10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10–Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2015

or

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

For the transition period from ____________ to ________________

Commission file number: 333-184061

FREEDOM PETROLEUM INC.

(Exact name of registrant as specified in its charter)

Nevada	45-5540446
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

650 Poydras Street, Office 15 Suite 1400, New Orleans LA 70130

(Address of principal executive offices)

1-504-799-2550

(Registrant’s telephone number, including area code)

(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 [X]  No [  ]

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 [  ] No [  ]

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

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]

As of March 20, 2015, there were 53,469,477 shares of the issuer’s common stock, par value $0.0001, outstanding.

FREEDOM PETROLEUM INC.

Form 10-Q

Part I	FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements	3
	Balance Sheets	3
	Statements of Operations	4
	Statement of Stockholders’ Equity (Deficit)	5
	Statements of Cash Flows	6
	Notes to unaudited Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 4.	Controls and Procedures	18
Part II.	OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 5.	Other Information	19
Item 6.	Exhibits	19

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

FREEDOM PETROLEUM, INC.

BALANCE SHEETS

	January 31,			July 31,
	2015			2014
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	-		$	76,108
Deposits		1,318			1,318
Total Current Assets		1,318			77,426
Oil and gas property		61,299			-
Total Assets	$	62,617		$	77,426
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current Liabilities
Bank overdraft	$	295		$	-
Accounts payable and accrued expenses		34,546			6,300
Due to related parties		134,492			54,274
Total Current Liabilities		169,333			60,574
Stockholders’ Equity (Deficit)
Preferred stock, $0.0001 par value; 20,000,000 shares authorized,
0 shares issued and outstanding		-			-
Common stock, $0.0001 par value, 100,000,000 shares authorized;
53,469,477 and 52,828,852 shares issued and outstanding, respectively		5,347			5,283
Common stock subscriptions		-			150,000
Additional paid-in capital		500,451			295,515
Accumulated deficit		(612,514	)		(433,946	)
Total Stockholders’ Equity (Deficit)		(106,716	)		16,852
Total Liabilities and Stockholders' Equity (Deficit)	$	62,617		$	77,426

The accompanying notes are an integral part of these financial statements.

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FREEDOM PETROLEUM, INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2015			2014			2015			2014
Revenues	$	-		$	-		$	-		$	-
Operating Expenses
General and administrative		17,956			22,028			31,663			23,445
Professional fees		33,303			23,225			64,217			26,225
Consulting fees – related party		30,000			-			60,000			-
Website design		14,856			-			22,688			-
Total Operating Expenses		96,115			45,253			178,568			49,670
Loss From Operations		(96,115	)		(45,253	)		(178,568	)		(49,670	)
Other Income		-			-			-			900
Loss Before Provision for Income Taxes		(96,115	)		(45,253	)		(178,568	)		(48,770	)
Provision for Income Taxes		-			-			-			-
Net Loss	$	(96,115	)	$	(45,253	)	$	(178,568	)	$	(48,770	)
Net Loss Per Share: Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted Average Number of Shares Outstanding: Basic and Diluted		53,465,741			52,201,401			53,149,844			52,200,700

The accompanying notes are an integral part of these financial statements.

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FREEDOM PETROLEUM, INC.

STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)

													Total
	Common Stock				Additional		Common Stock			Accumulated			Stockholders'
	Shares		Amount		Paid in Capital		Subscription			Deficit			Equity (Deficit)
Balance, July 31, 2013 (Audited)		52,200,000	$	5,220	$	62,740	$	-		$	(78,510	)	$	(10,550	)
Forgiveness of related party payable		-		-		12,740		-			-			12,740
Stock issued for debt		128,852		13		45,085		-			-			45,098
Stock issued for compensation		500,000		50		174,950		-			-			175,000
Common stock subscription received		-		-		-		150,000			-			150,000
Net loss for the year (audited)		-		-		-		-			(355,436	)		(355,436	)
Balance, July 31, 2014 (Audited)		52,828,852		5,283		295,515		150,000			(433,946	)		16,852
Common stock issued for cash		640,625		64		204,936		(150,000	)		-			55,000
Net loss for the period (unaudited)		-		-		-		-			(178,568	)		(178,568	)
Balance, January 31, 2015 (Unaudited)		53,469,477	$	5,347	$	500,451	$	-		$	(612,514	)	$	(106,716	)

The accompanying notes are an integral part of these financial statements.

5

FREEDOM PETROLEUM, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended
	January 31,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$	(178,568	)	$	(48,770	)
Change in operating assets and liabilities:
Accounts payable and accrued expenses		28,246			(3,400	)
Accrued compensation		40,000			(1,318	)
Net Cash Used in Operating Activities		(110,322	)		(53,488	)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of unproved oil and gas properties		(61,299	)		-
Net Cash Used in Investing Activities		(61,299	)		-
CASH FLOWS FROM FINANCING ACTIVITIES
Bank overdraft		295			-
Advance received from related parties		40,218			53,098
Repayment to related parties		-			(1,084	)
Proceeds from issuance of common stock		55,000			-
Net Cash Provided by Financing Activities		95,513			52,014
Net decrease in cash and cash equivalents		(76,108	)		(1,474	)
Cash and cash equivalents, beginning of the period		76,108			1,674
Cash and cash equivalents, end of the period	$	-		$	200
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	$	-		$	-
Cash paid for interest	$	-		$	-

The accompanying notes are an integral part of these financial statements.

6

FREEDOM PETROLEUM, INC.

NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 2015

(UNAUDITED)

NOTE 1 – GENERAL ORGANIZATION AND BUSINESS

Freedom Petroleum, Inc. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on June 13, 2012. The Company intends to engage in the exploration and development of oil and gas properties. The Company’s fiscal year end is July 31.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

Basis of Presentation

The interim financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations.  This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended July 31, 2014.

The unaudited financial statement and notes are presented in accordance with accounting principles generally accepted in the United States of America (GAAP).  These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. The Company had $0 and $76,108 of cash at January 31, 2015 and July 31, 2014, respectively. As at January 31, 2015, the company’s bank account was over drawn by $295.

Fair Value of Financial Instruments

The Company's financial instruments consist of cash, accounts payable and accrued expenses, and amounts due to related parties.  The fair value of these financial instruments approximate carrying amounts due either to length of maturity or interest rates that approximate prevailing rates unless otherwise disclosed in these financial statements.

Revenue Recognition

The Company has yet to realize revenues from operations. The Company will recognize revenue when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is reasonably assured.

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Oil and Gas Properties

The Company uses the full cost method of accounting for oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain payroll, asset retirement costs, other internal costs, and interest incurred for the purpose of finding oil and natural gas reserves, are capitalized. Internal costs that are capitalized are directly attributable to acquisition, exploration and development activities and do not include costs related to production, general corporate overhead or similar activities. Costs associated with production and general corporate activities are expensed in the period incurred. Proceeds from the sale of oil and natural gas properties are applied to reduce the capitalized costs of oil and natural gas properties unless the sale would significantly alter the relationship between capitalized costs and proved reserves, in which case a gain or loss is recognized.

Capitalized costs associated with impaired properties and capitalized costs related to properties having proved reserves, plus the estimated future development costs, and asset retirement costs under ASC 410 “Asset Retirement and Environmental Obligations”, are amortized using the unit-of-production method based on proved reserves. Capitalized costs of oil and natural gas properties, net of accumulated amortization and deferred income taxes, are limited to the total of estimated future net cash flows from proved oil and natural gas reserves, discounted at ten percent, plus the cost of unevaluated properties.

There are many factors, including global events that may influence the production, processing, marketing and price of oil and natural gas. A reduction in the valuation of oil and natural gas properties resulting from declining prices or production could adversely impact depletion rates and capitalized cost limitations. Capitalized costs associated with properties that have not been evaluated through drilling or seismic analysis are excluded from the unit-of-production amortization. Exclusions are adjusted annually based on drilling results and interpretative analysis.

Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. If it is determined that the relationship is significantly altered, the corresponding gain or loss will be recognized in the statements of operations.

Costs of oil and gas properties are amortized using the units of production method.

Ceiling test: Under the full cost method of accounting, the net book value of oil and gas properties, less related deferred income taxes, may not exceed a calculated “ceiling”. The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum and adjusted for cash flow hedges. Estimated future net cash flows exclude future cash outflows associated with settling accrued asset retirement obligations.

The Company has adopted U.S. Securities and Exchange Commission (“SEC”) Release 33-8995 and the amendments to ASC 932, “Extractive Industries – Oil and Gas” (the Modernization Rules). Under the Modernization Rules, estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of production, except where prices are defined by contractual arrangements.

Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional depletion, depreciation and amortization expense (“DD&A”) in the accompanying statement  of operations. Such limitations are tested quarterly. As at January 31, 2015 and July 31, 2014, the Company had oil and gas property costs of $61,299 and $0, respectively.

Impairment of Oil and Gas Properties

Unproved oil and gas properties are assessed at each reporting period for impairment of value, and a loss is recognized at the time of the impairment by providing an impairment allowance.  An asset would be impaired if the undiscounted cash flows were less than its carrying value. Impairments are measured by the amount by which the carrying value exceeds its fair value. Because the Company uses the successful efforts method, the Company assesses its properties individually for impairment, instead of on an aggregate pool of costs. Impairment of unproved properties is based on the facts and circumstances surrounding each

8

lease and is recognized based on management’s evaluation. Management’s evaluation follows a two-step process where (1) recoverability of the carrying value of the asset is reviewed to determine if there is sufficient value recoverable to support the capitalized value at the report date; and, (2) if assets fail the recoverability test, impairment testing is conducted, including the evaluation of various criteria such as: prior history of successful operations; production currently in place and/or future projected cash flows (if any); reserve reports or evaluations from which management can prepare future cash flow analyses; the Company’s ability to monetize the asset(s) under evaluation; and Management’s intent regarding future development.

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.  The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. The Company had no stock-based expenses, for the six months ended January 31, 2015 and 2014.

The Company follows ASC Topic 505-50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined.  There has been no stock-based compensation issued to non-employees.

Income Taxes

The Company provides for income taxes using an asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.  No provision for income taxes is included in the statement due to its immaterial amount, net of the allowance account, based on the likelihood of the Company to utilize the loss carry-forward.

Basic and Diluted Earnings (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as at January 31, 2015 and 2014.

Recent Accounting Pronouncements

In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.    Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity's liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity's liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity's liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events.  The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.  The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure.

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as "Development Stage Entities" (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity.   Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915.  The Company has adopted this standard.

Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements.

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NOTE 3 – DUE TO RELATED PARTY

During the year ended July 31, 2014, the current sole director and officer, who is also a majority shareholder, advanced the Company $24,274 for operating expenses. During the six months ended January 31, 2015, the director advanced another $40,218 to the Company for operating expenses and the total balance of $64,274 was included in amount due to related party as at January 31, 2015. The loan is unsecured, non-interest bearing, and has no specific terms of repayment.

Pursuant to an employee agreement effective on March 1, 2014, the Company was obligated to pay $10,000 per month to the current sole officer and director for management service. During the year ended July 31, 2014, $20,000 was paid to this officer and $30,000 was included in amount due to related parties as at July 31, 2014. On August 1, 2014, $20,000 was paid to the officer. During the six months ended January 31, 2015, $70,000 unpaid consulting fees were included in the amount due to related party.

As at January 31, 2015 and July 31, 2014, our sole officer and director was owed $134,492 and $54,274, respectively.

NOTE 4 – OIL AND NATURAL GAS PROPERTIES

On October 10, 2014, the Company entered into a Purchase and Sale Agreement with Shalex Corporation (“Shalex”) (the “Agreement”) whereby the Company purchased a one hundred percent (100%) undivided working interest and shall receive 87% Net Revenue Interest (NRI) in certain oil and gas interests (Crown Land) and properties arising from the oil and gas leases (the “Leases”), which together comprise a parcel of 2,304 hectares in the Bentley area of Alberta, Canada (the “Property”) and (ii) the Pre-Existing Well (the "Well").  In exchange for the Leases, the Company will pay an aggregate of four hundred thousand dollars (US$400,000) (the “Purchase Price”) incrementally, at an agreed upon payment schedule, following the completion of certain administrative benchmarks as set forth in the Agreement, such as the requirement to provide certain financial materials regarding the Leases to the Company; such benchmarks are also therefore a condition to closing the transaction.  The closing of the transaction, and transfer of title from Shalex to the Company, shall occur within 30 days after payment of the full Purchase Price; provided however, that it shall not take place later than 135 days following the signing of the Agreement.  The Purchase Price shall be reduced to $360,000 if a continuation application for one of the Leases on the Property is not approved.

In consideration for the Agreement, the Company has agreed to pay the following amounts on or before the dates specified in the following schedule:

	Cash Payments (USD)
On or before November 5, 2014 (paid)	$	50,000
On or before December 8, 2014		125,000
On or before January 20, 2015		125,000
On or before March 6, 2015		100,000
	$	400,000

On December 11, 2014, the Company amended the Agreement to defer the December 8, 2014 payment of $125,000 to January 1, 2015; however, as of the date of this Report, the Company has only made the payment of $50,000 under the Agreement, and none of the December, January or March payment was made, but Shalex has not terminated the Agreement. We are currently negotiating with Shalex to amend the Agreement to implement a new timeframe and amounts for the payments.

The parties agreed to pay all maintenance costs, as such term is defined in the Agreement, associated with the leases for the calendar years ending December 31, 2014 and 2015, on a pro-rata basis based upon the date the Agreement was signed and such costs were previously paid by Shalex.  The Company maintains the right to surrender in whole or part any of the Leases by non-payment of delay rentals, provided that the Company gives Shalex at least 60 days prior written notice.  If Shalex does not agree to the surrender, the Company must assign all interest conveyed pursuant to the Agreement on the Lease(s) to Shalex absolutely free and clear of any liens, overriding royalty or other encumbrances of any kind whatsoever other than those in existence at the time of the Agreement or placed thereon pursuant thereto.

The Agreement contains representations, warranties and covenants by the Company and Shalex that are customary for transactions of this type such as (i) in the case of the Company: organization, good standing and qualification to do business; capitalization; authorization and enforceability of the transaction and transaction documents; consents being obtained or not required to consummate the transaction; and compliance with securities laws; and (ii) in the case of Shalex: ownership of the property and lack of asserted defaults.

The Agreement may be terminated, (i) by the Company if they identify an issue, prior to the final payment of the Purchase Price, that would prevent them from being able to use the Property in a manner consistent with the spirit and intended purpose of this Agreement; (ii) by Shalex if the Company does not make the payments by the contractually agreed to deadline; and (iii) upon mutual consent of the parties.

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During the six months ended January 31, 2015, the Company capitalized $50,000 acquisition costs and $11,299 maintenance costs for this oil and gas properties.

NOTE 5 – CAPITAL STOCK

Preferred Stock

The Company has 20,000,000 authorized preferred shares with a par value of $0.0001 per share.  The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes.

There were no shares of preferred stock issued and outstanding as of January 31, 2015 and July 31, 2014.

Common Stock

The Company has authorized 100,000,000 common shares with a par value of $0.0001 per share.  Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

During the year ended July 31, 2014, the Company issued to the sole officer and director, who is also a majority stockholder, 128,852 shares of common stock at a price of approximately $0.35 per share for debt cancellation of $45,098.

During the year ended July 31, 2014, the Company issued to the sole officer and director, who is also a majority stockholder, 500,000 shares of common stock at a price of $0.35 per share for compensation of $175,000, pursuant to an employee agreement.

During the year ended July 31, 2014, related parties forgave loans of $12,740 which was recorded as additional paid in capital.

During the three months ended October 31, 2014, the Company issued 468,750 shares of common stock at a price of  $0.32 per share for total cash proceeds of $150,000, which was received prior to the year ended of July 31, 2014.

On November 3, 2015, the Company issued 171,875 shares of common stock at a price of $0.32 per share for total cash proceeds of $55,000 to an unaffiliated investor pursuant to a Share Purchase Agreement dated October 20, 2014.

There were  53,469,477 and 52,828,852 shares of common stock issued and outstanding as of January 31, 2015 and July 31, 2014, respectively.

NOTE 6 – INCOME TAXES

For the six months ended January 31, 2015 and 2014, the Company has incurred a net loss and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved.  The cumulative net operating loss carry-forward was approximately $612,514 at January 31, 2015 and will expire beginning in the year 2032.  Income taxes for the years ended July 31, 2012 through 2014 remain subject to examination.

The provision for Federal income tax consists of the following for the periods ended January 31, 2015 and 2014:

	2015		2014
Federal income tax benefit attributable to:
Current operations	$	60,713	$	16,582
Less: valuation allowance		(60,713)		(16,582)
Net provision for Federal income taxes	$	-	$	-

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The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of January 31, 2015 and July 31, 2014:

	January 31, 2015		July 31, 2014
Deferred tax asset attributable to:
Net operating loss carryover	$	208,255	$	147,541
Less: valuation allowance		(208,225)		(147,541	)
Net deferred tax asset	$	-	$	-

Due to the change in ownership provisions of the Tax Reform Act, net operating loss carry-forwards of $612,514 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.

