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v2.4.0.6
Oil and Gas Properties
3 Months Ended
Oct. 31, 2011
Oil and Gas Properties  
Oil and Gas Properties

Note 7 – Oil and Gas Properties

 

Oil and gas properties are stated at cost. The Company recognized $339 in depletion during the three months ended October 31, 2011. The Company did not recognize any depletion during the three months ended October 31, 2010. Gains and losses on sales and disposals are included in the statements of operations. As of October 31, 2011 and July 31, 2011, oil and gas properties consisted of the following:

 

 

 

October 31,

 

 

July 31,

 

 

 

2011

 

 

2011

 

Producing Activities

 

 

 

 

 

 

Proved properties

 

$

909,671

 

 

$

909,671

 

Accumulated depletion

 

 

(339

)

 

 

-

 

 

 

 

 

 

 

 

 

 

    Net Oil and Gas Properties

 

$

909,332

 

 

$

909,671

 

 

Capitalized Costs for Oil and Gas:

 

 

 

October 31,

 

 

July 31,

 

 

 

2011

 

 

2011

 

Costs Incurred in Oil and Gas Acquisition and Development Activities

 

 

 

 

 

 

Produced properties

 

$

909,671

 

 

$

909,671

 

Accumulated depletion

 

 

(339

)

 

 

-

 

 

 

 

 

 

 

 

 

 

Total

 

$

909,332

 

 

$

909,671