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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Aug. 31, 2023
May 31, 2023
Current Assets    
Cash and cash equivalents $ 2,951 $ 13,754
Other Receivable 175,000
Receivables – related party 1,779
Prepaid expenses and other current assets 35,359 36,549
Total Current Assets 213,310 52,082
Property and Equipment    
Oil and gas acquisition and drilling costs 4,434,055 4,547,740
Property and equipment, net 204,700 209,182
Total Property and Equipment, net 4,638,755 4,756,922
Other assets 30,000 30,000
TOTAL ASSETS 5,148,527 5,126,127
Current Liabilities    
Accounts payable 2,180,468 2,197,975
Accrued payroll liabilities 2,491,328 2,262,450
Accrued interest 278,576 210,414
Deferred well development costs 1,799,260 1,799,260
Convertible debt, net of debt discount and debt issuance costs 878,388 839,798
Revolving note 1,035,061 933,000
Note payable – related party 292,099 292,099
Note payable – Alleghany, net of debt discount 617,934 617,934
Note payable, current portion 528,568 449,624
Total Current Liabilities 10,101,682 9,602,554
Asset retirement obligation 69,482 67,938
Long-term note, net of current portion 456,382 536,974
Total Noncurrent Liabilities 525,864 604,912
TOTAL LIABILITIES 10,627,546 10,207,466
Commitments and Contingencies (Note 13)
Stockholders’ Deficit    
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding
Common stock: $0.0001 par value; 120,000,000 shares authorized;  66,220,206 issued and outstanding as of August 31, 2023 and May 31, 2023 6,622 6,622
Additional paid in capital 10,711,488 9,990,378
Accumulated deficit (16,197,129) (15,078,339)
Total Stockholders’ Deficit (5,479,019) (5,081,339)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 5,148,527 5,126,127
Olfert [Member]    
Property and Equipment    
Equity method investment – Cat Creek 37,630 37,630
Cat Creek [Member]    
Property and Equipment    
Equity method investment – Cat Creek $ 228,832 $ 249,493