10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q/A #2

Amendment No. 2

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2014

or

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission File Number 000-54253

FALCONRIDGE OIL TECHNOLOGIES CORP.

(Exact name of registrant as specified in its charter)

Nevada	20-0266164
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
17-120 West Beaver Creek Rd., Richmond Hill, Ontario, Canada	L4B 1L2
(Address of principal executive offices)	(Zip Code)

(905) 771-6551

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] YES [  ] NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] YES [  ] NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company.  See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [  ]	Accelerated filer [  ]
Non-accelerated filer [  ]	Smaller reporting company [X]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) [  ] YES [X] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. [  ] YES [  ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

49,016,667 common shares issued and outstanding as of July 29, 2014.

FALCONRIDGE OIL TECHNOLOGIES CORP.

Form 10-Q/A #2

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)	3
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3. Quantitative and Qualitative Disclosures About Market Risk	18
Item 4. Controls and Procedures	18
PART II - OTHER INFORMATION
Item 1. Legal Proceedings	18
Item 1A. Risk Factors	18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3. Defaults Upon Senior Securities	18
Item 4. Mining Safety Disclosures	18
Item 5. Other Information	19
Item 6. Exhibits	19
SIGNATURES	21

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Our unaudited interim consolidated financial statements for the three month period ended May 31, 2014 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

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MANAGEMENT'S COMMENTS ON UNAUDITED

INTERIM FINANCIAL STATEMENTS

The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America and with the rules and regulations of the Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X. These unaudited interim consolidated financial statements should be read in conjunction with the financial statements of the Company for the year ended February 28, 2014 and notes thereto contained in the information as part of the Company’s Annual Report on Form 10-K filed with the SEC on June 13, 2014. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2014 as reported in the Form 10-K have been omitted. In the opinion of management, the unaudited interim consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are necessary to present fairly the financial position and the results of operations for the interim periods presented herein. Unaudited interim results are not necessarily indicative of the results for the full year.

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Falconridge Oil Technologies Corp.

Consolidated Balance Sheets

As at May 31, 2014 and February 28, 2014

(Unaudited)

	May 31, 2014			February 28, 2014
ASSETS
Current
Cash	$	2,575		$	26,797
Accounts receivable		18,439			11,880
Total current assets		21,014			38,677
Property & equipment net of accumulated depreciation of $3,020 (2014 - $2,630)		4,689			5,080
Oil and gas properties net of accumulated depletion of $29,894 (2014 - $27,094)		99,096			101,896
Unproved oil and gas properties		289,353			289,353
Total assets	$	414,152		$	435,006
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current
Accounts payable	$	179,690		$	139,519
Accrued liabilities		43,350			47,482
Loan payable - related party		1,462,090			1,462,090
Loan payable		70,000			70,000
Total current liabilities		1,755,130			1,719,091
STOCKHOLDERS' DEFICIT
Common stock, $.001 par value, 450,000,000 shares authorized,
49,016,667 shares issued and outstanding as of May 31, 2014 and February 28, 2014		49,017			49,017
Additional paid in capital		270,661			270,661
Deficit		(1,660,656	)		(1,603,763	)
Total stockholders' deficit		(1,340,978	)		(1,284,085	)
Total liabilities and stockholders' deficit	$	414,152		$	435,006

The accompanying notes are an integral part of these unaudited financial statements.

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Falconridge Oil Technologies Corp.

Consolidated Statements of Operations

For the three months ended May 31, 2014 and 2013

(Unaudited)

	May 31, 2014			May 31, 2013
Oil & Gas revenue	$	6,323		$	5,123
Expenses
General and administrative		58,025			128,828
Depreciation, amortization and depletion		3,191			7,794
Total operating expense		61,216			136,622
Other income (expense)
Interest expense		(2,000	)		(238	)
Net loss	$	(56,893	)	$	(131,737	)
Loss per common share - Basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average number of common shares outstanding		49,016,667			48,750,000

The accompanying notes are an integral part of these unaudited financial statements.

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Falconridge Oil Technologies Corp.

