RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)
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3 Months Ended | |||
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Nov. 30, 2012
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Nov. 30, 2011
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Aug. 06, 2012
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Aug. 22, 2011
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Related Party Transactions [Abstract] | ||||
Stock Issued For Cash, Shares | 10,000,000 | 3,500,000 | 10,000,000 | |
Stock Issued For Cash, Value | $ 10,000 | $ 35,000 | $ 10,000 | |
Stock Issued For Cash, Price Per Share | $ 0.001 | $ 0.01 | $ 0.001 | |
Date of Resignations | 2011-10-26 | |||
Sale Of Stock Number Of Shares | 10,000,000 | |||
Date that the Aircraft Use Management Agreement With Elite Aviation VGT Entered | Sep. 01, 2011 | |||
Date that the Aircraft Use Management Agreement With Elite Aviation VGT LLC Terminated | Nov. 01, 2012 | |||
Date that the Helicopter Lease Agreement Entered | Nov. 01, 2012 | |||
Revenue Per Hobb Hour | 185 | |||
Description Of Leasing Arrangements | The lease agreement provides for income at a rate of $185 per Hobbs hour, and stipulates that the lessee will be responsible for all maintenance and repairs, hangar parking fees, insurance fees, as well as fuel and oil costs in relation to the helicopter for the duration of the lease, which is the sooner of December 31, 2014 or the date upon which the helicopter reaches a Hobbs register reading of 2,200 hours. In addition, the Company is responsible for payment of all debt service, applicable property and other taxes, license and registration fees; hangar parking rate of $350 per month; fuel and regular operating oil, calculated using the actual VGT field delivery rate of Elite. Management fees are paid as a percentage of gross revenue based upon the billable Hobbs hours each month as follows: 1) 0 to 10 hours =15% of gross revenue, 2) 11 to 25 hours =17%, and 3) 26 + hours =19%. | |||
Average rental rate | 122 | |||
Revenue | 32,964 | 13,749 | ||
Aircraft fees | 6,359 | |||
Fuel | 11,936 | 1,416 | ||
Management fees | 7,752 | 2,325 | ||
Costs of operations | $ 26,047 |
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A general description of the lessee's leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No definition available.
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The capitalized costs incurred during the period (excluded from amortization) to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. They become part of the cost of oil and gas produced. Examples of production costs (sometimes called lifting costs) are: costs of labor to operate the wells and related equipment and facilities; repairs and maintenance; materials, supplies, and fuel consumed and supplies utilized in operating the wells and related equipment and facilities; property taxes and insurance applicable to proved properties and wells and related equipment and facilities; severance taxes; some support equipment or facilities may serve two or more oil and gas producing activities and may also serve transportation, refining, and marketing activities. To the extent that the support equipment and facilities are used in oil and gas producing activities, their depreciation and applicable operating costs become exploration, development or production costs, as appropriate. Depreciation, depletion, and amortization of capitalized acquisition, exploration, and development costs are not production costs but also become part of the cost of oil and gas produced along with production (lifting) costs identified above. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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