West Texas Resources (WTXR) 10-Q 14 May 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2015	14-May-15
Document And Entity Information
Entity Registrant Name	West Texas Resources, Inc.
Entity Central Index Key	1518985
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,415,400
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Mar. 31, 2015	Sep. 30, 2014
Current Assets
Cash	$42,042	$144,506
Accounts receivable	7,576	45,055
Oil and gas properties held for sale	335,500	0
Total Current Assets	385,118	189,562
Oil and gas properties, using successful effort accounting	212,434	885,810
TOTAL ASSETS	597,552	1,075,371
Current Liabilities
Accrued expenses	178,395	159,255
Payroll liabilities	1,671	3,499
Investment payable	13,600	13,600
Asset retirement obligation	10,000	10,000
Shareholder advances	35,000	35,000
Interest payable	27,753	19,303
Notes payable - related parties, net of discount	207,099	183,384
Other payable	34,060	38,369
Total Current Liabilities	507,578	462,410
Commitments and Contingencies
Shareholders' Equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized;14,415,400 and 14,415,400 shares issued and outstanding at March 31, 2015 and September 30, 2014, respectively	14,415	14,415
Additional paid-in capital	1,875,955	1,875,955
Accumulated deficit	-1,800,396	-1,277,409
Total Shareholders' Equity	89,974	612,961
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$597,552	$1,075,371

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Preferred stock par value	$0.00	$0.00
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$0.00	$0.00
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	14,415,400	14,415,400
Common stock shares outstanding	14,415,400	14,415,400

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Oil and gas sales	$16,801	$67,298	$81,140	$168,858
General and administrative expenses	83,876	306,536	211,997	470,436
Operating Loss	-67,075	-239,238	-130,857	-301,578
Other income (expenses)
Interest expense	-10,141	-10,424	-14,534	-22,326
Amortization of debt discount	-26,110	-26,110	-89,720	-188,887
Loss on sale of oil and gas interest	0	-19,983	0	-19,983
Impairment loss on oil and gas properties	-317,876	0	-317,876	0
Other income	0	0	30,000	0
Loss Before Income Taxes	-421,202	-295,755	-522,987	-532,774
Tax Provision	0	0	0	0
Net Loss	($421,202)	($295,755)	($522,987)	($532,774)
Loss per share
Basic and diluted weighted average number of common shares outstanding	14,415,400	14,106,600	14,415,400	14,092,851
Basic and diluted net loss per share	($0.03)	($0.02)	($0.04)	($0.04)

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net loss	($522,987)	($532,774)
Adjustments to reconcile net loss to net cash from operating activities:
Stock-based compensation	0	232,256
Loss on sale of oil and gas interest	0	19,983
Impairment loss on investment	317,876	0
Depletion expense	20,000	0
Amortization of debt discount	89,720	188,887
Changes in operating assets and liabilities:
Accounts receivable	37,479	131,850
Payroll liabilities	-1,828	-2,534
Other payable - Bank of America	-4,309	0
Interest payable	8,450	11,484
Accrued expenses	19,140	-4,096
Net cash provided by (used in) operating activities	-36,459	45,056
Cash flows from investing activities
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities
Proceeds from sale of common stock	0	26,000
Repayment on note payable	-66,005	-102,253
Shareholder Advances	0	60,579
Net cash used in financing activities	-66,005	-15,674
Net increase (decrease) in cash	-102,464	29,382
Cash, beginning of period	144,506	16,631
Cash, end of period	42,042	46,013
Supplemental cash flow disclosure:
Interest paid	6,084	10,842
Income taxes paid	$0	$0

