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Statement of Operations (USD $)
3 Months Ended 9 Months Ended 77 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
REVENUE          
Oil and gas revenue $ 0 $ 0 $ 3,391 $ 0 $ 1,652,573
Direct costs          
Depletion 0 0 0 0 1,256,066
Production costs 0 0 4,365 0 1,167,947
Total direct costs 0 0 4,365 0 2,424,013
Gross profit 0 0 (974) 0 (771,440)
Expenses          
Consulting 18,209 82,183 44,085 126,826 1,997,722
Depreciation 453 470 1,359 1,410 7,599
Exploration costs 0 0 0 0 308,534
Foreign exchange loss (3,257) 14,820 (6,751) 18,268 118,461
Impairment (recovery) of oil and gas costs 0 0 0 (35,378) 4,304,265
Investor relations 119 865 1,839 8,390 910,486
Management fees 11,855 16,006 36,090 31,636 713,593
Office and general 12,772 14,849 45,927 39,073 783,447
Professional fees 11,365 23,489 64,640 65,525 1,083,837
Stock-based compensation 0 0 0 0 2,014,106
Travel 6,013 3,941 20,894 3,941 224,593
Total expenses 57,529 156,623 208,083 259,691 12,466,643
Loss before other income (expense) (57,529) (156,623) (209,057) (259,691) (13,238,083)
Other income (expense)          
Accretion of discount on convertible note payable 0 (95,988) 0 (109,946) (146,205)
Gain on marketable securities 0 0 0 0 4,635
Gain on sale of oil and gas properties 0 0 0 0 381,166
Gain on settlement of debt 0 0 0 4,886 346,663
Interest expense 0 0 0 0 (7,862)
Interest and other revenue 0 0 0 19,678 109,705
Loss on sale of oil and gas properties 0 0 0 0 (53,869)
Loss on write-down of promissory note 0 0 0 0 (254,997)
Total other income (expense) 0 (95,988) 0 (85,382) 379,236
Loss before income taxes (57,529) (252,611) (209,057) (345,073) (12,858,847)
Deferred income tax recovery 0 0 0 0 291,060
Net loss for the period (57,529) (252,611) (209,057) (345,073) (12,567,787)
Other comprehensive income (loss)          
Foreign currency translation adjustment (6,019) (14,494) 5,817 (12,680) 201,387
Comprehensive loss $ (63,548) $ (267,105) $ (203,240) $ (357,753) $ (12,366,400)
Loss per share, basic and diluted    $ (0.02) $ (0.01) $ (0.04)   
Weighted average number of shares outstanding 20,667,581 11,184,331 20,667,581 8,644,038