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: October 31, 2013

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 incorporation or organization)	(IRS Employer Identification No.)

1535 Soniat St., New Orleans, LA 70115

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number: (504) 561-1151

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 [X] 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 [X]

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 [  ] Accelerated filer [  ] Non-accelerated filer [  ] 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]

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 November 30, 2013.

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, 2013.

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION (Unaudited)
Item 1:	Consolidated Financial Statements	F-1
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	6
Item 4:	Controls and Procedures	6
PART II – OTHER INFORMATION
Item 1:	Legal Proceedings	7
Item 1A:	Risk Factors	7
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	7
Item 3:	Defaults upon Senior Securities	7
Item 4:	Submission of Matters to a Vote of Security Holders	7
Item 5:	Other Information	7
Item 6:	Exhibits	7

2

PART I - Financial Information

Item 1: Financial Statements

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY

(Development Stage Company)

Consolidated Balance Sheets

October 31, 2013 (Unaudited) and April 30, 2013

	October 31, 2013			April 30, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	546		$	482
Accounts receivable		126			244
Total current assets		672			726
Properties and equipment, at cost:
Proved oil and natural gas properties and equipment		2,358			2,358
Accumulated depreciation and amortization		(370	)		(290	)
Total properties and equipment		1,988			2,068
Total assets	$	2,660		$	2,794
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
Trade	$	49,800		$	49,554
Related parties		20,257			20,257
Accrued expenses - Related Party		280,359			260,316
Convertible note payable - officer		491,039			464,992
Convertible note payable		38,678			38,678
Total current liabilities		880,133			833,797
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 October 31 and April 30, 2013, respectively		21,555			21,555
Additional paid in capital		2,838,197			2,838,197
Deficit accumulated during the development stage		(3,737,225	)		(3,690,755	)
Total stockholders’ deficit		(877,473	)		(831,003	)
Total liabilities and stockholders’ deficit	$	2,660		$	2,794

See accompanying notes to consolidated financial statements.

F-1

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY

(Development Stage Company)

Consolidated Statements of Operations

For the three months ended October 31, 2013 and 2012 and the period from inception (August 18, 2006) through October 31, 2013

(Unaudited)

	October 31, 2013			October 31, 2012
Oil and natural gas sales	$	417		$	356
Total revenues		417			356
Costs and expenses
Oil and natural gas production taxes		30			24
Oil and natural gas production expenses		259			264
Depreciation and amortization		40			27
General and administrative expense		7,526			12,916
Total costs and expenses		7,855			13,231
Loss from operations		(7,438	)		(12,875	)
Other income (expense):
Interest expense		(10,140	)		(9,380	)
Total other income (expense)		(10,140	)		(9,380	)
Net loss	$	(17,578	)	$	(22,255	)
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.

F-2

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY

(Development Stage Company)

Consolidated Statements of Operations

For the six months ended October 31, 2013 and 2012 and the period from inception (August 18, 2006) through October 31, 2013

(Unaudited)

							Inception
							(August 18, 2006)
							through
	October 31, 2013			October 31, 2012			October 31, 2013
Oil and natural gas sales	$	877		$	648		$	48,316
Pipeline fees		-			-			2,450
Total revenues		877			648			50,766
Costs and expenses
Oil and natural gas production taxes		63			46			3,478
Oil and natural gas production expenses		526			586			109,711
Depreciation and amortization		80			54			16,434
Asset impairment		-			-			910,714
General and administrative expense		26,658			19,681			2,611,032
Total costs and expenses		27,327			20,367			3,651,369
Loss from operations		(26,450	)		(19,719	)		(3,600,603	)
Other income (expense):
Other income		-			-			21,606
Interest income		-			-			900
Interest expense		(20,020	)		(18,583	)		(159,128	)
Total other income (expense)		(20,020	)		(18,583	)		(136,622	)
Net loss	$	(46,470	)	$	(38,302	)	$	(3,737,225	)
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.

F-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 October 31, 2013

(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.

F-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 October 31, 2013

(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.

F-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 October 31, 2013

(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		-
Rescission 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 April 30, 2013				21,554,945		21,555		2,838,197		-
Net loss				-		-		-		-
BALANCE July 31, 2013				21,554,945	$	21,555	$	2,838,197	$	-

(Continued)

See accompanying notes to consolidated financial statements.

