Fortem Resources (FTMRQ) 10-K 13 Jun 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Feb. 29, 2016	Aug. 31, 2015
Document and Entity Information:
Entity Registrant Name	STRONGBOW RESOURCES INC.
Document Type	10-K
Document Period End Date	Feb. 29, 2016
Trading Symbol	stbr
Amendment Flag	false
Entity Central Index Key	1,382,231
Current Fiscal Year End Date	--02-29
Entity Common Stock, Shares Outstanding	30,029,046
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Public Float		$ 1

STRONGBOW RESOURCES INC - Balan

STRONGBOW RESOURCES INC - Balance Sheets - USD ($)		Feb. 29, 2016	Feb. 28, 2015
Current Assets:
Cash		$ 22,426	$ 26,858
Receivable		3,279	4,680
Prepaid expense and other		7,809	50,530
Total Current Assets		33,514	82,068
Non-current Assets:
Deposit		32,224	22,048
Equipment		57,236	65,421
Oil and gas properties, full cost method		568,151	587,770
Total Assets		691,125	757,307
Current liabilities:
Accounts payable		632,983	558,591
Accrued liabilities		99,765	35,937
Due to related parties		334,869	130,884
Note payable		18,475	19,965
Derivative financial liabilities		150,136	379,463
Subscriptions received		50,000
Total Current Liabilities		1,286,228	1,124,840
Asset retirement obligation		21,900	21,515
Total Liabilities		1,308,128	1,146,355
Stockholders' Deficit:
Capital stock	[1]	21,919	21,772
Additional paid-in capital		3,115,078	2,962,947
Accumulated other comprehensive loss		(133,280)	(123,371)
Accumulated deficit		(3,620,720)	(3,250,396)
Total Stockholders' Deficit		(617,003)	(389,048)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 691,125	$ 757,307
[1]	$0.001 par value; 750,000,000 shares authorized; 30,029,046 and 29,881,824 shares issued and outstanding at February 29, 2016 and February 28, 2015, respectively.

Statement of Financial Position

Statement of Financial Position - Parenthetical - $ / shares	Feb. 29, 2016	Feb. 28, 2015
Statement of Financial Position
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	30,029,046	29,881,824
Common Stock, Shares Outstanding	30,029,046	29,881,824

STRONGBOW RESOURCES INC. - Stat

STRONGBOW RESOURCES INC. - Statements of Operations - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
General and administrative expenses
Accretion	$ 2,061	$ 1,704
Consulting	103,799	97,908
Depreciation	3,419	3,462
Impairment of oil and gas property		221,648
Management fees	91,824	106,524
Office, travel and general	73,327	130,078
Professional fees	65,382	104,192
Salaries and benefits	127,910
Stock-based compensation	107,172
Loss from operations	(574,894)	(665,516)
Write-off advances receivable	(25,000)
Gain on settlement of debt		109,392
Interest income	243	156
Gain on fair value adjustment of derivative financial liabilities	229,327	200,489
Net loss	(370,324)	(355,479)
Foreign currency translation	(9,909)	(101,811)
Comprehensive loss	$ (380,233)	$ (457,290)
Basic and diluted income per share	$ (0.01)	$ (0.01)
Weighted average number of basic common shares outstanding	29,894,089	28,898,624

