Blackwell 3D Construction (BDCC) 10-Q 17 Apr 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Feb. 28, 2014	Apr. 15, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Buckeye Oil & Gas, Inc.	'
Document Type	'10-Q	'
Document Period End Date	28-Feb-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001495648	'
Current Fiscal Year End Date	'--05-31	'
Entity Common Stock, Shares Outstanding	'	2,120,500
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	'2014	'
Document Fiscal Period Focus	'Q3	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Feb. 28, 2014	31-May-13
Current Assets	'	'
Cash	$42,567	$51,077
Sales Tax Refund Receivable	1,339	1,085
Prepaid Expenses	1,445	1,955
Total Current Assets	45,351	54,117
Oil and Gas Property Interests	1,015,408	1,015,408
Total Assets	1,060,759	1,069,525
Current Liabilities	'	'
Accounts Payable and Accrued Liabilities	78,645	84,614
Total Current Liabilities	78,645	84,614
Long Term Liabilities	'	'
Asset Retirement Obligations	10,959	10,832
Total Long Term Liabilities	10,959	10,832
Total Liabilities	89,604	95,446
Stockholders' Equity	'	'
Common Stock, Par Value $.0001 ,Authorized 500,000,000 shares 2,120,500 shares issued and outstanding at February 28, 2014 and 620,500 at May 31, 2013	212	62
Paid-In Capital	1,245,788	1,230,938
Deficit Accumulated During Exploration Stage	-274,845	-256,921
Total Stockholders' Equity	971,155	974,079
Total Liabilities and Stockholders' Equity	$1,060,759	$1,069,525

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)	Feb. 28, 2014	31-May-13
Parentheticals	'	'
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, shares issued	2,120,500	620,500
Common Stock, shares outstanding	2,120,500	620,500

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		46 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Revenues:	'	'	'	'	'
Oil and Gas Revenue	$0	$0	$0	$0	$8,401
Expenses	'	'	'	'	'
Operating Expenses	0	0	0	9,012	77,668
Accretion	276	276	858	825	2,794
Professional Expenses	3,536	2,566	12,694	8,309	66,014
Office and Sundry	1,782	2,556	7,690	15,954	83,191
Rent	451	450	1,351	1,350	5,251
Management and Directors' Fees	0	1,501	0	19,297	53,064
Total Expenses	6,045	7,349	22,593	54,747	287,982
Net Loss from Operations	-6,045	-7,349	-22,593	-54,747	-279,581
Other Income (Expenses)	'	'	'	'	'
Foreign Exchange Gain (Loss)	2,922	2,514	4,669	1,454	4,736
Net Other Income (Expenses)	2,922	2,514	4,669	1,454	4,736
Net Loss	($3,123)	($4,835)	($17,924)	($53,293)	($274,845)
Basic and Diluted Loss per Share (1)	$0	($0.01)	($0.03)	($0.09)	'
Weighted Average Shares Outstanding (1)	670,500	617,600	636,984	617,533	'

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		46 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES	'	'	'
Net Loss	($17,924)	($53,293)	($274,845)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities	'	'	'
Accretion Expense	858	825	2,794
Asset Retirement Obligation net of Foreign Exchange	-731	0	-731
Change in Operating Assets and Liabilities	'	'	'
Decrease (Increase) In Sales Tax Refund Receivable	-254	-1,108	-1,339
Decrease (Increase) in Prepaid Expenses	510	-1,822	-1,445
Increase (Decrease) in Accounts Payable	-5,969	-14,300	34,267
Net Cash Used in Operating Activities	-23,510	-67,482	-241,299
CASH FLOWS FROM INVESTING ACTIVITIES	'	'	'
Acquisition of Oil and Gas Property Interests	0	-12	-802,295
Cash Acquired on Business Combination	0	0	240,161
Net Cash Used in Investing Activities	0	-12	-562,134
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'
Proceeds from the Sale of Common Stock	15,000	60,000	846,000
Net Cash Provided by Financing Activities	15,000	60,000	846,000
Net (Decrease) Increase in Cash and Cash Equivalents	-8,510	-7,494	42,567
Cash and Cash Equivalents at Beginning of Period	51,077	61,654	0
Cash and Cash Equivalents at End of Period	42,567	54,160	42,567
Cash paid during the year for:	'	'	'
Interest	0	0	0
Income taxes	0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING INFORMATION	'	'	'
Accounts payable related to acquisition of oil and gas property interests	44,552	0	44,552
Long Term Liabilities - Asset Retirement Obligation	0	0	9,696
Shares issued on acquisition of Buckeye Oil & Gas (Canada), Inc.	$0	$0	$400,000

