10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A
Amendment No. 1

(Mark One)

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

For the fiscal year ended  February 28, 2013

..TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________to ______________

Commission file number   333-167275

MOKITA, INC.

(Exact name of registrant as specified in its charter)

Nevada	46-0525378
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

7695 SW 104th St., Suite 210, Miami, FL	33156
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:    (305) 663-7140

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange On Which Registered
Not Applicable	Not Applicable

Securities registered pursuant to Section 12(g) of the Act:

Not Applicable

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 the Securities Act. Yes.No X .

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes X .No.

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 last 90 days. Yes X .No.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-K (§229.405 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 X .No.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter)  is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K No.

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

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

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

The aggregate market value of Common Stock held by non-affiliates of the Registrant on August 31, 2012 was $8,167,500 based on a $2.475 average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date: 7,800,000 common shares outstanding as of June 11, 2013.

DOCUMENTS INCORPORATED BY REFERENCE

None.

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EXPLANATORY NOTE

Our company is filing this Amendment No. 1 on Form 10-K/A (the “Amendment”) to our annual report on Form 10-K for the period ended February 28, 2013 (the “Form 10-K”), filed with the Securities and Exchange Commission on June 13, 2013 (the “Original Filing Date”), to furnish Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the following materials from our Form 10-K, formatted in XBRL (eXtensible Business Reporting Language):

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Schema
101.CAL	XBRL Taxonomy Calculation Linkbase
101.DEF	XBRL Taxonomy Definition Linkbase
101.LAB	XBRL Taxonomy Label Linkbase
101.PRE	XBRL Taxonomy Presentation Linkbase

This Amendment speaks as of the Original Filing Date, does not reflect events that may have occurred subsequent to the Original Filing Date, and does not modify or update in any way disclosures made in the Form 10-K. No other changes have been made to the Form 10-K.

Pursuant to Rule 406T of Regulation S-T, the interactive data files attached as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the certifications required pursuant to the rules promulgated under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, which were included as exhibits to the Original Report, have been amended, restated and re-executed as of the date of this Amendment No. 1 and are included as Exhibits 31.1 and 32.1 hereto. 

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PART IV

Item 15.

Exhibits, Financial Statement Schedules

(a)	Financial Statements
	(1)	Financial statements for our company are listed in the index under Item 8 of this document
	(2)	All financial statement schedules are omitted because they are not applicable, not material or the required information is shown in the financial statements or notes thereto.

Exhibit Number	Description
(3)	Articles of Incorporation and Bylaws
3.1	Articles of Incorporation (incorporated by reference to our Registration Statement on Form S-1 filed on June 3, 2010)
3.2	Bylaws (incorporated by reference to our Registration Statement on Form S-1 filed on June 3, 2010)
3.3	Certificate of Amendment filed May 2, 2010 (incorporated by reference to our Registration Statement on Form S-1 filed on June 3, 2010)
3.4	Certificate of Amendment filed July 20, 2011 (incorporated by reference to our Current Report on Form 8-K filed on July 22, 2011)
3.5*	Certificate of Amendment filed May 30, 2013 (Incorporated by reference to our Current Report on Form 8-K filed on June 5, 2013)
(10)	Material Contracts
10.1	Form of Subscription Agreement (incorporated by reference to our Amended Registration statement on Form S-1/A filed on July 12, 2010)
10.2	Investor Relations Agreement between our company and LiveCall Investor Relations Company dated April 28, 2011 (incorporated by reference to our Annual Report on Form 10-K filed on June 14, 2011)
10.3	Participation Agreement between our company and Buckeye Exploration Company dated May 12, 2011 (incorporated by reference to our Current Report on Form 8-K filed on May 16, 2011)
10.4	Participation Agreement between our company and Premier Operating Company dated May 31, 2011 (incorporated by reference to our Current Report on Form 8-K filed on June 8, 2011)
10.5	Convertible Note between our company and Exchequer Finance Inc. dated March 15, 2012 (incorporated by reference to our Current Report on Form 8-K filed on March 23, 2012)
(16)	Letter Regarding Change in Certifying Accountant
16.1*	Letter from M&K CPAS, PLLC to the Securities and Exchange Commission
(31)	Rule 13a-14(a) / 15d-14(a) Certifications
31.1*	Certification pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.
(32)	Section 1350 Certifications
32.1*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.
101**	Interactive Data Files
101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE	XBRL Instance Document XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Linkbase Document XBRL Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document

*

Filed herewith.

**

Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

4

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MOKITA, INC.
	(Registrant)
Dated:  June 19, 2013	/s/ Irma N. Colón-Alonso
	Irma N. Colón-Alonso
	President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dated:  June 19, 2013	/s/ Irma N. Colón-Alonso
	Irma N. Colón-Alonso
	President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

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EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Irma N. Colón-Alonso, certify that:

1.

I have reviewed this Annual Report on Form 10-K/A of Mokita Ventures, Inc.;

2.