NOTE 7 – ENVIRONMENTAL AND OTHER CONTINGENCIES

The Company’s operations and earnings may be affected by various forms of governmental action in the United States and the countries that the oil & gas properties located. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; royalty and revenue sharing increases; import and export controls; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation of property; restrictions and preferences affecting the issuance of oil and gas or mineral leases; restrictions on drilling and/or production; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations and may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company.

Companies in the oil and gas industry are subject to numerous federal, state, and local regulations dealing with the environment. Violation of federal or state environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction bans or delays. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result.

The Company currently leases a property at which hazardous substances could have been or are being handled. In addition, many of these properties have been operated by third parties whose treatment and disposal or release of hydrocarbons or other wastes were not under the Company’s control. Under existing laws, the Company could be required to remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to clean up contaminated property (including contaminated groundwater) or to perform remedial plugging operations to prevent future contamination. The Company is investigating the extent of any such liability and the availability of applicable defenses and believes the costs related to these sites will not have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

The Company’s liability for remedial obligations includes certain amounts that are based on anticipated regulatory approval for proposed remediation of former refinery waste sites. Although regulatory authorities may require more costly alternatives than the proposed processes, the cost of such potential alternative processes is not expected to be a material amount. Certain environmental expenditures are likely to be recovered by the Company from other sources, primarily environmental funds maintained by certain states. Since no assurance can be given that future recoveries from other sources will occur, the Company has not recorded a benefit for likely recoveries.

12

There is the possibility that environmental expenditures could be required at currently unidentified sites, and new or revised regulations could require additional expenditures at known sites. However, based on information currently available to the Company, the amount of future remediation costs incurred at known or currently unidentified sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. The Company has recorded $0 for its estimated asset retirement obligations as at January 31, 2015 and July 31, 2014.

NOTE 8 – COMMITMENTS AND CONTINGENCIES

On December 20, 2013, the Company entered into an Office Services Agreement with Abby Office Centers for renting office space, furniture and equipment from January 1, 2014 to December 31, 2014 for a monthly price of $1,251.

On November 25, 2014, the Company entered into an Office User Agreement with Key Business Center to rent office space in Boise, Idaho on a month to month basis at the rate of $843 per month; the agreement required a set up fee of $275 and a security deposit of $300.

NOTE 9 – GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has a capital deficiency of $168,015 and has incurred losses since inception resulting in an accumulated deficit of $612,514 as at January 31, 2015. Further losses are anticipated in the development of the business, raising substantial doubt about the Company’s ability to continue as a going concern.

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from directors and/or private placement of common stock.

NOTE 10 – SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date these financial statements were available to be issued.  Based on our evaluation no additional events have occurred that require disclosure.

13

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

Forward-Looking Statements

Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses.  Such forward-looking statements include, among others, those statements including the words “expects,” “anticipates,” “intends,” “believes” and similar language.  Our actual results may differ significantly from those projected in the forward-looking statements.  Factors that might cause or contribute to such differences include, but are not limited to, those discussed herein as well as in the “Description of Business – Risk Factors” section in our Annual Report on Form 10-K, as filed on October 29, 2014.  You should carefully review the risks described in our Annual Report and in other documents we file from time to time with the Securities and Exchange Commission.  You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report.  We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

All references in this Form 10-Q to the “Company,” “Freedom Petroleum,” “we,” “us,” or “our” are to Freedom Petroleum, Inc.

Our unaudited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

Overview

Freedom Petroleum, Inc. (the “Company”), an exploration stage company, was incorporated in the State of Nevada on June 13, 2012. We are engaged in the exploration and development of oil and gas properties.

In January 2014, we were a party to that certain Securities Purchase Agreement (the "Agreement") by and among ourselves, certain of our shareholders (the "Selling Shareholders") owning an aggregate of 27,000,000 shares (approximately 51.7%) of our common stock (the "Sold Stock") and Anton Lin ("Lin").  Pursuant to the Agreement, Lin purchased the Sold Stock for $27,000 (the "Purchase Price") from the Selling Shareholders in a private sale transaction (the "Private Sale"). The Selling Shareholders were our former sole officer and director: Thomas Hynes ("Hynes") and corporate secretary: Nina Bijedic ("Bijedic"). Pursuant to the Agreement, Hynes and Bijedic submitted their resignations from all positions held with us; prior to the closing of the Private Sale, our Board of Directors appointed Lin as our sole director and Chief Executive Officer, which appointment took effect immediately following the close of the Private Sale.  Following the Private Sale, a change in control occurred since Mr. Lin gained ownership of almost 52% of our outstanding common stock.

We have had limited operations and have been issued a "going concern" opinion by our auditor, based upon our reliance on the sale of our common stock as the sole source of funds for our future operations.

Plan of Operation

We are a start-up, exploration-stage company and have not yet generated or realized any revenues from our business operations.

During the last period, the Company has been assessing the impact of the fall in oil prices on the sector, and considering the outlook for the sector.  To this end, it has been a relatively quiet period without further investment into oil and gas properties.  However the Company has not terminated its agreement with Shalex entered into on October 10, 2014 (see below) and still holds a very promising oil and gas exploration stage property in the Bentley region of Alberta, Canada.

14

Our auditors have issued a going concern opinion on our audited financial statements for the year ended July 31, 2014.  This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills.  This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals.  There is no assurance we will ever reach this point.  Accordingly, we must raise cash from other sources.  Our only other source for cash at this time is investments by others.  We must raise cash to implement our project and stay in business. As of January 31, 2015 and July 31, 2014, the Company had $0 and $76,108 in cash on hand, respectively.  As at January 31, 2015, our bank account was overdrawn $295.

On October 10, 2014, we entered into a Purchase and Sale Agreement with Shalex Corporation (“Shalex”) (the “Agreement”) whereby we purchased a one hundred percent (100%) undivided working interest and shall receive an 87% Net Revenue Interest (NRI) in certain oil and gas interests (Crown Land) and properties arising from the oil and gas leases (the “Leases”), which together comprise a parcel of 2,304 hectares in the Bentley area of Alberta, Canada (the “Property”) and (ii) the Pre-Existing Well (the "Well").  In exchange for the Leases, we will pay an aggregate of four hundred thousand dollars (US$400,000) (the “Purchase Price”) incrementally, at an agreed upon payment schedule, following the completion of certain administrative benchmarks as set forth in the Agreement, such as the requirement to provide certain financial materials regarding the Leases to us; such benchmarks are also therefore a condition to closing the transaction.  The closing of the transaction, and transfer of title from Shalex to us, shall occur within 30 days after payment of the full Purchase Price; provided however, that it shall not take place later than 135 days following the signing of the Agreement.  The Purchase Price shall be reduced to $360,000 if a continuation application for one of the Leases on the Property is not approved.  We have not yet made the payment due in December 2014 or January 2015, but as of the date of this Report, Shalex has not terminated the Agreement.

The parties agreed to pay all maintenance costs, as such term is defined in the Agreement, associated with the leases for the calendar years ending December 31, 2014 and 2015, on a pro-rata basis based upon the date the Agreement was signed and such costs were previously paid by Shalex.  We maintain the right to surrender in whole or part any of the Leases by non-payment of delay rentals, provided that we give Shalex at least 60 days prior written notice.  If Shalex does not agree to the surrender, we must assign all interest conveyed pursuant to the Agreement on the Lease(s) to Shalex absolutely free and clear of any liens, overriding royalty or other encumbrances of any kind whatsoever other than those in existence at the time of the Agreement or placed thereon pursuant thereto.

Our plan now is to explore the Leases and hope that we will ultimately be able to develop same.

If we are unable to complete any phase of our exploration program because we do not have sufficient capital, we may cease operations until we raise more money.  If we cannot or do not raise additional capital, we will cease operations.  If we cease operations, we do not have any additional plans at this time.

Limited Operating History; Need for Additional Capital

There is no historical financial information about us upon which to base an evaluation of our performance.  We are an exploration stage corporation and have not generated any revenues from operations.  We cannot guarantee we will be successful in our business operations.  Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

To become profitable and competitive, we must conduct the research and exploration of our properties before we start production of any minerals we may find.  We sought equity financing to provide for the capital required to implement our research and exploration phases.  We do not believe we have sufficient funds to operate our business for the next 12 months.

15

We have no assurance that future financing will be available to us on acceptable terms, or at all.  If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations.  Equity financing could result in additional dilution to existing shareholders.

If we are unable to complete any phase of our exploration program or fail to raise additional capital to maintain our operations in the future, we may be unable to carry out our full business plan or we may be forced to cease operations.

