10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

(Mark One)

[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

OR

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT

For the Transition Period from __________to __________

Commission File Number: 333-144504

Pacific Oil Company

(Exact Name of Registrant as Specified in its Charter)

NEVADA	20-4057712
(State of other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

	9500 W. Flamingo Rd. Suite 205
	Las Vegas, NV 89147
(Address of principal executive offices)(Zip Code)

Registrant's Phone: 1-888-303-2272

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer	[ ]	Accelerated filer	[ ]
Non-accelerated filer	[ ] (Do not check if a smaller reporting company)	Smaller reporting company	[x]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [x]

As of July 21 2014, the issuer had 60,080,733 shares of common stock issued and outstanding. 

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to the Quarterly Report of Pacific Oil Company. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2015, filed with the Securities and Exchange Commission on October 9, 2015 (the “Form 10-Q”), is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T.  Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

Other than the aforementioned, no other changes have been made to the Form 10-Q.  This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

PART II OTHER INFORMATION

ITEM 6. EXHIBITS

The following documents are included or incorporated by reference as exhibits to this report.

Exhibit
Number	Description
31.1*	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101**	XBRL (eXtensible Business Reporting Language)

*Previously filed with the SEC as an attachment for the Form 10-Q for the period ended June 30, 2015.

**Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SIGNATURES

In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: October 14, 2015

Pacific Oil Company

Registrant

By: /s/ Anthony Sarvucci

Anthony Sarvucci

Chief Executive Officer

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9. CORRECTION OF ERRORS IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Correction of Errors in Previously Issued Financial Statements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014
Loss on debt conversion				$ 16,314
Interest expense	$ 1,130		$ 1,130		$ 3,866
Net loss	$ (10,511)	$ (8,430)	(23,834)		(339,847)
Cash Flow from Operating Activities			$ (15,997)		$ (13,535)
Scenario, Previously Reported [Member]
Compensation expense
Gain on conversion of accounts payable
Loss on debt conversion
Interest expense
Net loss
Settlement of accounts payable with stock
Cash Flow from Operating Activities
Scenario, Restatement Adjustment [Member]
Compensation expense			$ 99,686
Gain on conversion of accounts payable
Loss on debt conversion			$ 193,258
Interest expense			59,273
Net loss			$ (354,562)
Settlement of accounts payable with stock
Cash Flow from Operating Activities			$ (38)
Revised
Compensation expense	$ 235,594		335,280
Gain on conversion of accounts payable	(16,314)		$ (16,314)
Loss on debt conversion	(193,258)
Interest expense	(55,407)		$ 3,866
Net loss	14,715		(339,846)
Settlement of accounts payable with stock	(205)		(205)
Cash Flow from Operating Activities	$ (682)		$ (720)

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4. ACQUISITION OF UNPROVED OIL AND GAS PROPERTY, EQUIPMENT AND LIABILITIES (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2015	Dec. 31, 2013
Purchase and Sale Agreement, Convertible Note Payable		$ 76,650
Emporium Group Lease
Purchase and Sale Agreement, Stock Issued, Shares	140,000
Purchase and Sale Agreement, Stock Issued, Value	$ 141,400
Purchase and Sale Agreement, Convertible Note Payable	$ 125,000
Purchase and Sale Agreement, Convertible Note Payable, Interest Rate	6.00%
Purchase and Sale Agreement, Convertible Note Payable, Shares issued upon conversion	6,250,000
Purchase Price of Acquisition	$ 266,400
Equipment Acquired, Value	44,000
Accrued Liabilities	15,000
Purchase Consideration Unpaid	$ 237,400

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4. ACQUISITION OF UNPROVED OIL AND GAS PROPERTY, EQUIPMENT AND LIABILITIES

9 Months Ended

Jun. 30, 2015

Extractive Industries [Abstract]

4. ACQUISITION OF UNPROVED OIL AND GAS PROPERTY, EQUIPMENT AND LIABILITIES

NOTE 4 – ACQUISITION OF UNPROVED OIL AND GAS PROPERTY, EQUIPMENT AND LIABILITIES

On May 6, 2015, Pacific Oil Company acquired the following assets from The Emporium Group:

1) The mineral rights to well license number 76B009. The well site is located near Maidstone, Saskatchewan, Canada.

2) The equipment located at the well site includes:

a) Onsite 750 barrel oil storage tank (1)

b) Skid (1)

c) Direct Drive Well Pump (1)

d) Compressor (1)

e) Onsite storage facility (1)

a. d) Down Hole rods (Multiple)

f) Metal Containment Burm

3) Accrued liabilities relating to unpaid mineral rights and property taxes.

The purchase price of the acquisition was $266,400 and was satisfied through the issuance of a convertible note payable of $125,000 and 140,000 shares of our common stock valued at $141,400, based on the $1.01 closing price of the stock on May, 6, 2015.

The purchase price consideration has been allocated to the assets and liabilities acquired as follows:

Unproved oil and gas property	$	237,400
Equipment		44,000
Accrued liabilities		(15,000	)
Net assets and liabilities acquired	$	266,400

The value of the equipment on site was estimated at $44,000. The estimate was provided by Calroc Industries Inc, which is a supplier of new and used oilfield equipment to oil and gas companies located in Alberta, Saskatchewan and throughout Western Canada.

The accrued liabilities relating to unpaid mineral rights and property taxes for the period 2011 thru 2015 are estimated at $15,000.

The balance of the purchase consideration, $237,400 has been allocated to unproved oil and gas property under the full cost basis of accounting.

