Supplemental Information on Oil and Gas Operations (Tables)

12 Months Ended

Apr. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Developed and undeveloped reserves

The following tables summarize the Company’s proved developed and undeveloped reserves (all oil) within the United States, net of royalties, as of April 30, 2016 and 2015:

Oil (MBbls)	2016			2015
Proved reserves as at May 1		508			-
Extensions, Acquisitions and discoveries					508
Dispositions		(301	)		-
Production		(1	)		-
Revisions of prior estimates		-			-
Total Proved reserves as at April 30		206			508
Oil (MBbls)		2016			2015
Proved developed producing		-			35
Non-producing		206			286
Proved undeveloped		-			187
Total Proved reserves as at April 30		206			508

Gas (MCFs)	2016			2015
Proved reserves as at May 1		868			-
Extensions, Acquisitions and discoveries					868
Dispositions		(537	)		-
Production		-			-
Revisions of prior estimates		-			-
Total Proved reserves as at April 30		331			868
Gas (MCFs)		2016			2015
Proved developed producing		-			-
Non-producing		331			485
Proved undeveloped		-			383
Total Proved reserves as at April 30		331			868

Capitalized Costs Related to Oil and Gas Assets	2016		2015
Proved properties	$	7,753,575	$	8,062,394
Unproved properties		100,000		13,555,565
		7,853,575		21,617,959
Less: accumulated impairment		(6,975,349		(5,960,948	)
	$	878,226	$	15,657,011
Costs incurred in Oil and Gas Activities:		2016		2015
Development	$	102,864	$	8,701,100
Exploration				-
	$	102,864	$	8,701,100

Future net cash flows relating to proved oil reserves

Future cash flows relating to proved reserves:	2016			2015
Future cash inflows	$	9,588,000		$	37,455,000
Future operating costs		(5,169,000	)		(14,950,000	)
Future development costs		(820,000	)		(6,185,000	)
Future income taxes		(680,000	)		(2,385,000	)
Future net cash flows		2,918,000			13,935,000
10% discount factor		(779,000	)		(7,000,000	)
Standardized measure	$	2,139,000		$	6,935,000

Principal sources of changes in standardized measure of discounted future estimated net cash flows

	2016			2015
Standardized measure, beginning of year	$	6,935,000		$	-
Sales of oil produced, net of production costs		388,000			-
Net changes in sales and transfer prices and in production costs and production costs related to future production		(4,245,000	)		-
Previously estimated development costs incurred during the period		-			-
Changes in future development costs		5,365,000			-
Revisions of previous quantity estimates due to prices and performance		(5,180,000	)		-
Accretion of discount		214,000			(7,000,000	)
Discoveries, net future production and development costs associated with these extensions and discoveries		-			13,935,000
Purchases and sales of minerals in place		-			-
Timing and other		(1,338,000	)		-
Standardized measure, end of year	$	2,139,000		$	6,935,000