ASSET RETIREMENT OBLIGATIONS (Tables)

6 Months Ended

Jan. 31, 2016

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation [Table Text Block]

Balance, July 31, 2015	$	3,926,846
Revision in estimate of asset retirement obligations		(209,168)
Accretion		156,667
Balance, January 31, 2016	$	3,874,345

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

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

	January 31, 2016		July 31, 2015
Undiscounted amount of estimated cash flows	$	6,650,255	$	6,600,868
Payable in years		2.1 to 15		2.5 to 15
Inflation rate		0.90% to 2.25%		2.02% to 2.25%
Discount rate		5.15% to 8.00%		6.56% to 8.00%

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block]

The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2016	$	-
Fiscal 2017		139,052
Fiscal 2018		414,058
Fiscal 2019		667,984
Fiscal 2020		620,673
Remaining balance		4,808,488
	$	6,650,255