Subsequent Events

12 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

On October 3, 2014, a warrant holder of the Company acquired 47,618 common shares of the Company, upon exercising warrants, at an exercise price of $0.105 per common share for gross proceeds to the Company of $4,999.90.

On October 21, 2014, the Company’s Farmout partner reimbursed the Company in the amount of Cdn $1,200,000 for a cash call the Company paid to the Operator of the SAGD Project for the winterization program.

On November 17, 2014, the Company appointed a new director to its Board and in connection with the appointment the Company granted the new director an option to purchase 600,000 shares each of common stock at an exercise price of $0.23 per Common Share, 200,000 vesting immediately and the remaining vesting one-third on November 17, 2015, and one-third on November 17, 2016, with a five-year life.

As previously disclosed, on July 31, 2013, the Company through its subsidiary companies entered into a Farmout Agreement with one of its joint venture partners (the “Farmee”) to fund the Company’s share of the SAGD Project. Effective on November 17, 2014, the Company and the Farmee agreed to amend the Farmout Agreement (the “Amending Agreement”) to extend the expiry date of the Farmee’s option, from December 31, 2014 to December 31, 2015, to elect to acquire additional working interests of 45% to 50% in the remaining 56 sections of land where the Company has working interests ranging from 90% to 100%, by committing an additional $110,000,000 of financing to the development of the Company’s Sawn Lake oil sands properties.