Converted by EDGARwiz

August 31, 2016

Accumulated Depreciation

Oil and gas equipment

57,345

0001511164-16-001080.txt : 20161014 0001511164-16-001080.hdr.sgml : 20161014 20161014154456 ACCESSION NUMBER: 0001511164-16-001080 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20160831 FILED AS OF DATE: 20161014 DATE AS OF CHANGE: 20161014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRONGBOW RESOURCES INC. CENTRAL INDEX KEY: 0001382231 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 204119257 STATE OF INCORPORATION: NV FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52645 FILM NUMBER: 161937082 BUSINESS ADDRESS: STREET 1: 777 NORTH RAINBOW BLVD. STREET 2: SUITE 250 CITY: LAS VEGAS STATE: NV ZIP: 89107 BUSINESS PHONE: 403- 241-8912 MAIL ADDRESS: STREET 1: 777 NORTH RAINBOW BLVD. STREET 2: SUITE 250 CITY: LAS VEGAS STATE: NV ZIP: 89107 FORMER COMPANY: FORMER CONFORMED NAME: PLUSH MALL, INC. DATE OF NAME CHANGE: 20061128 10-Q 1 f10q8312016.htm FORM 10-Q Converted by EDGARwiz

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2016

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File No. 000-52645

STRONGBOW RESOURCES INC.

(Exact name of registrant as specified in its charter)


Nevada		20-4119257
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

777 N. Rainbow Blvd., Suite 250, Las Vegas, Nevada 89107

(Address of principal executive offices) (Zip Code)

(403) 241-8912

(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 Securities 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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No o

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 definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: As of October 14, 2016, there were 31,332,567 shares of common stock, par value $0.001, outstanding.

Table of Contents


PART I - FINANCIAL INFORMATION	5

ITEM 1. FINANCIAL STATEMENTS	5

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	15

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	20

ITEM 4. CONTROLS AND PROCEDURES	21

PART II - OTHER INFORMATION	21

ITEM 1. LEGAL PROCEEDINGS	21

ITEM 1A. RISK FACTORS	22

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	30

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	30

ITEM 4. MINE SAFETY DISCLOSURES	30

ITEM 5. OTHER INFORMATION	30

ITEM 6. EXHIBITS	31

SIGNATURES	32

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

[f10q8312016002.gif]

FINANCIAL STATEMENTS

AUGUST 31, 2016

BALANCE SHEETS

STATEMENTS OF OPERATIONS

STATEMENTS OF CASH FLOWS

NOTES TO FINANCIAL STATEMENTS


STRONGBOW RESOURCES INC.
BALANCE SHEETS

		August 31, 2016	February 29, 2016
		$	$
		(Unaudited)
ASSETS

Current assets
	Cash	2,155	22,426
	Receivable	5,700	3,279
	Prepaid expense and other	9,889	7,809
	Due from related party	60,307	-
		78,051	33,514
Non-current assets
	Deposit	33,369	32,224
	Equipment	57,345	57,236
	Oil and gas properties, full cost method	586,142	568,151
		754,907	691,125

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
	Accounts payable	522,482	632,983
	Accrued liabilities	121,984	99,765
	Due to related parties	335,513	334,869
	Note payable	19,060	18,475
	Convertible debenture	1,235	-
	Derivative financial liabilities - warrants	144,834	150,136
	Derivative financial liabilities - conversion feature	52,116	-
	Subscriptions received	-	50,000
		1,197,224	1,286,228

Asset retirement obligation		23,723	21,900
		1,220,947	1,308,128

Stockholders' deficit
	Capital stock
	Authorized:
	750,000,000 common shares, par value $0.001 per share
	Issued and outstanding:
	31,082,567 common shares (30,029,046 at February 29, 2016)	22,973	21,919
	Additional paid in capital	3,190,876	3,115,078
	Accumulated other comprehensive loss	(157,191)	(133,280)
	Accumulated deficit	(3,522,698)	(3,620,720)
		(466,040)	(617,003)
		754,907	691,125

The accompanying notes are an integral part of these financial statements


STRONGBOW RESOURCES INC.
STATEMENTS OF OPERATIONS
(Unaudited)

		For the three months ended August 31,		For the six months ended August 31,
		2016	2015	2016	2015
		$	$	$	$

General and administrative expenses
	Accretion	1,806	526	2,376	1,069
	Consulting	11,809	13,429	37,290	27,843
	Depreciation	863	874	1,722	1,776
	Management fees	23,163	23,463	46,242	47,688
	Office, travel and general (recovered)	2,197	35,279	(2,635)	45,371
	Professional fees	22,857	27,343	38,881	49,303
	Salaries and benefits	-	22,035	-	59,246

Loss from operations		(62,695)	(122,949)	(123,876)	(232,296)

	Gain on settlement of debt	-	-	60,232	-
	Interest income	64	53	126	102
	Interest expense	(134)	-	(73,966)	-
	Gain on fair value adjustment of derivative financial liabilities	294,831	229,111	235,506	351,347
Net income		232,066	106,215	98,022	119,153

	Foreign currency translation	(4,131)	14,447	(23,911)	11,733

Comprehensive income		227,935	120,662	74,111	130,886


Basic and diluted income per share		0.01	0.00	0.00	0.00

Weighted average number of basic and
diluted common shares outstanding		31,082,567	29,884,360	30,852,247	29,886,896

The accompanying notes are an integral part of these financial statements


STRONGBOW RESOURCES INC.
STATEMENTS OF CASH FLOWS
(Unaudited)

			For the six months ended August 31,
			2016	2015
			$	$

Cash flows used in operating activities
	Net income		98,022	119,153
	Non-cash items
		Accretion	2,376	1,069
		Gain on settlement of debt	(60,232)	-
		Gain on fair value adjustment of derivative financial liabilities	(235,506)	(351,347)
		Depreciation	1,722	1,776
		Interest income	(126)	-
		Interest expense	73,831	-
		Foreign exchange	(31,710)	-
	Changes in non-cash working capital items
		Receivable	(2,341)	2,611
		Prepaid expenses and other	(1,851)	(9,394)
		Accounts payable and accrued liabilities	9,971	83,045
		Cash used in operating activities	(145,844)	(153,087)

Cash flows used in investing activities
	Expenditures on oil and gas properties		-	(10,005)

Cash flows from financing activities
	Common stock issued for cash		-	7,606
	Issuance of convertible debenture		200,000	-
	Net proceeds from (repaid to) related parties		(70,976)	131,428
		Cash provided by financing activities	129,024	139,034

Effect of foreign exchange on cash			(3,451)	(2,800)

Change in cash			(20,271)	(26,858)
Cash, beginning of period			22,426	26,858
Cash, end of period			2,155	-

Non-cash transactions
	Accrued expenditures on oil and gas properties		-	11,070

The accompanying notes are an integral part of these financial statements

STRONGBOW RESOURCES, INC.

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

NATURE AND CONTINUANCE OF OPERATIONS

Strongbow Resources Inc. (the “Company”) was incorporated in the State of Nevada on July 9, 2004. The Company focuses its business efforts on the acquisition, exploration, and development of oil and gas properties.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of August 31, 2016, the Company has not achieved profitable operations, has incurred losses in developing its business, and further losses are anticipated. The Company has an accumulated deficit of $3,522,698.

As at August 31, 2016, two Statements of Claim totaling $214,830 (CAD$281,781) are outstanding against the Company and are recorded in accounts payable.

The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and pay its liabilities when they come due. To date, the Company has funded operations through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity or debt financings and loans from directors. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The ability of the Company to continue its operations as a going concern is dependent upon its ability to raise sufficient new capital to fund its operating commitments and ongoing losses and ultimately on generating profitable operations. The financial statements do not include any adjustments to be recorded to assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended February 29, 2016 included in the Company’s Annual Report on Form 10-K filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017.

Recent Accounting Pronouncements

Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company.

OIL AND GAS PROPERTIES

Effective February 21, 2012, the Company entered into a Farmout Agreement (the “Agreement”) with Harvest Operations Corp. (“Farmor”). The Agreement provided for the Company’s acquisition of an undivided 100% working interest (“Working Interest”) in a petroleum and natural gas license covering land located in the Compeer Area in the Province of Alberta, Canada (the “Farmout Lands”).

To earn the Working Interest the Company was required to drill, complete, equip or abandon a test well on the Farmout Lands (“Test Well”). On March 14, 2012, the Company obtained operator status and was transferred the well license relating to the Test Well.

The Company’s Working Interest in the Farmout Lands will be held subject to a non-convertible overriding royalty payable to the Farmor (“Farmor’s Royalty”). The Farmor’s Royalty on net crude oil revenues will be measured on a sliding scale from 5% to 15% over a range of production volumes from 1 to 150 barrels per day. The Farmor’s Royalty on net gas and other petroleum product revenues is 15%.

The Test Well was spudded on May 27, 2012, and on September 5, 2012, the Company received an earning notice granting the Company a 100% working interest in the Farmout Lands.

During the six months ended August 31, 2016, net proceeds of $nil (August 31, 2015 - $nil) were received from the sales of oil less direct costs of $nil (August 31, 2015 - $5,768) were added to the carrying value of the oil and gas properties.

As of August 31, 2016, the Company has incurred $586,142 (February 29, 2016 - $568,151) in exploration costs to drill, complete and equip the Test Well, net of impairment charges in prior periods. The Company also has $33,369 (CAD$43,768) (February 29, 2016 - $32,224 (CAD$43,605)) in bonds held with the Alberta Energy Regulator for its oil and gas properties.

4. EQUIPMENT

ACCOUNTS PAYABLE

During the six months ended August 31, 2016, the Company issued 353,521 common shares with a fair value of $35,352 to settle accounts payable of $95,584 (CAD$123,733). As a result, the Company recorded a gain on settlement of debt of $60,232.

NOTE PAYABLE

As at August 31, 2016, the Company had $19,060 (CAD$25,000) (February 29, 2016 - $18,475 (CAD$25,000)) in short term note obligations to an unrelated party. The note payable is unsecured, non-interest bearing and payable upon demand.

ASSET RETIREMENT OBLIGATION

The Company’s asset retirement obligation consists of reclamation and closure costs associated with the Test Well in the Farmout Lands. The asset retirement obligation was estimated based on the Company’s understanding of its requirements to reclaim currently disturbed areas. Significant reclamation and closure activities include land rehabilitation, water, removal of building and well facilities and tailings reclamation.

The undiscounted estimate of this liability was $38,120 (CAD$50,000) (February 29, 2016 - $36,950 (CAD$50,000)) reflecting payments commencing in 2024. This estimate was adjusted for an inflation rate of 2.00% and then discounted at a rate of 10.00% for a net present value of $23,723 (CAD$30,375) (February 29, 2016 - $21,900 (CAD$29,660)) as at August 31, 2016.

8. CONVERTIBLE DEBENTURE AND DERIVATIVE FINANCIAL LIABILITIES

On May 17, 2016, the Company entered into a secured convertible debenture agreement (the “Debenture”) with the Lender. Under the Debenture, the Lender agreed to lend to the Company $200,000. The maturity date under the Debenture is November 17, 2016 (the “Maturity Date”). The Debenture has an effective interest rate of 6,811%, which was due primarily to the recording of non-cash accretion interest. At the discretion of the Lender, the principal and accrued but unpaid interest under the Debenture may be converted into units of the Company at $0.20 per unit at any time until the Maturity Date. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant is exercisable to purchase one common share at a price of $0.40 per share for a period of two years.

The conversion feature was determined to be a derivative; therefore, at initial measurement, the proceeds were allocated to the conversion feature and any residual proceeds to the principal. At issuance date, the fair value of the conversion feature was $199,999 and a value of $1 was allocated to the principal.

During the six months ended August 31, 2016, the Company recognized accretion expense of $2,376 (August 31, 2015 - $Nil).

At August 31, 2016, the fair value of the derivative liability associated with the conversion feature was $52,116 (February 29, 2016 - $nil). During the six month period ended August 31, 2016, a gain on fair value adjustment of $147,883 (August 31, 2015 - $nil) was recognized.

In consideration for the Debenture, the Company issued to the Lender 200,000 units. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant is exercisable to purchase one common share at a price of $0.40 per share for a period of two years. The warrants were determined to be derivatives. At issuance date, the fair value of the common shares and warrants was $73,831. Refer to Note 9 for the assessment on warrants.

