10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: July 31, 2012

File No. 000-52522

North American Energy Resources, Inc.

 (Name of small business issuer in our charter)

Nevada	98-0550352
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)
1535 Soniat St., New Orleans, LA	70115
(Address of principal executive offices)	(Zip Code)
(504) 561-1151
(Registrant's telephone number)

Indicate by check mark whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for 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 ☑  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ☑ 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.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer	☐	Non-accelerated filer	☐
Accelerated filer	☐	Smaller reporting company	☑

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

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 21,554,945 shares of common stock outstanding as of August 31, 2012.   

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission ("Commission"). While these statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto, contained in North American Energy Resources, Inc.’s Form 10-K dated April 30, 2012 

TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION (Unaudited)		Page
Item 1:	Consolidated Financial Statements
	Consolidated Balance sheets	2
	Consolidated Statement of Operations	3
	Consolidated Statements of Equity ( Deficit )	4-7
	Consolidated Statement of Cash Flows	8-9
	Consolidated Notes to Financials	10
Item 2;	Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	16
Item 4:	Controls and Procedures	16
PART II - OTHER INFORMATION
Item 1:	Legal Proceedings	17
Item 1A:	Risk Factors	17
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	17
Item 3:	Defaults upon Senior Securities	17
Item 4:	Submission of Matters to a Vote of Security Holders	17
Item 5:	Other Information	17
Item 6:	Exhibits	18
	SIGNATURES	19

1

PART I - Financial Information

Item 1:  Financial Statements

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Consolidated Balance Sheets
July 31, 2012 (Unaudited) and April 30, 2012
		July 31, 2012			April 30, 2012
ASSETS
Current assets:
Cash and cash equivalents	$	248		$	316
Accounts receivable		410			367
Total current assets		658			683
Properties and equipment, at cost:
Proved oil and natural gas properties and equipment		2,358			2,358
Accumulated depreciation and amortization		(209	)		(182	)
Total properties and equipment		2,149			2,176
Total assets	$	2,807		$	2,859
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable
Trade	$	56,122		$	97,616
Related parties		19,055			18,698
Accrued expenses		231,991			223,772
Convertible note payable - officer		441,722			392,810
Convertible note payable		38,678			38,678
Total current liabilities		787,568			771,574
Commitments and contingencies
Stockholders' deficit:
Preferred stock:  $0.001 par value; 100,000,000 shares
authorized; no shares issued and outstanding		—			—
Common stock: $0.001 par value; 100,000,000 shares
authorized; 21,554,945 shares issued and outstanding
at January 31, 2012 and April 30, 2011, respectively		21,555			21,555
Additional paid in capital		2,838,197			2,838,197
Deficit accumulated during the development stage		(3,644,513	)		(3,628,467	)
Total stockholders' deficit		(784,761	)		(768,715	)
Total liabilities and stockholders' deficit	$	2,807		$	2,859
See accompanying notes to consolidated financial statements

2

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Statements of Consolidated Operations
For the three months ended July 31, 2012 and 2011
and the period from inception (August 18, 2006) through July 31, 2012
(Unaudited)
					Inception
					(August 18, 2006)
					through
					July 31,
	2012		2011		2012
Oil and natural gas sales	291		536		46,279
Pipeline fees	—		—		2,450
Total revenues	291		536		48,729
Costs and expenses
Oil and natural gas production taxes	21		39		3,331
Oil and natural gas production expenses	322		243		108,432
Depreciation and amortization	27		31		16,273
Asset impairment	—		—		910,714
Non-cash compensation	—		—		1,414,291
Bad debt expense	—		—		86,000
General and administrative expense	6,764		105,113		1,054,223
Total costs and expenses	7,134		105,426		3,593,264
Loss from operations	(6,843	)	(104,890	)	(3,544,535	)
Other income (expense):
Other income	—		—		9,939
Interest income	—		—		900
Interest expense	(9,203	)	(386	)	(110,817	)
Total other income (expense)	(9,203	)	(386	)	(99,978	)
Net loss	(16,046	)	(105,276	)	(3,644,513	)
Net loss per common share, basic and diluted	(0.00	)	(0.00	)
Weighted average common shares outstanding	21,554,945		21,554,945

See accompanying notes to consolidated financial statements.

3

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Consolidated Statements of Stockholders' Deficit
For the period from inception (August 18, 2006) through July 31, 2012
(Unaudited)
								Intrinsic
						Additional		Value of
		Common stock				Paid in		Common
	Date	Shares		Amount		Capital		Stock Options
BALANCE August 18, 2006		-	$	-	$	-	$	-
Common stock issued for net assets	9/1/2006	11,264,485		11,265		88,735		-
Common stock issued for cash	9/7/2006	1,126,448		1,126		8,874		-
Common stock issued for cash	9/11/2006	1,126,448		1,126		8,874		-
Net loss		-		-				-
BALANCE April 30, 2007		13,517,381		13,517		106,483		-
Net loss		-		-				-
BALANCE April 30, 2008		13,517,381		13,517		106,483		-
Acquisition of North American Energy
Resources, Inc.	7/28/2008	177,000		177		119,653		-
Conversion of note payable and accrued
interest for common stock	7/31/2008	153,000		153		35,377		-
Common stock options granted for:
350,000 shares at $1.00 per share	8/1/2008	-		-		178,000		(178,000)
50,000 shares at $1.25 per share	8/1/2008	-		-		27,096		(27,096)
Exercise common stock options:
for $1.25 per share	9/22/2008	100		-		6,250		-
for $1.00 per share	9/22/2008	1,000		1		49,999		-
for $1.25 per share	10/13/2008	100		-		6,250		-
for $1.00 per share	10/13/2008	70		-		3,500		-
Accounts payable paid with common stock	10/14/2008	90		-		9,016		-
Amortize intrinsic value of options	10/31/2008	-		-		-		17,091
Cancel common stock options	11/5/2008	-		-		(188,005)		188,005
Common stock issued for compensation	11/7/2008	100		-		6,250		-
Common stock issued for accounts payable	11/7/2008	60		-		3,000		-
Common stock issued for consulting service	11/12/2008	3,000		3		310,497		-
Common stock issued for accounts payable	11/17/2008	400		1		24,999		-
Capital contribution by shareholder in cash	11/30/2008	-		-		50,000		-
Common stock issued for:
Compensation	12/9/2008	338		-		5,000		-
Accounts payable	12/9/2008	300		-		1,200		-
Accounts payable	12/9/2008	400		-		6,000		-
Compensation	1/5/2009	500		1		4,999		-
Accounts payable	1/5/2009	800		1		3,199		-
Accounts payable	1/5/2009	400		1		3,999		-
Accounts payable	1/19/2009	4,000		4		14,996		-
Compensation	1/26/2009	1,500		2		4,998		-
Accounts payable	2/24/2009	6,000		6		9,761		-
Compensation	2/24/2009	1,000		1		1,999		-
Compensation	3/4/2009	4,000		4		4,996		-
Compensation	4/6/2009	4,000		4		5,996		-
Officer compensation	4/21/2009	160,000		160		145,440		-
Net loss		-		-		-		-
BALANCE April 30, 2009		14,035,539	$	14,036		960,948		-
								(Continued)
See accompanying notes to consolidated financial statements.

