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Common Stock
12 Months Ended
Jul. 31, 2019
Equity [Abstract]  
Common Stock

During the year ended July 31, 2018, the Company sold 16,559,000 shares of common stock for total cash proceeds of $219,475; $20,000 of which had not yet been received as of July 31, 2018. The $20,000 was received in the quarter ended October 31, 2018. In addition, 1,000,000 shares of those sold were not issued as of July 31, 2018 and were therefore been credited to common stock to be issued. The 1,000,000 shares were issued in February 2019. 

 

During the year ended July 31, 2018, the Company sold 2,730,000 Units of its common stock for total cash proceeds of $136,500. Each Unit consists of one common share and one-half share purchase warrant exercisable for 1 years. Each whole share purchase warrant has an exercise price of $0.15 per common share.

 

During the year ended July 31, 2018, the Company issued 200,000 shares of common stock for conversion of a $4,000 loan payable. The shares were valued at $0.05, the closing stock price on the date of conversion for a loss on conversion of $6,000.

 

During the year ended July 31, 2018, the Company issued 3,000,000 shares of common stock for services. The shares were valued at $0.061, the closing stock price on the date of grant for total non-cash expense of $183.000.

 

During the year ended July 31, 2019, the Company issued 150,000 shares of common stock to two individuals as consideration for their support with the Richey #2A project. The shares were valued at $0.065 per share, the closing price on the date of grant, for total non-cash expense of $9,750. As of July 31, 2019, 75,000 shares have not yet been issued by the transfer agent; therefore. $3,825 has been credited to common stock to be issued. The shares were issued on August 16, 2019.

 

During the year ended July 31, 2019, the Company sold 1,000,000 Units of its common stock for total cash proceeds of $50,000. Each Unit consists of one common share and one-half share purchase warrant exercisable for 2 years. Each whole share purchase warrant has an exercise price of $0.15 per common share. The Company determined the fair value of the warrants to be $25,205 using the Black Scholes pricing model. The 1,000,000 shares were issued in February 2019.

 

During the year ended July 31, 2019, the Company sold 6,400,001 shares of common stock for total cash proceeds of $220,000.

 

On July 31, 2019, the Company entered into an agreement with J.V. Rhyne whereby advance for work to be conducted on several wells in the net amount of $61,850 were transferred to J.V. Rhyne for consideration of 1,000,000 shares of common stock. The shares were valued at $0.041, the closing stock price on the date of the agreement, for total value of $41,100. The transaction resulted in a gain on the write off of debt of $20,750. As of July 31, 2019, the shares have not yet been issued by the transfer agent and have been credited to common stock to be issued.