10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

¨ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 000-51712

PARK PLACE ENERGY CORP.

(Exact name of small business issuer as specified in its charter)

Nevada	71-0971567
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2200 Ross Ave., Suite 4500E Dallas, TX USA	75201
(Address of principal executive offices)	(Zip Code)

(214) 220-4340

Registrant’s telephone number, including area code

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 45,731,482 shares of common stock as of November 9, 2015.

PARK PLACE ENERGY CORP.

Form 10-Q

Table of Contents

	Caption	Page
PART I – FINANCIAL INFORMATION			3
Item 1.	Financial Statements		3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		14
Item 4.	Controls and Procedures		14
PART II – OTHER INFORMATION			15
Item 1.	Legal Proceedings		15
Item 1A.	Risk Factors		15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		15
Item 3.	Defaults Upon Senior Securities		15
Item 4.	Mine Safety Disclosures		15
Item 5.	Other Information		15
Item 6.	Exhibits		16
SIGNATURES			17
CERTIFICATIONS

2

PART I

Item 1. Financial Statements

PARK PLACE ENERGY CORP.

Consolidated Balance Sheets

	September 30, 2015			December 31, 2014
	(unaudited)
ASSETS
Current assets:
Cash	$	491,644		$	1,539,439
Receivables		2,885			6,307
Prepaid expenses and deposits		20,770			11,993
Total current assets		515,299			1,557,739
Oil and gas properties		2,582,734			2,196,157
Note receivable		39,086			—
Total assets	$	3,137,119		$	3,753,896
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	53,401		$	268,862
Total liabilities		53,401			268,862
Commitments and contingencies
Stockholders’ equity:
Common stock
Authorized: 250,000,000 shares, par value $0.00001
Issued and outstanding: 45,731,482 and 45,624,427 shares, respectively		457			456
Additional paid-in capital		17,223,883			17,072,916
Stock to be issued		—			46,116
Accumulated other comprehensive gain		988			558
Accumulated deficit		(14,141,610	)		(13,635,012	)
Total stockholders’ equity		3,083,718			3,485,034
Total liabilities and stockholders’ equity	$	3,137,119		$	3,753,896

See accompanying notes to consolidated financial statements.

3

PARK PLACE ENERGY CORP.

Consolidated Statements of Operations

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Expenses
General and administrative	$	176,441		$	267,552		$	587,460		$	635,023
Total expenses		176,441			267,552			587,460			635,023
Loss before other expenses		(176,441	)		(267,552	)		(587,460	)		(635,023	)
Other income (expenses)
Reversed tax penalties		120,000			—			120,000			—
Foreign exchange loss		(1,066	)		(12,034	)		(39,138	)		(21,117	)
Total other income (expenses)		118,934			(12,034	)		80,862			(21,117	)
Net loss for the period	$	(57,507	)	$	(279,586	)	$	(506,598	)	$	(656,140	)
Loss per share, basic and diluted	$	(0.00	)	$	(0.01	)	$	(0.01	)	$	(0.02	)
Weighted average number of shares outstanding		45,731,482			43,246,407			45,729,521			37,767,677

See accompanying notes to consolidated financial statements.

PARK PLACE ENERGY CORP.

Consolidated Statements of Comprehensive Loss

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net loss for the period	$	(57,507	)	$	(279,586	)	$	(506,598	)	$	(656,140	)
Other comprehensive income (loss):
Foreign currency cumulative translation adjustment		(91	)		—			430			—
Comprehensive loss for the period	$	(57,598	)	$	(279,586	)	$	(506,168	)	$	(656,140	)

See accompanying notes to consolidated financial statements.

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PARK PLACE ENERGY CORP.

Consolidated Statement of Stockholders’ Equity

(unaudited)

	Common Stock				Additional paid-in capital		Stock to be issued			Accumulated other comprehensive income		Accumulated deficit			Total
	Shares		Amount
Balance, December 31, 2014		45,624,427	$	456	$	17,072,916	$	46,116		$	558	$	(13,635,012	)	$	3,485,034
Issuance of restricted shares		107,055		1		46,115		(46,116	)		—		—			—
Stock-based compensation expense		—		—		56,062		—			—		—			56,062
Restricted stock issued for oil and gas properties		—		—		48,790		—			—		—			48,790
Currency translation adjustment		—		—		—		—			430		—			430
Net loss		—		—		—		—			—		(506,598	)		(506,598	)
Balance, September 30, 2015		45,731,482	$	457	$	17,223,883	$	—		$	988	$	(14,141,610	)	$	3,083,718

See accompanying notes to consolidated financial statements.

5

PARK PLACE ENERGY CORP.

Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended September 30,
	2015			2014
Operating activities:
Net loss for the period	$	(506,598	)	$	(656,140	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		56,062			106,512
Changes in operating assets and liabilities:
Receivables		3,422			84,415
Prepaid expenses and deposits		(8,777	)		(15,728	)
Accounts payable and accrued liabilities		(222,508	)		127,138
Net cash used in operating activities		(678,399	)		(353,803	)
Investing activities:
Issuance of note receivable		(39,086	)		—
Oil and gas properties expenditures		(330,740	)		(745,324	)
Net cash used in investing activities		(369,826	)		(745,324	)
Financing activities:
Proceeds from issuance of common stock / stock subscriptions received		—			2,981,850
Net cash provided by financing activities		—			2,981,850
Effect of exchange rate changes on cash and cash equivalents		430			—
Change in cash		(1,047,795	)		1,882,723
Cash, beginning of period		1,539,439			32,782
Cash, end of period	$	491,644		$	1,915,505
Non-cash investing and financing activities:
Oil and gas expenditures included in accounts payable	$	7,047		$	—
Restricted stock issued for oil and gas properties	$	48,790		$	—
Stock issued for subscription receivable	$	46,116		$	—

See accompanying notes to consolidated financial statements.

