ASSET RETIREMENT OBLIGATIONS (Tables)

3 Months Ended

Oct. 31, 2013

Schedule of Asset Retirement Obligation [Table Text Block]

		October 31, 2013			July 31, 2013
Opening balance	$	4,078,080		$	3,112,374
Revision in estimate of asset retirement obligations		-			435,758
Additions of asset retirement obligations		-			435,004
Liabilities settled with cash		(12,123	)		(109,916	)
Accretion		69,231			204,860
		4,135,187			4,078,080
Less: current portion of asset retirement obligations		(834,609	)		(836,073	)
Long-term asset retirement obligations	$	3,300,578		$	3,242,007

Schedule of Undiscounted Amounts of Estimated Cash Flows [Table Text Block]

		October 31, 2013		July 31, 2013
Undiscounted amount of estimated cash flows	$	5,963,142	$	5,975,265
Payable in years		2.5 to 12		2.5 to 12
Inflation rate		1.56% to 2.43%		1.56% to 2.43%
Discount rate		5.00% to 10.50%		5.00% to 10.50%

Schedule of Undiscounted Amounts of Estimated Cash Flows, 5 Years [Table Text Block]

Undiscounted estimated cash flow for the next five years
July 31, 2014	$	856,373
July 31, 2015		623,964
July 31, 2016		598,202
July 31, 2017		1,549,289
July 31, 2018		-
Remaining balance		2,335,314
	$	5,963,142