feb. 28, 2015
Property, Plant and Equipment [Abstract]
EQUIPMENT		28-Feb-15
		Cost		Accumulated Depreciation		Net Book Value
	Oil and gas equipment	$	71,364	$	5,943	$	65,421
		28-Feb-14
		Cost		Accumulated Depreciation		Net Book Value
	Oil and gas equipment	$	63,988	$	3,199	$	60,789

5_ADVANCES_AND_NOTES_PAYABLE

5. ADVANCES AND NOTES PAYABLE	12 Months Ended
	Feb. 28, 2015
Debt Disclosure [Abstract]
ADVANCES AND NOTES PAYABLE	At February 28, 2014, the Company had $558,540 (CAD $618,538) in short-term note obligations to unrelated parties. The notes payable are unsecured and non-interest bearing. $22,575 (CAD $25,000) of the notes is due on June 1, 2015. $501,165 (CAD$555,000) of the notes is due on demand and may be used by the payee, in whole or in part, to offset any funding obligations incurred by the payee in connection with any existing or future farm-in/farm-out agreements with the Company.
	On October 20, 2014, the Company paid $177,571 (CAD$200,000) and issued 538,461 common shares of the Company at a fair value of $376,923 as full and final payment to settle notes payable of $492,674 (CAD $555,000). As a result of the settlement, the Company recorded a loss on settlement of debt totaling $61,820 (CAD $69,641).
	During the year ended February 28, 2015, the Company settled $413,265 (CAD $465,546) of debt for an aggregate settlement amount of $233,752 (CAD $263,323) with various vendors and recognized a net gain on settlement of $171,212 net of GST of $8,301
	As at February 28, 2015, the Company had $19,965 (CAD $25,000) in short term note obligations to an unrelated party. The note payable is unsecured, non-interest bearing and payable upon demand.

6_ASSET_RETIREMENT_OBLIGATIONS

6. ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Feb. 28, 2015
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 $39,930 (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 $21,515 (CAD$26,941) as at February 28, 2015. During the year ended February 28, 2015, the Company changed its estimated discounted rate from 8% to 10% and recorded an adjustment of $7,747.

7_DERIVATIVE_FINANCIAL_LIABILI

7. DERIVATIVE FINANCIAL LIABILITIES	12 Months Ended
	Feb. 28, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL LIABILITIES
	Balance, February 28, 2014		-
	Warrants issued	$	579,952
	Fair value adjustment		(200,489	)
	Balance, February 28, 2015		379,463
	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 weighted average market assumptions:
		Grant Date			28-Feb-15
	Volatility		151	%		126	%
	Risk-free interest rate		0.96	%		0.79	%
	Expected life	2.93 years			2.44 years
	Dividend yield	nil			nil

8_SHARE_CAPITAL

8. SHARE CAPITAL	12 Months Ended
	Feb. 28, 2015
Notes to Financial Statements
SHARE CAPITAL	In March 2013, the Company issued 300,000 common shares at a price of $0.96 (CAD$1.00) per share. Gross proceeds from the private placement totaled $291,420 (CAD$300,000).
	In September 2013, the Company issued 100,000 common shares to fulfill its obligation to issue shares.
	In January 2014, the Company issued 375,000 common shares at a price of $0.40 per share. Gross proceeds from the private placement totaled $150,000. Pursuant to the private placement, the Company paid a finder’s fee of $9,000.
	In March 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.
	In April 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 $0.78 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 $376,385 (CAD$355,000).
	Warrants
	A summary of the share purchase warrants outstanding and exercisable at February 28, 2015 is as follows:
	Exercise		Number Outstanding		Expiry Date
	Price
	$	1.5		80,000	26-Aug-16
		1		1,000,000	3-Sep-17
	The weighted average exercise price is $1.04 and weighted average life of the warrants is 2.44 years.