Consolidated Statements of Cash Flows

For the three months ended May 31, 2014 and 2013

(Unaudited)

	May 31, 2014			May 31, 2013
Cash flows from operating activities
Net loss	$	(56,893	)	$	(131,737	)
Adjustment to reconcile net loss to net cash used in operations
Depreciation, amortization and depletion		3,191			7,794
Changes in operating assets and liabilities:
Accounts receivable		(6,559	)		15,475
Accounts payable and accrued liabilities		36,039			(15,953	)
Net cash used in operating activities		(24,222	)		(124,421	)
Cash flows from financing activities
Advances from related party		-			121,421
Net cash from financing activities		-			121,421
Net change in cash		(24,222	)		(3,000	)
Cash, beginning of period		26,797			3,375
Cash, end of period	$	2,575		$	375
Supplemental disclosure of cash flow information:
Cash paid during the year for income taxes	$	-		$	-
Cash paid during the year for interest	$	-		$	-
Non-cash investing and financing disclosures:
Capital lease obligation payments made by related party	$	-		$	4,800

The accompanying notes are an integral part of these unaudited financial statements.

7

Falconridge Oil Technologies Corp.

Notes to Consolidated Financial Statements

For the three months ended May 31, 2014 and 2013

(Unaudited)

1.            Basis of presentation

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America and with the rules and regulations of the Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X.  These unaudited interim statements should be read in conjunction with the financial statements of our company for the year ended February 28, 2014 and notes thereto contained in the information as part of our company’s Annual Report on Form 10-K filed with the SEC on June 13, 2014.  Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2014 as reported in the Form 10-K have been omitted.   In the opinion of management, the unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are necessary to present fairly the financial position and the results of operations for the interim periods presented herein.  Unaudited interim results are not necessarily indicative of the results for the full year.

2.            Going Concern

As shown in the accompanying financial statements, we have incurred net losses of $1,660,656 since inception. This condition raises substantial doubt as to our ability to continue as a going concern. In response to these conditions, we may raise additional capital through the sale of equity securities, through an offering of debt securities or through borrowings from financial institutions or individuals. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

8

Falconridge Oil Technologies Corp.

Notes to Consolidated Financial Statements

For the three months ended May 31, 2014 and 2013

(Unaudited)

3.            Related party payable – First World Trade Corporation

First World Trade Corporation (“FWT”) is a company controlled by a shareholder of the Company.  As at May 31, 2014, FWT has advanced the Company $1,462,090 to fund operating costs and shared expenses, the loan is non-interest bearing and without specific terms of repayment.

4.            Commitments and contingencies

The Company has entered into a licensing agreement with HydroSlotter Corporation of Canada (“HSC”) for the non-exclusive right to market, represent and use HSC technology in order explore and develop utilization of the HSC technology in any geographical region, country, or territory.  The term of the agreement is from October 1, 2012 to December 1, 2013 and may be renewed annually by mutual consent.  Pursuant to the agreement, HSC and our company signed a letter of renewal dated April 17, 2014 to evidence mutual consent to extend the license agreement until December 31, 2014.  Revenue and expenses are shared in accordance with the terms of the agreement.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited interim consolidated financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to “US$” refer to United States dollars and all references to “common stock” refer to the common shares in our capital stock.

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean Falconridge Oil Technologies Corp., and our wholly owned subsidiary, Falconridge Oil Ltd., an Ontario, Canada corporation, unless otherwise indicated.

Corporate Background

We were incorporated on May 30, 2007 under the name Ameriwest Minerals Corp. On December 23, 2010, we changed our name to Ameriwest Petroleum Corp. by way of a merger with our wholly-owned subsidiary Ameriwest Petroleum, which was formed solely for the change of name. We were an exploration stage corporation. Our company carried out the first phase of exploration on the Key 1-4 Mineral Claims, SW Goldfield Hills Area, Esmeralda County, Nevada, USA. The results of Phase I were not promising and management determined it was in the best interests of the shareholders to abandon the property and we allowed the claim to lapse in September 2009.

On November 4, 2009, our company signed a letter of intent with Suntech Energy of British Columbia to establish the basic terms to be used in a future asset purchase between our company and Suntech Energy. The Agreement was to become effective on or before March 31, 2010. The letter of intent expired without having concluded the Agreement.

On November 13, 2009, our company purchased a bioreactor pod to use in a test process. As of November 30, 2010, our company had not been able to take possession and implement the testing of the bioreactor pod due to legal problems the manufacturer was experiencing. Our company therefore felt it was appropriate to write off the asset during the period ended November 30, 2010.

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On June 20, 2013, we entered into a letter of intent for a share exchange transaction and acquisition with Falconridge Ontario and its shareholders. Pursuant to the terms of the agreement, we agreed to acquire all 100 issued and outstanding shares of Falconridge Ontario’s common stock in exchange for the issuance by our company of 29,250,000 shares of our common stock to the shareholders of Falconridge Ontario.

