ASSET RETIREMENT OBLIGATIONS (Tables)

9 Months Ended

Apr. 30, 2015

Schedule of Asset Retirement Obligation [Table Text Block]

Balance, July 31, 2014	$	3,967,589
Revision in estimate of asset retirement obligations		(77,125	)
Accretion		242,038
Balance, April 30, 2015		4,132,502
Less: current portion of asset retirement obligations		(340,827	)
Long-term asset retirement obligations	$	3,791,675

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

		April 30, 2015		July 31, 2014
Undiscounted amount of estimated cash flows	$	6,393,712	$	6,382,549
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]

Fiscal 2015	$	85,207
Fiscal 2016		340,827
Fiscal 2017		1,195,782
Fiscal 2018		635,932
Fiscal 2019		-
Remaining balance		4,135,964
	$	6,393,712