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STRONGBOW RESOURCES INC.
0001382231
10-Q
2012-11-30
false
--02-28
No
No
Yes
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Q3
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<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 5%; font: bold 8pt/115% Times New Roman, Times, Serif">1.</td>
<td style="width: 95%; font: bold 8pt/115% Times New Roman, Times, Serif">BASIS OF PRESENTATION</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Unaudited Interim Financial Statements</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited interim financial statements
of Strongbow Resources Inc. (the “Company”) have been prepared in accordance with United States Generally Accepted
Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and
Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial
statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to
the financial statements for the year ended February 29, 2012 included in the Company’s Annual Report on Form 10-K
filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included
in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely
of normal recurring adjustments, have been made. Operating results for the three and nine months ended November 30, 2012 are not
necessarily indicative of the results that may be expected for the year ending February 28, 2013.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed recently issued
accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements
to have a material impact on its financial position, results of operations or cash flows.</p>
<p style="margin: 0pt"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 5%; font: bold 8pt/115% Times New Roman, Times, Serif">2. </td>
<td style="width: 95%; font: bold 8pt/115% Times New Roman, Times, Serif">OIL AND GAS PROPERTIES</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective February 21, 2012, the Company
entered into a Farmout Agreement (the “Agreement”) with Harvest Operations Corp. (“Harvest”). The Agreement
provided for the Company’s acquisition of an undivided 100% working interest (“Working Interest”) in a petroleum
and natural gas license covering eight (8) sections of land located in the Compeer Area in the Province of Alberta, Canada (the
“Farmout Lands”). The Farmout Lands have no proven reserves or current production.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To earn the Working Interest the Company
was required to drill, complete, equip or abandon a test well on the Farmout Lands (“Test Well”). The Company was also
subject to a non-performance penalty in the amount of CAD$350,000 (USD$344,000) payable to the Harvest in the event the Company
was unable to obtain operator status in Alberta on or before March 30, 2012, or was unable to meet the Test Well commitment under
the Agreement. On March 14, 2012, the Company obtained operator status in the Province of Alberta. On April 4, 2012, the Alberta
Energy Resources Conservation Board approved the transfer of the well license relating to the Test Well from Harvest to the Company.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Test Well was spudded on May 27,
2012, and the total depth drilled in the Test Well met the contract depth requirements under the Agreement. On September 5, 2012,
the Company received an earning notice from Harvest granting the Company a 100% working interest in the Farmout Lands.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">As of November 30, 2012, the Company has recognized no revenue
or reserves, and has incurred approximately $1,875,000 in exploration costs to drill, complete and equip the Test Well.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 2%; font: bold 8pt/115% Times New Roman, Times, Serif; text-align: justify">3. </td>
<td style="width: 98%; font: bold 8pt/115% Times New Roman, Times, Serif; text-align: justify">ASSET RETIREMENT OBLIGATIONS</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Accounting Policy</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records asset retirement
obligations based on the guidance set forth in ASC Topic 410, as a liability in the period in which it incurs an obligation
associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or
normal use of the assets. The estimated balance of the asset retirement obligation is based on the current cost escalated
at an inflation rate and discounted at a credit adjusted risk-free rate. The associated asset retirement obligation asset is capitalized
as part of the cost of the related asset and amortized over its useful life. The associated asset retirement obligation liability
is subject to periodic accretion based on the Company's credit-adjusted discount. Accretion expense is offset with an increase
to the asset retirement obligation liability account, and, at the end of the asset’s life, the liability account will have
a balance equal to the amount needed to settle the retirement obligation.  If the liability is settled for an amount
other than the recorded amount, a gain or loss is recognized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Asset  Retirement Obligation</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has recognized $30,661 in asset retirement obligations
related to the future plugging and abandonment of the Test Well on the Farmout Lands</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has no assets that are legally
restricted for purposes of settling asset retirement obligations. </p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 5%; font: bold 8pt/115% Times New Roman, Times, Serif">4.</td>
<td style="width: 95%; font: bold 8pt/115% Times New Roman, Times, Serif">ADVANCES AND NOTES PAYABLE</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At November 30, 2012, the Company had
$614,708 in advances and notes payable consisting of:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 48px; font: 8pt/115% Times New Roman, Times, Serif; text-align: right">a)  </td>