Effective July 2, 2013, in accordance with approval from the Financial Industry Regulatory Authority (“FINRA”), our company changed our name from “Ameriwest Petroleum Corp.” to “Falconridge Oil Technologies Corp.” by way of a merger with our wholly-owned subsidiary Falconridge Oil Technologies Corp., which was formed solely for the change of name.

The name change became effective with the OTCBB at the opening of trading on July 2, 2013 under the symbol “FROT”. On July 2, 2013, our stock symbol changed from “AWSS” to “FROT” to better reflect the new name of our company.

On August 2, 2013, we entered into a share exchange agreement with Falconridge Ontario and its shareholders. Pursuant to the terms of the share exchange agreement, we agreed to acquire all 100 issued and outstanding shares of Falconridge Ontario’s common stock in exchange for the issuance by our company of 29,250,000 shares of our common stock to the shareholders of Falconridge Ontario.

Further, pursuant to the share exchange agreement, we are required to:

(a)    provide to Falconridge Ontario a financing of debt or equity for $1,100,000, which is to close no later than 150 days from the closing of the share exchange and on mutually agreeable terms (completed);

(b)    complete a private placement of an aggregate of $400,000 at $1.50 per share (for the purposes of furthering the business of Falconridge Ontario), which was completed as of January 22, 2014; and

(c)    complete an equity financing, using our commercially best efforts, of up to $6,000,000 for 4,000,000 units at a price of no less than $1.50 per unit. Each unit will consist of one common share in our capital stock and one-half of one whole warrant (each one whole warrant, a “Financing Warrant”). Each Financing Warrant shall be exercisable into one share of our common stock at a price of no less than $3.00 per share for a period of 24 months from the date of issuance of the Financing Warrants. As a term to the equity financing, any party, who is successful in raising funds, with respect to the equity financing, from a private investor shall earn a cash commission of 7% and a commission of 5% payable in warrants (each, a “Commission Warrant”). Each Commission Warrant shall have the same terms as the Financing Warrants. If we are unable to complete the equity financing, then we may offer to Falconridge Ontario to complete a financing of up to $6,000,000 that may include debt, preferred shares of our company or a combination of the foregoing.

We may be unable to secure any debt or equity financing on terms acceptable to us, or at all, at the time when we need such funding. Additionally, although we agreed to complete the above financings, where we are unable to complete any of the financings in the agreement, there will not be any real consequences on the parties of the agreement. The value of the agreement to provide such financings is the use commercially best efforts to fulfill the financings and demonstrating the need for financings to occur for our business to be successful.

On August 2, 2013, we closed the share exchange by issuing the required 29,250,000 common shares to the shareholders of Falconridge Ontario. As a result of the share exchange, Falconridge Ontario is now the wholly-owned subsidiary of our company. Concurrently, and as a condition to closing the share exchange agreement, Mr. Muran cancelled 18,000,000 shares of our common stock. He received no consideration for the cancellation of his stock.

11

In connection with the share exchange agreement, we adopted a stock option plan on August 2, 2013 to issue options to purchase up to 10% of the issued and outstanding of our capital stock when the share exchange closed, being 4,875,000 shares, to our board members and management, at an exercise price of $1.50 per share or higher. When the options are granted, they vest quarterly over two years from the date of grant and shall expire 24 months from vesting.

Additionally, effective August 2, 2013, we changed our fiscal year end to February 28.

As a result of the closing of the share exchange agreement with Falconridge Ontario, Falconridge Ontario has become our wholly-owned subsidiary and we now carry on business in the Province of Ontario, Canada. Our company has generated only minimal revenue.

Our administrative office is located at 17-120 West Beaver Creek Rd., Richmond Hill, Ontario, Canada L4B 1L2. Our fiscal year end is February 28.

Business Overview

We are an oil and gas technology company that specializes in identifying and accessing additional petroleum reserves that are usually left in the ground. Our value proposition is extracting new resources from wells that have been assessed as uneconomic. Most of our projects will involve depleted or low producing assets. Assets are stimulated utilizing Terra Slicing Technology (“TST”) for maximum effectiveness and productivity, essentially revitalizing the pre-existing well and establishing a flow rate with a significant percentage of its initial production. Alternatively, TST may be utilized as part of a workover project or procedure.

Using the TST, our company offers operators a lower-cost alternative to drilling a new well, by accessing hydrocarbons currently in the ground within existing low or non-producing wells.