1_Organization_and_Summary_of_

1. Organization and Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and business
	West Texas Resources, Inc. (the “Company”) was incorporated under the laws of Nevada on December 9, 2010 under the name Texas Resources Energy, Inc., a Texas corporation. On June 30, 2011, the Company changed its name to West Texas Resources, Inc. (the “Company”). The Company intends to engage in the acquisition, exploration and development of oil and gas properties in North America. From its inception, the Company has devoted its activities to developing a business plan, raising capital and acquiring operating assets.
	Basis of presentation
	The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”) and reflect all adjustments, consisting of normal recurring adjustments and other adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company, for the respective periods presented. The results of operations for an interim period are not necessarily indicative of the results that may be expected for any other interim period or the year as a whole. The accompanying unaudited financial statements should be read in conjunction with the financial statements and notes for the year ended September 30, 2014.
	Going concern
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) that contemplate continuation of the Company as a going concern. The Company has not earned any significant revenues since inception. During the six months ended March 31, 2015 and 2014, the Company incurred a net loss of $522,987 and $532,774, respectively. In addition, the Company had an accumulative deficit of $1,800,396 and $1,277,409, as of March 31, 2015 and September 30, 2014, respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	The Company will require up to $1 million of additional capital in order to fund its proposed operations over the next 12 months. Management plans to continue to seek sources of financing on favorable terms; however, there are no assurances that any such financing can be obtained on favorable terms, if at all. Management expects to monitor and control the Company’s operating costs until cash is available through financing or operating activities.  There are no assurances that the Company will be successful in achieving these plans. The Company anticipates that losses will continue until such time, if ever, as the Company is able to generate sufficient revenues to support its operations.
	Oil and gas properties
	The Company uses the successful efforts method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells that find proved reserves, to drill and equip development wells and related asset retirement costs are capitalized. Costs to drill exploratory wells that do not find proved reserves, geological and geophysical costs, and costs of carrying and retaining unproved properties are expensed.
	Unproved oil and gas properties that are individually significant are periodically assessed for impairment of value, and a loss is recognized at the time of impairment by providing an impairment allowance. Other unproved properties are amortized based on the Company's experience of successful drilling and average holding period. Capitalized costs of producing oil and gas properties, after considering estimated residual salvage values, are depreciated and depleted by the unit-of-production method.
	On the sale or retirement of a complete unit of a proved property, the cost and related accumulated depreciation, depletion, and amortization are eliminated from the property accounts, and the resultant gain or loss is recognized. On the retirement or sale of a partial unit of proved property, the cost is charged to accumulated depreciation, depletion, and amortization with a resulting gain or loss recognized in income. On the sale of an entire interest in an unproved property for cash or cash equivalent, gain or loss on the sale is recognized, taking into consideration the amount of any recorded impairment if the property had been assessed individually. If a partial interest in an unproved property is sold, the amount received is treated as a reduction of the cost of the interest retained.
	Impairment of long-lived assets
	The Company accounts for the impairment and disposition of long-lived assets in accordance with ASC 360-10-35, Impairment or Disposal of Long-Lived Assets. In accordance with ASC 360-10-35, long-lived assets are reviewed for events of changes in circumstances, which indicate that their carrying value may not be recoverable. During the quarter ended March 31, 2015, we recorded $317,876 of impairment on the Company’s investments in oil and gas properties.
	Asset retirement obligations
	ASC 410-20, Asset Retirement Obligations, clarifies that a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. The obligation to perform the asset retirement activity is unconditional even though uncertainty exists about the timing and/or method of settlement. ASC 410-20 requires a liability to be recognized for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated.
	Except for the Eastland County investment, the asset retirement obligations for the other properties are recognized by the operators of these properties and deducted against the revenue interest of the Company.
	Cash, cash equivalents, and other cash flow statement supplemental information
	The Company considers all liquid investments with an original maturity of three months or less that are readily convertible into cash to be cash equivalents. The Company places its cash equivalents with high credit quality financial institutions.  Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The Company performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Company.
	Furniture, fixtures and equipment
	Furniture, fixtures and equipment are carried at cost depreciated using the straight-line method over their estimated useful lives. Gain or loss on retirement or sale or other disposition of these assets is included in income in the period of disposition.
	Use of estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
	Income taxes
	The Company reports certain expenses differently for financial and tax reporting purposes and, accordingly, provides for the related deferred taxes. Income taxes are accounted for under the liability method in accordance with ASC 740, Income Taxes.
	Management has considered its tax positions and believes that all of the positions taken by the Company in its Federal and State tax returns are more likely than not to be sustained upon examination. The Company is subject to examination by U.S. Federal and State tax authorities from 2011 to the present, generally for three years after they are filed.
	The Company has not filed its income tax returns for fiscal year 2012 and 2013. The Company believes that it should not have any material impact on the financials because the Company did not have any tax liabilities due to net loss incurred for these years.
	Basic and diluted net income (loss) per share
	Basic net income (loss) per share is based upon the weighted average number of common shares outstanding. Diluted net income (loss) per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised.  Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. For the three and six months ended March 31, 2015 and 2014, all common stock equivalents were anti-dilutive.
	Stock-based payments
	Compensation costs for all share-based awards are measured based on the grant date fair value and are recognized over the vesting period. The Company has no awards with market or performance conditions. Excess tax benefits will be recognized as an addition to additional paid-in-capital.
	Fair value of financial instruments
	The accounting standards regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash and other current assets and liabilities to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.
	The Company has also adopted ASC 820-10 which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:
		·	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
		·	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
		·	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.
	As of March 31, 2015 and September 30, 2014, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value in accordance with ASC 820-10.
	Certain reclassifications have been made to the prior year financial statements in order for them to be in conformity with the current year presentation.
	Recent accounting pronouncements
	The Company did not identify any recent accounting pronouncements with material impact on the Company’s financial condition or results of operations.

