Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2019 | May 15, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DEEP WELL OIL & GAS INC | |
Entity Central Index Key | 0000869495 | |
Trading Symbol | DWOG | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 230,574,603 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 104,223 | $ 298,241 |
Accounts receivable | 78,147 | 40,920 |
Prepaid expenses | 26,792 | 24,730 |
Total Current Assets | 209,162 | 363,891 |
Long term investments | 389,275 | 398,055 |
Oil and gas properties, net, based on full cost method of accounting | 22,021,316 | 21,975,868 |
Property and equipment, net | 81,784 | 89,518 |
TOTAL ASSETS | 22,701,537 | 22,827,332 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 20,903 | 45,137 |
Accounts payable and accrued liabilities - related parties | 434 | |
Total Current Liabilities | 21,337 | 45,137 |
Asset retirement obligations (Note 7) | 486,947 | 493,467 |
TOTAL LIABILITIES | 508,284 | 538,604 |
Commitments and contingencies (Note 11) | ||
SHAREHOLDERS' EQUITY | ||
Common Stock: (Note 8) Authorized: 600,000,000 shares at $0.001 par value Issued and outstanding: 230,574,603 shares (September 30, 2018 - 230,574,603 shares) | 230,574 | 230,574 |
Additional paid in capital | 43,104,276 | 43,104,276 |
Subscriptions receivable - related party | (15,000) | |
Accumulated deficit | (21,141,597) | (21,031,122) |
Total Shareholders' Equity | 22,193,253 | 22,288,728 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 22,701,537 | $ 22,827,332 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 230,574,603 | 230,574,603 |
Common stock, shares outstanding | 230,574,603 | 230,574,603 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Royalty refunds (expenses) | ||||
Revenue, net of royalty | ||||
Expenses | ||||
Operating expenses | 3,820 | 25,127 | 43,480 | 65,557 |
Operating expenses covered by Farmout | (3,820) | (25,127) | (43,480) | (65,557) |
General and administrative | 39,566 | 55,505 | 93,421 | 174,865 |
Depreciation, accretion and depletion | 11,411 | 13,050 | 22,853 | 26,075 |
Net loss from operations | (50,977) | (68,555) | (116,274) | (200,940) |
Other income and expenses | ||||
Rental and other income | 20 | 7,050 | 2,066 | 8,864 |
Interest income | 1,923 | 1,465 | 3,733 | 2,901 |
Net loss and comprehensive loss | $ (49,034) | $ (60,040) | $ (110,475) | $ (189,175) |
Net loss per common share | ||||
Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Outstanding Shares (in thousands) | ||||
Basic and Diluted | 230,574 | 229,374 | 230,574 | 229,374 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) | Common Stock | Additional Paid in Capital | Subscription Receivable | Accumulated Deficit | Total |
Beginning balance at Sep. 30, 2017 | $ 229,374 | $ 42,845,292 | $ (20,700,991) | $ 22,373,675 | |
Beginning balance, shares at Sep. 30, 2017 | 229,374,605 | ||||
Net operating loss | (129,135) | (129,135) | |||
Ending balance at Dec. 31, 2017 | $ 229,374 | 42,845,292 | (20,830,126) | 22,244,540 | |
Ending balance, shares at Dec. 31, 2017 | 229,374,605 | ||||
Net operating loss | (60,040) | (60,040) | |||
Ending balance at Mar. 31, 2018 | $ 229,374 | 42,845,292 | (20,890,166) | 22,184,500 | |
Ending balance, shares at Mar. 31, 2018 | 229,374,605 | ||||
Beginning balance at Sep. 30, 2018 | $ 230,574 | 43,104,276 | (15,000) | (21,031,122) | 22,288,728 |
Beginning balance, shares at Sep. 30, 2018 | 230,574,603 | ||||
Subscription receivable collected | 15,000 | 15,000 | |||
Net operating loss | (61,441) | (61,441) | |||
Ending balance at Dec. 31, 2018 | $ 230,574 | 43,104,276 | (21,092,563) | 22,242,287 | |
Ending balance, shares at Dec. 31, 2018 | 230,574,603 | ||||
Net operating loss | (49,034) | (49,034) | |||
Ending balance at Mar. 31, 2019 | $ 230,574 | $ 43,104,276 | $ (21,141,597) | $ 22,193,253 | |
Ending balance, shares at Mar. 31, 2019 | 230,574,603 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | ||
Net loss | $ (110,475) | $ (189,175) |
Items not affecting cash: | ||
Depreciation, accretion and depletion | 22,853 | 26,075 |
Net changes in non-cash working capital (Note 10) | (63,089) | (82,942) |
Net Cash Used in Operating Activities | (150,711) | (246,042) |
Investing Activities | ||
Purchase of equipment | (534) | |
Investment in oil and gas properties | (61,462) | (511,966) |
Long term investments | 3,689 | 2,541 |
Net Cash Used in Investing Activities | (58,307) | (509,425) |
Financing Activities | ||
Subscription receivable collected | 15,000 | |
Net Cash Provided by Financing Activities | 15,000 | |
Decrease in cash and cash equivalents | (194,018) | (755,467) |
Cash and cash equivalents, beginning of period | 298,241 | 1,097,651 |
Cash and cash equivalents, end of period | 104,223 | 342,184 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Nature of Business Deep Well Oil & Gas, Inc. was originally incorporated on July 18, 1988 under the laws of the state of Nevada as Worldwide Stock Transfer, Inc. (Worldwide Stock Transfer, Inc. later changed its name to Allied Devices Corporation) and in connection with a plan of reorganization, effective on September 10, 2003, the company was reorganized and changed its name to Deep Well Oil & Gas, Inc. (“Deep Well”). These condensed consolidated financial statements have been prepared showing the name “Deep Well Oil & Gas, Inc. (and Subsidiaries)” (“the Company”) and the post-split common stock, with $0.001 par value. Basis of Presentation The interim condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate so as to make the information presented not misleading. These interim