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

3.

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

4.

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

(a)

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

(b)

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

(c)

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

(d)

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

5.

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

(a)

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

(b)

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

Date:  June 19, 2013

/s/ Irma N. Colón-Alonso                                                         
Irma N. Colón-Alonso
President, Chief Executive Officer , Chief Financial Officer,
Secretary, Treasurer and Director
(Principal Executive Officer, Principal Financial Officer
and Principal Accounting Officer)

EX-32.1

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, Irma N. Colón-Alonso, 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 Annual Report on Form 10-K/A of Mokita Ventures, Inc. for the year ended February 28, 2013 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Mokita Ventures, Inc.

Dated:  June 19, 2013
	/s/ Irma N. Colón-Alonso
	Irma N. Colón-Alonso
	President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
	Mokita Ventures, Inc.

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 Mokita Ventures, Inc. and will be retained by Mokita Ventures, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Fair value of derivative instruments (Tables)

12 Months Ended

Feb. 28, 2013

Fair value of derivative instruments

Fair value of derivative instruments

Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s balance sheet as at February 28, 2013 as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1) $	Significant other observable Inputs (Level 2) $	Significant Unobservable inputs (Level 3) $	Balance, February 28, 2013 $	Total Gains and (Losses) $
Derivative liability	–	–	(227,507)	(227,507)	(12,160)

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Statements of operations (Unaudited) (USD $)	12 Months Ended		46 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013
Revenues {1}
Revenues	$ 7,710	$ 4,317	$ 12,027
Operating expenses
Accretion expense	24	89	113
Depreciation, depletion, and amortization	339	720	1,059
General and administrative	61,973	110,697	196,271
Impairment of oil and gas properties	20,219	61,026	81,245
Lease operating expenses	3,007	857	3,864
Professional fees	45,139	46,680	121,213
Total operating expenses	130,701	220,069	403,765
Loss before other expenses	(122,991)	(215,752)	(391,738)
Other income (expense)
Gain on sale of oil and gas working interest	40,000	0	40,000
Interest expense	(20,603)	(12,857)	(33,460)
Change in fair value of derivative liability	(12,160)	0	(12,160)
Loss on debt modification	(215,347)	0	(215,347)
Total other expense	(208,110)	(12,857)	(220,967)
Net loss	$ (331,101)	$ (228,609)	$ (612,705)
Net loss per share - basic and diluted	$ (0.04)	$ (0.03)
Weighted average shares outstanding - basic and diluted	7,800,000	6,644,262

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Accounts Payables and Accrued Liabilities

12 Months Ended

Feb. 28, 2013

Accounts Payables and Accrued Liabilities:

Accounts Payables and Accrued Liabilities

4.     Accounts Payable and Accrued Liabilities

	2013 $	2012 $
Trade accounts payable	4,009	34,287
Accrued liabilities	17,750	150
Accrued interest payable	20,603	–
Total accounts payable and accrued liabilities	42,362	34,437

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Significant Accounting policies (Details) (USD $)	Feb. 28, 2013	Feb. 29, 2012
Significant Accounting policies Details
Diluted shares outstanding	152,786
Asset Retirement Obligations	$ 247
Recorded asset Retirement obligation	24	89
Decreased asset Retirement obligation	$ 1,036

XML

Capitalized costs of Oil and Gas properties (Tables)

12 Months Ended

Feb. 28, 2013

Capitalized costs of Oil and Gas properties

Capitalized costs of Oil and Gas properties

	Noble County, Oklahoma $	Stephens County, Oklahoma $
Capitalized costs, February 28, 2011	–	–
Acquisition costs	32,670	49,500
Other costs	1,170	–
Depreciation, depletion, and amortization	(720)	–
Impairment	(11,526)	(49,500)
Capitalized costs, February 29, 2012	21,594	–
Revision to asset retirement cost	(1,036)	–
Depreciation, depletion, and amortization	(339)	–
Impairment	(20,219)	–
Capitalized costs, February 28, 2013	–	–

XML

Sale of working Interest (Details) (USD $)	Feb. 01, 2013
Sale of working Interest Details
Working interest in the oil and gas properties located in Stephens County,	1.00%
Working interest in the oil and gas properties located in Stephens County,Oklahoma for proceeds	$ 40,000
Working interest resulted in a gain	$ 40,000

XML

Acquisition of Oil and Gas Properties (Details) (USD $)	May 31, 2011	May 12, 2011
Acquisition of Oil and Gas Properties Details
Percentage of working interestacquired in oil and gas properties located in Noble County		6.00%
Value of working interestacquired in oil and gas properties located in Noble County		$ 32,670
Percentage of working interestacquired in oil and gas properties located in Stephens County	1.00%
Value of working interestacquired in oil and gas properties located in Stephens County	$ 49,500