The fair value of the conversion feature was calculated using the Black-Scholes Option Pricing Model at the issuance date, and was revalued at the reporting dates using the following assumptions:


				August 31, 2016
Volatility				129% - 150%
Risk-free interest rate				0.26% - 0.80%
Expected life				0.21 - 1.71 years
Dividend yield				nil

DERIVATIVE FINANCIAL LIABILITIES - WARRANTS


				$
Balance, February 28, 2015				379,463
Fair value adjustment				(229,327)
Balance, February 29, 2016				150,136
Warrants issued				82,321
Warrants amendment (Note 10)				84,099
Fair value adjustment				(171,722)
Balance, August 31, 2016				144,834

The derivative liability consists of the fair value of share purchase warrants that were issued in unit private placements that have an exercise price in a currency other than the functional currency of the Company. The derivative liability is a non-cash liability as the Company will not be required to expend any cash.

At August 31, 2016, the fair value of the warrants was determined using the Black-Scholes Option Pricing Model using the following weighted average market assumptions:


				August 31, 2016
Volatility				193%-209%
Risk-free interest rate				0.80%
Expected life				1.71-2.52 years
Dividend yield				nil

10. SHARE CAPITAL

During the six months ended August 31, 2016:

In March 2016, the Company issued 500,000 units at a price of $0.10 per unit for gross proceeds of $50,000. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant being exercisable into one additional share at an exercise price of $0.40 for a period of three years.

In May 2016, the Company issued 353,521 common shares with a fair price of $0.10 per share to settle accounts payable of $95,584 (Note 5).

In May 2016, the Company issued 200,000 units with a fair price of $0.21 per share in regards to the secured convertible debenture (Note 8).

During the year ended February 29, 2016:

In August 2015, the Company issued 22,222 common shares at CAD$0.45 for gross proceeds of $7,606 (CAD$10,000) in subscriptions for a private placement.

In January 2016, the Company issued 125,000 common shares to a former officer for an employment contract entered in April 2015. The fair value of the shares issued was $37,500, and is included in salaries and benefits.

Warrants

Below is a summary of the common share purchase warrant transactions:


	Number of Warrants	Weighted Average Exercise Price per Warrant
		$
Outstanding at February 29, 2016	1,080,000	0.40
Issued	700,000	0.40
Expired	(80,000)	1.50
Number of warrants at August 31, 2016	1,700,000	0.40

A summary of the common share purchase warrants outstanding and exercisable at August 31, 2016 is as follows:


Exercise Price	Number Outstanding	Expiry Date
$
0.40	200,000	May 17, 2018
0.40	1,000,000	March 8, 2019
0.40	500,000	March 9, 2019
	1,700,000

The weighted average exercise price is $0.40 and weighted average life of the warrants is 2.42 years.

Stock Options

The Company’s Stock Option Plan allows a maximum 5,579,335 shares to be reserved for issuance under the plan. Options granted under the plan may not have a term exceeding 10 years and vesting provisions are at the discretion of the Board of Directors.

In November 2015, the Company granted 2,600,000 stock options for a period of five years, valued at $0.04 per option for a total value of $107,172 calculated using the Black-Scholes Option Pricing Model assuming a life expectancy of five years, a risk free rate of 1.59%, a forfeiture rate of 0%, and volatility of 168%.

During the six months ended August 31, 2016, 300,000 stock options expired unexercised.

A summary of the stock options outstanding and exercisable at August 31, 2016 is as follows:


Exercise Price	Number Outstanding and Exercisable	Expiry Date	Aggregate Intrinsic Value
$			$
0.10	2,300,000	November 3, 2020	27,600

As at August 31, 2016, the remaining contractual life of the stock options outstanding was 4.18 years.

The aggregate intrinsic value in the proceeding table represents the total intrinsic value, based on the Company’s closing stock price of $0.112 per share as of August 31, 2016.

11.

RELATED PARTY TRANSACTIONS

During the six months ended August 31, 2016, the Company

Incurred a total of $46,242 (August 31, 2015 - $47,688) in management fees to a director and officer of the Company.

Incurred a total of $nil (August 31, 2015 - $3,775) in consulting fees to a director and officer of the Company.

As at August 31, 2016, $22,872 (CAD$30,000) (February 29, 2016 - $22,170 (CAD$30,000)) was owing to the former chief operating officer of the Company and has been included in accrued liabilities. This amount is non-interest bearing and unsecured.

As at August 31, 2016, $60,307 (February 29, 2016 - $nil) was owing from a director of the Company and a company with a common director. This amount is non-interest bearing, unsecured and payable upon demand.

Due to related parties consist of the following:


	August 31, 2016	February 29, 2016
	$	$
Due to directors and officers of the Company	335,513	334,869

12.

SUBSEQUENT EVENT

On September 23, 2016 the Company announced the sale of 250,000 units (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds of $25,000. Each Unit is comprised of one share of common stock and one non-transferable share purchase warrant. Each warrant entitles the holder to acquire one additional share of the Company at a price of $0.40 per share until September 22, 2019.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

This quarterly report on Form 10-Q contains forward-looking statements. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements made in this Form 10-Q include statements about:

our beliefs regarding the future of our competitors;

our future capital expenditures;

our future exploration programs and results; and

our expectation that we will be able to raise capital when we need it.

Assumptions in respect of forward-looking statements have been made regarding, among other things:

volatility in market prices for oil and natural gas;

volatility in exchange rates;

liabilities inherent in oil and natural gas operations;

changes or fluctuations in production levels;

unexpected adverse weather conditions;

stock market volatility and market valuation of our common shares;

uncertainties associated with estimating oil and natural gas reserves;

competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;

incorrect assessments of the value of exploration and development programs;

geological, technical, drilling, production and processing problems;

changes in legislation, including changes in tax laws, royalty rates and incentive programs relating to the oil and natural gas industry; and

our ability to raise capital.

These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” and the risks set out below, any of which may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks include, by way of example and not in limitation:

we may be unable to raise sufficient funds to execute our business plan;

we have a limited operating history;

we are dependent on a small management team;

we may be unable to manage any growth;

market conditions or operation impediments may hinder our access to natural gas and oil markets or delay our production;

risks inherent in the oil and gas industry;

competition for, among other things, capital and skilled personnel; and

other factors discussed under the section entitled “Risk Factors”,

any of which may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States and Canada, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States Dollars (US$) unless otherwise stated and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all references to “common shares” refer to the common shares in our capital stock.

As used in this quarterly report on Form 10-Q, the terms “we”, “us” “our” and “Strongbow” mean our company, Strongbow Resources Inc.

Corporate Overview

Our company was incorporated under the laws of Nevada on July 9, 2004.

During October 2007 we amended our articles of incorporation to increase the number of our authorized common shares from 75,000,000 to 750,000,000 and to forward stock split our common stock on a 10-for-1 basis. The stock split was based on market conditions and upon a determination by our Board of Directors that the stock split was in our best interests and in the best interests of our shareholders.

On February 28, 2012, we adopted the assumed name of Big Lake Energy Ltd. for use in the Province of Alberta, Canada. On June 5, 2013, we adopted the assumed name of Big Lake Energy Ltd. for use in the Province of British Columbia, Canada.

Effective March 17, 2014, we conducted a one-for-four reverse stock split of our issued and outstanding common stock. As a result, the number of the issued and outstanding common shares decreased from 111,586,705 shares to 27,896,684 shares. Our authorized capital of 750,000,000 shares of common stock with a par value of $0.001 was unchanged.

Our Current Business

As of August 31, 2016, we have incurred $586,142 in exploration costs to drill, complete and equip the Test Well. We also recorded $23,723 in asset retirement obligations related to the future plugging and abandonment of the Test Well.

As at October 14, 2016, it is too early to provide stabilized production forecasts.

Future Development Costs

During fiscal 2017, we plan to focus on the exploration and drilling of the Farmout Lands, identify and complete additional asset acquisition(s), and pursue joint venture agreements with third parties to explore for oil and gas in Canada and the United States.

Results of Operations

The following summary of our results of operations should be read in conjunction with our unaudited financial statements for the three and six month period ended August 31, 2016 and 2015 which are included herein:


		For the three months ended				For the six months ended
		August 31, 2016		August 31, 2015		August 31, 2016		August 31, 2015
Oil and gas sales	$	-	$	-	$	-	$	-
Expenses	$	62,695	$	122,949	$	123,876	$	232,296
Net income	$	232,066	$	106,215	$	98,022	$	119,153

Revenues

During the six month period ended August 31, 2016, we did not generated any revenue (August 31, 2015 - $nil).

Expenses

Expenses decreased during the three month period ended August 31, 2016 to $62,695 as compared to $122,949 during the three month period ended August 31, 2015.

The table below details the changes in major expenditures for the three months ended August 31, 2016 as compared to the corresponding three months ended August 31, 2015:


Expenses	Increase / Decrease in Expenses	Explanation for Change
Office, travel and general expenses	Decrease of $33,082	Decrease due to fewer corporate activities and foreign exchange gain from the appreciation of US dollars.
Professional fees	Decrease of $4,486	Decrease due to less professional services used for corporate filings, accounting, and professional services.
Salaries and benefits	Decrease of $22,035	Decrease due to hiring of COO and VP of Exploration in the prior period.

For the three months ended August 31, 2016, we recorded a gain on the fair value adjustment of derivative financial liability of $294,831. The derivative liability consists of the fair value of share purchase warrants that were issued in unit private placements that have an exercise price in a currency other than the functional currency of our company. The derivative liability is a non-cash liability as we will not be required to expend any cash.

Expenses decreased during the six month period ended August 31, 2016 to $123,876 as compared to $232,296 during the six month period ended August 31, 2015.

The table below details the changes in major expenditures for the six months ended August 31, 2016 as compared to the corresponding six months ended August 31, 2015:


Expenses	Increase / Decrease in Expenses	Explanation for Change
Office, travel and general expenses	Decrease of $48,006	Decrease due to fewer corporate activities and foreign exchange gain from the appreciation of US dollars.
Professional fees	Decrease of $10,422	Decrease due to less professional services used for corporate filings, accounting, and professional services.
Salaries and benefits	Decrease of $59,246	Decrease due to hiring of COO and VP of Exploration in the prior period.

For the six months ended August 31, 2016, we recorded a gain on the fair value adjustment of derivative financial liability of $235,506. The derivative liability consists of the fair value of share purchase warrants that were issued in unit private placements that have an exercise price in a currency other than the functional currency of our company. The derivative liability is a non-cash liability as we will not be required to expend any cash.

Liquidity and Capital Resources

Working Capital


		August 31, 2016		February 29, 2016
Current Assets	$	78,051	$	33,514
Current Liabilities	$	1,197,224	$	1,286,228
Working Capital (Deficiency)	$	(1,119,173)	$	(1,252,714)

We had cash of $2,155 and a working capital deficit of $1,119,173 as of August 31, 2016 compared to cash of $22,426 and working capital deficit of $1,252,714 as of February 29, 2016.

We anticipate general and administrative expense, excluding impairment of oil and gas property, if any, will be similar to fiscal 2016 during the upcoming fiscal year.

Our company’s cash will not be sufficient to meet our working capital requirements for the next twelve month period. Our company plans to raise the capital required to satisfy our immediate short-term needs and additional capital required to meet our estimated funding requirements for the next twelve months primarily through the issuance of our equity securities. There is no assurance that our company will be able to obtain further funds required for our continued working capital requirements. The ability of our company to meet our financial liabilities and commitments is primarily dependent upon the continued financial support of our directors and shareholders, the continued issuance of equity to new shareholders, and our ability to achieve and maintain profitable operations.

There is substantial doubt about our ability to continue as a going concern as the continuation of our business is dependent upon obtaining further long-term financing, successful exploration of our property interests, the identification of reserves sufficient enough to warrant development, successful development of our property interests and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

Due to the uncertainty of our ability to meet our current operating and capital expenses, in their report on our audited financial statements for the year ended February 29, 2016, our independent auditors included an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern. Our statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

Cash Flows


		Six months ended August 31, 2016		Six months ended August31, 2015
Net Cash Provided by (Used in) Operating Activities	$	(145,844)	$	(153,087)
Net Cash Provided by (Used in) Investing Activities	$	-	$	(10,005)
Net Cash Provided by (Used in) Financing Activities	$	129,024	$	139,034
Net Decrease in Cash	$	(20,271)	$	(26,858)

Cash Used in Operating Activities

Our cash used in operating activities for the six months ended August 31, 2016, compared to our cash used in operating activities for the six months ended August 31, 2015, decreased by $7,243, primarily due to decrease in net income from operations in the current period.