condensed consolidated financial statements follow the same significant accounting policies and methods of application as the Company’s annual consolidated financial statements for the year ended September 30, 2018. These statements reflect all adjustments, consisting solely of normal recurring adjustments (unless otherwise disclosed) which, in the opinion of management, are necessary for a fair presentation of the information contained therein. However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. It is suggested that these condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation These interim condensed consolidated financial statements include the accounts of two wholly owned subsidiaries: (1) Northern Alberta Oil Ltd. (“Northern”) from the date of acquisition, being June 7, 2005, incorporated under the Business Corporations Act (Alberta), Canada; and (2) Deep Well Oil & Gas (Alberta) Ltd., incorporated under the Business Corporations Act (Alberta), Canada on September 15, 2005. All inter-company balances and transactions have been eliminated. Crude oil and natural gas properties The Company follows the full cost method of accounting for oil sands properties pursuant to SEC Regulation S-X Rule 4-10. The full cost method of accounting for oil and gas operations requires that all costs associated with the exploration for and development of oil and gas reserves be capitalized on a country by country basis. Such costs include lease acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells, production equipment and overhead charges directly related to acquisition, exploration and development activities. Under the full cost method, oil and gas properties are subject to the ceiling test A , Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed annually for impairment. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Asset Retirement Obligations The Company accounts for asset retirement obligations by recording the fair value of the estimated future cost of the Company’s plugging and abandonment obligations. The asset retirement obligation is recorded when there is a legal obligation associated with the retirement of a tangible long-lived asset and the fair value of the liability can reasonably be estimated. Upon initial recognition of an asset retirement obligation, the Company increases the carrying amount of the long-lived asset by the same amount as the liability. Over time, the liabilities are accreted for the change in their present value through charges to oil and gas production and well operations costs. The initial capitalized costs are depleted over the useful lives of the related assets through charges to depreciation, depletion, and amortization. If the fair value of the estimated asset retirement obligation changes, an adjustment is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, escalating retirement costs, and changes in the estimated timing of settling asset retirement obligations. As of March 31, 2019, and September 30, 2018, asset retirement obligations amount to $486,947 and $493,467, respectively. The Company has posted bonds, where required, with the Government of Alberta based on the amount the government estimates the cost of abandonment and reclamation to be. Foreign Currency Translation The functional currency of the Company is the US dollar, but the functional currency of the Company’s Canadian subsidiaries is the Canadian dollar. Consequently, monetary assets and liabilities are remeasured into United States dollars at the exchange rate on the balance sheet date and non-monetary items are remeasured at the rate of exchange in effect when the assets are acquired, or obligations incurred. Revenues and expenses are remeasured at the average exchange rate prevailing during the period. Foreign currency transaction gains and losses are included in results of operations. Financial, Concentration and Credit Risk The Company’s consideration or related financial credit risk related to cash and cash equivalents depends on if funds are fully insured by either The Canada Deposit Insurance Corporation (“CDIC”), or The Credit Union Deposit Guarantee Corporation (“CUDGC”) deposit insurance limit. As of March 31, 2019, the Company has approximately $11,852 funds that are in excess of deposit insurance limits, which may have financial credit risk. For the Company funds that are maintained in a financial institution which has its deposits fully guaranteed by CUDGC, there is no financial credit risk. The Company is not directly subject to credit risk resulting from the concentration of its crude oil sales. For the period ending March 31, 2019 the Company recorded no oil sales. Basic and Diluted Net Loss Per Share Basic net loss per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net loss per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights, unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. There were 7,380,000 potentially dilutive securities excluded from the the diluted earnings per share calculation because their effect would be antidilutive. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. This ASU does not apply to the Company’s oil sand leases. It may affect the equipment leases. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. Accounting Standard Update No. 2014-09, (“ASU 2014-09”) Revenue from Customers (Topic 606) |
Oil and Gas Properties
Oil and Gas Properties | 6 Months Ended |
Mar. 31, 2019 | |
Extractive Industries [Abstract] | |