Our goal is to shift the industry and social paradigm away from new drilling and towards increasing efficiency of current extraction in existing well-bores to increase recovery of oil and gas. Thus, when widely applied, TST can add significant reserves to the energy resources of the world.

To date we have performed our TST services on only two wells.

We will finance projects involving the enhancement and stimulation of pre-existing oil and gas assets such as:

·    Producing well assets;

·    Dead wells;

·    Non-performing well assets; and

·    Low yield assets.

Most projects involve depleted or low producing assets. Assets are stimulated utilizing TST technology for maximum effectiveness and productivity, essentially revitalizing the per-existing well and establishing a flow rate with a significant percentage of its initial production. Alternatively, TST may be utilized as part of a workover project or procedure. We are the exclusive agents of TST in the United Arab Emirates and the exclusive marketing principal of TST globally, with non-exclusive rights to TST in any geographical region, country, or territory that does not infringe on the territorial rights of any other exclusive arrangement for TST that does not involve us. Further, we may only implement TST in certain areas around the world where we have a revenue interest in a property for which TST is applied (e.g. a gross over-riding royalty, override, working interest, revenue share, or share in some form of the hydrocarbon extraction from the property, contract, lease, or client).

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Capital outlay and availability will be variable per project. Our intended business plan is to operate as an enhancement company and take a revenue interest in properties for which TST is applied as repayment as well as an interest in the form of a gross over-riding royalty on the producing asset. By applying TST, an operator will retrieve a significant portion of the well reserves still locked in the ground.

Our company assumes a financial risk in the process, with no capital outlay required by the asset holder or lease owner. Hence if there is no productivity, we bear the cost. To the well owner, this is a strong value proposition as we are taking an existing non-performing asset, and converting it to a cash flowing asset.

The financial risk we assume is part of our capital program to oil and gas well owner/operators. We understand that many operators cannot afford EORT (enhanced oil recovery techniques) despite the fact that they have assets that could perform at higher levels. Our program is made available to selected clients only after a detailed engineering and geological review of their asset. If we are confirmed that there will be a significant increase in production, then we enter into an agreement with the operator where in return for a GORR (gross overriding royalty) we will provide all the capital necessary to apply the TST technology to their asset. We assume all the financial risk. There will be significant covenants in our agreement with our client, such as the right to audit and the right to replace the operator should we ascertain a default in the agreement. Our program is designed to ensure capital repayment from the GORR within 12 months and then a cashflow uninhibited by operational costs of the well operator for the life of the well.

TST has been designed for deployment in virtually all environments and applications in the oil and gas industry. TST is designed to be applicable on land, or marine environments, and for both oil and gas well applications, in vertical or horizontal formats.

On February 17, 2011, Falconridge Ontario entered into an agreement with Meadowbank Asset Management Inc. Pursuant to this agreement, Meadowbank will attempt to source properties for the implementation of our technology. As a term to the agreement, Falconridge Ontario agreed to remunerate Meadowbank where:

1.   Falconridge Ontario is required to finance the technology implementation, then Meadowbank will be entitled to 10% of total gross revenue earned by Falconridge from the establishment of relationships and target from Meadowbank after initial expenses of enhancement or implementation are recovered from the property; or

2.   Falconridge Ontario is not required to finance the technology implementation, then Meadowbank will be entitled to:

a.   20% of total gross revenue earned by Falconridge from the establishment of relationships and target from Meadowbank; and

b.   10% of any up-front fees charged for the implementation of the technology.

In October 2011, Falconridge Ontario contracted with a third party to perform a workover of a well using TST. As payment, we received a royalty interest upon completion in February 2012. The value of the royalty interest obtained was fair valued based on our reserve report, which is deemed to be $128,990. We accounted for this royalty interest received as service revenues and capitalized the amount as oil and gas property. Falconridge performed its services on a second well in December of 2013. Our technology again proved its ability to slice into the formation with significant success. However, despite the successful demonstration of the TST’s ability, the well has, to date, produced a significant amount of water.

On October 1, 2012, we entered into a licensing agreement with HydroSlotter Corporation of Canada (“HSC”). Pursuant to this agreement, we became the exclusive marketing agent for TST from HSC in the United Arab Emirates. Additionally, we are the exclusive marketing principal throughout the world of TST in any region that HSC does not already have exclusive arrangements for. In consideration of these rights, we paid a fee to HSC.