We are currently dependent on our sole officer and director for providing the necessary capital to operate.  For the period ended January 31, 2015, our officer has advanced a total of $40,218, for operating expenses.

Results of Operations

The following summary of our results of operations, for the three months ended January 31, 2015 and 2014, should be read in conjunction with our audited financial statements for the year ended July 31, 2014, as included in our Form 10-K filed on October 29, 2014.

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities, but we cannot guarantee that we will be able to achieve same.

The following table provides selected financial data about our company as of January 31, 2015 and July 31, 2014.

Balance Sheet Data

	January 31, 2015		July 31, 2014
Cash (overdraft)	$	-	$	76,108
Total Assets	$	1,318	$	77,426
Total Liabilities	$	169,333	$	60,574
Stockholders’ Equity (Deficit)	$	(106,716)	$	16,852

We have not generated any revenues since inception (June 13, 2012) through January 31, 2015.

For the Three Months Ended January 31, 2015 Compared to the Three Months Ended January 31, 2014

	Three Months Ended January 31,
	2015		2014
Operating revenues	$	-	$	-
Operating expenses:
General and administrative		17,956		22,028
Professional fees		33,303		23,225
Consulting fees – related party		30,000		-
Website design		14,856		-
Total Operating expenses		96,115		45,253
Loss from Operations		(96,115)		(45,253)
Other income		-		-
Provision for income tax		-		-
Net loss	$	(96,115)	$	(45,223)

16

Our operating expenses, for the three months ended January 31, 2015 increased $50,862 or 112% as compared to the same period in 2014.  During the three month period ended January 31, 2015, we recorded $14,856 for website development costs and a $30,000 consulting fee to the sole officer and director, who is also our majority shareholder pursuant to his employment contract, compared to no expenses for these items for the same period in 2014. Expenses, from professional, general and administrative fees, were $51,259 for the three months ended January 31, 2015 as compared to $45,253 for the same period in 2014. This increase was largely due to increased professional fees during the three month period ended January 31, 2015 of $10,078, which were offset by a decrease in general and administrative expenses of $4,072.

For the Six Months Ended January 31, 2015 Compared to the Six Months Ended January 31, 2014

	Six Months Ended January 31,
	2015		2014
Operating revenues	$	-	$	-
Operating expenses:
General and administrative		31,663		23,445
Professional fees		64,217		26,226
Consulting fees – related party		60,000		-
Website design		22,688		-
Total Operating expenses		178,568		49,670
Loss from Operations		(178,568)		(49,670)
Other income		-		900
Provision for income tax		-		-
Net loss	$	(178,568)	$	(48,770)

Our operating expenses, for the six months ended January 31, 2015 increased $128,898 or 260% as compared to the same period in 2014.  During the six month period ended January 31, 2015, we recorded $22,688 for website development costs and a $60,000 consulting fee to the sole officer and director, who is also our majority shareholder pursuant to his employment contract, compared to no expenses for these items for the same period in 2014. Expenses, from professional, general and administrative fees, were $95,880 for the six months ended January 31, 2015 as compared to $49,670 for the same period in 2014. This increase was largely due to increased general and administrative fees and professional fees during the six month period ended January 31, 2015 of $8,218 and $37,992 respectively.

The six month period ending January 31, 2014 was principally the start-up period for the Company.  Costs were lower due to less activities and cash flow was realized through the issuance of shares to fund the Company’s initial operations.  During the six month period ended January 31, 2015, we sought to increase the focusof the Company's activity and operations. We spent significant resources on finding and vetting a new oil and gas property, commenced development of a new website, and incurred increased professional and administrative expenses, thus increasing operating expenditures.  We expect operating expenses to continue to increase over the next 12 months as we expand our operations and development of our oil and gas property.

Liquidity and Capital Resources

Working Capital

	Six months Ended January 31, 2015		Six months Ended July 31, 2014
Current Assets	$	1,318	$	77,426
Current Liabilities	$	169,333	$	60,574
Working Capital (Deficiency)	$	(168,015)	$	16,852

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Cash Flows

	Six months Ended January 31, 2015		Six months Ended January 31, 2014
Cash Flows used in Operating Activities	$	(110,322)	$	(53,488)
Cash Flows used in Investing Activities	$	(61,299)	$	-
Cash Flows provided by Financing Activities	$	95,513	$	52,014
Net decrease in Cash During Period	$	(76,108)	$	(1,474)

Cash Flow from Operating Activities

During the six month period ended January 31, 2015, cash used in operating activities was $110,322 compared to cash used in operating activities of $53,488 during the period ended January 31, 2014. The increase in cash used in operating activities was attributed to the increase in operating losses offset by increased operating liabilities owed and unpaid at January 31, 2015.  The Company had a net loss of $178,568 but this loss was offset by an increase in accounts payable and accrued compensation of $68,246.  Of these accounts payable, $28,246 was for trade accounts payable and accrued expenses and another $40,000 in compensation to our sole officer and director. For the six month period ended January 31, 2014, the company had a net loss of $48,770 and used cash to pay accounts payable and accrued compensation of $3,400 and 1,318, respectively.

Cash Flow from Investing Activities

During the six month period ended January 31, 2015 cash used in investing activities was $61,299 as compared to no investments for the same period in 2014.  During the period ended January 31, 2015, we spent $61,299 cash on our prior acquisition of certain oil and gas property on October 10, 2014.

Cash Flow from Financing Activities

During the six month period ended January 31, 2015, cash provided by financing activities was $95,513 compared to cash provided by financing activities of $52,014, for the same period in 2014.  The increase in 2015 is largely attributable to $55,000 in proceeds from the issuance of shares of common stock. Our sole officer and director advanced $40,218 during 2015, for operating expenses, compared to $52,014 advanced from related parties in the same period for 2014.

Off-Balance Sheet Arrangements

We do not have any 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 investors.

Item 4. Control and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q.  In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.  In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.  The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

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Based on that evaluation, our chief executive officer and chief financial officer concluded that, as of July 31, 2014 and January 31, 2015, our disclosure controls and procedures were not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules, regulations and forms, and (ii) that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls Over Financial Reporting

There were no changes in the Company’s internal controls over financial reporting that occurred during the period covered by this Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

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

Information on any and all equity securities we have sold during the period covered by this Report that were not registered under the Securities Act of 1933, as amended and not included in a previously filed Current Report on Form 8-K is set forth below:

On October 20, 2014, the Company entered into a Share Purchase Agreement with one non-US investor, pursuant to Regulation S, as promulgated under the Securities Act of 1933, as amended.  Pursuant to the purchase agreement, the investor purchased 312,500 shares of the Company's common stock for $100,000 (the "Purchase Price"), at a value of $0.32 per share.  However, the Company only received $55,000 of the Purchase Price, and therefore only issued 171,875 of the shares to the investor on December 3, 2014.

Unless otherwise noted, all of the transactions listed above were made pursuant to the exemption from the registration provisions of the Securities Act of 1933, as amended, provided by Section 4(a)(2) of the Securities Act for sales not involving a public offering or Rule 506(b).  None of the securities issued have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Item 5.  Other Information.

None.

Item 6. Exhibits.

Exhibit Number	Description of Exhibit
(3)	Articles of Incorporation and Bylaws
3.1	Articles of Incorporation (incorporated by reference to our Registration Statement on Form S-1 filed on September 24, 2012)
3.2	Bylaws (incorporated by reference to our Registration Statement on Form S-1 filed on September 24, 2012)

19

(10)	Material Contracts
10.4	Securities Purchase Agreement dated June 5, 2014 (Incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q filed on June 13, 2014)
10.5	Purchase and Sale Agreement between the Company and Shalex Corporation (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 15, 2014)
(31)	Rule 13a-14(a) / 15d-14(a) Certifications
31.1*	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2*	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.

(32)	Section 1350 Certifications
32.1*	Rule 1350 Certification of Chief Executive Officer.
32.2*	Rule 1350 Certification of Chief Financial Officer.
101	Interactive Data File
101*	Interactive Data File (Form 10-Q for the quarter ended October 31, 2014 furnished in XBRL).
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.

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.

	FREEDOM PETROLEUM INC.
	(Registrant)
Dated: March 23, 2015	/s/ Anton Lin
	Anton Lin
	President, Chief Executive Officer, Chief Financial Officer, Treasurer, and Director
	(Principal Executive Officer and Financial and Accounting Officer)

20

EX-31.1

Exhibit 31.1

SECTION 302 CERTIFICATION OF PERIODIC REPORT

I, Anton Lin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Freedom Petroleum, 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. As the registrant's sole certifying officer, 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 Exchange Act Rules 13a-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 4th 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.

