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Condensed Consolidated Balance Sheets - USD ($)
May 31, 2022
May 31, 2021
Current Assets    
Cash and cash equivalents $ 109,183 $ 1,196,650
Receivables 168,522
Receivables – related party 1,779
Prepaid expenses and other current assets 22,235 267,150
Total Current Assets 133,197 1,632,322
Property and Equipment    
Oil and gas acquisition and drilling costs 2,764,477 389,480
Property and equipment, net 410,136 419,723
Total Property and Equipment, net 3,174,613 809,203
Other assets 30,000
TOTAL ASSETS 3,701,949 2,770,808
Current Liabilities    
Accounts payable 1,242,905 267,643
Accrued payroll liabilities 1,739,819 1,559,283
Accrued interest 33,329 17,491
Deferred management fee revenue 95,373
Deferred well development costs 1,083,822
Convertible debt, net of debt discount and debt issuance costs 335,038
Revolving note 62,858
Note payable – related party 136,479
Note payable – Alleghany, net of debt discount 617,934
Note payable, current portion 328,613 1,220,825
Total Current Liabilities 5,580,797 3,160,615
Asset retirement obligation 61,762
Long-term note payable – Alleghany 600,305
Long-term note, net of current portion 857,339 1,246,486
Total Noncurrent Liabilities 919,101 1,846,791
TOTAL LIABILITIES 6,499,898 5,007,406
Stockholders’ Deficit    
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding
Common stock: $0.0001 par value; 90,000,000 shares authorized; 54,514,765 issued and outstanding as of May 31, 2022 and 2021 5,451 5,451
Additional paid in capital 9,179,088 8,844,592
Accumulated deficit (11,982,488) (11,086,641)
Total Stockholders’ Deficit (2,797,949) (2,236,598)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 3,701,949 2,770,808
Olfert [Member]    
Property and Equipment    
Equity method investment – Cat Creek 19,435
Cat Creek [Member]    
Property and Equipment    
Equity method investment – Cat Creek $ 344,704 $ 329,283