Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Total revenue | $ 509,221 | $ 800,006 | $ 990,342 | $ 1,619,344 |
| Operating expenses | ||||
| Lease operating expense | 732,992 | 949,410 | 1,336,421 | 1,645,143 |
| Production tax | 159 | 2,439 | 837 | 3,607 |
| General and administrative expenses | 315,195 | 357,457 | 560,458 | 686,491 |
| Depreciation, depletion and amortization | 220,929 | 246,055 | 523,307 | 447,828 |
| Asset retirement obligation accretion | 65,670 | 45,047 | 114,615 | 54,636 |
| Total operating expenses | 1,334,945 | 1,600,408 | 2,535,638 | 2,837,705 |
| Loss from operations | (825,724) | (800,402) | (1,545,296) | (1,218,361) |
| Other income (expenses) | ||||
| Interest expense | (182,051) | (61,104) | (367,864) | (103,654) |
| Foreign currency remeasurement gain | 51,528 | |||
| Gain on sale of assets | 255,000 | 255,000 | ||
| Other income (expense) | 4,364 | 34,181 | 4,771 | 44,181 |
| Change in fair value of derivative liabilities | (122,315) | (1,311) | (248,990) | 17,764 |
| Total other income (expenses) | (300,002) | 226,766 | (612,083) | 264,819 |
| Net loss | (1,125,726) | (573,637) | (2,157,379) | (953,542) |
| Series A Preferred Dividends | (44,675) | (44,675) | (89,350) | (88,859) |
| Net Loss Attributable to Common Stockholders | (1,170,401) | (618,311) | (2,246,729) | (1,042,401) |
| Other comprehensive income, net of tax | ||||
| Foreign currency translation adjustments | 70,966 | (197,858) | (58,337) | (209,766) |
| Comprehensive loss attributable to Common Stockholders | $ (1,099,435) | $ (816,169) | $ (2,305,066) | $ (1,252,167) |
| Loss per share | ||||
| (Basic and fully diluted) | $ 0.01 | $ (0.00) | $ (0.01) | $ (0.01) |
| Weighted average number of shares of common stock outstanding | 165,296,226 | 162,673,726 | 165,218,190 | 162,673,726 |
| Oil and Gas Sales [Member] | ||||
| Total revenue | $ 509,221 | $ 800,006 | $ 990,342 | $ 1,619,344 |
| X | ||||||||||
- References No definition available.
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- Definition Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate amount of interest expense on all borrowings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of operating lease expense. Excludes sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A tax assessed on oil and gas production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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- Details
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