F-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 October 31, 2013

(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	)
Rescission 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		-			-			(62,288	)		(62,288	)
BALANCE April 30, 2013		-			-			(3,690,755	)		(831,003	)
Net loss		-			-			(46,470	)		(46,470	)
BALANCE October 31, 2013	$	-		$	-		$	(3,737,225	)	$	(877,473	)

See accompanying notes to consolidated financial statements.

F-7

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY

(Development Stage Company)

Consolidated Statements of Cash Flows

For the six months ended October 31, 2013 and 2012 and the period from inception (August 18, 2006) through October 31, 2013

(Unaudited)

							Inception
							(August 18, 2006)
							through
	October 31, 2013			October 31, 2012			October 31, 2013
Operating activities
Net loss	$	(46,470	)	$	(38,302	)	$	(3,737,225	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		80			54			16,434
Non-cash compensation		-			-			1,414,291
Bad debt expense		-			-			104,243
Asset impairment		-			-			910,714
Changes in operating assets and liabilities:
Accounts receivable		118			148			(96,183	)
Interest accrued on loan to related party		-			-			(900	)
Prepaid expenses and other assets		-			-			12,232
Accounts payable - increase (decrease)		246			(33,024	)		317,687
Accrued expenses		20,043			17,610			366,474
Repayments - joint interest owners		-			-			(9,643	)
Net cash used in operating activities		(25,983	)		(53,514	)		(701,876	)
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		26,047			53,077			621,889
Related party advances for working capital		-			492			2,264
Sale of common stock		-			-			26,000
Net cash provided by financing activities		26,047			53,569			748,903
Net increase in cash and cash equivalents		64			55			546
Cash and cash equivalents, beginning of period		482			316			-
Cash and cash equivalents, end of period	$	546		$	371		$	546

(Continued)

See accompanying notes to consolidated financial statements.

F-8

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY

(Development Stage Company)

Consolidated Statements of Cash Flows, Continued

For the six months ended October 31, 2013 and 2012 and the period from inception (August 18, 2006) through October 31, 2013

(Unaudited)

					Inception
					(August 18, 2006)
					through
	October 31, 2013		October 31, 2012		October 31, 2013
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
Convertible note payable and accrued interest forgiven by related party		-		-		57,920

See accompanying notes to consolidated financial statements.

F-9

NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY

(Development Stage Company)

Notes to Consolidated Financial Statements

October 31, 2013

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, 2013, which is included in the Company’s Form 10-K dated April 30, 2013. 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 work over 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.

F-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).

Reclassification

Certain reclassifications have been made in the financial statements at October 31, 2012 and for the periods then ended to conform to the October 31, 2013 presentation. The reclassifications had no effect on net loss or shareholders’ deficit.

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 November 30, 2013 and find none that would have a material impact on the financial statements of the Company.

NOTE 2: GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has a negative net working capital of $877,473 as of October 31, 2013 and has generated losses since inception. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

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.

Over an extended period of time these conditions, among others have raised 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.

NOTE 3: RELATED PARTY TRANSACTIONS

Accounts payable - related parties includes the following expense reimbursements due to related parties at October 31, 2013 and April 30, 2013. Amounts due include reimbursements for travel, legal and cash advances for payment of other administrative expenses.

	October 31, 2013		April 30, 2013
Alan G. Massara, Chief Financial Officer	$	20,257	$	20,257
	$	20,257	$	20,257

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.

F-11

Accrued expenses include the following:

	October 31, 2013		April 30, 2013
Accrued compensation due officers	$	208,750	$	208,750
Accrued interest due CEO		66,774		47,534
Amount due related parties		275,524		256,284
Accrued interest - other		4,352		3,572
Asset retirement obligation		483		460
	$	280,359	$	260,316

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 a 8% Convertible Note in the principal amount of $500,000. The Convertible Note had an original 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. The loan balance was $491,039 and $464,992 at October 31, 2013 and April 30, 2013, respectively. Mr. Coldren has agreed to extend the maturity date of the note to January 1, 2014.