6

PARK PLACE ENERGY CORP.

Notes to the Consolidated Financial Statements

(Expressed in US dollars)

(unaudited)

1) Summary of Significant Accounting Policies

(a) Basis of Presentation

These consolidated financial statements are unaudited and have been prepared from the books and records of Park Place Energy Corp. and its consolidated subsidiary (“Park Place”, the “Company”, “we”, or “our”). In our opinion, all normal and recurring adjustments necessary for a fair presentation of the financial position of the Company as of September 30, 2015, and the results of operations for the three and nine months ended September 30, 2015 and 2014, and cash flows for the nine months ended September 30, 2015 and 2014, have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of the Company included in its Form 10-K for the year ended December 31, 2014.

(b) Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern Subtopic 205- 40—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. The adoption of ASU 2014- 15 is not expected to have a material impact on the Company’s consolidated financial statements and disclosures.

(c) Loss Per Share

The Company computes loss per share of Company stock in accordance with ASC 260 (“Earnings per Share”), which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. Basic EPS is computed by dividing the loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the potential dilutive effect of outstanding stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the three and nine months ended September 30, 2015 and 2014, the Company had 14,810,645 and 14,444,610 potentially dilutive shares outstanding, respectively, and 13,593,517 and 13,266,313, respectively, that were excluded from the calculation of diluted EPS.

2.) Going Concern

As shown in the accompanying consolidated financial statements, the Company has no revenues and has incurred continuous losses from operations and had an accumulated deficit of $14,141,610 at September 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new ventures to increase revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful, therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

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3.) Oil and Gas Properties

	September 30, 2015		December 31, 2014
Unproven properties
Bulgaria	$	2,582,734	$	2,196,157

The Company holds a 98,205 acre oil and gas exploration claim in the Dobrudja Basin located in northeast Bulgaria. The Company intends to conduct exploration for natural gas and test production activities over a five year period in accordance with or exceeding its minimum work program obligation. The Company’s commitment is to perform geological and geophysical exploration activities in the first 3 years of the initial term (the “Exploration and Geophysical Work Stage”), followed by drilling activities in years 4 and 5 of the initial term (the “Data Evaluation and Drilling Stage”). The Company is required to drill 10,000 meters (approximately 32,800 feet) of new wellbore (which may be vertical, horizontal or diagonal) and conduct other exploration activities during the initial term. The Company intends to commence its work program efforts once it receives all regular regulatory approvals of its work programs.

4.) Note Receivable

In April 2015, the Company loaned $38,570 to a Bulgarian company pursuant to a revolving credit facility, enabling such Bulgarian company to buy and manage land in Bulgaria to be leased by the Company for future well sites. The credit facility has a maximum loan obligation of BGN 1,000,000 ($574,800 at September 30, 2015), bears interest at 6.32%, has a five-year term and is secured by the land the Bulgarian company buys. Payment on the facility is due the earlier of the end of the five-year term (April 6, 2020) or demand by the Company. As of September 30, 2015 the outstanding balance on the loan obligation was $39,086.

5.) Common Stock

In January 2015, the Company issued 107,055 shares of common stock upon the vesting of restricted stock units for employee compensation.

8

6.) Stock Options

On April 1, 2015, the Company granted 150,000 stock options at an exercise price of $0.14 per share to directors of the Company. Such option agreements are their annual compensation. The following table summarizes the Company’s stock options as of September 30, 2015.

	Number of options		Weighted average exercise price		Weighted average fair value		Aggregate intrinsic value
Outstanding, December 31, 2014		2,100,000	$	0.17	$	0.14	$	—
Granted		150,000		0.14		0.14		—
Expired		—		—		—		—
Outstanding, September 30, 2015		2,250,000	$	0.17	$	0.14	$	42,000

Additional information regarding stock options as of September 30, 2015, is as follows:

	Outstanding						Exercisable
Range of exercise prices	Number of shares		Weighted average remaining contractual life (years)		Weighted average exercise price		Number of shares		Weighted average exercise price
$0.10		1,050,000		2.0	$	0.10		1,050,000	$	0.10
$0.14		150,000		2.5	$	0.14		150,000	$	0.14
$0.20		100,000		1.3	$	0.20		50,000	$	0.20
$0.23-0.235		850,000		1.1	$	0.23		825,000	$	0.23
$0.28		100,000		1.8	$	0.28		50,000	$	0.28
		2,250,000		1.7	$	0.17		2,125,000	$	0.16

The fair value of stock options vested during the nine months ended September 30, 2015 and 2014 was $20,729 and $60,429, respectively, which was recorded as stock-based compensation and charged to operations.

7.) Restricted Stock Units

During the nine months ended September 30, 2015, the Company granted 900,541 restricted stock units (“RSUs”) with vesting periods ranging from seventeen to twenty months and a fair value of $123,404. Of this total grant of RSUs, officers of the Company were granted 519,609 RSUs with a fair value of $70,566. Expense related to RSUs is recognized ratably over the vesting period.

