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Document and Entity Information
6 Months Ended
Apr. 30, 2012
Jun. 06, 2012
Document Information [Line Items]
Document Type 10-Q
Amendment Flag false
Document Period End Date Apr 30, 2012
Document Fiscal Year Focus 2012
Document Fiscal Period Focus Q2
Trading Symbol OREO
Entity Registrant Name AMERICAN LIBERTY PETROLEUM CORP.
Entity Central Index Key 0001451929
Current Fiscal Year End Date --10-31
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 105,812,580
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CONSOLIDATED BALANCE SHEETS (USD $)
Apr. 30, 2012
Oct. 31, 2011
Current Assets
Cash $ 246,324 $ 37,259
Prepaid assets 260,471 362,865
Note receivable and interest 19,633 19,257
Total current assets 526,428 419,381
Oil and gas properties (full cost method) 1,284,724 1,101,425
Total assets 1,811,152 1,520,806
Current Liabilities
Accounts payable and accrued liabilities 55,464 31,383
Total liabilities 55,464 31,383
Commitments      
SHAREHOLDERS' EQUITY
Common Stock, $0.00001 par value, 450,000,000 authorized 105,404,167 and 104,954,167 issued and outstanding at April 30, 2012 and October 31, 2011, respectively 1,054 1,050
Additional paid in capital 2,878,103 2,301,107
Deficit accumulated during the exploration stage (1,123,469) (812,734)
Total shareholders' equity 1,755,688 1,489,423
Total liabilities and shareholders' equity $ 1,811,152 $ 1,520,806
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Apr. 30, 2012
Oct. 31, 2011
Common Stock, par value $ 0.00001 $ 0.00001
Common Stock, authorized 450,000,000 450,000,000
Common Stock, issued 105,404,167 104,954,167
Common Stock, outstanding 105,404,167 104,954,167
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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended 42 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Operating expenses
General and administrative $ 186,406 $ 111,853 $ 311,111 $ 242,967 $ 1,114,560
Loss from Operations (186,406) (111,853) (311,111) (242,967) (1,114,560)
Interest (expense)/ income, net (6,427) 376 (9,886) (8,909)
Net loss $ (186,406) $ (118,280) $ (310,735) $ (252,853) $ (1,123,469)
Net loss per share:
Basic and diluted $ 0 $ 0 $ 0 $ 0
Weighted average shares outstanding:
Basic and diluted 105,479,151 95,643,118 105,139,022 94,629,688
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 42 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (310,735) $ (252,853) $ (1,123,469)
Adjustment to reconcile net loss to net cash used in operating activities
Donated consulting services and expenses 6,500
Imputed interest on related party advance 2
Changes in:
Prepaid assets 279,394 (322,436) 9,729
Accounts payable and accrued liabilities 24,081 96,812 65,350
NET CASH USED IN OPERATING ACTIVITIES (7,260) (478,477) (1,041,888)
CASH FLOWS FROM INVESTING ACTIVITIES:
Note receivable (376) (19,633)
Purchase of oil and gas properties (183,299) (128,391) (982,655)
NET CASH USED IN INVESTING ACTIVITIES (183,675) (128,391) (1,002,288)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the sale of common stock 400,000 1,705,500
Proceeds from notes payable - related party 585,000 585,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 400,000 585,000 2,290,500
NET CHANGE IN CASH 209,065 (21,868) 246,324
Cash, beginning of period 37,259 28,318
Cash, end of period 246,324 6,450 246,324
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest         
Cash paid for income taxes         
Non cash transactions:
Common stock issued as prepaid asset 177,000 270,200
Common stock and warrants issued to convert notes payable and accrued interest 594,886 594,886
Common stock and warrants issued for oil and gas leases $ 302,069
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Basis of Presentation
6 Months Ended
Apr. 30, 2012
Basis of Presentation

Note 1 - Basis of Presentation

 

The accompanying unaudited interim financial statements of American Liberty Petroleum Corp., a Nevada corporation (“ALP” or the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows as of April 30, 2012 and for all interim periods presented herein have been reflected in these financial statements and the notes thereto. Interim results for the three and six months ended April 30, 2012 are not necessarily indicative of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2011.

 

As used in this Quarterly Report, the terms “we,” “us,” “our,” “ALP” and the “Company” shall mean American Liberty Petroleum Corp. unless otherwise indicated. All dollar amounts in this Quarterly Report are in U.S. Dollars unless otherwise stated.

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Oil and Gas Properties
6 Months Ended
Apr. 30, 2012
Oil and Gas Properties

Note 2 - Oil and Gas Properties

 

The Company follows the full cost accounting method to account for oil and gas properties, whereby costs incurred in the acquisition, exploration and development of oil and gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized to income.