2_Oil_and_Gas_Properties

2. Oil and Gas Properties	6 Months Ended
	Mar. 31, 2015
Extractive Industries [Abstract]
Oil and Gas Properties	Port Hudson Field, Baton Rouge Parish, Louisiana
	Effective April 1, 2013, the Company acquired a 7.24625% working interest in the oil and gas leases, wells and attendant production in the Port Hudson field, Baton Rouge Parish, Louisiana, for a total consideration of $702,900. The Company’s working interest is subject to certain overriding royalty interests, subject to which it has a 5.65158% net revenue interest in the Port Hudson Field.
	On April 5, 2014, the Company entered into an agreement with EnTek Partners, LLC for the sale of 44.1% of our working interest in the Port Hudson field for the total consideration of $290,000, less any payments received by us for production from the Port Hudson field occurring after January 1, 2014. Pursuant to our agreement with EnTek Partners, we sold to EnTek an undivided 3.1956% of 8/8th working interest (2.4926% net revenue interest) out of the working interests in the Port Hudson field owned by us. The transactions under the Entek Partners agreement closed on April 16, 2014, with an effective date of January 1, 2014. After giving effect to the sale, the Company continues to hold a 4.0506% working interest (3.1595% net revenue interest) in Port Hudson field. During the year ended September 30, 2014, the Company recorded a loss on sale of the working interest of $19,983.
	Pursuant to the same agreement, EnTek Partners has also agreed to provide to the Company $275,000 in non-recourse financing to pay for its share of a dual recompletion in the D-1 well at West Cam 225 property in exchange for its agreement to provide EnTek Partners with 75% of the net profits derived by the Company from the West Cam 225 property until such time as EnTek Partners has recouped 100% of the recompletion costs advanced on the Company’s behalf and 50% of the net profits thereafter.
	West Cam 225, Louisiana
	On August 16, 2013, the Company entered into an agreement with Enovation Resources, LLC to purchase a 10.0167% working interest (7.2120% net revenue interest) in an offshore oil and gas field, known as West Cam 225, located in the shallow waters of the Gulf of Mexico near Cameron, Louisiana. The Company’s purchase price for the working interest is $50,000. In addition to the purchase price, the Company paid $230,459 as advance for costs for development.
	Sunshine Prospect, Landry Parish, Louisiana
	On August 1, 2014, the Company entered into an agreement with Restech Resources, LLC to purchase a 15% (14.25% net revenue interest) in an oil and gas prospect located in Landry Parish, Louisiana. The working interest concerns 248 gross acres and net acres in the Sunshine Prospect. Our purchase price for the working interest was $76,500.
	Birnie Field,Motley County, Texas
	On September 17, 2014, the Company entered into an agreement with Escopeta Oil and Gas Corporation to purchase a 10% working interest (7.5% net revenue interest) in a natural gas prospect located in the Birnie field in Motley County, Texas. The working interest concerns 5,760 leased acres in the Palo Duro Basin prospect. Our purchase price for the working interest was $70,000. In 2014, the operator drilled an initial well on the prospect, however the drilling was unsuccessful and resulted in a dry hole. The operator agreed to provide us, for no additional consideration, a 1% working interest in the Stansell field prospect described below.
	Stansell Field, Floyd County, Texas
	We hold a 1% working interest in an oil prospect located in Floyd County, Texas. The working interest comprises 15,000 leased acres in the southern section of the Palo Duro basin. The initial project will be the re-entry of the Stansell #1-A well, an existing wellbore that was drilled in 2006. The original drilling encountered oil shows in three separate reservoirs and the operator intends to re-enter and recomplete the Stansell #1-A the Companying current fracture stimulation technology. We have a carried 1% working interest in the Stansell #1-A well through the tanks. In April 2015, the operator has started the re-entry of the Stansell #1-A well .
	Wolfcamp Field, Hale County, Texas
	In June and July 2014, we acquired non-operating leases covering approximately 1,070 gross mineral acre leases in the Wolfcamp field located in Hale County, Texas. The leases were acquired for cash payments of $45,484. The leases have a primary term of five years with the Company option to extend the term for another five years. The leased properties constitute the surface acreage comprising a natural gas prospect, for which we hold 50% of the working interest and 40% net revenue interest. The leased properties are subject to a 20% royalty interest held by the owners and a third party. We are currently evaluating the Company options for the exploitation of the leased properties, including the Company sale of the leases or the Company farm-out of the leases to a natural gas operator.
	During the quarter ended March 31, 2015, the Company decided to sell 100% of its interest in Port Hudson field and West Cam 225. The net investment of $653,376 was reclassed as oil and gas properties held for sale and recorded at market value of $335,500. The Company recorded impairment loss of $317,876 due to reduction of the market value comparing to the cost of these investments.
	As of March 31, 2015 and September 30, 2014, total oil and gas properties amounted to $212,434 and $885,810, respectively.