Unaudited proforma financial statements – unproved oil and gas lease acquired

	Three Months ended June 30, 2015			Three Months ended June 30, 2014			Nine Months ended June 30, 2015			Nine Months ended June 30, 2014			Year ended September 30, 2014			Year ended September 30, 2013
Revenue	$	—		$	—		$	—		$	—		$	—		$	—
Operating expenses	$	(750	)	$	(750	)	$	(2,250	)	$	(2,250	)	$	(3,000	)	$	(3,000	)
Net Loss	$	(750	)	$	(750	)	$	(2,250	)	$	(2,250	)	$	(3,000	)	$	(3,000	)

Since the well has not been in operation since when 2011, no revenue have been generated in any of the periods presented. . Similarly, the only expenses incurred in the periods presented while the well was dormant, relate to property taxes, mineral rights, land fees and other fees.

The expenses relating to the lease are included in Pacific Oil’s financial statements from the date of its acquisition on May 6, 2015

The Company’s profoma financial statements showing what its results would have been if the acquisition had been completed effective at the beginning of each period presented would be as follows:

	Three Months ended June 30, 2015			Three Months ended June 30, 2014			Nine Months ended June 30, 2015			Nine Months ended June 30, 2014			Year ended September 30, 2014			Year ended September 30, 2013
Revenue	$	—		$	—		$	—		$	—		$	—		$	—
Operating expenses	$	3,796		$	9,180		$	18,619		$	356,925		$	363,385		$	41,638
Other expense	$	7,465		$	—		$	7,465		$	(14,828	)	$	(14,828	)	$	125,148
Net Loss	$	(11,261	)	$	(9,180	)	$	(26,084	)	$	(342,097	)	$	(348,557	)	$	(166,786	)

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7. CONVERTIBLE NOTES PAYABLE - RELATED PARTY AND DERIVATIVE LIABILITIES - Convertible Notes Payable - Related Parties (Details)	3 Months Ended
	Dec. 31, 2013 USD ($)
Notes to Financial Statements
Beginning Balance	$ 173,856
Debt Conversion	(171,476)
Change in fair market value of derivative liabilities due to the mark to market adjustment	252
Cancellation of the conversion feature	$ (2,632)
Ending Balance

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6. ADVANCES PAYABLE AND ADVANCES PAYABLE, RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Related Party 1
Payable, Related Party	$ 23,488	$ 23,488
Related Party 2
Payable, Related Party	$ 59,383	$ 43,183

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7. CONVERTIBLE NOTES PAYABLE - RELATED PARTY AND DERIVATIVE LIABILITIES (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jul. 01, 2013
Debt Disclosure [Abstract]
Convertible Notes Payable - Related Party	$ 1,174	$ 20,206	$ 77,824
Discount on Convertible Notes Payable - Related Party	57,618	0	57,618
Current Derivative Liabilities		2,632	$ 173,856
Change in Fair Value of Derivative Liabilties	$ 2,380
Stock issued for debt, shares	29,100,002
Stock issued for debt, Value	$ 76,650	$ 192,720

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8. COMMON STOCK - Common Stock (Details)	3 Months Ended
	Dec. 31, 2013 USD ($)
Equity [Abstract]
Derivative liability	$ 171,476
Convertible notes payable	76,650
Unamortized discount on convertible notes payable	(57,618)
Interest expense	2,212
Value of shares issued to settle liabilities	$ 192,720

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3. SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

3. SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

The accompanying financial statements have been prepared by the Company without audit in accordance with SEC rules for quarterly reports on Form 10-Q. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2015, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's September 30, 2014 audited financial statements. The results of operations for the three and nine periods ended June 30, 2015 and 2014 are not necessarily indicative of the operating results for the full years.

Cash and cash equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.  

Development Stage Company

The Company is in the development stage as defined under the then current Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915-205 “Development-Stage Entities,” and among the additional disclosures required as a development stage company are that our financial statements were identified as those of a development stage company, and that the statements of operations, movement in stockholders’ equity (deficit) and cash flows disclosed activity since the date of our inception (December 5, 2005) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has elected to early adopt these provisions and consequently these additional disclosures are not included in these financial statements.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Oil and Gas Properties, Full Cost Method

The Company uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells, including directly related overhead costs and related asset retirement costs, are capitalized. Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and gas property costs. Properties not subject to amortization consist of exploration and development costs which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. The Company assesses the realizability of unproved properties, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management’s intention with regard to future exploration and development of individually significant properties and the ability of the Company to obtain funds to finance such exploration and development. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.

Costs of proved oil and gas properties, including future development costs, if any, are amortized using the units of production method over the estimated proved reserves.

In applying the full cost method, the Company performs an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the “estimated present value,” of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. If capitalized costs exceed this limit, the excess is charged as an impairment expense.

Depletion

Depletion is provided using the unit-of-production method based upon estimates of proved oil and natural gas reserves with oil and natural gas production being converted to a common unit of measure based upon their relative energy content. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment (ceiling test) indicate that the properties are impaired, the amount of the impairment is deducted from the capitalized costs to be amortized. Once the assessment of unproved properties is complete and when major development projects are evaluated, the costs previously excluded from amortization are transferred to the full cost pool and amortization begins. The amortizable base includes estimated future development costs and where significant, dismantlement, restoration and abandonment costs, net of estimated salvage value.

In arriving at rates under the unit-of-production method, the quantities of recoverable oil and natural gas reserves are established based on estimates made by the Company’s geologists and engineers which require significant judgment, as does the projection of future production volumes and levels of future costs, including future development costs. In addition, considerable judgment is necessary in determining when unproved properties become impaired and in determining the existence of proved reserves once a well has been drilled. All of these judgments may have significant impact on the calculation of depletion expense.

Asset Retirement Obligations

The Company follows the provisions of the Accounting Standards Codification (“ASC”) 410 - Asset Retirement and Environmental Obligations. The fair value of an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset and is subject to amortization. The Company’s asset retirement obligations relate to the abandonment of oil and gas producing facilities. The amounts recognized are based upon numerous estimates and assumptions, including future retirement costs, future recoverable quantities of oil and gas, future inflation rates and the credit-adjusted risk-free interest rate.