XML

Deferred income tax assets and liabilities (Details) (USD $)	Feb. 28, 2013	Feb. 29, 2012
Deferred income tax assets and liabilities Details
Net operating losses carried forward;	$ 119,783	$ 74,721
Oil and gas properties;	11,506	20,994
Valuation allowance;	(131,289)	(95,715)
Net deferred tax asset;	$ 0	$ 0

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Option of derivative liability (Details) (USD $)	Feb. 28, 2013	Mar. 15, 2012
Option of derivative liability Details
Fair value of the conversion option derivative liability	$ 12,160
Change in fair value of the conversion option derivative liability	$ 227,507
Expected Volatility	231.00%	268.00%
Risk-free Interest Rate	0.17%	0.13%
Expected Dividend Yield	0.00%	0.00%
Expected life (in years)	1.04	2.00

XML

Oil and Gas Properties costs (Details) (USD $)	Noble County, Oklahoma	Stephens County, Oklahoma
Balance of Capitalized costs at Mar. 01, 2011	$ 0	$ 0
Acquisition costs	32,670	49,500
Other costs	1,170	0
Depreciation, depletion, and amortization;	(720)	0
Impairment;	(11,526)	(49,500)
BalanceOfCapitalizedCosts1 at Feb. 29, 2012	21,594	0
Balance of Capitalized costs at Feb. 29, 2012
Revision to asset retirement cost	(1,036)	0
Depreciation, depletion, and amortization.	(339)	0
Impairment.	(20,219)	0
BalanceOfCapitalizedCosts2 at Feb. 28, 2013	$ 0	$ 0

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Statements of Cashflows (unaudited) (USD $)	12 Months Ended		46 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013
Operating Activities
Net loss for the period	$ (331,101)	$ (228,609)	$ (612,705)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion expenses.	24	89	113
Change in fair value of derivative liability.	12,160	0	12,160
Depreciation, depletion, and amortization	339	720	1,059
Impairment of oil and gas properties.	20,219	61,026	81,245
Imputed interest	0	12,857	12,857
Loss on debt modifications.	215,347	0	215,347
Shares issued for management bonuses	0	30,000	30,000
Changes in operating assets and liabilities:
Accounts receivables.	1,950	(2,164)	(214)
Other receivables - sale of oil and gas working interest.	(40,000)	0	(40,000)
Prepaid expenses and deposits.	0	1,000	0
Accounts payables.	7,925	31,801	42,362
Due to related parties.	49,650	0	49,650
Net Cash Used In Operating Activities	(63,487)	(93,280)	(208,126)
Investing Activities
Purchase of oil and gas property	0	(49,500)	(49,500)
Net Cash Used In Investing Activities	0	(49,500)	(49,500)
Financing Activities
Proceeds from issuance of common shares	0	0	48,000
Proceeds from notes payable	65,000	117,330	182,330
Proceeds from a related party	0	44,500	49,000
Repayments to a related party	0	(20,000)	(20,000)
Net Cash Provided By Financing Activities	65,000	141,830	259,330
Increase (Decrease) in Cash	1,513	(950)	1,704
Cash - Beginning of Period	191
Cash - End of Period	1,704	191	1,704
Non-cash investing and financing activities
Asset retirement obligation - change in estimate	1,036	0	1,036
Oil and gas property acquired with note payable	0	32,670	32,670
Related party debt forgiven	0	20,500	20,500
Asset retirement obligation assumed on oil and gas properties	0	1,170	1,170
Supplemental disclosures
Interest paid	0	0	0
Income tax paid	$ 0	$ 0	$ 0

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Summary of Significant Accounting Policies

12 Months Ended

Feb. 28, 2013

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.     Summary of Significant Accounting Policies

a)       Basis of Presentation

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars.  The Company’s fiscal year end is February 28.

b)       Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

A significant item that requires management's estimates and assumptions is the estimate of proved oil reserves which are used in the calculation of depletion, impairment of its properties and asset retirement obligations. Other items subject to estimates and assumptions include the carrying amount of property, plant and equipment, valuation allowances for income taxes, valuation of derivatives instruments and accrued liabilities, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates.

c)       Cash and cash equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at February 28, 2013 and February 29, 2012, the Company did not hold any cash equivalents.

d)       Basic and Diluted Net Loss per Share

The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. As at February 28, 2013, the Company had 152,786 potentially dilutive shares outstanding (February 29, 2012 – nil).

e)       Financial Instruments

Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities, amounts due to related parties, and convertible debenture. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s balance sheet as at February 28, 2013 as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1) $	Significant other observable Inputs (Level 2) $	Significant Unobservable inputs (Level 3) $	Balance, February 28, 2013 $	Total Gains and (Losses) $
Derivative liability	–	–	(227,507)	(227,507)	(12,160)

f)        Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.

