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PetroGas Co. – ‘10-Q’ for 12/31/20 – ‘EX-101.INS’

On:  Friday, 1/22/21, at 3:10pm ET   ·   For:  12/31/20   ·   Accession #:  1640334-21-189   ·   File #:  0-56057

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/22/21  PetroGas Co.                      10-Q       12/31/20   40:1.4M                                   Pubco Reporting … Inc/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    196K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     17K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     13K 
10: R1          Cover                                               HTML     46K 
11: R2          Balance Sheets                                      HTML     65K 
12: R3          Balance Sheets (Parenthetical)                      HTML     25K 
13: R4          Statements of Operations (Unaudited)                HTML     44K 
14: R5          Statements of Shareholders' Deficit (Unaudited)     HTML     50K 
15: R6          Statement of Cash Flows (Unaudited)                 HTML     62K 
16: R7          Description of Business and Basis of Persentation   HTML     16K 
17: R8          Going Concern                                       HTML     16K 
18: R9          Summary of Significant Accounting Policies          HTML     33K 
19: R10         Asset Retirement Obligations                        HTML     17K 
20: R11         Promissory Note - Related Party                     HTML     16K 
21: R12         Promissory Note                                     HTML     16K 
22: R13         Convertible Promissory Notes                        HTML     22K 
23: R14         Common Stock                                        HTML     16K 
24: R15         Related Party Transactions                          HTML     16K 
25: R16         Summary of Significant Accounting Policies          HTML     57K 
                (Policies)                                                       
26: R17         Summary of Significant Accounting Policies          HTML     18K 
                (Tables)                                                         
27: R18         Asset Retirement Obligations (Tables)               HTML     16K 
28: R19         Going Concern (Details Narrative)                   HTML     15K 
29: R20         Summary of Significant Accounting Policies          HTML     14K 
                (Details)                                                        
30: R21         Summary of Significant Accounting Policies          HTML     17K 
                (Details Narrative)                                              
31: R22         Asset Retirement Obligations (Details)              HTML     19K 
32: R23         Asset Retirement Obligations (Details Narrative)    HTML     15K 
33: R24         Promissory Note - Related Party (Details            HTML     35K 
                Narrative)                                                       
34: R25         Promissory Note (Details Narrative)                 HTML     22K 
35: R26         Convertible Promissory Notes (Details Narrative)    HTML     72K 
36: R27         Common Stock (Details Narrative)                    HTML     32K 
37: R28         Related Party Transactions (Details Narrative)      HTML     14K 
39: XML         IDEA XML File -- Filing Summary                      XML     66K 
38: EXCEL       IDEA Workbook of Financial Reports                  XLSX     41K 
 4: EX-101.INS  XBRL Instance -- ptco-20201231                       XML    389K 
 7: EX-101.CAL  XBRL Calculations -- ptco-20201231_cal               XML     74K 
 9: EX-101.DEF  XBRL Definitions -- ptco-20201231_def                XML    136K 
 6: EX-101.LAB  XBRL Labels -- ptco-20201231_lab                     XML    318K 
 8: EX-101.PRE  XBRL Presentations -- ptco-20201231_pre              XML    269K 
 5: EX-101.SCH  XBRL Schema -- ptco-20201231                         XSD     65K 
40: ZIP         XBRL Zipped Folder -- 0001640334-21-000189-xbrl      Zip     46K

‘EX-101.INS’   —   XBRL Instance — ptco-20201231

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<div style="TEXT-ALIGN:justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Organization and nature of business</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">PetroGas Company (Formerly America Resources Exploration Inc. (the “Company”)), was incorporated in the State of Nevada on January 24, 2014. The Company was incorporated under the name Alazzio Entertainment Corp. and changed its name to America Resources Exploration Inc. on April 17, 2015. Subsequently, on January 20, 2016, the Company changed its name to PetroGas Company. On June 12, 2015, the Company completed an acquisition of working interests in certain oil & gas properties. All share amounts in these financial statements have been adjusted to reflect this stock split.</p></div>
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<div style="TEXT-ALIGN:justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company had no significant revenues from the inception through December 31, 2020. As of December 31, 2020, the Company has an accumulated deficit of $1,983,967. We will need additional working capital to service debt and for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management of the Company has developed a strategy to meet operational shortfalls which may include equity funding, short term or long term financing or debt financing, to enable the Company to reach profitable operations.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans.</p></div>
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<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Basis of Presentation </u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2021. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020 as filed with the Securities and Exchange Commission on May 26, 2020.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Reclassifications</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net (loss).</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Use of Estimates</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company’s assets. Any estimates during the period have had an immaterial effect on earnings.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">  </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Cash and Cash Equivalents</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Cash and cash equivalents consist of commercial accounts and interest-bearing bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original maturity is three months or less.