9_RELATED_PARTY_TRANSACTIONS

9. RELATED PARTY TRANSACTIONS	12 Months Ended
	Feb. 28, 2015
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	During the year ended February 28, 2015, the Company
	●	Incurred a total of $nil (February 28, 2014 - $42,060) in management fees to former directors and officers of the Company.
	●	Incurred a total of $106,524 (February 28, 2014 - $66,913) in management fees to a director and officer of the Company.
	●	Incurred a total of $10,564 (February 28, 2014 - $1,816) in consulting fees to a director and officer of the Company.
	As at February 28, 2015, $36,000 (February 28, 2014 - $36,000) was owing to a former director and officer of the Company and has been included in accounts payable. The amounts are non-interest bearing and unsecured.
	Due to related parties consist of the following:
			28-Feb-15		28-Feb-14
	Due to a shareholder		$	-	$	10,500
	Due to directors and officers of the Company			130,884		62,053
	Total			130,884		72,553
	All of the Company’s advances from related parties are non-interest bearing, unsecured, and payable upon demand.

10_INCOME_TAXES

10. INCOME TAXES	12 Months Ended
	Feb. 28, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	The Company is subject to United States federal income taxes at an approximate rate of 35%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:
		February 28, 2015	February 28, 2014
		$	$
	Loss before income taxes	-355,479	-708,700
	Statutory tax rate	35%	35%
	Expected recovery of income taxes computed at statutory  rates	-124,418	-248,045
	Permanent differences	-106,650	-18,861
	Reconciliation of tax rates	-86,932	39,434
	Change in valuation allowance	318,000	227,472
	Provision for income taxes	-	-
	The significant components of deferred income tax assets at February 28, 2015 and February 28, 2014 are as follows:
		February 28, 2015	February 28,
			2014
	Deferred income tax assets:
	Operating loss carry forward	920,000	632,000
	Oil and gas properties	330,000	300,000
	Less valuation allowance	-1,250,000	-932,000
	Deferred income tax assets, net	-	-
	At February 28, 2015, the Company had accumulated non-capital loss carry-forwards of approximately $2,630,000 that expire from 2026 through 2035.
	The potential future tax benefits of these expenses and losses carried-forward have not been reflected in these financial statements due to the uncertainty regarding their ultimate realization.

11_SUBSEQUENT_EVENT

11. SUBSEQUENT EVENT	12 Months Ended
	Feb. 28, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENT	A director and officer advanced the Company $25,000. The loan is unsecured, non-interest bearing and has no fixed terms of repayment.
	The Company received $10,000 in subscriptions for a private placement yet to be completed.
	On April 23, 2015, the Company entered into an employment agreement with an officer of the company with a base salary of CAD$120,000 and a signing bonus of CAD$30,000. Under the agreement, 500,000 shares are to be issued over one year period from the effective date and 500,000 stock options were granted exercisable at a price of $0.50 each for a period of five years vesting immediately.