Derivative Liability

The Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. We analyzed the derivative financial instruments (the Convertible Note), in accordance with ASC 815. The objective is to provide guidance for determining whether an equity-linked financial instrument is indexed to an entity’s own stock. This determination is needed for a scope exception which would enable a derivative instrument to be accounted for under the accrual method. The classification of a non-derivative instrument that falls within the scope of ASC 815-40-05 “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock” also hinges on whether the instrument is indexed to an entity’s own stock. A non-derivative instrument that is not indexed to an entity’s own stock cannot be classified as equity and must be accounted for as a liability. There is a two-step approach in determining whether an instrument or embedded feature is indexed to an entity’s own stock. First, the instrument's contingent exercise provisions, if any, must be evaluated, followed by an evaluation of the instrument's settlement provisions. The Company utilized multinomial lattice models that value the derivative liability within the notes based on a probability weighted discounted cash flow model. The Company utilized the fair value standard set forth by the Financial Accounting Standards Board, defined as the amount at which the assets (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

Fair Value Measurements

The Company adopted ASC No. 820-10 (ASC 820-10), Fair Value Measurements. ASC 820-10 relates to financial assets and financial liabilities.

ASC 820-10 defines fair value, establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (GAAP), and expands disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements and are to be applied prospectively with limited exceptions.

ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard is now the single source in GAAP for the definition of fair value, except for the fair value of leased property. ASC 820-10 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions, about market participant assumptions that are developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below:

- Level 1. Observable inputs such as quoted prices in active markets;

- Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

- Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying value of cash, accounts payable and accrued expenses, advances payable, advances payable – related party and note payable and convertible note payable related party approximates their fair value due to the short-term maturity of these financial instruments.

Income Taxes

Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740 “Accounting for Income Taxes” as of its inception. Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in this financial statement because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.

Basic and Diluted Loss per Share

The Company computes loss per share in accordance with ASC-260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

The Company has potentially dilutive debt instruments outstanding in the form of a convertible notes payable – related party. However, as the Company has incurred losses since Inception, these potentially dilutive shares of common stock have been excluded from the calculation of loss per share as their effect would have been anti-dilutive. Consequently basic and diluted loss per share were identical for the three and nine month periods ended June 30, 2015 and 2014.

Advertising

The Company follows the policy of charging the costs of advertising to expenses incurred. The Company incurred $0 in advertising costs during the three and nine month periods ended June 30, 2015 and 2014.

Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 (Accounting for Share Based Payments) which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

Revenue Recognition

The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, Revenue Recognition (“ASC-605”). ASC-605 requires that four basic criteria must be met before revenue can be recognized:: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

Reclassifications

Certain amounts in the prior periods may have been reclassified to conform to the current period presentation.

Correction of an error in previously issued financial statements

The Company follows guidance under ASC 250-10-45-23 for reporting any error in the financial statements of a prior period discovered after the financial statements are issued or are available to be issued. The current comparative statements as presented reflect the retroactive application of any error corrections. Certain of the balances reported in the unaudited condensed interim financial statements for the three and nine months ended June 30, 2014 reported on Form 10-Q, have been retroactively adjusted to reflect the adjustments made as a result of the audit of the financial statements for the year ended September 30, 2014. The details are summarized in Note 9 Correction of Errors in Previously Issued Financial Statements below.

Recent Accounting Pronouncements

The Company does not believe that other than disclosed above, recently issued, but not yet adopted, accounting pronouncements will have a material impact on its financial position, results of operations or cash flows.

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8. COMMON STOCK (Details Narrative)	3 Months Ended		9 Months Ended			12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 29, 2013 USD ($) shares	Jun. 30, 2015 USD ($) $ / shares shares	Sep. 30, 2014 USD ($) $ / shares shares	Jun. 30, 2014 USD ($)	Sep. 30, 2014 USD ($) $ / shares shares	Sep. 30, 2014 $ / shares shares	Sep. 30, 2013	Dec. 31, 2013 $ / shares	Oct. 05, 2013 $ / shares	Oct. 02, 2013 $ / shares	Apr. 25, 2013 $ / shares shares
Equity [Abstract]
Reverse Stock Split								1
Common Stock Shares Authorized			300,000,000	300,000,000		300,000,000	300,000,000					300
Common Stock, Par Value | $ / shares			$ 0.001	$ 0.001		$ 0.001	$ 0.001					$ 0.001
Stock issued to Officer, Shares		38,100,000		23,241			190,500
Stock issued for services, Value | $		$ 335,280		$ 16,519	$ 335,280
Stock Issued for Services, Value per share | $ / shares									$ 0.0088	$ 0.0088	$ 0.0088
Stock Issued for Debt, Shares						21,900,002
Stock issued for Debt, Value | $	$ 76,650					$ 192,720
Gain on Conversion | $				$ 16,314

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Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
CURRENT ASSETS
Cash	$ 290	$ 87
Total Current Assets	290	$ 87
PROPERTY AND EQUIPMENT
Oil and gas property at cost, full cost method of accounting: unproved	237,400
Equipment	44,000
Total Property and Equipment	281,400
TOTAL ASSETS	281,690	$ 87
CURRENT LIABILITIES
Accounts payable and accrued expenses	17,074	1,702
Advances payable	59,383	43,183
Advances payable - related party	23,488	23,488
Note payable	1,174	1,174
Total Current Liabilities	101,118	$ 69,546
LONG TERM LIABILITIES
Convertible note payable - related party, net of debt discount	7,465
Total Long Term Liabilities	7,465
Total Liabilities	108,584	$ 69,546
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock: $0.001 par value; 300,000,000 shares authorized, 440,949 (unaudited) and 300,949 shares issued and outstanding at June 30, 2015 and September 30, 2014, respectively	441	301
Additional paid-in capital	926,627	660,367
Accumulated deficit	(753,962)	(730,127)
Total Stockholders' Equity (Deficit)	173,106	(69,459)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 281,690	$ 87

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1. ORGANIZATION AND BUSINESS OPERATIONS

9 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS

Pacific Oil Company (the “Company”) was originally incorporated in Nevada on December 5, 2005 (“inception’) as Kat Racing, Inc. On January 4, 2013, the Articles of Incorporation of the Company were amended to change the name of the Company to Prairie West Oil & Gas, Ltd. On July 26, 2013, the Company’s Articles of Incorporation were amended to change the name of the registrant to Pacific Oil Company.