	Number of restricted stock units		Weighted average fair value per award
Balance, December 31, 2014		887,422	$	0.25
Issued		900,541	$	0.14
Vested		—	$	—
Balance, September 30, 2015		1,787,963	$	0.19

During the three and nine months ended September 30, 2015 and 2014, stock compensation expense related to vested restricted stock units was $11,873 and $18,930 and $35,333 and $46,083, respectively. During the nine months ended September 30, 2015, $48,790 related to grants of restricted stock was charged to oil and gas properties ($0 for the prior year period).

At September 30, 2015 unrecognized compensation expense related to RSUs totaled $40,689 that will be recognized over a weighted average period of approximately eight months.

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8.) Segmented Information

The Company’s operations are in the resource industry in Bulgaria with head offices in the United States and a satellite office in Sofia, Bulgaria. The Company operates as a single reportable segment and its oil and gas properties are located in Bulgaria.

9.) Income Taxes

The Company is subject to United States federal and state income taxes at a rate of 34%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Benefit at statutory rate	$	(19,552	)	$	(95,059	)	$	(172,243	)	$	(223,088	)
Permanent differences and other:		43			672			721			672
Valuation allowance change		19,509			94,387			171,522			222,416
Income tax provision	$	—		$	—		$	—		$	—

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide readers of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Our MD&A is presented in the following sections:

• Executive Summary

• Results of Operations

• Liquidity and Capital Resources

• Recent Accounting Pronouncements

• Forward-Looking Statements.

Our MD&A should be read in conjunction with our unaudited financial statements of Park Place Energy Corp. (“Park Place”, Company”, “we”, and “our”) and related Notes in Part I, Item 1 of the Quarterly Report on Form 10-Q and Item 8, Financial Statements and Supplementary Data, of the Annual Report on Form 10-K for the year ended December 31, 2014.

Our website can be found at www.parkplaceenergy.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed with or furnished to the U.S. Securities and Exchange Commission (“SEC”), pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”), can be accessed free of charge by linking directly from our website under the “Investor Relations—SEC Filings” caption to the SEC’s Edgar Database.

Executive Summary

Park Place is an energy company engaged in oil and gas exploration in Bulgaria.

The Company holds a 98,205 acre oil and gas exploration claim in the Dobrudja Basin located in northeast Bulgaria. The Company intends to conduct exploration for natural gas and test production activities over a five year period in accordance with or exceeding its minimum work program obligation. The Company’s commitment is to perform geological and geophysical exploration activities in the first 3 years of the initial term (the “Exploration and Geophysical Work Stage”), followed by drilling activities in years 4 and 5 of the initial term (the “Data Evaluation and Drilling Stage”). The Company is required to drill 10,000 meters (approximately 32,800 feet) of new wellbore (which may be vertical, horizontal or diagonal) and conduct other exploration activities during the initial term. The Company intends to commence its work program efforts once it receives all regular regulatory approvals of its work programs.

On August 26, 2014, the Bulgarian environmental agency approved the Company’s overall work program and first year annual work program. A number of parties appealed the decision of the environmental agency. An appeals proceeding has been commenced before an administrative judge panel and an initial hearing was held on May 20, 2015. At the May 20, 2015 meeting, the administrative judge panel postponed any consideration of the appeal. On October 26, 2015, a hearing of the administrative judge panel was held. Deliberations on the appeals were postponed to a future date that has not been formally set by the panel. The Company is participating in that proceeding as an interested party. The Company is continuing its data gathering, evaluation and planning, is acquiring the land for future well sites and is performing an environmental baseline survey of the license area. The initial term of the License Agreement will not begin until (i) the appeals proceeding is completed and the decision upheld and (ii) the Bulgarian energy agency has approved the Company’s work programs.

The Company held a special meeting of its stockholders on November 11, 2015, at which the stockholders approved the Company’s proposed corporate restructuring plan. For the restructuring, the Company created a new Delaware corporation, Park Place Energy Inc. (“PPE Inc.”), as a wholly owned subsidiary of the Company, and a new Nevada corporation that is a wholly owned subsidiary of PPE Inc. Following stockholder approval, the Nevada subsidiary of PPE Inc. was merged with the Company so that the Company became the wholly-owned subsidiary of PPE Inc., and PPE Inc. has become the publicly traded parent holding company. In connection with the restructuring, the Company’s outstanding shares of common stock were automatically converted into the same number of shares of common stock of PPE Inc. The stockholders of the Company automatically became the stockholders of PPE Inc. and now own the same number of shares of PPE Inc. common stock that they owned of the Company common stock immediately prior to the restructuring.

11

Results of Operations

The following summary of our results of operations should be read in conjunction with our unaudited consolidated financial statements for the periods ended September 30, 2015 and 2014, which are included herein.

Revenue

We are a pre-revenue stage company, and our future revenues depend upon successful exploration of oil and gas assets.

Expenses

For the three months ended September 30, 2015, our general and administrative expenses decreased to $176,441 from $267,552 for the same period in 2014. For the nine months ended September 30, 2015, our general and administrative expenses decreased to $587,460 from $635,023 for the same period in 2014. The decrease in both periods was primarily due to reduced consulting and travel costs.