NOTE 4: CONVERTIBLE NOTES PAYABLE

The Company has a convertible note payable in the amount of $38,678 which is due January 1, 2014 with interest accruing at 4% per annum. The note is convertible into the Company’s common stock at $0.02 per share.

NOTE 5: STOCKHOLDER’S EQUITY

PREFERRED STOCK

The Company has 100,000,000 shares of its $0.001 par value preferred stock authorized. At October 31, 2013 and April 30, 2013 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 October 31, 2013 and April 30, 2013 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.

F-12

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 was designated to administer the Plan and may form a Compensation Committee for this purpose. The Plan terminated on July 23, 2013 with no options outstanding.

F-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 OCTOBER 31, 2013 AND 2012

Revenues

Revenues during the three months ended October 31, 2013 and 2012 were $417 and $356, respectively. The 2013 period included net production of 165 MCF at an average price of $2.53 and the 2012 period included net production of 168 MCF at an average price of $2.12.

Costs and expenses during the three months ended October 31, 2013 and 2012 were as follows:

	2013		2012
Oil and natural gas production taxes	$	30	$	24
Oil and natural gas production expenses		259		264
Depreciation and amortization		40		27
Other general and administrative expense		7,526		12,916
Total	$	7,855	$	13,231

Other general and administrative expense decreased in the current year period from $12,916 in 2012 to $7,526 in 2013, primarily due to an increase in professional services costs. Audit and accounting costs decreased approximately $6,200 due to most audit costs being recorded in the 2^nd quarter of the 2012 period and in the first quarter of the 2013 period.

Other expense during the three months ended October 31, 2013 and 2012 is as follows:

	2013		2012
Interest expense	$	10,140	$	9,380
Total	$	10,140	$	9,380

The increase in interest expense is the result of the increased balances of the convertible note payable to an officer in 2013 ($491,039) as compared to 2012 ($445,887).

COMPARISON OF SIX MONTHS ENDED OCTOBER 31, 2013 AND 2012

Revenues

Revenues during the six months ended October 31, 2013 and 2012 were $877 and $648, respectively. The 2013 period included net production of 330 MCF at an average price of $2.66 and the 2012 period included net production of 334 MCF at an average price of $1.94.

3

Costs and expenses during the six months ended October 31, 2013 and 2012 were as follows:

	2013		2012
Oil and natural gas production taxes	$	63	$	46
Oil and natural gas production expenses		526		586
Depreciation and amortization		80		54
Other general and administrative expense		26,658		19,681
Total	$	27,327	$	20,367

Other general and administrative expense increased in the current year period from $19,681 in 2012 to $26,658 in 2013, primarily due to an increase in professional services costs. Audit and accounting costs increased approximately $5,600 due to an amendment of the 2012 Form 10-K in addition to the normal completion of the 2013 Form 10-K, both being completed during the period.

Other expense during the six months ended October 31, 2013 and 2012 is as follows:

	2013		2012
Interest expense	$	20,020	$	18,583
Total	$	20,020	$	18,583

The increase in interest expense is the result of the increased balances of the convertible note payable to an officer in 2013 ($491,039) as compared to 2012 ($445,887).

LIQUIDITY AND CAPITAL RESOURCES

Historical information

At October 31, 2013, we had $546 in cash, $126 in accounts receivable and a working capital deficit of $879,461. Comparatively, we had cash of $482 and a working capital deficit of $833,071 at April 30, 2013.

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 October 31, 2013, our CEO has loaned $491,039 for this purpose and to meet continuing operating costs. 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 several 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, if any, 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.

4

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 financing.

CASH USED IN OPERATING ACTIVITIES

Cash used in operating activities was $25,983 for the six-month period ended October 31, 2013 and cash used in operations was $53,514 for the comparable 2012 period. The majority of the cash used in the earlier year period was for payment of accounts payable associated with the planned acquisition which expired in December 2011.

CASH PROVIDED BY FINANCING ACTIVITIES

We incurred no capital costs in the six-month periods ended October 31, 2013 and 2012.

