| SCHEDULE OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS |
For
the purpose of determining the fair value of AROs incurred during the years presented, the Company used the following assumptions:
SCHEDULE
OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS
| |
|
September 30, 2022 |
|
| Inflation rate |
|
|
1.92 - 2.15
|
% |
| Estimated asset life |
|
|
12-21
years |
|
|
| SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATIONS |
The
following table shows the change in the Company’s ARO liability:
SCHEDULE
OF CHANGE IN ASSET RETIREMENT OBLIGATIONS
| |
|
Canadian properties |
|
|
United States properties |
|
|
Total |
|
| Asset retirement obligations, December 31, 2020 |
|
$ |
2,711,909 |
|
|
$ |
912,224 |
|
|
$ |
3,624,133 |
|
| Plugging liability at Twin Lakes |
|
|
— |
|
|
|
132,000 |
|
|
|
132,000 |
|
| Accretion expense |
|
|
290,367 |
|
|
|
26,506 |
|
|
|
316,873 |
|
| Disposition |
|
|
(1,824,339 |
) |
|
|
— |
|
|
|
(1,824,339 |
) |
| Foreign currency translation |
|
|
8,360 |
|
|
|
— |
|
|
|
8,360 |
|
| Asset retirement obligations, December 31, 2021 |
|
$ |
1,186,297 |
|
|
$ |
1,070,730 |
|
|
$ |
2,257,027 |
|
| Accretion expense |
|
|
108,751 |
|
|
|
21,403 |
|
|
|
129,793 |
|
| Foreign currency translation |
|
|
(96,064 |
) |
|
|
— |
|
|
|
(96,064 |
) |
| Asset retirement obligations, September 30, 2022 |
|
$ |
1,198,984 |
|
|
$ |
1,091,773 |
|
|
$ |
2,290,757 |
|
|