Cover
Cover - USD ($) | 12 Months Ended | ||
Feb. 29, 2024 | May 28, 2024 | Aug. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Feb. 29, 2024 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2024 | ||
Current Fiscal Year End Date | --02-29 | ||
Entity File Number | 000-55695 | ||
Entity Registrant Name | Norris Industries, Inc. | ||
Entity Central Index Key | 0001603793 | ||
Entity Tax Identification Number | 46-5034746 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 102 Palo Pinto St | ||
Entity Address, Address Line Two | Suite B | ||
Entity Address, City or Town | Weatherford | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 76086 | ||
City Area Code | (855) | ||
Local Phone Number | 809-6900 | ||
Title of 12(b) Security | Common Stock, $.001 par value | ||
Trading Symbol | NRIS | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 90,883,013 | ||
Documents Incorporated by Reference [Text Block] | None | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 171 | ||
Auditor Name | HORNE LLP | ||
Auditor Location | Ridgeland, Mississippi |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Current Assets | ||
Cash | $ 54,217 | $ 151,731 |
Account receivable - oil & gas | 17,011 | 24,151 |
Total Current Assets | 71,228 | 175,882 |
Oil and Gas Property - Full Cost Method | ||
Properties subject to amortization | 3,330,331 | 3,006,271 |
Less: accumulated depletion and impairment | (2,943,821) | (2,844,022) |
Total Oil and Gas Property, net | 386,510 | 162,249 |
Total Assets | 457,738 | 338,131 |
Current Liabilities | ||
Accounts payable and accrued expenses | 121,039 | 125,647 |
Total Current Liabilities | 121,039 | 125,647 |
Accounts payable and accrued expenses - related party - long-term | 585,341 | 456,879 |
Asset retirement obligations | 485,333 | 146,245 |
Total Liabilities | 5,391,713 | 4,628,771 |
Stockholders’ Deficit | ||
Preferred stock | ||
Common stock, $0.001 par value per share, 150,000,000 shares authorized; 90,883,013 shares issued and outstanding | 90,883 | 90,883 |
Additional paid-in capital | 6,286,399 | 6,286,399 |
Accumulated deficit | (11,312,257) | (10,668,922) |
Total Stockholder’s Deficit | (4,933,975) | (4,290,640) |
Total Liabilities and Stockholders’ Deficit | 457,738 | 338,131 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock | 1,000 | 1,000 |
Related Party [Member] | ||
Current Liabilities | ||
Convertible notes payable - related party | $ 4,200,000 | $ 3,900,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 90,883,013 | 90,883,013 |
Common stock, shares outstanding | 90,883,013 | 90,883,013 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Preferred stock, liquidation preference | $ 2,250,000 | $ 2,250,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Revenues | ||
Total Revenues | $ 329,610 | $ 526,447 |
Operating Expenses | ||
Lease operating expenses | 530,369 | 655,029 |
General and administrative expenses | 200,787 | 192,294 |
Depletion, depreciation and accretion | 114,827 | 67,727 |
Total Operating Expenses | 845,983 | 915,050 |
Loss from Operations | (516,373) | (388,603) |
Interest Expenses | (126,962) | (116,377) |
Net Loss | $ (643,335) | $ (504,980) |
Net loss per common share - basic | $ (0.01) | $ (0.01) |
Net loss per common share - diluted | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding - basic | 90,883,013 | 90,883,013 |
Weighted average number of common shares outstanding - diluted | 90,883,013 | 90,883,013 |
Oil and Gas [Member] | ||
Revenues | ||
Total Revenues | $ 329,610 | $ 526,447 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit - USD ($) | Preferred Stock [Member] Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Feb. 28, 2022 | $ 1,000 | $ 90,883 | $ 6,286,399 | $ (10,163,942) | $ (3,785,660) |
Balance, shares at Feb. 28, 2022 | 1,000,000 | 90,883,013 | |||
Net loss | (504,980) | (504,980) | |||
Balance at Feb. 28, 2023 | $ 1,000 | $ 90,883 | 6,286,399 | (10,668,922) | (4,290,640) |
Balance, shares at Feb. 28, 2023 | 1,000,000 | 90,883,013 | |||
Net loss | (643,335) | (643,335) | |||
Balance at Feb. 29, 2024 | $ 1,000 | $ 90,883 | $ 6,286,399 | $ (11,312,257) | $ (4,933,975) |
Balance, shares at Feb. 29, 2024 | 1,000,000 | 90,883,013 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Cash Flow from Operating Activities | ||
Net loss | $ (643,335) | $ (504,980) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depletion, depreciation and accretion | 114,827 | 67,727 |
Changes in operating assets and liabilities: | ||
Accounts receivable - oil & gas | 7,140 | 46,795 |
Accounts payable and accrued expenses | (4,608) | (13,757) |
Accounts payable and accrued expenses - related party | 128,462 | 116,377 |
Net Cash Used in Operating Activities | (397,514) | (287,838) |
Cash Flow from Financing Activities | ||
Proceeds from related party loans | 300,000 | 300,000 |
Net Cash Provided by Financing Activities | 300,000 | 300,000 |
Net (Decrease) Increase in Cash | (97,514) | 12,162 |
Cash – beginning of year | 151,731 | 139,569 |
Cash – end of year | $ 54,217 | $ 151,731 |
Organization, Nature of Operati
Organization, Nature of Operations and summary of Significant Accounting Policies | 12 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Nature of Operations and summary of Significant Accounting Policies | Note 1 – Organization, Nature of Operations and summary of Significant Accounting Policies Norris Industries, Inc. (“NRIS” or the “Company”), was incorporated on February 19, 2014 as a Nevada corporation. The Company was formed to conduct operations in the oil and gas industry. The Company’s principal operating properties are in the Ellenberger formation in Coleman County, and in Jack County and Palo-Pinto County Texas. The Company’s production operations are all located in the State of Texas. On April 25, 2018, the Company incorporated a Texas registered subsidiary, Norris Petroleum, Inc., as its own operating entity. Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have been eliminated in consolidation. Liquidity and Capital Considerations The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issuance date of these consolidated financial statements. The Company’s business and operations have been adversely affected by and are expected to continue to be adversely affected by the prior pandemic outbreak and may be adversely affected in the future by other similar outbreaks. The timeline and potential magnitude of a future pandemic, the Ukraine-Russia war, and Isreal attack and Middle East turmoil is currently unknown. The continuation or amplification of political conflicts and the increase in interest rates, borrowing costs could continue to more broadly affect the United States and global economy, including our business and operations, and the demand, for oil and gas. The Company has incurred continuing losses since 2016, including a loss of $ 643,335 300,000 397,514 $ 600,000 54,000 49,811 The Company’s principal capital and exploration expenditures during next fiscal year are expected to relate to selected well workovers on its Jack and Palo Pinto County acreages. The Company believes that it has sufficient cash on hand and available funds from its line of credit to fund its costs for such expenditures as well as other operating costs, for the 12 month period subsequent to issuance of these consolidated financial statements. In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for fiscal year ending February 28, 2025, the Company expects to seek additional capital from one or more sources via restricted private placement sales of equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations, it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations . Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. Risks and Uncertainties The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating an emerging business, including the potential risk of business failure. Oil and Gas Properties, Full Cost Method The Company follows the full cost method of accounting for its oil and gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations. Depletion and depreciation of proved oil properties are calculated on the units-of-production method based upon estimates of proved reserves. Such calculations include the estimated future costs to develop proved reserves. Costs of unproved properties are not included in the costs subject to depletion. These costs are assessed periodically for impairment. At the end of each quarter, the unamortized cost of oil and gas properties, net of related deferred income taxes, is limited to the sum of the estimated future after-tax net revenues from proved properties, after giving effect to cash flow hedge positions, discounted at 10%, and the lower of cost or fair value of unproved properties, adjusted for related income tax effects. Costs in excess of the present value of estimated future net revenues are charged to impairment expense. This limitation is known as the “ceiling test,” and is based on SEC rules for the full cost oil and gas accounting method. Accounts Receivable and Allowance for Credit Losses Accounts receivable are stated at an amount management expects to collect from outstanding balances. The Company extends credit in the normal course of business. The Company regularly reviews outstanding receivables and when the Company determines that a party may not be able to make required payments, a charge to bad debt expense in the period of determination is made. The allowance for credit losses as of February 29, 2024 and February 28, 2023 was $ 0 Income Taxes Income taxes are accounted for in accordance with the provisions of ASC Topic No. 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. Uncertain Tax Positions The Company evaluates uncertain tax positions to recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. Revenue Recognition The Company’s revenue is comprised entirely of revenue from exploration and production activities. The Company’s oil is sold primarily to wholesalers and others that sell product to end use customers. Natural gas is sold primarily to interstate and intrastate natural-gas pipelines, various end-users, local distribution companies, and natural-gas marketers. NGLs are sold primarily to various end-users. Payment is generally received from the customer in the month following delivery. Contracts with customers have varying terms, including spot sales or month-to-month contracts, or contracts with a finite term, where the production from a well or group of wells is sold to one or more customers. The Company recognizes sales revenues for oil, natural gas, and NGLs based on the amount of each product sold to a customer when control transfers to the customer. Generally, control transfers at the time of delivery to the customer at a pipeline interconnect, the tailgate of a processing facility, or as a tanker lifting is completed. Revenue is measured based on the contract price, which may be index-based or fixed, and may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation, and fuel costs. Revenues are recognized for the sale of the Company’s net share of production volumes. Sales on behalf of other working interest owners and royalty interest owners are not recognized as revenues. The Company does not hedge nor forward sell any of its current production via derivative financial contracts. Net Loss per Common Share Basic net loss per common share amounts are computed by dividing the net loss available to the Company’s shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table summarizes the common stock equivalents excluded from the calculation of diluted net loss per as the inclusion of these shares would be anti-dilutive for the years ended February 29, 2024 and February 28, 2023: Schedule of Antidilitive Securities Excluded from Computation of Earning Per Share 2024 2023 Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 28,500,000 24,750,000 Total Common Shares to be issued 95,166,667 91,416,667 Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). At February 29, 2024, $- 0 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Feb. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 2 – Revenue from Contracts with Customers Disaggregation of Revenue from Contracts with Customers The following table disaggregates revenue by significant product type for the years ended February 29, 2024 and February 28, 2023: Schedule of Disaggregation of Revenue 2024 2023 Oil sales $ 242,367 $ 311,234 Natural gas sales 87,243 215,213 Total $ 329,610 $ 526,447 There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of February 29, 2024 and February 28, 2023. |
Oil and Gas Properties
Oil and Gas Properties | 12 Months Ended |
Feb. 29, 2024 | |
Extractive Industries [Abstract] | |