From the Company’s inception until the Company’s transition into the oil and natural gas business in early 2013, Kat Racing’s business plan was to design, manufacture, market, sell and distribute custom off-road racing and recreational vehicles and provide marketing and lead services. Kat Racing never generated any revenue from this proposed business plan.

As the market for high end off road vehicles suffered due to the downturn in the economy, Kat Racing sought to arrange the purchase of certain oil and gas properties which were owned by Prairie West Oil and Gas Ltd., a Canadian company, through a share exchange. Pursuant to this transaction, the Company changed its name from Kat Racing to Prairie West Oil and Gas Ltd. This transaction was never completed. When it was determined the acquisition would not be completed, the Company did not want to continue with the Prairie West name and changed its name to Pacific Oil Company.

On October 1, 2013, the Company issued a newly appointed officer and director 190,500 shares of common stock of the Company to retain his services to attempt to secure certain assets the Company needs to launch its oil and gas operations.

On May 6, 2015, the Company entered into a purchase and sale agreement with the Emporium Group to purchase certain rights, title, estate, and interest in the unproved petroleum and natural gas rights, together with certain tangible assets and liabilities, on a 40-acre site located in Saskatchewan, Canada. The purchase consideration for this transaction was part stock and part debt. The Company issued to Emporium Group 140,000 shares of its common stock, valued at $141,400, based on the market price of $1.01 per share of our shares on the date the transaction was completed, along with a convertible note payable in the amount of $125,000 with a 6% cumulative interest rate, due and payable in 3 years, with the right to convert into 6,250,000 shares of our commons stock at $0.02 per share.

The lease acquired has not been in operation since 2011 and we have been advised that we will need to spend approximately $75,000 to $100,000 to get the well back into production. At this time we do not have the funds to get the well back in production, nor is there any guarantee that we will be successful in raising the necessary funds to get the well back into production or that the well will be able to operate on a profitable basis if it were to be returned to production.

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1. ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 29, 2013	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Stock issued to Officer for Services, Shares	38,100,000		23,241	190,500
Purchase and Sale Agreement, Convertible Note Payable					$ 76,650
Emporium Group Lease
Purchase and Sale Agreement, Stock Issued, Shares		140,000
Purchase and Sale Agreement, Stock Issued, Value		$ 141,400
Purchase and Sale Agreement, Convertible Note Payable		$ 125,000
Purchase and Sale Agreement, Convertible Note Payable, Interest Rate		6.00%
Purchase and Sale Agreement, Convertible Note Payable, Shares issued upon conversion		6,250,000

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4. ACQUISITION OF UNPROVED OIL AND GAS PROPERTY, EQUIPMENT AND LIABILITIES - Acquisition of Unproved Oil and Gas Property, Equipment and Liabilities (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Unproved oil and gas property			$ 237,400
Equipment			44,000
Accrued liabilities			(15,000)
Net assets and liabilities acquired			$ 266,400
Revenue
Operating expenses	$ 3,046	$ 8,430	$ 16,369	$ 354,675
Net Loss	$ (10,511)	$ (8,430)	$ (23,834)	$ (339,847)
Unaudited Proforma Financial Statements - Unproved Oil and Gas Lease Acquired
Revenue
Operating expenses	$ (750)	$ (750)	$ (2,250)	$ (2,250)	$ (3,000)	$ (3,000)
Net Loss	$ (750)	$ (750)	$ (2,250)	$ (2,250)	$ (3,000)	$ (3,000)
Effects of Acquisition on Company's Pro Forma Financial Statements
Revenue
Operating expenses	$ 3,796	$ 9,180	$ 18,619	$ 356,925	$ 363,385	$ 41,638
Other Expense	7,465		7,465	(14,828)	(14,828)	125,148
Net Loss	$ (11,261)	$ (9,180)	$ (26,084)	$ (342,097)	$ (348,557)	$ (166,786)

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2. GOING CONCERN

9 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

2. GOING CONCERN

NOTE 2 - GOING CONCERN

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern, has incurred losses of $753,962 since inception (December 5, 2005) through June 30, 2015 and had a working capital deficit of $100,828 at June 30, 2015. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

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Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Common Stock Par Value	$ 0.001	$ 0.001
Common Stock Shares Authorized	300,000,000	300,000,000
Common Stock Shares Issued	440,949	300,949
Common Stock Shares Outstanding	440,949	300,949

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4. ACQUISITION OF UNPROVED OIL AND GAS PROPERTY, EQUIPMENT AND LIABILITIES (Tables)

9 Months Ended

Jun. 30, 2015

Extractive Industries [Abstract]

Acquisition of Unproved Oil and Gas Property, Equipment and Liabilities

Unproved oil and gas property	$	237,400
Equipment		44,000
Accrued liabilities		(15,000	)
Net assets and liabilities acquired	$	266,400

The value of the equipment on site was estimated at $44,000. The estimate was provided by Calroc Industries Inc, which is a supplier of new and used oilfield equipment to oil and gas companies located in Alberta, Saskatchewan and throughout Western Canada.

The accrued liabilities relating to unpaid mineral rights and property taxes for the period 2011 thru 2015 are estimated at $15,000.

The balance of the purchase consideration, $237,400 has been allocated to unproved oil and gas property under the full cost basis of accounting.