4

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Consolidated Statements of Stockholders' Deficit, Continued
For the period from inception (August 18, 2006) through July 31, 2012
(Unaudited)
							Deficit
					Accumulated		Accumulated
		Prepaid			Other		During the
		Officer			Comprehensive		Development
		Compensation			Loss		Stage			Total
BALANCE August 18, 2006	$	—		$	—	$	—		$	—
Common stock issued for net assets		—			—		—			100,000
Common stock issued for cash		—			—		—			10,000
Common stock issued for cash		—			—		—			10,000
Net loss		—			—		(5,379	)		(5,379	)
BALANCE April 30, 2007		—			—		(5,379	)		114,621
Net loss		—			—		(24,805	)		(24,805	)
BALANCE April 30, 2008		—			—		(30,184	)		89,816
Acquisition of North American Energy
Resources, Inc.		—			—		—			119,830
Conversion of note payable and accrued
interest for common stock		—			—		—			35,530
Common stock options granted for:
350,000 shares at $1.00 per share		—			—		—			—
50,000 shares at $1.25 per share		—			—		—			—
Exercise common stock options:
for $1.25 per share		—			—		—			6,250
for $1.00 per share		—			—		—			50,000
for $1.25 per share		—			—		—			6,250
for $1.00 per share		—			—		—			3,500
Accounts payable paid with common stock		—			—		—			9,016
Amortize intrinsic value of options		—			—		—			17,091
Cancel common stock options		—			—		—			—
Common stock issued for compensation		—			—		—			6,250
Common stock issued for accounts payable		—			—		—			3,000
Common stock issued for consulting service		—			—		—			310,500
Common stock issued for accounts payable		—			—		—			25,000
Capital contribution by shareholder in cash		—			—		—			50,000
Common stock issued for:
Compensation		—			—		—			5,000
Accounts payable		—			—		—			1,200
Accounts payable		—			—		—			6,000
Compensation		—			—		—			5,000
Accounts payable		—			—		—			3,200
Accounts payable		—			—		—			4,000
Accounts payable		—			—		—			15,000
Compensation		—			—		—			5,000
Accounts payable		—			—		—			9,767
Compensation		—			—		—			2,000
Compensation		—			—		—			5,000
Compensation		—			—		—			6,000
Officer compensation		(84,933	)		—		—			60,667
Net loss		—			—		(1,097,468	)		(1,097,468	)
BALANCE April 30, 2009		(84,933	)		—		(1,127,652	)	$	(237,601	)
										(Continued)

See accompanying notes to consolidated financial statements.

5

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Consolidated Statements of Stockholders' Deficit, continued
For the period from inception (August 18, 2006) through July 31, 2012
(Unaudited)
								Intrinsic
						Additional		Value of
		Common stock				Paid in		Common
	Date	Shares		Amount		Capital		Stock Options
BALANCE April 30, 2009		14,035,539	$	14,036	$	960,948	$	-
Common stock issued for:
consulting agreement	5/1/2009	400,000		400		419,600		-
consulting agreement	5/1/2009	200,000		200		209,800		-
oil and gas non-producing property	6/9/2009	700,000		700		125,300		-
accounts payable	7/27/2009	10,000		10		4,990		-
consulting agreement	7/27/2009	30,000		30		14,970		-
consulting agreement	7/27/2009	30,000		30		14,970		-
oil and gas producing property	9/25/2009	350,000		350		192,150		-
consulting contract	9/25/2009	300,000		300		182,700		-
cash	2/23/2010	200,000		200		5,800		-
consulting agreement	2/24/2010	400,000		400		31,600		-
consulting agreement - director fees	2/24/2010	450,000		450		35,550		-
consulting agreement - director fees	2/24/2010	150,000		150		11,850		-
officer compensation - director fees	2/24/2010	120,000		120		9,480		-
Other comprehensive loss on available-for-		-		-
sale securities		-		-		-		-
Amortize officer compensation		-		-		-		-
Net loss		-		-		-		-
BALANCE April 30, 2010		17,375,539		17,376		2,219,708		-
Recission of available-for-sale
securities transaction		-		-		-		-
Amortize officer compensation		-		-		-		-
Convertible note payable forgiven by related party	12/3/2010	-		-		57,920		-
Common stock issued for:
Consulting agreement	12/2/2010	850,000		850		7,650		-
Conversion of convertible notes payable	12/5/2010	3,329,406		3,329		552,919		-
Net loss		-		-		-		-
BALANCE April 30, 2011		21,554,945		21,555		2,838,197		-
Net loss		-		-		-		-
BALANCE April 30, 2012		21,554,945		21,555		2,838,197		-
Net loss		-		-		-		-
BALANCE July 31, 2012		21,554,945	$	21,555	$	2,838,197	$	-
								(Continued)

See accompanying notes to consolidated financial statements.

6

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Consolidated Statements of Stockholders' Deficit, continued
For the period from inception (August 18, 2006) through July 31, 2012
(Unaudited)
								Deficit
					Accumulated			Accumulated
		Prepaid			Other			During the
		Officer			Comprehensive			Development
		Compensation			Loss			Stage			Total
BALANCE April 30, 2009	$	(84,933	)	$	—		$	(1,127,652	)	$	(237,601	)
Common stock issued for:
consulting agreement		—			—			—			420,000
consulting agreement		—			—			—			210,000
oil and gas non-producing property		—			—			—			126,000
accounts payable		—			—			—			5,000
consulting agreement		—			—			—			15,000
consulting agreement		—			—			—			15,000
oil and gas producing property		—			—			—			192,500
consulting contract		—			—			—			183,000
cash		—			—			—			6,000
consulting agreement		—			—			—			32,000
consulting agreement - director fees		—			—			—			36,000
consulting agreement - director fees		—			—			—			12,000
officer compensation - director fees		—			—			—			9,600
Other comprehensive loss on available-for-
sale securities		—			(1,000	)		—			(1,000	)
Amortize officer compensation		72,804			—			—			72,804
Net loss		—			—			(1,382,974	)		(1,382,974	)
BALANCE April 30, 2010		(12,129	)		(1,000	)		(2,510,626	)		(286,671	)
Recission of available-for-sale
securities transaction		—			1,000			—			1,000
Amortize officer compensation		12,129			—			—			12,129
Convertible note payable forgiven by related party		—			—			—			57,920
Common stock issued for:
Consulting agreement		—			—			—			8,500
Conversion of convertible notes payable		—			—			—			556,248
Net loss		—			—			(462,392	)		(462,392	)
BALANCE April 30, 2011		—			—			(2,973,018	)		(113,266	)
Net loss		—			—			(655,449	)		(655,449	)
BALANCE April 30, 2012		—			—			(3,628,467	)		(768,715	)
Net loss		—			—			(16,046	)		(16,046	)
BALANCE July 31, 2012	$	—		$	—		$	(3,644,513	)	$	(784,761	)

 See accompanying notes to consolidated financial statements.

7

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Statements of Consolidated Cash Flows
For the nine months ended January 31, 2012 and 2011
and the period from inception (August 18, 2006) through July 31, 2012
(Unaudited)
								Inception
								(August 18, 2006)
								through
								July 31,
		2012			2011			2012
Operating activities
Net loss	$	(16,046	)	$	(105,276	)	$	(3,644,513	)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization		27			31			16,273
Non-cash compensation		—			—			1,414,291
Bad debt expense		—			—			104,243
Asset impairment		—			—			910,714
Changes in operating assets and liabilities:
Accounts receivable		(43	)		—			(96,467	)
Interest accrued on loan to related party		—			—			(900	)
Prepaid expenses and other assets		—			3,057			12,232
Accounts payable - increase (decrease)		(41,494	)		32,123			324,009
Accrued expenses		8,219			30,396			318,106
Oil and gas proceeds due others		—			—			—
Repayments - joint interest owners		—			—			(9,643	)
Net cash from (used in) operating activities		(49,337	)		(39,669	)		(651,655	)
Investing activities
Payments for oil and natural gas properties and
equipment		—			—			(166,311	)
Cash received in excess of cash paid in reverse
acquisition of North American Energy Resources, Inc.		—			—			119,830
Proceeds from sale of oil and gas properties		—			—			7,500
Payments for pipeline		—			—			(7,500	)
Net cash used in investing activities		—			—			(46,481	)
Financing activities
Loan proceeds		—			—			48,750
Shareholder contribution		—			—			50,000
Loans from officers and shareholders		48,912			—			572,572
Related party advances for working capital		357			39,527			1,062
Sale of common stock		—			—			26,000
Net cash provided by financing activities		49,269			39,527			698,384
Net increase (decrease) in cash and cash equivalents		(68	)		(142	)		248
Cash and cash equivalents, beginning of period		316			716			—
Cash and cash equivalents, end of period	$	248		$	574		$	248
								(Continued)
See accompanying notes to consolidated financial statements.