OIL AND GAS PROPERTIES | 3. OIL AND GAS PROPERTIES The Company’s oil sands acreage as of March 31, 2019, covers 36,689 gross acres (28,814 net acres) of land under nine oil sands leases. Subsequently, in mid-April 2019, Alberta Energy completed their review and final approval of one section within one of the Company’s continuation applications, which received approval to continue another 633 gross acres (569 net acres). Until the Company extends its oil sands leases “into perpetuity”, based on the Alberta governmental regulations, the lease expiration dates of the Company’s nine oil sands leases are as follows: 1. 20,242 gross acres (13,284 net acres) under five oil sands leases were set to expiry on July 10, 2018. In November of 2017, the Company’s joint venture partner and operator of two of the five oil sands leases, submitted two continuation applications to the Alberta Oil Sands Tenure division to apply to continue 7,591 gross acres (1,898 net acres) and on January 29, 2018, approval was received from Alberta Energy to continue 6,958 gross acres (1,740 net acres). In June of 2018, the Company as operator of three of these five oil sands leases, submitted three continuation applications to the Alberta Oil Sands Tenure division to apply to continue another 7,591 gross acres (6,832 net acres) where resources were identified. In mid-July 2018, two of the Company’s continuation applications received approval from Alberta Energy to continue 5,693 gross acres (5,124 net acres). Subsequently, in mid-April 2019, one more of the Company’s continuation applications received final approval from Alberta Energy to continue a total of 1,898 gross acres (1,708 net acres). Subsequently as of mid-April 2019, of these five oil sands leases that were set to expiry on July 10, 2018, a total of 5,693 gross acres (4,713 net acres) expired without being continued. These expired lands were primarily areas where our Company determined that there was no or limited exploitable resources. Subsequently, of these five oil sands leases, 14,549 gross acres (8,571 net acres) have been approved by Alberta Energy to be continued beyond the original expiry date of July 10, 2018. These continued leases have no future expiry dates but are subject to yearly escalating rental payments until they are deemed to be producing leases; 2. 19,610 gross acres (17,649 net acres) under three northern oil sands leases are set to expire on August 19, 2019. The Company intends to apply for a term extension on these three northern oil sands leases, however it is not certain if an extension will be granted by Alberta Energy; and 3. 3,163 gross acres (3,163 net acres) under one oil sands lease are set to expire on April 9, 2024. It is the Company’s opinion that they have already met the governmental requirements for this lease and they will be applying to continue this lease into perpetuity. Lease Rental Commitments The Company has acquired interests in certain oil sands properties located in North Central Alberta, Canada. The lease terms include certain commitments related to oil sands properties that require the payments of yearly rents. As required by the Oil Sands Tenure Regulation of the Mines and Minerals Act of Alberta continued oil sands leases past their expiry dates are subject to escalating rental payments in respect of each term year of a continued lease that is designated as non-producing less any eligible research costs, exploration costs and development costs that are incurred in the term year of a continued lease. Escalating rent is payable at the end of each term year, while annual rent for leases are due at the beginning of each term year. Lessees of continued oil sands leases may reduce or eliminate their escalating rent obligations by conducting exploration or development work, or research, on the non-producing lease. As of March 31, 2019, excluding any eligible research, exploration and or development costs that may be used to reduce the Company’s yearly escalating future rents, the following table sets out the estimated net payments due under this commitment, which could be as high: (USD $) (Cdn $) 2019 $ 14,003 18,713 2020 $ 20,220 27,022 2021 $ 19,215 25,678 2022 $ 25,994 34,738 2023 $ 22,892 30,592 Subsequent $ 123,511 165,058 The Company follows the full cost method of accounting for costs of oil properties. Under this method, oil and gas properties, for which no proved reserves have been assigned, must be assessed at least annually to ascertain whether or not a write down should occur. Unproven properties are assessed annually, or more frequently as economic events indicate, for potential write down. This consists of comparing the carrying value of the asset with the asset’s expected future undiscounted cash flows without interest costs. Estimates of expected future cash flows represent management’s best estimate based on reasonable and supportable assumptions. Proven oil properties are reviewed for any write down on a field-by-field basis. No write downs were recognized for the period ended March 31, 2019. Capitalized costs of proven oil properties will be depleted using the unit-of-production method when the property is placed in production. Substantially all of the Company’s oil activities are conducted jointly with others. The accounts reflect only the Company’s proportionate interest in such activities. |
Capitalization of Costs Incurre
Capitalization of Costs Incurred in Oil and Gas Activities | 6 Months Ended |
Mar. 31, 2019 | |
Capitalization of Costs Incurred in Oil and Gas Activities [Abstract] | |