Cash Used in Investing Activities

Our cash used in investing activities for the six months ended August 31, 2016, compared to our cash used in investing activities for the six months ended August 31, 2015, decreased by $10,005 due to decrease in expenditures on oil and gas properties.

Cash Provided by Financing Activities

Our cash provided by financing activities for the six months ended August 31, 2016, compared to our cash provided by financing activities for the six months ended August 31, 2015, decreased by $10,010 due to the issuance of secured convertible debenture of $200,000, but offset by increase in proceeds to related parties of $70,976 whereby in the comparative period, there were proceeds from related parties of $131,428.

Contractual Obligations

Our future contractual obligations as of August 31, 2016 consisted of the following:


	Payments due by period
Contractual Obligations	Total			Less than 1 Year			1-3 Years		3-5 Years		More than 5 Years

Note payable		$	19,060		$	19,060		—		—		—

Outstanding Shares, Options, Warrants and Convertible Securities

As of October 14, 2016, we had 31,332,567 shares of common stock outstanding, 2,300,000 stock options outstanding and 1,950,000 warrants outstanding. In addition, as of October 14, 2016, 1,000,000 shares of our common stock and 1,000,000 warrants are issuable upon conversion of a secured convertible debenture with a principal of $200,000 with an interest rate of 10% per annum.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.

Going Concern

Our interim financial statements and information for the period ended August 31, 2016, have been prepared by our management on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. We have generated no significant revenues to date and have incurred a net income of approximately $98,022 during the six month period ended August 31, 2016, and an accumulated net loss of approximately $3,522,698 from inception (July 9, 2004) through August 31, 2016. We cannot provide any assurance that we will ultimately achieve profitable operations or become cash flow positive, or raise additional funds through the sale of debt and/or equity.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain “disclosure controls and procedures”, as that term is defined in Rule 13a-15(e), promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our company’s reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

As required by paragraph (b) of Rules 13a-15 under the Securities Exchange Act of 1934, our management, with the participation of our principal executive officer and our principal financial officer, evaluated our company’s disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q. Based on this evaluation, our management concluded that as of the end of the period covered by this quarterly report on Form 10-Q our disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting during the fiscal quarter ended August 31, 2016 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

Other than as disclosed below, we know of no material pending legal proceedings to which our company is a party or of which any of our properties is the subject. In addition, we do not know of any such proceedings contemplated by any governmental authorities.

We know of no material proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder is a party adverse to our company or has a material interest adverse to our company.

We were subject to the following claims:


Court/Registry	Date Instituted	Principal Parties	Description of Claim
Court of Queen's Bench of Alberta	July 23, 2013	Plaintiff: Baker Hughes Canada Company; Defendant: Strongbow Resources Inc., also known as Big Lake Energy Ltd.	A Statement of Claim was filed July 23, 2013, whereby the Plaintiff is suing the Defendant for the sum of CAD$281,267 representing the amount owing for oil-field services and equipment, including cementing and fishing products and services provided by the Plaintiff. In December 2015, the Company reached a settlement agreement for a total of $149,784 (CAD$200,000) in eight equal monthly installments of $18,723 (CAD$25,000) starting February 1, 2016. Upon receipt of the final installment, the vendor agreed to discontinue the claim and provide a release to the Company. The Company only made one instalment payment of CAD$25,000 applied against the original claim and the settlement agreement was defaulted. As a result, there was a balance owing of $256,267 as at August 31, 2016.
Provincial Court of Alberta (Civil)	January 22, 2016	Plaintiff: Geologic Systems Ltd. Defendant: Strongbow Resources Inc.	A Civil Claim was filed on January 22, 2016, whereby the Plaintiff is suing the Defendant for the sum of CAD$25,514.(plus interest) representing the amount owing for software data and licensing fees pursuant to a license agreement entered into on February 12, 2015.

ITEM 1A. RISK FACTORS

An investment in our common stock involves a number of very significant risks. You should carefully consider the following risks and uncertainties in addition to other information in this quarterly report in evaluating our company and our business before purchasing shares of our common stock. Our business, operating results and financial condition could be seriously harmed as a result of the occurrence of any of the following risks. You could lose all or part of your investment due to any of these risks. You should invest in our common stock only if you can afford to lose your entire investment.

Risks Related to Our Company

We have a history of losses and this trend may continue and may negatively impact our ability to achieve our business objectives.

We have experienced net losses since inception, and expect to continue to incur substantial losses for the foreseeable future. Our accumulated deficit was $3,522,698 as at August 31, 2016. We may not be able to generate significant revenues in the future. As a result, our management expects our business to continue to experience negative cash flow for the foreseeable future and cannot predict when, if ever, our business might become profitable. We will need to raise additional funds, and such funds may not be available on commercially acceptable terms, if at all. If we are unable to raise funds on acceptable terms, we may not be able to execute our business plan, take advantage of future opportunities, or respond to competitive pressures or unanticipated requirements. This may seriously harm our business, financial condition and results of operations.

We have a limited operating history, which may hinder our ability to successfully meet our objectives.

We have a limited operating history upon which to base an evaluation of our current business and future prospects. We do not have an established history of operating producing properties or locating and developing properties that have oil and gas reserves. As a result, the revenue and income potential of our business is unproven. In addition, because of our limited operating history, we have limited insight into trends that may emerge and affect our business. Errors may be made in predicting and reacting to relevant business trends and we will be subject to the risks, uncertainties and difficulties frequently encountered by early-stage companies in evolving markets. We may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause our business, results of operations and financial condition to suffer.

Our operations and proposed exploration activities will require significant capital expenditures for which we may not have sufficient funding and if we do obtain additional financing, our existing shareholders may suffer substantial dilution.

We intend to make capital expenditures far in excess of our existing capital resources to develop, acquire and explore oil and gas properties. We intend to rely on funds from operations and external sources of financing to meet our capital requirements to continue acquiring, exploring and developing oil and gas properties and to otherwise implement our business plan. We plan to obtain additional funding through the debt and equity markets, but we can offer no assurance that we will be able to obtain additional funding when it is required or that it will be available to us on commercially acceptable terms, if at all. In addition, any additional equity financing may involve substantial dilution to our then existing shareholders.

The successful implementation of our business plan is subject to risks inherent in the oil and gas business, which if not adequately managed, could result in additional losses.

Our oil and gas operations are subject to the economic risks typically associated with exploration and development activities, including the necessity of making significant expenditures to locate and acquire properties and to drill exploratory wells. In addition, the availability of drilling rigs and the cost and timing of drilling, completing and, if warranted, operating wells is often uncertain. In conducting exploration and development activities, the presence of unanticipated pressure or irregularities in formations, miscalculations or accidents may cause our exploration, development and, if warranted, production activities to be unsuccessful. This could result in a total loss of our investment in a particular well. If exploration efforts are unsuccessful in establishing proved reserves and exploration activities cease, the amounts accumulated as unproved costs will be charged against earnings as impairments.

In addition, market conditions or the unavailability of satisfactory oil and gas transportation arrangements may hinder our access to oil and gas markets and delay our production. The availability of a ready market for our prospective oil and gas production depends on a number of factors, including the demand for and supply of oil and gas and the proximity of reserves to pipelines and other facilities. Our ability to market such production depends in substantial part on the availability and capacity of gathering systems, pipelines and processing facilities, in most cases owned and operated by third parties. Our failure to obtain such services on acceptable terms could materially harm our business. We may be required to shut in wells for lack of a market or a significant reduction in the price of oil or gas or because of inadequacy or unavailability of pipelines or gathering system capacity. If that occurs, we would be unable to realize revenue from those wells until arrangements are made to deliver such production to market.

Our future performance is dependent upon our ability to identify, acquire and develop oil and gas properties, the failure of which could result in under use of capital and losses.

Our future performance depends upon our ability to identify, acquire and develop additional oil and gas reserves that are economically recoverable. Our success will depend upon our ability to acquire working and revenue interests in properties upon which oil and gas reserves are ultimately discovered in commercial quantities, and our ability to develop prospects that contain proven oil and gas reserves to the point of production. Without successful acquisition and exploration activities, we will not be able to develop additional oil and gas reserves or generate revenues. We cannot provide you with any assurance that we will be able to identify and acquire additional oil and gas reserves on acceptable terms, or that oil and gas deposits will be discovered in sufficient quantities to enable us to recover our exploration and development costs or sustain our business.

The successful acquisition and development of oil and gas properties requires an assessment of recoverable reserves, future oil and gas prices and operating costs, potential environmental and other liabilities, and other factors. Such assessments are necessarily inexact and their accuracy inherently uncertain. In addition, no assurance can be given that our exploration and development activities will result in the discovery of additional reserves. Our operations may be curtailed, delayed or cancelled as a result of lack of adequate capital and other factors, such as lack of availability of rigs and other equipment, title problems, weather, compliance with governmental regulations or price controls, mechanical difficulties, or unusual or unexpected formations, pressures and or work interruptions. In addition, the costs of exploitation and development may materially exceed our initial estimates.

We have a very small management team and the loss of any member of our team may prevent us from implementing our business plan in a timely manner.

We have three executive officers and a limited number of additional consultants upon whom our success largely depends. We do not maintain key person life insurance policies on our executive officers or consultants, the loss of which could seriously harm our business, financial condition and results of operations. In such an event, we may not be able to recruit personnel to replace our executive officers or consultants in a timely manner, or at all, on acceptable terms.

Future growth could strain our personnel and infrastructure resources, and if we are unable to implement appropriate controls and procedures to manage our growth, we may not be able to successfully implement our business plan.

We may experience rapid growth in our operations, which will place a significant strain on our management, administrative, operational and financial infrastructure. Our future success will depend in part upon the ability of our management to manage growth effectively. This may require us to hire and train additional personnel to manage our expanding operations. In addition, we must continue to improve our operational, financial and management controls and our reporting systems and procedures. If we fail to successfully manage our growth, we may be unable to execute upon our business plan.

Market conditions or operation impediments may hinder our access to natural gas and oil markets or delay our production.

The marketability of production from our properties depends in part upon the availability, proximity and capacity of pipelines, natural gas gathering systems and processing facilities. This dependence is heightened where this infrastructure is less developed. Therefore, if drilling results are positive in certain areas of our oil and gas properties, a new gathering system would need to be built to handle the potential volume of gas produced. We might be required to shut in wells, at least temporarily, for lack of a market or because of the inadequacy or unavailability of transportation facilities. If that were to occur, we would be unable to realize revenue from those wells until arrangements were made to deliver production to market.

Our ability to produce and market natural gas and oil is affected and also may be harmed by:

the lack of pipeline transmission facilities or carrying capacity;

government regulation of natural gas and oil production;

government transportation, tax and energy policies;

changes in supply and demand; and

general economic conditions.

We might incur additional debt in order to fund our exploration and development activities, which would continue to reduce our financial flexibility and could have a material adverse effect on our business, financial condition or results of operations.

If we incur indebtedness, the ability to meet our debt obligations and reduce our level of indebtedness depends on future performance. General economic conditions, oil and gas prices and financial, business and other factors affect our operations and future performance. Many of these factors are beyond our control. We cannot assure you that we will be able to generate sufficient cash flow to pay the interest on our current or future debt or that future working capital, borrowings or equity financing will be available to pay or refinance such debt. Factors that will affect our ability to raise cash through an offering of our capital stock or a refinancing of our debt include financial market conditions, the value of our assets and performance at the time we need capital. We cannot assure you that we will have sufficient funds to make such payments. If we do not have sufficient funds and are otherwise unable to negotiate renewals of our borrowings or arrange new financing, we might have to sell significant assets. Any such sale could have a material adverse effect on our business and financial results.

Our properties and/or future properties might not produce, and we might not be able to determine reserve potential, identify liabilities associated with the properties or obtain protection from sellers against them, which could cause us to incur losses.