Unaudited proforma financial statements – unproved oil and gas lease acquired

	Three Months ended June 30, 2015			Three Months ended June 30, 2014			Nine Months ended June 30, 2015			Nine Months ended June 30, 2014			Year ended September 30, 2014			Year ended September 30, 2013
Revenue	$	—		$	—		$	—		$	—		$	—		$	—
Operating expenses	$	(750	)	$	(750	)	$	(2,250	)	$	(2,250	)	$	(3,000	)	$	(3,000	)
Net Loss	$	(750	)	$	(750	)	$	(2,250	)	$	(2,250	)	$	(3,000	)	$	(3,000	)

Since the well has not been in operation since when 2011, no revenue have been generated in any of the periods presented. . Similarly, the only expenses incurred in the periods presented while the well was dormant, relate to property taxes, mineral rights, land fees and other fees.

The expenses relating to the lease are included in Pacific Oil’s financial statements from the date of its acquisition on May 6, 2015

The Company’s profoma financial statements showing what its results would have been if the acquisition had been completed effective at the beginning of each period presented would be as follows:

	Three Months ended June 30, 2015			Three Months ended June 30, 2014			Nine Months ended June 30, 2015			Nine Months ended June 30, 2014			Year ended September 30, 2014			Year ended September 30, 2013
Revenue	$	—		$	—		$	—		$	—		$	—		$	—
Operating expenses	$	3,796		$	9,180		$	18,619		$	356,925		$	363,385		$	41,638
Other expense	$	7,465		$	—		$	7,465		$	(14,828	)	$	(14,828	)	$	125,148
Net Loss	$	(11,261	)	$	(9,180	)	$	(26,084	)	$	(342,097	)	$	(348,557	)	$	(166,786	)

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Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Oct. 08, 2015
Document And Entity Information
Entity Registrant Name	PACIFIC OIL Co
Entity Central Index Key	0001377167
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		440,949
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2014

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5. RELATED PARTY CONVERTIBLE NOTES PAYABLE (Tables)

9 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Related Party Convertible Notes Payable - Acquisition of Oil and Gas Property

	Principal		Debt Discount			Accrued Interest		Principal and Accrued Interest, net of Debt Discount
May 6, 2015 (unaudited)	$	125,000	$	(125,000	)	$	—	$	—
Interest accrued during the period		—		(1,130	)	$	1,130		—
Debt discount amortized in the period		—		6,335			—		6,335
June 30, 2015 (unaudited)	$	125,000	$	(118,665	)	$	1,130	$	7,465

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Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
REVENUES
OPERATING EXPENSES
General and administrative	$ 896	$ 1,270	$ 5,449	$ 4,735
Professional fees	$ 2,150	$ 7,160	$ 10,920	14,660
Compensation expense				335,280
Total operating expenses	$ 3,046	$ 8,430	$ 16,369	354,675
OTHER (INCOME) EXPENSE
Interest expense	1,130		1,130	$ 3,866
Amortization of debt discount on on convertible note payable, related party	$ 6,335		$ 6,335
Change in fair value of derivative				$ (2,380)
Gain on settlement of accounts payable				(16,314)
Total other (income) expense	$ 7,465		$ 7,465	(14,828)
NET LOSS	$ (10,511)	$ (8,430)	$ (23,834)	$ (339,847)
LOSS PER SHARE - BASIC AND DILUTIVE	$ (0.03)	$ (0.03)	$ (0.07)	$ (1.17)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTIVE	385,564	300,949	329,154	291,001

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7. CONVERTIBLE NOTES PAYABLE - RELATED PARTY AND DERIVATIVE LIABILITIES

9 Months Ended

Jun. 30, 2015

Notes to Financial Statements

7. CONVERTIBLE NOTES PAYABLE - RELATED PARTY AND DERIVATIVE LIABILITIES

NOTE 7 – CONVERTIBLE NOTES PAYABLE – RELATED PARTY AND DERIVATIVE LIABILITIES

On July 1, 2013, the Company issued convertible notes payable to a related party in the amount of $77,824 that provided for the issuance of convertible notes with variable conversion provisions. The conversion terms of the convertible notes were variable based on certain factors, such as the future price of the Company’s common stock. Therefore, the number of shares of common stock issuable upon conversion of the promissory note was indeterminate. Due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit, the equity environment is tainted and all additional convertible debentures and warrants are included in the value of the derivative. Pursuant to ASC 815-15 Embedded Derivatives, the fair values of the variable conversion option and warrants and shares to be issued were recorded as derivative liabilities on the issuance date.

The fair values of the Company’s derivative liabilities were estimated at the issuance date and were revalued at each subsequent reporting date, using a lattice model. The Company recorded a discount on the convertible note payable, related party of $57,618, leaving a net balance of $20,206, and current derivative liabilities of $173,856 at September 30, 2013. The change in fair value of the derivative liabilities resulted in a gain of $2,380 for the three months ended December 31, 2013, which has been reported as gain from changes in fair value of derivative liabilities in other income (expense) in the statements of operations.

On October 4, 2013, the Company issued 29,100,002 shares of its common stock to the note holders to satisfy $76,650 of the total outstanding convertible notes payable of $77,824. Effective January 1, 2014, the Company, with the consent of the holder of the remaining note convertible totaling $1,174, amended the terms of the note payable to remove the conversion feature. The remaining $2,632 balance of the derivative liability relating to the note payable was credited to gain from changes in fair value of derivative liabilities in other income on removal of the conversion feature from the note payable.

The following is a summary of changes in the fair market value of the derivative liability during the three months ended December 31, 2013:

Balance, September 30, 2013	$	173,856
Debt Conversion		(171,476	)
Change in fair market value of derivative liabilities due to the mark to market adjustment		252
Cancellation of the conversion feature		(2,632	)
Balance at December 31, 2013	$	—

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6. ADVANCES PAYABLE AND ADVANCES PAYABLE, RELATED PARTY TRANSACTIONS

9 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

6. ADVANCES PAYABLE AND ADVANCES PAYABLE, RELATED PARTY TRANSACTIONS

NOTE 6 – ADVANCES PAYABLE AND ADVANCES PAYABLE, RELATED PARTY TRANSACTIONS

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties and non-related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

The Company had received $23,488 as of June 30, 2015 and September 30, 2014, as advances from a related party to fund ongoing operations. In addition, as of June 30, 2015 and September 30, 2014, the Company had received advances totaling $59,383 and $43,183, respectively, from a former officer and majority shareholder and her spouse. All of the related party and non-related party accounts and notes payable are non-interest bearing, unsecured and due upon demand.