CAPITALIZATION OF COSTS INCURRED IN OIL AND GAS ACTIVITIES | 4. CAPITALIZATION OF COSTS INCURRED IN OIL AND GAS ACTIVITIES The following table illustrates capitalized costs relating to oil producing activities for the six months ended March 31, 2019 and the fiscal year ended September 30, 2018: March 31, September 30, 2018 Unproved Oil and Gas Properties $ 22,122,806 $ 22,071,787 Accumulated Depreciation and Depletion (101,490 ) (95,919 ) Net Capitalized Cost $ 22,021,316 $ 21,975,868 Depreciation and depletion expense for the six months ended March 31, 2019 and 2018 were $5,571 and $3,586 respectively. |
Exploration Activities
Exploration Activities | 6 Months Ended |
Mar. 31, 2019 | |
Exploration Activities [Abstract] | |
EXPLORATION ACTIVITIES | 5. EXPLORATION ACTIVITIES The following table presents information regarding the Company’s costs incurred in the oil property acquisition, exploration and development activities for the six months ended March 31, 2019 and the fiscal year ended September 30, 2018: March 31, September 30, 2018 Acquisition of Properties: Proved $ – $ – Unproved $ – $ 38,185 Exploration costs $ 51,019 $ 710,012 Development costs $ – $ – |
Significant Transactions with R
Significant Transactions with Related Parties | 6 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Accounts payable – related parties were $434 as of March 31, 2019 (September 30, 2018 - $Nil) for expenses to be reimbursed to directors. This amount is unsecured, non-interest bearing, and has no fixed terms of repayment. Subscriptions receivable – related parties was $Nil as of March 31, 2019 (September 30, 2018 - $15,000) for the amount owed to the Company from one director for the exercise of his stock options. As of March 31, 2019, officers, directors, their families, and their controlled entities have acquired 53.96% of the Company’s outstanding common capital stock. This percentage does not include unexercised warrants or stock options. The Company incurred expenses $67,941 to one related party, Concorde Consulting, and entity controlled by a director, for professional fees and consulting services provided to the Company during the period ended March 31, 2019 (March 31, 2018 - $71,001). These amounts were fully paid as of March 31, 2019. |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Mar. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | 7. ASSET RETIREMENT OBLIGATIONS The total future asset retirement obligation is estimated by management based on the Company’s net working interests in all wells and facilities, estimated costs as determined by the Alberta Energy Regulator to reclaim and abandon wells and facilities and the estimated timing of the costs to be incurred in future periods. At March 31, 2019, the Company estimates the undiscounted cash flows related to asset retirement obligation to total approximately $604,795 (September 30, 2018 - $624,354). The fair value of the liability at March 31, 2019 is estimated to be $486,947 (September 30, 2018 - $493,467) using a risk-free rate of 3.74% and an inflation rate of 2%. The actual costs to settle the obligation are expected to occur in approximately 24 years. Changes to the asset retirement obligation were as follows: March 31, 2019 September 30, 2018 Balance, beginning of period $ 493,467 $ 493,411 Liabilities incurred – – Effect of foreign exchange (15,537 ) (17,893 ) Disposal – – Accretion expense 9,017 17,949 Balance, end of period $ 486,947 $ 493,467 |
Common Stock
Common Stock | 6 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
COMMON STOCK | 8. COMMON STOCK Common Stock Issued and Outstanding As of March 31, 2019, the Company had outstanding 230,574,603 shares of common stock. |
Stock Options
Stock Options | 6 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK OPTIONS | 9. STOCK OPTIONS Between June 8 to 10, 2018, five directors, two contractors and one employee of the Company, exercised a total of 3,150,000 option shares at an exercise price of $0.05 by way of a cashless exercise to acquire a total of 899,998 common shares of the Company, based upon the market value of the Company’s common stock of $0.07 per share on June 8, 2018, whereby 2,250,002 common shares were withheld by the Company to pay for the exercise price of the options. The stock certificates from the latest exercise of stock options are currently held in escrow upon final approval and release by Management of the Company. On June 19, 2018, one director of the Company acquired 300,000 common shares of the Company upon exercising stock options, at an exercise price of $0.05 per common share for total gross proceeds to the Company of $15,000. On October 28, 2018, 250,000 stock options previously granted on October 28, 2013 to a contractor for services in connection with the Farmout Agreement, expired unexercised. On December 4, 2018, 450,000 stock options previously granted on December 4, 2013 to one director, expired unexercised. For the period ended March 31, 2019, the Company recorded no share-based compensation expense related to stock options (September 30, 2018 – $Nil). As of March 31, 2019, there was no unrecognized compensation cost related to option awards. Compensation expense is based upon straight-line depreciation of the grant-date fair value over the vesting period of the underlying unit option. Shares Underlying Shares Underlying Range of Exercise Price Shares Underlying Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Shares Underlying Options Exercisable Weighted Average Exercise Price $0.38 at March 31, 2019 6,780,000 0.47 $ 0.38 6,780,000 $ 0.38 $0.23 at March 31, 2019 600,000 0.63 $ 0.23 600,000 $ 0.23 7,380,000 0.48 $ 0.37 7,380,000 $ 0.37 The aggregate intrinsic value of exercisable options as of March 31, 2019, was $Nil (September 30, 2018 - $Nil). The following is a summary of stock option activity as at March 31, 2019: Number of Underlying Shares Weighted Average Exercise Price Weighted Average Fair Market Value Balance, September 30, 2018 8,080,000 $ 0.36 $ 0.29 Expired, October 28, 2018 (250,000 ) 0.30 0.30 Expired, December 4, 2018 (450,000 ) 0.34 0.36 Balance, March 31, 2019 7,380,000 $ 0.37 $ 0.29 Exercisable, March 31, 2019 7,380,000 $ 0.37 $ 0.29 There were no remaining unvested stock options outstanding as of March 31, 2019 (September 30, 2018 – Nil). |