5. As the registrant's certifying officer, 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: March 23, 2015

By: /s/Anton Lin

Anton Lin

President & CEO

EX-31.2

Exhibit 31.2

SECTION 302 CERTIFICATION OF PERIODIC REPORT

I, Anton Lin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Freedom Petroleum, 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. As the registrant's sole certifying officer, 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 Exchange Act Rules 13a-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 4th 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.

5. As the registrant's certifying officer, 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: March 23, 2015

By: /s/ Anton Lin

Anton Lin

Principal Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF DISCLOSURE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Freedom Petroleum, Inc. (the "Company") on Form 10-Q for the period ending January 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report") I, Anton Lin, President and CEO of the Company, certify, pursuant to 18 USC section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1) 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 the Company.

Dated: March 23, 2015

By: /s/ Anton Lin

Anton Lin,

President, Principal Executive Officer & CEO

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

EX-32.2

Exhibit 32.2

CERTIFICATION OF DISCLOSURE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Freedom Petroleum, Inc. (the "Company") on Form 10-Q for the period ending January 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report") I, Anton Lin, Principal Financial Officer of the Company, certify, pursuant to 18 USC section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1) 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 the Company.

Dated: March 23, 2015

By: /s/ Anton Lin

Anton Lin,

Principal Financial Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

XML

CAPITAL STOCK (Detail Textuals) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended	0 Months Ended
	Oct. 31, 2014	Jan. 31, 2015	Jul. 31, 2014	Nov. 03, 2015
Class of Stock [Line Items]
Preferred stock, shares authorized		20,000,000	20,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Common stock, shares authorized		100,000,000	100,000,000
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock, voting rights		one vote
Value of common stock issued for cancellation of debt			$ 45,098
Stock issued for compensation			175,000
Forgiveness of related party payable			12,740
Common stock issued for cash (in shares)	468,750
Purchase price of common stock issued (in dollars per share)	$ 0.32
Proceeds from the sale of common stock	150,000	55,000
Common stock, shares issued		53,469,477	52,828,852
Common stock, shares outstanding		53,469,477	52,828,852
Common Stock | Majority shareholder
Class of Stock [Line Items]
Common stock issued for cancellation of debt (in shares)			128,852
Common stock issued for cancellation of debt (in dollars per share)			$ 0.35
Value of common stock issued for cancellation of debt			45,098
Stock issued for compensation (in shares)			500,000
Stock issued during period for compensation (in dollars per share)			$ 0.35
Stock issued for compensation			175,000
Common Stock | Unaffiliated Investor | Share Purchase Agreement | Subsequent Event
Class of Stock [Line Items]
Common stock issued for cash (in shares)				171,875
Purchase price of common stock issued (in dollars per share)				$ 0.32
Proceeds from the sale of common stock				$ 55,000

XML

DUE TO RELATED PARTY

6 Months Ended

Jan. 31, 2015

Related Party Transactions [Abstract]

DUE TO RELATED PARTIES

NOTE 3 – DUE TO RELATED PARTY

During the year ended July 31, 2014, the current sole director and officer, who is also a majority shareholder, advanced the Company $24,274 for operating expenses. During the six months ended January 31, 2015, the director advanced another $40,218 to the Company for operating expenses and the total balance of $64,274 was included in amount due to related party as at January 31, 2015. The loan is unsecured, non-interest bearing, and has no specific terms of repayment.

Pursuant to an employee agreement effective on March 1, 2014, the Company was obligated to pay $10,000 per month to the current sole officer and director for management service. During the year ended July 31, 2014, $20,000 was paid to this officer and $30,000 was included in amount due to related parties as at July 31, 2014. On August 1, 2014, $20,000 was paid to the officer. During the six months ended January 31, 2015, $70,000 unpaid consulting fees were included in the amount due to related party.

As at January 31, 2015 and July 31, 2014, our sole officer and director was owed $134,492 and $54,274, respectively.

XML

ENVIRONMENTAL AND OTHER CONTINGENCIES (Detail Textuals) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Environmental Remediation Obligations [Abstract]
Estimated asset retirement obligation	$ 0	$ 0

XML

INCOME TAXES (Detail Textuals) (USD $)	6 Months Ended	12 Months Ended
	Jan. 31, 2015	Jul. 31, 2014
Income Tax Disclosure [Abstract]
Cumulative net operating loss carry-forward	$ 612,514
Expected tax rate	34.00%	34.00%

XML

COMMITMENTS AND CONTINGENCIES (Detail Textuals) (USD $)	1 Months Ended
	Dec. 20, 2013	Nov. 25, 2014
Office Services Agreement | Abby Office Centers
Commitments And Contingencies [Line Items]
Monthly lease rent	$ 1,251
Office User Agreement | Key Business Center
Commitments And Contingencies [Line Items]
Monthly lease rent		843
Set up fee required under agreement		275
Security deposit		$ 300

XML

GOING CONCERN (Detail Textuals) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Going Concern [Abstract]
Capital deficiency	$ (168,015)
Accumulated deficit	$ (612,514)	$ (433,946)

XML

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

6 Months Ended

Jan. 31, 2015

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

Basis of Presentation

The interim financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations.  This report on Form 10-Q should be read in conjunction with the Company's financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended July 31, 2014.

The unaudited financial statement and notes are presented in accordance with accounting principles generally accepted in the United States of America (GAAP).  These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. The Company had $0 and $76,108 of cash at January 31, 2015 and July 31, 2014, respectively. As at January 31, 2015, the company's bank account was over drawn by $295.

Fair Value of Financial Instruments

The Company's financial instruments consist of cash, accounts payable and accrued expenses, and amounts due to related parties.  The fair value of these financial instruments approximate carrying amounts due either to length of maturity or interest rates that approximate prevailing rates unless otherwise disclosed in these financial statements.

Revenue Recognition

The Company has yet to realize revenues from operations. The Company will recognize revenue when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is reasonably assured.

Oil and Gas Properties

The Company uses the full cost method of accounting for oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain payroll, asset retirement costs, other internal costs, and interest incurred for the purpose of finding oil and natural gas reserves, are capitalized. Internal costs that are capitalized are directly attributable to acquisition, exploration and development activities and do not include costs related to production, general corporate overhead or similar activities. Costs associated with production and general corporate activities are expensed in the period incurred. Proceeds from the sale of oil and natural gas properties are applied to reduce the capitalized costs of oil and natural gas properties unless the sale would significantly alter the relationship between capitalized costs and proved reserves, in which case a gain or loss is recognized.

Capitalized costs associated with impaired properties and capitalized costs related to properties having proved reserves, plus the estimated future development costs, and asset retirement costs under ASC 410 "Asset Retirement and Environmental Obligations", are amortized using the unit-of-production method based on proved reserves. Capitalized costs of oil and natural gas properties, net of accumulated amortization and deferred income taxes, are limited to the total of estimated future net cash flows from proved oil and natural gas reserves, discounted at ten percent, plus the cost of unevaluated properties.

There are many factors, including global events that may influence the production, processing, marketing and price of oil and natural gas. A reduction in the valuation of oil and natural gas properties resulting from declining prices or production could adversely impact depletion rates and capitalized cost limitations. Capitalized costs associated with properties that have not been evaluated through drilling or seismic analysis are excluded from the unit-of-production amortization. Exclusions are adjusted annually based on drilling results and interpretative analysis.

Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. If it is determined that the relationship is significantly altered, the corresponding gain or loss will be recognized in the statements of operations.

Costs of oil and gas properties are amortized using the units of production method.

Ceiling test: Under the full cost method of accounting, the net book value of oil and gas properties, less related deferred income taxes, may not exceed a calculated "ceiling". The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum and adjusted for cash flow hedges. Estimated future net cash flows exclude future cash outflows associated with settling accrued asset retirement obligations.

The Company has adopted U.S. Securities and Exchange Commission ("SEC") Release 33-8995 and the amendments to ASC 932, "Extractive Industries – Oil and Gas" (the Modernization Rules). Under the Modernization Rules, estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of production, except where prices are defined by contractual arrangements.

Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional depletion, depreciation and amortization expense ("DD&A") in the accompanying statement  of operations. Such limitations are tested quarterly. As at January 31, 2015 and July 31, 2014, the Company had oil and gas property costs of $61,299 and $0, respectively.

