Norris Industries (NRIS) 10-Q 14 Jan 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Nov. 30, 2024	Jan. 14, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Nov. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--02-28
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
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 Common Stock, Shares Outstanding		108,245,688

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Nov. 30, 2024	Feb. 29, 2024
Current Assets
Cash	$ 78,963	$ 54,217
Accounts receivable - oil & gas	31,128	17,011
Total Current Assets	110,091	71,228
Oil and Gas Property - Full Cost Method
Properties subject to depletion	3,312,323	3,330,331
Less: accumulated depletion and impairment	(2,997,835)	(2,943,821)
Total Oil and Gas Property, net	314,488	386,510
Total Assets	424,579	457,738
Current Liabilities
Accounts payable and accrued expenses	119,496	121,039
Total Current Liabilities	119,496	121,039
Asset retirement obligations	479,016	485,333
Total Liabilities	4,412,894	5,391,713
Stockholders’ Deficit
Preferred stock value
Common stock, $0.001 par value per share, 150,000,000 shares authorized, 108,245,688 and 90,883,013 shares issued and outstanding at November 30, 2024 and February 29, 2024, respectively.	108,246	90,883
Additional paid-in capital	7,658,050	6,286,399
Accumulated deficit	(11,755,611)	(11,312,257)
Total Stockholders’ Deficit	(3,988,315)	(4,933,975)
Total Liabilities and Stockholders’ Deficit	424,579	457,738
Series A Convertible Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock value	1,000	1,000
Related Party [Member]
Current Liabilities
Convertible note payable - related party	3,200,000	4,200,000
Accrued interest – related parties-long term	$ 614,382	$ 585,341

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Nov. 30, 2024	Feb. 29, 2024
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	108,245,688	90,883,013
Common stock, shares outstanding	108,245,688	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 (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Revenues
Total Revenues	$ 81,744	$ 87,112	$ 259,018	$ 251,070
Operating Expenses
Lease operating expenses	147,192	152,622	387,825	411,732
General and administrative expenses	26,851	31,958	130,787	153,165
Depletion, depreciation, and accretion	14,493	13,627	65,705	40,185
Total Operating Expenses	188,536	198,207	584,317	605,082
Loss from Operations	(106,792)	(111,095)	(325,299)	(354,012)
Other Expense
Interest expense	(49,669)	(31,912)	(118,055)	(94,343)
Total Other Expense	(49,669)	(31,912)	(118,055)	(94,343)
Net Loss	$ (156,461)	$ (143,007)	$ (443,354)	$ (448,355)
Net loss per common share - basic	$ 0	$ 0	$ (0.01)	$ (0.01)
Net loss per common share - diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - basic	92,981,797	90,883,013	91,575,004	90,883,013
Weighted average number of common shares outstanding - diluted	92,981,797	90,883,013	91,575,004	90,883,013
Oil and Gas [Member]
Revenues
Total Revenues	$ 81,744	$ 87,112	$ 259,018	$ 251,070

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Series A Convertible Preferred Stock [Member] Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
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				(181,338)	(181,338)
Balance at May. 31, 2023	$ 1,000	$ 90,883	6,286,399	(10,850,260)	(4,471,978)
Balance, shares at May. 31, 2023	1,000,000	90,883,013
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					(448,355)
Balance at Nov. 30, 2023	$ 1,000	$ 90,883	6,286,399	(11,117,277)	(4,738,995)
Balance, shares at Nov. 30, 2023	1,000,000	90,883,013
Balance at May. 31, 2023	$ 1,000	$ 90,883	6,286,399	(10,850,260)	(4,471,978)
Balance, shares at May. 31, 2023	1,000,000	90,883,013
Net loss				(124,010)	(124,010)
Balance at Aug. 31, 2023	$ 1,000	$ 90,883	6,286,399	(10,974,270)	(4,595,988)
Balance, shares at Aug. 31, 2023	1,000,000	90,883,013
Net loss				(143,007)	(143,007)
Balance at Nov. 30, 2023	$ 1,000	$ 90,883	6,286,399	(11,117,277)	(4,738,995)
Balance, shares at Nov. 30, 2023	1,000,000	90,883,013
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
Net loss				(169,037)	(169,037)
Balance at May. 31, 2024	$ 1,000	$ 90,883	6,286,399	(11,481,294)	(5,103,012)
Balance, shares at May. 31, 2024	1,000,000	90,883,013
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
Net loss					(443,354)
Balance at Nov. 30, 2024	$ 1,000	$ 108,246	7,658,050	(11,755,611)	(3,988,315)
Balance, shares at Nov. 30, 2024	1,000,000	90,883,013
Balance at May. 31, 2024	$ 1,000	$ 90,883	6,286,399	(11,481,294)	(5,103,012)
Balance, shares at May. 31, 2024	1,000,000	90,883,013
Net loss				(117,856)	(117,856)
Balance at Aug. 31, 2024	$ 1,000	$ 90,883	6,286,399	(11,599,150)	(5,220,868)
Balance, shares at Aug. 31, 2024	1,000,000	90,883,013
Net loss				(156,461)	(156,461)
Issuance of common shares		$ 17,363	1,371,651		1,389,014
Issuance of common shares, shares		17,362,671
Balance at Nov. 30, 2024	$ 1,000	$ 108,246	$ 7,658,050	$ (11,755,611)	$ (3,988,315)
Balance, shares at Nov. 30, 2024	1,000,000	90,883,013