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2. GOING CONCERN (Details Narrative)	115 Months Ended
	Jun. 30, 2015 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Incurred Loss	$ (753,962)
Shareholder Deficit	$ (100,828)

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7. CONVERTIBLE NOTES PAYABLE - RELATED PARTY AND DERIVATIVE LIABILITIES (Tables)

9 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Convertible Notes Payable - Related Parties

Balance, September 30, 2013	$	173,856
Debt Conversion		(171,476	)
Change in fair market value of derivative liabilities due to the mark to market adjustment		252
Cancellation of the conversion feature		(2,632	)
Balance at December 31, 2013	$	—

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10. SUBSEQUENT EVENTS

9 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

10. SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

There are no other subsequent events for the period ended June 30, 2015 through the date these financial statements are available to be issued that would warrant further disclosures.

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8. COMMON STOCK

9 Months Ended

Jun. 30, 2015

Equity [Abstract]

8. COMMON STOCK

NOTE 8 – COMMON STOCK

The authorized share capital of the Company consists of 300 million shares of $0.001 par value common stock and no shares of preferred stock.

On April 25, 2013, the board of directors authorized a reverse stock split of 1 for 100.

On February 19, 2015, the board of directors authorized a further reverse stock split of 1 for 200.

All share amounts have been adjusted retroactively, and reflect both stock splits as if they had occurred at the beginning of all periods presented.

On October 1, 2013, the Company issued 190,500 shares to a newly appointed officer and director which resulted in a change in control of the Company. The shares were valued at $335,280 or $1.76 per share, and this expense has been recognized as stock based compensation in our statement of operations. The value of these shares was determined by a valuation expert as there had been no active market trading of the Company’s stock at the date of the conversion.

On October 4, 2013, the Company issued 109,500 shares of its common stock to satisfy an outstanding convertible note payable and its bifurcated derivative liability. The outstanding convertible note payable relieved was $76,650, less unamortized discount of $57,618, along with its bifurcated derivative liability of $171,476. The shares were valued at $192,720, or $1.76 per share. These shares were valued by a valuation expert as there had been no active market trading of the Company’s stock at the date of the conversion. The following table summarizes allocation of the common shares issued in this transaction:

Derivative liability	$	171,476
Convertible notes payable		76,650
Unamortized discount on convertible notes payable		(57,618	)
Interest expense to October 4, 2013		2,212
Value of shares issued to settle liabilities	$	192,720

On December 31, 2013, the Company issued 116 shares of its common stock in settlement of accounts payable, relating to services provided to the Company in the amount of $16,519. The Company valued the shares at $1.76 as determined by the valuation expert, or $205. The Company recognized a gain on the conversion of $16,314.

On May 6, 2015, the Company issued 140,000 shares of common stock for the acquisition of an unproved oil and gas property, certain equipment and liabilities described in Note 4 Acquisition of Unproved Oil and Gas Property, Equipment and Liabilities Above. The shares were valued at $1.01 per share based on the closing price of the stock on May 6, 2015.

As of June 30, 2015, there were 440,949 shares of common stock were issued and outstanding.

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9. CORRECTION OF ERRORS IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS

9 Months Ended

Jun. 30, 2015

Accounting Changes and Error Corrections [Abstract]

9. CORRECTION OF ERRORS IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 9 – CORRECTION OF ERRORS IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The Company follows guidance under ASC 250-10-45-23 for reporting any error in the financial statements of a prior period discovered after the financial statements are issued or are available to be issued. The current comparative statements as presented reflect the retroactive application of any error corrections. Certain of the balances reported in the unaudited condensed interim financial statements for the nine months ended June 30, 2014 reported on Form 10-Q, have been retroactively adjusted to reflect the adjustments made as a result of the audit of the financial statements for the year ended September 30, 2014. The accounting errors that were corrected in the previously issued financial statements are summarized below and the description of the principal transactions, as restated, are included in the Note 7 Convertible Notes Payable – Related Party and Derivative Liabilities and Note 8 Common Stock above

	Three months ended						Nine months ended
	June 30, 2014						June 30, 2014
	As reported		Changes		Revised		As reported			Changes			Revised
Statement of Operations:
Compensation expense		—		—		—		99,686			235,594			335,280
Gain on conversion of accounts payable		—		—		—		—			(16,314	)		(16,314	)
Loss on debt conversion		—		—		—		193,258			(193,258	)		—
Interest expense		—		—		—		59,273			(55,407	)		3,866
Net loss		—		—		—		(354,562	)		14,715			(339,846	)
Settlement of accounts payable with stock		—		—		—		—			(205	)		(205	)
Cash Flow from Operating Activities		—		—		—		(38	)		(682	)		(720	)

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3. SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Interim Financial Statements

Interim Financial Statements

The accompanying financial statements have been prepared by the Company without audit in accordance with SEC rules for quarterly reports on Form 10-Q. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2015, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's September 30, 2014 audited financial statements. The results of operations for the three and nine periods ended June 30, 2015 and 2014 are not necessarily indicative of the operating results for the full years.

Cash and cash equivalents

Cash and cash equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.  

Development Stage Company

Development Stage Company

The Company is in the development stage as defined under the then current Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915-205 “Development-Stage Entities,” and among the additional disclosures required as a development stage company are that our financial statements were identified as those of a development stage company, and that the statements of operations, movement in stockholders’ equity (deficit) and cash flows disclosed activity since the date of our inception (December 5, 2005) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has elected to early adopt these provisions and consequently these additional disclosures are not included in these financial statements.

