Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2015

Summary of Significant Accounting Policies [Abstract]

Schedule of effects of the change to the full cost method

The following tables present the effects of the change to the full cost method on the consolidated statement of operations:

Year ended September 30, 2015

	As reported under the successful efforts method			As reported under the full cost method			Effect of change
Expenses
General and administrative	$	1,867,619		$	1,821,528		$	(46,091	)
Depreciation, accretion and depletion	$	86,835		$	81,762		$	(5,073	)
Net loss from operations		(1,954,454	)		(1,903,290	)		51,164
Net loss and comprehensive loss	$	(1,935,831	)	$	(1,884,667	)	$	51,164
Net loss per common share
Basic and Diluted	$	(0.01	)	$	(0.01	)	$	–

Year ended September 30, 2014

	As reported under the successful efforts method			As reported under the full cost method			Effect of change
Expenses
General and administrative	$	1,970,824		$	1,926,422		$	(44,402	)
Net loss from operations		(2,071,433	)		(2,027,031	)		44,402
Net loss and comprehensive loss	$	(2,040,260	)	$	(1,995,858	)	$	44,402
Net loss per common share
Basic and Diluted	$	(0.01	)	$	(0.01	)	$	–

The following tables present the effects of the change to the full cost method on the consolidated balance sheet:

Year ended September 30, 2015

	As reported under the successful efforts method			As reported under the full cost method			Effect of change
ASSETS
Oil and gas properties, net	$	19,677,912		$	20,981,652		$	1,303,740
TOTAL ASSETS	$	22,380,653		$	23,684,393		$	1,303,740
SHAREHOLDERS’ EQUITY
Accumulated deficit		(20,714,197	)		(19,853,519	)		860,678
Total Shareholders’ Equity		21,677,122			22,980,862			1,303,740
TOTAL LIABILTIES AND SHAREHOLDERS’ EQUITY	$	22,380,653		$	23,684,393		$	1,303,740

Year ended September 30, 2014

	As reported under the successful efforts method			As reported under the full cost method			Effect of change
ASSETS
Oil and gas properties, net	$	19,604,050		$	20,856,626		$	1,252,576
TOTAL ASSETS	$	23,691,595		$	24,944,171		$	1,252,576
SHAREHOLDERS’ EQUITY
Accumulated deficit		(18,778,366	)		(17,525,790	)		1,252,576
Total Shareholders’ Equity		22,491,407			23,743,983			1,252,576
TOTAL LIABILTIES AND SHAREHOLDERS’ EQUITY	$	23,691,595		$	24,944,171		$	1,252,576

The following tables present the effects of the change to the full cost method on the consolidated statement of cash flows:

Year ended September 30, 2015

	As reported under the successful efforts method			As reported under the full cost method			Effect of change
Cash flows from operating activities
Net loss	$	(1,935,831	)	$	(1,884,667	)	$	51,164
Depreciation, accretion and depletion	$	86,835		$	81,762		$	(5,073	)
Cash used in operating activities	$	(432,259	)	$	(386,168	)	$	46,091
Cash flows from investing activities
Investment in oil and gas properties	$	(147,875	)	$	(193,966	)	$	(46,091	)
Cash used in investing activities	$	(111,228	)	$	(157,319	)	$	(46,091	)

Year ended September 30, 2014

	As reported under the successful efforts method			As reported under the full cost method			Effect of change
Cash flows from operating activities
Net loss	$	(2,040,260	)	$	(1,995,858	)	$	44,402
Cash used in operating activities	$	(1,363,537	)	$	(1,319,135	)	$	44,402
Cash flows from investing activities
Investment in oil and gas properties	$	(3,672,309	)	$	(3,716,711	)	$	(44,402	)
Cash used in investing activities	$	(3,755,217	)	$	(3,799,619	)	$	(44,402	)

Summary of depreciation rates used in computing depreciation expense

	%
Software		100
Computer equipment		55
Portable work camp		30
Vehicles		30
Road Mats		30
Wellhead		25
Office furniture and equipment		20
Oilfield Equipment		20
Tanks		10