The Company reviews the terms of the common stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. The Company uses a Black-Scholes model for valuation of the derivative. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net cash settlement of the derivative instrument could be required within the 12 months of the balance sheet date.

g)       Comprehensive Loss

ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at February 28, 2013 and February 29, 2012, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

h)       Oil and Gas Properties

The Company utilizes the full-cost method of accounting for petroleum and natural gas properties. Under this method, the Company capitalizes all costs associated with acquisition, exploration and development of oil and natural gas reserves, including leasehold acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling of productive and non-productive wells into the full cost pool on a country by country basis. When the Company obtains proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves proved and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. The costs of unproved properties are not amortized until it is determined whether or not proved reserves can be assigned to the properties. Until such determination is made the Company assesses annually whether impairment has occurred, and includes in the amortization base drilling exploratory dry holes associated with unproved properties.

The Company applies a ceiling test to the capitalized cost in the full cost pool. The ceiling test limits such cost to the estimated present value, using a ten percent discount rate, of the future net revenue from proved reserves, based on current economic and operating conditions. Specifically, the Company computes the ceiling test so that capitalized cost, less accumulated depletion and related deferred income tax, do not exceed an amount (the ceiling) equal to the sum of: (a) The present value of estimated future net revenue computed by applying constant prices of oil and gas reserves based on an average of prices during the year (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on current cost) to be incurred in developing and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; plus (b) the cost of property not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; less (d) income tax effects related to differences between the book and tax basis of the property.

Management’s assumptions used in calculating oil and gas reserves or regarding the future net cash flows or fair value of the Company’s properties are subject to change in the future.  Any change, such as changes in reserves or commodity price forecasts, could cause changes in the fair value estimates of the properties or impairment expense to be recorded, impacting net income or loss of the Company.  Any change in reserves directly impacts future cash flows and fair values of the properties.

Estimated reserve quantities and future net cash flows have the most significant impact on the Company. These estimates are also used in the quarterly calculations of depletion, depreciation and impairment of the Company’s proved properties. Estimating accumulations of gas and oil is complex and is not exact because of the numerous uncertainties inherent in the process. Refer to Note 3 – Oil and Gas Properties for estimates recorded relating to the oil and gas properties.

i)         Asset Retirement Obligations

The Company follows the provisions of ASC 410, Asset Retirement and Environmental Obligations, which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. As at February 28, 2013, the Company recorded asset retirement obligations of $247. During the year ended February 28, 2013, the Company recorded an accretion expense of $24 (2012 - $89) and decreased the estimated asset retirement obligation by $1,036.

j)        Stock-based Compensation

The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505-50 - Equity-Based Payments to Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

k)       Revenue Recognition

Revenues associated with the sale of oil is accounted for using the sales method, whereby revenue is recognized by the operator of the mineral properties for oil sold to purchasers with the Company recognizing the portion of its share of the revenues.

l)         Recent Accounting Pronouncements

The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations

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Convertible Debenture.

12 Months Ended

Feb. 28, 2013

Convertible Debenture.

Convertible debenture.

5.     Convertible Debenture

As at February 28, 2013, the Company owes $215,000 (2012 - $150,000) to a non-related party for an outstanding note payable. Included in this amount is $32,670 which was paid by the note holder for the acquisition of oil and gas properties.  The amount owing is unsecured, bears interest at 10%, and due on demand.  As at February 28, 2013, the Company accrued $20,603 (2012 - $nil) of interest payable.

On March 15, 2012, the Company amended the terms of the note payable to be convertible at a rate of 75% of the weighted average closing price for the ten trading days immediately preceding the conversion date. During the year ended February 28, 2013, the Company recorded a loss on the debt modification of $215,347 (2012 - $nil).

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Oil and Gas Properties

12 Months Ended

Feb. 28, 2013

Oil and Gas Properties

Oil and Gas Properties

3.     Oil and Gas Properties

a)       Capitalized Costs

	Noble County, Oklahoma $	Stephens County, Oklahoma $
Capitalized costs, February 28, 2011	–	–
Acquisition costs	32,670	49,500
Other costs	1,170	–
Depreciation, depletion, and amortization	(720)	–
Impairment	(11,526)	(49,500)
Capitalized costs, February 29, 2012	21,594	–
Revision to asset retirement cost	(1,036)	–
Depreciation, depletion, and amortization	(339)	–
Impairment	(20,219)	–
Capitalized costs, February 28, 2013	–	–

i)      On May 12, 2011, the Company entered into a participation agreement to acquire a 6% working interest in oil and gas properties located in Noble County, Oklahoma for $32,670. 

ii)    On May 31, 2011, the Company entered into a participation agreement to acquire a 1% working interest in oil and gas properties located in Stephens County, Oklahoma for $49,500.

b)       Sale of Working Interest

On February 1, 2013, the Company entered into a Letter of Intent with a third party for the sale of its 1% working interest in the oil and gas properties located in Stephens County, Oklahoma for proceeds of $40,000. The sale of Company’s working interest resulted in a gain of $40,000.

