Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Oil and gas sales | ||||
| Total Revenue | $ 1,137,890 | $ 1,248,359 | $ 2,974,250 | $ 2,330,607 |
| Operating expenses | ||||
| Lease operating expense | 1,622,399 | 1,613,076 | 2,898,236 | 2,148,469 |
| Production tax | 438 | 1,163 | ||
| General and administrative expenses | 149,757 | 190,942 | 297,603 | 521,956 |
| Depreciation, depletion and amortization | 60,682 | 253,285 | 113,198 | 436,424 |
| Asset retirement obligation accretion | 43,420 | 93,518 | 85,898 | 181,724 |
| Total operating expenses | 1,876,258 | 2,150,821 | 3,395,373 | 3,289,736 |
| Loss from operations | (738,368) | (902,462) | (421,123) | (959,129) |
| Other income (expenses) | ||||
| Interest expense | (123,080) | (171,902) | (248,017) | (329,950) |
| Other income (expense) | 5,521 | |||
| Change in fair value of derivative liabilities | (146) | 83,111 | 17,339 | (104,605) |
| Total other income (expenses) | (123,226) | (88,791) | (225,157) | (434,555) |
| Net loss before taxes | (861,594) | (991,253) | (646,280) | (1,393,684) |
| Series A Preferred Dividends | (44,798) | (44,893) | (89,595) | (89,568) |
| Series C Preferred Dividends | (2,194) | (4,260) | ||
| Net Loss Attributable to Common Stockholders | $ (908,586) | $ (1,036,146) | $ (740,135) | $ (1,483,252) |
| Loss per share | ||||
| (Basic and fully diluted) | $ (0.01) | $ (0.01) | $ (0.00) | $ (0.01) |
| Weighted average number of common shares outstanding, basic & diluted | 176,988,322 | 176,988,322 | 176,988,322 | 173,854,195 |
| Other comprehensive income, net of tax | ||||
| Foreign currency translation adjustments | $ (62,759) | $ (39,732) | $ (32,902) | $ (37,405) |
| Comprehensive income (loss) | (971,345) | (1,075,878) | (773,037) | (1,520,657) |
| Oil and Gas Sales [Member] | ||||
| Oil and gas sales | ||||
| Total Revenue | $ 1,137,890 | $ 1,248,359 | $ 2,974,250 | $ 2,330,607 |
| X | ||||||||||
- 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://www.xbrl.org/2003/role/disclosureRef
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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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- References No definition available.
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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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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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 Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- 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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- 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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- 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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- 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 Amount of preferred stock dividends and adjustments classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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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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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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