Use of Estimates and Assumptions

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Oil and Gas Properties, Full Cost Method

Oil and Gas Properties, Full Cost Method

The Company uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells, including directly related overhead costs and related asset retirement costs, are capitalized. Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and gas property costs. Properties not subject to amortization consist of exploration and development costs which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. The Company assesses the realizability of unproved properties, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management’s intention with regard to future exploration and development of individually significant properties and the ability of the Company to obtain funds to finance such exploration and development. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.

Costs of proved oil and gas properties, including future development costs, if any, are amortized using the units of production method over the estimated proved reserves.

In applying the full cost method, the Company performs an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the “estimated present value,” of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. If capitalized costs exceed this limit, the excess is charged as an impairment expense.

Depletion

Depletion

Depletion is provided using the unit-of-production method based upon estimates of proved oil and natural gas reserves with oil and natural gas production being converted to a common unit of measure based upon their relative energy content. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment (ceiling test) indicate that the properties are impaired, the amount of the impairment is deducted from the capitalized costs to be amortized. Once the assessment of unproved properties is complete and when major development projects are evaluated, the costs previously excluded from amortization are transferred to the full cost pool and amortization begins. The amortizable base includes estimated future development costs and where significant, dismantlement, restoration and abandonment costs, net of estimated salvage value.

In arriving at rates under the unit-of-production method, the quantities of recoverable oil and natural gas reserves are established based on estimates made by the Company’s geologists and engineers which require significant judgment, as does the projection of future production volumes and levels of future costs, including future development costs. In addition, considerable judgment is necessary in determining when unproved properties become impaired and in determining the existence of proved reserves once a well has been drilled. All of these judgments may have significant impact on the calculation of depletion expense.

Asset Retirement Obligations

Asset Retirement Obligations

The Company follows the provisions of the Accounting Standards Codification (“ASC”) 410 - Asset Retirement and Environmental Obligations. The fair value of an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset and is subject to amortization. The Company’s asset retirement obligations relate to the abandonment of oil and gas producing facilities. The amounts recognized are based upon numerous estimates and assumptions, including future retirement costs, future recoverable quantities of oil and gas, future inflation rates and the credit-adjusted risk-free interest rate.

Derivative Liability

Derivative Liability

The Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. We analyzed the derivative financial instruments (the Convertible Note), in accordance with ASC 815. The objective is to provide guidance for determining whether an equity-linked financial instrument is indexed to an entity’s own stock. This determination is needed for a scope exception which would enable a derivative instrument to be accounted for under the accrual method. The classification of a non-derivative instrument that falls within the scope of ASC 815-40-05 “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock” also hinges on whether the instrument is indexed to an entity’s own stock. A non-derivative instrument that is not indexed to an entity’s own stock cannot be classified as equity and must be accounted for as a liability. There is a two-step approach in determining whether an instrument or embedded feature is indexed to an entity’s own stock. First, the instrument's contingent exercise provisions, if any, must be evaluated, followed by an evaluation of the instrument's settlement provisions. The Company utilized multinomial lattice models that value the derivative liability within the notes based on a probability weighted discounted cash flow model. The Company utilized the fair value standard set forth by the Financial Accounting Standards Board, defined as the amount at which the assets (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

Fair Value Measurements

Fair Value Measurements

The Company adopted ASC No. 820-10 (ASC 820-10), Fair Value Measurements. ASC 820-10 relates to financial assets and financial liabilities.

ASC 820-10 defines fair value, establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (GAAP), and expands disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements and are to be applied prospectively with limited exceptions.

ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard is now the single source in GAAP for the definition of fair value, except for the fair value of leased property. ASC 820-10 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions, about market participant assumptions that are developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below:

- Level 1. Observable inputs such as quoted prices in active markets;

- Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

- Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying value of cash, accounts payable and accrued expenses, advances payable, advances payable – related party and note payable and convertible note payable related party approximates their fair value due to the short-term maturity of these financial instruments.

Income Taxes

Income Taxes

Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740 “Accounting for Income Taxes” as of its inception. Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in this financial statement because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.

Basic and Diluted Loss per Share

Basic and Diluted Loss per Share

The Company computes loss per share in accordance with ASC-260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

The Company has potentially dilutive debt instruments outstanding in the form of a convertible notes payable – related party. However, as the Company has incurred losses since Inception, these potentially dilutive shares of common stock have been excluded from the calculation of loss per share as their effect would have been anti-dilutive. Consequently basic and diluted loss per share were identical for the three and nine month periods ended June 30, 2015 and 2014.

Advertising

Advertising

The Company follows the policy of charging the costs of advertising to expenses incurred. The Company incurred $0 in advertising costs during the three and nine month periods ended June 30, 2015 and 2014.

Stock-based Compensation

Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 (Accounting for Share Based Payments) which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

Revenue Recognition

Revenue Recognition

The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, Revenue Recognition (“ASC-605”). ASC-605 requires that four basic criteria must be met before revenue can be recognized:: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

Reclassifications

Reclassifications

Certain amounts in the prior periods may have been reclassified to conform to the current period presentation.

Correction of an error in previously issued financial statements

The Company follows guidance under ASC 250-10-45-23 for reporting any error in the financial statements of a prior period discovered after the financial statements are issued or are available to be issued. The current comparative statements as presented reflect the retroactive application of any error corrections. Certain of the balances reported in the unaudited condensed interim financial statements for the three and nine months ended June 30, 2014 reported on Form 10-Q, have been retroactively adjusted to reflect the adjustments made as a result of the audit of the financial statements for the year ended September 30, 2014. The details are summarized in Note 9 Correction of Errors in Previously Issued Financial Statements below.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Company does not believe that other than disclosed above, recently issued, but not yet adopted, accounting pronouncements will have a material impact on its financial position, results of operations or cash flows.