c)       Non-Consent Penalty Charges and Impairment Charge

On September 14, 2012, the Company was deemed a non-consenting investor, pursuant to the Operators Agreement, in a proposal to stimulate the Noble County property to increase production. As a result, and per the operating agreement with the property operator, the Company will lose its revenue for the Noble County property for a period of time sufficient to recover 500% of the Company’s invoiced proportionate share of the total expenses for the stimulation project. Revenues earned from this property were approximately $1,000 for the year ended February 28, 2013. The proportionate expenses for the stimulation project that were charged to the Company by the Operator were approximately $6,000 for the year ended February 28, 2013. Therefore, approximately $30,000 of future revenue from this project will be paid to the other investors in this project who have consented to the stimulation project and who paid their allocable share of the approximate $6,000 of expenses that was charged to the Company, but which the Company elected not to pay, before the Company can earn future revenue from its interest in this property. This elective non-consent by the Company and 500% penalty charged pursuant to the Operators Agreement results in a full impairment of this property to be recorded at February 28, 2013.

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Non-Consent Penalty Charges and Impairment Charge (Details) (USD $)	12 Months Ended
	Feb. 28, 2013
Non-Consent Penalty Charges and Impairment Charge Details
Revenue for the Noble County property for a period of time sufficient to recover	500.00%
Revenues earned from this property were approximately	$ 1,000
Proportionate expenses for the stimulation project that were charged to the Company by the Operator were approximately	6,000
Future revenue from this project will be paid to the other investors	30,000
Allocable share of the approximately charged to the company	$ 6,000
Penalty charged pursuant to the Operators Agreement	500.00%

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Related party Transactions (Details) (USD $)	Feb. 28, 2013	Feb. 29, 2012
Related party dues Details
Due to former President and Director of the Company for the funding of general operations	$ 0	$ 4,500
Due to director of the Company for the funding of general operations and management fees	$ 58,150	$ 4,000

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Balance Sheets Parentheticals (USD $)	Feb. 28, 2013	Feb. 29, 2012
Balansheet parentheticals
Accumulated depreciation on Oil and Gas Property	$ 32,670	$ 61,746
Common Stock, par or stated value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	7,800,000	7,800,000
Common Stock, shares outstanding	7,800,000	7,800,000

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Income Tax

12 Months Ended

Feb. 28, 2013

Income Tax:

Income Taxes

8.       Income Taxes

The Company has $352,305 of net operating losses carried forward to offset taxable income in future years which expire commencing in fiscal 2030. 

The income tax benefit differs from the amount computed by applying the US federal income tax rate of 34% to net loss before income taxes for the years ended February 28, 2013 and February 29, 2012 as a result of the following:

	February 28, 2013 $	February 29, 2012 $
Net loss before taxes	(331,101)	(228,609)
Statutory rate	34%	34%
Computed expected tax recovery	112,574	77,727
Permanent differences and other	(77,000)	–
Change in valuation allowance	(35,574)	(77,727)
Income tax provision	–	–

The significant components of deferred income tax assets and liabilities as at February 28, 2013 and February 29, 2012 after applying enacted corporate income tax rates are as follows:

	February 28, 2013 $	February 29, 2012 $
Net operating losses carried forward	119,783	74,721
Oil and gas properties	11,506	20,994
Valuation allowance	(131,289)	(95,715)
Net deferred tax asset	–	–

The Company has no uncertain tax positions, or interest owing as at February 28, 2013.

