Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v3.19.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Oil and gas sales        
Total revenue $ 655,176 $ 40,632 $ 708,917 $ 116,024
Operating expenses        
Lease operating expense 618,631 77,568 761,511 318,241
Production tax 901 2,150 4,014 7,284
General and administrative expenses 692,588 986,296 3,806,341 2,131,070
Depreciation, depletion and amortization 48,393 17,582 80,307 54,986
Asset retirement obligation accretion 7,002 12,628 18,487 36,833
Impairment of oil and gas properties 2,322,255 2,322,255
Impairment of equipment 13,783 13,783
Total operating expenses 3,703,553 1,096,224 7,006,698 2,548,414
Loss from operations (3,048,377) (1,055,592) (6,297,781) (2,432,390)
Other income (expenses)        
Interest expense (40,256) (2,361) (118,239) (263,029)
Foreign exchange gain (loss) (1,775) 67,950
Loss on related party debt settlement of accrued salaries (5,422) (203,349) (94,177)
Change in fair value of derivative liabilities (7,524) (4,357)
Loss on debt extinguishment (260,162)
Gain (loss) on acquisition and disposition of Bow Energy Ltd. 3,679,776 (29,319,554)
Other income 805
Total other income (expenses) 3,630,221 (7,783) (29,837,711) (356,401)
Net income (loss) 581,844 (1,063,375) (36,135,492) (2,788,791)
Series A Preferred Dividends (45,166) (41,134) (134,113) (49,767)
Net income (loss) attributable to common stockholders $ 536,678 $ (1,104,509) $ (36,269,605) $ (2,838,558)
Earnings (loss) per share        
Basic and diluted $ 0.00 $ (0.01) $ (0.19) $ (0.03)
Weighted average number of shares of common stock outstanding - Basic 220,922,294 102,760,115 189,234,812 88,594,051
Weighted average number of shares of common stock outstanding - Diluted 221,387,261 102,760,115 189,234,812 88,594,051
Other comprehensive income, net of tax        
Foreign currency translation adjustments $ (56,015) $ (18,858)
Comprehensive income (loss) 525,829 (1,104,509) (36,154,350) (2,788,791)
Oil and Gas Sales [Member]        
Oil and gas sales        
Total revenue $ 655,176 $ 40,632 $ 708,917 $ 116,024