Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

v3.23.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Oil and gas sales    
Oil and gas sales $ 1,376,317 $ 1,836,360
Total Revenue 1,376,317 1,836,360
Operating expenses    
Lease operating expense 1,659,480 1,275,837
Production tax 438
General and administrative expenses 260,837 147,846
Depreciation, depletion and amortization 44,806 52,516
Asset retirement obligation accretion 48,205 42,478
Total operating expenses 2,013,328 1,519,115
Gain (loss) from operations (637,011) 317,245
Other income (expenses)    
Interest expense (109,885) (124,937)
Other income 14,019 5,521
Unrealized gain (loss) 248,451
Change in fair value of derivative liabilities 17,485
Total other income (expenses) 152,585 (101,931)
Net income (loss) before taxes (484,426) 215,314
Series A Preferred Dividends (44,798) (44,797)
Series C Preferred Dividends (2,170) (2,066)
Net income (loss) attributable to common stockholders (531,394) 168,451
Other comprehensive income, net of tax    
Foreign currency translation adjustments (5,037) 29,857
Comprehensive income (loss) $ (536,431) $ 198,308
Gain (loss) per share    
(Basic & diluted) $ (0.00) $ 0.00
Weighted average number of common shares outstanding, basic & diluted 176,988,322 176,988,322