Strongbow Resources Inc.- State

Strongbow Resources Inc.- Statement of Stockholders' Deficit - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Stockholders' Deficit
Balance, Value at Feb. 28, 2014		$ 19,787	$ 2,255,304	$ (2,894,917)	$ (21,560)	$ (641,386)
Balance, Shares at Feb. 28, 2014		27,896,697
Common stock issued for cash, Value		$ 1,247	755,410			756,657
Common stock issued for cash, Shares		1,246,666
Value of warrants issued			(579,952)			(579,952)
Common stock issued as repayment of note payable, Value		$ 538	376,385			376,923
Common stock issued as repayment of note payable, Shares		538,461
Common stock issued as settlement of accounts payable, Value		$ 200	155,800			156,000
Common stock issued as settlement of accounts payable, Shares		200,000
Net loss	$ (355,479)			(355,479)		(355,479)
Foreign currency translation	(101,811)				(101,811)	(101,811)
Balance, Value at Feb. 28, 2015	(389,048)	$ 21,772	2,962,947	(3,250,396)	(123,371)	(389,048)
Balance, Shares at Feb. 28, 2015		29,881,824
Common stock issued for cash, Value		$ 22	7,584			7,606
Common stock issued for cash, Shares		22,222
Net loss	(370,324)			(370,324)		(370,324)
Foreign currency translation	(9,909)				(9,909)	(9,909)
Stock-based compensation	107,172		107,172			107,172
Shares issued for salaries and benefits, Value		$ 125	37,375			37,500
Shares issued for salaries and benefits, Shares		125,000
Balance, Value at Feb. 29, 2016	$ (617,003)	$ 21,919	$ 3,115,078	$ (3,620,720)	$ (133,280)	$ (617,003)
Balance, Shares at Feb. 29, 2016		30,029,046

STRONGBOW RESOURCES INC. - Sta6

STRONGBOW RESOURCES INC. - Statements of Cash Flows - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Cash flows used in operating activities:
Net loss	$ (370,324)	$ (355,479)
Non-cash items:
Accretion	2,061	1,704
Depreciation	3,419	3,462
Shares issued for salaries and benefits	37,500
Stock-based compensation	107,172
Write-off of advances receivable	25,000
Gain on settlement of debt		(109,392)
Gain on fair value adjustment of derivative financial liabilities	(229,327)	(200,489)
Impairment of oil and gas properties		221,648
Interest income accrued	(243)
Foreign exchange	31,674
Changes in non-cash working capital items:
Receivable	1,401	(2,978)
Prepaid expenses and other	17,721	(72,497)
Accounts payable and accrued liabilities	135,229	(109,078)
Cash used in operating activities	(238,717)	(623,099)
Cash flows used in investing activities:
Expenditures on oil and gas properties	(35,399)	(11,243)
Deposits on oil and gas properties	(12,337)
Expenditures on equipment		(8,877)
Cash used in investing activities	(47,736)	(20,120)
Cash flows from financing activities:
Common stock issued for cash	7,606	756,657
Subscriptions received	50,000
Repayments of advances and notes payable		(212,340)
Net proceeds from related parties	225,187	82,494
Cash provided by financing activities	282,793	626,811
Effect of foreign exchange	(772)	129
Change in cash	(4,432)	(16,279)
Cash, beginning of year	26,858	43,137
Cash, end of year	22,426	26,858
Non-cash transactions
Accrued expenditures on oil and gas properties	$ 10,292	10,358
Common stock issued as repayment of note payable		376,923
Common stock issued as settlement of accounts payable		156,000
Accrued expenditures on equipment		$ 7,541

1. Nature and Continuance of Op

1. Nature and Continuance of Operations	12 Months Ended
	Feb. 29, 2016
Notes
1. Nature and Continuance of Operations	1. 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 29, 2016, 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 $3,620,720. As at February 29, 2016, two Statements of Claim totaling $208,236 (CAD$281,781) are 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. The financial statements do not include any adjustments to be recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	12 Months Ended
	Feb. 29, 2016
Notes
2. Summary of Significant Accounting Policies	2. 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, the assumptions used to determine the fair value of derivative financial liabilities, 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 (loss). 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 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," w 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 Recent pronouncements with future effect 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	12 Months Ended
	Feb. 29, 2016
Notes
3. Oil and Gas Properties	3. 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, 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. During the year ended February 29, 2016, net proceeds of $nil (February 28, 2015 - $9,107) were received from the sales of oil less direct costs of $25,107 (February 28, 2015 - $24,717) were added to the carrying value of the oil and gas properties. As of February 29, 2016, the Company has incurred $568,151 (February 28, 2015 - $587,770) in exploration costs to drill, complete and equip the Test Well, net of impairment charges in prior periods. As at February 29, 2016, the Company has $32,224 (February 28, 2015 - $22,048) in bonds held with the Alberta Energy Regulator for its oil and gas properties.