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Statements of Changes in Stockholders' Deficit (USD $)	10 Months Ended	12 Months Ended
	Feb. 28, 2010	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2011	Feb. 28, 2013	Feb. 28, 2011
Common Stock Shares
Balance	0		4,800,000	1,500,000	7,800,000	4,800,000
Issuance of shares for $0.01 per share	1,500,000
Issuance of shares for $0.01 per share,				3,300,000
Shares issued for services			3,000,000
Common Stock Value
Balance	0	7,800	4,800	1,500	7,800	4,800
Issuance of shares for $0.01 per share	1,500
Net loss for the period 2010	$ 0
Proceeds from share subscriptions				0
Issuance of shares for $0.01 per share,				3,300
Net loss for the year 2011				0
Shares issued for services			3,000
Forgiveness of related party debt			0
Imputed interest expense			0
Net loss for the year 2012			0
Net loss for the year2013		0
Stock subscriptions receivable
Balance	0	0	0	0	0	0
Issuance of shares for $0.01 per share	12,500
Net loss for the period 2010	0
Proceeds from share subscriptions				(12,500)
Issuance of shares for $0.01 per share,				0
Net loss for the year 2011				0
Shares issued for services			0
Forgiveness of related party debt			0
Imputed interest expense			0
Net loss for the year 2012			0
Net loss for the year2013		0
Additional paid-in capital
Balance	0	103,557	43,200	13,500	103,557	43,200
Issuance of shares for $0.01 per share	1,000
Net loss for the period 2010	0
Proceeds from share subscriptions				12,500
Issuance of shares for $0.01 per share,				29,700
Net loss for the year 2011				0
Shares issued for services			27,000
Forgiveness of related party debt			20,500
Imputed interest expense			12,857
Net loss for the year 2012			0
Net loss for the year2013		0
Accumulated deficit
Balance	0	(74,615)	(52,995)	(2,613)	(74,615)	(52,995)
Issuance of shares for $0.01 per share	0
Net loss for the period 2010	(2,613)
Proceeds from share subscriptions				0
Issuance of shares for $0.01 per share,				0
Net loss for the year 2011				(50,382)
Shares issued for services			0
Forgiveness of related party debt			0
Imputed interest expense			0
Net loss for the year 2012			(21,620)
Net loss for the year2013		0
Accumulated deficit during the exploration stage
Balance	0	(206,989)	0	0	(538,090)	0
Issuance of shares for $0.01 per share	0
Net loss for the period 2010	0
Proceeds from share subscriptions				0
Issuance of shares for $0.01 per share,				0
Net loss for the year 2011				0
Shares issued for services			0
Forgiveness of related party debt			0
Imputed interest expense			0
Net loss for the year 2012			(206,989)
Net loss for the year2013		(331,101)
Total.
Balance	0	(170,247)	(4,995)	12,387	(501,348)	(4,995)
Issuance of shares for $0.01 per share	15,000
Net loss for the period 2010	(2,613)
Proceeds from share subscriptions				0
Issuance of shares for $0.01 per share,				33,000
Net loss for the year 2011				(50,382)
Shares issued for services			30,000
Forgiveness of related party debt			20,500
Imputed interest expense			12,857
Net loss for the year 2012			(228,609)
Net loss for the year2013		$ (331,101)

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Balance Sheets (USD $)	Feb. 28, 2013	Feb. 29, 2012
Current Assets
Cash	$ 1,704	$ 191
Accounts receivable	214	2,164
Other receivable - sale of oil and gas working interest	40,000	0
Current Assets	41,918	2,355
Oil and gas properties, proved net of accumulated depletion, depreciation and impairment of $32,670 and $61,746, respectively	0	21,594
Total Assets	41,918	23,949
Current Liabilities
Accounts payable and accrued liabilities	42,362	34,437
Due to related parties	58,150	8,500
Convertible debenture	215,000	150,000
Derivative liability	227,507	0
Current Liabilities	543,019	192,937
Asset retirement obligation	247	1,259
Total Liabilities	543,266	194,196
STOCKHOLDERS' DEFICIT
Common Stock Authorized: 100,000,000 common shares, par value of $0.001 per share Issued and outstanding: 7,800,000 common shares	7,800	7,800
Additional paid-in capital	103,557	103,557
Accumulated deficit	(74,615)	(74,615)
Accumulated deficit during the exploration stage	(538,090)	(206,989)
Total Stockholders' Deficit	(501,348)	(170,247)
Total Liabilities and Stockholders' Deficit	$ 41,918	$ 23,949

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Accounts Payable and Accrued Liabilities (Details) (USD $)	Feb. 28, 2013	Feb. 29, 2012
Accounts Payable and Accrued Liabilities Details
Trade accounts payable.	$ 4,009	$ 34,287
Accrued liabilities.	17,750	150
Accrued interest payable.	20,603	0
Total accounts payable and accrued liabilities.	$ 42,362	$ 34,437

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Fair Value Measurements (Details) (Derivative Liability., USD $)	Derivative Liability. USD ($)
Derivative Liability beginning balance at Feb. 29, 2012	$ 0
quoted prices in active markets for identical instruments( level1)	0
Significant other observable Inputs (level 2)	0
Significant other Unobservable Inputs (level 3)	(227,507)
Total gains and (Losses)	(12,160)
Derivative Liability ending balance at Feb. 28, 2013	$ (227,507)

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Related Party Transactions

12 Months Ended

Feb. 28, 2013

Related Party Transactions

Related Party Transactions

7.     Related Party Transactions

a)       As at February 28, 2013, the Company owes $nil (2012 - $4,500) to the former President and Director of the Company for the funding of general operations.  The amount owing is unsecured, non-interest bearing, and due on demand. 

b)       As at February 28, 2013, the Company owes $58,150 (2012 - $4,000) to the President and CEO of the Company for the funding of general operations and management fees. The amount owing is unsecured, non-interest bearing, and due on demand. 

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Notes Payables (Details) (USD $)	Feb. 28, 2013	Mar. 15, 2012	Feb. 29, 2012
Notes Payables Details
Company owes to a non - related party for an outstanding note payable	$ 215,000		$ 150,000
Paid by the note holder for the acquisition of oil and gas properties	32,670
Unsecured interest	10.00%
Accured interest payable on note	20,603
Company amended the terms of the note payable to be convertible at a rate weighted average closing price		75.00%
Company recorded a loss on the debt modification	$ 215,347

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Significant Accounting Policies (POLICIES)

12 Months Ended

Feb. 28, 2013

Significant Accounting Policies (POLICIES):

Basis of Presentation

a)       Basis of Presentation

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars.  The Company’s fiscal year end is February 28.