NATURE_OF_BUSINESS_AND_OPERATI

NATURE OF BUSINESS AND OPERATIONS	9 Months Ended
	Feb. 28, 2014
NATURE OF BUSINESS AND OPERATIONS	'
NATURE OF BUSINESS AND OPERATIONS	'
	NOTE 1 – NATURE OF BUSINESS AND OPERATIONS
	Organization and Basis of Presentation
	Buckeye Oil & Gas, Inc. (an exploration stage company) (the “Company”) was incorporated in the state of Florida on May 11, 2010 under the name Benefit Solutions Outsourcing Corp. On May 19, 2011 the Board of Directors and majority shareholder of the Company approved a change to the Company’s Articles of Incorporation which affected a name change of the company to “Buckeye Oil & Gas, Inc.”, and changed the business of the Company to oil and gas exploration.  The changes became effective at the close of business on June 1, 2011.
	On June 23, 2011 the Company entered into a Stock Purchase Agreement to acquire all of the issued and outstanding shares of a private Canadian business owned by the Company’s former principal executive officer called Buckeye Oil & Gas (Canada) Inc. (“Buckeye Canada”), a company incorporated in Alberta, Canada. The purchase price paid for the shares of Buckeye Canada was $400,000, which was paid by the issuance to Pol Brisset, the Company's former principal executive officer, of 10,000 shares of common stock of the Company.  As a result of the acquisition, Buckeye Canada became a wholly-owned subsidiary of the Company.  At the time of the acquisition Mr. Brisset was the Company’s principal executive officer but is now the Company’s secretary and director.
	Effective July 8, 2013, the Company and the Board of Directors of the Company adopted resolutions to effectuate a reverse split of its issued and outstanding shares of common stock on the basis of 1 post consolidation share for each 100 pre-consolidation shares.  All share and per share amounts in the condensed consolidated financial statements of the Company have been adjusted to reflect the reverse split.
	The accompanying financial statements have been prepared in U.S. dollars and in accordance with accounting principles generally accepted in the United States on a going concern basis.
	Nature of Operations
	The Company has commenced limited production from its properties as of February 28, 2014.    The Company is engaged in the acquisition, exploration and if warranted and feasible, the development of exploration of oil and gas properties.  The Company has a 28% working interest in two properties located in Alberta, Canada and has drilled an exploration well on each respective property, but neither well is currently in production (notes 4 and 5).
	Interim Reporting
	In the opinion of management the unaudited condensed consolidated financial information furnished herein reflects all adjustments, consisting of normal and recurring adjustments, that are necessary to fairly state the financial position of Buckeye Oil & Gas, Inc. and the results of its operations for the periods presented.  This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended May 31, 2013.  The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context.  Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Form 10-K for the fiscal year ended May 31, 2013 has been omitted.  The results of operations for the three and nine month periods ended February 28,2014 are not necessary indicative of results for the entire year ending May 31, 2014 or for any future annual or interim period.