Other Income (Expenses)

Other income (expenses) for the three and nine months ended September 30, 2015 was income for both periods due to a $120,000 reversal of certain tax-related expenses due to a favorable tax ruling. Foreign exchange rate fluctuations resulted in a loss of $1,066 for the three months ended September 30, 2015 compared to a loss of $12,034 for the three months ended September 30, 2014. For the nine months ended September 30, 2015 and 2014, other expenses were $39,138 and $21,117, respectively, due to a foreign exchange loss.

Loss

Our net loss for the three months ended September 30, 2015 was $57,507 compared to a loss of $279,586 for the three months ended September 30, 2014. Our net loss for the nine months ended September 30, 2015 was $506,598 compared to a loss of $656,140 for the nine months ended September 30, 2014. The decrease in net loss was a result of the factors described above.

12

Liquidity and Capital Resources

The following table summarizes our liquidity position:

	September 30, 2015 (Unaudited)		December 31, 2014
Cash	$	491,644	$	1,539,439
Working capital		461,898		1,288,877
Total assets		3,137,119		3,753,896
Total liabilities		53,401		268,862
Stockholders’ equity		3,083,718		3,485,034

Cash Used in Operating Activities

We used net cash of $678,399 in operating activities for the nine months ended September 30, 2015 compared to $353,803 for the nine months ended September 30, 2014 primarily due to increased activities relating to the appeals of the work programs in Bulgaria and costs associated with evaluation of potential acquisitions for the nine months ended September 30, 2015.

Cash Flow from Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2015 was $369,826 compared to net cash used of $745,324 for the nine months ended September 30, 2014. This decrease was primarily due to decreased expenditures on the Bulgarian project partially offset by an investment in note receivable.

Cash Provided by Financing Activities

We have funded our business to date primarily from sales of our common stock through private placements. We did not have any common stock sales during the nine months ended September 30, 2015. For the nine months ended September 30, 2014, cash provided by financing activities was $2,981,850.

Future Operating Requirements

The Company has no revenues and has incurred continuous losses from operations and had an accumulated deficit of $14,141,610 at September 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new ventures to increase revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful, therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Recent Accounting Pronouncements

See Note 1 of the Consolidated Financial Statements for information about recent accounting pronouncements.

Forward-Looking Information

Certain statements in this Quarterly Report on Form 10-Q constitute “forward-looking statements” within the meaning of applicable U.S. securities legislation. Additionally, forward-looking statements may be made orally or in press releases, conferences, reports, on our website or otherwise, in the future, by us or on our behalf. Such statements are generally identifiable by the terminology used such as “plans,” “expects,” “estimates,” “budgets,” “intends,” “anticipates,” “believes,” “projects,” “indicates,” “targets,” “objective,” “could,” “should,” “may” or other similar words.

13

By their very nature, forward-looking statements require us to make assumptions that may not materialize or that may not be accurate. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements, including the factors discussed under Item 1A. Risk Factors in our most recent Annual Report on Form 10-K. Such factors include, but are not limited to, the following: fluctuations in and volatility of the market prices for oil and natural gas products; the ability to produce and transport oil and natural gas; the results of exploration and development drilling and related activities; global economic conditions, particularly in the countries in which we carry on business, especially economic slowdowns; actions by governmental authorities including increases in taxes, legislative and regulatory initiatives related to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflicts; the negotiation and closing of material contracts; future capital requirements and the availability of financing; estimates and economic assumptions used in connection with our acquisitions; risks associated with drilling, operating and decommissioning wells; actions of third-party co-owners of interests in properties in which we also own an interest; our ability to effectively integrate companies and properties that we acquire; our limited operating history; our history of operating losses; our lack of insurance coverage; and the other factors discussed in other documents that we file with or furnish to the U.S. Securities and Exchange Commission. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors and our course of action would depend upon our assessment of the future, considering all information then available. In that regard, any statements as to: future oil or natural gas production levels; capital expenditures; the allocation of capital expenditures to exploration and development activities; sources of funding for our capital expenditure programs; drilling of new wells; demand for oil and natural gas products; expenditures and allowances relating to environmental matters; dates by which certain areas will be developed or will come on-stream; expected finding and development costs; future production rates; ultimate recoverability of reserves, including the ability to convert probable and possible reserves to proved reserves; dates by which transactions are expected to close; future cash flows, uses of cash flows, collectability of receivables and availability of trade credit; expected operating costs; changes in any of the foregoing and other statements using forward-looking terminology are forward-looking statements, and there can be no assurance that the expectations conveyed by such forward-looking statements will, in fact, be realized.

Although we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the date such forward-looking statements were made, no assurances can be given as to future results, levels of activity, achievements or financial condition.

Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described above, as well as others not now anticipated. The foregoing statements are not exclusive and further information concerning us, including factors that potentially could materially affect our financial results, may emerge from time to time. We do not intend to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable because we are a smaller reporting company.

Item 4. Controls and Procedures

Evaluation of Disclosure of Controls and Procedures

We carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2015 (the “Evaluation Date”). This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, we concluded that our disclosure controls and procedures were effective.

We believe that our consolidated financial statements contained in our Quarterly Report on Form 10-Q for the periods ended September 30, 2015 fairly present our financial condition, results of operations and cash flows in all material respects.

14

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently involved in any legal proceedings and we are unaware of any pending proceedings, except that the Company is a participant as an interested party in opposition to the appeals that have been filed in Bulgaria against the Bulgarian environmental agency that approved the Company’s overall work program and first year annual work program.

Item 1A. Risk Factors

Not applicable because we are a smaller reporting company. See risk factors described in Item 1A of the Company’s most recent Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mining Safety Disclosures

Not applicable.