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 October 31, 2013 and April 30, 2013 the Company had a working capital deficit of $879,461 and $833,071, respectively. At October 31, 2013, the Company has an accumulated deficit of $3,737,225 which includes a loss of $46,470 during the six months ended October 31, 2013. In January 2011, the Company exchanged $38,678 in accounts payable for a convertible note payable now due on January 1, 2014 with interest accruing at 4% per annum. The note is convertible into common stock at $0.02 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 October 31, 2013, the Company’s CEO had loaned the Company $491,039, which is due January 1, 2014.

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.

5

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 October 31, 2013. Our management has determined that, as of October 31, 2013, 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 October 31, 2013, including any corrective actions with regard to significant deficiencies and material weaknesses.

6

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

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 31.2	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 32.2	Certification pursuant to 18 U.S.C. Section 1350 Section 906 of the Sarbanes-Oxley Act of 2002 - Chief Financial Officer*
101.INS	XBRL Instance Document**
101.SCH	XBRL Taxonomy Extension Schema Document**
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB	XBRL Taxonomy Extension Label Linkbase Document**
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document**

*	Filed herewith.
**	In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 in this Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed”.

7

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.
Date: December 9, 2013	By:	/s/ Alan G. Massara
		President and Chief Financial Officer

8

EX-31.1

Exhibit 31.1

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED OCTOBER 31, 2013

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.

December 9, 2013	/s/ Clinton W. Coldren
	Clinton W. Coldren
	Chief Executive Officer

EX-31.2

Exhibit 31.2

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED OCTOBER 31, 2013

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.

December 9, 2013	/s/ Alan G. Massara
	Alan G. Massara
	Chief Financial Officer

EX-32.1

Exhibit 32.1

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED OCTOBER 31, 2013

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 October 31, 2013, 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.

December 9, 2013	/s/ Clinton W. Coldren
	Clinton W. Coldren
	Chief Executive Officer

EX-32.2

Exhibit 32.2

NORTH AMERICAN ENERGY RESOURCES, INC. FORM 10-Q

FOR THE QUARTER ENDED OCTOBER 31, 2013

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 October 31, 2013, 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.

December 9, 2013	/s/ Alan G. Massara
	Alan G. Massara
	Chief Financial Officer

XML

Related Party Transactions - Schedule of Reimbursement of Expenses paid by Related Parties (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
Related parties	$ 20,257	$ 20,257
Alan G. Massara [Member]
Related parties	$ 20,257	$ 20,257

XML

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended		86 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Income Statement [Abstract]
Oil and natural gas sales	$ 417	$ 356	$ 877	$ 648	$ 48,316
Pipeline fees					2,450
Total revenues	417	356	877	648	50,766
Costs and expenses
Oil and natural gas production taxes	30	24	63	46	3,478
Oil and natural gas production expenses	259	264	526	586	109,711
Depreciation and amortization	40	27	80	54	16,434
Asset impairment					910,714
General and administrative expense	7,526	12,916	26,658	19,681	2,611,032
Total costs and expenses	7,855	13,231	27,327	20,367	3,651,369
Loss from operations	(7,438)	(12,875)	(26,450)	(19,719)	(3,600,603)
Other income (expense):
Other income					21,606
Interest income					900
Interest expense	(10,140)	(9,380)	(20,020)	(18,583)	(159,128)
Total other income (expense)	(10,140)	(9,380)	(20,020)	(18,583)	(136,622)
Net loss	$ (17,578)	$ (22,255)	$ (46,470)	$ (38,302)	$ (3,737,225)
Net loss per common share, basic and diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted average common shares outstanding	21,554,945	21,554,945	21,554,945	21,554,945

XML

Related Party Transactions

6 Months Ended

Oct. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 3: RELATED PARTY TRANSACTIONS

Accounts payable - related parties includes the following expense reimbursements due to related parties at October 31, 2013 and April 30, 2013. Amounts due include reimbursements for travel, legal and cash advances for payment of other administrative expenses.

