| SEGMENT REPORTING |
NOTE
12. 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:
SCHEDULE OF LONG-LIVED ASSETS
| |
|
Canada |
|
|
United
States |
|
|
Total |
|
| Six
months ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
2,318,321 |
|
|
$ |
12,286 |
|
|
$ |
2,330,607 |
|
| Production
costs |
|
|
(2,106,632 |
) |
|
|
(43,000 |
) |
|
|
(2,149,632 |
) |
| Depreciation,
depletion, amortization and accretion |
|
|
(589,631 |
) |
|
|
(28,517 |
) |
|
|
(618,148 |
) |
| Results
of operations from producing activities |
|
$ |
(377,942 |
) |
|
$ |
(59,231 |
) |
|
$ |
(437,173 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
long-lived assets, June 30, 2021 |
|
$ |
2,132,293 |
|
|
$ |
4,253,535 |
|
|
$ |
6,385,829 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Six
months ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
982,337 |
|
|
$ |
8,005 |
|
|
$ |
990,342 |
|
| Production
costs |
|
|
(1,196,084 |
) |
|
|
(141,173 |
) |
|
|
(1,337,258 |
) |
| Depreciation,
depletion, amortization and accretion |
|
|
(602,904 |
) |
|
|
(30,173 |
) |
|
|
(637,922 |
) |
| Results
of operations from producing activities |
|
$ |
(816,651 |
) |
|
$ |
(163,342 |
) |
|
$ |
(637,922 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
long-lived assets, June 30, 2020 |
|
$ |
2,794,030 |
|
|
$ |
10,330,537 |
|
|
$ |
13,124,567 |
|
|