ABILITY_TO_CONTINUE_AS_A_GOING

ABILITY TO CONTINUE AS A GOING CONCERN	9 Months Ended
	Feb. 28, 2014
ABILITY TO CONTINUE AS A GOING CONCERN	'
ABILITY TO CONTINUE AS A GOING CONCERN	'
	NOTE 2 – ABILITY TO CONTINUE AS A GOING CONCERN
	The accompanying financial statements have been prepared in US dollars and in accordance with accounting principles generally accepted in the United States (GAAP) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.  The Company only commenced its oil and gas exploration activities in June 2011.  The Company has realized only limited revenue from its present operations.  During the nine months ended February 28, 2014, the Company incurred a net loss of $17,924.  Since inception on May 11, 2010 the Company has an accumulated deficit of $274,845 to February 28, 2014.  Current cash on hand is not sufficient to fund all of our planned operations for the next twelve months.  These conditions raise substantial doubt about the Company's ability to continue as a going concern.
	The Company's ability to continue as a going concern is dependent on its ability to develop its oil and gas properties and ultimately achieve profitable operations and to generate sufficient cash flow from financing and operations to meet its obligations as they become payable. The Company expects that it will need approximately $47,000 to fund its operations during the next twelve months which will include capital payments under its property agreement (note 4) and the costs associated with maintaining an office. Management may seek additional capital through a private placement and public offering of its common stock.  Although there are no assurances that management’s plans will be realized, management believes that the Company will be able to continue operations in the future.  Accordingly, no adjustment relating to the recoverability and classification of recorded asset amounts and the classification of liabilities has been made to the accompanying financial statements in anticipation of the Company not being able to continue as a going concern.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Feb. 28, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Management’s Estimates and Assumptions
	The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the amounts reported in these financial statements and notes. Significant areas requiring the use of estimates relate to accrued liabilities, asset retirement obligation, and the impairment of long-lived assets.  Management believes the estimates utilized in preparing these financial statements are reasonable and prudent and are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could differ from those estimates.
	Cash and Cash Equivalents
	For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
	Foreign Currency
	The Company has oil and gas property interests in Canada and as a result incurs transactions in Canadian dollars.  The Company translates its Canadian dollar balances to US dollars in the following manner:  assets and liabilities have been translated using the rate of exchange at the balance sheet date.  The Company’s results of operations have been translated using average rates.
	Concentration of Credit Risk
	The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains all of its cash balances with one financial institution in the form of a demand deposit.
	Loss per Share
	Net income (loss) per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. The Company did not have any dilutive instruments outstanding at February 28, 2014.
	Comprehensive Income
	The Company has adopted ASC 220 (formerly SFAS No. 130, “Reporting Comprehensive Income”), which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company has disclosed this information on its Statement of Operations. Comprehensive income is comprised of net income (loss) and all changes to capital deficit except those resulting from investments by owners and distribution to owners.
	Income Taxes
	Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are  reduced by a  valuation  allowance  when,  in the opinion  of  management,  it is more  likely than not  that  some portion or all of the deferred  tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
	Uncertain Tax Positions
	The Company adopted the provisions of ASC 740-10-50, formerly FIN 48, Accounting for Uncertainty in Income Taxes. The Company had no material unrecognized income tax assets or liabilities for the year ended May 31, 2013 or for the year ended May 31, 2012. The Company’s policy regarding income tax interest and penalties is to expense those items as general and administrative expense but to identify them for tax purposes. During the year ended May 31, 2013 and 2012, there were no income tax, or related interest and penalty items in the income statement, or liability on the balance sheet. The Company files income tax returns in the U.S. federal jurisdiction and Florida State.  Tax years 2011 to present remain open to income tax examination.  The Company is not currently involved in any income tax examinations.
	Fair Value of Financial Instruments
	The book values of cash, prepaid expenses, and accounts payable approximate their respective fair values due to the short-term nature of these instruments. The fair value hierarchy under GAAP distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:
		•	Level one — Quoted market prices in active markets for identical assets or liabilities;
		•	Level two — Inputs other than level one inputs that are either directly or indirectly observable; and
		•	Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.
	Determining which category an asset or liability falls within the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter.
	Oil and Gas Property Payments and Exploration Costs