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After a term of 14 months, this agreement was to terminate with 30 days of advance notice. As of December 1, 2013, this agreement was renewed by mutual consent and signature by both parties and continues on a year to year basis as neither party received notice of termination of this agreement. Pursuant to the agreement, HSC and our company signed a letter of renewal dated April 17, 2014 to evidence mutual consent to extend the license agreement until December 31, 2014.

Results of Operations

Three Month Period Ended May 31, 2014 Compared to the Three Month Period Ended May 31, 2013.

The following summary of our results of operations should be read in conjunction with our financial statements for the three months ended May 31, 2014 and 2013.

	Three Months Ended May 31,
	2014			2013
Oil & Gas Revenue	$	6,323		$	5,123
General and administrative expenses	$	58,025		$	128,828
Depreciation, Amortization and Depletion	$	3,191		$	7,794
Interest Expense	$	2,000		$	238
Net Loss	$	(56,893	)	$	(131,737	)

Our net loss for the three months ended May 31, 2014 was $56,893 compared to a net loss of $131,737 during the three months ended May 31, 2013.

During the three months ended May 31, 2014, we incurred operating expenses of $61,216 compared to operating expenses of $136,622 during the three months ended May 31, 2013. The decrease in operating expenses were generally related to our corporate overhead, financial and administrative contracted services, such as legal and accounting costs and a decrease in depreciation, amortization and depletion.

Our net loss during the three months ended May 31, 2014 and 2013 was $0.00 per share and $0.00, respectively. The weighted average number of shares outstanding was 49,016,667 for the three month period ended May 31, 2014.

Liquidity and Capital Resources

Working Capital

	May 31, 2014			February 28, 2014
Current Assets	$	21,014		$	38,667
Current Liabilities	$	1,755,130		$	1,719,091
Working Capital	$	(1,734,116	)	$	(1,680,414	)

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As of May 31, 2014, our current assets were $21,014 and our current liabilities were $1,755,130 which resulted in a working capital deficit of $1,734,116. As of May 31, 2014, current assets were comprised of $2,575 in cash and $18,439 in accounts receivable compared to $26,797 in cash and $11,880 in accounts receivable at February 28, 2014. As of May 31, 2014, current liabilities were comprised of $179,690 in accounts payable, $43,350 in accrued liabilities, $1,462,090 in loans from related parties and $70,000 in loans payable.

Cash Flows

	Three Months ended May 31, 2014			Three Months ended May 31, 2013
Cash Flows from (used in) Operating Activities	$	(24,222	)	$	(124,421	)
Cash Flows from (used in) Investing Activities	$	Nil		$	Nil
Cash Flows from (used in) Financing Activities	$	Nil		$	121,421
Net Increase (decrease) in Cash During Period	$	(24,222	)	$	(3,000	)

Cash Flows from Operating Activities

We have not generated positive cash flows from operating activities. For the three month period ended May 31, 2014, net cash flows used in operating activities was $24,222 consisting of a net loss of $56,893 and was offset by changes in operating assets and liabilities (depreciation, amortization and depletion, accounts payable and accrued liabilities). For the three month period ended May 31, 2013, net cash used in operating activities was $124,421 consisting of a net loss of $131,737 and was offset by changes in operating assets and liabilities (depreciation, amortization and depletion, accounts payable and accrued liabilities).

Cash Flows from Investing Activities

For the three months ended May 31, 2014 and 2013, we did not use any cash flows for investing activities.

Cash Flows from Financing Activities

We have financed our operations primarily from loans with related parties, the issuance of equity and debt instruments. For the three months ended May 31, 2014, we generated $Nil from financing activities. For the three months ended May 31, 2013, we generated $123,919 from financing activities.

We will require additional funds to fund our budgeted expenses over the next 12 months. These funds may be raised through, equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares.

Plan of Operation

We are now investigating other properties on which exploration could be conducted and other business opportunities to enhance shareholder value. If we are unable to find another property or business opportunity, our shareholders will lose some or all of their investment and our business will likely fail.

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Going Concern

There is significant doubt about our ability to continue as a going concern.

We have incurred net losses of $1,660,656 since inception. This condition raises substantial doubt as to our ability to continue as a going concern. In response to these conditions, we may raise additional capital through the sale of equity securities, through an offering of debt securities or through borrowings from financial institutions or individuals. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Cash Requirements

We anticipate that our expenses over the next 12 months (beginning June 2014) will be approximately $2,744,000 as described in the table below. These estimates may change significantly depending on the nature of our business activities and our ability to raise capital from our shareholders or other sources.