4. Equipment

4. Equipment	12 Months Ended
	Feb. 29, 2016
Notes
4. Equipment	4. EQUIPMENT February 29, 2016 Cost Accumulated Depreciation Net Book Value $ $ $ Oil and gas equipment 66,038 8,802 57,236 February 28, 2015 Cost Accumulated Depreciation Net Book Value $ $ $ Oil and gas equipment 71,364 5,943 65,421

5. Note Payable

5. Note Payable	12 Months Ended
	Feb. 29, 2016
Notes
5. Note Payable	5. NOTE PAYABLE As at February 29, 2016, the Company had $18,475 (CAD$25,000) (February 28, 2015 - $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. During the year ended February 28, 2015, the Company paid $177,571 and issued 538,461 common shares with a fair value of $376,923 to settle notes payable of $492,674. As a result, the Company recorded a loss on settlement of debt of $61,820. During the year ended February 28, 2015, the Company settled $413,265 of debt for an aggregate settlement amount of $233,752 with various vendors and recognized a net gain on settlement of $171,212 net of GST of $8,301.

6. Asset Retirement Obligation

6. Asset Retirement Obligation	12 Months Ended
	Feb. 29, 2016
Notes
6. Asset Retirement Obligation	6. ASSET RETIREMENT OBLIGATION 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 $36,950 (CAD$50,000) (February 28, 2015 - $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 $21,900 (CAD$29,660) (February 28, 2015 - $21,515 (CAD$26,941)) as at February 29, 2016.

7. Derivative Financial Liabili

7. Derivative Financial Liabilities	12 Months Ended
	Feb. 29, 2016
Notes
7. Derivative Financial Liabilities	7. DERIVATIVE FINANCIAL LIABILITIES $ Balance, February 28, 2014 - Warrants issued 579,952 Fair value adjustment (200,489) Balance, February 28, 2015 379,463 Fair value adjustment (229,327) Balance, February 29, 2016 150,136 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: February 29, 2016 February 28, 2015 Volatility 235 % 126 % Risk-free interest rate 0.68 % 0.79 % Expected life 1.43 years 2.44 years Dividend yield 0.00% 0.00%

8. Share Capital

8. Share Capital	12 Months Ended
	Feb. 29, 2016
Notes
8. Share Capital	8. SHARE CAPITAL During the year ended February 29, 2016: In August 2015, the Company issued 22,222 shares at CAD $0.45 for gross proceeds of $7,606 (CAD$10,000) in subscriptions for a private placement. In January 2016, the Company issued 125,000 shares to a former officer for an employment contract entered in April 2015. The fair value of the shares issued was $37,500, and is included in salaries and benefits. During the year ended February 29, 2016, the Company received $50,000 (2015 - $Nil) in subscriptions for private placement that was completed subsequent to year end (Note 11 c). During the year ended February 28, 2015: 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 $492,674 (Note 5). Warrants A summary of the share purchase warrants outstanding and exercisable at February 29, 2016 is as follows: Exercise Price Number Outstanding Expiry Date $ 1.50 80,000 August 26, 2016 1.00 1,000,000 September 3,2017 (1) (1) The weighted average exercise price is $1.04 and weighted average life of the warrants is 1.44 years. Stock Options The Company’s Stock Option Plan allows a maximum 5,579,335 shares to be reserved for issuance under the plan. Options granted under the plan may not have a term exceeding 10 years and vesting provisions are at the discretion of the Board of Directors. In November 2015, the Company granted 2,600,000 stock options for a period of five years, valued at $0.04 per option for a total value of $107,172 calculated using the Black-Scholes option pricing model assuming a life expectancy of five years, a risk free rate of 1.59%, a forfeiture rate of 0%, and volatility of 168%. A summary of the stock options outstanding and exercisable at February 29, 2016 is as follows: Exercise Price Number Outstanding and Exercisable Expiry Date Aggregate Intrinsic Value $ $ 0.10 2,600,000 November 3, 2020 286,000 As at February 29, 2016, the remaining contractual life of the stock options outstanding was 4.68 years. The aggregate intrinsic value in the proceeding table represents the total intrinsic value, based on the Company’s closing stock price of $0.21 per share as of February 29, 2016.

