RECLAMATION AND RESTORATION PROVISIONS (Details Textual) - USD ($) |
6 Months Ended | 12 Months Ended | ||
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Feb. 29, 2020 |
Aug. 31, 2015 |
Aug. 31, 2019 |
Aug. 31, 2018 |
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Reclamation and Restoration Provisions (Textual) | ||||
Oil and Gas Reclamation Liability, Noncurrent | $ 2,970,497 | $ 2,970,497 | $ 583,664 | |
Oil Extraction Facility [Member] | ||||
Reclamation and Restoration Provisions (Textual) | ||||
Oil extraction plant lease term | 25 years | |||
Provision for dismantling facility | $ 350,000 | |||
Discount rate for provision | 2.00% | 2.00% | ||
Reclamation and restoration provisions description | in accordance with the requirements to provide a surety bond to the Utah Division of Oil Gas and Mining in terms of the amendment to the Notice of Intent to Commence Large Mining Operations at an estimated production of 4,000 barrels per day, the Company estimated that the cost of dismantling the oil extraction plant and related equipment would increase to $498,484. The discount rate used in the calculation is estimated to be 2.32% on operations that are expected to commence in September 2021. | |||
Oil and Gas Reclamation Liability, Noncurrent | $ 498,484 | $ 498,484 | $ 371,340 | |
Site Restoration [Member] | ||||
Reclamation and Restoration Provisions (Textual) | ||||
Oil extraction plant lease term | 25 years | |||
Discount rate for provision | 2.00% | 2.00% | ||
Provision for rehabilitation and restoration costs | $ 200,000 | |||
Reclamation and restoration provisions description | n accordance with the requirements to provide a surety bond to the Utah Division of Oil Gas and Mining in terms of the amendment to the Notice of Intent to Commence Large Mining Operations at an estimated production of 4,000 barrels per day, the Company estimated that the cost of restoring the site would increase to $2,472,013. The discount rate used in the calculation is estimated to be 2.32% on operations that are expected to commence in September 2021. | |||
Oil and Gas Reclamation Liability, Noncurrent | $ 2,472,013 | $ 2,472,013 | $ 212,324 |
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- Definition Discount rate for provision. No definition available.
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- Definition Oil extraction plant lease term. No definition available.
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- Definition Provision for dismantling facility. No definition available.
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- References No definition available.
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- Definition Amount of a reclamation liability that is associated with a legal obligation for the closure and reclamation of oil and gas properties. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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