Over the next 12 months we intend to carry on business as an enhanced oil and gas technology company. We anticipate that we will incur the following operating expenses during this period:

Estimated Funding Required During the Next 12 Months

Expense	Amount ($)
Consulting Fees for Research and Development		Nil
Engineering		2,000,000
Fixed asset purchases		15,000
Management Consulting Fees		300,000
Professional fees		180,000
Rent		55,000
Sales, Travel and Marketing		120,000
Other general administrative expenses		74,000
Total		2,744,000

We will require funds of approximately $2,744,000 over the next twelve months to operate our business. These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. There is no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on their investment in our common stock. Further, we may continue to be unprofitable.

Effective January 22, 2014, we entered into a private placement agreement with one person, pursuant to which we issued 266,667 common shares in our capital stock at a purchase price of $1.50 per share, for total proceeds of $400,000.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment during the next twelve months.

Contractual Obligations

As a “smaller reporting company”, we are not required to provide tabular disclosure obligations.

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Inflation

Inflation and changing prices have not had a material effect on our business and we do not expect that inflation or changing prices will materially affect our business in the foreseeable future.

Off Balance Sheet Arrangements

We do not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity or capital expenditures or capital resources that is material to an investor in our securities.

Seasonality

Our operating results and operating cash flows historically have not been subject to seasonal variations. This pattern may change, however, in the event that we succeed in bringing our technology to market and acquire oil and gas assets.

Limited Operating History; Need for Additional Capital

There is no historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

To become profitable and competitive, we must conduct the research and exploration of our properties before we start production of any minerals we may find. We sought equity financing to provide for the capital required to implement our research and exploration phases. We believe that the funds raised from our offering will allow us to operate for one year.

We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial conditions and results of operations and require management’s difficult, subjective, or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments. A complete summary of these policies is included in the notes to our quarterly report, included herein.

Recent Accounting Pronouncements

We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.

17

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the  Securities Exchange Act of 1934 , as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer) and chief financial officer (our principal financial officer and principal accounting officer) to allow for timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer) and chief financial officer (our principal financial officer and principal accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer) and chief financial officer (our principal financial officer and principal accounting officer) concluded that our disclosure controls and procedures were not effective in providing reasonable assurance in the reliability of our reports as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, active or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mining Safety Disclosures

Not applicable.

18

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit
Number	Exhibit Description
(3)	Articles of Incorporation; Bylaws
3.1	Articles of Incorporation of Falconridge Oil Technologies Corp. (incorporated by reference to our Registration Statement on Form S-1 filed on October 14, 2008)
3.2	Bylaws of Falconridge Oil Technologies Corp. (incorporated by reference to our Registration Statement on Form S-1 filed on October 14, 2008)
3.3	Certificate of Change (incorporated by reference to our Current Report on Form 8-K filed on December 29, 2010)
3.4	Articles of Merger (incorporated by reference to our Current Report on Form 8-K filed on December 29, 2010)
3.5	Articles of Merger (incorporated by reference to our Current Report on Form 8-K filed on June 28, 2013)
(4)	Instrument Defining the Right of Holders, Including Indentures
4.1	Form of Share Certificate (incorporated by reference to our Current Report on Form 8-K filed on August 21, 2013)
(10)	Material Contracts
10.1	Services and Gross Overriding Royalty Agreement dated October 7, 2011 (incorporated by reference to our Amended Registration Statement on Form S-1/A #5 filed on July 22, 2014) ***
10.2	Agreement between Falconridge Ontario and Meadowbank Asset Management Inc. dated February 17, 2011 (incorporated by reference to our Amended Registration Statement on Form S-1/A #2 filed on December 16, 2013)
10.3	License Agreement with HydroSlotter Corporation of Canada dated October 1, 2012 (incorporated by reference to our Amended Registration Statement on Form S-1/A #5 filed on July 22, 2014) ***
10.4	Share Exchange Agreement among Falconridge Oil Technologies Corp., Falconridge Oil Ltd. and the Shareholders of Falconridge Oil Ltd. dated August 2, 2013 (incorporated by reference to our Amended Registration Statement on Form S-1/A filed on October 23, 2013)
10.5	2013 Stock Option Plan (incorporated by reference to our Current Report on Form 8-K filed on August 21, 2013)
10.6	Management Agreement dated February 7, 2014 between our company and Mark Pellicane (incorporated by reference to our Current Report on Form 8-K filed on March 31, 2014)
10.7	Management Agreement dated February 7, 2014 between our company and Alfred Morra (incorporated by reference to our Current Report on Form 8-K filed on March 31 , 2014)
(14)	Code of Ethics
14.1	Code of Ethics and Business Conduct (incorporated by reference to our Amended Annual Report on Form 10-K/A filed on June 16, 2014)