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9. CORRECTION OF ERRORS IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

9 Months Ended

Jun. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Correction of Errors in Previously Issued Financial Statements

	Three months ended						Nine months ended
	June 30, 2014						June 30, 2014
	As reported		Changes		Revised		As reported			Changes			Revised
Statement of Operations:
Compensation expense		—		—		—		99,686			235,594			335,280
Gain on conversion of accounts payable		—		—		—		—			(16,314	)		(16,314	)
Loss on debt conversion		—		—		—		193,258			(193,258	)		—
Interest expense		—		—		—		59,273			(55,407	)		3,866
Net loss		—		—		—		(354,562	)		14,715			(339,846	)
Settlement of accounts payable with stock		—		—		—		—			(205	)		(205	)
Cash Flow from Operating Activities		—		—		—		(38	)		(682	)		(720	)

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5. RELATED PARTY CONVERTIBLE NOTES PAYABLE - Related Party Convertible Notes Payable - Acquisition of Oil and Gas Property (Details) - USD ($)	2 Months Ended	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Debt discount amortized in the period		$ 6,335	$ 2,212
Principal
Related Party, Convertible Note Payable, Beginning Balance	$ 125,000
Interest accrued during the period
Debt discount amortized in the period
Related Party, Convertible Note Payable, Ending Balance	$ 125,000	125,000
Debt Discount
Related Party, Convertible Note Payable, Beginning Balance	(125,000)
Interest accrued during the period	(1,130)
Debt discount amortized in the period	6,335
Related Party, Convertible Note Payable, Ending Balance	$ (118,665)	(118,665)
Accrued Interest
Related Party, Convertible Note Payable, Beginning Balance
Interest accrued during the period	$ 1,130
Debt discount amortized in the period
Related Party, Convertible Note Payable, Ending Balance	$ 1,130	1,130
Principal and Accrued Interest, Net of Debt Discount
Related Party, Convertible Note Payable, Beginning Balance
Interest accrued during the period
Debt discount amortized in the period	$ 6,335
Related Party, Convertible Note Payable, Ending Balance	$ 7,465	$ 7,465

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Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net loss	$ (23,834)	$ (339,847)
Adjustments to reconcile net loss to net cash used by operating activities:
Shares issued for services		335,280
Amortization of debt discount on convertible note	$ 6,335	2,212
Change in fair value of derivative		(2,380)
Gain on settlement of accounts payable		16,314
Imputed interest		1,654
Changes in operating assets and liabilities
Increase (decrease) in accounts payable	$ 372	$ 5,859
Increase (decrease) in accrued interest	1,130
Net Cash Used in Operating Activities	$ (15,997)	$ (13,535)
INVESTING ACTIVITIES
Net Cash Provided by (Used in) Investing Activities
FINANCING ACTIVITIES
Increase (decrease) in advances payable	$ 16,200	$ 12,815
Net Cash Provided by Financing Activities	16,200	12,815
NET INCREASE (DECREASE) IN CASH	203	(720)
CASH AT BEGINNING OF PERIOD	87	820
CASH AT END OF PERIOD	$ 290	$ 100
CASH PAID FOR:
Interest
Income Taxes
ASSETS AND LIABILITIES ACQUIRED FOR STOCK AND DEBT
Oil and gas property at cost, full cost method of accounting; unproved	$ 237,400
Equipment	44,000
Accrued liabilities	(15,000)
STOCK AND DEBT ISSUED FOR ACQUISITION OF ASSETS AND LIABILITIES
Shares	141,400
Convertible note payable	$ 125,000
Settlement of accounts payable for stock		$ 205

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5. RELATED PARTY CONVERTIBLE NOTES PAYABLE

9 Months Ended

Jun. 30, 2015

Notes to Financial Statements

5. RELATED PARTY CONVERTIBLE NOTES PAYABLE

NOTE 5 – RELATED PARTY CONVERTIBLE NOTES PAYABLE

As part of the acquisition of the unproved oil and gas property, equipment and liabilities described in Note 4 Acquisition of Unproved Oil and Gas Property, Equipment and Liabilities above, the Company issued to Emporium Group 140,000 shares of its common stock along with a convertible note payable in the amount of $125,000. The convertible note payable carries a 6% cumulative interest rate and is due and payable in 3 years. This note has a conversion feature which allows Emporium Group to convert any part of the debt including accrued interest at $0.02 per share. The Company assessed the beneficial conversion feature and determined that the fair value of the underlying common stock ($1.01) at inception exceeded the conversion price of this note ($0.02) and accordingly recorded a beneficial conversion feature, capped at the face value of the note of $125,000. The beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, on a straight line basis, approximating the effective interest rate method, over the life of the note.

	Principal		Debt Discount			Accrued Interest		Principal and Accrued Interest, net of Debt Discount
May 6, 2015 (unaudited)	$	125,000	$	(125,000	)	$	—	$	—
Interest accrued during the period		—		(1,130	)	$	1,130		—
Debt discount amortized in the period		—		6,335			—		6,335
June 30, 2015 (unaudited)	$	125,000	$	(118,665	)	$	1,130	$	7,465

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5. RELATED PARTY CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2015	Dec. 31, 2013
Purchase and Sale Agreement, Convertible Note Payable		$ 76,650
Emporium Group Lease
Purchase and Sale Agreement, Stock Issued, Shares	140,000
Purchase and Sale Agreement, Stock Issued, Value	$ 141,400
Purchase and Sale Agreement, Convertible Note Payable	$ 125,000
Purchase and Sale Agreement, Convertible Note Payable, Interest Rate	6.00%
Purchase and Sale Agreement, Convertible Note Payable, Shares issued upon conversion	6,250,000

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8. COMMON STOCK (Tables)

9 Months Ended

Jun. 30, 2015

Equity [Abstract]

Common Stock

Derivative liability	$	171,476
Convertible notes payable		76,650
Unamortized discount on convertible notes payable		(57,618	)
Interest expense to October 4, 2013		2,212
Value of shares issued to settle liabilities	$	192,720