	The Company follows the full cost method of accounting for natural gas and oil operations.  Under the full cost method all costs incurred in the acquisition, exploration and development of natural gas and oil reserves are initially capitalized into cost centers on a country-by-country basis. The Company’s current cost center is located in Canada. Such costs include land acquisition costs, geological and geophysical expenditures, carrying charges on non-producing properties, costs of drilling and overhead charges directly related to acquisition, exploration and development activities.
	Costs capitalized, together with the costs of production equipment, are depleted and amortized on the unit-of-production method based on the estimated net proved reserves, as determined by independent petroleum engineers.  The Company has adopted revised oil and gas reserve estimation and disclosure requirements. The primary impact of the new disclosures is to conform the definition of proved reserves with the SEC Modernization of Oil and Gas Reporting rules, which were issued by the SEC at the end of 2008. The accounting standards update revised the definition of proved oil and gas reserves to require that the average, first-day-of-the-month price during the 12-month period before the end of the year rather than the year-end price, must be used when estimating whether reserve quantities are economical to produce. This same 12-month average price is also used in calculating the aggregate amount of (and changes in) future cash inflows related to the standardized measure of discounted future net cash flows. The percentage of total reserve volumes produced during the year is multiplied by the net capitalized investment plus future estimated development costs in those reserves.  Costs of acquiring and evaluating unproved properties are initially excluded from depletion calculations. These unevaluated properties are assessed periodically to ascertain whether impairment has occurred. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion calculations.
	Under full cost accounting rules, capitalized costs, less accumulated amortization and related deferred income taxes, shall not exceed an amount (the ceiling) equal to the sum of:  (i) the after tax present value of estimated future net revenues computed by applying current prices of oil and gas reserves to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on currents costs) to be incurred in developing and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; (ii) the cost of properties not being amortized; and (iii) the lower of cost or estimated fair value of unproven properties included in the costs being amortized.  If unamortized costs capitalized within a cost center, less related deferred income taxes, exceed the ceiling, the excess shall be charged to expense and separately disclosed during the period in which the excess occurs.  Amounts thus required to be written off shall not be reinstated for any subsequent increase in the cost center ceiling.
	Impairment of Long-lived Assets
	In accordance with ASC 360, Property, Plant and Equipment, long lived assets such as equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset.  If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.  Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount of fair value less costs to sell, and are no longer depreciated.  The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.
	Asset Retirement Obligations
	In accordance with ASC 410, Asset Retirement and Environmental Obligations the fair value of an asset retirement cost, and corresponding liability, should be recorded as part of the cost of the related long-lived asset and subsequently allocated to expense using a systematic and rational method.  The Company provides for future asset retirement obligations on its oil and natural gas properties based on estimates established by current legislation. The asset retirement obligation is initially measured at fair value and capitalized to capital assets as an asset retirement cost. The asset retirement obligation accretes until the time the asset retirement obligation is expected to settle while the asset retirement cost is amortized over the useful life of the underlying capital assets. The amortization of the asset retirement cost and the accretion of the asset retirement obligation are included in depletion and accretion expense.  Actual asset retirement costs are recorded against the obligation when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred is recorded as a gain or loss in the period of settlement.
	Revenue recognition
	Revenue from the production of crude oil and natural gas is recognized when title passes to the customer and when collection of the revenue is reasonably assured.  The Company does not operate its wells and is reliant on the wells’ operator to market and sell its proportion of oil and gas produced from its wells.  The customers take title when the crude oil is transferred to their pipeline or collection facility.
	The Company has recognized only minimal revenue from its oil and gas exploration activities from inception through to February 28, 2014.  The Company began earning revenue from its 28% working interest it has in its Valhalla Property commencing in October, 2011 and its 28% working interest in its Spirit Rycroft Property in March 2012.  Currently, neither property is in production.  Both properties are located in Alberta, Canada.
	New Accounting Pronouncements
	The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these financial statements as presented and does not anticipate the need for any future restatement of these financial statements because of the retro-active application of any accounting pronouncements issued subsequent to February 28, 2014 through the date these financial statements were issued.