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Oil and Gas Properties – Full Cost Method</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company follows the full cost accounting method to account for oil and natural 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 nonproducing 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 operations.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Under full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For purposes of the ceiling test calculation, current prices are defined as the unweighted arithmetic average of the first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well. Similarly, current costs are assumed to remain constant over the entire calculation period.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">  </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><u>Revenue Recognition</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Oil and gas sales result from undivided interests held by the Company in oil and gas properties and royalty revenues. Sales of oil and gas produced from oil and gas operations are recognized when the product is delivered to the purchaser and title transfers to the purchaser. Charges for gathering and transportation are included in production expenses.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Revenue from royalties is recognized as they are earned, when collection is reasonably assured. Royalty revenue is recorded in the same period as the sales that generate the royalty payment.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Asset Retirement Obligations</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company records a liability for asset retirement obligations (“ARO”) associated with its oil and gas wells when those assets are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Fair Value of Financial Instruments</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information,</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The carrying value of all assets and liabilities approximated their fair values as December 31, 2020 and March 31, 2020, respectively.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Stock-Based Compensation</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company follows the guidance included in ASC 718 Compensation-Stock Compensation (“ASC 718”) using the modified prospective transition method. The Company recognizes compensation expense in the financial statements for share-based awards based on the grant date fair value of those awards. For the nine months ended December 31, 2020 and 2019, the Company incurred stock based compensation of $0 and $90,000, respectively.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><u>Earnings or Loss Per Share</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">In accordance with ASC Topic 280 – “Earnings Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">  </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"> For the nine months ended December 31, 2020 and 2019, net loss per shares as the result of the computation was anti-dilutive:</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>December 31,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>December 31, </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>(Shares)</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>(Shares)</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Convertible notes payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,076,778</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,292,213</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"><u></u> </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><u>Recent Accounting Pronouncements</u></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. The Company regularly reviews and analyses the recent accounting pronouncements.</p></div>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:AssetRetirementObligationDisclosureTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company has asset retirement obligations for any wells that are permanently removed from service. The primary obligations involve the removal and disposal of surface equipment, plugging and abandoning the wells and site restoration. For the purpose of determining the fair value of ARO incurred during the fiscal year ended March 31, 2016, the Company used the following assumptions.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Inflation Rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Estimated asset life</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="text-align:right;margin:0px">20 </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">years</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit adjusted risk free interest rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">18</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></table> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">   </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">As at March 31, 2016, the Company determined to fully impair its shut in wells given a lack of production over a period in excess of two years, and the uncertainty in returning the wells to production in the future. As a result, the Company has recorded a long term liability equal to the full value of the ARO.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"> </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">As at December 31, 2020 and March 31, 2020, a total of $83,580 is recorded as asset retirement obligations.</p></div>
</us-gaap:AssetRetirementObligationDisclosureTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN:justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 31, 2016, the Company entered into a promissory note with a majority shareholder, Rise Fast Limited, for an amount of $240,683. The promissory note bears interest at a rate of 2% per annum, and is payable on December 31, 2019.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On July 10, 2017, the Company, along with the holder of the promissory note to assigned $174,000 of the promissory note to four individuals not related to the Company. Refer to Note 7 for further details. On October 6, 2017, the Company issued 24,000,000 common shares to the holder of the promissory note for the assignment of the notes of $24,000.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 31, 2019, the maturity dates of the notes were extended for three years to December 31, 2022 and the interest rate was amended to 15% per annum.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of December 31, 2020 and March 31, 2020, the promissory note payable was $42,683 and $42,683 and accrued interest payable was $11,169 and $4,962, respectively.</p></div>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:ScheduleOfShortTermDebtTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN:justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On May 31, 2019, the Company issued a promissory note to a legal firm at principal amount of $6,963 for the payable amount to a vendor. The note has a three month term and bears interest at 2% per annum compounded monthly. The note is now at default.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of December 31, 2020 and March 31, 2020, the promissory note payable was $6,962 and $6,962 and accrued interest payable was $2,212 and $641, respectively.</p></div>
