Transition report pursuant to Rule 13a-10 or 15d-10

Income Tax (Tables)

v2.4.0.8
Income Tax (Tables)
10 Months Ended
Aug. 31, 2014
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
      2014     2013  
  Income (loss) before taxes $ (3,257,712 ) $ (343,551 )
  Statutory tax rate   35%     35%  
  Expected income tax (recovery) $ (1,140,199 ) $ (120,242 )
  Non-deductible items $ 24,259 $     136  
  Change in estimates $ (530 ) $ -  
  Change in valuation allowance $ 1,116,470 $     120,106  
  Total income taxes (recovery) $  Nil $     nil  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
      2014     2013  
  Net capital loss carryforwards $ 2,126,795   $ 1,548,213  
  Financial instrument $     $   -  
  Oil and gas property $ 657,652   $   1,667,977  
      2,784,447     1,667,977  
  Valuation allowance $ (2,784,447 ) $ (1,667,977 )
  Net deferred tax assets (liabilities) $  Nil   $  Nil  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  Year   Amount  
  2028 $ 719,957  
  2029   753,138  
  2030   552,025  
  2031   538,128  
  2032   220,416  
  2033   343,698  
  2034   1,309,395  
  Total $ 4,436,757