19

Exhibit
Number	Exhibit Description
(31)	Rule 13a-14(a) / 15d-14(a) Certifications
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer
31.2*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of the Principal Financial Officer and Principal Accounting Officer
(32)	Section 1350 Certifications
32.1*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer
32.1*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Financial Officer and Principal Accounting Officer
101**	Interactive Data Files
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under these sections.

*** Certain parts of this document have not been disclosed and have been filed separately with the Secretary, Securities and Exchange Commission, and are subject to a confidential treatment request pursuant to Rule 406 of the Securities Exchange Act of 1933.

20

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FALCONRIDGE OIL TECHNOLOGIES CORP.
Date: August 22, 2014	/s/ Mark Pellicane
	Mark Pellicane
	President, Chief Executive Officer and Director
	(Principal Executive Officer)
Date: August 22, 2014	/s/ Alfred Morra
	Alfred Morra
	Chief Financial Officer, Treasurer and Director
	(Principal Financial Officer and Principal Accounting Officer)

21

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Pellicane, certify that:

1.         I have reviewed this quarterly report on Form 10-Q/A of Falconridge Oil Technologies Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 22, 2014

/s/ Mark Pellicane

Mark Pellicane

President, Chief Executive Officer and Director

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alfred Morra, certify that:

1.         I have reviewed this quarterly report on Form 10-Q/A of Falconridge Oil Technologies Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 22, 2014

/s/ Alfred Morra

Alfred Morra

Chief Financial Officer, Treasurer and Director

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Pellicane, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Quarterly Report on Form 10-Q/A of Falconridge Oil Technologies Corp. for the period ended May 31, 2014 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Falconridge Oil Technologies Corp.

Date: August 22, 2014
	/s/ Mark Pellicane
	Mark Pellicane
	President, Chief Executive Officer and Director
	(Principal Executive Officer)
	Falconridge Oil Technologies Corp.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Falconridge Oil Technologies Corp. and will be retained by Falconridge Oil Technologies Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Alfred Morra, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Quarterly Report on Form 10-Q/A of Falconridge Oil Technologies Corp. for the period ended May 31, 2014 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Falconridge Oil Technologies Corp.

Date: August 22, 2014
	/s/ Alfred Morra
	Alfred Morra
	Chief Financial Officer, Treasurer and Director
	(Principal Financial Officer and Principal Accounting Officer)
	Falconridge Oil Technologies Corp.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Falconridge Oil Technologies Corp. and will be retained by Falconridge Oil Technologies Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Commitments and contingencies

3 Months Ended

May 31, 2014

Commitments and contingencies

Commitments and contingencies

4.            Commitments and contingencies

The Company has entered into a licensing agreement with HydroSlotter Corporation of Canada (“HSC”) for the non-exclusive right to market, represent and use HSC technology in order explore and develop utilization of the HSC technology in any geographical region, country, or territory.  The term of the agreement is from October 1, 2012 to December 1, 2013 and may be renewed annually by mutual consent.  Pursuant to the agreement, HSC and our company signed a letter of renewal dated April 17, 2014 to evidence mutual consent to extend the license agreement until December 31, 2014.  Revenue and expenses are shared in accordance with the terms of the agreement.

XML

Related party payable - First World Trade Corporation

3 Months Ended

May 31, 2014

Related party payable - First World Trade Corporation

Related party payable - First World Trade Corporation

3.            Related party payable – First World Trade Corporation

First World Trade Corporation (“FWT”) is a company controlled by a shareholder of the Company.  As at May 31, 2014, FWT has advanced the Company $1,462,090 to fund operating costs and shared expenses, the loan is non-interest bearing and without specific terms of repayment.