8

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY
(Development Stage Company)
Statements of Condensed Consolidated Cash Flows, Continued
For the nine months ended January 31, 2012 and 2011
and the period from inception (August 18, 2006) through July 31, 2012
(Unaudited)
						Inception
						(August 18, 2006)
						through
						July 31,
		2012		2011		2012
Supplemental cash flow information
Cash paid for interest and income taxes:
Interest	$	—	$	—	$	437
Income taxes		—		—		—
Non-cash investing and financing activities:
Common stock issued for:
Notes receivable	$	—	$	—	$	76,000
Oil and gas properties		—		—		303,670
Interest in pipeline		—		—		100,000
Loans to shareholders assumed		—		—		(371,000	)
Advance from joint interest participant assumed		—		—		(8,670	)
	$	—	$	—	$	100,000
Exchange of joint interest receivable for oil and
natural gas properties	$	—		—	$	53,068
Common stock options granted		—		—		205,096
Common stock options cancelled		—		—		188,005
Common stock issued for:
Convertible notes payable		—		—		591,778
Consulting agreements		—		—		911,100
Unevaluated oil and natural gas properties		—		—		126,000
Proven oil and natural gas properties		—		—		192,500
Accounts payable		—		—		106,183
Chief executive officer compensation		—		—		155,200
Credit balance transferred from accounts receivable
to accounts payable		—		—		1,068
Accounts receivable applied as payment on note
payable to related party		—		—		4,572
Option exercises paid by reducing note payable
related party		—		—		75,250
Advance from shareholder converted to note		—		—		2,000
Participant advance converted to accounts payable		—		—		31,829
Accounts payable converted to convertible note payable		—		—		38,678
Covertible note payable and accrued interest forgiven by related party		—		—		57,920

 See accompanying notes to condensed consolidated financial statements.

9

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY

 (Development Stage Company)

Notes to Consolidated Financial Statements

July 31, 2012

Note 1: Organization and summary of significant accounting policies

Organization

The consolidated financial statements include the accounts of North American Energy Resources, Inc. (“NAER”) and its wholly owned subsidiary, North American Exploration, Inc. (“NAE”) (collectively the “Company”).  All significant intercompany balances and transactions have been eliminated in consolidation.

NAER was incorporated in Nevada on August 22, 2006 as Mar Ked Mineral Exploration, Inc. and changed its name to North American Energy Resources, Inc. on August 11, 2008.  NAE was incorporated in Nevada on August 18, 2006 as Signature Energy, Inc. and changed its name to North American Exploration, Inc. on June 2, 2008.

The consolidated financial statements included in this report have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting and include all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation.  These consolidated financial statements have not been audited.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations for interim reporting.  The Company believes that the disclosures contained herein are adequate to make the information presented not misleading.  However, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report for the year ended April 30, 2012, which is included in the Company’s Form 10-K dated April 30, 2012.  The financial data for the interim periods presented may not necessarily reflect the results to be anticipated for the complete year.

Business

NAE is an independent oil and natural gas company engaged in the acquisition, exploration and development of oil and natural gas properties and the production of oil and natural gas.  The Company operates in the upstream segment of the oil and gas industry which includes the drilling, completion and operation of oil and gas wells.  The Company has an interest in a pipeline in Oklahoma which is currently shut-in, but has been used to gather natural gas production.  The Company has a non-operated interest in a gas well in Texas County, Oklahoma and is continuing to seek additional acquisition possibilities.

On December 15, 2010, the Company introduced a new Executive Team. Clinton W. Coldren became the new Chairman and Chief Executive Officer and Alan G. Massara became Director, President and Chief Financial Officer.  The new Executive Team is actively reviewing opportunities to acquire additional oil and gas production, development and exploration properties.  The initial focus is on properties that are currently producing, but which contain upside drilling and workover potential.  If successful, any acquisition will require significant new external financings which could materially change the existing capital structure of the Company.  There can be no guarantee that the Company will successfully conclude an acquisition.

10

Development stage

The Companies are  in the development stage and have realized only nominal revenue to date.  The decline in gas prices and limited reserves caused the Company's original gas development plans  in Washington County, Oklahoma to be cancelled and these properties were sold effective October 1, 2010.  Accordingly, the operations of the Companies are presented as those of a development stage enterprise, from their inception (August 18, 2006).

Going concern

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.  The Company commenced operations in September 2006.

At July 31, 2012 and April 30, 2012 the Company had a working capital deficit of $786,910 and $770,891, respectively.  The Company has an accumulated deficit of $3,644,513 which includes a loss of $16,046 during the three months ended July 31, 2012.  In January 2011, the Company exchanged $38,678 in accounts payable for a convertible note payable due in January 2013 with interest accruing at 4% per annum.  The note is convertible into common stock at $0.10 per share.  Beginning in November 2011, the Company’s CEO loaned the Company funds for due diligence and operating expenses pursuant to a Convertible Bridge Loan Note approved by the Board of Directors and executed on November 3, 2011.  The majority of these expenses were incurred while attempting to complete an oil and gas property acquisition.  The acquisition agreement was terminated in December 2011 and the acquisition was not completed.  At July 31, 2012, the Company’s CEO had loaned the Company $441,722.

The Company invested in its first non-operated gas well in October 2010 and plans to continue this course as funds become available.  The Company has limited business activities which are not capable of supporting current operating requirements.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments that may result from the outcome of these uncertainties.

Fiscal year

2013 refers to periods ending during the fiscal year ending April 30, 2013 and 2012 refers to periods ended during the fiscal year ended April 30, 2012.

Reclassification

Certain reclassifications have been made in the financial statements at July 31, 2011 and for the periods then ended to conform to the July 31, 2012 presentation.  The reclassifications had no effect on net loss.

Recent adopted and pending accounting pronouncements

We have evaluated all recent accounting pronouncements as issued by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASU") through August 31, 2012 and find none that would have a material impact on the financial statements of the Company. 

11

Note 2: related party transactions

Accounts payable - related parties includes the following expense reimbursements due to related parties at July 31, 2012 and April 30, 2012.  Amounts due include reimbursements for D&O insurance, rent, travel, legal and cash advances for payment of other administrative expenses.

	July 31, 2012		April 30, 2012
Alan G. Massara, Chief Financial Officer	$	19,055	$	18,698
	$	19,055	$	18,698

Effective June 15, 2011, the Board of Directors approved compensation to begin accruing at the rate of $10,000 per month for each of the two listed executive officers.  At October 31, 2011, accrued expenses included $90,000 accrued for compensation.  Beginning effective November 1, 2011, the compensation rate for Mr. Coldren increased to $20,833 per month and for Mr. Massara increased to $18,750 per month.  Both agreed to discontinue accruing their salary effective January 31, 2012 until conditions improve.

Accrued expenses include the following:

		July 31, 2012		April 30, 2012
Accrued compensation due officers	$	208,750	$	208,750
Accrued interest due CEO		20,400		11,583
Amount due related parties		229,150		220,333
Other accrued expenses		—		994
Accrued interest - other		2,415		2,029
Asset retirement obligation		426		416
	$	231,991	$	223,772

Convertible note payable – officer

Interim financing for due diligence expenses and operations is being funded pursuant to a $500,000 multiple advance bridge loan provided to the Company by Clinton W. Coldren, CEO.  In evidence of the loan, on November 3, 2011, the Company issued to Clinton W. Coldren that certain 8% Convertible Note in the principal amount of $500,000.  The Convertible Note has a term of one year and is convertible into shares of common stock of the Company, in whole or in part at any time, at an initial conversion price equal to 130% of the volume-weighted average price of the common stock for the 50 trading days following October 31, 2011, subject to adjustment for distributions to shareholders, stock splits, reclassification of shares and tender or exchange offers.  The Company does not have the right to prepay all or any portion of the Note prior to the Maturity Date.

Note 3: Stockholder’s equity

PREFERRED STOCK

The Company has 100,000,000 shares of its $0.001 par value preferred stock authorized.  At July 31, 2012 and April 30, 2012 the Company had no shares issued and outstanding.

COMMON STOCK

The Company has 100,000,000 shares of its $0.001 par value common stock authorized.  At July 31, 2012 and April 30, 2012 the Company had 21,554,945 shares issued and outstanding, respectively.

12

WARRANTS 

As a part of their initial compensation, the new Executive Team was granted Warrants with the following primary terms and conditions.  The strike price exceeded the market price when the Warrants were granted.

a) Each Warrant shall entitle the owner to purchase one share of common stock of the Company.  The warrants will contain price protection should shares be used for an acquisition at a price lower than the conversion price in force.  The anti dilution provision will not apply to financings done below the strike price.

b) The Executive Team is granted three Warrant Certificates as follows:

1. Certificate #1 for 10,000,000 warrants with a strike price of $0.025 per share must be exercised within one year of the date Executive Team begins collecting salaries from the Company,

2. Certificate #2 for 10,000,000 warrants with a strike price of $0.04 per share and a Term of 5 years from the vesting date, and

3. Certificate #3 for 10,000,000 warrants with a strike price of $0.055 per share and a Term of 5 years from the vesting date.

c) Other warrant terms are as follows:

1. Certificate #1 vests immediately, Certificate #2 shall vest upon execution of Certificate #1 and Certificate #3 shall vest upon execution of Certificate #1.