2_SUMMARY_OF_SIGNIFICANT_ACCOU1

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Feb. 28, 2015
Summary Of Significant Accounting Policies Policies
Basis of Presentation	These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (“US GAAP’), and are expressed in United States dollars. The Company has not produced material revenues from its principal business to date.
Use of Estimates	The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of oil and gas properties, the assumptions used to record asset retirement obligations, and the estimated useful life of equipment.
Foreign Currency Translation	The Company’s functional currency is the Canadian dollar and reporting currency is the United States dollar. The Company translates assets and liabilities to US dollars using year-end exchange rates, stockholders’ deficit accounts are translated at historical exchange rates, and translates revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive income. The Company has not to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Oil and Gas Properties	The Company utilizes the full cost method to account for its investment in oil and gas properties. Accordingly, all costs associated with acquisition, exploration and development of oil and gas reserves, including such costs as leasehold acquisition costs, interest costs relating to unproved properties, geological expenditures, tangible and intangible development costs including direct internal costs are capitalized to the full cost pool. When the Company commences production from established proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. Costs of unproved properties are not amortized until the proved reserves associated with the projects can be determined or until impairment occurs. If an assessment of such properties indicates that properties are impaired, the amount of impairment is added to the capitalized cost base to be amortized.
	The capitalized costs included in the full cost pool are subject to a "ceiling test", which limits such costs to the aggregate of the (i) estimated present value, using a ten percent discount rate, of the future net revenues from proved reserves, based on current economic and operating conditions, (ii) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, (iii) the cost of properties not being amortized, less (iv) income tax effects related to differences between the book and tax basis of the cost of properties not being amortized and the cost or estimated fair value of unproved properties included in the costs being amortized.
	Sales of proved and unproved properties are accounted for as adjustments of capitalized costs with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations. The Company’s oil and gas properties are under development with minimal production to date. Accordingly, no amortization is being recorded.
Equipment	Equipment is recorded at cost and amortized on a straight line basis over 20 years.
Asset Retirement Obligations	The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation.
Environmental	Oil and gas activities are subject to extensive federal and state environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites.
	Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Expenditures that have future economic benefits are capitalized. Liabilities for expenditures of a non-capital nature are recorded when an environmental assessment and/or remediation is probable, and the costs can be reasonably estimated.
Fair Value of Financial instruments	The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, receivable, accounts payable, amounts due to related party, and advances and notes payable approximates their carrying value due to their short-term nature.
Impairment of Long-Term Assets	The Company has adopted FASB ASC 360 “Accounting for the Impairment or Disposal of Long-Lived Assets," which requires that long-lived assets to be held and used be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Oil and gas interests accounted for under the full cost method are subject to a ceiling test, described above, and are excluded from this requirement.
Income Taxes	Income taxes are determined using the liability method. Deferred tax assets and liabilities, if any, are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.
	The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements.
Loss per Share	The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the period. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. Diluted LPS figures are equal to those of Basic LPS for each period since the Company in is a loss position.
Revenue	Revenue is recognized when:
	●	The significant risks and rewards of ownership have been transferred;
	●	Neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold has been retained;
	●	The amount of revenue can be measured reliably; and
	●	The costs incurred or to be incurred in respect of the transaction can be measured reliably.
	Revenue is measured at the fair value of consideration received or receivable.
	Proceeds from the sale of oil and gas prior to commercial production are credited to costs deferred during development.
Recent Accounting Pronouncements	In June 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update(ASU) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810,Consolidation”. This ASU does the following, among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders' equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, “Risks and Uncertainties”, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. The Company has evaluated adopted this ASU for the year ended February 28, 2015.
	The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows.

4_EQUIPMENT_Tables

4. EQUIPMENT (Tables)	12 Months Ended
	Feb. 28, 2015
Property, Plant and Equipment [Abstract]
Oil and gas equipment		28-Feb-15
		Cost		Accumulated Depreciation		Net Book Value
	Oil and gas equipment	$	71,364	$	5,943	$	65,421
		28-Feb-14
		Cost		Accumulated Depreciation		Net Book Value
	Oil and gas equipment	$	63,988	$	3,199	$	60,789

7_DERIVATIVE_FINANCIAL_LIABILI1

7. DERIVATIVE FINANCIAL LIABILITIES (Tables)	12 Months Ended
	Feb. 28, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative liabilities
	Balance, February 28, 2014		-
	Warrants issued	$	579,952
	Fair value adjustment		(200,489	)
	Balance, February 28, 2015		379,463
Assumptions to determine fair value of warrants		Grant Date			28-Feb-15
	Volatility		151	%		126	%
	Risk-free interest rate		0.96	%		0.79	%
	Expected life	2.93 years			2.44 years
	Dividend yield	nil			nil

8_SHARE_CAPITAL_Tables

8. SHARE CAPITAL (Tables)	12 Months Ended
	Feb. 28, 2015
Share Capital Tables
Schedule of warrants outstanding and exercisable	Exercise		Number Outstanding		Expiry Date
	Price
	$	1.5		80,000	26-Aug-16
		1		1,000,000	3-Sep-17

9_RELATED_PARTY_TRANSACTIONS_T

9. RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Feb. 28, 2015
Related Party Transactions Tables
Schedule of related party transactions		28-Feb-15		28-Feb-14
	Due to a shareholder	$	-	$	10,500
	Due to directors and officers of the Company		130,884		62,053
	Total		130,884		72,553