3_Notes_Payable_Related_Partie

3. Notes Payable - Related Parties	6 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Notes Payable - Related Parties	On August 14, 2013, the Company entered into a loan agreement with a shareholder, Gary Bryant, pursuant to which Mr. Bryant loaned the Company $417,762, the proceeds of which were used to partially finance the acquisition of the Port Hudson interest described in Note 2 above. The loan bears interest on the unpaid principal amount at the rate of 8% per annum. All principal and interest are payable over a four year period, commencing November 1, 2013, at the amortized rate of $10,198 per month. The Company’s obligations under the loan are secured by our working interest in the Port Hudson field. As of March 31, 2015, the Company had missed five payments of $10,198.
	On September 6, 2013, the Company entered into another loan agreement with Mr. Gary Bryant, pursuant to which Mr. Bryant loaned the Company $130,000, the proceeds of which were used to partially finance the Company’s payment of its allocable expenses associated with its working interest in the West Cam 225 field, described in Note 2 above. The loan bears interest on the unpaid principal amount at the rate of 6% per annum. All principal and interest are payable on December 6, 2013 and are convertible into shares of the Company’s common stock, at the option of the holder, at the rate of $0.50 per share. In December 2013, Mr. Bryant and the Company entered to an agreement to extend the due date of the loan to February 6, 2016. The Company’s obligations under the loan are secured by its working interest in the Port Hudson field. The Company also entered into an amendment to its loan agreement with Mr. Bryant dated August 14, 2013, in the original principal amount of $417,762, to provide that all principal and interest under that loan agreement are convertible into shares of the Company’s common stock, at the option of the holder, at the rate of $0.50 per share.
	On April 3, 2015, Mr. Bryant agreed to release the security interest in the Port Hudson field as the Company engaged in negotiations to sell the property.
	On September 6, 2013, the Company entered into a second loan agreement with a company controlled by one of the shareholders pursuant to which the lender loaned the Company $100,000. The proceeds of which were used to partially finance the Company’s payment of its allocable expenses associated with its working interest in the West Cam 225 field, described in Note 2 above. The loan carried interest on the unpaid principal amount at the rate of 6% per annum. The Company’s obligations under the loan were secured by the Company’s working interest in the West Cam 225 field. In connection with the loan, the Company granted the lender a warrant to purchase 200,000 shares of the Company’s common stock, at an exercise price of $0.50 per share, over a two year period expiring on September 5, 2015. This note was fully paid off in April 2014.
	The Company determined that the fair value of the above conversion options and the warrants using the Black–Scholes model with the variables listed below:
		·	Volatility: 160%
		·	Risk free rate of return: 0.01% to 0.875%
		·	Expected term: 0.25 to 4 years
	On September 16, 2014, the Company entered into a Note purchase agreement with Lake Oswego Oil Company, LLC, an Oregon limited liability company controlled by one of the shareholders, pursuant to which the Company sold a secured promissory note in the principal amount of $50,000, for a purchase price of $50,000. Interest accrues on the unpaid principal balance of the note at the rate of six percent per annum. This note was fully paid off in the quarter ended December 31, 2014. As an inducement to the note holder to enter into this agreement, the Company also granted the note holder a warrant to purchase 100,000 shares of the Company’s common stock, and exercisable at $0.50 per share over a two year period expiring on September 16, 2019.
	The Company determined that the fair value of the warrants using Black–Scholes model with the variable listed below:
		·	Volatility: 340%
		·	Risk free rate of return: 1.688%
		·	Expected term: 2 years
	In connection with the issuance of the above notes, the Company recorded a note discount of $50,000 and $647,762 for the years ended September 30, 2014 and 2013, respectively, which are to be amortized over the lives of the notes. For the three months ended March 31, 2015 and 2014, the Company recorded amortization of note discount of $26,110 and $26,110 as amortization of debt discount. For the six months ended March 31, 2015 and 2014, the Company recorded amortization of note discount of $89,720 and $188,887 as amortization of debt discount.

4_Shareholder_Advances

4. Shareholder Advances	6 Months Ended
	Mar. 31, 2015
Shareholder Advances Details Narrative
Shareholder Advances	During the year ended September 30, 2014 and 2013, a shareholder advanced a total amount of $20,000 and $21,000, respectively, as advances to the Company to support its daily operations. These advances are due on demand and do not bear any interest. In the fiscal year 2013, $41,000 of shareholder advances were converted into 82,000 shares of the Company’s common stock. As of March 31, 2015 and September 30, 2014, the total outstanding amount due to the shareholder was $35,000 and $35,000, respectively.

