| Segment Reporting |
11. SEGMENT REPORTING
The Company has a single reportable operating
segment, Oil and Gas Exploration and Production, which includes exploration, development, and production of current and potential
oil and gas properties. Results of operations from producing activities were as follows:
| |
|
Canada |
|
|
United States |
|
|
Total |
|
| Three months ended March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
796,776 |
|
|
$ |
22,564 |
|
|
$ |
819,340 |
|
| Production costs |
|
|
(636,239 |
) |
|
|
(59,874 |
) |
|
|
(696,113 |
) |
| Depreciation, depletion, amortization and accretion |
|
|
(200,351 |
) |
|
|
(10,296 |
) |
|
|
(210,647 |
) |
| Results of operations from producing activities |
|
$ |
(39,814 |
) |
|
$ |
(47,606 |
) |
|
$ |
(87,420 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets, March 31, 2019 |
|
$ |
1,877,771 |
|
|
$ |
10,370,770 |
|
|
$ |
12,248,541 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
— |
|
|
$ |
29,980 |
|
|
$ |
29,980 |
|
| Production costs |
|
|
— |
|
|
|
(75,361 |
) |
|
|
(75,361 |
) |
| Depreciation, depletion, amortization and accretion |
|
|
— |
|
|
|
(15,176 |
) |
|
|
(15,176 |
) |
| Results of operations from producing activities |
|
$ |
— |
|
|
$ |
(60,557 |
) |
|
$ |
(60,557 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets, December 31, 2018 |
|
$ |
2,030,090 |
|
|
$ |
10,378,817 |
|
|
$ |
12,408,907 |
|
The Company’s revenues are derived from
the following major customers:
| |
|
Three months ended |
|
| |
|
March 31, 2019 |
|
|
March 31, 2018 |
|
| Customer A |
|
$ |
796,776 |
|
|
$ |
— |
|
| Customer B |
|
|
22,564 |
|
|
|
29,980 |
|
| Total revenues |
|
$ |
819,340 |
|
|
$ |
29,980 |
|
|