Item 5. Other Information

None

15

Item 6. Exhibits

31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The Company’s unaudited Condensed Consolidated Financial Statements and related Notes for the periods ended September 30, 2015 from this Quarterly Report on Form 10-Q, formatted in XBRL (eXtensible Business Reporting Language).

16

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PARK PLACE ENERGY CORP.
By:	/s/ “Scott C. Larsen”
	Scott C. Larsen
	President and CEO (Principal Executive Officer) Date: November 12, 2015

By:	/s/ “Charles Michel”
	Charles Michel
	Chief Financial Officer (Principal Financial Officer) Date: November 12, 2015

17

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Scott C. Larsen, certify that:

1. I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2015 of Park Place Energy Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2015

/s/ “Scott C. Larsen”
By:	Scott C. Larsen
Title:	Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Charles Michel, certify that:

1. I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2015 of Park Place Energy Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2015

/s/ “Charles Michel”
By:	Charles Michel
Title:	Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Scott C. Larsen, President and Chief Executive Officer and Charles Michel, the Chief Financial Officer, of Park Place Energy Corp. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge, the Quarterly Report on Form 10-Q for the period ended September 30, 2015, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Quarterly Report on Form 10-Q, as amended, fairly presents in all material respects the financial condition and results of operations of the Company.

/s/ “Scott C. Larsen”

Scott C. Larsen

President and CEO (Principal Executive Officer)

Date: November 12, 2015

/s/ “Charles Michel”

Charles Michel

Chief Financial Officer (Principal Financial Officer)

Date: November 12, 2015

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Park Place Energy Corp. and will be retained by Park Place Energy Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Segmented Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

XML

Oil and Gas Properties - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015 a m ft
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Abstract]
Oil and gas acreage, undeveloped, net	98,205
Initial term for natural gas and test production activities	5 years
Commitment period of exploration activities and geophysical work stage	3 years
Commitment period of drilling activities of data evaluation	2 years
New well bore required to be drilled in meters | m	10,000
New well bore required to be drilled in feet | ft	32,800

XML

Going Concern

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

2.) Going Concern

As shown in the accompanying consolidated financial statements, the Company has no revenues and has incurred continuous losses from operations and had an accumulated deficit of $14,141,610 at September 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new ventures to increase revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful, therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

XML

Stock Options - Summary of Stock Options Activity (Detail) - USD ($)		9 Months Ended
	Apr. 01, 2015	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of options, Outstanding beginning balance		2,100,000
Number of options, Granted	150,000	150,000
Number of options, Expired		0
Number of options, Outstanding ending balance		2,250,000
Weighted average exercise price, Outstanding beginning balance		$ 0.17
Weighted average exercise price, Granted	$ 0.14	0.14
Weighted average exercise price, Expired		0
Weighted average exercise price, Outstanding ending balance		0.17
Weighted average fair value, Outstanding beginning balance		0.14
Weighted average fair value, Granted		0.14
Weighted average fair value, Outstanding ending balance		$ 0.14
Aggregate intrinsic value, Outstanding		$ 42,000

XML

Stock Options - Additional Information (Detail) - USD ($)		9 Months Ended
	Apr. 01, 2015	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of options, Granted	150,000	150,000
Weighted average exercise price, Granted	$ 0.14	$ 0.14
Fair value of stock options vested		$ 20,729	$ 60,429

XML

Stock Options - Summary of Additional Information Regarding Stock Options (Detail)	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, outstanding number of shares | shares	2,250,000
Stock option, outstanding weighted average remaining contractual life	1 year 8 months 12 days
Stock option, outstanding weighted average exercise price	$ 0.17
Stock option, exercisable number of shares | shares	2,125,000
Stock option, exercisable weighted average exercise price	$ 0.16
$0.10 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, outstanding number of shares | shares	1,050,000
Stock option, outstanding weighted average remaining contractual life	2 years
Stock option, outstanding weighted average exercise price	$ 0.10
Stock option, exercisable number of shares | shares	1,050,000
Stock option, exercisable weighted average exercise price	$ 0.10
$0.14 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, outstanding number of shares | shares	150,000
Stock option, outstanding weighted average remaining contractual life	2 years 6 months
Stock option, outstanding weighted average exercise price	$ 0.14
Stock option, exercisable number of shares | shares	150,000
Stock option, exercisable weighted average exercise price	$ 0.14
$0.20 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, outstanding number of shares | shares	100,000
Stock option, outstanding weighted average remaining contractual life	1 year 3 months 18 days
Stock option, outstanding weighted average exercise price	$ 0.20
Stock option, exercisable number of shares | shares	50,000
Stock option, exercisable weighted average exercise price	$ 0.20
$0.23-0.235 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercise prices, lower range	0.23
Stock options exercise prices, upper range	$ 0.235
Stock option, outstanding number of shares | shares	850,000
Stock option, outstanding weighted average remaining contractual life	1 year 1 month 6 days
Stock option, outstanding weighted average exercise price	$ 0.23
Stock option, exercisable number of shares | shares	825,000
Stock option, exercisable weighted average exercise price	$ 0.23
$0.28 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, outstanding number of shares | shares	100,000
Stock option, outstanding weighted average remaining contractual life	1 year 9 months 18 days
Stock option, outstanding weighted average exercise price	$ 0.28
Stock option, exercisable number of shares | shares	50,000
Stock option, exercisable weighted average exercise price	$ 0.28