5_Shareholders_Equity

5. Shareholders' Equity	6 Months Ended
	Mar. 31, 2015
Shareholders' Equity
Shareholders' Equity	The Company is authorized to issue 200,000,000 shares of common stock, par value of $0.001, and 10,000,000 shares of preferred stock, par value of $0.001.
	During the year ended September 30, 2014, the Company entered into various subscription agreements with accredited investors to sell 336,000 shares of the Company’s common stock at $0.50 per share. The total amount of $168,000 was received upon signing of the subscription agreements.
	As of March 31, 2015 and September 30, 2014, the Company had 14,415,400 and 14,415,400 shares of common stock issued and outstanding and had not issued any of its preferred stock.
	On September 15, 2011, the Company adopted the West Texas Resources, Inc. 2011 Stock Incentive Plan (the “Plan”) providing for the grant of non-qualified stock options and incentive stock options to purchase its common stock and for grant of restricted and unrestricted grants. The Company has reserved 3,000,000 shares of its common stock under the Plan. All officers, directors, employees and consultants to the Company are eligible to participate under the Plan. The purpose of the Plan is to provide eligible participants with an opportunity to acquire an ownership interest in the Company.
	In 2011, the Company granted options to certain consultants to purchase 400,000 shares of the Company’s common stock. The options vest immediately and expire on September 15, 2016. The fair value of each share-based award was estimated using the Black-Scholes option pricing model or a lattice model. The fair value of these options, determined to be $65,402, was included in general and administrative expenses for the year ended September 30, 2011.
	The following assumptions were used in the fair value method calculation:
		·	Volatility: 83%
		·	Risk free rate of return: 1%
		·	Expected term: 5 years
	On March 7, 2014, the Company granted options to certain consultants to purchase 1,500,000 shares of the Company’s common stock, of which 200,000 options vested upon the date of grant and the balance of 1,300,000 options expired in October 2014 in connection with the termination of the consulting arrangement. The 200,000 vested options expire on March 7, 2019. The fair value of the vested options for 200,000 shares, determined to be $116,137, was recorded in general and administrative expenses for the year ended September 30, 2014.
	On March 11, 2014, the Company granted options to its officers to purchase a total of 200,000 shares of the Company’s common stock. The options expire on March 11, 2019 and vest immediately. The fair value of these options determined to be $116,119 and was included in general and administrative expenses for the year ended September 30, 2014.
	The following assumptions were used in the fair value method calculation:
		·	Volatility: 190%
		·	Risk free rate of return: 1.5%
		·	Expected term: 5 years
	The following information applies to all options outstanding at March 31, 2015:
		·	Weighted average exercise price: $0.53
		·	Options outstanding and exercisable: 800,000
		·	Average remaining life: 3.50 years

6_Subsequent_Event

6. Subsequent Event	6 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Event	Events subsequent to March 31, 2015 have been evaluated through the date these financial statements were issued to determine whether they should be disclosed to keep the financial statements from being misleading. Management found the following subsequent events that should be disclosed:
		·	On April 6, 2015, the Company entered into an agreement with Hi-Tech Exploration, LLC to sell to Hi-Tech its entire 4.0506% working interest (3.1595% net revenue interest) in the Port Hudson field for the total consideration of $205,000, less any payments received by the Company for production from the Port Hudson field occurring after March 1, 2015.
		·	On April 6, 2015, the Company entered into a separate agreement with Hi-Tech to sell Hi-Tech its entire 10.0167% working interest (7.2118% net revenue interest) in the West Cam 225 property for the total consideration of $130,500.
		·	The transactions under the above two agreements closed on April 6, 2015.
		·	On May 6, 2015, Stephen Jones resigned as an executive officer and member of the board of directors of the Company. On the same date, the Company’s board of directors appointed John D. Kerr to serve as the president and chief executive officer of the Company.

