NITRO PETROLEUM INC.

CIK:0001285236|SEC Filings

Going Concern and Continuance of Operations (Details Narrative) (USD $)	9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Going Concern And Continuance Of Operations Details Narrative
Working capital deficiency	$ 262,799ntro_WorkingCapitalDeficiency
Sale of working interest in well for debt settlement	11.00%
Proceeds from sale of oil & gas properties	$ 20,000	$ 832,174

Condensed Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
Condensed Statements of Cash Flows (Unaudited) (USD $)	Oct. 31, 2014	Oct. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (31,988)us-gaap_NetIncomeLoss	$ (172,304)us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation, and amortization	124,583	89,433
Share based compensation expense	2,490us-gaap_ShareBasedCompensation
Gain on sale of oil & gas properties	(363,919)us-gaap_GainLossOnDispositionOfAssets	(659,174)us-gaap_GainLossOnDispositionOfAssets
Accretion on asset retirement obligation	2,106	6,276
Changes in operating assets and liabilities:
Accounts receivable	(146,945)	(321,399)
Other current assets		(2,600)
Accounts payable	(150,889)	397,850
Accrued expenses	(44,218)	22,921
Net cash used in operating activities	(608,780)	(638,997)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of oil & gas properties	20,000	832,174
Purchases of oil and gas properties	(45,666)	(1,320,856)
Purchase of property, plant and equipment	(5,840)	(1,541)
Net cash provided by (used in) investing activities	(31,506)	(490,223)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock		1,442,732
Change in due to/from related party	333,891	(16,832)
Proceeds of issuance of common stock subscribed		39,600
Purchase of treasury stock		(5,500)
Proceeds from long-term debt		175,000us-gaap_ProceedsFromRelatedPartyDebt
Change in cash overdraft	115,568	(49,327)
Net cash provided by financing activities	449,459	1,585,673
Net increase (decrease) in cash and cash equivalents	(190,827)	456,453
Cash and cash equivalents at beginning of year	190,827	160,460
Cash and cash equivalents at end of year		616,913
Cash paid for interest	9,059us-gaap_InterestPaid	7,875us-gaap_InterestPaid
Change in estimate for asset retirement obligation		28,176
Purchase of oil and gas properties in exchange of debt forgiveness	351,184
Purchase of assets in exchange for receivables forgiveness		$ 69,546

Condensed Balance Sheets (Unaudited) (USD $)	Oct. 31, 2014	Jan. 31, 2014
CURRENT ASSETS
Cash and cash equivalents		$ 190,827
Accounts receivable	558,748us-gaap_AccountsReceivableNetCurrent	411,803us-gaap_AccountsReceivableNetCurrent
Total current assets	558,748us-gaap_AssetsCurrent	602,630us-gaap_AssetsCurrent
PROPERTY AND EQUIPMENT, NET	41,353us-gaap_PropertyPlantAndEquipmentNet	37,713us-gaap_PropertyPlantAndEquipmentNet
OIL AND GAS PROPERTIES, NET	2,257,939	2,166,921
Total assets	2,858,040us-gaap_Assets	2,807,264us-gaap_Assets
CURRENT LIABILITIES
Cash overdraft	156,241us-gaap_BankOverdrafts	40,673us-gaap_BankOverdrafts
Accounts payable	357,168us-gaap_AccountsPayableCurrent	508,057us-gaap_AccountsPayableCurrent
Accrued liabilities	306,857us-gaap_AccruedLiabilitiesCurrent	352,259us-gaap_AccruedLiabilitiesCurrent
Due to related party	1,281us-gaap_DueToRelatedPartiesCurrent	2,012us-gaap_DueToRelatedPartiesCurrent
Total current liabilities	821,547us-gaap_LiabilitiesCurrent	903,001us-gaap_LiabilitiesCurrent
ASSET RETIREMENT OBLIGATION	33,309	31,203
LONG TERM LIABILITIES - RELATED PARTY	334,622us-gaap_DueToRelatedPartiesNoncurrent	175,000us-gaap_DueToRelatedPartiesNoncurrent
COMMITMENTS AND CONTINGENT LIABILITIES
Total liabilities	1,189,478us-gaap_Liabilities	1,109,204us-gaap_Liabilities
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value Authorized: 10,000,000 shares; none issued or outstanding
Common stock, $0.001 par value Authorized: 20,000,000 shares, Issued: 7,335,348 shares at January 31, 2014 and 7,429,898 shares at October 31, 2014; Outstanding: 7,322,894 shares at January 31, 2014 and 7,417,444 shares at October 31, 2014	7,429us-gaap_CommonStockValue	7,335us-gaap_CommonStockValue
Common stock subscribed: 86,250 shares at January 31, 2014 and none at October 31, 2014		86us-gaap_CommonStockSharesSubscriptions
Additional paid-in capital	8,616,117us-gaap_AdditionalPaidInCapital	8,613,635us-gaap_AdditionalPaidInCapital
Treasury stock: 12,454 common shares at cost at January 31, 2014 and October 31, 2014	(5,500)us-gaap_TreasuryStockValue	(5,500)us-gaap_TreasuryStockValue
Accumulated deficit	(6,949,484)	(6,917,496)
Total stockholders' equity	1,668,562us-gaap_StockholdersEquity	1,698,060us-gaap_StockholdersEquity
Total liabilities and stockholders' equity	$ 2,858,040	$ 2,807,264