</us-gaap:ScheduleOfShortTermDebtTextBlock>
<ptco:ConvertiblePromissoryNotesTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On July 10, 2017, a total of $174,000 was assigned from a promissory note to four individuals not related to the Company. Each of the convertible promissory notes has a principal value of $43,500, maturity date of July 10, 2019, bears interest at 4% per annum, and are convertible at a rate of $0.03 per share. On October 6, 2017, the four convertible promissory notes were amended to an interest rate of 0.5% per annum, the maturity date was amended to July 10, 2020, and the conversion price was amended to $0.01 per share.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On October 11, 2017, four individual holders that have $174,000 of convertible promissory notes, converted a total of $58,000, or $14,500 each, for a total of 5,800,000, or 1,450,000 common shares each.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">A debt discount on the notes was recognized of $174,000. During the nine months ended December 31, 2020 and 2019, a total of $9,424 and $25,705 of the debt discount has been amortized and recorded in interest expense, respectively. As of December 31, 2020, the unamortized amount of the debt discounts has been fully amortized.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 31, 2017, the Company entered into a convertible promissory note for $9,230 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $9,230 was expensed upon issuance of the note. On March 12, 2019, the note holder sold to three unaffiliated parties an interest in the note equal to the principal amount of $1,900 each. On May 1 2019, total principal amount of $5,700 of the three $1,900 convertible notes was converted to 570,000 shares of common stock.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 31, 2018, the Company entered into a convertible promissory note for $20,773 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $20,773 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">   </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On June 30, 2018, the Company entered into a convertible promissory note for $10,667 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,667 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 30, 2018, the Company entered into a convertible promissory note for $7,167 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $7,167 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 31, 2018, the Company entered into a convertible promissory note for $2,411 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $2,411 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 31, 2019, the Company entered into a convertible promissory note for $10,194 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,194 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On June 30, 2019, the Company entered into a convertible promissory note for $7,243 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $7,243 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 30, 2019, the Company entered into a convertible promissory note for $9,483 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $9,483 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 31, 2019, the Company entered into a convertible promissory note for $5,454 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $5,454 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 31, 2020, the Company entered into a convertible promissory note for $5,712 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $5,712 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On June 30, 2020, the Company entered into a convertible promissory note for $10,000 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $10,000 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 30, 2020, the Company entered into a convertible promissory note for $4,884 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $4,884 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 31, 2020, the Company entered into a convertible promissory note for $7,250 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $7,250 was expensed upon issuance of the note.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of December 31, 2020 and March 31, 2020, the convertible note payable was $220,768 and $189,210 and accrued interest payable was $100,773 and $64,761, respectively.</p></div>
</ptco:ConvertiblePromissoryNotesTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN:justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has 300,000,000 authorized common shares at $0.001 par value.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Year Ended March 31, 2020</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On April 4, 2019, the Company issued 3,000,000 shares of common stock to the President of the Company as compensation for management services valued at $0.03 per share.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On May 1, 2019, principal amount of $5,700 of the convertible notes was converted to 570,000 shares of common stock.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As at December 31, 2020 and March 31, 2020, the Company had a total of 3,874,473 common shares issued and outstanding.</p></div>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2021. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020 as filed with the Securities and Exchange Commission on May 26, 2020.</p></div>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:Reclassifications contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net (loss).</p></div>
</us-gaap:Reclassifications>