1_Organization_and_Summary_of_1

1. Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and business	Organization and business
	West Texas Resources, Inc. ( the “Company”) was incorporated under the laws of Nevada on December 9, 2010 under the name Texas Resources Energy, Inc., a Texas corporation. On June 30, 2011, the Company changed its name to West Texas Resources, Inc. (the “Company”). The Company intends to engage in the acquisition, exploration and development of oil and gas properties in North America. From its inception, the Company has devoted its activities to developing a business plan, raising capital and acquiring operating assets.
Basis of presentation	Basis of presentation
	The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”) and reflect all adjustments, consisting of normal recurring adjustments and other adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company, for the respective periods presented. The results of operations for an interim period are not necessarily indicative of the results that may be expected for any other interim period or the year as a whole. The accompanying unaudited financial statements should be read in conjunction with the financial statements and notes for the year ended September 30, 2014.
Going concern	Going concern
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) that contemplate continuation of the Company as a going concern. The Company has not earned any significant revenues since inception. During the six months ended March 31, 2015 and 2014, the Company incurred a net loss of $522,987 and $532,774, respectively. In addition, the Company had an accumulative deficit of $1,800,396 and $1,277,409, as of March 31, 2015 and September 30, 2014, respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	The Company will require up to $1 million of additional capital in order to fund its proposed operations over the next 12 months. Management plans to continue to seek sources of financing on favorable terms; however, there are no assurances that any such financing can be obtained on favorable terms, if at all. Management expects to monitor and control the Company’s operating costs until cash is available through financing or operating activities.  There are no assurances that the Company will be successful in achieving these plans. The Company anticipates that losses will continue until such time, if ever, as the Company is able to generate sufficient revenues to support its operations.
Oil and gas properties	Oil and gas properties
	The Company uses the successful efforts method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells that find proved reserves, to drill and equip development wells and related asset retirement costs are capitalized. Costs to drill exploratory wells that do not find proved reserves, geological and geophysical costs, and costs of carrying and retaining unproved properties are expensed.
	Unproved oil and gas properties that are individually significant are periodically assessed for impairment of value, and a loss is recognized at the time of impairment by providing an impairment allowance. Other unproved properties are amortized based on the Company's experience of successful drilling and average holding period. Capitalized costs of producing oil and gas properties, after considering estimated residual salvage values, are depreciated and depleted by the unit-of-production method.
	On the sale or retirement of a complete unit of a proved property, the cost and related accumulated depreciation, depletion, and amortization are eliminated from the property accounts, and the resultant gain or loss is recognized. On the retirement or sale of a partial unit of proved property, the cost is charged to accumulated depreciation, depletion, and amortization with a resulting gain or loss recognized in income. On the sale of an entire interest in an unproved property for cash or cash equivalent, gain or loss on the sale is recognized, taking into consideration the amount of any recorded impairment if the property had been assessed individually. If a partial interest in an unproved property is sold, the amount received is treated as a reduction of the cost of the interest retained.
Impairment of long-lived assets	Impairment of long-lived assets
