XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
3 Months Ended
Oct. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statement were available to be issued, and has determined that no material subsequent events exist other then the following.

 

Subsequent to October 31, 2018, the Company had discussions with Cooper Basin Oil & Gas Inc.  The Company agreed to pay $50,000 to Cooper Basin Oil & Gas Inc. plus the 2,000,000 shares issued for the Richey Lease acquired in 2014.  Cooper Basin received revenue from the Richey lease from the sale of oil via BLM checks for 25% working interest.  Cooper Basin has received $60,752 from its 25% working interest in the Richey lease and considers the loan paid in full and also agrees to assign all of its 25% working interest in the Richey lease to the Company.

 

On November 3, 2018, the Company entered into a Memorandum of Understanding with EnergyFunders, LLC to set forth the terms and conditions to jointly operate and pursue oil & gas projects. It was mutually agreed to create EF NMEX 18, LP, in order to jointly promote domestic oil and gas drilling projects. On December 7, 2018, EnergyFunders and NMEX entered into a Joint Venture Agreement on the first project in which EnergyFunders and NMEX will participate in the drilling of a seismic structure in the Beauregard Parish of Louisiana, known as the Northside High Prospect. The target depth is 7,300 feet to test the Cockfield (Yegua) Sand. Notable wells in the area have produced more than 200,000 barrels of oil from a single well. Drilling of this well is scheduled to begin in January 2019. NMEX has agreed to acquire a working interest in this well