Use of Estimates

b)       Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

A significant item that requires management's estimates and assumptions is the estimate of proved oil reserves which are used in the calculation of depletion, impairment of its properties and asset retirement obligations. Other items subject to estimates and assumptions include the carrying amount of property, plant and equipment, valuation allowances for income taxes, valuation of derivatives instruments and accrued liabilities, among others. Although management believes these estimates

Cash and Cash Equivalents, Policy

c)       Cash and cash equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at February 28, 2013 and February 29, 2012, the Company did not hold any cash equivalents.

Basic and Diluted Net Loss per Share

d)       Basic and Diluted Net Loss per Share

The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. As at February 28, 2013, the Company had 152,786 potentially dilutive shares outstanding (February 29, 2012 – nil).

Financial Instruments

e)       Financial Instruments

Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities, amounts due to related parties, and convertible debenture. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s balance sheet as at February 28, 2013 as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1) $	Significant other observable Inputs (Level 2) $	Significant Unobservable inputs (Level 3) $	Balance, February 28, 2013 $	Total Gains and (Losses) $
Derivative liability	–	–	(227,507)	(227,507)	(12,160)

Derivative Financial Instruments

f)       Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.

The Company reviews the terms of the common stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. The Company uses a Black-Scholes model for valuation of the derivative. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net cash settlement of the derivative instrument could be required within the 12 months of the balance sheet date.

Comprehensive Loss

g)       Comprehensive Loss

ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at February 28, 2013 and February 29, 2012, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

Oil and Gas Properties

h)       Oil and Gas Properties

The Company utilizes the full-cost method of accounting for petroleum and natural gas properties. Under this method, the Company capitalizes all costs associated with acquisition, exploration and development of oil and natural gas reserves, including leasehold acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling of productive and non-productive wells into the full cost pool on a country by country basis. When the Company obtains proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves proved and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. The costs of unproved properties are not amortized until it is determined whether or not proved reserves can be assigned to the properties. Until such determination is made the Company assesses annually whether impairment has occurred, and includes in the amortization base drilling exploratory dry holes associated with unproved properties.

The Company applies a ceiling test to the capitalized cost in the full cost pool. The ceiling test limits such cost to the estimated present value, using a ten percent discount rate, of the future net revenue from proved reserves, based on current economic and operating conditions. Specifically, the Company computes the ceiling test so that capitalized cost, less accumulated depletion and related deferred income tax, do not exceed an amount (the ceiling) equal to the sum of: (a) The present value of estimated future net revenue computed by applying constant prices of oil and gas reserves based on an average of prices during the year (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on current cost) to be incurred in developing and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; plus (b) the cost of property not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; less (d) income tax effects related to differences between the book and tax basis of the property.

Management’s assumptions used in calculating oil and gas reserves or regarding the future net cash flows or fair value of the Company’s properties are subject to change in the future.  Any change, such as changes in reserves or commodity price forecasts, could cause changes in the fair value estimates of the properties or impairment expense to be recorded, impacting net income or loss of the Company.  Any change in reserves directly impacts future cash flows and fair values of the properties.

Estimated reserve quantities and future net cash flows have the most significant impact on the Company. These estimates are also used in the quarterly calculations of depletion, depreciation and impairment of the Company’s proved properties. Estimating accumulations of gas and oil is complex and is not exact because of the numerous uncertainties inherent in the process. Refer to Note 3 – Oil and Gas Properties for estimates recorded relating to the oil and gas properties.

Asset Retirement Obligations

i)       Asset Retirement Obligations

The Company follows the provisions of ASC 410, Asset Retirement and Environmental Obligations, which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. As at February 28, 2013, the Company recorded asset retirement obligations of $247. During the year ended February 28, 2013, the Company recorded an accretion expense of $24 (2012 - $89) and decreased the estimated asset retirement obligation by $1,036.

Stock-based Compensation

j)       Stock-based Compensation

The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505-50 - Equity-Based Payments to Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

Revenue Recognition

k)       Revenue Recognition

Revenues associated with the sale of oil is accounted for using the sales method, whereby revenue is recognized by the operator of the mineral properties for oil sold to purchasers with the Company recognizing the portion of its share of the revenues.

Recent Accounting Pronouncements

l)       Recent Accounting Pronouncements

The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations

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Derivative Liability.

12 Months Ended

Feb. 28, 2013

Derivative Liability.

Derivative liability.

6.     Derivative Liability

The conversion option of the convertible debenture disclosed in Note 5 is required to record a derivative at its estimated fair value on each balance sheet date with changes in fair value reflected in the statement of operations.