	The Company accounts for the impairment and disposition of long-lived assets in accordance with ASC 360-10-35, Impairment or Disposal of Long-Lived Assets. In accordance with ASC 360-10-35, long-lived assets are reviewed for events of changes in circumstances, which indicate that their carrying value may not be recoverable. During the quarter ended March 31, 2015, we recorded $317,876 of impairment on the Company’s investments in oil and gas properties.
Asset retirement obligations	Asset retirement obligations
	ASC 410-20, Asset Retirement Obligations, clarifies that a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. The obligation to perform the asset retirement activity is unconditional even though uncertainty exists about the timing and/or method of settlement. ASC 410-20 requires a liability to be recognized for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated.
	Except for the Eastland County investment, the asset retirement obligations for the other properties are recognized by the operators of these properties and deducted against the revenue interest of the Company.
Cash, cash equivalents, and other cash flow statement supplemental information	Cash, cash equivalents, and other cash flow statement supplemental information
	The Company considers all liquid investments with an original maturity of three months or less that are readily convertible into cash to be cash equivalents. The Company places its cash equivalents with high credit quality financial institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The Company performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Company.
Furniture, fixtures and equipment	Furniture, fixtures and equipment
	Furniture, fixtures and equipment are carried at cost depreciated using the straight-line method over their estimated useful lives. Gain or loss on retirement or sale or other disposition of these assets is included in income in the period of disposition.
Use of estimates	Use of estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.
Income taxes	Income taxes
	The Company reports certain expenses differently for financial and tax reporting purposes and, accordingly, provides for the related deferred taxes. Income taxes are accounted for under the liability method in accordance with ASC 740, Income Taxes.
	Management has considered its tax positions and believes that all of the positions taken by the Company in its Federal and State tax returns are more likely than not to be sustained upon examination. The Company is subject to examination by U.S. Federal and State tax authorities from 2011 to the present, generally for three years after they are filed.
	The Company has not filed its income tax returns for fiscal year 2012 and 2013. The Company believes that it should not have any material impact on the financials because the Company did not have any tax liabilities due to net loss incurred for these years.
Basic and diluted net income (loss) per share	Basic and diluted net income (loss) per share
	Basic net income (loss) per share is based upon the weighted average number of common shares outstanding. Diluted net income (loss) per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised.  Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. For the three and six months ended March 31, 2015 and 2014, all common stock equivalents were anti-dilutive.
Stock-based payments	Stock-based payments
	Compensation costs for all share-based awards are measured based on the grant date fair value and are recognized over the vesting period. The Company has no awards with market or performance conditions. Excess tax benefits will be recognized as an addition to additional paid-in-capital.
Fair value of financial instruments	Fair value of financial instruments
	The accounting standards regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash and other current assets and liabilities to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.
	The Company has also adopted ASC 820-10 which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:
		·	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
		·	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
		·	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.
	As of March 31, 2015 and September 30, 2014, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value in accordance with ASC 820-10.
	Certain reclassifications have been made to the prior year financial statements in order for them to be in conformity with the current year presentation.
Recent accounting pronouncements	Recent accounting pronouncements
	The Company did not identify any recent accounting pronouncements with material impact on the Company’s financial condition or results of operations.