2. All Warrants may vest early if the Company has revenue of $12,500,000 total for two consecutive quarters and records a pre-tax net profit for the two quarters and other conditions including change in control, termination, etc.

3. The Warrant Certificates may be allocated among the Executive Team as they so determine.

4. The Warrants shall be registered in the first registration statement the Company files, subject to legal counsel approval.

The Board of Directors issued a warrant to acquire 500,000 shares of the Company’s common stock at $0.18 per share to its new director, Larry D. Hall, on November 10, 2011.  The strike price exceeded the market price when the warrants were granted.

COMMON STOCK OPTIONS

The North American Energy Resources, Inc. 2008 Stock Option Plan ("Plan") was filed on September 11, 2008 and reserved 2,500,000 shares for awards under the Plan.  The Company's Board of Directors is designated to administer the Plan and may form a Compensation Committee for this purpose.  The Plan terminates on July 23, 2013.

Options granted under the Plan may be either "incentive stock options" intended to qualify as such under the Internal Revenue Code, or "non-qualified stock options."  Options outstanding under the Plan have a maximum term of up to ten years, as designated in the option agreements.  No options were outstanding at July 31, 2012.  At July 31, 2012, there are 1,242,333 shares available for grant.

Note 4: CONVERTIBLE NOTES PAYABLE

The Company has a convertible note payable in the amount of $38,678 which is due January 6, 2013 with interest accruing at 4% per annum.  The note is convertible into the Company's common stock at $0.10 per share.

13

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations

This statement contains forward-looking statements within the meaning of the Securities Act.  Discussions containing such forward-looking statements may be found throughout this statement.  Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors, including the matters set forth in this statement.

COMPARISON OF THREE MONTHS ENDED JULY 31, 2012 AND 2011

Revenues

Revenues during the three months ended July 31, 2012 and 2011 were $291 and $536, respectively.  The decline is primarily due to substantially lower gas prices during the current year period.

Costs and expenses during the three months ended July 31, 2012 and 2011 were as follows:

		2012		2011
Oil and natural gas production taxes	$	21	$	39
Oil and natural gas production expenses		322		243
Depreciation and amortization		27		31
Other general and administrative expense		6,764		105,113
Total	$	7,134	$	105,426

Other general and administrative expense decreased in the current year period from $105,113 in 2011 to $6,764 in 2012, primarily due to a reduction in costs associated with the due diligence and planned property acquisition and the new office location.  Rent decreased $14,854; officer compensation decreased $30,000; legal and professional costs decreased $39,094; travel and entertainment decreased $4,463; and other costs associated with maintaining a separate office also decreased.

Other expense during the three months ended July 31, 2012 and 2011 is as follows:

	2012			2011
Interest expense	$	(9,203	)	$	(386	)
Total	$	(9,203	)	$	(386	)

The increase in interest expense is the result of the convertible note payable to an officer which did not begin funding until after the second quarter of last year.

LIQUIDITY AND CAPITAL RESOURCES

Historical information

At July 31, 2012, we had $248 in cash, $410 in accounts receivable and a working capital deficit of $786,910.  Comparatively, we had cash of $316 and a working capital deficit of $770,891 at April 30, 2012.

We entered into an Asset Purchase Agreement which expired in December 2011.  The majority of our decreased administrative cost during the three-month period ended July 31, 2012 was a result of preliminary due diligence costs and preliminary financing costs associated with the planned purchase in the year earlier period.

14

Evaluation of the amounts and certainty of cash flows

Our current cash flow is nominal and insufficient to pay current expenses.  We continue to seek other acquisition possibilities, which will require some form of debt and equity financing.

Cash requirements and capital expenditures

We have made arrangement with our CEO to loan us up to $500,000 to meet the initial operating expenses during the due diligence phase of a potential acquisition.  At July 31, 2012, our CEO has loaned $441,722 for this purpose.  If a potential acquisition is identified additional capital may be required to be raised in the form of equity or debt.

Known trends and uncertainties

The Company is in a very competitive business.  The economy has been very uncertain over the past two to three years and may make it very difficult to raise the capital required to complete any asset purchase agreement.

Expected changes in the mix and relative cost of capital resources

The Company is now seeking another acquisition candidate.  If identified, the initial phase for the Company will be due diligence and raising the purchase price for the acquisition.  In order to take advantage of any undeveloped properties, the Company may require additional financing to continue development plans.  The actual amounts required and the timing of the requirements has not been determined.

What balance sheet, income or cash flow items should be considered in assessing liquidity

We will seek funding to finance due diligence and the cost of an as yet unidentified acquisition, which may require significant new external financing and which may materially change the existing capital structure of the Company.

Our prospective sources for and uses of cash

Our current significant issue is identifying a new acquisition candidate, financing the due diligence and raising the funds to complete the acquisition. If successful, the Company expects to use a combination of debt and equity.

CASH FROM OPERATING ACTIVITIES

Cash used in operating activities was $49,337 for the three-month period ended July 31, 2012 and cash used in operations was $39,669 for the comparable 2011 period.  Losses incurred arose primarily from due diligence costs and the initial cost of raising funds for the planned acquisition which expired in December 2011.

CASH USED IN FINANCING ACTIVITIES

We incurred no capital costs in the three-month periods ended July 31, 2012 and 2011.

15

GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.  The Company commenced operations in September 2006.

At July 31, 2012 and April 30, 2012 the Company had a working capital deficit of $786,910 and $770,891, respectively.  The Company has an accumulated deficit of $3,644,513 which includes a loss of $16,046 during the three months ended July 31, 2012.  In January 2011, the Company exchanged $38,678 in accounts payable for a convertible note payable due in January 2013 with interest accruing at 4% per annum.  The note is convertible into common stock at $0.10 per share.  Beginning in November 2011, the Company’s CEO loaned the Company funds for due diligence and operating expenses pursuant to a Convertible Bridge Loan Note approved by the Board of Directors and executed on November 3, 2011.  The majority of these expenses were incurred while attempting to complete an oil and gas property acquisition.  The acquisition agreement was terminated in December 2011 and the acquisition was not completed.  At July 31, 2012, the Company’s CEO had loaned the Company $441,722.

The Company invested in its first non-operated gas well in October 2010 and plans to continue this course as funds become available.  The Company has limited business activities which are not capable of supporting current operating requirements.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments that may result from the outcome of these uncertainties.

OFF-BALANCE SHEET ARRANGEMENTS

None.

Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

Item 4:  Controls and Procedures

Evaluation of disclosure controls and procedures

Under the PCAOB standards, a control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit the attention by those responsible for oversight of the company's financial reporting.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of July 31, 2012.  Our management has determined that, as of July 31, 2012, the Company's disclosure controls and procedures are effective.

Changes in internal control over financial reporting

There have been no significant changes in internal controls or in other factors that could significantly affect these controls during the quarter ended July 31, 2012, including any corrective actions with regard to significant deficiencies and material weaknesses.

16

PART II - OTHER INFORMATION

Item 1:  Legal Proceedings

None

Item 1A: RISK FACTORS

Not applicable.

Item 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None. 

Item 3:  Defaults upon Senior Securities.

None 

Item 4: Submission of Matters to a Vote of Security Holders.

None

Item 5:  Other Information.

None

17

Item 6:  Exhibits

Exhibit 31.1 -Certification pursuant to 18 U.S.C. Section 1350 Section 302 of the Sarbanes-Oxley Act of 2002 - Chief Executive Officer

Exhibit 31.1 -Certification pursuant to 18 U.S.C. Section 1350 Section 302 of the Sarbanes-Oxley Act of 2002 - Chief Financial Officer

Exhibit 32.1 -Certification pursuant to 18 U.S.C. Section 1350 Section 906 of the Sarbanes-Oxley Act of 2002 - Chief Executive Officer

Exhibit 32.1 -Certification pursuant to 18 U.S.C. Section 1350 Section 906 of the Sarbanes-Oxley Act of 2002 - Chief Financial Officer

18

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NORTH AMERICAN ENERGY RESOURCES, INC.

