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Subsequent Events
9 Months Ended
Jan. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

Kern County Project. On March 4, 2016 (the "Closing Date"), the Company executed an Asset Purchase and Sale and Exploration Agreement to acquire a 13.75% working interest in certain oil and gas leases located in southern Kern County, California (the "Project"). Horizon Energy also purchased a 27.5% working interest in the Project. The Company is currently a party to a conditional purchase agreement to acquire Horizon Investments, as more particularly described in Note 4 – Business Acquisitions, which owns a 20% interest in Horizon Energy. The acquisition is expected to close in April 2016.

 

Under the terms of the agreement, the Company paid $83,333 to the sellers on the Closing Date, and is obligated to pay certain other costs and expenses after the Closing Date related to existing and new leases. In addition, the sellers are entitled to an overriding royalty interest in certain existing and new leases acquired after the Closing Date.