Oil and Gas Properties | Note 3 – Oil and Gas Properties The following table summarizes the Company’s oil and gas activities by classification for the years ended February 29, 2024 and February 28, 2023: Summary of Oil and Gas Activities February 28, 2022 Additions Dispositions February 28, 2023 Oil and gas properties, subject to amortization $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 52,218 23,816 - 76,034 Accumulated depletion (2,805,902 ) (38,120 ) - (2,844,022 ) Total oil and gas assets $ 176,553 $ (14,304 ) $ - $ 162,249 February 28, 2023 Additions Dispositions February 29, 2024 Oil and gas properties, subject to amortization $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 76,034 324,060 * - 400,094 Accumulated depletion (2,844,022 ) (99,799 ) - (2,943,821 ) Total oil and gas assets $ 162,249 $ 224,261 $ - $ 386,510 * The asset retirement costs increased in the amount of $ 324,060 The depletion recorded for production on proved properties for the years ended February 29, 2024 and February 28, 2023, amounted to $ 99,799 38,120 0 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Feb. 29, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 4 – Asset Retirement Obligations The following table summarizes the change in the Company’s asset retirement obligations during the year ended February 29, 2024: Schedule of Asset Retirement Obligations Asset retirement obligations as of February 28, 2023 $ 146,245 Additions - Current year revision of previous estimates 324,060 Accretion during the year ended February 29, 2024 15,028 Asset retirement obligations as of February 29, 2024 $ 485,333 During the year ended February 29, 2024, the Company increased the asset retirement obligations estimate by $ 324,060 15,028 29,607 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 29, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 – Related Party Transactions Loan Note to JBB On December 28, 2017, the Company borrowed $ 1,550,000 3 December 28, 2018 0.20 On June 26, 2018, the Company and JBB entered into a modification of the existing Loan Note, to add provisions to permit the Company to obtain additional advances under the Loan Note up to a maximum of $ 1,000,000 100,000 0.20 On May 21, 2019, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note September 30, 2020 On June 13, 2019, JBB lent the Company $ 250,000 5 June 30, 2022 th 0.20 On October 1, 2019, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional $ 500,000 1,500,000 On May 29, 2020, t he Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note September 30, 2021 On December 22, 2020, the Company entered into an extension agreement with JBB to extend the maturity of all its outstanding indebtedness under credit line and Loan Note May 31, 2022 On May 1, 2021, the Company entered into a new funding agreement with a maturity date of May 31, 2022 5 % APR) with JBB for a further $ 1 million drawable in $ 100,000 increments at the discretion of JBB to cover the Company’s current and projected working capital requirements in near-term. The loan is convertible into common stock of the Company at the rate of $ 0.08 per share, subject to adjustment for any reverse and forward stock splits. As of February 28, 2022, the Company has availability of $ 600,000 on its $ 1,000,000 credit line entered into May 1, 2021. On May 2, 2022, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note September 30, 2023 On September 6, 2023, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional $ 500,000 2,000,000 September 30, 2025 During the year ended February 29, 2024 and February 28, 2023, JBB advanced $ 300,000 600,000 The Company recognized interest expense of $ 126,962 116,377 585,341 456,879 4,200,000 3,900,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Office Lease As of September 1, 2018, the Company moved to the offices of International Western Oil Corp. (“IWO”), a related party, in Weatherford, TX that is being rented on a month-to-month sublease basis at rate of $ 950 11,400 Leasehold Drilling Commitments The Company’s oil and gas leasehold acreage is subject to expiration of leases if the Company does not drill and hold such acreage by production or otherwise exercises options to extend such leases, if available, in exchange for payment of additional cash consideration. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – Income Taxes Due to the Company’s net losses and the valuation allowance provided on the related deferred tax assets, there were no The difference between the income tax expense of zero shown in the statement of operations and pre-tax book net loss times the federal statutory rate of 21 Schedule of Effective Income Tax Expense Reconciliation 2024 2023 Pre-tax book loss $ (123,369 ) $ (106,046 ) Change in valuation allowance 123,369 106,046 Total tax expense $ - $ - Deferred income tax assets for the years ended February 29, 2024 and February 28, 2023 are as follows: Schedule of Deferred Income Tax Assets Deferred Tax Assets 2024 2023 Net operating losses carry forwards $ 2,310,727 $ 2,204,681 Others 123,369 106,046 Total deferred tax assets 2,434,096 2,310,727 Less valuation allowance (2,434,096 ) (2,310,727 ) Total deferred tax assets $ - $ - In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of deferred assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, management has applied a full valuation allowance against its net deferred tax assets at February 29, 2024 and February 28, 2023. The net change in the total valuation allowance from February 29, 2024 and February 28, 2023, was an increase of $ 123,369 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of February 29, 2024 and February 28, 2023, the Company did no As of February 29, 2024, the Company has federal net operating loss carryforwards of approximately $ 12.6 1.4 Utilization of NOL and tax credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by the Internal Revenue Code (the “Code”), as amended, as well as similar state provisions. In general, an “ownership change” as defined by the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percent of the outstanding stock of a company by certain shareholders or public groups. The Company experienced an “ownership change” within the meaning of IRC Section 382 during the year ended February 28, 2017. As a result, certain limitations apply to the annual amount of net operating losses that can be used to offset post ownership change taxable income. |
Supplemental Oil and Gas Disclo
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended |
Feb. 29, 2024 | |
Extractive Industries [Abstract] | |
Supplemental Oil and Gas Disclosures (Unaudited) | Note 8 – Supplemental Oil and Gas Disclosures (Unaudited) Capitalized Costs Relating to Oil and Gas Producing Activities The estimates of proved oil and gas reserves utilized in the preparation of these statements were prepared by Kurt Mire for the years ended February 29, 2024 and February 28, 2023, using reserve definitions and pricing requirements prescribed by the SEC. The Company used a combination of production performance and offset analogies, along with estimated future operating and development costs as provided by the Company and based upon historical costs adjusted for known future changes in operations or developmental plans, to estimate its reserves. There are numerous uncertainties inherent in estimating quantities of proved reserves, projecting future rates of production and projecting the timing of development expenditures, including many factors beyond our control. The reserve data represents only estimates. Reservoir engineering is a subjective process of estimating underground accumulations of natural gas and oil that cannot be measured in an exact