	October 31, 2013		April 30, 2013
Alan G. Massara, Chief Financial Officer	$	20,257	$	20,257
	$	20,257	$	20,257

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:

	October 31, 2013		April 30, 2013
Accrued compensation due officers	$	208,750	$	208,750
Accrued interest due CEO		66,774		47,534
Amount due related parties		275,524		256,284
Accrued interest - other		4,352		3,572
Asset retirement obligation		483		460
	$	280,359	$	260,316

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 a 8% Convertible Note in the principal amount of $500,000. The Convertible Note had an original 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. The loan balance was $491,039 and $464,992 at October 31, 2013 and April 30, 2013, respectively. Mr. Coldren has agreed to extend the maturity date of the note to January 1, 2014.

XML

Related Party Transactions - Schedule of Accrued Expenses (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
Related Party Transactions [Abstract]
Accrued compensation due officers	$ 208,750	$ 208,750
Accrued interest due CEO	66,774	47,534
Amount due related parties	275,524	256,284
Accrued interest - other	4,352	3,572
Asset retirement obligation	483	460
Accrued expenses	$ 280,359	$ 260,316

XML

Consolidated Statements of Shareholders' Deficit (Unaudited) (Parenthetical) (USD $)	12 Months Ended
	Apr. 30, 2009
Statement of Stockholders' Equity [Abstract]
Common stock options granted, shares	350,000
Common stock options granted, shares	50,000
Common stock options granted, per share	$ 1.00
Common stock options granted, per share	$ 1.25
Exercise common stock options, per share	$ 1.25
Exercise common stock options, per share	$ 1.00
Exercise common stock options, per share	$ 1.25
Exercise common stock options, per share	$ 1.00

XML

Organization and Summary of Significant Accounting Policies

6 Months Ended

Oct. 31, 2013

Accounting Policies [Abstract]

Organization and Summary of Significant 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, 2013, which is included in the Company’s Form 10-Kdated April 30, 2013. 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 work over 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).

Reclassification

Certain reclassifications have been made in the financial statements at October 31, 2012 and for the periods then ended to conform to the October 31, 2013 presentation. The reclassifications had no effect on net loss or shareholders’ deficit.

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 November 30, 2013 and find none that would have a material impact on the financial statements of the Company.

XML

Convertible Notes Payable

6 Months Ended

Oct. 31, 2013

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 1, 2014 with interest accruing at 4% per annum. The note is convertible into the Company’s common stock at $0.02 per share.

XML

Going Concern

6 Months Ended

Oct. 31, 2013

Going Concern

Going Concern

NOTE 2: GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has a negative net working capital of $877,473 as of October 31, 2013 and has generated losses since inception. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

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.

Over an extended period of time these conditions, among others have raised 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.

XML

Consolidated Balance Sheets (Parenthetical) (USD $)	Oct. 31, 2013	Apr. 30, 2013
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
Preferred stock, shares outstanding
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 (Tables)

6 Months Ended

Oct. 31, 2013

Related Party Transactions [Abstract]

Schedule of Reimbursement of Expenses paid by Related Parties

Accounts payable - related parties includes the following expense reimbursements due to related parties at October 31, 2013 and April 30, 2013. Amounts due include reimbursements for travel, legal and cash advances for payment of other administrative expenses.

	October 31, 2013		April 30, 2013
Alan G. Massara, Chief Financial Officer	$	20,257	$	20,257
	$	20,257	$	20,257

Schedule of Accrued Expenses

Accrued expenses include the following:

	October 31, 2013		April 30, 2013
Accrued compensation due officers	$	208,750	$	208,750
Accrued interest due CEO		66,774		47,534
Amount due related parties		275,524		256,284
Accrued interest - other		4,352		3,572
Asset retirement obligation		483		460
	$	280,359	$	260,316

