Supplemental Information on Oil and Gas Operations |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information on Oil and Gas Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS |
Supplemental unaudited information regarding the Company’s oil and gas activities is presented in this note.
The Company has not commenced commercial operations, therefore the disclosure of the results of operations of hydrocarbon activities is limited. All expenditure incurred to date is capitalized as part of the development cost of the company’s oil extraction plant.
The Company does not have any historical data to forecast the standardized measure of discounted future net cash flows related to proven hydrocarbon reserve quantities. Upon the commencement of production, the Company will be able to forecast future revenues and expenses of its hydrocarbon activities.
Costs incurred
The following table reflects the costs incurred in hydrocarbon property acquisition and development expenses.
All costs were incurred in the US.
Results of operations
The only operating expenses incurred to date on hydrocarbon activities relate to certain maintenance and personnel costs incurred.
All costs were incurred in the US.
Proven reserves
The Company does not have any proven hydrocarbon reserves as of November 30, 2021 and August 31, 2021.
An evaluation of the reserves at the Asphalt NW site was prepared by an outside specialist with a proved undeveloped valuation of $213. Million at a 10% discount. However the exchange of leases as detailed in note 6 will only take place once approved by SITLA. |
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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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