OIL_AND_GAS_PROPERTY_INTERESTS

OIL AND GAS PROPERTY INTERESTS (Unproven)	9 Months Ended
	Feb. 28, 2014
OIL AND GAS PROPERTY INTERESTS (Unproven)	'
OIL AND GAS PROPERTY INTERESTS (Unproven)	'
	NOTE 4 – OIL AND GAS PROPERTY INTERESTS (Unproven)
		February 28, 2014 (Cumulative)
		Valhalla			Sprit Rycroft			Total
		(unproven)			(unproven)
	Property acquisition costs		$	378,462		$	622,470		$	1,000,932
	Geological and geophysical			2,593			2,187			4,780
	Asset Retirement Obligation			4,848			4,848			9,696
	Total expenditures		$	385,903			629,505			1,015,408
	Farmout and Participation Agreement with Luxor
	The Company’s sole assets are rights acquired by Buckeye Canada pursuant to a May 12, 2011 Farmout and Participation Agreement with Luxor Oil & Gas, Inc. (“Luxor”). Under this agreement Buckeye Canada has agreed to incur 80% of the cost of drilling a well on one of Luxor’s properties in exchange for a 56% working interest in said well. In a separate agreement, on May 16, 2011 Buckeye Canada entered into a Participation Agreement whereby the Company agreed to share its obligations and rights under the agreement with Luxor with a partner on a 50% basis.  The partner is a privately-owned company called Pioneer Marketing Group, Ltd. (“Pioneer”).  The Participation Agreement requires Buckeye Canada and Pioneer to equally fund Buckeye Canada’s obligations under the Luxor agreement and to participate equally in the interest in the well.  Accordingly, Buckeye Canada and Pioneer will each pay a net 40% of the initial capital costs and earn a 28% working interest each in any wells drilled by Luxor, as long as Pioneer continues to fund its half of the required amount of expenses.
	The first well drilled under the agreement with Luxor is located the Valhalla area of Alberta (“Valhalla Well”), Canada and was drilled in July 2011.  The Valhalla Well was completed in August, 2011 and initial production began in October 2011. Due to water accumulation issues, the Valhalla Well has had only limited production and is currently shut-in and not producing.  It is not yet known if the Valhalla Well will be economic.  Buckeye Canada has now earned its 28% interest in the Valhalla Well as well as the entire property on which the Valhalla Well is located.
	Buckeye Canada also has the right of first refusal to participate on two additional properties if Luxor determines that it desires to pursue drilling on those properties. If Buckeye Canada exercises this right, it will need to pay 80% of such expenses in exchange for a 56% working interest.  On July 26, 2011 Buckeye Canada exercised its rights to participate in a second well drilled by Luxor.  The second property is called Spirit Rycroft and the well on this property was drilled in August 2011 (the “SR Well”).  The SR Well started producing oil and liquids in March 2012 but has had only limited production to date and is currently shut in and not producing.  It is not yet known if the SR Well will be economic.  Buckeye Canada has now earned its 28% interest in the SR Well as well as the entire property on which the SR Well is located.
	The agreement with Luxor provides for Buckeye Canada to earn its working interest on the entire property and not just on the respective well.  As a result, now that Buckeye Canada has earned-in on the Valhalla and Spirit Rycroft Properties, Buckeye Canada will pay 28% of the capital costs on any new wells drilled on either property and earn a 28% working interest.  On the potentially three properties that are part of the Luxor agreement, Buckeye Canada pays 40% of the capital costs to earn a 28% working interest on the first well but pays 28% of the capital costs to earn a 28% working interest on all subsequent wells drilled on the respective property.  Luxor has indicated that they will not be proceeding on a third property.  As a result, the agreement with Luxor will include the two properties currently under the Luxor agreement.
	None of the Company’s properties currently contain any assigned reserves or resources.  None of the Company’s properties are currently in production.