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Cash Flows from Operating Activities
Net loss	$ (156,461)	$ (143,007)	$ (443,354)	$ (448,355)
Adjustments to reconcile net loss to net cash used in operating activities:
Depletion, depreciation and accretion	14,493	13,627	65,705	40,185
Changes in operating assets and liabilities
Accounts receivable - oil and gas			(14,117)	1,107
Accounts payable and accrued expenses			(1,543)	(6,070)
Accrued interest- related party			118,055	95,843
Net Cash used in Operating Activities			(275,254)	(317,290)
Cash Flows from Financing Activities
Proceeds from related party loans			300,000	200,000
Net Cash provided by Financing Activities			300,000	200,000
Net Increase (Decrease) in Cash			24,746	(117,290)
Cash - beginning of period			54,217	151,731
Cash - end of period	$ 78,963	$ 34,441	78,963	34,441
Noncash Investing and Financing Activities
Change in estimate of asset retirement obligations			18,008	5,709
Conversion of $1.3 million related party notes payable and related accrued interests to common shares			$ 1,389,014

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2024	Nov. 30, 2023
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Conversion of related party notes payable	$ 1.3	$ 1.3

Organization, Nature of Operati

Organization, Nature of Operations and Summary of Significant Accounting Policies	9 Months Ended
	Nov. 30, 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, 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 an 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”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on Form 10-K for the year ended February 29, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. 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 intercompany 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 timeline and potential magnitude of Ukraine-Russia war and its impact on the Company’s future operations is currently unknown. The Company has incurred continuing losses since 2016, including a loss of $ 643,335 443,354 275,000 79,000 9,400 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 credit line 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 with available borrowings under its line of credit with a related party of $ 500,000 In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for the next 12 months, 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. Significant Accounting Policies During the nine months ended November 30, 2024, there have been no material changes to the Company’s significant accounting policies as described in its 2024 Form 10-K. Net Loss per Common Share Basic net loss per common share amounts are computed by dividing the net loss available to Norris Industries, Inc. 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 common share since the inclusion of these shares would be anti-dilutive for the three and nine months ended November 30, 2024 and 2023: Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share 2024 2023 Stock options - - Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 16,000,000 27,250,000 Total common shares to be issued 82,666,667 93,916,667 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 November 30, 2024, the Company had no

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Nov. 30, 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 three and nine months ended November 30, 2024 and 2023: Schedule of Disaggregation of Revenue 2024 2023 2024 2023 Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Oil sales $ 70,183 $ 66,310 $ 214,006 $ 180,696 Natural gas sales 11,561 20,802 45,012 70,374 Total $ 81,744 $ 87,112 $ 259,018 $ 251,070 There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of November 30, 2024 and February 29, 2024.

Oil and Gas Properties

Oil and Gas Properties	9 Months Ended
	Nov. 30, 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 nine months ended November 30, 2024: Summary of Oil and Gas Activities February 29, 2024 Additions Change in Estimates November 30, 2024 Oil and gas properties, subject to depletion $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 400,094 - (18,008 ) 382,086 Accumulated depletion (2,943,821 ) (54,014 ) - (2,997,835 ) Total oil and gas assets $ 386,510 $ (54,014 ) $ (18,008 ) $ 314,488 The depletion recorded for production on proved properties for the nine months ended November 30, 2024 and 2023 amounted to $ 54,014 25,478 14,493 6,963 During the three and nine months ended November 30, 2024, and 2023, there were no ceiling test write-downs of the Company’s oil and gas properties.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Nov. 30, 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 nine months ended November 30, 2024: Schedule of Asset Retirement Obligations Asset retirement obligations as of February 29, 2024 $ 485,333 Additions - Current period revision of previous estimates (18,008 ) Accretion expense during the nine months ended November 30, 2024 11,691 Asset retirement obligations as of November 30, 2024 $ 479,016 During the three and nine months ended November 30, 2024, the Company recognized accretion expense of $ 0 11,691 6,664 14,707