Changes in Non-Cash Working Cap
Changes in Non-Cash Working Capital | 6 Months Ended |
Mar. 31, 2019 | |
Changes in Non-Cash Working Capital [Abstract] | |
CHANGES IN NON-CASH WORKING CAPITAL | 10. CHANGES IN NON-CASH WORKING CAPITAL Six months ended Six months Ended March 31, 2019 March 31, 2018 Accounts receivable $ (37,227 ) 9,869 Prepaid expenses (2,062 ) 11,285 Accounts payable (23,800 ) (104,096 ) $ (63,089 ) (82,942 ) |
Commitments
Commitments | 6 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | 11. COMMITMENTS Compensation to Executive Officers Concorde Consulting, a company owned 100% by Mr. Curtis J. Sparrow, for providing services as Chief Financial Officer to the Company for $11,324 per month (Cdn $15,000 per month). As of March 31, 2019, the Company did not owe Concorde Consulting any of this amount. Rental Agreement On June 19, 2017, the Company renewed its Edmonton office lease commencing effective on July 1, 2017 and expiring on June 30, 2019. As part of the lease renewal the Company received the first 3 months of basic rent free. The quarterly payments due are as follows: USD $ Cdn $ 2019 Q3 (April - June) $ 5,963 $ 7,969 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event As of March 31, 2019, the Company’s oil sands acreage covered 36,689 gross acres (28,814 net acres) of land under nine oil sands leases with working interests ranging from 25% to 100%. Subsequently, in mid-April 2019, Alberta Energy completed their review and final approval of one section within one of the Company’s continuation applications, which received approval to continue another 633 gross acres (569 net acres), in addition to what Alberta Energy previously granted continuation of on one of the Company’s continuation applications to retain 3 out of 4 sections. The Company’s oil sands acreage now covers 37,322 gross acres (29,383 net acres). Continued leases have no future expiry dates but are subject to yearly escalating rental payments until they are deemed to be producing leases. For further information see Note 3 “Oil and Gas Properties” included herein. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation These interim condensed consolidated financial statements include the accounts of two wholly owned subsidiaries: (1) Northern Alberta Oil Ltd. (“Northern”) from the date of acquisition, being June 7, 2005, incorporated under the Business Corporations Act (Alberta), Canada; and (2) Deep Well Oil & Gas (Alberta) Ltd., incorporated under the Business Corporations Act (Alberta), Canada on September 15, 2005. All inter-company balances and transactions have been eliminated. |
Crude oil and natural gas properties | Crude oil and natural gas properties The Company follows the full cost method of accounting for oil sands properties pursuant to SEC Regulation S-X Rule 4-10. The full cost method of accounting for oil and gas operations requires that all costs associated with the exploration for and development of oil and gas reserves be capitalized on a country by country basis. Such costs include lease acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells, production equipment and overhead charges directly related to acquisition, exploration and development activities. Under the full cost method, oil and gas properties are subject to the ceiling test A , Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed annually for impairment. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. |
Asset Retirement Obligations | Asset Retirement Obligations The Company accounts for asset retirement obligations by recording the fair value of the estimated future cost of the Company’s plugging and abandonment obligations. The asset retirement obligation is recorded when there is a legal obligation associated with the retirement of a tangible long-lived asset and the fair value of the liability can reasonably be estimated. Upon initial recognition of an asset retirement obligation, the Company increases the carrying amount of the long-lived asset by the same amount as the liability. Over time, the liabilities are accreted for the change in their present value through charges to oil and gas production and well operations costs. The initial capitalized costs are depleted over the useful lives of the related assets through charges to depreciation, depletion, and amortization. If the fair value of the estimated asset retirement obligation changes, an adjustment is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, escalating retirement costs, and changes in the estimated timing of settling asset retirement obligations. As of March 31, 2019, and September 30, 2018, asset retirement obligations amount to $486,947 and $493,467, respectively. The Company has posted bonds, where required, with the Government of Alberta based on the amount the government estimates the cost of abandonment and reclamation to be. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company is the US dollar, but the functional currency of the Company’s Canadian subsidiaries is the Canadian dollar. Consequently, monetary assets and liabilities are remeasured into United States dollars at the exchange rate on the balance sheet date and non-monetary items are remeasured at the rate of exchange in effect when the assets are acquired, or obligations incurred. Revenues and expenses are remeasured at the average exchange rate prevailing during the period. Foreign currency transaction gains and losses are included in results of operations. |