<td style="font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">an unsecured, non-interest bearing advance in the amount of CAD$54,950 (USD$55,379) which is payable upon demand by the payee, and</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 48px; font: 8pt/115% Times New Roman, Times, Serif; text-align: right">b)  </td>
<td style="font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">CAD$555,000 (USD$559,329) in short term note obligations to an unrelated party which is a potential farm-in partner. The notes payable are unsecured, non-interest bearing, payable upon demand, and may be used by the payee, in whole or in part, to offset any funding obligations incurred by the payee in connection with any existing or future farm-in/farm-out agreements with the Company.</td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 5%; font: bold 8pt/115% Times New Roman, Times, Serif">5.</td>
<td style="width: 95%; font: bold 8pt/115% Times New Roman, Times, Serif">CAPITAL STOCK</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 14, 2012, the Company sold 1,200,000
common shares at a price of $0.25 per share. Gross proceeds from the private placement totaled $300,000. The Company paid $10,500
in finder’s fees in connection with the sale of the shares. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 24, 2012, the Company sold 530,303
common shares at a price of $0.33 per share. Gross proceeds from the private placement totaled $175,000. The Company paid $6,125
in finder’s fees in connection with the sale of the shares. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 28, 2012, the Company sold 1,000,000
common shares at a price of $0.25 per share. Gross proceeds from the private placement totaled $250,000. The Company paid $8,750
in finder’s fees in connection with the sale of the shares.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 7, 2012, the Company sold
400,000 common shares at a price of $0.25 per share. Gross proceeds from the private placement totaled $100,000.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 15, 2012 the Company entered
into a consulting agreement for investor relations services. Compensation to the consultant is $7,000 per month and 100,000
of the Company’s restricted common shares for each 3 months of this engagement. Effective May 31, 2012, the consultant received
100,000 shares of the Company’s restricted common stock with a fair market value of $44,000. The agreement was canceled,
at the Company’s option, effective June 14, 2012.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 5%; font: bold 8pt/115% Times New Roman, Times, Serif">6. </td>
<td style="width: 95%; font: bold 8pt/115% Times New Roman, Times, Serif">RELATED PARTY TRANSACTIONS</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At November 30, 2012, the Company had
$10,500 in an advance payable to a related party. That advance is unsecured, non-interest bearing, and payable upon demand by the
payee.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of November 30, 2012, accounts payable
included $39,360 in amounts payable to the Company's executive officers and directors.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended November
30, 2012, the Company incurred management fees of $117,052 to its executive officers and directors.</p>
<p style="margin: 0pt"></p>
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<p style="margin: 0pt; text-align: justify"></p>
<table align="center" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 5%; font: bold 8pt/115% Times New Roman, Times, Serif; text-align: justify">7. </td>
<td style="width: 95%; font: bold 8pt/115% Times New Roman, Times, Serif; text-align: justify">CONTINGENCIES</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to November 30, 2012, two vendors
filed statements of claim totaling $79,369 against the Company for nonpayment of past due invoices. Of the amounts claimed, $79,369
is currently recorded as accrued liabilities in the accompanying unaudited interim financial statements as of Novemnber 30, 2012.
The Company has not yet responded to the statements of claim, but in the event the claims are not settled, the Company may incur
additional liabilities relating to court costs and interest upon the amounts outstanding.</p>
<p style="margin: 0pt; text-align: justify"></p>
117052
79369
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 8pt Times New Roman, Times, Serif"> </p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 5%; font: bold 8pt Times New Roman, Times, Serif; text-align: justify; padding-right: 18pt; text-indent: 0pt">1.</td>
<td style="width: 95%; font: bold 8pt Times New Roman, Times, Serif; text-align: justify; padding-right: 18pt; text-indent: 0pt">NATURE AND CONTINUANCE OF OPERATIONS</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 8pt Times New Roman, Times, Serif">Strongbow
Resources Inc. (the “Company”) was incorporated in the State of Nevada on July 9, 2004. The Company is in the exploration
stage and focuses its business efforts on the acquisition, exploration, and development of oil and gas properties.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 8pt Times New Roman, Times, Serif"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 8pt Times New Roman, Times, Serif">The
accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of November 30,
2012, the Company has not yet achieved profitable operations and has accumulated a deficit of $1,456,027. Its ability to continue
as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet its obligations and pay
its liabilities when they come due. To date, the Company has funded operations through the issuance of capital stock and debt.
Management plans to continue raising additional funds through equity or debt financings. There is no certainty that further funding
will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a
going concern. The ability of the Company to continue its operations as a going concern is dependent upon its ability to raise
sufficient new capital to fund its operating commitments and ongoing losses and ultimately on generating profitable operations.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 8pt Times New Roman, Times, Serif"> </p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>