September 11, 2012                                                                                   /s/ Alan G. Massara                             

                                                                                                                Alan G. Massara

                                                                                                                Chief Financial Officer

19

EX-31

Exhibit 31.1

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED JULY 31, 2012

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Clinton W. Coldren, Chief Executive Officer, certify that:

1.I have reviewed this report on Form 10-Q of North American Energy Resources, Inc. (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-a15(f) and 15d-15(f) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to me by others, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s current fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and;

5.    I have disclosed, based on my most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions);

a. All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

September 11, 2012                                                                                   /s/ Clinton W. Coldren                       

                                                                                                                Clinton W. Coldren

                                                                                                                Chief Executive Officer

EX-31

Exhibit 31.2

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED JULY 31, 2012

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alan G. Massara, Chief Financial Officer, certify that:

1.     I have reviewed this report on Form 10-Q of North American Energy Resources, Inc.(the registrant);

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-a15(f) and 15d-15(f) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to me by others, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s current fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and;

5.   I have disclosed, based on my most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions);

a. All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

September 11, 2012                                                                                   /s/ Alan G. Massara                             

                                                                                                                Alan G. Massara

                                                                                                                Chief Financial Officer

EX-32

Exhibit 32.1

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED JULY 31, 2012

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

I, Clinton W. Coldren, certify that

1. I am the Chief Executive Officer of North American Energy Resources, Inc.
2. Attached to this certification is Form 10-Q for the quarter ended July 31, 2012, a periodic report (the “periodic report”) filed by the issuer with the Securities Exchange Commission pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (the “Exchange Act”), which contains condensed financial statements.
3. I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
• The periodic report containing the condensed financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act, and
• The information in the periodic report fairly presents, in all material respects, the consolidated financial condition and results of operations of the issuer for the periods presented.

September 11, 2012                                                                                   /s/ Clinton W. Coldren                       

                                                                                                                Clinton W. Coldren

                                                                                                                Chief Executive Officer

EX-32

Exhibit 32.2

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED JULY 31, 2012

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Alan G. Massara, certify that

1. I am the Chief Financial Officer of North American Energy Resources, Inc.
2. Attached to this certification is Form 10-Q for the quarter ended July 31, 2012, a periodic report (the “periodic report”) filed by the issuer with the Securities Exchange Commission pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (the “Exchange Act”), which contains condensed financial statements.
3. I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
• The periodic report containing the condensed financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act, and
• The information in the periodic report fairly presents, in all material respects, the consolidated financial condition and results of operations of the issuer for the periods presented.

September 11, 2012                                                                                   /s/ Alan G. Massara                             

                                                                                                                Alan G. Massara

                                                                                                                Chief Financial Officer

XML

Stockholders Equity

3 Months Ended

Jul. 31, 2012

Equity [Abstract]

Stockholders Equity

Note 3: Stockholder’s equity

PREFERRED STOCK

The Company has 100,000,000 shares of its $0.001 par value preferred stock authorized.  At July 31, 2012 and April 30, 2012 the Company had no shares issued and outstanding.

COMMON STOCK

The Company has 100,000,000 shares of its $0.001 par value common stock authorized.  At July 31, 2012 and April 30, 2012 the Company had 21,554,945 shares issued and outstanding, respectively.

WARRANTS 

As a part of their initial compensation, the new Executive Team was granted Warrants with the following primary terms and conditions.  The strike price exceeded the market price when the Warrants were granted.

a) Each Warrant shall entitle the owner to purchase one share of common stock of the Company.  The warrants will contain price protection should shares be used for an acquisition at a price lower than the conversion price in force.  The anti dilution provision will not apply to financings done below the strike price.

b) The Executive Team is granted three Warrant Certificates as follows:

1. Certificate #1 for 10,000,000 warrants with a strike price of $0.025 per share must be exercised within one year of the date Executive Team begins collecting salaries from the Company,

2. Certificate #2 for 10,000,000 warrants with a strike price of $0.04 per share and a Term of 5 years from the vesting date, and

3. Certificate #3 for 10,000,000 warrants with a strike price of $0.055 per share and a Term of 5 years from the vesting date.

c) Other warrant terms are as follows:

1. Certificate #1 vests immediately, Certificate #2 shall vest upon execution of Certificate #1 and Certificate #3 shall vest upon execution of Certificate #1.

2. All Warrants may vest early if the Company has revenue of $12,500,000 total for two consecutive quarters and records a pre-tax net profit for the two quarters and other conditions including change in control, termination, etc.

3. The Warrant Certificates may be allocated among the Executive Team as they so determine.

4. The Warrants shall be registered in the first registration statement the Company files, subject to legal counsel approval.

The Board of Directors issued a warrant to acquire 500,000 shares of the Company’s common stock at $0.18 per share to its new director, Larry D. Hall, on November 10, 2011.  The strike price exceeded the market price when the warrants were granted.

COMMON STOCK OPTIONS

The North American Energy Resources, Inc. 2008 Stock Option Plan ("Plan") was filed on September 11, 2008 and reserved 2,500,000 shares for awards under the Plan.  The Company's Board of Directors is designated to administer the Plan and may form a Compensation Committee for this purpose.  The Plan terminates on July 23, 2013.

Options granted under the Plan may be either "incentive stock options" intended to qualify as such under the Internal Revenue Code, or "non-qualified stock options."  Options outstanding under the Plan have a maximum term of up to ten years, as designated in the option agreements.  No options were outstanding at July 31, 2012.  At July 31, 2012, there are 1,242,333 shares available for grant.

XML

Related Party Transactions

3 Months Ended

Jul. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions

Note 2: related party transactions

Accounts payable - related parties includes the following expense reimbursements due to related parties at July 31, 2012 and April 30, 2012.  Amounts due include reimbursements for D&O insurance, rent, travel, legal and cash advances for payment of other administrative expenses.

	July 31, 2012		April 30, 2012
Alan G. Massara, Chief Financial Officer	$	19,055	$	18,698
	$	19,055	$	18,698

Effective June 15, 2011, the Board of Directors approved compensation to begin accruing at the rate of $10,000 per month for each of the two listed executive officers.  At October 31, 2011, accrued expenses included $90,000 accrued for compensation.  Beginning effective November 1, 2011, the compensation rate for Mr. Coldren increased to $20,833 per month and for Mr. Massara increased to $18,750 per month.  Both agreed to discontinue accruing their salary effective January 31, 2012 until conditions improve.

Accrued expenses include the following:

		July 31, 2012		April 30, 2012
Accrued compensation due officers	$	208,750	$	208,750
Accrued interest due CEO		20,400		11,583
Amount due related parties		229,150		220,333
Other accrued expenses		—		994
Accrued interest - other		2,415		2,029
Asset retirement obligation		426		416
	$	231,991	$	223,772

Convertible note payable – officer

Interim financing for due diligence expenses and operations is being funded pursuant to a $500,000 multiple advance bridge loan provided to the Company by Clinton W. Coldren, CEO.  In evidence of the loan, on November 3, 2011, the Company issued to Clinton W. Coldren that certain 8% Convertible Note in the principal amount of $500,000.  The Convertible Note has a term of one year and is convertible into shares of common stock of the Company, in whole or in part at any time, at an initial conversion price equal to 130% of the volume-weighted average price of the common stock for the 50 trading days following October 31, 2011, subject to adjustment for distributions to shareholders, stock splits, reclassification of shares and tender or exchange offers.  The Company does not have the right to prepay all or any portion of the Note prior to the Maturity Date.

XML

Consolidated Balance Sheets (USD $)	Jul. 31, 2012	Apr. 30, 2012
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 248	$ 316
Accounts receivable	410	367
Total current assets	658	683
Proved oil and natural gas properties and equipment	2,358	2,358
Accumulated depreciation and amortization	(209)	(182)
Total properties and equipment	2,149	2,176
Total assets	2,807	2,859
Accounts payable
Trade	56,122	97,616
Related parties	19,055	18,698
Accrued expenses	231,991	223,772
Convertible note payable - officer	441,722	392,810
Convertible note payable	38,678	38,678
Total current liabilities	787,568	771,574
Preferred stock: $0.001 par value; 100,000,000 shares authorized; no shares issued and outstanding
Common stock: $0.001 par value; 100,000,000 shares authorized; 21,554,945 shares issued and outstanding at January 31, 2012 and April 30, 2011, respectively	21,555	21,555
Additional paid in capital	2,838,197	2,838,197
Deficit accumulated during the development stage	(3,644,513)	(3,628,467)
Total stockholders' deficit	(784,761)	(768,715)
Total liabilities and stockholders' deficit	$ 2,807	$ 2,859