9. Related Party Transactions

9. Related Party Transactions	12 Months Ended
	Feb. 29, 2016
Notes
9. Related Party Transactions	9. RELATED PARTY TRANSACTIONS During the year ended February 29, 2016, the Company · · · · As at February 29, 2016, $22,170 (CAD$30,000) (February 28, 2015 - $Nil) was owing to the former chief operating officer of the Company and has been included in accrued liabilities. This amount is non-interest bearing and unsecured. Due to related parties consist of the following: February 29, 2016 February 28, 2015 $ $ Due to directors and officers of the Company 334,869 130,884 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. 29, 2016
Notes
10. Income Taxes	10. 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 29, 2016 February 28, 2015 $ $ Loss before income taxes (370,324) (355,479) Statutory tax rate 35% 35% Expected recovery of income taxes computed at statutory rates (129,613) (124,418) Permanent differences (42,754) (106,650) Reconciliation of tax rates and other (131,873) (86,932) Change in valuation allowance 304,240 318,000 Provision for income taxes - - The significant components of deferred income tax assets at February 29, 2016 and February 28, 2015 are as follows: February 29, 2016 February 28, 2015 Deferred income tax assets: Operating loss carry forward 1,208,645 920,000 Oil and gas properties 345,595 330,000 Less valuation allowance (1,554,240) (1,250,000) Deferred income tax assets, net - - At February 29, 2016, the Company had accumulated non-capital loss carry-forwards of approximately $3,450,000 that expire from 2025 through 2036. 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. Tax attributes are subject to review, and potential adjustment by tax authorities.

11. Subsequent Events

11. Subsequent Events	12 Months Ended
	Feb. 29, 2016
Notes
11. Subsequent Events	11. SUBSEQUENT EVENTS Subsequent to February 29, 2016: a) The Company received an advance of $20,692 (CAD$28,000) from the CEO of the Company. This amount is non-interest bearing with no specific terms of repayment. b) The Company entered into debt settlement agreements with two creditors. In accordance with the agreements, the Company settled debt in the amount of $91,439 (CAD$123,733) by the issuance of 353,521 common shares of the Company. c) The Company issued 500,000 units as a price of $0.10 per unit for gross proceeds of $50,000 (received during the year ended February 29, 2016) (Note 8). Each unit consists of one share of the Company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share of the Company at a price of $0.40 per share for a period of two years. d) The Company amended and restated the warrant certificate with a third party to reduce the exercise price of 1,000,000 share purchase warrants from $1.00 to $0.40 per warrant and extend the expiry date from September 3, 2017 to March 8, 2019 (Note 8). e) The Company issued a secured convertible debenture to a third party for a principal of $200,000 with an interest rate of 10% per annum for a period of six months. The holder can convert the principal amount and any unpaid interest into units of the Company at the option of the holder. Each unit will consist of one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share of the Company at a price of $0.40 per share for a period of two years. In addition, the Company issued 200,000 bonus units to the holder. Each bonus unit consists of one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share of the Company at a price of $0.40 per share for a period of two years.

2. Summary of Significant Acc18

2. Summary of Significant Accounting Policies: Basis of Presentation (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Basis of Presentation	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.

2. Summary of Significant Acc19

2. Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Use of Estimates	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, the assumptions used to determine the fair value of derivative financial liabilities, and the estimated useful life of equipment.

2. Summary of Significant Acc20

2. Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Foreign Currency Translation	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 (loss). The Company has not to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

2. Summary of Significant Acc21

2. Summary of Significant Accounting Policies: Oil and Gas Properties (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Oil and Gas Properties	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.

2. Summary of Significant Acc22

2. Summary of Significant Accounting Policies: Equipment (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Equipment	Equipment Equipment is recorded at cost and amortized on a straight line basis over 20 years.

2. Summary of Significant Acc23

2. Summary of Significant Accounting Policies: Asset Retirement Obligations (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Asset Retirement Obligations	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.

2. Summary of Significant Acc24

2. Summary of Significant Accounting Policies: Environmental (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Environmental	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.

2. Summary of Significant Acc25

2. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Fair Value of Financial Instruments	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 notes payable approximates their carrying value due to their short-term nature.