XML

Restricted Stock Units - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock issued for oil and gas properties			$ 48,790	$ 0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted			900,541
Shares granted, fair value			$ 123,404
Stock compensation expense related to vested restricted stock units	$ 11,873	$ 18,930	35,333	$ 46,083
Unrecognized compensation expense	$ 40,689		$ 40,689
Weighted average period			8 months
Officer [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted			519,609
Shares granted, fair value			$ 70,566
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			17 months
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			20 months

XML

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1) Summary of Significant Accounting Policies

(a) Basis of Presentation

These consolidated financial statements are unaudited and have been prepared from the books and records of Park Place Energy Corp. and its consolidated subsidiary (“Park Place”, the “Company”, “we”, or “our”). In our opinion, all normal and recurring adjustments necessary for a fair presentation of the financial position of the Company as of September 30, 2015, and the results of operations for the three and nine months ended September 30, 2015 and 2014, and cash flows for the nine months ended September 30, 2015 and 2014, have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of the Company included in its Form 10-K for the year ended December 31, 2014.

(b) Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern Subtopic 205- 40—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. The adoption of ASU 2014- 15 is not expected to have a material impact on the Company’s consolidated financial statements and disclosures.

(c) Loss Per Share

The Company computes loss per share of Company stock in accordance with ASC 260 (“Earnings per Share”), which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. Basic EPS is computed by dividing the loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the potential dilutive effect of outstanding stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the three and nine months ended September 30, 2015 and 2014, the Company had 14,810,645 and 14,444,610 potentially dilutive shares outstanding, respectively, and 13,593,517 and 13,266,313, respectively, that were excluded from the calculation of diluted EPS.

XML

Restricted Stock Units - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units, Beginning Balance	887,422
Number of restricted stock units, Issued	900,541
Number of restricted stock units, Vested	0
Number of restricted stock units, Ending Balance	1,787,963
Weighted average fair value per award, Beginning Balance | $ / shares	$ 0.25
Weighted average fair value per award, Issued | $ / shares	0.14
Weighted average fair value per award, Vested | $ / shares	0
Weighted average fair value per award, Ending Balance | $ / shares	$ 0.19

XML

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 491,644	$ 1,539,439
Receivables	2,885	6,307
Prepaid expenses and deposits	20,770	11,993
Total current assets	515,299	1,557,739
Oil and gas properties	2,582,734	2,196,157
Note receivable	39,086
Total assets	3,137,119	3,753,896
Current liabilities:
Accounts payable and accrued liabilities	53,401	268,862
Total liabilities	$ 53,401	$ 268,862
Commitments and contingencies
Stockholders' equity:
Common stock Authorized: 250,000,000 shares, par value $0.00001 Issued and outstanding: 45,731,482 and 45,624,427 shares, respectively	$ 457	$ 456
Additional paid-in capital	17,223,883	17,072,916
Stock to be issued		46,116
Accumulated other comprehensive gain	988	558
Accumulated deficit	(14,141,610)	(13,635,012)
Total stockholders' equity	3,083,718	3,485,034
Total liabilities and stockholders' equity	$ 3,137,119	$ 3,753,896

XML

Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional paid-in capital [Member]	Stock to be issued [Member]	Accumulated other comprehensive income [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2014	$ 3,485,034	$ 456	$ 17,072,916	$ 46,116	$ 558	$ (13,635,012)
Beginning Balance, Shares at Dec. 31, 2014	45,624,427	45,624,427
Issuance of restricted shares		$ 1	46,115	$ (46,116)
Issuance of restricted shares, Shares		107,055
Stock-based compensation expense	$ 56,062		56,062
Restricted stock issued for oil and gas properties	48,790		48,790
Currency translation adjustment	430				430
Net loss	(506,598)					(506,598)
Ending Balance at Sep. 30, 2015	$ 3,083,718	$ 457	$ 17,223,883		$ 988	$ (14,141,610)
Ending Balance, Shares at Sep. 30, 2015	45,731,482	45,731,482

XML

Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Benefit at statutory rate	$ (19,552)	$ (95,059)	$ (172,243)	$ (223,088)
Permanent differences and other:	43	672	721	672
Valuation allowance change	19,509	94,387	171,522	222,416
Income tax provision	$ 0	$ 0	$ 0	$ 0

XML

Summary of Significant Accounting Policies - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Antidilutive securities excluded from computation of earnings per share	14,810,645	13,593,517	14,444,610	13,266,313

XML

Oil and Gas Properties - Schedule of Unproved Properties (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Unproven properties	$ 2,582,734	$ 2,196,157
Bulgaria [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Unproven properties	$ 2,582,734	$ 2,196,157

XML

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net loss for the period	$ (506,598)	$ (656,140)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	56,062	106,512
Changes in operating assets and liabilities:
Receivables	3,422	84,415
Prepaid expenses and deposits	(8,777)	(15,728)
Accounts payable and accrued liabilities	(222,508)	127,138
Net cash used in operating activities	(678,399)	(353,803)
Investing activities:
Issuance of note receivable	(39,086)
Oil and gas properties expenditures	(330,740)	(745,324)
Net cash used in investing activities	(369,826)	(745,324)
Financing activities:
Proceeds from issuance of common stock / stock subscriptions received		2,981,850
Net cash provided by financing activities		2,981,850
Effect of exchange rate changes on cash and cash equivalents	430
Change in cash	(1,047,795)	1,882,723
Cash, beginning of period	1,539,439	32,782
Cash, end of period	491,644	$ 1,915,505
Non-cash investing and financing activities:
Oil and gas expenditures included in accounts payable	7,047
Restricted stock issued for oil and gas properties	48,790
Stock issued for subscription receivable	$ 46,116