 

The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized using the units-of-production method based on estimated proved recoverable oil and gas reserves. Amortization of unevaluated and unproved property costs begins when the properties become proved or their values become impaired.  Impairment of unevaluated and unproved prospects is assessed periodically based on a variety of factors, including management’s intention with regard to future exploration and development of individually significant properties and the ability of the Company to obtain funds to finance such exploration and development.

 

Oil and gas properties at April 30, 2012 consist of the acquisition and geologic costs incurred by the Company. All current properties are unproved.

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Related Party Transactions
6 Months Ended
Apr. 30, 2012
Related Party Transactions

Note 3 - Related Party Transactions

 

Beginning in February 2010, the Company agreed to pay director fees of $8,500 per month to Diamante Services Ltd. in exchange for Mr. Vollmers’ services as director of the Company. Included in accounts payable at April 30, 2012 is $11,894 due to Diamante Services Ltd.

 

During the quarter ended April 30, 2012, Mr. Vollmers paid certain Company expenses in the amount of $8,985, which were reimbursed by the Company.

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Common Stock
6 Months Ended
Apr. 30, 2012
Common Stock

Note 4 - Common Stock

 

On December 31, 2011, the Company authorized the issuance of 25,000 shares of Common Stock to each of James E. Melland and Alfred H. Pekarek for serving on the Company’s Advisory Board. The aggregate fair market value of those shares was $50,000 on the date of grant. The value of the shares was recorded as a prepaid asset for future services to be provided over a six-month term.

 

On February 2, 2012, the Company completed a private placement of 300,000 Units to New World Petroleum Investments (“New World”) consisting of one share of the Company's Common Stock and a warrant to purchase one share of the Company's Common Stock at the price of $0.65 per share for a period of three years from the date of issuance of the Units. The gross proceeds from the issuance of the Units were $150,000. The relative fair market value of the warrant on the date of issuance was $75,000.

 

On April 12, 2012, the Company authorized the issuance of 100,000 shares of Common Stock to Vincent R. Ramirez, for consulting services. The aggregate fair market value of those shares was $127,000 on the date of grant. The value of the shares was recorded as a prepaid asset for future services to be provided over a six-month term.

 

On April 23, 2012, the Company completed a private placement of 198,413 Units to New World consisting of one share of the Company's Common Stock and a warrant to purchase one share of the Company's Common Stock at the price of $1.89 per share for a period of three years from the date of issuance of the Units. The gross proceeds from the issuance of the Units were $250,000. The relative fair market value of the warrant on the date of issuance was $131,925. These shares were issued after the period ended April 30, 2012.

 

None of the securities issued in transactions described in this Note 4 to the Financial Statements will be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, accordingly, will be subject to all applicable restrictions on sale under such laws.

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Commitments
6 Months Ended
Apr. 30, 2012
Commitments

Note 5 - Commitments

 

The prepaid asset balance of $260,471 as of April 30, 2012 includes payments of $118,890 in the escrow account that have not yet been used for exploration costs. These funds will be used to pay for expenses associated with exploring and developing the Cortez Lease and other leases pursuant to the Option Agreement with Desert Discoveries.

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Going Concern
6 Months Ended
Apr. 30, 2012
Going Concern

Note 6 - Going Concern

 

There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through private placements, public offerings and/or bank financings necessary to support the Company’s working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financings are insufficient to support the Company’s working capital requirements, the Company will have to raise additional working capital from alternative financing sources. No assurance can be given that alternative financing will be available, or if available, will be available on terms acceptable to the Company. If adequate working capital is not available, then the Company may not be able to continue its operations.

 

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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Subsequent Events
6 Months Ended
Apr. 30, 2012
Subsequent Events

Note 7 - Subsequent Events

 

On May 25, 2012 the Company issued 25,000 shares of Common Stock to each of James E. Melland and Alfred H. Pekarek for serving on the Company’s Advisory Board. The shares of Common Stock issued to Mr. Melland and Mr. Pekarek are not registered under the Securities Act or any state securities laws. Such shares have been issued in reliance upon an exemption from registration pursuant to Section 4(2) of the Securities Act and, accordingly, will be subject to all applicable restrictions on sale under federal and state securities laws.

 

 On May 2, 2012, the Company issued 198,413 Units to New World consisting of one share of the Company's Common Stock and a warrant to purchase one share of the Company's Common Stock at the price of $1.89 per share for a period of three years from the date of issuance of the Units. These shares were authorized on April 23, 2012. Also on May 2, 2012, the Company issued 160,000 shares of Common Stock to New World that were authorized in October 2011.

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