XML

Consolidated Statements of Shareholders' Deficit (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-In Capital [Member]	Intrinsic Value Of Common Stock Options [Member]	Prepaid Officer Compensation [Member]	Accumulated Other Comprehensive Loss [Member]	Deficit Accumulated During The Development Stage [Member]	Total
Balance at Aug. 17, 2006
Common stock issued for net assets	$ 11,265	$ 88,735					$ 100,000
Common stock issued for net assets, shares	11,264,485
Common stock issued for cash	1,126	8,874					10,000
Common stock issued for cash, shares	1,126,448
Common stock issued for cash	1,126	8,874					10,000
Common stock issued for cash, shares	1,126,448
Net Loss						(5,379)	(5,379)
Balance at Apr. 30, 2007	13,517	106,483				(5,379)	114,621
Balance, shares at Apr. 30, 2007	13,517,381
Net Loss						(24,805)	(24,805)
Balance at Apr. 30, 2008	13,517	106,483				(30,184)	89,816
Balance, shares at Apr. 30, 2008	13,517,381
Acquisition of North American Energy Resources, Inc.	177	119,653					119,830
Acquisition of North American Energy Resources, Inc., shares	177,000
Conversion of note payable and accrued interest for common stock	153	35,377					35,530
Conversion of note payable and accurued interes for common stock, shares	153,000
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		6,250					6,250
Exercise common stock options for $1.25 per share, shares	100
Exercise common stock options for $1.00 per share	1	49,999					50,000
Exercise common stock options for $1.00 per share, shares	1,000
Exercise common stock options for $1.25 per share		6,250					6,250
Exercise common stock options for $1.25 per share, shares	100
Exercise common stock options for $1.00 per share		3,500					3,500
Exercise common stock options for $1.00 per share, shares	70
Accounts payable paid with common stock		9,016					9,016
Accounts payable paid with common stock, shares	90
Amortize Intrinsic value of options			17,091				17,091
Cancel common stock options		(188,005)	188,005
Common stock issued for compensation		6,250					6,250
Common stock issued for compensation, shares	100
Common stock issued for accounts payable		3,000					3,000
Common stock issued for accounts payable, shares	60
Common stock issued for consulting services	3	310,497					310,500
Common stock issued for consulting services, shares	3,000
Common stock issued for accounts payable	1	24,999					25,000
Common stock issued for accounts payable, shares	400
Capital contribution by shareholder in cash		50,000					50,000
Common stock issued for compensation		5,000					5,000
Common stock issued for compensation, shares	338
Common stock issued for accounts payable		1,200					1,200
Common stock issued for accounts payable, shares	300
Common stock issued for accounts payable		6,000					6,000
Common stock issued for accounts payable, shares	400
Common stock issued for compensation	1	4,999					5,000
Common stock issued for compensation, shares	500
Common stock issued for accounts payable	1	3,199					3,200
Common stock issued for accounts payable, shares	800
Common stock issued for accounts payable	1	3,999					4,000
Common Stock issued for Accounts payable, shares	400
Common stock issued for accounts payable	4	14,996					15,000
Common stock issued for accounts payable, shares	4,000
Common stock issued for compensation	2	4,998					5,000
Common stock issued for compensation, shares	1,500
Common stock issued for accounts payable	6	9,761					9,767
Common stock issued for accounts payable, shares	6,000
Common stock issued for compensation	1	1,999					2,000
Common stock issued for compensation, shares	1,000
Common stock issued for compensation	4	4,996					5,000
Common stock issued for compensation, shares	4,000
Common stock issued for compensation	4	5,996					6,000
Common stock issued for compensation,share	4,000
Common stock issued for officer compensation	160	145,440		(84,933)			60,667
Common stock issued for officer compensation, shares	160,000
Net Loss						(1,097,468)	(1,097,468)
Balance at Apr. 30, 2009	14,036	960,948		(84,933)		(1,127,652)	(237,601)
Balance, shares at Apr. 30, 2009	14,035,539
Common stock issued for consulting agreement	400	419,600					420,000
Common stock issued for consulting agreement, shares	400,000
Common stock issued for consulting agreement	200	209,800					210,000
Common stock issued for consulting agreement, shares	200,000
Common stock issued for oil and gas producing property	700	125,300					126,000
Common stock issued for oil and gas producing property, shares	700,000
Common stock issued for accounts payable	10	4,990					5,000
Common stock issued for accounts payable, shares	10,000
Common stock issued for consulting agreement	30	14,970					15,000
Common stock issued for consulting agreement, shares	30,000
Common stock issued for consulting agreement	30	14,970					15,000
Common stock issued for consulting agreement, shares	30,000
Common stock issued for oil and gas producing property	350	192,150					192,500
Common stock issued for oil and gas producing property, shares	350,000
Common stock issued for consulting contract	300	182,700					183,000
Common stock issued for consulting contract, shares	300,000
Common stock issued for cash	200	5,800					6,000
Common stock issued for cash, shares	200,000
Common stock issued for consulting agreement	400	31,600					32,000
Common stock issued for consulting agreement, shares	400,000
Common stock issued for consulting agreement - director fees	450	35,550					36,000
Common stock issued for consulting agreement - director fees, shares	450,000
Common stock issued for consulting agreement - director fees	150	11,850					12,000
Common stock issued for consulting agreement - director fees, shares	150,000
Common stock issued for officer compensation - director fees	120	9,480					9,600
Common stock issued for officer compensation - director fees, shares	120,000
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 at Apr. 30, 2010	17,376	2,219,708		(12,129)	(1,000)	(2,510,626)	(286,671)
Balance, shares at Apr. 30, 2010	17,375,539
Amortize officer compensation				12,129			12,129
Recission of available - for - sale securities transaction					1,000		1,000
Convertible note payable forgiven by related party		57,920					57,920
Common stock issued for consulting agreement	850	7,650					8,500
Common stock issued for consulting agreement, shares	850,000
Common stock issued for conversion of convertible notes payable	3,329	552,919					556,248
Common stock issued for conversion of convertible notes payable, shares	3,329,406
Net Loss						(462,392)	(462,392)
Balance at Apr. 30, 2011	21,555	2,838,197				(2,973,018)	(113,266)
Balance, shares at Apr. 30, 2011	21,554,945
Net Loss						(655,449)	(655,449)
Balance at Apr. 30, 2012	21,555	2,838,197				(3,628,467)	(768,715)
Balance, shares at Apr. 30, 2012	21,554,945
Net Loss						(62,288)	(62,288)
Balance at Apr. 30, 2013	21,555	2,838,197				(3,690,755)	(831,003)
Balance, shares at Apr. 30, 2013	21,554,945
Net Loss						(46,470)	(46,470)
Balance at Oct. 31, 2013	$ 21,555	$ 2,838,197				$ (3,737,225)	$ (877,473)
Balance, shares at Oct. 31, 2013	21,554,945