<us-gaap:UseOfEstimates contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company’s assets. Any estimates during the period have had an immaterial effect on earnings.</p></div>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash and cash equivalents consist of commercial accounts and interest-bearing bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original maturity is three months or less.</p></div>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:OilAndGasPropertiesPolicyPolicyTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company follows the full cost accounting method to account for oil and natural 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 nonproducing 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 operations.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Under full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For purposes of the ceiling test calculation, current prices are defined as the unweighted arithmetic average of the first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well. Similarly, current costs are assumed to remain constant over the entire calculation period.</p></div>
</us-gaap:OilAndGasPropertiesPolicyPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Oil and gas sales result from undivided interests held by the Company in oil and gas properties and royalty revenues. Sales of oil and gas produced from oil and gas operations are recognized when the product is delivered to the purchaser and title transfers to the purchaser. Charges for gathering and transportation are included in production expenses.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Revenue from royalties is recognized as they are earned, when collection is reasonably assured. Royalty revenue is recorded in the same period as the sales that generate the royalty payment.</p></div>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:AssetRetirementObligationsPolicy contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company records a liability for asset retirement obligations (“ARO”) associated with its oil and gas wells when those assets are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement.</p></div>
</us-gaap:AssetRetirementObligationsPolicy>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The carrying value of all assets and liabilities approximated their fair values as December 31, 2020 and March 31, 2020, respectively. </p></div>
</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company follows the guidance included in ASC 718 Compensation-Stock Compensation (“ASC 718”) using the modified prospective transition method. The Company recognizes compensation expense in the financial statements for share-based awards based on the grant date fair value of those awards. For the nine months ended December 31, 2020 and 2019, the Company incurred stock based compensation of $0 and $90,000, respectively.</p></div>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<us-gaap:ScheduleOfEarningsPerShareBasicByCommonClassTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In accordance with ASC Topic 280 – “Earnings Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the nine months ended December 31, 2020 and 2019, net loss per shares as the result of the computation was anti-dilutive:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>(Shares)</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:center;"><strong>(Shares)</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Convertible notes payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,076,778</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,292,213</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table></div>
</us-gaap:ScheduleOfEarningsPerShareBasicByCommonClassTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. The Company regularly reviews and analyses the recent accounting pronouncements.</p></div>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>December 31,</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>December 31, </strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>(Shares)</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="text-align:center;margin:0px"><strong>(Shares)</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"> </p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Convertible notes payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,076,778</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,292,213</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td></tr></table> </div>
</us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock>
<us-gaap:ScheduleOfAssetRetirementObligationsTableTextBlock contextRef="From2020-04-01to2020-12-31">
<div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Inflation Rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Estimated asset life</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td colspan="2"> <p style="text-align:right;margin:0px">20 </p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">years</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Credit adjusted risk free interest rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px"> </p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">18</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></table> </div>
</us-gaap:ScheduleOfAssetRetirementObligationsTableTextBlock>
<ptco:ConvertibleNotesPayableShares contextRef="From2020-04-01to2020-12-31" unitRef="Shares" decimals="0"> 22076778 </ptco:ConvertibleNotesPayableShares>
<ptco:ConvertibleNotesPayableShares contextRef="From2019-04-01to2019-12-31" unitRef="Shares" decimals="0"> 19292213 </ptco:ConvertibleNotesPayableShares>
<us-gaap:UnamortizedCostsCapitalizedLessRelatedDeferredIncomeTaxesExceedCeilingLimitationsCostCenter contextRef="From2020-04-01to2020-12-31"> The sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. </us-gaap:UnamortizedCostsCapitalizedLessRelatedDeferredIncomeTaxesExceedCeilingLimitationsCostCenter>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate contextRef="From2020-04-01to2020-12-31" unitRef="Pure" decimals="INF"> 0.03 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate>
<us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1 contextRef="From2020-04-01to2020-12-31"> P20Y </us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="From2020-04-01to2020-12-31" unitRef="Pure" decimals="INF"> 0.18 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:DebtInstrumentFairValue contextRef="AsOf2017-07-10_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 174000 </us-gaap:DebtInstrumentFairValue>
<ptco:NumberOfIndividualIntegers contextRef="From2017-06-15to2017-07-10_ptco_PromissoryNoteMember" unitRef="Integer" decimals="INF"> 4 </ptco:NumberOfIndividualIntegers>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2017-09-15to2017-10-06_ptco_PromissoryNoteMember" unitRef="Shares" decimals="0"> 24000000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<ptco:CommonStockSharesIssuedForAssignmentOfNotesAmount contextRef="From2017-09-15to2017-10-06_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 24000 </ptco:CommonStockSharesIssuedForAssignmentOfNotesAmount>