1_Organization_Details_Narrati

1. Organization (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	($421,202)	($295,755)	($522,987)	($532,774)
Accumulated deficit	-1,800,396		-1,800,396		-1,277,409
Impairment on investment in oil and gas property	$317,876	$0	$317,876	$0

2_Oil_and_Gas_Properties_Detai

2. Oil and Gas Properties (Details Narrative) (USD $)	3 Months Ended		6 Months Ended			12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Loss on sale of working interest	$0	($19,983)	$0	($19,983)
Oil and gas properties	212,434		212,434			885,810
Other income earned	0	0	30,000	0
Oil and gas properties held for sale	335,500		335,500			0
Impairment loss on investment	317,876	0	317,876	0
Port Hudson
Interest percentage in oil and gas lease						4.05%
Payments received from sale of oil and gas property						290,000
Loss on sale of working interest						-19,983
Other income earned						30,000
Oil and gas properties held for sale	335,500		335,500
Impairment loss on investment					317,876
West Cam
Costs incurred to acquire oil and gas property							50,000
Interest percentage in oil and gas lease							10.02%
Payments made for development							230,459
Sunshine Prospect [Member]
Costs incurred to acquire oil and gas property						76,500
Interest percentage in oil and gas lease						15.00%
Birnie Field [Member]
Costs incurred to acquire oil and gas property						70,000
Interest percentage in oil and gas lease						10.00%
Stansell Field
Interest percentage in oil and gas lease						1.00%
Wolfcamp Field [Member]
Costs incurred to acquire oil and gas property						$45,484
Interest percentage in oil and gas lease						50.00%

3_Notes_Payable_Related_Partie1

3. Notes Payable - Related Parties (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2013
Related Party Transactions [Abstract]
Amortization of debt discount	$26,110	$26,110	$89,720	$188,887
Unamortized discount					$50,000	$647,762

4_Shareholder_Advances_Details

4. Shareholder Advances (Details Narrative) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2015
Shareholder Advances Details Narrative
Proceeds from shareholder	$20,000	$21,000
Shareholder advances	35,000		35,000
Advances converted into shares, value		$41,000
Advances converted into shares, shares		82,000

5_Shareholders_Equity_Details_

5. Shareholders' Equity (Details Narrative) (USD $)	6 Months Ended	12 Months Ended
	Mar. 31, 2015	Sep. 30, 2014
Stock sold during year		336,000
Stock sold during year, proceeds		$168,000
Weighted average exercise price of options	$0.53
Options outstanding	800,000
Options exercisable	800,000
Average remaining life options	3 years 9 months
Consultants [Member]
Options granted		1,500,000
Options vested		200,000
Options expired	1,300,000
Fair value of options vested		$116,137