ASSET_RETIREMENT_OBLIGATION

ASSET RETIREMENT OBLIGATION	9 Months Ended
	Feb. 28, 2014
ASSET RETIREMENT OBLIGATION	'
ASSET RETIREMENT OBLIGATION	'
	NOTE 5 – ASSET RETIREMENT OBLIGATION
	As at February 28, 2014 the Company’s asset retirement obligation was comprised of its 28% working interest in the Valhalla and SR Wells.  The Company has estimated its February 28, 2014 obligation at $10,959 which includes accretion expense of $858 for the nine months ended February 28, 2014.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Feb. 28, 2014
STOCKHOLDERS' EQUITY	'
STOCKHOLDERS' EQUITY	'
	NOTE 6 – STOCKHOLDERS’ EQUITY
	Stock Splits
	Effective July 8, 2013, the Company and the Board of Directors of the Company adopted resolutions to effectuate a reverse split of its issued and outstanding shares of common stock on the basis of 1 post consolidation share for each 100 pre-consolidation shares.  All share and per share amounts in the condensed consolidated financial statements of the Company have been adjusted to reflect the reverse split.
	Issuance of Units
	On February 26, 2014 the Company closed a direct offering for the issuance of 1,500,000 units at a price of $0.01 per unit for aggregate gross proceeds of $15,000. Each unit consist of one share of common stock, one A warrant, and one B warrant.  The A warrant is exercisable at a price of $0.05 per warrant until February 1, 2019 and each B warrant is exercisable at a price of $0.10 per warrant until February 1, 2019.  The units were issued pursuant to Regulation S of the Securities Act of 1993.  The issuance of the 1,500,000 units was directly offered to the Corporation’s officers, Stephane Pilon, Chief Executive Officer and Pol Brisset, Secretary.
	The warrants included in the units have been fair valued using the Black Scholes model.  The fair value of the warrants was determined using the following assumptions:  dividend rate – 0%; volatility - 141%; risk free rate - 0.07%; and a term of five years.  Based on their fair value the warrants have been assigned a value of $9,000.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Feb. 28, 2014
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	NOTE 7 – RELATED PARTY TRANSACTIONS
	The Company does not yet have a service agreement in place for its current principal executive officer, Stephane Pilon.  As a result of the Company not undertaking significant operations year-to-date, management has not been compensated.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	9 Months Ended
	Feb. 28, 2014
SUBSEQUENT EVENT	'
SUBSEQUENT EVENT	'
	NOTE 8 – SUBSEQUENT EVENT
	On April 4, 2014 the Company entered into an Asset Purchase Agreement (the “Agreement”) with Scenario A (the “Seller”), a Quebec Corporation, to purchase all assets relating to the product known as “Broken 7”, a craft beer brewed in Montreal, Quebec.  The Company is in the process of finalizing a partnership to produce, distribute and represent Broken 7 to major retail outlets.  The purchase price under the Agreement consists of $25,000 payable in two installments to the Seller as follows: (i) $12,500 to be paid at closing to a bank account designated by the Seller and (ii) $12,500 to be paid 60 business days after the closing date of April 7, 2014.
	The Company’s Chief Executive Officer, Stephane Pilon, also serves as the Seller’s President.  The Company’s Secretary and Director, Pol Brisset, also serves as the Seller’s Vice-President.  Mr. Pilon and Mr. Brisset are majority owners of the Seller.  As a result, the acquisition is a related party transaction.