2. Summary of Significant Acc26

2. Summary of Significant Accounting Policies: Impairment of Long-term Assets (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Impairment of Long-term Assets	Impairment of Long-Term Assets The Company has adopted FASB ASC 360 “ Accounting for the Impairment or Disposal of Long-Lived Assets," w

2. Summary of Significant Acc27

2. Summary of Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Income Taxes	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.

2. Summary of Significant Acc28

2. Summary of Significant Accounting Policies: Loss Per Share (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Loss Per Share	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.

2. Summary of Significant Acc29

2. Summary of Significant Accounting Policies: Revenue (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Revenue	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.

2. Summary of Significant Acc30

2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	12 Months Ended
	Feb. 29, 2016
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company.

4. Equipment_ Property, Plant a

4. Equipment: Property, Plant and Equipment (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Property, Plant and Equipment	February 29, 2016 Cost Accumulated Depreciation Net Book Value $ $ $ Oil and gas equipment 66,038 8,802 57,236 February 28, 2015 Cost Accumulated Depreciation Net Book Value $ $ $ Oil and gas equipment 71,364 5,943 65,421

7. Derivative Financial Liabi32

7. Derivative Financial Liabilities: Schedule of Derivative Liabilities at Fair Value (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Schedule of Derivative Liabilities at Fair Value	$ Balance, February 28, 2014 - Warrants issued 579,952 Fair value adjustment (200,489) Balance, February 28, 2015 379,463 Fair value adjustment (229,327) Balance, February 29, 2016 150,136

7. Derivative Financial Liabi33

7. Derivative Financial Liabilities: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	February 29, 2016 February 28, 2015 Volatility 235 % 126 % Risk-free interest rate 0.68 % 0.79 % Expected life 1.43 years 2.44 years Dividend yield 0.00% 0.00%

8. Share Capital_ Schedule of S

8. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Schedule of Stockholders' Equity Note, Warrants or Rights	Exercise Price Number Outstanding Expiry Date $ 1.50 80,000 August 26, 2016 1.00 1,000,000 September 3,2017 (1)

8. Share Capital_ Schedule of35

8. Share Capital: Schedule of Stockholders Equity (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Schedule of Stockholders Equity	Exercise Price Number Outstanding and Exercisable Expiry Date Aggregate Intrinsic Value $ $ 0.10 2,600,000 November 3, 2020 286,000

9. Related Party Transactions_

9. Related Party Transactions: Schedule of Related Party Transactions (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Schedule of Related Party Transactions	February 29, 2016 February 28, 2015 $ $ Due to directors and officers of the Company 334,869 130,884

10. Income Taxes_ Schedule of E

10. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	February 29, 2016 February 28, 2015 $ $ Loss before income taxes (370,324) (355,479) Statutory tax rate 35% 35% Expected recovery of income taxes computed at statutory rates (129,613) (124,418) Permanent differences (42,754) (106,650) Reconciliation of tax rates and other (131,873) (86,932) Change in valuation allowance 304,240 318,000 Provision for income taxes - -

10. Income Taxes_ Schedule of D

10. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Feb. 29, 2016
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	February 29, 2016 February 28, 2015 Deferred income tax assets: Operating loss carry forward 1,208,645 920,000 Oil and gas properties 345,595 330,000 Less valuation allowance (1,554,240) (1,250,000) Deferred income tax assets, net - -

3. Oil and Gas Properties (Deta

3. Oil and Gas Properties (Details) - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Details
Exploration and Production Costs	$ 568,151	$ 587,770

4. Equipment_ Property, Plant40

4. Equipment: Property, Plant and Equipment (Details) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Cost
Property, Plant and Equipment, Net	$ 66,038	$ 71,364
Accumulated Depreciation
Property, Plant and Equipment, Net	8,802	5,943
Net Book Value
Property, Plant and Equipment, Net	$ 57,236	$ 65,421

5. Note Payable (Details)

5. Note Payable (Details) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Details
Notes and Loans Payable	$ 18,475	$ 19,965