During the year ended February 28, 2013, the Company recorded a gain on the change in fair value of the conversion option derivative liability of $12,160 (2012 - $nil) and as of February 28, 2013, the fair value of the conversion option derivative liability was $227,507 (2012 - $nil).

The fair value of the derivative financial liability was determined using the Black-Scholes option pricing model, using the following assumptions:

	Expected Volatility	Risk-free Interest Rate	Expected Dividend Yield	Expected Life (in years)
As at issuance date:
March 15, 2012 convertible debenture	268%	0.13%	0%	2.00
As at February 28, 2013:
March 15, 2012 convertible debenture	231%	0.17%	0%	1.04

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Nature of Operations and Continuance of Business

12 Months Ended

Feb. 28, 2013

Nature of Operations and Continuance of Business

Nature of Operations and Continuance of Business

1.     Nature of Operations and Continuance of Business

Mokita, Inc. (the “Company”) was incorporated in the State of Nevada on April 21, 2009. The Company is an exploration stage company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, Development Stage Entities. The Company’s principal operations were to provide credit card payment systems.  In May 2011, the Company acquired working interests in oil and gas properties and changed its’ principal operations to the acquisition and development of oil and gas properties. 

Going Concern

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As at February 28, 2013, the Company has a working capital deficit of $501,101 and an accumulated deficit of $612,705. The Company’s total operating expenditure plan for the following twelve months will require cash of approximately $75,000.  The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.  These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. 

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Federal income tax rate Reconciliation (Details) (USD $)	12 Months Ended
	Feb. 28, 2013	Feb. 29, 2012
Net loss before income taxes Details
Net operating losses carried forward to offset taxable income in future	$ 352,305	$ 0
Net loss before taxes;	(331,101)	(228,609)
Statutory rate;	34.00%	34.00%
Computed expected tax recovery;	112,574	77,727
Permanent differences and other;	(77,000)	0
Change in valuation allowance;	(35,574)	(77,727)
Income tax provision;	$ 0	$ 0

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Payables And Liabilities (Tables)

12 Months Ended

Feb. 28, 2013

Payables And Liabilities:

Payables And Liabilities

	2013 $	2012 $
Trade accounts payable	4,009	34,287
Accrued liabilities	17,750	150
Accrued interest payable	20,603	–
Total accounts payable and accrued liabilities	42,362	34,437

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Subsequent Events

12 Months Ended

Feb. 28, 2013

Subsequent Events

Subsequent Events

9.     Subsequent Events

We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events.

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Going Concern (Details) (USD $)	Feb. 28, 2013
Going Concern Details
Working capital deficit	$ 501,101
Deficit Accumulated.	612,705
Operating Expenditure in cash	$ 75,000

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Fair Value Of derivative Liabilities (Tables)

12 Months Ended

Feb. 28, 2013

Fair Value Of derivative Liabilities:

Fair Value Of derivative Liabilities

The fair value of the derivative financial liability was determined using the Black-Scholes option pricing model, using the following assumptions:

	Expected Volatility	Risk-free Interest Rate	Expected Dividend Yield	Expected Life (in years)
As at issuance date:
March 15, 2012 convertible debenture	268%	0.13%	0%	2.00
As at February 28, 2013:
March 15, 2012 convertible debenture	231%	0.17%	0%	1.04

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Document and Entity Information (USD $)	12 Months Ended
	Feb. 28, 2013	Jun. 11, 2013	Aug. 31, 2012
Document and Entity Information
Entity Registrant Name	MOKITA, INC.
Document Type	10-K
Document Period End Date	Feb. 28, 2013
Amendment Flag	false
Entity Central Index Key	0001493212
Current Fiscal Year End Date	--02-29
Entity Common Stock, Shares Outstanding		7,800,000
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	2013
Document Fiscal Period Focus	FY
Entity Public Float			$ 8,167,500

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Income Taxes (Tables)

12 Months Ended

Feb. 28, 2013

Income Taxes (Tables):

Effective Income Tax Rate Reconciliation

The income tax benefit differs from the amount computed by applying the US federal income tax rate of 34% to net loss before income taxes for the years ended February 28, 2013 and February 29, 2012 as a result of the following:

	February 28, 2013 $	February 29, 2012 $
Net loss before taxes	(331,101)	(228,609)
Statutory rate	34%	34%
Computed expected tax recovery	112,574	77,727
Permanent differences and other	(77,000)	–
Change in valuation allowance	(35,574)	(77,727)
Income tax provision	–	–

Deferred Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities as at February 28, 2013 and February 29, 2012 after applying enacted corporate income tax rates are as follows:

	February 28, 2013 $	February 29, 2012 $
Net operating losses carried forward	119,783	74,721
Oil and gas properties	11,506	20,994
Valuation allowance	(131,289)	(95,715)
Net deferred tax asset	–	–