| SCHEDULE OF COMPANY’S CURRENT PROPERTIES |
The
acquired properties and current properties can be summarized as follows:
SCHEDULE OF COMPANY’S CURRENT PROPERTIES
| Cost |
|
Canadian properties |
|
|
US properties |
|
|
Total |
|
| As of December 31, 2019 |
|
|
2,563,434 |
|
|
$ |
10,350,538 |
|
|
$ |
12,913,972 |
|
| Additions |
|
|
678,765 |
|
|
|
— |
|
|
|
678,765 |
|
| Dispositions |
|
|
— |
|
|
|
(5,648,994 |
) |
|
|
(5,648,994 |
) |
| Impairment of oil and gas properties |
|
|
|
|
|
|
(396,922 |
) |
|
|
(396,922 |
) |
| Asset retirement cost additions |
|
|
906,146 |
|
|
|
— |
|
|
|
906,146 |
|
| Foreign currency translations |
|
|
166,460 |
|
|
|
— |
|
|
|
166,460 |
|
| As of December 31, 2020 |
|
$ |
4,314,805 |
|
|
$ |
4,304,622 |
|
|
$ |
8,619,427 |
|
| Additions |
|
|
787,250 |
|
|
|
— |
|
|
|
787,250 |
|
| Dispositions |
|
|
(2,563,434 |
) |
|
|
— |
|
|
|
(2,563,434 |
) |
| Foreign currency translation |
|
|
(46,218 |
) |
|
|
— |
|
|
|
(46,218 |
) |
| As of December 31, 2021 |
|
$ |
2,492,403 |
|
|
$ |
4,304,622 |
|
|
$ |
6,797,025 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated depletion |
|
|
|
|
|
|
|
|
|
|
|
|
| As of December 31, 2019 |
|
|
1,458,976 |
|
|
|
61,551 |
|
|
|
1,520,347 |
|
| Depletion |
|
|
1,115,595 |
|
|
|
— |
|
|
|
1,115,595 |
|
| Foreign currency translations |
|
|
57,178 |
|
|
|
— |
|
|
|
57,178 |
|
| As of December 31, 2020 |
|
$ |
2,631,749 |
|
|
$ |
61,551 |
|
|
$ |
2,693,300 |
|
| Dispositions |
|
|
(2,629,672 |
) |
|
|
— |
|
|
|
(2,629,672 |
) |
| Depletion |
|
|
378,306 |
|
|
|
— |
|
|
|
378,306 |
|
| Foreign currency translation |
|
|
7,026 |
|
|
|
— |
|
|
|
7,026 |
|
| As of December 31, 2021 |
|
$ |
387,409 |
|
|
$ |
61,551 |
|
|
$ |
448,960 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net book value as at December 31, 2021 |
|
$ |
2,104,994 |
|
|
$ |
4,243,071 |
|
|
$ |
6,348,065 |
|
| Net book value as at December 31, 2020 |
|
$ |
1,683,056 |
|
|
$ |
4,243,071 |
|
|
$ |
5,926,127 |
|
|