XML

Consolidated Balance Sheets (Unaudited) (USD $)	Oct. 31, 2013	Apr. 30, 2013
Current assets:
Cash and cash equivalents	$ 546	$ 482
Accounts receivable	126	244
Total current assets	672	726
Properties and equipment, at cost:
Proved oil and natural gas properties and equipment	2,358	2,358
Accumulated depreciation and amortization	(370)	(290)
Total properties and equipment	1,988	2,068
Total assets	2,660	2,794
Accounts payable
Trade	49,800	49,554
Related parties	20,257	20,257
Accrued expenses - Related Party	280,359	260,316
Convertible note payable - officer	491,039	464,992
Convertible note payable	38,678	38,678
Total current liabilities	880,133	833,797
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 October 31, 2013 and April 30, 2013 respectively	21,555	21,555
Additional paid in capital	2,838,197	2,838,197
Deficit accumulated during the development stage	(3,737,225)	(3,690,755)
Total stockholders' deficit	(877,473)	(831,003)
Total liabilities and stockholders' deficit	$ 2,660	$ 2,794

XML

Organization and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Oct. 31, 2013

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, 2013, which is included in the Company’s Form 10-Kdated April 30, 2013. 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 work over 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).

Reclassification

Reclassification

Certain reclassifications have been made in the financial statements at October 31, 2012 and for the periods then ended to conform to the October 31, 2013 presentation. The reclassifications had no effect on net loss or shareholders’ deficit.

Recent Adopted 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 November 30, 2013 and find none that would have a material impact on the financial statements of the Company.