10_INCOME_TAXES_Tables

10. INCOME TAXES (Tables)	12 Months Ended
	Feb. 28, 2015
Income Taxes Tables
Schedule of effective income tax reconciliation		February 28, 2015	February 28, 2014
		$	$
	Loss before income taxes	-355,479	-708,700
	Statutory tax rate	35%	35%
	Expected recovery of income taxes computed at statutory  rates	-124,418	-248,045
	Permanent differences	-106,650	-18,861
	Reconciliation of tax rates	-86,932	39,434
	Change in valuation allowance	318,000	227,472
	Provision for income taxes	-	-
Schedule of deferred income tax assets		February 28, 2015			February 28, 2014
	Deferred income tax assets:
	Operating loss carry forward		920,000			632,000
	Oil and gas properties		330,000			300,000
	Less valuation allowance		(1,250,000	)		(932,000	)
	Deferred income tax assets, net		-			-

3_OIL_AND_GAS_PROPERTIES_Detai

3. OIL AND GAS PROPERTIES (Details Narrative) (USD $)	12 Months Ended
	Feb. 28, 2015
Oil And Gas Properties Details Narrative
Revenue	$9,107
Reserves	$992,197

4_EQUIPMENT_Details

4. EQUIPMENT (Details) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Oil and gas equipment	$65,421	$60,789
Cost
Oil and gas equipment	71,364	63,988
Accumulated Depreciation
Oil and gas equipment	5,943	3,199
Net Book Value
Oil and gas equipment	$65,421	$60,789

5_ADVANCES_AND_NOTES_PAYABLE_D

5. ADVANCES AND NOTES PAYABLE (Details Narrative) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Advances And Notes Payable Details Narrative
Advances and Notes payable	$19,965	$558,540

6_ASSET_RETIREMENT_OBLIGATIONS1

6. ASSET RETIREMENT OBLIGATIONS (Details Narrative) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Asset Retirement Obligations Details Narrative
Assets retirement obligation related to Test Well on Farmout Lands	$21,515	$31,354

7_DERIVATIVE_FINANCIAL_LIABILI2

7. DERIVATIVE FINANCIAL LIABILITIES (Details) (USD $)	12 Months Ended
	Feb. 28, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Balance, February 28, 2014	$0
Warrants issued	579,952
Fair value adjustment	-200,489
Balance, February 28, 2015	$379,463

7_DERIVATIVE_FINANCIAL_LIABILI3

7. DERIVATIVE FINANCIAL LIABILITIES (Details 1)	12 Months Ended
	Feb. 28, 2015
Volatility	126.00%
Risk-free interest rate	0.79%
Expected life	2 years 5 months 8 days
Dividend yield	0.00%
Grant Date
Volatility	151.00%
Risk-free interest rate	0.96%
Expected life	2 years 11 months 5 days
Dividend yield	0.00%

8_SHARE_CAPITAL_Details

8. SHARE CAPITAL (Details) (USD $)	12 Months Ended
	Feb. 28, 2015
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

9_RELATED_PARTY_TRANSACTIONS_D

9. RELATED PARTY TRANSACTIONS (Details) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Related Party Transactions Tables
Due to a shareholder	$0	$10,500
Due to directors and officers of the Company	130,884	62,053
Total	$130,884	$72,553

10_INCOME_TAXES_Details

10. INCOME TAXES (Details) (USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Income Taxes Details
Loss before income taxes	($355,479)	($708,700)
Statutory tax rate	35.00%	35.00%
Expected recovery of income taxes computed at statutory rates	-124,418	-248,045
Permanent differences	-106,650	-18,861
Reconciliation of tax rates	-86,932	39,434
Valuation allowance	318,000	227,472
Provision for income taxes	$0	$0

10_INCOME_TAXES_Details_1

10. INCOME TAXES (Details 1) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Deferred income tax assets:
Operating loss carryforwards	$920,000	$632,000
Oil and gas properties	330,000	300,000
Less valuation allowance	-1,250,000	-932,000
Deferred income tax assets, net	$0	$0