XML

Consolidated Statements of Cash Flows (USD $)	9 Months Ended		71 Months Ended
	Jan. 31, 2012	Jan. 31, 2011	Jul. 31, 2012
Statement of Cash Flows [Abstract]
Net loss	$ (16,046)	$ (105,276)	$ (3,644,513)
Depreciation and amortization	27	31	16,273
Non-cash compensation			1,414,291
Bad debt expense			104,243
Asset impairment			910,714
Accounts receivable	(43)		(96,467)
Interest accrued on loan to related party			(900)
Prepaid expenses and other assets		3,057	12,232
Accounts payable - increase (decrease)	(41,494)	32,123	324,009
Accrued expenses	8,219	30,396	318,106
Oil and gas proceeds due others
Repayments - joint interest owners			(9,643)
Net cash from (used in) operating activities	(49,337)	(39,669)	(651,655)
Payments for oil and natural gas properties and equipment			(166,311)
Cash received in excess of cash paid in reverse acquisition of North American Energy Resources, Inc.			119,830
Proceeds from sale of oil and gas properties			7,500
Payments for pipeline			(7,500)
Net cash used in investing activities			(46,481)
Loan proceeds			48,750
Shareholder contribution			50,000
Loans from officers and shareholders	48,912		572,572
Related party advances for working capital	357	39,527	1,062
Sale of common stock			26,000
Net cash provided by financing activities	49,269	39,527	698,384
Net increase (decrease) in cash and cash equivalents	(68)	(142)	248
Cash and cash equivalents, beginning of period	316	716
Cash and cash equivalents, end of period	248	574	248
Interest	0	0	437
Income taxes	0	0
Common stock issued for Notes receivable			76,000
Common stock issued for Oil and gas properties			303,670
Common stock issued for Interest in pipeline			100,000
Common stock issued for Loans to shareholders assumed			(371,000)
Common stock issued for Advance from joint interest participant assumed			(8,670)
Total Non-Cash Investing and financing activities	0	0	100,000
Exchange of joint interest receivable for oil and natural gas properties			53,068
Common stock options granted			205,096
Common stock options cancelled			188,005
Common stock issued for Convertible notes payable			591,778
Common stock issued for Consulting agreements			911,100
Unevaluated oil and natural gas properties			126,000
Proven oil and natural gas properties			192,500
Accounts payable			106,183
Chief executive officer compensation			155,200
Credit balance transferred from accounts receivable to accounts payable			1,068
Accounts receivable applied as payment on note payable to related party			4,572
Option exercises paid by reducing note payable related party			75,250
Advance from shareholder converted to note			2,000
Participant advance converted to accounts payable			31,829
Accounts payable converted to convertible note payable			38,678
Covertible note payable and accrued interest forgiven by related party	$ 0	$ 0	$ 57,920

XML

Organization and Summary of Significant Accounting Policies

3 Months Ended

Jul. 31, 2012

Accounting Policies [Abstract]

Organization and Accounting Policies

Note 1: Organization and summary of significant accounting policies

Organization

The consolidated financial statements include the accounts of North American Energy Resources, Inc. (“NAER”) and its wholly owned subsidiary, North American Exploration, Inc. (“NAE”) (collectively the “Company”).  All significant intercompany balances and transactions have been eliminated in consolidation.

NAER was incorporated in Nevada on August 22, 2006 as Mar Ked Mineral Exploration, Inc. and changed its name to North American Energy Resources, Inc. on August 11, 2008.  NAE was incorporated in Nevada on August 18, 2006 as Signature Energy, Inc. and changed its name to North American Exploration, Inc. on June 2, 2008.

The consolidated financial statements included in this report have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting and include all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation.  These consolidated financial statements have not been audited.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations for interim reporting.  The Company believes that the disclosures contained herein are adequate to make the information presented not misleading.  However, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report for the year ended April 30, 2012, which is included in the Company’s Form 10-K dated April 30, 2012.  The financial data for the interim periods presented may not necessarily reflect the results to be anticipated for the complete year.

Business

NAE is an independent oil and natural gas company engaged in the acquisition, exploration and development of oil and natural gas properties and the production of oil and natural gas.  The Company operates in the upstream segment of the oil and gas industry which includes the drilling, completion and operation of oil and gas wells.  The Company has an interest in a pipeline in Oklahoma which is currently shut-in, but has been used to gather natural gas production.  The Company has a non-operated interest in a gas well in Texas County, Oklahoma and is continuing to seek additional acquisition possibilities.

On December 15, 2010, the Company introduced a new Executive Team.  Clinton W. Coldren became the new Chairman and Chief Executive Officer and Alan G. Massara became Director, President and Chief Financial Officer.  The new Executive Team is actively reviewing opportunities to acquire additional oil and gas production, development and exploration properties.  The initial focus is on properties that are currently producing, but which contain upside drilling and workover potential.  If successful, any acquisition will require significant new external financings which could materially change the existing capital structure of the Company.  There can be no guarantee that the Company will successfully conclude an acquisition.

Development stage

The Companies are  in the development stage and have realized only nominal revenue to date.  The decline in gas prices and limited reserves caused the Company's original gas development plans  in Washington County, Oklahoma to be cancelled and these properties were sold effective October 1, 2010.  Accordingly, the operations of the Companies are presented as those of a development stage enterprise, from their inception (August 18, 2006).

Going concern

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.  The Company commenced operations in September 2006.

At July 31, 2012 and April 30, 2012 the Company had a working capital deficit of $786,910 and $770,891, respectively.  The Company has an accumulated deficit of $3,644,513 which includes a loss of $16,046 during the three months ended July 31, 2012.  In January 2011, the Company exchanged $38,678 in accounts payable for a convertible note payable due in January 2013 with interest accruing at 4% per annum.  The note is convertible into common stock at $0.10 per share.  Beginning in November 2011, the Company’s CEO loaned the Company funds for due diligence and operating expenses pursuant to a Convertible Bridge Loan Note approved by the Board of Directors and executed on November 3, 2011.  The majority of these expenses were incurred while attempting to complete an oil and gas property acquisition.  The acquisition agreement was terminated in December 2011 and the acquisition was not completed.  At July 31, 2012, the Company’s CEO had loaned the Company $441,722.

The Company invested in its first non-operated gas well in October 2010 and plans to continue this course as funds become available.  The Company has limited business activities which are not capable of supporting current operating requirements.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments that may result from the outcome of these uncertainties.

Fiscal year

2013 refers to periods ending during the fiscal year ending April 30, 2013 and 2012 refers to periods ended during the fiscal year ended April 30, 2012.

Reclassification

Certain reclassifications have been made in the financial statements at July 31, 2011 and for the periods then ended to conform to the July 31, 2012 presentation.  The reclassifications had no effect on net loss.

Recent adopted and pending accounting pronouncements

We have evaluated all recent accounting pronouncements as issued by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASU") through August 31, 2012 and find none that would have a material impact on the financial statements of the Company. 

XML

Consolidated Balance Sheets (Parenthetical) (USD $)	Jul. 31, 2012	Apr. 30, 2012
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	21,554,945	21,554,945
Common stock, shares outstanding	21,554,945	21,554,945

XML

Related Party Transactions (Details Narrative) (USD $)	0 Months Ended			0 Months Ended
	Jun. 15, 2011 Two Officers		Nov. 01, 2011 Two Officers	Nov. 01, 2011 Mr. Coldren		Nov. 01, 2011 Mr. Massara
Salary Expense	$ 10,000	[1]		$ 20,833		$ 18,750
Accured Salaries			90,000
Convertible note line of credit				500,000	[2],[3]
Convertible Note Payable				$ 500,000
Interest Rate				8.00%

[1] Per month for each of the two listed executive officers

[2] The Convertible Note has a term of one year and is convertible into shares of common stock of the Company, in whole or in part at any time, at an initial conversion price equal to 130% of the volume-weighted average price of the common stock for the 50 trading days following October 31, 2011, subject to adjustment for distributions to shareholders, stock splits, reclassification of shares and tender or exchange offers

[3] Proceed as of 7/31/2012 $441,772. This is a line of credit which is being funded as needed.