XML

Consolidated Balance Sheets (USD $)	May 31, 2014	Feb. 28, 2014
Current
Cash	$ 2,575	$ 26,797
Accounts receivable	18,439	11,880
Total current assets	21,014	38,677
Property & equipment net of accumulated depreciation of $3,020 (2014 - $2,630)	4,689	5,080
Oil and gas properties net of accumulated depletion of $29,894 (2014 - $27,094)	99,096	101,896
Unproved oil and gas properties	289,353	289,353
Total assets	414,152	435,006
Current
Accounts payable	179,690	139,519
Accrued liabilities	43,350	47,482
Loan payable - related party	1,462,090	1,462,090
Loan payable	70,000	70,000
Total current liabilities	1,755,130	1,719,091
STOCKHOLDERS' DEFICIT
Common stock, $.001 par value, 450,000,000 shares authorized,49,016,667 shares issued and outstanding as of May 31, 2014 and February 28, 2014	49,017	49,017
Additional paid in capital	270,661	270,661
Deficit	(1,660,656)	(1,603,763)
Total stockholders' deficit	(1,340,978)	(1,284,085)
Total liabilities and stockholders' deficit	$ 414,152	$ 435,006

XML

Basis of presentation

3 Months Ended

May 31, 2014

Basis of presentation

Basis of presentation

1.            Basis of presentation

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America and with the rules and regulations of the Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X.  These unaudited interim statements should be read in conjunction with the financial statements of our company for the year ended February 28, 2014 and notes thereto contained in the information as part of our company’s Annual Report on Form 10-K filed with the SEC on June 13, 2014.  Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2014 as reported in the Form 10-K have been omitted.   In the opinion of management, the unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are necessary to present fairly the financial position and the results of operations for the interim periods presented herein.  Unaudited interim results are not necessarily indicative of the results for the full year.

XML

Going Concern

3 Months Ended

May 31, 2014

Going Concern

Going Concern

2.            Going Concern

As shown in the accompanying financial statements, we have incurred net losses of $1,660,656 since inception. This condition raises substantial doubt as to our ability to continue as a going concern. In response to these conditions, we may raise additional capital through the sale of equity securities, through an offering of debt securities or through borrowings from financial institutions or individuals. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

XML

Consolidated Balance Sheets Parentheticals (USD $)	May 31, 2014	Feb. 28, 2014
Parentheticals
Property & equipment accumulated depreciation	$ 3,020	$ 2,630
Oil and gas properties net of accumulated depletion	$ 29,894	$ 27,094
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	450,000,000	450,000,000
Common Stock, shares issued	49,016,667	49,016,667
Common Stock, shares outstanding	49,016,667	49,016,667

XML

Document and Entity Information	3 Months Ended
	May 31, 2014	Jul. 29, 2014
Document and Entity Information:
Entity Registrant Name	FALCONRIDGE OIL TECHNOLOGIES CORP.
Document Type	10-Q
Document Period End Date	May 31, 2014
Amendment Flag	true
Amendment Description	TRUE
Entity Central Index Key	0001401859
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		49,016,667
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

XML

Consolidated Statements of Operations (USD $)	3 Months Ended
	May 31, 2014	May 31, 2013
Revenues:
Oil & Gas revenue	$ 6,323	$ 5,123
Expenses
General and administrative	58,025	128,828
Depreciation, amortization and depletion	3,191	7,794
Total operating expense	61,216	136,622
Other income (expense)
Interest expense	(2,000)	(238)
Net loss	$ (56,893)	$ (131,737)
Loss per common share - Basic and diluted	$ 0.00	$ 0.00
Weighted average number of common shares outstanding	49,016,667	48,750,000

XML

Related party payable (Details) (USD $)	May 31, 2014	Feb. 28, 2014
Related party payable:
Loan payable - related party	$ 1,462,090	$ 1,462,090

XML

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	May 31, 2014	May 31, 2013
Cash flows from operating activities
Net loss	$ (56,893)	$ (131,737)
Adjustment to reconcile net loss to net cash used in operations
Depreciation, amortization and depletion	3,191	7,794
Changes in operating assets and liabilities:
Accounts receivable	(6,559)	15,475
Accounts payable and accrued liabilities	36,039	(15,953)
Net cash used in operating activities	(24,222)	(124,421)
Cash flows from financing activities
Advances from related party	0	121,421
Net cash from financing activities	0	121,421
Net change in cash	(24,222)	(3,000)
Cash, beginning of period	26,797	3,375
Cash, end of period	2,575	375
Supplemental disclosure of cash flow information:
Cash paid during the year for income taxes	0	0
Cash paid during the year for interest	0	0
Non-cash investing and financing disclosures:
Capital lease obligation payments made by related party	$ 0	$ 4,800

XML

Going Concern (Details) (USD $)	3 Months Ended
	May 31, 2014
Going Concern Details
Net losses since inception	$ 1,660,656