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Subsequent Events
9 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
17.          Subsequent Events
 
On July 30, 2013, the Company entered into a Steam Assisted Gravity Drainage demonstration project (“SAGD Demonstration Project”) Agreement with the Company’s joint venture partner Andora Energy Corporation to participate in a recently AER (as defined below) approved SAGD Demonstration Project on the Company’s 50% owned oil sands properties located in North Central Alberta, Canada (also known as the Sawn Lake heavy oil reservoir), whereby the Company will initially pay CDN $12,073,512 for its initial share of the costs of the SAGD Demonstration Project.
 
On July 31, 2013, the Company entered into farmout agreement (the “Farmout Agreement”) with MP West Canada SAS (“Farmee”), a wholly owned subsidiary of Maurel et Prom, to fund the Company’s share of a recently approved Alberta Energy Regulator (“AER”) SAGD Demonstration Project at the Company’s Sawn Lake heavy oil reservoir in North Central Alberta, Canada. In accordance with this Farmout Agreement the Farmee has agreed to provide up to $40,000,000 in funding for the Company’s portion of the costs for the SAGD Demonstration Project, in return for a net 25% working interest in 12 of the 68 sections where the Company has a working interest of 50%. On July 31, 2013, and as required by the Farmout Agreement, the Farmee deposited into trust with the Company's legal counsel, the amount of CDN $12,103,512.00 to pay for the Company’s initial share of the costs for the SAGD Demonstration Project. The Farmee will also provide funding to cover monthly operating expenses of the Company, of which the first such payment shall be in respect of the month of August 2013 and shall not exceed $30,000 per month. In addition, the Farmee has the option to elect to obtain a working interest of 40% to 45% working interest in the remaining 56 sections of land where the Company has working interests ranging from 80% to 90%, by committing $110,000,000 of financing to the Company’s Sawn Lake project.
 
In addition and as contemplated by the Farmout Agreement, on July 31, 2013, we closed a private placement (“Offering”) to one investor, MP West Canada SAS (the “Subscriber”), of an aggregate of 45,111,778 common shares for total gross proceeds of $22,000,000. The common shares will be issued to the Subscriber on or before November 30, 2013. The Company plans to issue the Common Shares to the Subscriber in September 2013. The Common Shares will be issued pursuant to Regulation S under the Securities Act of 1933, as amended.

The Board of Directors of the Company authorized and declared a special one-time distribution (the “Distribution”) of $0.07 per share to be paid to the Company’s shareholders as of the record date August 16, 2013. The Board of Directors of the Company has set the payment date of the Distribution to be paid on September 20, 2013.