manner. The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretations and judgment. All estimates of proved reserves are determined according to the rules prescribed by the SEC. These rules indicate that the standard of “reasonable certainty” be applied to the proved reserve estimates. This concept of reasonable certainty implies that as more technical data becomes available, a positive, or upward, revision is more likely than a negative, or downward, revision. Estimates are subject to revision based upon a number of factors, including reservoir performance, prices, economic conditions and government restrictions. In addition, results of drilling, testing and production subsequent to the date of an estimate may justify revision of that estimate. Reserve estimates are often different from the quantities of natural gas and oil that are ultimately recovered. The meaningfulness of reserve estimates is highly dependent on the accuracy of the assumptions on which they were based. In general, the volume of production from natural gas and oil properties we own declines as reserves are depleted. Except to the extent we conduct successful development activities or acquire additional properties containing proved reserves, or both, our proved reserves will decline as reserves are produced. There have been no major discoveries or other events, favorable or adverse, that may be considered to have caused a significant change in the estimated proved reserves since February 29, 2024. The Company emphasizes that reserve estimates are inherently imprecise. Accordingly, the estimates are expected to change as more current information becomes available. In addition, a portion of the Company’s proved reserves are proved developed non-producing and proved behind pipe, which increases the imprecision inherent in estimating reserves which may ultimately be produced. All of the Company’s reserves are located in the United States. Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities February 29, 2024 February 28, 2023 Proved oil and gas properties $ 3,330,331 $ 3,006,271 Unproved oil and gas properties - - Accumulated depreciation, depletion, amortization and impairment (2,943,821 ) (2,844,022 ) Total acquisition, development and exploration costs $ 386,510 $ 162,249 Estimated Quantities of Proved Oil and Gas Reserves The following table sets forth proved oil and gas reserves together with the changes therein, proved developed reserves and proved undeveloped reserves for the years ended February 29, 2024 and February 28, 2023. Units of oil are in thousands of barrels (“MBbls”) and units of gas are in millions of cubic feet (“MMcf”). Gas is converted to barrels of oil equivalents (“MBoe”) using a ratio of six Mcf of gas per Bbl of oil. Schedule of Estimated Quantities of Proved Oil and Gas Reserves 2024 2023 Oil Gas BOE Oil Gas BOE Proved reserves: Beginning of year 22 88 37 26 116 45 Revisions 2 12 4 (1 ) 3 0 Extensions and discoveries - - - - - - Purchases of minerals-in-place Sales of minerals-in-place - - - - - - Production (3 ) (30 ) (8 ) (3 ) (31 ) (8 ) End of year 21 70 33 22 88 37 Proved developed reserves: Beginning of year 13 35 19 18 65 29 End of year 12 18 15 13 35 19 Proved not producing reserves: Beginning of year 2 5 3 1 4 5 End of year 5 14 7 2 5 3 Proved undeveloped reserves behind pipe: Beginning of year 7 49 15 - - - End of year 17 120 37 7 49 15 Standardized Measure of Discounted Future Net Cash Flows and Changes Therein Relating to Proved Reserves The standardized measure of discounted future net cash flows, in management’s opinion, should be examined with caution. The basis for this table is the reserve studies prepared by the Company’s independent petroleum engineering consultants, which contain imprecise estimates of quantities and rates of future production of reserves. Revisions of previous year estimates can have a significant impact on these results. Also, exploration costs in one year may lead to significant discoveries in later years and may significantly change previous estimates of proved reserves and their valuation. Therefore, the standardized measure of discounted future net cash flow is not necessarily indicative of the fair value of the Company’s proved oil and natural gas properties. Future cash inflows for 2024 were computed by applying the average price for the year to the year-end quantities of proved reserves. The 2024 average price for the year was calculated using the 12-month period prior to the ending date of the period covered by the report, determined as an un-weighted arithmetic average of the first-day-of-the-month price for each month within such period. Adjustment in this calculation for future price changes is limited to those required by contractual arrangements in existence at the end of each reporting year. Future development, abandonment and production costs were computed by estimating the expenditures to be incurred in developing and producing proved oil and natural gas reserves at the end of the year, based on year-end costs, assuming continuation of year-end economic conditions. Future income tax expense was computed by applying statutory rates, less the effects of tax credits for each period presented, and to the difference between pre-tax net cash flows relating to the Company’s proved reserves and the tax basis of proved properties, after consideration of available net operating loss and percentage depletion carryovers. Discounted future net cash flows have been calculated using a ten percent discount factor. Discounting requires a year-by-year estimate of when future expenditures will be incurred and when reserves will be produced. The estimated present value of future cash flows relating to prove reserves is extremely sensitive to prices used at any measurement period. The prices used for each commodity for the years ended February 29, 2024 and February 28, 2023, as adjusted, were as follows: Schedule of Estimated Present Value of Future Cash Flows Relating to Prove Reserve Oil (Bbl) Using NYMEX WTI Gas (Mcf) Using NYMEX Henry Hub 2024 (average price) $ 77.29 $ 2.52 2023 (average price) $ 93.11 $ 6.10 The information provided in the tables set out below does not represent management’s estimate of the Company’s expected future cash flows or of the value of the Company’s proved oil and gas reserves. Estimates of proved reserve quantities are imprecise and change over time as new information becomes available. Moreover, probable and possible reserves, which may become proved in the future, are excluded from the calculations. The arbitrary valuation prescribed under ASC No. 932 requires assumptions as to the timing and amount of future development and production costs. The calculations should not be relied upon as an indication of the Company’s future cash flows or of the value of its oil and gas reserves. The