<us-gaap:DebtInstrumentMaturityDateDescription contextRef="From2019-12-01to2019-12-31_ptco_PromissoryNoteMember"> The maturity dates of the notes were extended for three years to December 31, 2022 and the interest rate was amended to 15% per annum. </us-gaap:DebtInstrumentMaturityDateDescription>
<us-gaap:NotesPayableRelatedPartiesNoncurrent contextRef="AsOf2020-12-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 42683 </us-gaap:NotesPayableRelatedPartiesNoncurrent>
<us-gaap:NotesPayableRelatedPartiesNoncurrent contextRef="AsOf2020-03-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 42683 </us-gaap:NotesPayableRelatedPartiesNoncurrent>
<us-gaap:InterestPayableCurrent contextRef="AsOf2020-12-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 11169 </us-gaap:InterestPayableCurrent>
<us-gaap:InterestPayableCurrent contextRef="AsOf2020-03-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 4962 </us-gaap:InterestPayableCurrent>
<us-gaap:DebtInstrumentFairValue contextRef="AsOf2016-12-31_ptco_DecemberThirtyOneTwentyNineteenMember_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 240683 </us-gaap:DebtInstrumentFairValue>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2016-12-31_ptco_DecemberThirtyOneTwentyNineteenMember_ptco_PromissoryNoteMember" unitRef="Pure" decimals="INF"> 0.02 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2019-05-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 6963 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:ShortTermDebtPercentageBearingFixedInterestRate contextRef="AsOf2019-05-31_ptco_PromissoryNoteMember" unitRef="Pure" decimals="INF"> 0.02 </us-gaap:ShortTermDebtPercentageBearingFixedInterestRate>
<us-gaap:AccountsPayableInterestBearingCurrent contextRef="AsOf2020-12-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 2212 </us-gaap:AccountsPayableInterestBearingCurrent>
<us-gaap:AccountsPayableInterestBearingCurrent contextRef="AsOf2020-03-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 641 </us-gaap:AccountsPayableInterestBearingCurrent>
<us-gaap:NotesPayable contextRef="AsOf2020-12-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 6962 </us-gaap:NotesPayable>
<us-gaap:NotesPayable contextRef="AsOf2020-03-31_ptco_PromissoryNoteMember" unitRef="USD" decimals="0"> 6962 </us-gaap:NotesPayable>
<us-gaap:InterestPayableCurrentAndNoncurrent contextRef="AsOf2020-12-31_us-gaap_ConvertibleNotesPayableMember" unitRef="USD" decimals="0"> 100773 </us-gaap:InterestPayableCurrentAndNoncurrent>
<us-gaap:InterestPayableCurrentAndNoncurrent contextRef="AsOf2020-03-31_us-gaap_ConvertibleNotesPayableMember" unitRef="USD" decimals="0"> 64761 </us-gaap:InterestPayableCurrentAndNoncurrent>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2020-12-31_us-gaap_ConvertibleNotesPayableMember" unitRef="USD" decimals="0"> 220768 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2020-03-31_us-gaap_ConvertibleNotesPayableMember" unitRef="USD" decimals="0"> 189210 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtCurrent contextRef="AsOf2020-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 7250 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2020-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 4884 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2020-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 10000 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2020-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 5712 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2019-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 5454 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2019-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 9483 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2019-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 7243 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2019-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 10194 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2018-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 2411 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2018-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 7167 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2018-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 10667 </us-gaap:DebtCurrent>
<us-gaap:DebtCurrent contextRef="AsOf2018-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 20773 </us-gaap:DebtCurrent>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2020-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.35 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2020-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.35 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2020-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.35 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2020-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.35 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2019-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2019-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2019-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2019-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2020-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2020-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2020-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2020-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2019-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2019-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2019-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2019-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2018-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2018-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2018-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2018-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2020-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 7250 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2020-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 4884 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2020-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 10000 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2020-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 5712 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2019-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 5454 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2019-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 9483 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2019-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 7243 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2019-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 10194 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2018-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 2411 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2018-09-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 7167 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2018-06-30_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 10667 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2018-03-31_ptco_ConvertiblePromissoryNotesMember_ptco_AnIndividualMember" unitRef="USD" decimals="0"> 20773 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<ptco:NumberOfIndividual contextRef="From2017-09-20to2017-10-06_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="Integer" decimals="INF"> 4 </ptco:NumberOfIndividual>