Related Party Transactions

Related Party Transactions	9 Months Ended
	Nov. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 5 – Related Party Transactions Promissory Note to JBB On December 28, 2017, the Company borrowed $ 1,550,000 3 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 promissory note September 30, 2020 On June 13, 2019, JBB lent the Company $ 250,000 5 June 30, 2022 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, the 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 1 100,000 0.08 On May 5, 2023, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note September 30, 2024 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 4,300,000 September 30, 2026 On November 19, 2024, the Company entered into agreements with JBB to convert $ 1,300,000 89,014 17,362,675 0.08 During the nine months ended November 30, 2024, $ 300,000 500,000 200,000 The Company recognized interest expense of $ 118,055 94,343 49,669 31,912 585,341 614,382 4,200,000 3,200,000

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Nov. 30, 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 (“IWO”) in Weatherford, TX that is being rented on a month-to-month sublease basis at rate of $ 950 2,850 8,550 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.

Subsequent Event

Subsequent Event	9 Months Ended
	Nov. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Note 7 – Subsequent Event In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date these consolidated financial statements were issued.

Organization, Nature of Opera_2

Organization, Nature of Operations and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Nov. 30, 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”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on Form 10-K for the year ended February 29, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. 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 intercompany 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 timeline and potential magnitude of Ukraine-Russia war and its impact on the Company’s future operations is currently unknown. The Company has incurred continuing losses since 2016, including a loss of $ 643,335 443,354 275,000 79,000 9,400 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 credit line 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 with available borrowings under its line of credit with a related party of $ 500,000 In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for the next 12 months, 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.
Significant Accounting Policies	Significant Accounting Policies During the nine months ended November 30, 2024, there have been no material changes to the Company’s significant accounting policies as described in its 2024 Form 10-K.
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 Norris Industries, Inc. 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 common share since the inclusion of these shares would be anti-dilutive for the three and nine months ended November 30, 2024 and 2023: Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share 2024 2023 Stock options - - Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 16,000,000 27,250,000 Total common shares to be issued 82,666,667 93,916,667
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 November 30, 2024, the Company had no

Organization, Nature of Opera_3

Organization, Nature of Operations and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share	Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share 2024 2023 Stock options - - Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 16,000,000 27,250,000 Total common shares to be issued 82,666,667 93,916,667

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Nov. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates revenue by significant product type for the three and nine months ended November 30, 2024 and 2023: Schedule of Disaggregation of Revenue 2024 2023 2024 2023 Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Oil sales $ 70,183 $ 66,310 $ 214,006 $ 180,696 Natural gas sales 11,561 20,802 45,012 70,374 Total $ 81,744 $ 87,112 $ 259,018 $ 251,070

Oil and Gas Properties (Tables)

Oil and Gas Properties (Tables)	9 Months Ended
	Nov. 30, 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 nine months ended November 30, 2024: Summary of Oil and Gas Activities February 29, 2024 Additions Change in Estimates November 30, 2024 Oil and gas properties, subject to depletion $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 400,094 - (18,008 ) 382,086 Accumulated depletion (2,943,821 ) (54,014 ) - (2,997,835 ) Total oil and gas assets $ 386,510 $ (54,014 ) $ (18,008 ) $ 314,488

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Nov. 30, 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 nine months ended November 30, 2024: Schedule of Asset Retirement Obligations Asset retirement obligations as of February 29, 2024 $ 485,333 Additions - Current period revision of previous estimates (18,008 ) Accretion expense during the nine months ended November 30, 2024 11,691 Asset retirement obligations as of November 30, 2024 $ 479,016

Schedule of Anti-dilutive Secur

Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share (Details) - shares	9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common shares to be issued	82,666,667	93,916,667
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common shares to be issued
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	16,000,000	27,250,000

Organization, Nature of Opera_4

Organization, Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($)		9 Months Ended		12 Months Ended
	Oct. 01, 2019	Nov. 30, 2024	Nov. 30, 2023	Feb. 29, 2024
Net income loss available to common stock holders		$ 443,354		$ 643,335
Net cash provided by operating activities		275,254	$ 317,290
Cash		79,000
Working capital		9,400
Cash uninsured amount		0
JBB Partners Inc [Member]
Increments of line of credit	$ 500,000	$ 500,000

