Quarterly report pursuant to Section 13 or 15(d)

Evaluated Properties

v3.19.3.a.u2
Evaluated Properties
3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Evaluated Properties

4. EVALUATED PROPERTIES

 

The Company’s current properties can be summarized as follows.

 

Cost   Canadian properties     United States properties   Total  
As at January 1, 2018   $     $ 14,312,580     $ 14,312,580  
Additions     1,246,216             1,246,216  
Dispositions           (3,962,042)       (3,962,042)  
Asset retirement cost additions     1,313,982             1,313,982  
Foreign currency translation     (116,451)             (116,451)  
As at December 31, 2018   $ 2,443,747      $ 10,350,538     $ 12,794,285  
Foreign currency translation     53,009       -       53,009  
As at March 31, 2019   $ 2,496,756     $ 10,350,538     $ 12,847,294  
                         
Accumulated depletion                        
As at January 1, 2018           1,068,795       1,068,795  
Dispositions           (3,340,779)       (3,340,779)  
Impairment of oil and gas properties           2,322,255       2,322,255  
Depletion     435,722       11,280       447,002  
Foreign currency translation     (22,065)             (22,065)  
As at December 31, 2018   $ 413,657      $ 61,551     $ 475,208  
Impairment of oil and gas properties                        
Depletion     197,168             197,168  
Foreign currency translation     8,160             8,160  
As at March 31, 2019   $ 618,985      $ 61,551     $ 680,536  
                         
Net book value as at December 31, 2018   $ 2,030,090     $ 10,288,987     $ 12,319,077  
Net book value as at March 31, 2019   $ 1,877,771     $ 10,288,987     $ 12,166,758