following table sets forth the standardized measure of discounted future net cash flows relating to proven reserves for the years ended February 29, 2024 and February 28, 2023, respectively (stated in thousands): Schedule of Discounted Future Net Cash Flows Relating to Proven Reserves 2024 2023 Future cash inflows $ 1,753 $ 2,525 Future costs: Production costs (678 ) (1,136 ) Future tax expense (128 ) (192 ) Future development costs (339 ) (339 ) Future net cash flows 608 858 10 (187 ) (196 ) Standardized measure of discounted net cash flows $ 421 $ 662 Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows The following table summarizes the principal sources of change in the standardized measure of discounted future estimated net cash flows at 10% per annum for the years ended February 29, 2024 and February 28, 2023, respectively (stated in thousands): Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows 2024 2023 Increase (decrease): Beginning of year $ 662 $ 602 Sales of oil produced, net of production costs 212 153 Net changes in sales and transfer prices and in production costs and production costs related to future production (482 ) 1,046 Previously estimated development costs incurred during the period - - Changes in future development costs - (150 ) Revisions of previous quantity estimates due to prices and performance 52 (11 ) Accretion of discount 60 60 Discoveries, net of future production and development costs associated with these extensions and discoveries - - Purchases and sales of minerals in place - - Timing and other (83 ) (1,038 ) End of year $ 421 $ 662 |
Organization, Nature of Opera_2
Organization, Nature of Operations and summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Liquidity and Capital Considerations | Liquidity and Capital Considerations The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issuance date of these consolidated financial statements. The Company’s business and operations have been adversely affected by and are expected to continue to be adversely affected by the prior pandemic outbreak and may be adversely affected in the future by other similar outbreaks. The timeline and potential magnitude of a future pandemic, the Ukraine-Russia war, and Isreal attack and Middle East turmoil is currently unknown. The continuation or amplification of political conflicts and the increase in interest rates, borrowing costs could continue to more broadly affect the United States and global economy, including our business and operations, and the demand, for oil and gas. The Company has incurred continuing losses since 2016, including a loss of $ 643,335 300,000 397,514 $ 600,000 54,000 49,811 The Company’s principal capital and exploration expenditures during next fiscal year are expected to relate to selected well workovers on its Jack and Palo Pinto County acreages. The Company believes that it has sufficient cash on hand and available funds from its line of credit to fund its costs for such expenditures as well as other operating costs, for the 12 month period subsequent to issuance of these consolidated financial statements. In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for fiscal year ending February 28, 2025, the Company expects to seek additional capital from one or more sources via restricted private placement sales of equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations, it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating an emerging business, including the potential risk of business failure. |
Oil and Gas Properties, Full Cost Method | Oil and Gas Properties, Full Cost Method The Company follows the full cost method of accounting for its oil and gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations. Depletion and depreciation of proved oil properties are calculated on the units-of-production method based upon estimates of proved reserves. Such calculations include the estimated future costs to develop proved reserves. Costs of unproved properties are not included in the costs subject to depletion. These costs are assessed periodically for impairment. At the end of each quarter, the unamortized cost of oil and gas properties, net of related deferred income taxes, is limited to the sum of the estimated future after-tax net revenues from proved properties, after giving effect to cash flow hedge positions, discounted at 10%, and the lower of cost or fair value of unproved properties, adjusted for related income tax effects. Costs in excess of the present value of estimated future net revenues are charged to impairment expense. This limitation is known as the “ceiling test,” and is based on SEC rules for the full cost oil and gas accounting method. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are stated at an amount management expects to collect from outstanding balances. The Company extends credit in the normal course of business. The Company regularly reviews outstanding receivables and when the Company determines that a party may not be able to make required payments, a charge to bad debt expense in the period of determination is made. The allowance for credit losses as of February 29, 2024 and February 28, 2023 was $ 0 |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC Topic No. 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. |
Uncertain Tax Positions | Uncertain Tax Positions The Company evaluates uncertain tax positions to recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. |
Revenue Recognition | Revenue Recognition The Company’s revenue is comprised entirely of revenue from exploration and production activities. The Company’s oil is sold primarily to wholesalers and others that sell product to end use customers. Natural gas is sold primarily to interstate and intrastate natural-gas pipelines, various end-users, local distribution companies, and natural-gas marketers. NGLs are sold primarily to various end-users. Payment is generally received from the customer in the month following delivery. Contracts with customers have varying terms, including spot sales or month-to-month contracts, or contracts with a finite term, where the production from a well or group of wells is sold to one or more customers. The Company recognizes sales revenues for oil, natural gas, and NGLs based on the amount of each product sold to a customer when control transfers to the customer. Generally, control transfers at the time of delivery to the customer at a pipeline interconnect, the tailgate of a processing facility, or as a tanker lifting is completed. Revenue is measured based on the contract price, which may be index-based or fixed, and may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation, and fuel costs. Revenues are recognized for the sale of the Company’s net share of production volumes. Sales on behalf of other working interest owners and royalty interest owners are not recognized as revenues. The Company does not hedge nor forward sell any of its current production via derivative financial contracts. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share amounts are computed by dividing the net loss available to the Company’s shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table summarizes the common stock equivalents excluded from the calculation of diluted net loss per as the inclusion of these shares would be anti-dilutive for the years ended February 29, 2024 and February 28, 2023: Schedule of Antidilitive Securities Excluded from Computation of Earning Per Share 2024 2023 Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 28,500,000 24,750,000 Total Common Shares to be issued 95,166,667 91,416,667 |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). At February 29, 2024, $- 0 |
