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INVESTMENTS IN OIL AND GAS PROPERTIES
12 Months Ended
Jan. 31, 2016
Notes to Financial Statements  
NOTE 6. INVESTMENTS IN OIL AND GAS PROPERTIES

Cecil Barlow

 

On February 2, 2012 the Company acquired the Cecil Barlow lease in Caddo Parish, Louisiana for $10,000.  Subsequently, the Company has spent an additional $30,109 in upgrades to the well. 

 

On October 31, 2014 the Company sold the Cecil Barlow lease in Caddo Parish, Louisiana for $36,000.  The purchase price was to be paid with an initial deposit of $6,000 minus outstanding taxes and invoices due to the operator.  The balance being paid over several installments of $6,000 every 6 months with a balloon payment of $12,000 on the eighteenth month.

 

On July 31, 2015 after not receiving and being unable to collect any of the funds that it is owed, the Company has chosen to write off those funds.