| Segment Reporting |
NOTE 15. 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 for the years ended December 31, 2019 and 2018:
| |
|
Canada |
|
|
United States |
|
|
Total |
|
| Year ended December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
2,827,877 |
|
|
$ |
88,857 |
|
|
$ |
2,916,734 |
|
| Production costs |
|
|
(3,021,805 |
) |
|
|
(365,294 |
) |
|
|
(3,387,099 |
) |
| Depreciation, depletion, amortization and accretion |
|
|
(1,004,832 |
) |
|
|
(32,187 |
) |
|
|
(1,037,019 |
) |
| Results of operations from producing activities |
|
$ |
(1,198,760 |
) |
|
$ |
(308,624 |
) |
|
$ |
(1,507,384 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets |
|
$ |
1,104,458 |
|
|
$ |
10,346,630 |
|
|
$ |
11,451,088 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
1,118,283 |
|
|
$ |
54,777 |
|
|
$ |
1,173,060 |
|
| Production costs |
|
|
(1,239,317 |
) |
|
|
(302,102 |
) |
|
|
(1,541,419 |
) |
| Depreciation, depletion, amortization and accretion |
|
|
(440,075 |
) |
|
|
(50,898 |
) |
|
|
(490,973 |
) |
| Results of operations from producing activities |
|
$ |
(561,109 |
) |
|
$ |
(298,223 |
) |
|
$ |
(859,332 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets |
|
$ |
2,030,090 |
|
|
$ |
10,625,808 |
|
|
$ |
12,408,907 |
|
The Company’s revenues are derived from the
following major customers:
| |
|
December 31, 2019 |
|
|
December 31, 2018 |
|
| Customer A |
|
$ |
2,827,877 |
|
|
$ |
1,118,283 |
|
| Customer B |
|
|
88,857 |
|
|
|
54,777 |
|
| Other customers |
|
|
— |
|
|
|
— |
|
| Total revenues |
|
$ |
2,916,734 |
|
|
$ |
1,173,060 |
|
|