XML

Document and Entity Information	3 Months Ended
	Jul. 31, 2012	Aug. 31, 2012
Document And Entity Information
Entity Registrant Name	NORTH AMERICAN ENERGY RESOURCES, INC.
Entity Central Index Key	0001392694
Document Type	10-Q
Document Period End Date	Jul. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		21,554,945
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

XML

Stockholders Equity Warrants (Details Narrative) (USD $)	3 Months Ended
	Jul. 31, 2012
Certificate 1
Warrant Value	1
Warrants issued	10,000,000
Strike Price	$ 0.025
Term	1 year
Vesting Terms	immediately	[1]
Certificate 2
Warrant Value	1
Warrants issued	10,000,000
Strike Price	$ 0.04
Term	5 years
Vesting Terms	upon execution of Certificate #1
Certificate 3
Warrant Value	1
Warrants issued	10,000,000
Strike Price	$ 0.055
Term	5 years
Vesting Terms	upon execution of Certificate #1
Director
Date	Nov. 10, 2011
Warrant Value	500,000
Warrants issued	1
Price per Share	$ 0.18

[1] All Warrants may vest early if the Company has revenue of $12,500,000 total for two consecutive quarters and records a pre-tax net profit for the two quarters and other conditions including change in control, termination, etc.

XML

Consolidated Statements of Operations (USD $)	3 Months Ended		71 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012
Income Statement [Abstract]
Oil and natural gas sales	$ 291	$ 536	$ 46,279
Pipeline fees			2,450
Total revenues	291	536	48,729
Oil and natural gas production taxes	21	39	3,331
Oil and natural gas production expenses	322	243	108,432
Depreciation and amortization	27	31	16,273
Asset impairment			910,714
Non-cash compensation			1,414,291
Bad debt expense			86,000
General and administrative expense	6,764	105,113	1,054,223
Total costs and expenses	7,134	105,426	3,593,264
Loss from operations	(6,843)	(104,890)	(3,544,535)
Other income			9,939
Interest income			900
Interest expense	(9,203)	(386)	(110,817)
Total other income (expense)	(9,203)	(386)	(99,978)
Net loss	$ (16,046)	$ (105,276)	$ (3,644,513)
Net loss per common share, basic and diluted	$ 0	$ 0
Weighted average common shares outstanding	21,554,945	21,554,945

XML

Related Party Transactions (Tables)

3 Months Ended

Jul. 31, 2012

Related Party Transactions [Abstract]

Accounts Payable - Related Party

	July 31, 2012		April 30, 2012
Alan G. Massara, Chief Financial Officer	$	19,055	$	18,698
	$	19,055	$	18,698

Accrued Expenses

		July 31, 2012		April 30, 2012
Accrued compensation due officers	$	208,750	$	208,750
Accrued interest due CEO		20,400		11,583
Amount due related parties		229,150		220,333
Other accrued expenses		—		994
Accrued interest - other		2,415		2,029
Asset retirement obligation		426		416
	$	231,991	$	223,772

XML

Organization and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2012

Accounting Policies [Abstract]

Organization

Organization

The consolidated financial statements include the accounts of North American Energy Resources, Inc. (“NAER”) and its wholly owned subsidiary, North American Exploration, Inc. (“NAE”) (collectively the “Company”).  All significant intercompany balances and transactions have been eliminated in consolidation.

NAER was incorporated in Nevada on August 22, 2006 as Mar Ked Mineral Exploration, Inc. and changed its name to North American Energy Resources, Inc. on August 11, 2008.  NAE was incorporated in Nevada on August 18, 2006 as Signature Energy, Inc. and changed its name to North American Exploration, Inc. on June 2, 2008.

The consolidated financial statements included in this report have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting and include all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation.  These consolidated financial statements have not been audited.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations for interim reporting.  The Company believes that the disclosures contained herein are adequate to make the information presented not misleading.  However, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report for the year ended April 30, 2012, which is included in the Company’s Form 10-K dated April 30, 2012.  The financial data for the interim periods presented may not necessarily reflect the results to be anticipated for the complete year.

Business

Business

NAE is an independent oil and natural gas company engaged in the acquisition, exploration and development of oil and natural gas properties and the production of oil and natural gas.  The Company operates in the upstream segment of the oil and gas industry which includes the drilling, completion and operation of oil and gas wells.  The Company has an interest in a pipeline in Oklahoma which is currently shut-in, but has been used to gather natural gas production.  The Company has a non-operated interest in a gas well in Texas County, Oklahoma and is continuing to seek additional acquisition possibilities.

On December 15, 2010, the Company introduced a new Executive Team.  Clinton W. Coldren became the new Chairman and Chief Executive Officer and Alan G. Massara became Director, President and Chief Financial Officer.  The new Executive Team is actively reviewing opportunities to acquire additional oil and gas production, development and exploration properties.  The initial focus is on properties that are currently producing, but which contain upside drilling and workover potential.  If successful, any acquisition will require significant new external financings which could materially change the existing capital structure of the Company.  There can be no guarantee that the Company will successfully conclude an acquisition.

Development stage

Development stage

The Companies are  in the development stage and have realized only nominal revenue to date.  The decline in gas prices and limited reserves caused the Company's original gas development plans  in Washington County, Oklahoma to be cancelled and these properties were sold effective October 1, 2010.  Accordingly, the operations of the Companies are presented as those of a development stage enterprise, from their inception (August 18, 2006).

Going concern

Going concern

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.  The Company commenced operations in September 2006.

At July 31, 2012 and April 30, 2012 the Company had a working capital deficit of $786,910 and $770,891, respectively.  The Company has an accumulated deficit of $3,644,513 which includes a loss of $16,046 during the three months ended July 31, 2012.  In January 2011, the Company exchanged $38,678 in accounts payable for a convertible note payable due in January 2013 with interest accruing at 4% per annum.  The note is convertible into common stock at $0.10 per share.  Beginning in November 2011, the Company’s CEO loaned the Company funds for due diligence and operating expenses pursuant to a Convertible Bridge Loan Note approved by the Board of Directors and executed on November 3, 2011.  The majority of these expenses were incurred while attempting to complete an oil and gas property acquisition.  The acquisition agreement was terminated in December 2011 and the acquisition was not completed.  At July 31, 2012, the Company’s CEO had loaned the Company $441,722.

The Company invested in its first non-operated gas well in October 2010 and plans to continue this course as funds become available.  The Company has limited business activities which are not capable of supporting current operating requirements.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments that may result from the outcome of these uncertainties.

Fiscal year

Fiscal year

2013 refers to periods ending during the fiscal year ending April 30, 2013 and 2012 refers to periods ended during the fiscal year ended April 30, 2012.

Reclassification

Reclassification

Certain reclassifications have been made in the financial statements at July 31, 2011 and for the periods then ended to conform to the July 31, 2012 presentation.  The reclassifications had no effect on net loss.

Recent adpoted and pending accounting pronouncements

Recent adopted and pending accounting pronouncements

We have evaluated all recent accounting pronouncements as issued by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASU") through August 31, 2012 and find none that would have a material impact on the financial statements of the Company. 

XML

Stockholders Equity Common Stock Options (Details Narrative)	Jul. 31, 2012	Sep. 11, 2008
Stockholders Equity Common Stock Options Details Narrative
Shares for Award	1,242,333	2,500,000

XML

Related Party Transactions - Accounts Payable - Related Party (Details) (USD $)	Jul. 31, 2012	Apr. 30, 2012
Related Party Transactions [Abstract]
Alan G. Massara, Chief Financial Officer	$ 19,055	$ 18,698

XML

Organization and Summary of Significant Accounting Policies Going Concern (Details Narrative) (USD $)	3 Months Ended		71 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Apr. 30, 2012
Accounting Policies [Abstract]
Working Capital Deficit	$ 786,910		$ 786,910	$ 770,891
Deficit accumulated during the development stage	(3,644,513)		(3,644,513)	(3,628,467)
Net loss	$ (16,046)	$ (105,276)	$ (3,644,513)

XML

Organization and Summary of Significant Accounting Policies Going Concern Convertible Notes (Details Narrative) (USD $)	3 Months Ended
	Jul. 31, 2012
Notes to Financial Statements
Date Issued	2011-01
Note Issued exchange for Accounts Payable	$ 38,678
Interest Rate	4.00%
Conversion Price	$ 0.10
Due to related party	$ 441,722

XML

Related Party Transactions - Accrued Expenses (Details) (USD $)	Jul. 31, 2012	Apr. 30, 2012
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued compensation due officers	$ 208,750	$ 208,750
Accrued interest due CEO	20,400	11,583
Amount due related parties	229,150	220,333
Other accrued expenses		994
Accrued interest - other	2,415	2,029
Asset retirement obligation	426	416
Accrued expenses	$ 231,991	$ 223,772