Although we have reviewed and evaluated our properties in a manner consistent with industry practices, such review and evaluation might not necessarily reveal all existing or potential problems. This is also true for any future acquisitions made by us. Inspections may not always be performed on every well, and environmental problems, such as groundwater contamination, are not necessarily observable even when an inspection is undertaken. Even when problems are identified, a seller may be unwilling or unable to provide effective contractual protection against all or part of those problems, and we may assume environmental and other risks and liabilities in connection with the acquired properties.

If we or our operators fail to maintain adequate insurance, our business could be materially and adversely affected.

Our operations are subject to risks inherent in the oil and gas industry, such as blowouts, cratering, explosions, uncontrollable flows of oil, gas or well fluids, fires, pollution, earthquakes and other environmental risks. These risks could result in substantial losses due to injury and loss of life, severe damage to and destruction of property and equipment, pollution and other environmental damage, and suspension of operations. We could be liable for environmental damages caused by previous property owners. As a result, substantial liabilities to third parties or governmental entities may be incurred, the payment of which could have a material adverse effect on our financial condition and results of operations.

Any prospective drilling contractor or operator which we hire will be required to maintain insurance of various types to cover our operations with policy limits and retention liability customary in the industry. We also have acquired our own insurance coverage for such prospects. The occurrence of a significant adverse event on such prospects that is not fully covered by insurance could result in the loss of all or part of our investment in a particular prospect which could have a material adverse effect on our financial condition and results of operations.

The oil and gas industry is highly competitive, and we may not have sufficient resources to compete effectively.

The oil and gas industry is highly competitive. We compete with oil and natural gas companies and other individual producers and operators, many of which have longer operating histories and substantially greater financial and other resources than we do, as well as companies in other industries supplying energy, fuel and other needs to consumers. Our larger competitors, by reason of their size and relative financial strength, can more easily access capital markets than we can and may enjoy a competitive advantage in the recruitment of qualified personnel. They may be able to absorb the burden of any changes in laws and regulation in the jurisdictions in which we do business and handle longer periods of reduced prices for oil and gas more easily than we can. Our competitors may be able to pay more for oil and gas leases and properties and may be able to define, evaluate, bid for and purchase a greater number of leases and properties than we can. Further, these companies may enjoy technological advantages and may be able to implement new technologies more rapidly than we can. Our ability to acquire additional properties in the future will depend upon our ability to conduct efficient operations, evaluate and select suitable properties, implement advanced technologies and consummate transactions in a highly competitive environment.

Complying with environmental and other government regulations could be costly and could negatively impact our production.

Our business is governed by numerous laws and regulations at various levels of government. These laws and regulations govern the operation and maintenance of our facilities, the discharge of materials into the environment and other environmental protection issues. Such laws and regulations may, among other potential consequences, require that we acquire permits before commencing drilling and restrict the substances that can be released into the environment with drilling and production activities.

Under these laws and regulations, we could be liable for personal injury, clean-up costs and other environmental and property damages, as well as administrative, civil and criminal penalties. Prior to commencement of drilling operations, we may secure limited insurance coverage for sudden and accidental environmental damages as well as environmental damage that occurs over time. However, we do not believe that insurance coverage for the full potential liability of environmental damages is available at a reasonable cost. Accordingly, we could be liable, or could be required to cease production on properties, if environmental damage occurs.

The costs of complying with environmental laws and regulations in the future may harm our business. Furthermore, future changes in environmental laws and regulations could result in stricter standards and enforcement, larger fines and liability, and increased capital expenditures and operating costs, any of which could have a material adverse effect on our financial condition or results of operations.

Shortages of rigs, equipment, supplies and personnel could delay or otherwise adversely affect our cost of operations or our ability to operate according to our business plans.

If drilling activity increases in Alberta or Canada generally, a shortage of drilling and completion rigs, field equipment and qualified personnel could develop. The demand for and wage rates of qualified drilling rig crews generally rise in response to the increasing number of active rigs in service and could increase sharply in the event of a shortage. Shortages of drilling and completion rigs, field equipment or qualified personnel could delay, restrict or curtail our exploration and development operations, which could in turn harm our operating results.

We will be required to replace, maintain or expand our reserves in order to prevent our reserves and production from declining, which would adversely affect cash flows and income.

In general, production from natural gas and oil properties declines over time as reserves are depleted, with the rate of decline depending on reservoir characteristics. If we are not successful in our exploration and development activities, our proved reserves will decline as reserves are produced. Our future natural gas and oil production is highly dependent upon our ability to economically find, develop or acquire reserves in commercial quantities.

To the extent cash flow from operations is reduced, either by a decrease in prevailing prices for natural gas and oil, or an increase in exploration and development costs, and external sources of capital become limited or unavailable, our ability to make the necessary capital investment to maintain or expand our asset base of natural gas and oil reserves would be impaired. Even with sufficient available capital, our future exploration and development activities may not result in additional proved reserves, and we might not be able to drill productive wells at acceptable costs.

The oil and gas exploration and production industry historically is a cyclical industry and market fluctuations in the prices of oil and gas could adversely affect our business.

Prices for oil and gas tend to fluctuate significantly in response to factors beyond our control. These factors include:

weather conditions;

economic conditions, including demand for petroleum-based products;

actions by OPEC, the Organization of Petroleum Exporting Countries;

political instability in the Middle East and other major oil and gas producing regions;

governmental regulations, both domestic and foreign;

domestic and foreign tax policy;

the pace adopted by foreign governments for the exploration, development, and production of their national reserves;

the price of foreign imports of oil and gas;

the cost of exploring for, producing and delivering oil and gas;

the discovery rate of new oil and gas reserves;

the rate of decline of existing and new oil and gas reserves;

available pipeline and other oil and gas transportation capacity;

the ability of oil and gas companies to raise capital;

the overall supply and demand for oil and gas; and

the availability of alternate fuel sources.

Changes in commodity prices may significantly affect our capital resources, liquidity and expected operating results. Price changes will directly affect revenues and can indirectly impact expected production by changing the amount of funds available to reinvest in exploration and development activities. Reductions in oil and gas prices not only reduce revenues and profits, but could also reduce the quantities of reserves that are commercially recoverable. Significant declines in prices could result in non-cash charges to earnings due to impairment.

Changes in commodity prices may also significantly affect our ability to estimate the value of producing properties for acquisition and divestiture and often cause disruption in the market for oil and gas producing properties, as buyers and sellers have difficulty agreeing on the value of the properties. Price volatility also makes it difficult to budget for and project the return on acquisitions and the exploration and development of projects. We expect that commodity prices will continue to fluctuate significantly in the future.

Our ability to produce oil and gas from our properties may be adversely affected by a number of factors outside of our control which may result in a material adverse effect on our business, financial condition or results of operations.

The business of exploring for and producing oil and gas involves a substantial risk of investment loss. Drilling oil and gas wells involves the risk that the wells may be unproductive or that, although productive, the wells may not produce oil or gas in economic quantities. Other hazards, such as unusual or unexpected geological formations, pressures, fires, blowouts, loss of circulation of drilling fluids or other conditions may substantially delay or prevent completion of any well. Adverse weather conditions can also hinder drilling operations. A productive well may become uneconomic if water or other deleterious substances are encountered that impair or prevent the production of oil or gas from the well. In addition, production from any well may be unmarketable if it is impregnated with water or other deleterious substances. There can be no assurance that oil and gas will be produced from the properties in which we have interests. In addition, the marketability of oil and gas that may be acquired or discovered may be influenced by numerous factors beyond our control. These factors include the proximity and capacity of oil and gas, gathering systems, pipelines and processing equipment, market fluctuations in oil and gas prices, taxes, royalties, land tenure, allowable production and environmental protection. We cannot predict how these factors may affect our business.

We may be unable to retain our leases and working interests in our leases, which would result in significant financial losses to our company.

Our properties are held under oil and gas leases. If we fail to meet the specific requirements of each lease, such lease may terminate or expire. We cannot assure you that any of the obligations required to maintain each lease will be met. The termination or expiration of our leases may harm our business. Our property interests will terminate unless we fulfill certain obligations under the terms of our leases and other agreements related to such properties. If we are unable to satisfy these conditions on a timely basis, we may lose our rights in these properties. The termination of our interests in these properties may harm our business. In addition, we will need significant funds to meet capital requirements for the exploration activities that we intend to conduct on our properties.

Risks Relating to Our Common Stock

A decline in the price of our common stock could affect our ability to raise further working capital and adversely impact our ability to continue operations.

A prolonged decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability to raise capital. Because a significant portion of our operations have been and will be financed through the sale of equity securities, a decline in the price of our common stock could be especially detrimental to our liquidity and our operations. Such reductions may force us to reallocate funds from other planned uses and may have a significant negative effect on our business plan and operations, including our ability to develop new properties and continue our current operations. If our stock price declines, we can offer no assurance that we will be able to raise additional capital or generate funds from operations sufficient to meet our obligations. If we are unable to raise sufficient capital in the future, we may not be able to have the resources to continue our normal operations.

The market price for our common stock may also be affected by our ability to meet or exceed expectations of analysts or investors. Any failure to meet these expectations, even if minor, may have a material adverse effect on the market price of our common stock.

If we issue additional shares in the future, it will result in the dilution of our existing shareholders.

Our articles of incorporation, as amended, authorizes the issuance of up to 750,000,000 shares of common stock with a par value of $0.001. Our board of directors may choose to issue some or all of such shares to acquire one or more businesses or to provide additional financing in the future. The issuance of any such shares will result in a reduction of the book value and market price of the outstanding shares of our common stock. If we issue any such additional shares, such issuance will cause a reduction in the proportionate ownership and voting power of all current shareholders. Further, such issuance may result in a change of control of our corporation.

Trading of our stock may be restricted by the Securities Exchange Commission’s penny stock regulations, which may limit a stockholder’s ability to buy and sell our stock.

The Securities and Exchange Commission has adopted regulations which generally define “penny stock” to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and “accredited investors”. The term “accredited investor” refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the Securities and Exchange Commission, which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.

The Financial Industry Regulatory Authority, or FINRA, has adopted sales practice requirements which may also limit a stockholder’s ability to buy and sell our stock.

In addition to the “penny stock” rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

Our common stock is illiquid and the price of our common stock may be negatively impacted by factors which are unrelated to our operations.

Our common stock currently trades on a limited basis on OTCQB operated by the OTC Markets Group. Trading of our stock through OTCQB is frequently thin and highly volatile. There is no assurance that a sufficient market will develop in our stock, in which case it could be difficult for shareholders to sell their stock. The market price of our common stock could fluctuate substantially due to a variety of factors, including market perception of our ability to achieve our planned growth, quarterly operating results of our competitors, trading volume in our common stock, changes in general conditions in the economy and the financial markets or other developments affecting our competitors or us. In addition, the stock market is subject to extreme price and volume fluctuations. This volatility has had a significant effect on the market price of securities issued by many companies for reasons unrelated to their operating performance and could have the same effect on our common stock.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Since the beginning of the three month period ended August 31, 2016, we have not sold any equity securities that were not registered under the Securities Act of 1933 that were not previously reported in an annual report on Form 10-K, in a quarterly report on Form 10-Q or in a current report on Form 8-K.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS


No.	Description
3.1	Articles of Incorporation (incorporated by reference from our registration statement on Form SB-2 filed on December 1, 2006)
3.2	Corporate Bylaws (incorporated by reference from our registration statement on Form SB-2 filed on December 1, 2006)
3.3	Certificate of Change (incorporated by reference from our current report on Form 8-K filed on October 22, 2007)
3.4	Certificate of Amendment (incorporated by reference from our current report on Form 8-K filed on February 15, 2008)
10.1	Farmout Agreement, Compeer Area with Harvest Operations Corp. effective February 21, 2012 (incorporated by reference from our annual report on Form 10-K filed on May 29, 2012)
10.2	Debt Settlement Agreement dated October 16, 2014, amongst the Company, Professional Trading S.A. and Stockbridge Resources Corp. (incorporated by reference from our current report on Form 8-K filed on October 20, 2014)
10.3	Employment Agreement dated April 23, 2015 with Kent Edney (incorporated by reference from our current report on Form 8-K filed on May 5, 2015)
10.4	Stock Option Agreement dated November 3, 2015 with Michael Caetano (incorporated by reference from our current report on Form 8-K filed on November 6, 2015)
10.5	Stock Option Agreement dated November 3, 2015 with Robert DaCunha (incorporated by reference from our current report on Form 8-K filed on November 6, 2015)
10.6	Stock Option Agreement dated November 3, 2015 with Robert Madzej (incorporated by reference from our current report on Form 8-K filed on November 6, 2015)
10.7	Debt Settlement Agreement dated April 11, 2016 with Apex Energy Consultants Inc. (incorporated by reference from our current report on Form 8-K filed on May 19, 2016)
10.8	Debt Settlement Agreement dated April 11, 2016 with Chamonix Canada Inc. (incorporated by reference from our current report on Form 8-K filed on May 19, 2016)
31.1*	Certification of Michael Caetano Pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002
31.2*	Certification of Robert DaCunha Pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002
32.1*	Certification of Michael Caetano Pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002
32.2*	Certification of Robert DaCunha Pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002
99.1	Audit Committee Charter (incorporated by reference from our annual report on Form 10-K filed on June 14, 2013)
101.INS*	XBRL INSTANCE DOCUMENT
101.SCH*	XBRL TAXONOMY EXTENSION SCHEMA
101.CAL*	XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
101.DEF*	XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
101.LAB*	XBRL TAXONOMY EXTENSION LABEL LINKBASE
101.PRE*	XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

* Filed herewith.

