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Common Stock
12 Months Ended
Jul. 31, 2020
Equity [Abstract]  
Common Stock

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.

 

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.

 

During the year ended July 31, 2019, the Company issued 7,400,000 shares of common stock and received total cash proceeds of $220,000, $50,000 of was a receivable at July 31, 2019.

 

During the year ended July 31, 2019, the Company issued 75,000 shares of common stock for services. The shares were valued at $0.051 for total non-cash expense of $3,825.

 

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.

 

On June 4, 2020, the Company filed a Certificate of Amendment to its Articles of Incorporation in which it increased its authorized capital stock to 250,000,000 shares of common stock, par value $0.001 and 50,000,000 shares of preferred stock, par value $0.001.

 

During the year ended July 31, 2020, the Company sold 666,660 shares of common stock at $0.03 per share for total cash proceeds of $20,000.

 

During the year ended July 31, 2020, the Company sold 2,500,000 shares of common stock at $0.02 per share for total cash proceeds of $50,000.

 

During the year ended July 31, 2020, the Company sold 3,000,000 shares of common stock at $0.01 per share for total cash proceeds of $30,000.

 

During the year ended July 31, 2020, the Company issued 1,075,000 shares of common stock that had been shown in equity as a common stock payable as of July 31, 2019.