Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent events

On October 1, 2018 the Company entered into an agreement to grant to a consultant of the Company a 2% (two percent) gross overriding royalty on petroleum substances produced from certain of its exploration properties, namely: Block 1-11 Vranino situated in Dobrich District, Bulgaria and seven contiguous exploration licences in the province of Hakkari Yuksekova Semdiali Derecik, Turkey. The Grant of the royalty agreement was for services involving technical and corporate advice services.

On October 1, 2018 the Company entered into an agreement to grant to the CEO of the Company a .5% (one half of one percent) gross overriding royalty on petroleum substances produced from certain of its exploration properties, namely: Block 1-11 Vranino situated in Dobrich District, Bulgaria and seven contiguous exploration licences in the province of Hakkari Yuksekova Semdiali Derecik, Turkey. The Grant of the royalty agreement was for services involving technical and corporate advice services.

On October 26, a debtor converted $295,000 of debt at $0.10 per unit for 2,950,000 common shares. Each common share having ½ of one share purchase warrant attached, resulting in the issuance of 1,475,000 warrants.

On October 30, 2018, the Company closed a private placement with the issuance of 6,326,000 common shares of common stock, at $0.10 per share for gross proceeds of $632,600. Each common share having ½ of one share purchase warrant attached, resulting in the issuance of 3,163,000warrants. Each whole share purchase warrant is exercisable for a period of 24 months at an exercise price of $0.30 per share of common stock. $200,000 of this placement was closed by a broker and subject to cash finance fees of $16,000 and 8% broker warrants for a total of 160,000 warrants with a strike price of $0.15 and a term of two years.

On November 7, 2018, the Company closed a private placement with the issuance of 2,250,000 common shares of common stock, at $0.10 per share for gross proceeds of $225,000. Each common share having ½ of one share purchase warrant attached, resulting in the issuance of 1,125,000 warrants. Each whole share purchase warrant is exercisable for a period of 24 months at an exercise price of $0.15 per share of common stock.

On November 12, 2018, the Company closed a private placement with the issuance of 262,000 common shares of common stock, at $0.10 per share for gross proceeds of $26,250. Each common share having ½ of one share purchase warrant attached, resulting in the issuance of 131,000 warrants. Each whole share purchase warrant is exercisable for a period of 24 months at an exercise price of $0.15 per share of common stock.