ASSET RETIREMENT OBLIGATIONS (Tables)

9 Months Ended

Apr. 30, 2014

Schedule of Asset Retirement Obligation [Table Text Block]

		April 30, 2014			July 31, 2013
Opening balance	$	4,078,080		$	3,112,374
Revision in estimate of asset retirement obligations		(381,197	)		435,758
Additions of asset retirement obligations		-			435,004
Liabilities settled with cash		(23,382	)		(109,916	)
Accretion		216,136			204,860
		3,889,637			4,078,080
Less: current portion of asset retirement obligations		-			(836,073	)
Long-term asset retirement obligations	$	3,889,637		$	3,242,007

Schedule of Undiscounted Amounts of Estimated Cash Flows [Table Text Block]

		April 30, 2014		July 31, 2013
Undiscounted amount of estimated cash flows	$	6,382,549	$	5,975,265
Payable in years		2.5 to 12		2.5 to 12
Inflation rate		1.56% to 2.43%		1.56% to 2.43%
Discount rate		5.00% to 10.50%		5.00% to 10.50%

Schedule of Undiscounted Amounts of Estimated Cash Flows, 5 Years [Table Text Block]

Undiscounted estimated cash flow for the next five years
July 31, 2014	$	-
July 31, 2015		681,655
July 31, 2016		-
July 31, 2017		940,161
July 31, 2018		635,932
Remaining balance		4,124,801
	$	6,382,549