Oil and Gas Properties (Details Textual)

9 Months Ended

Jun. 30, 2018

Oil and Gas Properties (Textual)

Oil Sands Property Acreage

The Company’s oil sands acreage as of June 30, 2018, covers 42,383 gross acres (33,938 net acres) of land under nine oil sands leases.

Five Oil Sands Leases with Expiry Date of July 10, 2018

Of the Company’s gross acres, 19,610 gross acres (13,126 net acres) under five oil sands leases were set to expiry on July 10, 2018. In November of 2017, the Company’s joint venture partner and operator of two out of the five oil sands leases that were set to expire, submitted two continuation applications to the Alberta Oil Sands Tenure division to apply to continue 7,591 gross acres (1,898 net acres) and on January 29, 2018, approval was received from Alberta Energy to continue 6,958 gross acres (1,740 net acres). In June of 2018, the Company submitted three continuation applications to the Alberta Oil Sands Tenure division to apply to continue 7,591 gross acres (6,832 net acres) out of 12,652 gross acres (11,386 net acres) where resources were identified, that were set to expire. The Company has not yet received approval from Alberta Energy for the three continuation applications. As of July 10, 2018, a total of 5,693 gross acres (4,713 net acres) on five oil sands leases expired without being continued. These lands were primarily areas where the Company was unable to ascertain exploitable resources. The Company anticipates that if the three continuation applications are approved, its oil sands lease holdings as of July 11, 2018, would cover 37,322 gross acres (29,383 net acres) on five oil sands leases. Continued leases have no future expiry dates but are subject to yearly escalating rental payments until they are deemed to be producing leases.

Three Oil Sands Leases with Expiry Date of August 19, 2019

Of the Company’s gross acres, 19,610 gross acres (17,649 net acres) under three northern oil sands leases are set to expire on August 19, 2019. The Company intends to apply for a term extension on these three northern oil sands leases, however it is not certain if an extension will be granted by Alberta Energy.

One Oil Sands Lesae with Expiry Date of April 9, 2024

Of the Company’s gross acres, 3,163 gross acres (3,163 net acres) under one oil sands lease are set to expire on April 9, 2024. It is the Company’s opinion that the Company has already met the governmental requirements for this lease and it will be applying to continue this lease into perpetuity.