Financial, Concentration and Credit Risk | Financial, Concentration and Credit Risk The Company’s consideration or related financial credit risk related to cash and cash equivalents depends on if funds are fully insured by either The Canada Deposit Insurance Corporation (“CDIC”), or The Credit Union Deposit Guarantee Corporation (“CUDGC”) deposit insurance limit. As of March 31, 2019, the Company has approximately $11,852 funds that are in excess of deposit insurance limits, which may have financial credit risk. For the Company funds that are maintained in a financial institution which has its deposits fully guaranteed by CUDGC, there is no financial credit risk. The Company is not directly subject to credit risk resulting from the concentration of its crude oil sales. For the period ending March 31, 2019 the Company recorded no oil sales. |
Basic and Diluted Net Loss Per Share | Basic and Diluted Net Loss Per Share Basic net loss per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net loss per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights, unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. There were 7,380,000 potentially dilutive securities excluded from the the diluted earnings per share calculation because their effect would be antidilutive. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. This ASU does not apply to the Company’s oil sand leases. It may affect the equipment leases. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. Accounting Standard Update No. 2014-09, (“ASU 2014-09”) Revenue from Customers (Topic 606) |
Oil and Gas Properties (Tables)
Oil and Gas Properties (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Extractive Industries [Abstract] | |
Summary of net payments due in lease rental commitment | (USD $) (Cdn $) 2019 $ 14,003 18,713 2020 $ 20,220 27,022 2021 $ 19,215 25,678 2022 $ 25,994 34,738 2023 $ 22,892 30,592 Subsequent $ 123,511 165,058 |
Capitalization of Costs Incur_2
Capitalization of Costs Incurred in Oil and Gas Activities (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Capitalization of Costs Incurred in Oil and Gas Activities [Abstract] | |
Schedule of capitalized costs relating to oil producing activities | March 31, September 30, 2018 Unproved Oil and Gas Properties $ 22,122,806 $ 22,071,787 Accumulated Depreciation and Depletion (101,490 ) (95,919 ) Net Capitalized Cost $ 22,021,316 $ 21,975,868 |
Exploration Activities (Tables)
Exploration Activities (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Exploration Activities [Abstract] | |
Schedule of costs incurred in the oil property acquisition, exploration and development activities | March 31, September 30, 2018 Acquisition of Properties: Proved $ – $ – Unproved $ – $ 38,185 Exploration costs $ 51,019 $ 710,012 Development costs $ – $ – |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of changes to the asset retirement obligation | March 31, 2019 September 30, 2018 Balance, beginning of period $ 493,467 $ 493,411 Liabilities incurred – – Effect of foreign exchange (15,537 ) (17,893 ) Disposal – – Accretion expense 9,017 17,949 Balance, end of period $ 486,947 $ 493,467 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock options | Shares Underlying Shares Underlying Range of Exercise Price Shares Underlying Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Shares Underlying Options Exercisable Weighted Average Exercise Price $0.38 at March 31, 2019 6,780,000 0.47 $ 0.38 6,780,000 $ 0.38 $0.23 at March 31, 2019 600,000 0.63 $ 0.23 600,000 $ 0.23 7,380,000 0.48 $ 0.37 7,380,000 $ 0.37 |
Summary of stock option activity | Number of Underlying Shares Weighted Average Exercise Price Weighted Average Fair Market Value Balance, September 30, 2018 8,080,000 $ 0.36 $ 0.29 Expired, October 28, 2018 (250,000 ) 0.30 0.30 Expired, December 4, 2018 (450,000 ) 0.34 0.36 Balance, March 31, 2019 7,380,000 $ 0.37 $ 0.29 Exercisable, March 31, 2019 7,380,000 $ 0.37 $ 0.29 |
Changes in Non-Cash Working C_2
Changes in Non-Cash Working Capital (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Changes in Non-Cash Working Capital [Abstract] | |
Summary of changes in non-cash working capital | Six months ended Six months Ended March 31, 2019 March 31, 2018 Accounts receivable $ (37,227 ) 9,869 Prepaid expenses (2,062 ) 11,285 Accounts payable (23,800 ) (104,096 ) $ (63,089 ) (82,942 ) |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of quarterly payments due under lease agreement | USD $ Cdn $ 2019 Q3 (April - June) $ 5,963 $ 7,969 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Details) - $ / shares | Mar. 31, 2019 | Sep. 30, 2018 |
Nature of Business and Basis of Presentation (Textual) | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | |
Summary of Significant Accounting Policies (Textual) | ||
Asset retirement obligations | $ 486,947 | $ 493,467 |
Excess of deposit insurance limits | $ 11,852 | |
Antidilutive securities excluded from computation of earnings | 7,380,000 | |
Discount factor of oil and natural gas reserves | 10.00% |
Oil and Gas Properties (Details
Oil and Gas Properties (Details) - Mar. 31, 2019 | USD ($) | CAD ($) |
2019 | $ 14,003 | |
2020 | 20,220 | |
