Annual report pursuant to Section 13 and 15(d)

ORGANIZATION AND BASIS OF PRESENTATION

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ORGANIZATION AND BASIS OF PRESENTATION
12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

 

Petrolia Energy Corporation (the “Company”) is in the business of oil and gas exploration, development, and production.

 

Basis of presentation

 

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the United States Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.