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, shares authorized	250,000,000	250,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	45,731,482	45,624,427
Common stock, shares outstanding	45,731,482	45,624,427

XML

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Basis of Presentation

(a) Basis of Presentation

These consolidated financial statements are unaudited and have been prepared from the books and records of Park Place Energy Corp. and its consolidated subsidiary (“Park Place”, the “Company”, “we”, or “our”). In our opinion, all normal and recurring adjustments necessary for a fair presentation of the financial position of the Company as of September 30, 2015, and the results of operations for the three and nine months ended September 30, 2015 and 2014, and cash flows for the nine months ended September 30, 2015 and 2014, have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of the Company included in its Form 10-K for the year ended December 31, 2014.

Recent Accounting Pronouncements

(b) Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern Subtopic 205- 40—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. The adoption of ASU 2014- 15 is not expected to have a material impact on the Company’s consolidated financial statements and disclosures.

Loss Per Share

(c) Loss Per Share

The Company computes loss per share of Company stock in accordance with ASC 260 (“Earnings per Share”), which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. Basic EPS is computed by dividing the loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the potential dilutive effect of outstanding stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the three and nine months ended September 30, 2015 and 2014, the Company had 14,810,645 and 14,444,610 potentially dilutive shares outstanding, respectively, and 13,593,517 and 13,266,313, respectively, that were excluded from the calculation of diluted EPS.

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	PKPL
Entity Registrant Name	Park Place Energy Corp.
Entity Central Index Key	0001310982
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		45,731,482

XML

Oil and Gas Properties (Tables)

9 Months Ended

Sep. 30, 2015

Extractive Industries [Abstract]

Schedule of Unproved Properties

	September 30, 2015		December 31, 2014
Unproven properties
Bulgaria	$	2,582,734	$	2,196,157

XML

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Expenses
General and administrative	$ 176,441	$ 267,552	$ 587,460	$ 635,023
Total expenses	176,441	267,552	587,460	635,023
Loss before other expenses	(176,441)	(267,552)	(587,460)	(635,023)
Other income (expenses)
Reversed tax penalties	120,000		120,000
Foreign exchange loss	(1,066)	(12,034)	(39,138)	(21,117)
Total other income (expenses)	118,934	(12,034)	80,862	(21,117)
Net loss for the period	$ (57,507)	$ (279,586)	$ (506,598)	$ (656,140)
Loss per share, basic and diluted	$ 0.00	$ (0.01)	$ (0.01)	$ (0.02)
Weighted average number of shares outstanding	45,731,482	43,246,407	45,729,521	37,767,677

XML

Common Stock

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Common Stock

5.) Common Stock

In January 2015, the Company issued 107,055 shares of common stock upon the vesting of restricted stock units for employee compensation.

XML

Note Receivable

9 Months Ended

Sep. 30, 2015

Receivables [Abstract]

Note Receivable

4.) Note Receivable

In April 2015, the Company loaned $38,570 to a Bulgarian company pursuant to a revolving credit facility, enabling such Bulgarian company to buy and manage land in Bulgaria to be leased by the Company for future well sites. The credit facility has a maximum loan obligation of BGN 1,000,000 ($574,800 at September 30, 2015), bears interest at 6.32%, has a five-year term and is secured by the land the Bulgarian company buys. Payment on the facility is due the earlier of the end of the five-year term (April 6, 2020) or demand by the Company. As of September 30, 2015 the outstanding balance on the loan obligation was $39,086.

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Going Concern - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue	$ 0
Accumulated deficit	$ (14,141,610)	$ (13,635,012)

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Stock Options (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Options Activity

The following table summarizes the Company’s stock options as of September 30, 2015.

	Number of options		Weighted average exercise price		Weighted average fair value		Aggregate intrinsic value
Outstanding, December 31, 2014		2,100,000	$	0.17	$	0.14	$	—
Granted		150,000		0.14		0.14		—
Expired		—		—		—		—
Outstanding, September 30, 2015		2,250,000	$	0.17	$	0.14	$	42,000

Summary of Additional Information Regarding Stock Options

Additional information regarding stock options as of September 30, 2015, is as follows:

	Outstanding						Exercisable
Range of exercise prices	Number of shares		Weighted average remaining contractual life (years)		Weighted average exercise price		Number of shares		Weighted average exercise price
$0.10		1,050,000		2.0	$	0.10		1,050,000	$	0.10
$0.14		150,000		2.5	$	0.14		150,000	$	0.14
$0.20		100,000		1.3	$	0.20		50,000	$	0.20
$0.23-0.235		850,000		1.1	$	0.23		825,000	$	0.23
$0.28		100,000		1.8	$	0.28		50,000	$	0.28
		2,250,000		1.7	$	0.17		2,125,000	$	0.16

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Segmented Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segmented Information

8.) Segmented Information

The Company’s operations are in the resource industry in Bulgaria with head offices in the United States and a satellite office in Sofia, Bulgaria. The Company operates as a single reportable segment and its oil and gas properties are located in Bulgaria.