2021 | 19,215 | |
2022 | 25,994 | |
2023 | 22,892 | |
Subsequent | $ 123,511 | |
CAD [Member] | ||
2019 | $ 18,713 | |
2020 | 27,022 | |
2021 | 25,678 | |
2022 | 34,738 | |
2023 | 30,592 | |
Subsequent | $ 165,058 |
Oil and Gas Properties (Detai_2
Oil and Gas Properties (Details Textual) - a | 6 Months Ended | |
Mar. 31, 2019 | Apr. 15, 2019 | |
Oil and Gas Properties (Textual) | ||
Oil sands acreage, gross acres | 36,689 | |
Oil sands acreage, net acres | 28,814 | |
Five oil sands leases, description | 20,242 gross acres (13,284 net acres) under five oil sands leases were set to expiry on July 10, 2018. In November of 2017, the Company's joint venture partner and operator of two of the five oil sands leases, submitted two continuation applications to the Alberta Oil Sands Tenure division to apply to continue 7,591 gross acres (1,898 net acres) and on January 29, 2018, approval was received from Alberta Energy to continue 6,958 gross acres (1,740 net acres). In June of 2018, the Company as operator of three of these five oil sands leases, submitted three continuation applications to the Alberta Oil Sands Tenure division to apply to continue another 7,591 gross acres (6,832 net acres) where resources were identified. In mid-July 2018, two of the Company's continuation applications received approval from Alberta Energy to continue 5,693 gross acres (5,124 net acres). Subsequently, in mid-April 2019, one more of the Company's continuation applications received final approval from Alberta Energy to continue a total of 1,898 gross acres (1,708 net acres). Subsequently as of mid-April 2019, of these five oil sands leases that were set to expiry on July 10, 2018, a total of 5,693 gross acres (4,713 net acres) expired without being continued. These expired lands were primarily areas where our Company determined that there was no or limited exploitable resources. Subsequently, of these five oil sands leases, 14,549 gross acres (8,571 net acres) have been approved by Alberta Energy to be continued beyond the original expiry date of July 10, 2018. These continued leases have no future expiry dates but are subject to yearly escalating rental payments until they are deemed to be producing leases. | |
Three northern oil sands leases, description | 19,610 gross acres (17,649 net acres) under three northern oil sands leases are set to expire on August 19, 2019. The Company intends to apply for a term extension on these three northern oil sands leases, however it is not certain if an extension will be granted by Alberta Energy. | |
One oil sands lease, description | 3,163 gross acres (3,163 net acres) under one oil sands lease are set to expire on April 9, 2024. It is the Company’s opinion that they have already met the governmental requirements for this lease and they will be applying to continue this lease into perpetuity. | |
Subsequent Event [Member] | ||
Oil and Gas Properties (Textual) | ||
Oil sands acreage, gross acres | 633 | |
Oil sands acreage, net acres | 569 |
Capitalization of Costs Incur_3
Capitalization of Costs Incurred in Oil and Gas Activities (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Summary of capitalized costs relating to oil and gas producing activities | ||
Unproved Oil and Gas Properties | $ 22,122,806 | $ 22,071,787 |
Accumulated Depreciation and Depletion | (101,490) | (95,919) |
Net Capitalized Cost | $ 22,021,316 | $ 21,975,868 |
Capitalization of Costs Incur_4
Capitalization of Costs Incurred in Oil and Gas Activities (Details Textual) - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Capitalization of Costs Incurred in Oil and Gas Activities (Textual) | ||
Depreciation and depletion expense | $ 5,571 | $ 3,586 |
Exploration Activities (Details
Exploration Activities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Sep. 30, 2018 | |
Acquisition of Properties: | ||
Proved | ||
Unproved | 38,185 | |
Exploration costs | 51,019 | 710,012 |
Development costs |
Significant Transactions with_2
Significant Transactions with Related Parties (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Significant Transactions with Related Parties (Textual) | |||
Accounts payable - related parties | $ 434 | ||
Subscriptions receivable - related party | $ (15,000) | ||
Percentage of outstanding common capital stock | 53.96% | ||
Professional fees to related party | $ 67,941 | $ 71,001 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance, beginning of period | $ 493,467 | $ 493,411 |
Liabilities incurred | ||
Effect of foreign exchange | (15,537) | (17,893) |
Disposal | ||
Accretion expense | 9,017 | 17,949 |
Balance, end of period | $ 486,947 | $ 493,467 |
Asset Retirement Obligations _2
Asset Retirement Obligations (Details Textual) - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | |
Asset Retirement Obligations (Textual) | ||
Estimate of undiscounted cash flows related to asset retirement obligation | $ 604,795 | $ 624,354 |
Fair value of liability | $ 486,947 | $ 493,467 |
Risk free rate | 3.74% | |
Inflation rate | 2.00% | |
Term of settlement of the obligation | 24 years |
Common Stock (Details)
Common Stock (Details) - shares | Mar. 31, 2019 | Sep. 30, 2018 |
Common Stock (Textual) | ||
Common stock, shares outstanding | 230,574,603 | 230,574,603 |
Stock Options (Details)
Stock Options (Details) | 6 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Summary of stock options | |
Shares Underlying Options Outstanding | shares | 7,380,000 |
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life | 5 months 23 days |
Shares Underlying Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.37 |