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.

STRONGBOW RESOURCES INC.

By /s/ Michael Caetano

Michael Caetano

Chief Executive Officer

President, Secretary, Treasurer and Director

(Principal Executive Officer)

Date: October 14, 2016

By /s/ Robert Da Cunha

Robert Da Cunha

Chief Financial Officer

Director

(Principal Financial Officer and Principal Accounting Officer)

Date: October 14, 2016

EX-31.1 2 f311.htm EXHIBIT 31.1 Converted by EDGARwiz

Exhibit 31.1

Certifications

I, Michael Caetano, certify that:

I have reviewed this quarterly report on Form 10-Q of Strongbow Resources Inc.;

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;

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;

I am 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 the Exchange Act Rule 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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

I have disclosed, based on my most recent evaluation of 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 function):

(a)

all significant deficiencies and material weaknesses in the design or operation of internal controls 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 controls over financial reporting.

Date:

October 14, 2016

/s/ Michael Caetano_____

Michael Caetano

President, Secretary, Treasurer and Director

(Principal Executive Officer)

EX-31.2 3 f312.htm EXHIBIT 31.2 Converted by EDGARwiz

Exhibit 31.2

Certifications

I, Robert Da Cunha, certify that:

I have reviewed this quarterly report on Form 10-Q of Strongbow Resources Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date:

October 14, 2016

/s/ Robert Da Cunha_____

Robert Da Cunha

Chief Financial Officer and Director

(Principal Accounting Officer and Principal Financial Officer)

EX-32.1 4 f321.htm EXHIBIT 32.1 Converted by EDGARwiz

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

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

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Caetano, President, Secretary, Treasurer and Director of Strongbow Resources Inc., hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Quarterly Report on Form 10-Q of Strongbow Resources Inc. for the period ended August 31, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Strongbow Resources Inc.


Dated: October 14, 2016

		/s/ Michael Caetano
		Michael Caetano
		President, Secretary, Treasurer and Director
		(Principal Executive Officer)

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

EX-32.2 5 f322.htm EXHIBIT 32.2 Converted by EDGARwiz

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

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

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert Da Cunha, Chief Financial Officer and Director of Strongbow Resources Inc., hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Strongbow Resources Inc.


Dated: October 14, 2016

		/s/ Robert Da Cunha
		Robert Da Cunha
		Chief Financial Officer and Director
		(Principal Financial Officer and Principal Accounting Officer)