Impairment of Oil and Gas Properties

Unproved oil and gas properties are assessed at each reporting period for impairment of value, and a loss is recognized at the time of the impairment by providing an impairment allowance.  An asset would be impaired if the undiscounted cash flows were less than its carrying value. Impairments are measured by the amount by which the carrying value exceeds its fair value. Because the Company uses the successful efforts method, the Company assesses its properties individually for impairment, instead of on an aggregate pool of costs. Impairment of unproved properties is based on the facts and circumstances surrounding each lease and is recognized based on management's evaluation. Management's evaluation follows a two-step process where (1) recoverability of the carrying value of the asset is reviewed to determine if there is sufficient value recoverable to support the capitalized value at the report date; and, (2) if assets fail the recoverability test, impairment testing is conducted, including the evaluation of various criteria such as: prior history of successful operations; production currently in place and/or future projected cash flows (if any); reserve reports or evaluations from which management can prepare future cash flow analyses; the Company's ability to monetize the asset(s) under evaluation; and Management's intent regarding future development.

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.  The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. The Company had no stock-based expenses, for the six months ended January 31, 2015 and 2014.

The Company follows ASC Topic 505-50, formerly EITF 96-18, "Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services," for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined.  There has been no stock-based compensation issued to non-employees.

Income Taxes

The Company provides for income taxes using an asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.  No provision for income taxes is included in the statement due to its immaterial amount, net of the allowance account, based on the likelihood of the Company to utilize the loss carry-forward.

Basic and Diluted Earnings (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company's net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company's net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as at January 31, 2015 and 2014.

Recent Accounting Pronouncements

In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.    Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity's liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity's liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity's liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events.  The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.  The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure.

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as "Development Stage Entities" (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity.   Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915.  The Company has adopted this standard.

Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements.

XML

BALANCE SHEETS (USD $)	Jan. 31, 2015	Jul. 31, 2014
Current Assets
Cash and cash equivalents		$ 76,108
Deposits	1,318	1,318
Total Current Assets	1,318	77,426
Oil and gas property	61,299
Total Assets	62,617	77,426
Current Liabilities
Bank overdraft	295
Accounts payable and accrued expenses	34,546	6,300
Due to related parties	134,492	54,274
Total Current Liabilities	169,333	60,574
Stockholders' Equity (Deficit)
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding
Common stock, $0.0001 par value, 100,000,000 shares authorized; 53,469,477 and 52,828,852 shares issued and outstanding, respectively	5,347	5,283
Common stock subscriptions		150,000
Additional paid-in capital	500,451	295,515
Accumulated deficit	(612,514)	(433,946)
Total Stockholders' Equity (Deficit)	(106,716)	16,852
Total Liabilities and Stockholders' Equity (Deficit)	$ 62,617	$ 77,426

XML

STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (178,568)	$ (48,770)
Change in operating assets and liabilities
Accounts payable and accrued expenses	28,246	(3,400)
Accrued compensation	40,000	(1,318)
Net Cash Used in Operating Activities	(110,322)	(53,488)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of unproved oil and gas properties	(61,299)
Net Cash Used in Investing Activities	(61,299)
CASH FLOWS FROM FINANCING ACTIVITIES
Bank overdraft	295
Advance received from related parties	40,218	53,098
Repayment to related parties		(1,084)
Proceeds from issuance of common stock	55,000
Net Cash Provided by Financing Activities	95,513	52,014
Net decrease in cash and cash equivalents	(76,108)	(1,474)
Cash and cash equivalents, beginning of the period	76,108	1,674
Cash and cash equivalents, end of the period		200
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes
Cash paid for interest

XML

OIL AND NATURAL GAS PROPERTIES - Dates specified in payment schedule (Details) (USD $)	6 Months Ended	0 Months Ended
	Jan. 31, 2015	Oct. 10, 2014
Schedule Of Oil And Natural Gas Properties [Line Items]
Amount agreed to pay	$ 61,299
Purchase And Sale Agreement | Shalex Corporation
Schedule Of Oil And Natural Gas Properties [Line Items]
Amount agreed to pay		400,000
Purchase And Sale Agreement | Shalex Corporation | On or before November 5, 2014 (paid)
Schedule Of Oil And Natural Gas Properties [Line Items]
Amount agreed to pay		50,000
Purchase And Sale Agreement | Shalex Corporation | On or before December 8, 2014
Schedule Of Oil And Natural Gas Properties [Line Items]
Amount agreed to pay		125,000
Purchase And Sale Agreement | Shalex Corporation | On or before January 20, 2015
Schedule Of Oil And Natural Gas Properties [Line Items]
Amount agreed to pay		125,000
Purchase And Sale Agreement | Shalex Corporation | On or before March 6, 2015
Schedule Of Oil And Natural Gas Properties [Line Items]
Amount agreed to pay		$ 100,000

XML

OIL AND NATURAL GAS PROPERTIES (Detail Textuals 1) (USD $)	6 Months Ended	0 Months Ended
	Jan. 31, 2015	Dec. 11, 2014
Schedule Of Oil And Natural Gas Properties [Line Items]
Agreement to defer payment of December 8, 2014 to January 1, 2015	$ 61,299
Amendment to Purchase And Sale Agreement | Shalex Corporation | On or before December 8, 2014
Schedule Of Oil And Natural Gas Properties [Line Items]
Agreement to defer payment of December 8, 2014 to January 1, 2015		125,000
Amendment to Purchase And Sale Agreement | Shalex Corporation | On or before November 5, 2014 (paid)
Schedule Of Oil And Natural Gas Properties [Line Items]
Agreement to defer payment of December 8, 2014 to January 1, 2015		$ 50,000

XML

GENERAL ORGANIZATION AND BUSINESS

6 Months Ended

Jan. 31, 2015

General Organization and Business [Abstract]

GENERAL ORGANIZATION AND BUSINESS

NOTE 1 – GENERAL ORGANIZATION AND BUSINESS

Freedom Petroleum, Inc. ("the Company") was incorporated under the laws of the State of Nevada, U.S. on June 13, 2012. The Company intends to engage in the exploration and development of oil and gas properties. The Company's fiscal year end is July 31.

XML

BALANCE SHEETS (Parentheticals) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	53,469,477	52,828,852
Common stock, shares outstanding	53,469,477	52,828,852

XML

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policies)

6 Months Ended

Jan. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The interim financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations.  This report on Form 10-Q should be read in conjunction with the Company's financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended July 31, 2014.

The unaudited financial statement and notes are presented in accordance with accounting principles generally accepted in the United States of America (GAAP).  These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. The Company had $0 and $76,108 of cash at January 31, 2015 and July 31, 2014, respectively. As at January 31, 2015, the company's bank account was over drawn by $295.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company's financial instruments consist of cash, accounts payable and accrued expenses, and amounts due to related parties.  The fair value of these financial instruments approximate carrying amounts due either to length of maturity or interest rates that approximate prevailing rates unless otherwise disclosed in these financial statements.

Revenue Recognition

Revenue Recognition

The Company has yet to realize revenues from operations. The Company will recognize revenue when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is reasonably assured.

Oil and Gas Properties

Oil and Gas Properties

The Company uses the full cost method of accounting for oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain payroll, asset retirement costs, other internal costs, and interest incurred for the purpose of finding oil and natural gas reserves, are capitalized. Internal costs that are capitalized are directly attributable to acquisition, exploration and development activities and do not include costs related to production, general corporate overhead or similar activities. Costs associated with production and general corporate activities are expensed in the period incurred. Proceeds from the sale of oil and natural gas properties are applied to reduce the capitalized costs of oil and natural gas properties unless the sale would significantly alter the relationship between capitalized costs and proved reserves, in which case a gain or loss is recognized.

Capitalized costs associated with impaired properties and capitalized costs related to properties having proved reserves, plus the estimated future development costs, and asset retirement costs under ASC 410 "Asset Retirement and Environmental Obligations", are amortized using the unit-of-production method based on proved reserves. Capitalized costs of oil and natural gas properties, net of accumulated amortization and deferred income taxes, are limited to the total of estimated future net cash flows from proved oil and natural gas reserves, discounted at ten percent, plus the cost of unevaluated properties.

There are many factors, including global events that may influence the production, processing, marketing and price of oil and natural gas. A reduction in the valuation of oil and natural gas properties resulting from declining prices or production could adversely impact depletion rates and capitalized cost limitations. Capitalized costs associated with properties that have not been evaluated through drilling or seismic analysis are excluded from the unit-of-production amortization. Exclusions are adjusted annually based on drilling results and interpretative analysis.

Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. If it is determined that the relationship is significantly altered, the corresponding gain or loss will be recognized in the statements of operations.

Costs of oil and gas properties are amortized using the units of production method.

Ceiling test: Under the full cost method of accounting, the net book value of oil and gas properties, less related deferred income taxes, may not exceed a calculated "ceiling". The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum and adjusted for cash flow hedges. Estimated future net cash flows exclude future cash outflows associated with settling accrued asset retirement obligations.

The Company has adopted U.S. Securities and Exchange Commission ("SEC") Release 33-8995 and the amendments to ASC 932, "Extractive Industries – Oil and Gas" (the Modernization Rules). Under the Modernization Rules, estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of production, except where prices are defined by contractual arrangements.

Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional depletion, depreciation and amortization expense ("DD&A") in the accompanying statement  of operations. Such limitations are tested quarterly. As at January 31, 2015 and July 31, 2014, the Company had oil and gas property costs of $61,299 and $0, respectively.

Impairment of Oil and Gas Properties

Impairment of Oil and Gas Properties

Unproved oil and gas properties are assessed at each reporting period for impairment of value, and a loss is recognized at the time of the impairment by providing an impairment allowance.  An asset would be impaired if the undiscounted cash flows were less than its carrying value. Impairments are measured by the amount by which the carrying value exceeds its fair value. Because the Company uses the successful efforts method, the Company assesses its properties individually for impairment, instead of on an aggregate pool of costs. Impairment of unproved properties is based on the facts and circumstances surrounding each lease and is recognized based on management's evaluation. Management's evaluation follows a two-step process where (1) recoverability of the carrying value of the asset is reviewed to determine if there is sufficient value recoverable to support the capitalized value at the report date; and, (2) if assets fail the recoverability test, impairment testing is conducted, including the evaluation of various criteria such as: prior history of successful operations; production currently in place and/or future projected cash flows (if any); reserve reports or evaluations from which management can prepare future cash flow analyses; the Company's ability to monetize the asset(s) under evaluation; and Management's intent regarding future development.

Stock-Based Compensation

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.  The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. The Company had no stock-based expenses, for the six months ended January 31, 2015 and 2014.

The Company follows ASC Topic 505-50, formerly EITF 96-18, "Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services," for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined.  There has been no stock-based compensation issued to non-employees.

Income Taxes

Income Taxes

The Company provides for income taxes using an asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.  No provision for income taxes is included in the statement due to its immaterial amount, net of the allowance account, based on the likelihood of the Company to utilize the loss carry-forward.

Basic and Diluted Earnings (Loss) Per Share

Basic and Diluted Earnings (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company's net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company's net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as at January 31, 2015 and 2014.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.    Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity's liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity's liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity's liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events.  The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.  The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure.

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as "Development Stage Entities" (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity.   Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915.  The Company has adopted this standard.

Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements.

XML

Document and Entity Information	6 Months Ended
	Jan. 31, 2015	Mar. 20, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	FREEDOM PETROLEUM INC.
Entity Central Index Key	0001557798
Trading Symbol	fpet
Current Fiscal Year End Date	--07-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		53,469,477
Document Type	10-Q
Document Period End Date	Jan. 31, 2015
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

XML

OIL AND NATURAL GAS PROPERTIES (Tables)

6 Months Ended

Jan. 31, 2015

Oil and Gas Property [Abstract]

Schedule of cash payment

	Cash Payments (USD)
On or before November 5, 2014 (paid)	$	50,000
On or before December 8, 2014		125,000
On or before January 20, 2015		125,000
On or before March 6, 2015		100,000
	$	400,000

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STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Income Statement [Abstract]
Revenues
Operating Expenses
General and administrative	17,956	22,028	31,663	23,445
Professional fees	33,303	23,225	64,217	26,225
Consulting fees - related party	30,000		60,000
Website design	14,856		22,688
Total Operating Expenses	96,115	45,253	178,568	49,670
Loss From Operations	(96,115)	(45,253)	(178,568)	(49,670)
Other Income				900
Loss Before Provision for Income Taxes	(96,115)	(45,253)	(178,568)	(48,770)
Provision for Income Taxes
Net Loss	$ (96,115)	$ (45,253)	$ (178,568)	$ (48,770)
Net Loss Per Share: Basic and Diluted (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted Average Number of Shares Outstanding: Basic and Diluted (in shares)	53,465,741	52,201,401	53,149,844	52,200,700

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INCOME TAXES

6 Months Ended

Jan. 31, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6 – INCOME TAXES

For the six months ended January 31, 2015 and 2014, the Company has incurred a net loss and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved.  The cumulative net operating loss carry-forward was approximately $612,514 at January 31, 2015 and will expire beginning in the year 2032.

The provision for Federal income tax consists of the following for the periods ended January 31, 2015 and 2014:

	2014				2013
Federal income tax benefit attributable to:
Current operations		$	60,713			$	16,582
Less: valuation allowance			(60,713	)			(16,582	)
Net provision for Federal income taxes		$	-			$	-

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of January 31, 2015 and July 31, 2014:

	January 31, 2015				July 31, 2014
Deferred tax asset attributable to:
Net operating loss carryover		$	208,255			$	147,541
Less: valuation allowance			(208,225	)			(147,541	)
Net deferred tax asset		$	-			$	-

Due to the change in ownership provisions of the Tax Reform Act, net operating loss carry-forwards of $612,514 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.

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CAPITAL STOCK

6 Months Ended

Jan. 31, 2015

Equity [Abstract]

CAPITAL STOCK

NOTE 5 – CAPITAL STOCK

Preferred Stock

The Company has 20,000,000 authorized preferred shares with a par value of $0.0001 per share.  The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes.

There were no shares of preferred stock issued and outstanding as of January 31, 2015 and July 31, 2014.

Common Stock

The Company has authorized 100,000,000 common shares with a par value of $0.0001 per share.  Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

During the year ended July 31, 2014, the Company issued to the sole officer and director, who is also a majority stockholder, 128,852 shares of common stock at a price of approximately $0.35 per share for debt cancellation of $45,098.

During the year ended July 31, 2014, the Company issued to the sole officer and director, who is also a majority stockholder, 500,000 shares of common stock at a price of $0.35 per share for compensation of $175,000, pursuant to an employee agreement.

During the year ended July 31, 2014, related parties forgave loans of $12,740 which was recorded as additional paid in capital.

During the three months ended October 31, 2014, the Company issued 468,750 shares of common stock at a price of  $0.32 per share for total cash proceeds of $150,000, which was received prior to the year ended of July 31, 2014.

On November 3, 2015, the Company issued 171,875 shares of common stock at a price of $0.32 per share for total cash proceeds of $55,000 to an unaffiliated investor pursuant to a Share Purchase Agreement dated October 20, 2014.

There were  53,469,477 and 52,828,852 shares of common stock issued and outstanding as of January 31, 2015 and July 31, 2014, respectively.

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OIL AND NATURAL GAS PROPERTIES (Detail Textuals) (USD $)	6 Months Ended	0 Months Ended
	Jan. 31, 2015	Oct. 10, 2014 ha
Agreement [Line Items]
Purchase price of lease	$ 61,299
Acquisition costs	50,000
Maintenance costs	11,299
Purchase And Sale Agreement | Shalex Corporation
Agreement [Line Items]
Percentage of working interest		100.00%
Percentage of net revenue interest		87.00%
Area of lease (in hectares)		2,304
Purchase price of lease		400,000
Agreement description of leases		The closing of the transaction, and transfer of title from Shalex to the Company, shall occur within 30 days after payment of the full Purchase Price; provided however, that it shall not take place later than 135 days following the signing of the Agreement.
Reduced purchase price		$ 360,000

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INCOME TAXES (Tables)

6 Months Ended

Jan. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of provision for federal income tax

	2014				2013
Federal income tax benefit attributable to:
Current operations		$	60,713			$	16,582
Less: valuation allowance			(60,713	)			(16,582	)
Net provision for Federal income taxes		$	-			$	-

Schedule of deferred tax assets

	January 31, 2015				July 31, 2014
Deferred tax asset attributable to:
Net operating loss carryover		$	208,255			$	147,541
Less: valuation allowance			(208,225	)			(147,541	)
Net deferred tax asset		$	-			$	-

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GOING CONCERN

6 Months Ended

Jan. 31, 2015

Going Concern [Abstract]

GOING CONCERN

NOTE 9 – GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has a capital deficiency of $168,015 and has incurred losses since inception resulting in an accumulated deficit of $612,514 as at January 31, 2015. Further losses are anticipated in the development of the business, raising substantial doubt about the Company's ability to continue as a going concern.

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from directors and/or private placement of common stock.

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ENVIRONMENTAL AND OTHER CONTINGENCIES

6 Months Ended

Jan. 31, 2015

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL AND OTHER CONTINGENCIES

NOTE 7 – ENVIRONMENTAL AND OTHER CONTINGENCIES

The Company's operations and earnings may be affected by various forms of governmental action in the United States and the countries that the oil & gas properties located. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; royalty and revenue sharing increases; import and export controls; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation of property; restrictions and preferences affecting the issuance of oil and gas or mineral leases; restrictions on drilling and/or production; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company's relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations and may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company.

