Business Acquisition, Pro Forma Information [Table Text Block] |
The below table represent the proforma financial statement to show the effects of the combined entity for the periods presented above:
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Three Months ended September 30, 2016
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Three Months ended September 30, 2015
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Petrolia Energy
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SUDS Properties
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Combined
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Petrolia Energy
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SUDS Properties
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Combined
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Oil and gas sales
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21,863
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18,803
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40,666
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34,689
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11,763
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46,452
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Operating expenses
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LOE
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47,621
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53,726
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101,347
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45,368
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18,304
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63,672
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Production tax
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1,074
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1,355
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2,429
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1,447
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847
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2,294
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G&A expenses
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508,329
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508,329
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122,203
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-
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122,203
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DD&A
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15,764
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15,764
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19,727
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-
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19,727
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ARO
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8,199
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8,199
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8,733
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-
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8,733
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Total operating expenses
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580,987
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55,081
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636,068
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197,478
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19,151
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216,629
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Loss from operations
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(559,124
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(36,278
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(595,402
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(162,789
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(7,388
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(170,177
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Loss on conversion of debt
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-
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-
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-
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-
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-
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Other Income
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16,385
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16,385
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10,000
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-
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10,000
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Interest (expense)
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(53,811
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(53,811
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(49,851
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-
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(49,851
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Net loss
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(596,550
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(36,278
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(632,828
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(202,640
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(7,388
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(210,028
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Nine Months ended September 30, 2016
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Nine Months ended September 30, 2015
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Petrolia Energy
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SUDS Properties
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Combined
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Petrolia Energy
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SUDS Properties
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Combined
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Oil and gas sales
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277,156
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62,158
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339,314
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162,848
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35,289
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198,137
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Operating expenses
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Lease operating expense
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155,424
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300,290
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455,714
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179,422
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54,911
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234,333
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Cost of equipment sold
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33,330
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33,330
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Production tax
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3,846
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4,478
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8,324
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7,364
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2,541
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9,905
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G&A expenses
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1,139,432
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1,139,432
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365,686
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-
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365,686
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DD&A
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50,964
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50,964
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78,937
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-
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78,937
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Impair O&G Properties
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-
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-
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668,073
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-
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668,073
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ARO
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21,232
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21,232
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8,733
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-
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8,733
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Total operating expenses
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1,404,228
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304,768
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1,708,996
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1,308,215
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57,452
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1,365,667
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Loss from operations
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(1,127,072
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(242,610
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(1,369,682
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(1,145,367
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(22,163
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(1,167,530
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Loss on conversion of debt
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(14,336
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-
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(14,336
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(69,107
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-
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(69,107
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Other Income
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51,345
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-
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51,345-
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18,484
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-
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18,484
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Interest (expense)
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(211,288
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-
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(211,288
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(137,881
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-
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(137,881
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)
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Net loss
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(1,301,351
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(242,610
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(1,543,961
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(1,333,871
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)
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(22,163
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)
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(1,356,034
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)
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