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EXCEL - IDEA: XBRL DOCUMENT - Daybreak Oil & Gas, Inc.Financial_Report.xls
10-Q - 8-K - Daybreak Oil & Gas, Inc.dbrm10q113012.htm
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EX-31 - EXHIBIT 31.1 - Daybreak Oil & Gas, Inc.exhibit311.htm
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v2.4.0.6
Accounting Policies (Policies)
9 Months Ended
Nov. 30, 2012
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited interim financial statements and notes for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q for quarterly reports under Section 13 or 15 (d) of the Securities Exchange Act of 1934 (the “Exchange Act”). Accordingly, they do not include all of the information and footnote disclosures normally required by accounting principles generally accepted in the United States of America for complete financial statements.

 

In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been included and such adjustments are of a normal recurring nature. Operating results for the nine months ended November 30, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending February 28, 2013.

 

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2012.

Use of Estimates

Use of Estimates

 

In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The accounting policies most affected by management’s estimates and assumptions are as follows:

 

· The reliance on estimates of proved reserves to compute the provision for depreciation, depletion and amortization and to determine the amount of any impairment of proved properties;

 

· The valuation of unproved acreage and proved oil and gas properties to determine the amount of any impairment of oil and gas properties;

 

· Judgment regarding the productive status of in-progress exploratory wells to determine the amount of any provision for abandonment; and

 

· Estimates regarding abandonment obligations.