<ptco:NumberOfIndividual contextRef="From2017-09-20to2017-10-11_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="Integer" decimals="INF"> 4 </ptco:NumberOfIndividual>
<ptco:NumberOfIndividual contextRef="From2017-06-15to2017-07-10_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="Integer" decimals="INF"> 4 </ptco:NumberOfIndividual>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2017-10-06_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="Pure" decimals="INF"> 0.005 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2017-07-10_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="Pure" decimals="INF"> 0.04 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2017-10-06_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2017-07-10_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USDPShares" decimals="2"> 0.03 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2017-10-11_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USD" decimals="0"> 174000 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2020-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USD" decimals="0"> 174000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2017-07-10_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USD" decimals="0"> 174000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-09-20to2017-10-06_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember"> 2020-07-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-06-15to2017-07-10_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember"> 2019-07-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:AmortizationOfFinancingCostsAndDiscounts contextRef="From2020-04-01to2020-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USD" decimals="0"> 9424 </us-gaap:AmortizationOfFinancingCostsAndDiscounts>
<us-gaap:AmortizationOfFinancingCostsAndDiscounts contextRef="From2019-04-01to2019-12-31_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USD" decimals="0"> 25705 </us-gaap:AmortizationOfFinancingCostsAndDiscounts>
<us-gaap:DebtConversionConvertedInstrumentAmount1 contextRef="From2017-09-20to2017-10-11_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="USD" decimals="0"> 58000 </us-gaap:DebtConversionConvertedInstrumentAmount1>
<us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="From2017-09-20to2017-10-11_ptco_ConvertiblePromissoryNotesMember_ptco_FourIndividualsMember" unitRef="Shares" decimals="0"> 5800000 </us-gaap:DebtConversionConvertedInstrumentSharesIssued1>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2017-12-31_ptco_ConvertiblePromissoryNotesMember" unitRef="Pure" decimals="INF"> 0.55 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2017-12-31_ptco_ConvertiblePromissoryNotesMember" unitRef="USDPShares" decimals="2"> 0.01 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent contextRef="AsOf2017-12-31_ptco_ConvertiblePromissoryNotesMember" unitRef="USD" decimals="0"> 9230 </us-gaap:DebtInstrumentUnamortizedDiscountNoncurrent>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2017-12-31_ptco_ConvertiblePromissoryNotesMember" unitRef="USD" decimals="0"> 9230 </us-gaap:DebtInstrumentFaceAmount>
<ptco:NumberOfIndividual contextRef="From2017-06-15to2017-07-10_ptco_ConvertiblePromissoryNotesMember" unitRef="Integer" decimals="INF"> 4 </ptco:NumberOfIndividual>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2017-07-10_ptco_ConvertiblePromissoryNotesMember_ptco_EachIndividualMember" unitRef="USD" decimals="0"> 43500 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtConversionConvertedInstrumentAmount1 contextRef="From2017-09-20to2017-10-11_ptco_ConvertiblePromissoryNotesMember_ptco_EachIndividualMember" unitRef="USD" decimals="0"> 14500 </us-gaap:DebtConversionConvertedInstrumentAmount1>
<us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="From2017-09-20to2017-10-11_ptco_ConvertiblePromissoryNotesMember_ptco_EachIndividualMember" unitRef="Shares" decimals="0"> 1450000 </us-gaap:DebtConversionConvertedInstrumentSharesIssued1>
<us-gaap:DebtDefaultLongtermDebtAmount contextRef="AsOf2019-03-12_ptco_ConvertiblePromissoryNotesMember_ptco_ThreeUnaffiliatedPartiesMember" unitRef="USD" decimals="0"> 1900 </us-gaap:DebtDefaultLongtermDebtAmount>
<us-gaap:DebtConversionDescription contextRef="From2019-04-05to2019-05-01_ptco_ConvertiblePromissoryNotesMember_ptco_ThreeUnaffiliatedPartiesMember"> Total principal amount of $5,700 of the three $1,900 convertible notes was converted to 570,000 shares of common stock. </us-gaap:DebtConversionDescription>
<ptco:StockIssuedDuringPeriodSharesForServicesPerShare contextRef="From2020-04-01to2020-12-31_ptco_AprilFourTwoThousandNineteenMember" unitRef="USDPShares" decimals="2"> 0.03 </ptco:StockIssuedDuringPeriodSharesForServicesPerShare>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2020-04-01to2020-12-31_ptco_AprilFourTwoThousandNineteenMember" unitRef="Shares" decimals="0"> 3000000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:ConversionOfStockSharesConverted1 contextRef="From2020-04-01to2020-12-31_ptco_OnMayOneTwoThousandNineteenMember" unitRef="Shares" decimals="0"> 570000 </us-gaap:ConversionOfStockSharesConverted1>
<us-gaap:DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal contextRef="From2020-04-01to2020-12-31_ptco_OnMayOneTwoThousandNineteenMember" unitRef="USD" decimals="0"> 5700 </us-gaap:DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal>
<us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt contextRef="From2017-04-01to2018-03-31_us-gaap_MajorityShareholderMember" unitRef="USD" decimals="0"> 24156 </us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt>
</xbrli:xbrl>

2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/16/15  PetroGas Co.                      8-K:1,2,5,9 6/10/15    5:2.6M                                   Global Fin’l Corp./FA
 5/30/14  PetroGas Co.                      S-1                    8:195K                                   Global Fin’l Corp./FA
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