ACCOUNTING_POLICIES_Policies

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Feb. 28, 2014
ACCOUNTING POLICIES	'
Management's Estimates and Assumptions	'
	Management’s Estimates and Assumptions
	The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the amounts reported in these financial statements and notes. Significant areas requiring the use of estimates relate to accrued liabilities, asset retirement obligation, and the impairment of long-lived assets.  Management believes the estimates utilized in preparing these financial statements are reasonable and prudent and are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could differ from those estimates.
Cash and Cash Equivalents Policy	'
	Cash and Cash Equivalents
	For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
Foreign Currency	'
	Foreign Currency
	The Company has oil and gas property interests in Canada and as a result incurs transactions in Canadian dollars.  The Company translates its Canadian dollar balances to US dollars in the following manner:  assets and liabilities have been translated using the rate of exchange at the balance sheet date.  The Company’s results of operations have been translated using average rates.
Concentration of Credit Risk	'
	Concentration of Credit Risk
	The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains all of its cash balances with one financial institution in the form of a demand deposit.
Loss per Share	'
	Loss per Share
	Net income (loss) per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. The Company did not have any dilutive instruments outstanding at February 28, 2014.
Comprehensive Income, Policy	'
	Comprehensive Income
	The Company has adopted ASC 220 (formerly SFAS No. 130, “Reporting Comprehensive Income”), which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company has disclosed this information on its Statement of Operations. Comprehensive income is comprised of net income (loss) and all changes to capital deficit except those resulting from investments by owners and distribution to owners.
Income Taxes Policy	'
	Income Taxes
	Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are  reduced by a  valuation  allowance  when,  in the opinion  of  management,  it is more  likely than not  that  some portion or all of the deferred  tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Uncertain Tax Positions	'
	Uncertain Tax Positions
	The Company adopted the provisions of ASC 740-10-50, formerly FIN 48, Accounting for Uncertainty in Income Taxes. The Company had no material unrecognized income tax assets or liabilities for the year ended May 31, 2013 or for the year ended May 31, 2012. The Company’s policy regarding income tax interest and penalties is to expense those items as general and administrative expense but to identify them for tax purposes. During the year ended May 31, 2013 and 2012, there were no income tax, or related interest and penalty items in the income statement, or liability on the balance sheet. The Company files income tax returns in the U.S. federal jurisdiction and Florida State.  Tax years 2011 to present remain open to income tax examination.  The Company is not currently involved in any income tax examinations.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The book values of cash, prepaid expenses, and accounts payable approximate their respective fair values due to the short-term nature of these instruments. The fair value hierarchy under GAAP distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:
		•	Level one — Quoted market prices in active markets for identical assets or liabilities;
		•	Level two — Inputs other than level one inputs that are either directly or indirectly observable; and
		•	Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.
	Determining which category an asset or liability falls within the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter.
Oil And Gas Property Payments And Exploration Costs	'
	Oil and Gas Property Payments and Exploration Costs
	The Company follows the full cost method of accounting for natural gas and oil operations.  Under the full cost method all costs incurred in the acquisition, exploration and development of natural gas and oil reserves are initially capitalized into cost centers on a country-by-country basis. The Company’s current cost center is located in Canada. Such costs include land acquisition costs, geological and geophysical expenditures, carrying charges on non-producing properties, costs of drilling and overhead charges directly related to acquisition, exploration and development activities.
	Costs capitalized, together with the costs of production equipment, are depleted and amortized on the unit-of-production method based on the estimated net proved reserves, as determined by independent petroleum engineers.  The Company has adopted revised oil and gas reserve estimation and disclosure requirements. The primary impact of the new disclosures is to conform the definition of proved reserves with the SEC Modernization of Oil and Gas Reporting rules, which were issued by the SEC at the end of 2008. The accounting standards update revised the definition of proved oil and gas reserves to require that the average, first-day-of-the-month price during the 12-month period before the end of the year rather than the year-end price, must be used when estimating whether reserve quantities are economical to produce. This same 12-month average price is also used in calculating the aggregate amount of (and changes in) future cash inflows related to the standardized measure of discounted future net cash flows. The percentage of total reserve volumes produced during the year is multiplied by the net capitalized investment plus future estimated development costs in those reserves.  Costs of acquiring and evaluating unproved properties are initially excluded from depletion calculations. These unevaluated properties are assessed periodically to ascertain whether impairment has occurred. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion calculations.
	Under full cost accounting rules, capitalized costs, less accumulated amortization and related deferred income taxes, shall not exceed an amount (the ceiling) equal to the sum of:  (i) the after tax present value of estimated future net revenues computed by applying current prices of oil and gas reserves to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on currents costs) to be incurred in developing and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; (ii) the cost of properties not being amortized; and (iii) the lower of cost or estimated fair value of unproven properties included in the costs being amortized.  If unamortized costs capitalized within a cost center, less related deferred income taxes, exceed the ceiling, the excess shall be charged to expense and separately disclosed during the period in which the excess occurs.  Amounts thus required to be written off shall not be reinstated for any subsequent increase in the cost center ceiling.
Impairment of Long-lived Assets	'
	Impairment of Long-lived Assets
	In accordance with ASC 360, Property, Plant and Equipment, long lived assets such as equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset.  If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.  Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount of fair value less costs to sell, and are no longer depreciated.  The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.
Asset Retirement Obligations	'
	Asset Retirement Obligations
	In accordance with ASC 410, Asset Retirement and Environmental Obligations the fair value of an asset retirement cost, and corresponding liability, should be recorded as part of the cost of the related long-lived asset and subsequently allocated to expense using a systematic and rational method.  The Company provides for future asset retirement obligations on its oil and natural gas properties based on estimates established by current legislation. The asset retirement obligation is initially measured at fair value and capitalized to capital assets as an asset retirement cost. The asset retirement obligation accretes until the time the asset retirement obligation is expected to settle while the asset retirement cost is amortized over the useful life of the underlying capital assets. The amortization of the asset retirement cost and the accretion of the asset retirement obligation are included in depletion and accretion expense.  Actual asset retirement costs are recorded against the obligation when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred is recorded as a gain or loss in the period of settlement.
Revenue recognition	'
	Revenue recognition
	Revenue from the production of crude oil and natural gas is recognized when title passes to the customer and when collection of the revenue is reasonably assured.  The Company does not operate its wells and is reliant on the wells’ operator to market and sell its proportion of oil and gas produced from its wells.  The customers take title when the crude oil is transferred to their pipeline or collection facility.
	The Company has recognized only minimal revenue from its oil and gas exploration activities from inception through to February 28, 2014.  The Company began earning revenue from its 28% working interest it has in its Valhalla Property commencing in October, 2011 and its 28% working interest in its Spirit Rycroft Property in March 2012.  Currently, neither property is in production.  Both properties are located in Alberta, Canada.
New Accounting Pronouncements	'
	New Accounting Pronouncements
	The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these financial statements as presented and does not anticipate the need for any future restatement of these financial statements because of the retro-active application of any accounting pronouncements issued subsequent to February 28, 2014 through the date these financial statements were issued.