Organization, Nature of Opera_3
Organization, Nature of Operations and summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilitive Securities Excluded from Computation of Earning Per Share | Schedule of Antidilitive Securities Excluded from Computation of Earning Per Share 2024 2023 Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 28,500,000 24,750,000 Total Common Shares to be issued 95,166,667 91,416,667 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue by significant product type for the years ended February 29, 2024 and February 28, 2023: Schedule of Disaggregation of Revenue 2024 2023 Oil sales $ 242,367 $ 311,234 Natural gas sales 87,243 215,213 Total $ 329,610 $ 526,447 |
Oil and Gas Properties (Tables)
Oil and Gas Properties (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Extractive Industries [Abstract] | |
Summary of Oil and Gas Activities | The following table summarizes the Company’s oil and gas activities by classification for the years ended February 29, 2024 and February 28, 2023: Summary of Oil and Gas Activities February 28, 2022 Additions Dispositions February 28, 2023 Oil and gas properties, subject to amortization $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 52,218 23,816 - 76,034 Accumulated depletion (2,805,902 ) (38,120 ) - (2,844,022 ) Total oil and gas assets $ 176,553 $ (14,304 ) $ - $ 162,249 February 28, 2023 Additions Dispositions February 29, 2024 Oil and gas properties, subject to amortization $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 76,034 324,060 * - 400,094 Accumulated depletion (2,844,022 ) (99,799 ) - (2,943,821 ) Total oil and gas assets $ 162,249 $ 224,261 $ - $ 386,510 * The asset retirement costs increased in the amount of $ 324,060 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | The following table summarizes the change in the Company’s asset retirement obligations during the year ended February 29, 2024: Schedule of Asset Retirement Obligations Asset retirement obligations as of February 28, 2023 $ 146,245 Additions - Current year revision of previous estimates 324,060 Accretion during the year ended February 29, 2024 15,028 Asset retirement obligations as of February 29, 2024 $ 485,333 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Expense Reconciliation | Schedule of Effective Income Tax Expense Reconciliation 2024 2023 Pre-tax book loss $ (123,369 ) $ (106,046 ) Change in valuation allowance 123,369 106,046 Total tax expense $ - $ - |
Schedule of Deferred Income Tax Assets | Deferred income tax assets for the years ended February 29, 2024 and February 28, 2023 are as follows: Schedule of Deferred Income Tax Assets Deferred Tax Assets 2024 2023 Net operating losses carry forwards $ 2,310,727 $ 2,204,681 Others 123,369 106,046 Total deferred tax assets 2,434,096 2,310,727 Less valuation allowance (2,434,096 ) (2,310,727 ) Total deferred tax assets $ - $ - |
Supplemental Oil and Gas Disc_2
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Extractive Industries [Abstract] | |
Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities | All of the Company’s reserves are located in the United States. Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities February 29, 2024 February 28, 2023 Proved oil and gas properties $ 3,330,331 $ 3,006,271 Unproved oil and gas properties - - Accumulated depreciation, depletion, amortization and impairment (2,943,821 ) (2,844,022 ) Total acquisition, development and exploration costs $ 386,510 $ 162,249 |
Schedule of Estimated Quantities of Proved Oil and Gas Reserves | The following table sets forth proved oil and gas reserves together with the changes therein, proved developed reserves and proved undeveloped reserves for the years ended February 29, 2024 and February 28, 2023. Units of oil are in thousands of barrels (“MBbls”) and units of gas are in millions of cubic feet (“MMcf”). Gas is converted to barrels of oil equivalents (“MBoe”) using a ratio of six Mcf of gas per Bbl of oil. Schedule of Estimated Quantities of Proved Oil and Gas Reserves 2024 2023 Oil Gas BOE Oil Gas BOE Proved reserves: Beginning of year 22 88 37 26 116 45 Revisions 2 12 4 (1 ) 3 0 Extensions and discoveries - - - - - - Purchases of minerals-in-place Sales of minerals-in-place - - - - - - Production (3 ) (30 ) (8 ) (3 ) (31 ) (8 ) End of year 21 70 33 22 88 37 Proved developed reserves: Beginning of year 13 35 19 18 65 29 End of year 12 18 15 13 35 19 Proved not producing reserves: Beginning of year 2 5 3 1 4 5 End of year 5 14 7 2 5 3 Proved undeveloped reserves behind pipe: Beginning of year 7 49 15 - - - End of year 17 120 37 7 49 15 |
Schedule of Estimated Present Value of Future Cash Flows Relating to Prove Reserve | The estimated present value of future cash flows relating to prove reserves is extremely sensitive to prices used at any measurement period. The prices used for each commodity for the years ended February 29, 2024 and February 28, 2023, as adjusted, were as follows: Schedule of Estimated Present Value of Future Cash Flows Relating to Prove Reserve Oil (Bbl) Using NYMEX WTI Gas (Mcf) Using NYMEX Henry Hub 2024 (average price) $ 77.29 $ 2.52 2023 (average price) $ 93.11 $ 6.10 |
Schedule of Discounted Future Net Cash Flows Relating to Proven Reserves | The following table sets forth the standardized measure of discounted future net cash flows relating to proven reserves for the years ended February 29, 2024 and February 28, 2023, respectively (stated in thousands): Schedule of Discounted Future Net Cash Flows Relating to Proven Reserves 2024 2023 Future cash inflows $ 1,753 $ 2,525 Future costs: Production costs (678 ) (1,136 ) Future tax expense (128 ) (192 ) Future development costs (339 ) (339 ) Future net cash flows 608 858 10 (187 ) (196 ) Standardized measure of discounted net cash flows $ 421 $ 662 |
Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows | The following table summarizes the principal sources of change in the standardized measure of discounted future estimated net cash flows at 10% per annum for the years ended February 29, 2024 and February 28, 2023, respectively (stated in thousands): Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows 2024 2023 Increase (decrease): Beginning of year $ 662 $ 602 Sales of oil produced, net of production costs 212 153 Net changes in sales and transfer prices and in production costs and production costs related to future production (482 ) 1,046 Previously estimated development costs incurred during the period - - Changes in future development costs - (150 ) Revisions of previous quantity estimates due to prices and performance 52 (11 ) Accretion of discount 60 60 Discoveries, net of future production and development costs associated with these extensions and discoveries - - Purchases and sales of minerals in place - - Timing and other (83 ) (1,038 ) End of year $ 421 $ 662 |
Schedule of Antidilitive Securi
Schedule of Antidilitive Securities Excluded from Computation of Earning Per Share (Details) - shares | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Common Shares to be issued | 95,166,667 | 91,416,667 |
Series A Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Common Shares to be issued | 66,666,667 | 66,666,667 |
Convertible Debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Common Shares to be issued | 28,500,000 | 24,750,000 |
Organization, Nature of Opera_4
Organization, Nature of Operations and summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Net income loss available to common stock holders | $ 643,335 | ||
Increase (decrease) in operating capital | 300,000 | ||
Net cash provided by operating activities | 397,514 | $ 287,838 | |
Cash | 54,000 | ||
Working capital | 49,811 | ||
Allowance for credit losses | 0 | $ 0 | |
Cash uninsured amount | 0 | ||
JBB Partners Inc [Member] | |||
Line of credit facility, remaining borrowing capacity | $ 600,000 | $ 600,000 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Total | $ 329,610 | $ 526,447 |
Oil [Member] | ||
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Total | 242,367 | 311,234 |
Natural Gas [Member] | ||
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Total | $ 87,243 | $ 215,213 |
Summary of Oil and Gas Activiti
Summary of Oil and Gas Activities (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | ||
Property, Plant and Equipment [Line Items] | |||
Oil and gas properties, subject to amortization | $ 2,930,237 | $ 2,930,237 | |
Oil and gas properties, subject to amortization, additions | |||
Oil and gas properties, subject to amortization, dispositions | |||
Oil and gas properties, subject to amortization | 2,930,237 | 2,930,237 | |
Asset retirement costs | 76,034 | 52,218 | |
Asset retirement costs, addtions | 324,060 | [1] | 23,816 |
Asset retirement costs, Dispositions | |||
Asset retirement costs | 400,094 | 76,034 | |
Accumulated depletion | (2,844,022) | (2,805,902) | |
Accumulated depletion, additions | (99,799) | (38,120) | |
Accumulated depletion, Dispositions | (2,943,821) | (2,844,022) | |
Accumulated depletion | (2,943,821) | (2,844,022) | |
Total oil and gas assets | 162,249 | 176,553 | |
Total oil and gas assets, additions | (14,304) | ||
Total oil and gas assets, Dispositions | |||
Total acquisition, development and exploration costs | 386,510 | 162,249 | |
Total oil and gas assets, additions | 224,261 | ||
Dispositions [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depletion, Dispositions | |||
[1]The asset retirement costs increased in the amount of $ 324,060 |
Summary of Oil and Gas Activi_2
Summary of Oil and Gas Activities (Details) (Parenthetical) - USD ($) | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | ||
Extractive Industries [Abstract] | |||
Oil and Gas, Result of Operation, Asset Retirement Obligation, Accretion | $ 324,060 | [1] | $ 23,816 |
[1]The asset retirement costs increased in the amount of $ 324,060 |
Oil and Gas Properties (Details
Oil and Gas Properties (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Extractive Industries [Abstract] | ||
Depletion recorded for production on proved properties | $ 99,799 | $ 38,120 |
Imapirment expenses of oil and properties | $ 0 | $ 0 |
Schedule of Asset Retirement Ob
Schedule of Asset Retirement Obligations (Details) | 12 Months Ended |
Feb. 29, 2024 USD ($) | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligations as of February 28, 2022 | $ 146,245 |
Additions | |
Current year revision of previous estimates | 324,060 |
Accretion adjustment during the nine months ended November 30, 2023 | 15,028 |
Asset retirement obligations as of November 30, 2023 | $ 485,333 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligations | $ 324,060 | |
Accretion expense | $ 15,028 | $ 29,607 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | ||||||||||||
Sep. 06, 2023 | May 02, 2022 | May 01, 2021 | Dec. 22, 2020 | May 29, 2020 | Oct. 01, 2019 | Jun. 13, 2019 | May 21, 2019 | Jun. 26, 2018 | Dec. 28, 2017 | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Financing Receivable, Modified [Line Items] | |||||||||||||
Proceeds from advances | $ 300,000 | $ 300,000 | |||||||||||
Interest expense | 126,962 | 116,377 | |||||||||||
Accrued interest | 585,341 | 456,879 | |||||||||||
Notes payable, outstanding | 4,200,000 | 3,900,000 | |||||||||||
JBB Partners Inc [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Loan bears interest rate | 5% | ||||||||||||
Loan maturity date | May 31, 2022 | ||||||||||||
Debt conversion price per share | $ 0.08 | ||||||||||||
Availability of existing credit line | $ 1,000,000 | ||||||||||||
Increments of line of credit | $ 500,000 | ||||||||||||
Proceeds from advances | $ 100,000 | ||||||||||||
Line of credit borrowing capacity total | $ 1,500,000 | ||||||||||||
Availability of existing credit line | 600,000 | $ 600,000 | |||||||||||
Repayments of related party debt | $ 300,000 | $ 300,000 | |||||||||||
Promissory Note [Member] | JBB Partners Inc [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Proceed from loan payable | $ 1,550,000 | ||||||||||||
Loan bears interest rate | 3% | ||||||||||||
Loan maturity date | Dec. 28, 2018 | ||||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||||
Promissory Note [Member] | JBB Partners Inc [Member] | Modification of Existing Loan [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||||
Availability of existing credit line | $ 1,000,000 | ||||||||||||
Increments of line of credit | $ 100,000 | ||||||||||||
Loan Note [Member] | JBB Partners Inc [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Debt maturity date description | the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note | the Company entered into an extension agreement with JBB to extend the maturity of all its outstanding indebtedness under credit line and Loan Note | he Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note | the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note | |||||||||