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M.O_HH(/..>B@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH',..NB@@PXZZ*"# M#CKHH(/..>B@@PXZZ)R##CKHH(,..NB<@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..N>@@PXZZ*"##CKHH(,..NB<@PXZZ*"#SCGHH(,..NB@@\XYZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@B@@PXZZ*"#SCGPZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@B@@PXZZ*"#SCGHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*!S#CKHH(,..NB@@PXZZ*"#SCGHH(,..NB<@PXZZ*"##CKHG(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKGH(,..NB@@PXZZ*"##CKHG(,..NB@ %@TY #L! end EX-101.INS 7 stbr-20160831.xml XBRL INSTANCE DOCUMENT 2155 22426 5700 3279 9889 7809 60307 78051 33514 33369 32224 57345 57236 586142 568151 754907 691125 522482 632983 121984 99765 19060 18475 1235 144834 150136 50000 1197224 1286228 23723 21900 1220947 1308128 22973 21919 3190876 3115078 -157191 -133280 -3522698 -3620720 -466040 -617003 754907 691125 0.001 0.001 750000000 750000000 31082567 30029046 31082567 30029046 294831 229111 64 53 102 -134 -60232 -235506 -351347 -126 73831 -31710 -2341 2611 -1851 -9394 9971 83045 -145844 -153087 -10005 -10005 7606 200000 -70976 131428 129024 139034 -3451 -2800 -20271 -26858 22426 26858 2155 11070 1806 526 2376 1069 11809 13429 37290 27843 863 874 1722 1776 23163 23463 46242 47688 2197 35279 -2635 45371 22857 27343 38881 49303 22035 59246 -62695 -122949 -123876 -232296 60232 64 53 126 102 -134 -73966 294831 229111 235506 351347 232066 106215 98022 119153 -4131 14447 -23911 11733 227935 120662 74111 130886 0.01 0.00 0.00 0.00 31082567 29884360 30852247 29886896 10-Q 2016-08-31 false STRONGBOW RESOURCES INC. 0001382231 stbr --02-29 31082567 Smaller Reporting Company Yes No No 2017 Q2 1.     NATURE AND CONTINUANCE OF OPERATIONS   Strongbow Resources Inc. (the Company) was incorporated in the State of Nevada on July 9, 2004. The Company focuses its business efforts on the acquisition, exploration, and development of oil and gas properties.    The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of August 31, 2016, the Company has not achieved profitable operations, has incurred losses in developing its business, and further losses are anticipated. The Company has an accumulated deficit of $3,522,698.   As at August 31, 2016, two Statements of Claim totaling $214,830 (CAD$281,781) are outstanding against the Company and are recorded in accounts payable.   The Companys ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and pay its liabilities when they come due. To date, the Company has funded operations through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity or debt financings and loans from directors. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The ability of the Company to continue its operations as a going concern is dependent upon its ability to raise sufficient new capital to fund its operating commitments and ongoing losses and ultimately on generating profitable operations. The financial statements do not include any adjustments to be recorded to assets or liabilities that might be necessary should the Company be unable to continue as a going concern. 2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation The unaudited interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended February 29, 2016 included in the Companys Annual Report on Form 10-K filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017.   Recent Accounting Pronouncements Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company. 3.     OIL AND GAS PROPERTIES   Effective February 21, 2012, the Company entered into a Farmout Agreement (the Agreement) with Harvest Operations Corp. (Farmor). The Agreement provided for the Companys acquisition of an undivided 100% working interest (Working Interest) in a petroleum and natural gas license covering land located in the Compeer Area in the Province of Alberta, Canada (the Farmout Lands).   To earn the Working Interest the Company was required to drill, complete, equip or abandon a test well on the Farmout Lands (Test Well). On March 14, 2012, the Company obtained operator status and was transferred the well license relating to the Test Well.   The Companys Working Interest in the Farmout Lands will be held subject to a non-convertible overriding royalty payable to the Farmor (Farmors Royalty).  The Farmors Royalty on net crude oil revenues will be measured on a sliding scale from 5% to 15% over a range of production volumes from 1 to 150 barrels per day. The Farmors Royalty on net gas and other petroleum product revenues is 15%.   The Test Well was spudded on May 27, 2012, and on September 5, 2012, the Company received an earning notice granting the Company a 100% working interest in the Farmout Lands.   During the six months ended August 31, 2016, net proceeds of $nil (August 31, 2015 - $nil) were received from the sales of oil less direct costs of $nil (August 31, 2015 - $5,768) were added to the carrying value of the oil and gas properties.   As of August 31, 2016, the Company has incurred $586,142 (February 29, 2016 - $568,151) in exploration costs to drill, complete and equip the Test Well, net of impairment charges in prior periods. The Company also has $33,369 (CAD$43,768) (February 29, 2016 - $32,224 (CAD$43,605)) in bonds held with the Alberta Energy Regulator for its oil and gas properties. 4.    EQUIPMENT   <table border="0" cellspacing="0" cellpadding="0" width="581" style='width:436.0pt;margin-left:4.65pt;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="387" colspan="5" valign="bottom" style='width:290.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> August 31, 2016 </td> </tr> <tr style='height:25.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Cost </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Accumulated Depreciation </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Net Book Value </td> </tr> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="64" valign="bottom" style='width:47.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="168" valign="bottom" style='width:126.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="146" valign="bottom" style='width:109.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> </tr> <tr style='height:13.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Oil and gas equipment </td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 68,129 </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 10,784 </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 57,345 </td> </tr> <tr style='height:13.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="64" valign="bottom" style='width:47.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> </tr> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="387" colspan="5" valign="bottom" style='width:290.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> February 29, 2016 </td> </tr> <tr style='height:25.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Cost </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Accumulated Depreciation </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Net Book Value </td> </tr> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="64" valign="bottom" style='width:47.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="168" valign="bottom" style='width:126.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="146" valign="bottom" style='width:109.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> </tr> <tr style='height:13.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Oil and gas equipment </td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 66,038 </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 8,802 </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 57,236 </td> </tr> </table>   5.     ACCOUNTS PAYABLE   During the six months ended August 31, 2016, the Company issued 353,521 common shares with a fair value of $35,352 to settle accounts payable of $95,584 (CAD$123,733). As a result, the Company recorded a gain on settlement of debt of $60,232. 7.     ASSET RETIREMENT OBLIGATION   The Companys asset retirement obligation consists of reclamation and closure costs associated with the Test Well in the Farmout Lands. The asset retirement obligation was estimated based on the Companys understanding of its requirements to reclaim currently disturbed areas. Significant reclamation and closure activities include land rehabilitation, water, removal of building and well facilities and tailings reclamation.   The undiscounted estimate of this liability was $38,120 (CAD$50,000) (February 29, 2016 - $36,950 (CAD$50,000)) reflecting payments commencing in 2024.  This estimate was adjusted for an inflation rate of 2.00% and then discounted at a rate of 10.00% for a net present value of $23,723 (CAD$30,375) (February 29, 2016 - $21,900 (CAD$29,660)) as at August 31, 2016. 8.   CONVERTIBLE DEBENTURE AND DERIVATIVE FINANCIAL LIABILITIES   On May 17, 2016, the Company entered into a secured convertible debenture agreement (the Debenture) with the Lender. Under the Debenture, the Lender agreed to lend to the Company $200,000. The maturity date under the Debenture is November 17, 2016 (the Maturity Date). The Debenture has an effective interest rate of 6,811%, which was due primarily to the recording of non-cash accretion interest. At the discretion of the Lender, the principal and accrued but unpaid interest under the Debenture may be converted into units of the Company at $0.20 per unit at any time until the Maturity Date.  Each unit consists of one common share of the Company and one common share purchase warrant.  Each warrant is exercisable to purchase one common share at a price of $0.40 per share for a period of two years.   The conversion feature was determined to be a derivative; therefore, at initial measurement, the proceeds were allocated to the conversion feature and any residual proceeds to the principal.  At issuance date, the fair value of the conversion feature was $199,999 and a value of $1 was allocated to the principal.   During the six months ended August 31, 2016, the Company recognized accretion expense of $2,376 (August 31, 2015 - $Nil).   At August 31, 2016, the fair value of the derivative liability associated with the conversion feature was $52,116 (February 29, 2016 - $nil).   During the six month period ended August 31, 2016, a gain on fair value adjustment of $147,883 (August 31, 2015 - $nil) was recognized.   In consideration for the Debenture, the Company issued to the Lender 200,000 units.  Each unit consists of one common share of the Company and one common share purchase warrant.  Each warrant is exercisable to purchase one common share at a price of $0.40 per share for a period of two years. The warrants were determined to be derivatives.  At issuance date, the fair value of the common shares and warrants was $73,831.  Refer to Note 9 for the assessment on warrants.   The fair value of the conversion feature was calculated using the Black-Scholes Option Pricing Model at the issuance date, and was revalued at the reporting dates using the following assumptions:     <table border="0" cellspacing="0" cellpadding="0" width="558" style='width:418.5pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> August 31, 2016 </td> </tr> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Volatility </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 129% - 150% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Risk-free interest rate </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.26% - 0.80% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Expected life </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.21 - 1.71 years </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Dividend yield </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> nil </td> </tr> </table> 9.     DERIVATIVE FINANCIAL LIABILITIES - WARRANTS   <table border="0" cellspacing="0" cellpadding="0" width="492" style='width:369.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> $ </td> </tr> <tr style='height:9.45pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Balance, February 28, 2015 </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 379,463 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Fair value adjustment </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (229,327) </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Balance, February 29, 2016 </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 150,136 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Warrants issued </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 82,321 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Warrants amendment (Note 10) </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 84,099 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Fair value adjustment </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (171,722) </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Balance, August 31, 2016 </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 144,834 </td> </tr> </table>   The derivative liability consists of the fair value of share purchase warrants that were issued in unit private placements that have an exercise price in a currency other than the functional currency of the Company. The derivative liability is a non-cash liability as the Company will not be required to expend any cash.   At August 31, 2016, the fair value of the warrants was determined using the Black-Scholes Option Pricing Model using the following weighted average market assumptions:   <table border="0" cellspacing="0" cellpadding="0" width="558" style='width:418.5pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> August 31, 2016 </td> </tr> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Volatility </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 193%-209% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Risk-free interest rate </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.80% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Expected life </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1.71-2.52 years </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Dividend yield </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> nil </td> </tr> </table> 10.     SHARE CAPITAL   During the six months ended August 31, 2016:   In March 2016, the Company issued 500,000 units at a price of $0.10 per unit for gross proceeds of $50,000. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant being exercisable into one additional share at an exercise price of $0.40 for a period of three years.   In May 2016, the Company issued 353,521 common shares with a fair price of $0.10 per share to settle accounts payable of $95,584 (Note 5).   In May 2016, the Company issued 200,000 units with a fair price of $0.21 per share in regards to the secured convertible debenture (Note 8).   During the year ended February 29, 2016:   In August 2015, the Company issued 22,222 common shares at CAD$0.45 for gross proceeds of $7,606 (CAD$10,000) in subscriptions for a private placement.                               In January 2016, the Company issued 125,000 common shares to a former officer for an employment contract entered in April 2015. The fair value of the shares issued was $37,500, and is included in salaries and benefits.   Warrants   Below is a summary of the common share purchase warrant transactions:   <table border="0" cellspacing="0" cellpadding="0" width="492" style='width:369.25pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Number of Warrants </td> <td width="18" valign="top" style='width:13.35pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Weighted Average Exercise Price per Warrant </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> $ </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Outstanding at February 29, 2016 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 1,080,000 </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>                      0.40 </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Issued </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 700,000 </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 0.40 </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Expired </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> (80,000) </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 1.50 </td> </tr> <tr style='height:12.75pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Number of warrants at August 31, 2016 </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1,700,000 </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> </tr> </table>   A summary of the common share purchase warrants outstanding and exercisable at August 31, 2016 is as follows:   <table border="0" cellspacing="0" cellpadding="0" width="636" style='width:477.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:33.0pt'> <td width="174" valign="bottom" style='width:130.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Exercise Price </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Number Outstanding </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Expiry Date </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 200,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> May 17, 2018 </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1,000,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> March 8, 2019 </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 500,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> March 9, 2019 </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1,700,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> </tr> </table>   The weighted average exercise price is $0.40 and weighted average life of the warrants is 2.42 years.   Stock Options   The Companys Stock Option Plan allows a maximum 5,579,335 shares to be reserved for issuance under the plan. Options granted under the plan may not have a term exceeding 10 years and vesting provisions are at the discretion of the Board of Directors.   In November 2015, the Company granted 2,600,000 stock options for a period of five years, valued at $0.04 per option for a total value of $107,172 calculated using the Black-Scholes Option Pricing Model assuming a life expectancy of five years, a risk free rate of 1.59%, a forfeiture rate of 0%, and volatility of 168%.   During the six months ended August 31, 2016, 300,000 stock options expired unexercised.   A summary of the stock options outstanding and exercisable at August 31, 2016 is as follows:   <table border="0" cellspacing="0" cellpadding="0" width="636" style='width:477.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:33.0pt'> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Exercise Price </td> <td width="24" valign="top" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="144" valign="bottom" style='width:1.5in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Number Outstanding and Exercisable </td> <td width="24" valign="bottom" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="116" valign="bottom" style='width:87.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Expiry Date </td> <td width="208" valign="bottom" style='width:155.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Aggregate Intrinsic Value </td> </tr> <tr style='height:12.75pt'> <td width="120" valign="bottom" style='width:1.25in;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="24" valign="top" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="144" valign="bottom" style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="24" valign="bottom" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="116" valign="bottom" style='width:87.2pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="208" valign="top" style='width:155.8pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> </tr> <tr style='height:12.75pt'> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.10 </td> <td width="24" valign="top" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="144" valign="bottom" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 2,300,000 </td> <td width="24" valign="bottom" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="116" valign="bottom" style='width:87.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> November 3, 2020 </td> <td width="208" style='width:155.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 27,600 </td> </tr> </table>   As at August 31, 2016, the remaining contractual life of the stock options outstanding was 4.18 years.   The aggregate intrinsic value in the proceeding table represents the total intrinsic value, based on the Companys closing stock price of $0.112 per share as of August 31, 2016. 11.  RELATED PARTY TRANSACTIONS   During the six months ended August 31, 2016, the Company ·         Incurred a total of $46,242 (August 31, 2015 - $47,688) in management fees to a director and officer of the Company. ·         Incurred a total of $nil (August 31, 2015 - $3,775) in consulting fees to a director and officer of the Company.   As at August 31, 2016, $22,872 (CAD$30,000) (February 29, 2016 - $22,170 (CAD$30,000)) was owing to the former chief operating officer of the Company and has been included in accrued liabilities. This amount is non-interest bearing and unsecured.   As at August 31, 2016, $60,307 (February 29, 2016 - $nil) was owing from a director of the Company and a company with a common director. This amount is non-interest bearing, unsecured and payable upon demand.   Due to related parties consist of the following:   <table border="0" cellspacing="0" cellpadding="0" width="617" style='width:462.8pt;margin-left:5.4pt;border-collapse:collapse'> <tr align="left"> <td width="301" valign="top" style='width:225.6pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="155" valign="top" style='width:116.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> August 31, 2016 </td> <td width="161" valign="top" style='width:120.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> February 29, 2016 </td> </tr> <tr align="left"> <td width="301" valign="top" style='width:225.6pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="155" valign="top" style='width:116.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="161" valign="top" style='width:120.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> $ </td> </tr> <tr align="left"> <td width="301" valign="top" style='width:225.6pt;padding:0in 5.4pt 0in 5.4pt'> Due to directors and officers of the Company </td> <td width="155" valign="top" style='width:116.4pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 335,513 </td> <td width="161" valign="top" style='width:120.8pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 334,869 </td> </tr> </table> 12. SUBSEQUENT EVENT   On September 23, 2016 the Company announced the sale of 250,000 units (each, a Unit) at a price of $0.10 per Unit for gross proceeds of $25,000. Each Unit is comprised of one share of common stock and one non-transferable share purchase warrant. Each warrant entitles the holder to acquire one additional share of the Company at a price of $0.40 per share until September 22, 2019. Basis of Presentation The unaudited interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended February 29, 2016 included in the Companys Annual Report on Form 10-K filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017. Recent Accounting Pronouncements Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company.   <table border="0" cellspacing="0" cellpadding="0" width="581" style='width:436.0pt;margin-left:4.65pt;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="387" colspan="5" valign="bottom" style='width:290.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> August 31, 2016 </td> </tr> <tr style='height:25.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Cost </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Accumulated Depreciation </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Net Book Value </td> </tr> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="64" valign="bottom" style='width:47.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="168" valign="bottom" style='width:126.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="146" valign="bottom" style='width:109.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> </tr> <tr style='height:13.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Oil and gas equipment </td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 68,129 </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 10,784 </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 57,345 </td> </tr> <tr style='height:13.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="64" valign="bottom" style='width:47.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> </tr> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="387" colspan="5" valign="bottom" style='width:290.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> February 29, 2016 </td> </tr> <tr style='height:25.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Cost </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Accumulated Depreciation </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:25.5pt'> Net Book Value </td> </tr> <tr style='height:12.75pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="64" valign="bottom" style='width:47.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="168" valign="bottom" style='width:126.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="146" valign="bottom" style='width:109.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> </tr> <tr style='height:13.5pt'> <td width="195" valign="bottom" style='width:146.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Oil and gas equipment </td> <td width="64" valign="bottom" style='width:47.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 66,038 </td> <td width="4" valign="bottom" style='width:3.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="168" valign="bottom" style='width:126.25pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 8,802 </td> <td width="4" valign="bottom" style='width:2.95pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="146" valign="bottom" style='width:109.85pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 57,236 </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" width="558" style='width:418.5pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> August 31, 2016 </td> </tr> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Volatility </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 129% - 150% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Risk-free interest rate </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.26% - 0.80% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Expected life </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.21 - 1.71 years </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Dividend yield </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> nil </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="492" style='width:369.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> $ </td> </tr> <tr style='height:9.45pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Balance, February 28, 2015 </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 379,463 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Fair value adjustment </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (229,327) </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Balance, February 29, 2016 </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 150,136 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Warrants issued </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 82,321 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Warrants amendment (Note 10) </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 84,099 </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Fair value adjustment </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (171,722) </td> </tr> <tr style='height:12.75pt'> <td width="250" valign="bottom" style='width:187.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Balance, August 31, 2016 </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="136" valign="bottom" style='width:102.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="69" valign="bottom" style='width:51.7pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 144,834 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="558" style='width:418.5pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> August 31, 2016 </td> </tr> <tr style='height:9.45pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Volatility </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 193%-209% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Risk-free interest rate </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.80% </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Expected life </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1.71-2.52 years </td> </tr> <tr style='height:12.75pt'> <td width="199" valign="bottom" style='width:149.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Dividend yield </td> <td width="21" valign="bottom" style='width:15.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="152" valign="bottom" style='width:113.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="29" valign="top" style='width:22.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="157" valign="bottom" style='width:117.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> nil </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="492" style='width:369.25pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Number of Warrants </td> <td width="18" valign="top" style='width:13.35pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Weighted Average Exercise Price per Warrant </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> $ </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Outstanding at February 29, 2016 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 1,080,000 </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>                      0.40 </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Issued </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 700,000 </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 0.40 </td> </tr> <tr style='height:9.45pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> Expired </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> (80,000) </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:9.45pt'> 1.50 </td> </tr> <tr style='height:12.75pt'> <td width="252" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Number of warrants at August 31, 2016 </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1,700,000 </td> <td width="18" valign="top" style='width:13.35pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="133" valign="bottom" style='width:99.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="636" style='width:477.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:33.0pt'> <td width="174" valign="bottom" style='width:130.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Exercise Price </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Number Outstanding </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Expiry Date </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 200,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> May 17, 2018 </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1,000,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> March 8, 2019 </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.40 </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 500,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> March 9, 2019 </td> </tr> <tr style='height:12.75pt'> <td width="174" valign="bottom" style='width:130.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="42" valign="top" style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="180" valign="bottom" style='width:135.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 1,700,000 </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="222" valign="bottom" style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="636" style='width:477.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:33.0pt'> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Exercise Price </td> <td width="24" valign="top" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="144" valign="bottom" style='width:1.5in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Number Outstanding and Exercisable </td> <td width="24" valign="bottom" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'>   </td> <td width="116" valign="bottom" style='width:87.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Expiry Date </td> <td width="208" valign="bottom" style='width:155.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:33.0pt'> Aggregate Intrinsic Value </td> </tr> <tr style='height:12.75pt'> <td width="120" valign="bottom" style='width:1.25in;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> <td width="24" valign="top" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="144" valign="bottom" style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="24" valign="bottom" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="116" valign="bottom" style='width:87.2pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="208" valign="top" style='width:155.8pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> $ </td> </tr> <tr style='height:12.75pt'> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 0.10 </td> <td width="24" valign="top" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="144" valign="bottom" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 2,300,000 </td> <td width="24" valign="bottom" style='width:.25in;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="116" valign="bottom" style='width:87.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> November 3, 2020 </td> <td width="208" style='width:155.8pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 27,600 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="617" style='width:462.8pt;margin-left:5.4pt;border-collapse:collapse'> <tr align="left"> <td width="301" valign="top" style='width:225.6pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="155" valign="top" style='width:116.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> August 31, 2016 </td> <td width="161" valign="top" style='width:120.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> February 29, 2016 </td> </tr> <tr align="left"> <td width="301" valign="top" style='width:225.6pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="155" valign="top" style='width:116.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="161" valign="top" style='width:120.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> $ </td> </tr> <tr align="left"> <td width="301" valign="top" style='width:225.6pt;padding:0in 5.4pt 0in 5.4pt'> Due to directors and officers of the Company </td> <td width="155" valign="top" style='width:116.4pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 335,513 </td> <td width="161" valign="top" style='width:120.8pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 334,869 </td> </tr> </table> 586142 568151 68129 10784 57345 66038 8802 57236 353521 95584 60232 19060 23723 21900 2376 52116 147883 1.2900 1.5000 0.0026 0.0080 P2M16D P1Y8M16D 2.0900 0.0080 P2Y6M7D 500000 50000 353521 0.10 200000 0.21 22222 7606 125000 37500 1080000 0.40 700000 0.40 -80000 1.50 1700000 0.40 0.40 200000 2018-05-17 0.40 1000000 2019-03-08 0.40 500000 2019-03-09 0.10 2300000 2020-11-03 27600 46242 47688 3775 335513 334869 0001382231 2015-02-28 0001382231 2016-02-29 0001382231 2016-03-01 2016-08-31 0001382231 2016-08-31 0001382231 2016-06-01 2016-08-31 0001382231 2015-06-01 2015-08-31 0001382231 2015-03-01 2015-08-31 0001382231 fil:CostMember 2016-08-31 0001382231 fil:AccumulatedDepreciationMember 2016-08-31 0001382231 fil:NetBookValueMember 2016-08-31 0001382231 fil:CostMember 2016-02-29 0001382231 fil:AccumulatedDepreciationMember 2016-02-29 0001382231 fil:NetBookValueMember 2016-02-29 0001382231 fil:WarrantsIssuedAndAmendedMember 2016-06-01 2016-08-31 0001382231 fil:Warrant1Member 2016-08-31 0001382231 fil:Warrant1Member 2016-03-01 2016-08-31 0001382231 fil:Warrant2Member 2016-08-31 0001382231 fil:Warrant2Member 2016-03-01 2016-08-31 0001382231 fil:Warrant3Member 2016-08-31 0001382231 2015-03-01 2016-02-29 0001382231 fil:DuringTheThreeMonthsEndedMay312016Member 2016-03-30 0001382231 fil:DuringTheThreeMonthsEndedMay312016Member 2016-05-31 0001382231 fil:DuringTheThreeMonthsEndedMay312016Member 2016-05-30 0001382231 fil:DuringTheYearEndedFebruary292016Member 2015-08-31 0001382231 fil:DuringTheYearEndedFebruary292016Member 2016-01-31 0001382231 fil:AtIssuanceDateMember 2016-03-01 2016-08-31 0001382231 fil:Minimum1Memberfil:AtIssuanceDateMember 2016-03-01 2016-08-31 0001382231 fil:Maximum1Memberfil:AtIssuanceDateMember 2016-03-01 2016-08-31 0001382231 fil:Warrant3Member 2016-03-01 2016-08-31 iso4217:USD shares iso4217:USD shares pure 750,000,000 common shares, par value $0.001 per share; 31,082,567 shares issued and outstanding as of August 31, 2016 and 30,029,046 as of February 29, 2016. 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Document and Entity Information
6 Months Ended

