| SEGMENT REPORTING |
NOTE
13. SEGMENT REPORTING
The
Company has a single reportable operating segment, Oil and Gas Exploration and Production, which includes exploration, development, and
production of current and potential oil and gas properties. Results of operations from producing activities were as follows:
SCHEDULE
OF LONG-LIVED ASSETS
| |
|
Canada |
|
|
United States |
|
|
Total |
|
| Three months ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
1,830,281 |
|
|
$ |
6,079 |
|
|
$ |
1,836,360 |
|
| Production costs |
|
|
(1,263,889 |
) |
|
|
(12,386 |
) |
|
|
(1,276,275 |
) |
| Depreciation, depletion, amortization, and accretion |
|
|
(87,190 |
) |
|
|
(7,804 |
) |
|
|
(94,994 |
) |
| Results of operations from producing activities |
|
$ |
479,202 |
|
|
$ |
(14,111 |
) |
|
$ |
(465,091 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets, March 31, 2022 |
|
$ |
2,083,418 |
|
|
$ |
4,243,225 |
|
|
$ |
6,326,643 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
1,376,317 |
|
|
$ |
— |
|
|
$ |
1,376,317 |
|
| Production costs |
|
|
(1,651,335 |
) |
|
|
(8,145 |
) |
|
|
(1,659,480 |
) |
| Depreciation, depletion, amortization, and accretion |
|
|
(82,356 |
) |
|
|
(10,655 |
) |
|
|
(93,011 |
) |
| Results of operations from producing activities |
|
$ |
(357,374 |
) |
|
$ |
(18,800 |
) |
|
$ |
(376,174 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets, March 31, 2023 |
|
$ |
1,699,477 |
|
|
$ |
4,243,446 |
|
|
$ |
5,942,923 |
|
|