6. Asset Retirement Obligation

6. Asset Retirement Obligation (Details) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Details
Asset Retirement Obligations, Noncurrent	$ 21,900	$ 21,515

7. Derivative Financial Liabi43

7. Derivative Financial Liabilities: Schedule of Derivative Liabilities at Fair Value (Details) - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Details
Derivative Asset, Fair Value, Gross Liability	$ 150,136	$ 379,463
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Issues		579,952
Fair Value Adjustment	$ (229,327)	$ (200,489)

7. Derivative Financial Liabi44

7. Derivative Financial Liabilities: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Details
Fair Value Assumptions, Expected Volatility Rate	235.00%	126.00%
Fair Value Assumptions, Risk Free Interest Rate	0.68%	0.79%
Expected Life	1 year 5 months 5 days	2 years 5 months 8 days
Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%

8. Share Capital (Details)

8. Share Capital (Details) - USD ($)	12 Months Ended
	Feb. 29, 2016	Jan. 31, 2016	Aug. 31, 2015	Feb. 28, 2015	Oct. 30, 2014	Sep. 30, 2014	Aug. 31, 2014	Jun. 30, 2014	Jun. 03, 2014	Apr. 30, 2014	Mar. 31, 2014
Common Stock, Shares Issued	30,029,046			29,881,824
Subscriptions received	$ 50,000
During the Year Ended February 29, 2016
Common Stock, Shares Issued		125,000	22,222
Gross Proceeds for Subscriptions			$ 7,606
Fair Value of Common Stock Shares Issued			$ 37,500
Subscriptions received	$ 50,000
During the Year Ended February 28, 2015
Common Stock, Shares Issued					538,461			200,000			100,000
Gross Proceeds for Subscriptions						$ 650,000	$ 52,000				$ 50,000
Shares Issued, Price Per Share					$ 0.70	$ 0.65	$ 0.65	$ 0.78		$ 0.50
Debt, Current								$ 128,828
Finder's Fee						$ 39,000
Common Unit, Issued						1,000,000	80,000
During the Year Ended February 28, 2015 (2)
Common Stock, Shares Issued								66,666
Gross Proceeds for Subscriptions									$ 46,000
Shares Issued, Price Per Share								$ 0.69
Finder's Fee									$ 2,343

8. Share Capital_ Schedule of46

8. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	12 Months Ended
	Feb. 29, 2016$ / sharesshares
Warrant 1
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares	$ 1.50
Temporary Equity, Shares Outstanding | shares	80,000
Expiry Date	Aug. 26, 2016
Warrant 2
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares	$ 1
Temporary Equity, Shares Outstanding | shares	1,000,000
Expiry Date	Sep. 3, 2017

8. Share Capital_ Schedule of47

8. Share Capital: Schedule of Stockholders Equity (Details)	12 Months Ended
	Feb. 29, 2016USD ($)$ / sharesshares
Details
Exercise Price | $ / shares	$ 0.10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	2,600,000
Expiration Date	Nov. 3, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $	$ 286,000

9. Related Party Transactions (

9. Related Party Transactions (Details) - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Details
Management Fees	$ 91,824	$ 106,524
Consulting Fees	3,634	$ 10,564
Officers' Compensation	108,262
Salaries, Wages and Officers' Compensation	$ 107,172

9. Related Party Transactions49

9. Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Details
Due to related parties	$ 334,869	$ 130,884

10. Income Taxes_ Schedule of50

10. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Details
Income (Loss) from Continuing Operations Attributable to Parent	$ (370,324)	$ (355,479)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ (129,613)	$ (124,418)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	(42,754)	(106,650)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(131,873)	(86,932)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 304,240	$ 318,000

10. Income Taxes_ Schedule of51

10. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Details
Deferred Tax Assets, Operating Loss Carryforwards	$ 1,208,645	$ 920,000
Deferred Tax Assets, Property, Plant and Equipment	345,595	330,000
Deferred Tax Assets, Valuation Allowance	$ (1,554,240)	$ (1,250,000)

10. Income Taxes (Details)

10. Income Taxes (Details)	Feb. 29, 2016USD ($)
Details
Operating Loss Carryforwards	$ 3,450,000