Schedule of Disaggregation of R

Schedule of Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Oil and Gas, Proved Reserve, Quantity [Line Items]
Total	$ 81,744	$ 87,112	$ 259,018	$ 251,070
Oil [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Total	70,183	66,310	214,006	180,696
Natural Gas [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Total	$ 11,561	$ 20,802	$ 45,012	$ 70,374

Summary of Oil and Gas Activiti

Summary of Oil and Gas Activities (Details)	9 Months Ended
	Nov. 30, 2024 USD ($)
Extractive Industries [Abstract]
Oil and gas properties, subject to depletion	$ 2,930,237
Oil and gas properties, subject to depletion, additions
Oil and gas properties, subject to depletion, change in extimates
Oil and gas properties, subject to depletion	2,930,237
Asset retirement costs	400,094
Asset retirement costs, addtions
Asset retirement costs, change in extimates	(18,008)
Asset retirement costs	382,086
Accumulated depletion and impairment	(2,943,821)
Accumulated depletion, additions	(54,014)
Accumulated depletion, change in extimates
Accumulated depletion and impairment	(2,997,835)
Total oil and gas assets	386,510
Total oil and gas assets, additions	(54,014)
Total oil and gas assets, change in extimates	(18,008)
Total oil and gas assets	$ 314,488

Oil and Gas Properties (Details

Oil and Gas Properties (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Extractive Industries [Abstract]
Depletion recorded for production on proved properties	$ 14,493	$ 6,963	$ 54,014	$ 25,478

Schedule of Asset Retirement Ob

Schedule of Asset Retirement Obligations (Details)	9 Months Ended
	Nov. 30, 2024 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations as of February 29, 2024	$ 485,333
Additions
Current year revision of previous estimates	(18,008)
Accretion adjustment during the three months ended May 31, 2024	11,691
Asset retirement obligations as of May 31, 2024	$ 479,016

Asset Retirement Obligations (D

Asset Retirement Obligations (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Accretion expense	$ 0	$ 6,664	$ 11,691	$ 14,707

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)

3 Months Ended

9 Months Ended

Nov. 19, 2024

Sep. 06, 2023

May 05, 2023

May 01, 2021

Dec. 22, 2020

May 29, 2020

Oct. 01, 2019

Jun. 13, 2019

May 21, 2019

Jun. 26, 2018

Dec. 28, 2017

Nov. 30, 2024

Nov. 30, 2023

Nov. 30, 2024

Nov. 30, 2023

Feb. 29, 2024

Financing Receivable, Modified [Line Items]

Proceeds from related party loans

$ 300,000

$ 200,000

Availability of existing credit line

$ 500,000

500,000

Interest expense

49,669

$ 31,912

118,055

$ 94,343

Accrued interest

614,382

614,382

$ 585,341

Notes payable, outstanding

$ 3,200,000

3,200,000

$ 4,200,000

JBB Partners Inc [Member]

Financing Receivable, Modified [Line Items]

Loan bears interest rate

5%

Debt conversion price per share

$ 0.08

$ 0.08

Maximum of amount permitted to obtain advances

$ 1,000,000

Increments of line of credit

$ 500,000

$ 500,000

Loan maturity date

May 31, 2022

Proceeds from related party loans

$ 100,000

Line of credit borrowing capacity total

$ 1,500,000

Convertible notes

$ 1,300,000

Accrued interests receivable

$ 89,014

Conversion of common stock

17,362,675

Promissory Note [Member] | JBB Partners Inc [Member]

Financing Receivable, Modified [Line Items]

Proceed from loan payable

$ 1,550,000

Loan bears interest rate

3%

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

Maximum of amount permitted to obtain advances

$ 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

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 its outstanding promissory note

Loan maturity date

Sep. 30, 2026

Increase in line of credit

$ 500,000

Line of credit

$ 4,300,000

Loan Note [Member] | JBB Partners Inc [Member] | Extended Maturity [Member]

Financing Receivable, Modified [Line Items]

Loan maturity date

Sep. 30, 2024

May 31, 2022

Sep. 30, 2021

Sep. 30, 2020

Secured Promissory Note [Member] | Odyssey Enterprises LLC [Member]

Financing Receivable, Modified [Line Items]

Loan bears interest rate

5%

Debt conversion price per share

$ 0.20

Loan maturity date

Jun. 30, 2022

Proceeds from related party loans

$ 250,000

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Payments for rent	$ 950	$ 8,550	$ 2,850	$ 8,550	$ 2,850