ASSETS HELD FOR SALE

3 Months Ended

Nov. 30, 2013

ASSETS HELD FOR SALE [Text Block]

5.	ASSETS HELD FOR SALE
	Assets held for sale as November 30, 2013 and August 31, 2012 were comprised of the following:

	November 30, 2013	August 31, 2013
	$	$
Investments in Pro-Eco Energy	32,197	32,197
	32,197	32,197

Pro Eco Energy USA Ltd.

On April 21, 2008, the Company purchased 900,000 shares for $45,000 in Pro Eco Energy USA Ltd. (“Pro Eco Energy”) which represented 8.25% ownership. The former Chairman of the Company is a Director in Pro Eco Energy which had established the existence of significant influence in Pro Eco Energy and accordingly the equity method of accounting was adopted for the investment.

As at November 30, 2013, the Pro-Eco Energy investment had a value of $32,197 ( August 31, 2013: $32,197). Subsequent to period end, the Company sold its 8.25% ownership in Pro Eco Energy for $40,000 to a third party, Western Standard Energy Corp. Please also see note 15(a).