Aug. 31, 2016

shares

Document and Entity Information:

Entity Registrant Name STRONGBOW RESOURCES INC.

Document Type 10-Q

Document Period End Date Aug. 31, 2016

Trading Symbol stbr

Amendment Flag false

Entity Central Index Key 0001382231

Current Fiscal Year End Date --02-29

Entity Common Stock, Shares Outstanding 31,082,567

Entity Filer Category Smaller Reporting Company

Entity Current Reporting Status Yes

Entity Voluntary Filers No

Entity Well-known Seasoned Issuer No

Document Fiscal Year Focus 2017

Document Fiscal Period Focus Q2

Document and Entity Information	6 Months Ended
Aug. 31, 2016 shares
Document and Entity Information:
Entity Registrant Name	STRONGBOW RESOURCES INC.
Document Type	10-Q
Document Period End Date	Aug. 31, 2016
Trading Symbol	stbr
Amendment Flag	false
Entity Central Index Key	0001382231
Current Fiscal Year End Date	--02-29
Entity Common Stock, Shares Outstanding	31,082,567
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2

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STRONGBOW RESOURCES INC - Balance Sheets - USD ($)

Aug. 31, 2016

Feb. 29, 2016

Current Assets:

Cash

$ 2,155

$ 22,426

Receivable

5,700

3,279

Prepaid expense and other

9,889

7,809

Due from related party

60,307

Total Current Assets

78,051

33,514

Non-current Assets:

Deposit

33,369

32,224

Equipment

57,345

57,236

Oil and gas properties, full cost method

586,142

568,151

Total Assets

754,907

691,125

Current liabilities:

Accounts payable

522,482

632,983

Accrued liabilities

121,984

99,765

Due to related parties

335,513

334,869

Notes payable

19,060

18,475

Convertible debenture

1,235

Derivative financial liabilities - warrants

144,834

150,136

Derivative financial liabilities - conversion feature

52,116

Subscriptions received

50,000

Total Current Liabilities

1,197,224

1,286,228

Asset retirement obligation

23,723

21,900

Total Liabilities

1,220,947

1,308,128

Stockholders' Deficit:

Capital stock

^[1]

22,973

21,919

Additional paid-in capital

3,190,876

3,115,078

Accumulated other comprehensive loss

(157,191)

(133,280)

Accumulated deficit

(3,522,698)

(3,620,720)

Total Stockholders' Deficit

(466,040)

(617,003)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$ 754,907

$ 691,125

[1]	750,000,000 common shares, par value $0.001 per share; 31,082,567 shares issued and outstanding as of August 31, 2016 and 30,029,046 as of February 29, 2016.

XML 15 R3.htm IDEA: XBRL DOCUMENT

Statement of Financial Position - Parenthetical - $ / shares	Aug. 31, 2016	Feb. 29, 2016
Statement of Financial Position
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares Issued	31,082,567	30,029,046
Common Stock, Shares Outstanding	31,082,567	30,029,046

XML 16 R4.htm IDEA: XBRL DOCUMENT

STRONGBOW RESOURCES INC. - Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
General and administrative expenses
Accretion	$ 1,806	$ 526	$ 2,376	$ 1,069
Consulting	11,809	13,429	37,290	27,843
Depreciation	863	874	1,722	1,776
Management fees	23,163	23,463	46,242	47,688
Office, travel and general (recovered)	2,197	35,279	(2,635)	45,371
Professional fees	22,857	27,343	38,881	49,303
Salaries and benefits		22,035		59,246
Loss from operations	(62,695)	(122,949)	(123,876)	(232,296)
Gain on settlement of debt			60,232
Interest income	64	53	126	102
Interest expense	(134)		(73,966)
Gain on fair value adjustment of derivative financial liabilities	294,831	229,111	235,506	351,347
Net income	232,066	106,215	98,022	119,153
Foreign currency translation	(4,131)	14,447	(23,911)	11,733
Comprehensive income	$ 227,935	$ 120,662	$ 74,111	$ 130,886
Basic and diluted income per share	$ 0.01	$ 0.00	$ 0.00	$ 0.00
Weighted average number of basic and diluted common shares outstanding	31,082,567	29,884,360	30,852,247	29,886,896

XML 17 R5.htm IDEA: XBRL DOCUMENT

STRONGBOW RESOURCES INC. - Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Cash flows used in operating activities:
Net income	$ 232,066	$ 106,215	$ 98,022	$ 119,153
Non-cash items:
Accretion	1,806	526	2,376	1,069
Gain on settlement of debt			(60,232)
Gain on fair value adjustment of derivative financial liabilities	294,831	229,111	(235,506)	(351,347)
Depreciation	863	874	1,722	1,776
Interest income	64	$ 53	(126)	102
Interest expense	(134)		73,831
Foreign exchange			(31,710)
Changes in non-cash working capital items:
Receivable			(2,341)	2,611
Prepaid expenses and other			(1,851)	(9,394)
Accounts payable and accrued liabilities			9,971	83,045
Cash used in operating activities			(145,844)	(153,087)
Cash flows used in investing activities:
Expenditures on oil and gas properties				(10,005)
Cash used in investing activities				(10,005)
Cash flows from financing activities:
Common stock issued for cash				7,606
Issuance of convertible debenture			200,000
Net proceeds from (repaid to) related parties			(70,976)	131,428
Cash provided by financing activities			129,024	139,034
Effect of foreign exchange on cash			(3,451)	(2,800)
Change in cash			(20,271)	(26,858)
Cash, beginning of period			22,426	26,858
Cash, end of period	$ 2,155		$ 2,155
Non-cash transactions
Accrued expenditures on oil and gas properties				$ 11,070

XML 18 R6.htm IDEA: XBRL DOCUMENT

1. Nature and Continuance of Operations

6 Months Ended

Aug. 31, 2016

Notes

1. Nature and Continuance of Operations

1. NATURE AND CONTINUANCE OF OPERATIONS

As at August 31, 2016, two Statements of Claim totaling $214,830 (CAD$281,781) are outstanding against the Company and are recorded in accounts payable.

XML 19 R7.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies

6 Months Ended

Aug. 31, 2016

Notes

2. Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Recent Accounting Pronouncements

Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company.

XML 20 R8.htm IDEA: XBRL DOCUMENT

3. Oil and Gas Properties

6 Months Ended

Aug. 31, 2016

Notes

3. Oil and Gas Properties

3. OIL AND GAS PROPERTIES

The Test Well was spudded on May 27, 2012, and on September 5, 2012, the Company received an earning notice granting the Company a 100% working interest in the Farmout Lands.

XML 21 R9.htm IDEA: XBRL DOCUMENT

4. Equipment

6 Months Ended

Aug. 31, 2016

Notes

4. Equipment

4. EQUIPMENT

	August 31, 2016
	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Oil and gas equipment	68,129	10,784	57,345

	February 29, 2016
	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Oil and gas equipment	66,038	8,802	57,236

XML 22 R10.htm IDEA: XBRL DOCUMENT

5. Accounts Payable

6 Months Ended

Aug. 31, 2016

Notes

5. Accounts Payable

5. ACCOUNTS PAYABLE

XML 23 R11.htm IDEA: XBRL DOCUMENT

7. Asset Retirement Obligation

6 Months Ended

Aug. 31, 2016

Notes

7. Asset Retirement Obligation

7. ASSET RETIREMENT OBLIGATION

XML 24 R12.htm IDEA: XBRL DOCUMENT

8. Convertible Debenture and Derivative Financial Liabilities

6 Months Ended

Aug. 31, 2016

Notes

8. Convertible Debenture and Derivative Financial Liabilities

8. CONVERTIBLE DEBENTURE AND DERIVATIVE FINANCIAL LIABILITIES

During the six months ended August 31, 2016, the Company recognized accretion expense of $2,376 (August 31, 2015 - $Nil).