Recovered_Sheet1

Oil And Gas Property Interests As Follows (Tables)	9 Months Ended
	Feb. 28, 2014
Oil And Gas Property Interests As Follows	'
Oil And Gas Property Interests As Follows	'
		February 28, 2014 (Cumulative)
		Valhalla			Sprit Rycroft			Total
		(unproven)			(unproven)
	Property acquisition costs		$	378,462		$	622,470		$	1,000,932
	Geological and geophysical			2,593			2,187			4,780
	Asset Retirement Obligation			4,848			4,848			9,696
	Total expenditures		$	385,903			629,505			1,015,408

Organization_and_Basis_of_Pres

Organization and Basis of Presentation (Details) (USD $)	Feb. 28, 2014	Jun. 23, 2011
Organization and Basis of Presentation:	'	'
Purchase price paid for the shares of Buckeye Canada	'	$400,000
Shares issued as per the purchase agreement	'	10,000
Working interests in properties of Canada	28.00%	'

GOING_CONCERN_Details

GOING CONCERN (Details) (USD $)	9 Months Ended	46 Months Ended
	Feb. 28, 2014	Feb. 28, 2014
GOING CONCERN:	'	'
Fund for Operational Requirement	$47,000	'
Net loss for the Period	17,924	'
Deficit accumulated during the period	'	$274,845

Recovered_Sheet2

Oil and Gas Property Interests - Acquisition and lease (Details) (USD $)	Feb. 28, 2014
Asset Retirement Obligation	$10,959
Valhalla (unproven)	'
Property acquisition costs	378,462
Geological and geophysical	2,593
Asset Retirement Obligation	4,848
Total expenditures	385,903
Sprit Rycroft (unproven)	'
Property acquisition costs	622,470
Geological and geophysical	2,187
Asset Retirement Obligation	4,848
Total expenditures	629,505
Total.	'
Property acquisition costs	1,000,932
Geological and geophysical	4,780
Asset Retirement Obligation	9,696
Total expenditures	$1,015,408

Farmout_and_Participation_Agre

Farmout and Participation Agreement (Details)	12-May-11
Farmout and Participation Agreement:	'
Percentage of cost of drilling a well to incur as per Farmout and Participation Agreement with Luxor Oil & Gas, Inc.	80.00%
Percentage of working interest to be given as per Farmout and Participation Agreement with Luxor Oil & Gas, Inc.	56.00%
Share of obligations and rights under the agreement with Luxor with a partner	50.00%
Initial capital costs payable by Buckeye	40.00%
Percentage of interest earned in the Luxor Well	28.00%

ASSET_RETIREMENT_OBLIGATION_CO

ASSET RETIREMENT OBLIGATION CONSISTS OF (Details) (USD $)	Feb. 28, 2014
ASSET RETIREMENT OBLIGATION CONSISTS OF:	'
Asset retirement obligation	$10,959
Accretion expense included in asset retirement obligation	$858
Asset retirement obligation as Percentage of working interest in the Valhalla and SR Wells	28.00%

COMMON_STOCK_SHARE_TRANSACTION

COMMON STOCK SHARE TRANSACTIONS (Details) (USD $)	Feb. 26, 2014
Issuance of Units	'
Closed a direct offering for the issuance common shares	1,500,000
Issuance of Units at a price	$0.01
Issuance of Units for aggregate gross proceeds	$15,000
A warrant is exercisable at a price	$0.05
B warrant is exercisable at a price	$0.10
Issuance of units was directly offered to the Corporation's officers	1,500,000
Fair value of warrants determined using following assumptions:	'
Dividend rate	0.00%
Volatility	141.00%
Risk free rate	0.07%
Term of years	5
Warrants have been assigned a value	$9,000

Subsequent_Events_Transactions

Subsequent Events Transactions (Details) (USD $)	Apr. 04, 2014
Subsequent Events Transactions:	'
Purchase price under the Agreement consists of	$25,000
Paid at closing to a bank account	12,500
Paid 60 business days after the closing date of April 7, 2014	$12,500