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OIL AND MINERAL LEASES
9 Months Ended
Apr. 30, 2013
Leases [Abstract]  
OIL AND MINERAL LEASES

NOTE 4 - OIL AND MINERAL LEASES

 

On July 23, 2012, the Company purchased a lease from an unrelated third party consisting of approximately 624 net acres in Lewis and Clark County, Montana for a total purchase price of $15,000. In addition, annual rental payments of $937 are due to the State of Montana starting June 5, 2013 through June 5, 2022.

 

Minimum annual rental payments total $8,434 for the nine-year term. The lease can be extended after June 5, 2022 so long as oil and gas in paying quantities are produced from the land. The Company has not incurred any exploration or development costs in connection with this lease.