The fair value of the conversion feature was calculated using the Black-Scholes Option Pricing Model at the issuance date, and was revalued at the reporting dates using the following assumptions:

				August 31, 2016
Volatility				129% - 150%
Risk-free interest rate				0.26% - 0.80%
Expected life				0.21 - 1.71 years
Dividend yield				nil

XML 25 R13.htm IDEA: XBRL DOCUMENT

9. Derivative Financial Liabilities - Warrants

6 Months Ended

Aug. 31, 2016

Notes

9. Derivative Financial Liabilities - Warrants

9. DERIVATIVE FINANCIAL LIABILITIES - WARRANTS

				$
Balance, February 28, 2015				379,463
Fair value adjustment				(229,327)
Balance, February 29, 2016				150,136
Warrants issued				82,321
Warrants amendment (Note 10)				84,099
Fair value adjustment				(171,722)
Balance, August 31, 2016				144,834

At August 31, 2016, the fair value of the warrants was determined using the Black-Scholes Option Pricing Model using the following weighted average market assumptions:

				August 31, 2016
Volatility				193%-209%
Risk-free interest rate				0.80%
Expected life				1.71-2.52 years
Dividend yield				nil

XML 26 R14.htm IDEA: XBRL DOCUMENT

10. Share Capital

6 Months Ended

Aug. 31, 2016

Notes

10. Share Capital

10. SHARE CAPITAL

During the six months ended August 31, 2016:

In May 2016, the Company issued 353,521 common shares with a fair price of $0.10 per share to settle accounts payable of $95,584 (Note 5).

In May 2016, the Company issued 200,000 units with a fair price of $0.21 per share in regards to the secured convertible debenture (Note 8).

During the year ended February 29, 2016:

In August 2015, the Company issued 22,222 common shares at CAD$0.45 for gross proceeds of $7,606 (CAD$10,000) in subscriptions for a private placement.

Warrants

Below is a summary of the common share purchase warrant transactions:

	Number of Warrants	Weighted Average Exercise Price per Warrant
		$
Outstanding at February 29, 2016	1,080,000	0.40
Issued	700,000	0.40
Expired	(80,000)	1.50
Number of warrants at August 31, 2016	1,700,000	0.40

A summary of the common share purchase warrants outstanding and exercisable at August 31, 2016 is as follows:

Exercise Price	Number Outstanding	Expiry Date
$
0.40	200,000	May 17, 2018
0.40	1,000,000	March 8, 2019
0.40	500,000	March 9, 2019
	1,700,000

The weighted average exercise price is $0.40 and weighted average life of the warrants is 2.42 years.

Stock Options

During the six months ended August 31, 2016, 300,000 stock options expired unexercised.

A summary of the stock options outstanding and exercisable at August 31, 2016 is as follows:

Exercise Price	Number Outstanding and Exercisable	Expiry Date	Aggregate Intrinsic Value
$			$
0.10	2,300,000	November 3, 2020	27,600

As at August 31, 2016, the remaining contractual life of the stock options outstanding was 4.18 years.

The aggregate intrinsic value in the proceeding table represents the total intrinsic value, based on the Company’s closing stock price of $0.112 per share as of August 31, 2016.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
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+ Details

XML 27 R15.htm IDEA: XBRL DOCUMENT

11. Related Party Transactions

6 Months Ended

Aug. 31, 2016

Notes

11. Related Party Transactions

11. RELATED PARTY TRANSACTIONS

During the six months ended August 31, 2016, the Company

· Incurred a total of $46,242 (August 31, 2015 - $47,688) in management fees to a director and officer of the Company.

· Incurred a total of $nil (August 31, 2015 - $3,775) in consulting fees to a director and officer of the Company.

Due to related parties consist of the following:

	August 31, 2016	February 29, 2016
	$	$
Due to directors and officers of the Company	335,513	334,869

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

XML 28 R16.htm IDEA: XBRL DOCUMENT

12. Subsequent Event

6 Months Ended

Aug. 31, 2016

Notes

12. Subsequent Event

12. SUBSEQUENT EVENT

XML 29 R17.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies: Basis of Presentation (Policies)

6 Months Ended

Aug. 31, 2016

Policies

Basis of Presentation

XML 30 R18.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)

6 Months Ended

Aug. 31, 2016

Policies

Recent Accounting Pronouncements

Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company.

XML 31 R19.htm IDEA: XBRL DOCUMENT

4. Equipment: Property, Plant and Equipment (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Property, Plant and Equipment

	August 31, 2016
	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Oil and gas equipment	68,129	10,784	57,345

	February 29, 2016
	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Oil and gas equipment	66,038	8,802	57,236

XML 32 R20.htm IDEA: XBRL DOCUMENT

8. Convertible Debenture and Derivative Financial Liabilities: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

				August 31, 2016
Volatility				129% - 150%
Risk-free interest rate				0.26% - 0.80%
Expected life				0.21 - 1.71 years
Dividend yield				nil

XML 33 R21.htm IDEA: XBRL DOCUMENT

9. Derivative Financial Liabilities - Warrants: Schedule of Derivative Liabilities at Fair Value (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Schedule of Derivative Liabilities at Fair Value

				$
Balance, February 28, 2015				379,463
Fair value adjustment				(229,327)
Balance, February 29, 2016				150,136
Warrants issued				82,321
Warrants amendment (Note 10)				84,099
Fair value adjustment				(171,722)
Balance, August 31, 2016				144,834

XML 34 R22.htm IDEA: XBRL DOCUMENT

9. Derivative Financial Liabilities - Warrants: Fair Value of Warrants Issued Table Text Block (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Fair Value of Warrants Issued Table Text Block

				August 31, 2016
Volatility				193%-209%
Risk-free interest rate				0.80%
Expected life				1.71-2.52 years
Dividend yield				nil

XML 35 R23.htm IDEA: XBRL DOCUMENT

10. Share Capital: Warrants Outstanding Table Text Block (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Warrants Outstanding Table Text Block

	Number of Warrants	Weighted Average Exercise Price per Warrant
		$
Outstanding at February 29, 2016	1,080,000	0.40
Issued	700,000	0.40
Expired	(80,000)	1.50
Number of warrants at August 31, 2016	1,700,000	0.40

XML 36 R24.htm IDEA: XBRL DOCUMENT

10. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Schedule of Stockholders' Equity Note, Warrants or Rights

Exercise Price	Number Outstanding	Expiry Date
$
0.40	200,000	May 17, 2018
0.40	1,000,000	March 8, 2019
0.40	500,000	March 9, 2019
	1,700,000

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 37 R25.htm IDEA: XBRL DOCUMENT

10. Share Capital: Schedule of Stockholders Equity (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Schedule of Stockholders Equity

Exercise Price	Number Outstanding and Exercisable	Expiry Date	Aggregate Intrinsic Value
$			$
0.10	2,300,000	November 3, 2020	27,600

XML 38 R26.htm IDEA: XBRL DOCUMENT

11. Related Party Transactions: Schedule of Related Party Transactions (Tables)

6 Months Ended

Aug. 31, 2016

Tables/Schedules

Schedule of Related Party Transactions

	August 31, 2016	February 29, 2016
	$	$
Due to directors and officers of the Company	335,513	334,869

XML 39 R27.htm IDEA: XBRL DOCUMENT

3. Oil and Gas Properties (Details) - USD ($)	6 Months Ended	12 Months Ended
3. Oil and Gas Properties (Details) - USD ($)	Aug. 31, 2016	Feb. 29, 2016
Details
Exploration and Production Costs	$ 586,142	$ 568,151

XML 40 R28.htm IDEA: XBRL DOCUMENT

4. Equipment: Property, Plant and Equipment (Details) - USD ($)	Aug. 31, 2016	Feb. 29, 2016
Cost
Property, Plant and Equipment, Net	$ 68,129	$ 66,038
Accumulated Depreciation
Property, Plant and Equipment, Net	10,784	8,802
Net Book Value
Property, Plant and Equipment, Net	$ 57,345	$ 57,236

XML 41 R29.htm IDEA: XBRL DOCUMENT

5. Accounts Payable (Details)	6 Months Ended
5. Accounts Payable (Details)	Aug. 31, 2016 USD ($) shares
Details
Common Shares Issued \| shares	353,521
Accounts Payable, Other, Current	$ 95,584
Gain on Debt Settlement	$ 60,232

XML 42 R30.htm IDEA: XBRL DOCUMENT

Items (Details)	Aug. 31, 2016 USD ($)
Details
Notes and Loans Payable	$ 19,060

XML 43 R31.htm IDEA: XBRL DOCUMENT

7. Asset Retirement Obligation (Details) - USD ($)	Aug. 31, 2016	Feb. 29, 2016
Details
Asset Retirement Obligations, Noncurrent	$ 23,723	$ 21,900

XML 44 R32.htm IDEA: XBRL DOCUMENT

8. Convertible Debenture and Derivative Financial Liabilities (Details)	6 Months Ended
	Aug. 31, 2016 USD ($)
Details
Convertible Debt	$ 2,376
Derivative financial liabilities - conversion feature	52,116
Gain on Fair Value Adjustment	$ 147,883

XML 45 R33.htm IDEA: XBRL DOCUMENT

8. Convertible Debenture and Derivative Financial Liabilities: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - At issuance date	6 Months Ended
	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	129.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	150.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	0.26%
Fair Value Assumptions, Risk Free Interest Rate	0.80%
Minimum
Expected Life	2 months 16 days
Maximum
Expected Life	1 year 8 months 16 days

XML 46 R34.htm IDEA: XBRL DOCUMENT

9. Derivative Financial Liabilities - Warrants: Fair Value of Warrants Issued Table Text Block (Details) - Warrants issued and amended	3 Months Ended
	Aug. 31, 2016
Fair Value Assumptions, Expected Volatility Rate	209.00%
Fair Value Assumptions, Risk Free Interest Rate	0.80%
Expected Life	2 years 6 months 7 days

XML 47 R35.htm IDEA: XBRL DOCUMENT

10. Share Capital (Details) - USD ($)	Aug. 31, 2016	May 31, 2016	May 30, 2016	Mar. 30, 2016	Feb. 29, 2016	Jan. 31, 2016	Aug. 31, 2015
Common Stock, Shares Issued	31,082,567				30,029,046
During the Three Months Ended May 31, 2016
Common Stock, Shares Issued		353,521	200,000	500,000
Gross Proceeds for Subscriptions				$ 50,000
Shares Issued, Price Per Share		$ 0.10	$ 0.21
During the Year Ended February 29, 2016
Common Stock, Shares Issued						125,000	22,222
Gross Proceeds for Subscriptions							$ 7,606
Fair Value of Common Stock Shares Issued							$ 37,500

XML 48 R36.htm IDEA: XBRL DOCUMENT

10. Share Capital: Warrants Outstanding Table Text Block (Details) - $ / shares	6 Months Ended
	Aug. 31, 2016	Feb. 29, 2016
Details
Class of Warrant or Right, Outstanding	1,700,000	1,080,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40	$ 0.40
Debt Conversion, Converted Instrument, Warrants or Options Issued	700,000
Warrants per share issued	$ 0.40
Warrants Expired	(80,000)
Warrants Expired Price Per Share	$ 1.50

XML 49 R37.htm IDEA: XBRL DOCUMENT

10. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	6 Months Ended
	Aug. 31, 2016 $ / shares shares
Warrant 1
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price \| $ / shares	$ 0.40
Temporary Equity, Shares Outstanding \| shares	200,000
Expiry Date	May 17, 2018
Warrant 2
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price \| $ / shares	$ 0.40
Temporary Equity, Shares Outstanding \| shares	1,000,000
Expiry Date	Mar. 08, 2019
Warrant 3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price \| $ / shares	$ 0.40
Temporary Equity, Shares Outstanding \| shares	500,000
Expiry Date	Mar. 09, 2019

XML 50 R38.htm IDEA: XBRL DOCUMENT

10. Share Capital: Schedule of Stockholders Equity (Details)	6 Months Ended
	Aug. 31, 2016 USD ($) $ / shares shares
Details
Exercise Price \| $ / shares	$ 0.10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number \| shares	2,300,000
Expiration Date	Nov. 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value \| $	$ 27,600

XML 51 R39.htm IDEA: XBRL DOCUMENT

11. Related Party Transactions (Details) - USD ($)	6 Months Ended
11. Related Party Transactions (Details) - USD ($)	Aug. 31, 2016	Aug. 31, 2015
Details
Management Fees	$ 46,242	$ 47,688
Consulting Fees		$ 3,775

XML 52 R40.htm IDEA: XBRL DOCUMENT

11. Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($)	Aug. 31, 2016	Feb. 29, 2016
Details
Due to related parties	$ 335,513	$ 334,869

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