Shares Underlying Options Exercisable | shares | 7,380,000 |
Shares Underlying Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 0.37 |
$0.38 at March 31, 2019 [Member] | Stock Options [Member] | |
Summary of stock options | |
Shares Underlying Options Outstanding | shares | 6,780,000 |
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life | 5 months 20 days |
Shares Underlying Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.38 |
Shares Underlying Options Exercisable | shares | 6,780,000 |
Shares Underlying Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 0.38 |
$0.23 at March 31, 2019 [Member] | Stock Options [Member] | |
Summary of stock options | |
Shares Underlying Options Outstanding | shares | 600,000 |
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life | 7 months 17 days |
Shares Underlying Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.23 |
Shares Underlying Options Exercisable | shares | 600,000 |
Shares Underlying Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 0.23 |
Stock Options (Details 1)
Stock Options (Details 1) - Stock option activity [Member] | 6 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Underlying Shares, Beginning Balance | shares | 8,080,000 |
Number of Underlying Shares, Ending Balance | shares | 7,380,000 |
Number of Underlying Shares, Exercisable, March 31, 2019 | shares | 7,380,000 |
Weighted Average Exercise Price, Beginning Balance | $ 0.36 |
Weighted Average Exercise Price, Ending Balance | 0.37 |
Weighted Average Exercise Price, Exercisable, March 31, 2019 | 0.37 |
Weighted Average Fair Market Value, Beginning Balance | 0.29 |
Weighted Average Fair Market Value, Ending Balance | 0.29 |
Weighted Average Fair Market Value, Exercisable, March 31, 2019 | $ 0.29 |
October 28, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Underlying Shares, Expired, | shares | (250,000) |
Weighted Average Exercise Price, Expired | $ 0.30 |
Weighted Average Fair Market Value, Expired | $ 0.30 |
December 4, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Underlying Shares, Expired, | shares | (450,000) |
Weighted Average Exercise Price, Expired | $ 0.34 |
Weighted Average Fair Market Value, Expired | $ 0.36 |
Stock Options (Details Textual)
Stock Options (Details Textual) | Dec. 04, 2018directorsshares | Jun. 19, 2018USD ($)$ / sharesshares | Jun. 10, 2018directorsEmployeesContractors$ / sharesshares | Oct. 28, 2018shares | Sep. 30, 2018USD ($)shares | Mar. 31, 2019USD ($)shares |
Stock Options (Textual) | ||||||
Number of directors | directors | 1 | |||||
Stock options previously granted | 450,000 | 250,000 | ||||
Directors, Contractors and Employee [Member] | ||||||
Stock Options (Textual) | ||||||
Stock options exercised | 2,250,002 | |||||
Market value price per share | $ / shares | $ 0.07 | |||||
Stock Options [Member] | ||||||
Stock Options (Textual) | ||||||
Share-based compensation expense related to stock options | $ | ||||||
Aggregate intrinsic value of exercisable options | $ | ||||||
Unvested stock options outstanding | ||||||
Stock Options [Member] | Director [Member] | ||||||
Stock Options (Textual) | ||||||
Stock options exercised | 300,000 | |||||
Option shares, exercise price | $ / shares | $ 0.05 | |||||
Proceeds from issuance of common stock | $ | $ 15,000 | |||||
Stock Options [Member] | Directors, Contractors and Employee [Member] | ||||||
Stock Options (Textual) | ||||||
Stock options exercised | 3,150,000 | |||||
Option shares, exercise price | $ / shares | $ 0.05 | |||||
Cashless exercise to acquire common shares | 899,998 | |||||
Number of directors | directors | 5 | |||||
Number of employees | Employees | 1 | |||||
Number of contractors | Contractors | 2 |
Changes in Non-Cash Working C_3
Changes in Non-Cash Working Capital (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Summary of changes in non-cash working capital | ||
Accounts receivable | $ (37,227) | $ 9,869 |
Prepaid expenses | (2,062) | 11,285 |
Accounts payable | (23,800) | (104,096) |
Net changes in non-cash working capital (Note 10) | $ (63,089) | $ (82,942) |
Commitments (Details)
Commitments (Details) - Jun. 19, 2017 - 2019 Q3 (April - June) [Member] | USD ($) | CAD ($) |
Summary of annual payments under office lease agreement | ||
Quarterly payments due | $ 5,963 | |
CAD [Member] | ||
Summary of annual payments under office lease agreement | ||
Quarterly payments due | $ 7,969 |
Commitments (Details Textual)
Commitments (Details Textual) - Chief Financial Officer [Member] - Concorde Consulting [Member] | 6 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | |
Commitments (Textual) | ||
Officer ownership of consulting company | 100.00% | 100.00% |
Compensation paid per month to Executive Officer Consulting Company | $ 11,324 | |
CAD [Member] | ||
Commitments (Textual) | ||
Compensation paid per month to Executive Officer Consulting Company | $ 15,000 |
Subsequent Event (Details)
Subsequent Event (Details) - a | 1 Months Ended | |
Apr. 15, 2019 | Mar. 31, 2019 | |
Subsequent Event (Textual) | ||
Oil sands acreage, gross acres | 36,689 | |
Oil sands acreage, net acres | 28,814 | |
Maximum [Member] | ||
Subsequent Event (Textual) | ||
Nine oil sands leases with working interests range | 100.00% | |
Minimum [Member] | ||
Subsequent Event (Textual) | ||
Nine oil sands leases with working interests range | 25.00% | |
Subsequent Event [Member] | ||
Subsequent Event (Textual) | ||
Oil sands acreage, gross acres | 633 | |
Oil sands acreage, net acres | 569 | |
Oil sands acreage, description | The Company's oil sands acreage now covers 37,322 gross acres (29,383 net acres). |