Loan Note [Member] | JBB Partners Inc [Member] | Extended Maturity [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Loan maturity date | Sep. 30, 2025 | Sep. 30, 2023 | May 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||||||||
Increase in line of credit | $ 500,000 | ||||||||||||
Line of credit | $ 2,000,000 | ||||||||||||
Secured Promissory Note [Member] | Odyssey Enterprises LLC [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Loan bears interest rate | 5% | ||||||||||||
Loan maturity date | Jun. 30, 2022 | ||||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||||
Proceeds from advances | $ 250,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 01, 2018 | Feb. 29, 2024 | Feb. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Payments for rent | $ 950 | $ 11,400 | $ 11,400 |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Expense Reconciliation (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | ||
Pre-tax book loss | $ (123,369) | $ (106,046) |
Change in valuation allowance | 123,369 | 106,046 |
Total tax expense |
Schedule of Deferred Income Tax
Schedule of Deferred Income Tax Assets (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Income Tax Disclosure [Abstract] | ||
Net operating losses carry forwards | $ 2,310,727 | $ 2,204,681 |
Others | 123,369 | 106,046 |
Total deferred tax assets | 2,434,096 | 2,310,727 |
Less valuation allowance | (2,434,096) | (2,310,727) |
Total deferred tax assets |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||
Income taxes provision | ||
Income tax of federal statutory rate | 21% | 21% |
Valuation allowance net change | $ 123,369 | $ 123,369 |
Unrecognized tax benefits | 0 | $ 0 |
Operating loss carryforwards | 12,600,000 | |
Domestic Tax Jurisdiction [Member] | ||
Effective Income Tax Rate Reconciliation [Line Items] | ||
Operating loss carryforwards | $ 1,400,000 |
Schedule of Capitalized Costs R
Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 |
Extractive Industries [Abstract] | |||
Proved oil and gas properties | $ 3,330,331 | $ 3,006,271 | |
Unproved oil and gas properties | |||
Accumulated depreciation, depletion, amortization and impairment | (2,943,821) | (2,844,022) | |
Total acquisition, development and exploration costs | $ 386,510 | $ 162,249 | $ 176,553 |
Schedule of Estimated Quantitie
Schedule of Estimated Quantities of Proved Oil and Gas Reserves (Details) | 12 Months Ended | |
Feb. 29, 2024 MBbls Mcf bbl | Feb. 28, 2023 MBbls Mcf bbl | |
Oil [Member] | ||
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Proved reserves: Beginning of year | MBbls | 22 | 26 |
Revisions | MBbls | 2 | (1) |
Extensions and discoveries | MBbls | ||
Sales of minerals-in-place | MBbls | ||
Production | MBbls | (3) | (3) |
Proved reserves: End of year | MBbls | 21 | 22 |
Proved developed reserves: Beginning of year | MBbls | 13 | 18 |
Proved developed reserves: End of year | MBbls | 12 | 13 |
Proved not producing reserves: Beginning of year | MBbls | 2 | 1 |
Proved not producing reserves: End of year | MBbls | 5 | 2 |
Proved undeveloped reserves behind pipe: Beginning of year | MBbls | 7 | |
Proved undeveloped reserves behind pipe: End of year | MBbls | 17 | 7 |
Natural Gas [Member] | ||
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Proved reserves: Beginning of year | Mcf | 88 | 116 |
Revisions | Mcf | 12 | 3 |
Extensions and discoveries | Mcf | ||
Sales of minerals-in-place | Mcf | ||
Production | Mcf | (30) | (31) |
Proved reserves: End of year | Mcf | 70 | 88 |
Proved developed reserves: Beginning of year | Mcf | 35 | 65 |
Proved developed reserves: End of year | Mcf | 18 | 35 |
Proved not producing reserves: Beginning of year | Mcf | 5 | 4 |
Proved not producing reserves: End of year | Mcf | 14 | 5 |
Proved undeveloped reserves behind pipe: Beginning of year | Mcf | 49 | |
Proved undeveloped reserves behind pipe: End of year | Mcf | 120 | 49 |
BOE [Member] | ||
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Proved reserves: Beginning of year | bbl | 37 | 45 |
Revisions | bbl | 4 | 0 |
Extensions and discoveries | bbl | ||
Sales of minerals-in-place | bbl | ||
Production | bbl | (8) | (8) |
Proved reserves: End of year | bbl | 33 | 37 |
Proved developed reserves: Beginning of year | bbl | 19 | 29 |
Proved developed reserves: End of year | bbl | 15 | 19 |
Proved not producing reserves: Beginning of year | bbl | 3 | 5 |
Proved not producing reserves: End of year | bbl | 7 | 3 |
Proved undeveloped reserves behind pipe: Beginning of year | bbl | 15 | |
Proved undeveloped reserves behind pipe: End of year | bbl | 37 | 15 |
Schedule of Estimated Present V
Schedule of Estimated Present Value of Future Cash Flows Relating to Prove Reserve (Details) | 12 Months Ended | |
Feb. 29, 2024 Mcf bbl | Feb. 28, 2023 Mcf bbl | |
Oil Using NYMEX WTI Bbl [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Average sales price | bbl | 77.29 | 93.11 |
Gas Mcf Using NYMEX Henry Hub [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Average sales price | Mcf | 2.52 | 6.10 |
Schedule of Discounted Future N
Schedule of Discounted Future Net Cash Flows Relating to Proven Reserves (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 |
Extractive Industries [Abstract] | |||
Future cash inflows | $ 1,753 | $ 2,525 | |
Production costs | (678) | (1,136) | |
Future tax expense | (128) | (192) | |
Future development costs | (339) | (339) | |
Future net cash flows | 608 | 858 | |
10% annual discount for estimated timing of cash flows | (187) | (196) | |
Standardized measure of discounted net cash flows | $ 421 | $ 662 | $ 602 |
Schedule of Discounted Future_2
Schedule of Discounted Future Net Cash Flows Relating to Proven Reserves (Details) (Parenthetical) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Extractive Industries [Abstract] | ||
Standardized measure of discounted future estimated net cash flows rate | 10% | 10% |
Summary of Changes in Standardi
Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Extractive Industries [Abstract] | ||
Beginning of year | $ 662 | $ 602 |
Sales of oil produced, net of production costs | 212 | 153 |
Net changes in sales and transfer prices and in production costs and production costs related to future production | (482) | 1,046 |
Previously estimated development costs incurred during the period | ||
Changes in future development costs | (150) | |
Revisions of previous quantity estimates due to prices and performance | 52 | (11) |
Accretion of discount | 60 | 60 |
Discoveries, net of future production and development costs associated with these extensions and discoveries | ||
Purchases and sales of minerals in place | ||
Timing and other | (83) | (1,038) |
End of year | $ 421 | $ 662 |