XML

Related Party Transactions (Details Narrative) (USD $)	0 Months Ended	6 Months Ended		86 Months Ended			0 Months Ended		0 Months Ended
	Nov. 03, 2011	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Apr. 30, 2013	Oct. 31, 2011	Nov. 01, 2011 Mr. Coldren [Member}	Jun. 15, 2011 Mr. Coldren [Member}	Nov. 01, 2011 Mr. Massara [Member]	Jun. 15, 2011 Mr. Massara [Member]
Compensation rate increased							$ 20,833		$ 18,750
Accrued expenses related compensation						90,000		10,000		10,000
Proceeds from bridge loan	500,000			48,750
Convertible notes payable	500,000	38,678		38,678
Interest rate of notes	8.00%
Convertible note term		1 year
Percentage of volume-weighted average price of the common stock		130.00%		130.00%
Loans payable		$ 491,039		$ 491,039	$ 464,992
Convertible note payable - officer, maturity date		Jan. 01, 2014

XML

Stockholder's Equity

6 Months Ended

Oct. 31, 2013

Equity [Abstract]

Stockholder's Equity

NOTE 5: STOCKHOLDER’S EQUITY

PREFERRED STOCK

The Company has 100,000,000 shares of its $0.001 par value preferred stock authorized. At October 31, 2013 and April 30, 2013 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 October 31, 2013 and April 30, 2013 the Company had21,554,945 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 was designated to administer the Plan and may form a Compensation Committee for this purpose. The Plan terminated on July 23, 2013 with no options outstanding.

XML

Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended		86 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Operating activities
Net loss	$ (46,470)	$ (38,302)	$ (3,737,225)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	80	54	16,434
Non-cash compensation			1,414,291
Bad debt expense			104,243
Asset impairment			910,714
Changes in operating assets and liabilities:
Accounts receivable	118	148	(96,183)
Interest accrued on loan to related party			(900)
Prepaid expenses and other assets			12,232
Accounts payable - increase (decrease)	246	(33,024)	317,687
Accrued expenses	20,043	17,610	366,474
Repayments - joint interest owners			(9,643)
Net cash used in operating activities	(25,983)	(53,514)	(701,876)
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 natural gas properties			7,500
Payments for pipeline			(7,500)
Net cash used in investing activities	0	0	(46,481)
Financing activities
Loan proceeds			48,750
Shareholder contribution			50,000
Loans from officers and shareholders	26,047	53,077	621,889
Related party advances for working capital		492	2,264
Sale of common stock			26,000
Net cash provided by financing activities	26,047	53,569	748,903
Net increase in cash and cash equivalents	64	55	546
Cash and cash equivalents, beginning of period	482	316
Cash and cash equivalents, end of period	546	371	546
Cash paid for interest and income taxes:
Interest			437
Income taxes
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)
Common stock issued, total			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
Convertible note payable and accrued interest forgiven by related party			$ 57,920

XML

Convertible Notes Payable (Details Narrative) (USD $)	6 Months Ended
	Oct. 31, 2013	Nov. 03, 2011
Debt Disclosure [Abstract]
Convertible note payable	$ 38,678	$ 500,000
Interest rate	4.00%
Convertible note payable, maturity date	Jan. 01, 2014
Conversion price	$ 0.02

XML

Going Concern (Details Narrative) (USD $)	Oct. 31, 2013
Going Concern
Negative net working capital	$ 877,473

XML

Stockholder's Equity (Details Narrative) (USD $)	6 Months Ended						6 Months Ended			0 Months Ended
	Oct. 31, 2013	Apr. 30, 2013	Sep. 11, 2008 2008 Stock Option Plan [Member]	Oct. 31, 2013 Certificate #1 [Member]	Oct. 31, 2013 Certificate #2 [Member]	Oct. 31, 2013 Certificate #3 [Member]	Oct. 31, 2013 Certificate #1 [Member]	Oct. 31, 2013 Certificate #2 [Member]	Oct. 31, 2013 Certificate #3 [Member]	Nov. 10, 2011 Larry D. Hall [Member]	Nov. 10, 2013 Larry D. Hall [Member]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	21,554,945	21,554,945
Common stock, shares outstanding	21,554,945	21,554,945
Number of warrants issued				10,000,000	10,000,000	10,000,000
Warrants, strike price				$ 0.025	$ 0.04	$ 0.055
Warrants expiration term							1 year	5 years	5 years
Required revenue amount to vest all issued warrants	$ 12,500,000
Warrant issued to acquire common stock, number										500,000
Common stock, price per share											$ 0.18
Number of stock options reserved			2,500,000

XML

Document and Entity Information	6 Months Ended
	Oct. 31, 2013	Nov. 30, 2013
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	Oct. 31, 2013
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		21,554,945
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014