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Stock Options

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options

6.) Stock Options

On April 1, 2015, the Company granted 150,000 stock options at an exercise price of $0.14 per share to directors of the Company. Such option agreements are their annual compensation. The following table summarizes the Company’s stock options as of September 30, 2015.

	Number of options		Weighted average exercise price		Weighted average fair value		Aggregate intrinsic value
Outstanding, December 31, 2014		2,100,000	$	0.17	$	0.14	$	—
Granted		150,000		0.14		0.14		—
Expired		—		—		—		—
Outstanding, September 30, 2015		2,250,000	$	0.17	$	0.14	$	42,000

Additional information regarding stock options as of September 30, 2015, is as follows:

	Outstanding						Exercisable
Range of exercise prices	Number of shares		Weighted average remaining contractual life (years)		Weighted average exercise price		Number of shares		Weighted average exercise price
$0.10		1,050,000		2.0	$	0.10		1,050,000	$	0.10
$0.14		150,000		2.5	$	0.14		150,000	$	0.14
$0.20		100,000		1.3	$	0.20		50,000	$	0.20
$0.23-0.235		850,000		1.1	$	0.23		825,000	$	0.23
$0.28		100,000		1.8	$	0.28		50,000	$	0.28
		2,250,000		1.7	$	0.17		2,125,000	$	0.16

The fair value of stock options vested during the nine months ended September 30, 2015 and 2014 was $20,729 and $60,429, respectively, which was recorded as stock-based compensation and charged to operations.

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Restricted Stock Units

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted Stock Units

7.) Restricted Stock Units

During the nine months ended September 30, 2015, the Company granted 900,541 restricted stock units (“RSUs”) with vesting periods ranging from seventeen to twenty months and a fair value of $123,404. Of this total grant of RSUs, officers of the Company were granted 519,609 RSUs with a fair value of $70,566. Expense related to RSUs is recognized ratably over the vesting period.

	Number of restricted stock units		Weighted average fair value per award
Balance, December 31, 2014		887,422	$	0.25
Issued		900,541	$	0.14
Vested		—	$	—
Balance, September 30, 2015		1,787,963	$	0.19

During the three and nine months ended September 30, 2015 and 2014, stock compensation expense related to vested restricted stock units was $11,873 and $18,930 and $35,333 and $46,083, respectively. During the nine months ended September 30, 2015, $48,790 related to grants of restricted stock was charged to oil and gas properties ($0 for the prior year period).

At September 30, 2015 unrecognized compensation expense related to RSUs totaled $40,689 that will be recognized over a weighted average period of approximately eight months.

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Income Taxes

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

9.) Income Taxes

The Company is subject to United States federal and state income taxes at a rate of 34%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Benefit at statutory rate	$	(19,552	)	$	(95,059	)	$	(172,243	)	$	(223,088	)
Permanent differences and other:		43			672			721			672
Valuation allowance change		19,509			94,387			171,522			222,416
Income tax provision	$	—		$	—		$	—		$	—

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Income Taxes - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income tax rate	34.00%

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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Provision for Income Taxes

The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Benefit at statutory rate	$	(19,552	)	$	(95,059	)	$	(172,243	)	$	(223,088	)
Permanent differences and other:		43			672			721			672
Valuation allowance change		19,509			94,387			171,522			222,416
Income tax provision	$	—		$	—		$	—		$	—

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Note Receivable - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2015 BGN	Apr. 30, 2015 USD ($)
Line of Credit Facility [Line Items]
Note receivable	$ 39,086
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Note receivable			$ 38,570
Borrowing capacity	$ 574,800	BGN 1,000,000
Line of credit facility, interest rate	6.32%
Line of credit facility, period	5 years

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Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss for the period	$ (57,507)	$ (279,586)	$ (506,598)	$ (656,140)
Other comprehensive income (loss):
Foreign currency cumulative translation adjustment	(91)		430
Comprehensive loss for the period	$ (57,598)	$ (279,586)	$ (506,168)	$ (656,140)

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Oil and Gas Properties

9 Months Ended

Sep. 30, 2015

Extractive Industries [Abstract]

Oil and Gas Properties

3.) Oil and Gas Properties

	September 30, 2015		December 31, 2014
Unproven properties
Bulgaria	$	2,582,734	$	2,196,157

The Company holds a 98,205 acre oil and gas exploration claim in the Dobrudja Basin located in northeast Bulgaria. The Company intends to conduct exploration for natural gas and test production activities over a five year period in accordance with or exceeding its minimum work program obligation. The Company’s commitment is to perform geological and geophysical exploration activities in the first 3 years of the initial term (the “Exploration and Geophysical Work Stage”), followed by drilling activities in years 4 and 5 of the initial term (the “Data Evaluation and Drilling Stage”). The Company is required to drill 10,000 meters (approximately 32,800 feet) of new wellbore (which may be vertical, horizontal or diagonal) and conduct other exploration activities during the initial term. The Company intends to commence its work program efforts once it receives all regular regulatory approvals of its work programs.

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Common Stock - Additional Information (Detail) - shares	Sep. 30, 2015	Jan. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares issued	45,731,482		45,624,427
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Common stock, shares issued		107,055

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Restricted Stock Units (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Restricted Stock Units Activity

Expense related to RSUs is recognized ratably over the vesting period.

	Number of restricted stock units		Weighted average fair value per award
Balance, December 31, 2014		887,422	$	0.25
Issued		900,541	$	0.14
Vested		—	$	—
Balance, September 30, 2015		1,787,963	$	0.19