XML

Consolidated Statements of Shareholders Equity (USD $)	3 Months Ended	9 Months Ended	12 Months Ended					9 Months Ended	12 Months Ended				9 Months Ended	12 Months Ended				12 Months Ended						3 Months Ended	12 Months Ended
	Jul. 31, 2012	Apr. 30, 2007	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009	Apr. 30, 2008	Apr. 30, 2007 Common Stock	Apr. 30, 2011 Common Stock	Apr. 30, 2010 Common Stock	Apr. 30, 2009 Common Stock	Jul. 31, 2012 Common Stock	Apr. 30, 2007 Additional Paid-In Capital	Apr. 30, 2011 Additional Paid-In Capital	Apr. 30, 2010 Additional Paid-In Capital	Apr. 30, 2009 Additional Paid-In Capital	Jul. 31, 2012 Additional Paid-In Capital	Apr. 30, 2009 Intrinsic Value of Common Stock Options	Apr. 30, 2011 Prepaid Officer Compensation	Apr. 30, 2010 Prepaid Officer Compensation	Apr. 30, 2009 Prepaid Officer Compensation	Apr. 30, 2011 Accumulated Other Comprehensive Loss	Apr. 30, 2010 Accumulated Other Comprehensive Loss	Jul. 31, 2012 Deficit Accumulated During the Development Stage	Apr. 30, 2012 Deficit Accumulated During the Development Stage	Apr. 30, 2011 Deficit Accumulated During the Development Stage	Apr. 30, 2010 Deficit Accumulated During the Development Stage	Apr. 30, 2009 Deficit Accumulated During the Development Stage	Apr. 30, 2008 Deficit Accumulated During the Development Stage
Common stock issued for net assets, shares		100,000						11,264,485
Common stock issued for net assets, amount								$ 11,265					$ 88,735
Common stock issued for cash, shares								1,126,448
Common stock issued for cash, amount		10,000						1,126					8,874
Common stock issued for cash, shares								1,126,448
Common stock issued for cash, amount		10,000						1,126					8,874
Acquisition of North American Energy Resources, Inc., shares											177,000
Acquisition of North American Energy Resources, Inc., amount						119,830					177					119,653
Conversion of note payable and accurued interes for common stock, shares											153,000
Conversion of note payable and accrued interest for common stock, amount						35,530					153					35,377
Common stock options granted for 350000 shares at $1.00 per share																178,000		(178,000)
Common stock options granted for 50000 shares at $1.25 per share																27,096		(27,096)
Exercise common stock options for $1.25 per share, shares											100
Exercise common stock options for $1.25 per share, amount						6,250										6,250
Exercise common stock options for $1.00 per share, shares											1,000
Exercise common stock options for $1.00 per share, amount						50,000					1					49,999
Exercise common stock options for $1.25 per share, shares											100
Exercise common stock options for $1.25 per share, amount						6,250										6,250
Exercise common stock options for $1.00 per share, shares											70
Exercise common stock options for $1.00 per share, amount						3,500										3,500
Accounts payable paid with common stock, shares											90
Accounts payable paid with common stock, amount						9,016										9,016
Amortize Intrinsic value of options						17,091												17,091
Cancel common stock options																(188,005)		188,005
Common stock issued for compensation, shares											100
Common stock issued for compensation, amount						6,250										6,250
Common stock issued for accounts payable, shares											60
Common stock issued for accounts payable, amount						3,000										3,000
Common stock issued for consulting services, shares											3,000
Common stock issued for consulting services, amount						310,500					3					310,497
Common stock issued for accounts payable, shares											400
Common stock issued for accounts payable, amount						25,000					1					24,999
Capital contribution by shareholder in cash						50,000										50,000
Common stock issued for compensation, shares											338
Common stock issued for compensation, amount						5,000										5,000
Common stock issued for accounts payable, shares											300
Common stock issued for accounts payable, amount						1,200										1,200
Common stock issued for accounts payable, shares											400
Common stock issued for accounts payable, amount						6,000										6,000
Common stock issued for compensation, shares											500
Common stock issued for compensation, amount						5,000					1					4,999
Common stock issued for accounts payable, shares											800
Common stock issued for accounts payable, amount						3,200					1					3,199
Common Stock issued for Accounts payable, shares											400
Common stock issued for accounts payable, amount						4,000					1					3,999
Common stock issued for accounts payable, shares											4,000
Common stock issued for accounts payable, amount						15,000					4					14,996
Common stock issued for compensation, shares											1,500
Common stock issued for compensation, amount						5,000					2					4,998
Common stock issued for accounts payable, shares											6,000
Common stock issued for accounts payable, amount						9,767					6					9,761
Common stock issued for compensation, shares											1,000
Common stock issued for compensation, amount						2,000					1					1,999
Common stock issued for compensation, shares											4,000
Common stock issued for compensation, amount						5,000					4					14,996
Common stock issued for compensation,share											4,000
Common stock issued for compensation, amount						6,000					4					5,996
Common stock issued for officer compensation, shares											160,000
Common stock issued for officer compensation, amount											160					145,440					(84,933)
Common stock issued for consulting agreement, shares										400,000
Common stock issued for consulting agreement, amount					420,000					400					419,600
Common stock issued for consulting agreement, shares										200,000
Common stock issued for consulting agreement, amount					210,000					200					209,800
Common stock issued for oil and gas producing property, shares										700,000
Common stock issued for oil and gas producing property, amount					126,000					700					125,300
Common stock issued for accounts payable, shares										10,000
Common stock issued for accounts payable, amount					5,000					10					4,990
Common stock issued for consulting agreement, shares										30,000
Common stock issued for consulting agreement, amount					15,000					30					14,970
Common stock issued for consulting agreement, shares										30,000
Common stock issued for consulting agreement, amount					15,000					30					14,970
Common stock issued for oil and gas producing property, shares										350,000
Common stock issued for oil and gas producing property, amount					192,500					350					192,150
Common stock issued for consulting contract, shares										300,000
Common stock issued for consulting contract, amount					183,000					300					182,700
Common stock issued for cash, shares										200,000
Common stock issued for cash, amount					6,000					200					5,800
Common stock issued for consulting agreement, shares										400,000
Common stock issued for consulting agreement, amount					32,000					400					31,600
Common stock issued for consulting agreement - director fees, shares										450,000
Common stock issued for consulting agreement - director fees, amount					36,000					450					35,550
Common stock issued for consulting agreement - director fees, shares										150,000
Common stock issued for consulting agreement - director fees, amount					12,000					150					11,850
Common stock issued for consulting agreement - director fees, shares										120,000
Common stock issued for consulting agreement - director fees, amount					9,600					120					9,480
Other comprehensive loss on available - for - sale securities					(1,000)																		(1,000)
Recission of available - for - sale securities transaction				1,000																		(1,000)
Amortize officer compensation				12,129	72,804														(12,129)	72,804
Convertible note payable forgiven by related party				57,920										57,920
Common stock issued for consulting agreement, shares									850,000
Common stock issued for consulting agreement, amount				8,500					850					7,650
Common stock issued for conversion of convertible notes payable, shares									3,329,406
Common stock issued for conversion of convertible notes payable, amount				556,248					3,329					552,919
Net Loss	(16,046)		(655,449)	(462,392)																				(16,046)	(655,449)	(462,392)	(1,382,974)	(1,097,468)	(24,805)
Ending balance, share								13,517,381	21,554,945	17,375,539	14,035,539	21,554,945
Ending balance, amount	$ (784,761)		$ (768,715)	$ (113,266)	$ (286,671)	$ (237,601)	$ 89,816	$ 13,517	$ 21,555	$ 17,376	$ 14,036	$ 21,555	$ 106,483	$ 2,838,197	$ 2,219,708	$ 960,948	$ 2,838,197			$ (12,129)	$ (84,933)		$ (1,000)	$ (3,644,513)	$ (3,628,467)	$ (2,973,018)	$ (2,510,626)	$ (1,127,652)	$ (30,184)

XML

Convertible Notes Payable

3 Months Ended

Jul. 31, 2012

Debt Disclosure [Abstract]

Convertible Notes Payable

Note 4: CONVERTIBLE NOTES PAYABLE

The Company has a convertible note payable in the amount of $38,678 which is due January 6, 2013 with interest accruing at 4% per annum.  The note is convertible into the Company's common stock at $0.10 per share.

XML

Convertible Notes Payable (Details Narrative) (USD $)	3 Months Ended
	Jul. 31, 2012
Debt Disclosure [Abstract]
Convertible Note Payable	$ 38,678
Maturity date	Jan. 06, 2013
Interest Rate	4.00%
Conversion Price	$ 0.10