Companies in the oil and gas industry are subject to numerous federal, state, and local regulations dealing with the environment. Violation of federal or state environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction bans or delays. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result.

The Company currently leases a property at which hazardous substances could have been or are being handled. In addition, many of these properties have been operated by third parties whose treatment and disposal or release of hydrocarbons or other wastes were not under the Company's control. Under existing laws, the Company could be required to remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to clean up contaminated property (including contaminated groundwater) or to perform remedial plugging operations to prevent future contamination. The Company is investigating the extent of any such liability and the availability of applicable defenses and believes the costs related to these sites will not have a material adverse effect on the Company's net income, financial condition or liquidity in a future period.

The Company's liability for remedial obligations includes certain amounts that are based on anticipated regulatory approval for proposed remediation of former refinery waste sites. Although regulatory authorities may require more costly alternatives than the proposed processes, the cost of such potential alternative processes is not expected to be a material amount. Certain environmental expenditures are likely to be recovered by the Company from other sources, primarily environmental funds maintained by certain states. Since no assurance can be given that future recoveries from other sources will occur, the Company has not recorded a benefit for likely recoveries.

There is the possibility that environmental expenditures could be required at currently unidentified sites, and new or revised regulations could require additional expenditures at known sites. However, based on information currently available to the Company, the amount of future remediation costs incurred at known or currently unidentified sites is not expected to have a material adverse effect on the Company's future net income, cash flows or liquidity. The Company has recorded $0 for its estimated asset retirement obligations as at January 31, 2015 and July 31, 2014.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jan. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 8 – COMMITMENTS AND CONTINGENCIES

On December 20, 2013, the Company entered into an Office Services Agreement with Abby Office Centers for renting office space, furniture and equipment from January 1, 2014 to December 31, 2014 for a monthly price of $1,251.

On November 25, 2014, the Company entered into an Office User Agreement with Key Business Center to rent office space in Boise, Idaho on a month to month basis at the rate of $843 per month; the agreement required a set up fee of $275 and a security deposit of $300.

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SUBSEQUENT EVENTS

6 Months Ended

Jan. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date these financial statements were available to be issued.  Based on our evaluation no additional events have occurred that require disclosure.

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DUE TO RELATED PARTY (Detail Textuals) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended	0 Months Ended
	Jan. 31, 2015	Jan. 31, 2015	Jul. 31, 2014	Mar. 01, 2014	Aug. 01, 2014
Related Party Transaction [Line Items]
Advance from related party for operating expenses		$ 40,218
Payment to related party for management services per month	30,000	60,000
Due to related parties	134,492	134,492	54,274
Majority shareholder
Related Party Transaction [Line Items]
Advance from related party for operating expenses			24,274
Director
Related Party Transaction [Line Items]
Advance from related party for operating expenses		40,218
Amount included in due to related parties	64,274	64,274
Employee agreement | Majority shareholder
Related Party Transaction [Line Items]
Amount included in due to related parties			30,000
Payment to related party for management services per month				10,000
Due to related parties			20,000		20,000
Unpaid consulting fees included in the amount due to related party	$ 70,000	$ 70,000

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INCOME TAXES - Federal income tax benefit (Details) (USD $)	6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Federal income tax benefit attributable to:
Current operations	$ 60,713	$ 16,582
Less: valuation allowance	(60,713)	(16,582)
Net provision for Federal income taxes

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STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)	Common Stock	Additional Paid in Capital	Common Stock Subscription	Accumulated Deficit	Total
Balance at Jul. 31, 2013	$ 5,220	$ 62,740		$ (78,510)	$ (10,550)
Balance (in shares) at Jul. 31, 2013	52,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Forgiveness of related party payable		12,740			12,740
Stock issued for debt	13	45,085			45,098
Stock issued for debt (in shares)	128,852
Stock issued for compensation	50	174,950			175,000
Stock issued for compensation (in shares)	500,000
Common stock subscription received			150,000		150,000
Net loss for the period				(355,436)	(355,436)
Balance at Jul. 31, 2014	5,283	295,515	150,000	(433,946)	16,852
Balance (in shares) at Jul. 31, 2014	52,828,852				52,828,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for cash	64	204,936	(150,000)		55,000
Common stock issued for cash (in shares)	640,625
Net loss for the period				(178,568)	(178,568)
Balance at Jan. 31, 2015	$ 5,347	$ 500,451		$ (612,514)	$ (106,716)
Balance (in shares) at Jan. 31, 2015	53,469,477				53,469,477

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OIL AND NATURAL GAS PROPERTIES

6 Months Ended

Jan. 31, 2015

Oil and Gas Property [Abstract]

OIL AND NATURAL GAS PROPERTIES

NOTE 4 – OIL AND NATURAL GAS PROPERTIES

On October 10, 2014, the Company entered into a Purchase and Sale Agreement with Shalex Corporation ("Shalex") (the "Agreement") whereby the Company purchased a one hundred percent (100%) undivided working interest and shall receive 87% Net Revenue Interest (NRI) in certain oil and gas interests (Crown Land) and properties arising from the oil and gas leases (the "Leases"), which together comprise a parcel of 2,304 hectares in the Bentley area of Alberta, Canada (the "Property") and (ii) the Pre-Existing Well (the "Well").  In exchange for the Leases, the Company will pay an aggregate of four hundred thousand dollars (US$400,000) (the "Purchase Price") incrementally, at an agreed upon payment schedule, following the completion of certain administrative benchmarks as set forth in the Agreement, such as the requirement to provide certain financial materials regarding the Leases to the Company; such benchmarks are also therefore a condition to closing the transaction.  The closing of the transaction, and transfer of title from Shalex to the Company, shall occur within 30 days after payment of the full Purchase Price; provided however, that it shall not take place later than 135 days following the signing of the Agreement.  The Purchase Price shall be reduced to $360,000 if a continuation application for one of the Leases on the Property is not approved.

In consideration for the Agreement, the Company has agreed to pay the following amounts on or before the dates specified in the following schedule:

	Cash Payments (USD)
On or before November 5, 2014 (paid)	$	50,000
On or before December 8, 2014		125,000
On or before January 20, 2015		125,000
On or before March 6, 2015		100,000
	$	400,000

On December 11, 2014, the Company amended the Agreement to defer the December 8, 2014 payment of $125,000 to January 1, 2015; however, as of the date of this Report, the Company has only made the payment of $50,000 under the Agreement, and none of the December, January or March payment was made, but Shalex has not terminated the Agreement. We are currently negotiating with Shalex to amend the Agreement to implement a new timeframe and amounts for the payments.

The parties agreed to pay all maintenance costs, as such term is defined in the Agreement, associated with the leases for the calendar years ending December 31, 2014 and 2015, on a pro-rata basis based upon the date the Agreement was signed and such costs were previously paid by Shalex.  The Company maintains the right to surrender in whole or part any of the Leases by non-payment of delay rentals, provided that the Company gives Shalex at least 60 days prior written notice.  If Shalex does not agree to the surrender, the Company must assign all interest conveyed pursuant to the Agreement on the Lease(s) to Shalex absolutely free and clear of any liens, overriding royalty or other encumbrances of any kind whatsoever other than those in existence at the time of the Agreement or placed thereon pursuant thereto.

The Agreement contains representations, warranties and covenants by the Company and Shalex that are customary for transactions of this type such as (i) in the case of the Company: organization, good standing and qualification to do business; capitalization; authorization and enforceability of the transaction and transaction documents; consents being obtained or not required to consummate the transaction; and compliance with securities laws; and (ii) in the case of Shalex: ownership of the property and lack of asserted defaults.

The Agreement may be terminated, (i) by the Company if they identify an issue, prior to the final payment of the Purchase Price, that would prevent them from being able to use the Property in a manner consistent with the spirit and intended purpose of this Agreement; (ii) by Shalex if the Company does not make the payments by the contractually agreed to deadline; and (iii) upon mutual consent of the parties.

During the six months ended January 31, 2015, the Company capitalized $50,000 acquisition costs and $11,299 maintenance costs for this oil and gas properties.

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INCOME TAXES - Deferred tax asset (Details 1) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Deferred tax asset attributable to:
Net operating loss carryover	$ 208,255	$ 147,541
Less: valuation allowance	(208,255)	(147,541)
Net deferred tax asset

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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Detail Textuals) (USD $)	Jan. 31, 2015	Jul. 31, 2014	Jan. 31, 2014	Jul. 31, 2013
Accounting Policies [Abstract]
Cash and cash equivalents		$ 76,108	$ 200	$ 1,674
Amount bank account over drawn	295
Oil and gas property costs	$ 61,299
Discount percentage per annum for estimated after-tax future net cash flows	10.00%