| 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
| |
|
March
31, 2023 |
|
| 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, 2021 |
|
$ |
1,186,297 |
|
|
$ |
1,070,730 |
|
|
$ |
2,257,027 |
|
| Accretion expense |
|
|
145,191 |
|
|
|
28,412 |
|
|
|
173,603 |
|
| Disposition |
|
|
— |
|
|
|
(47,624 |
) |
|
|
(47,624 |
) |
| Foreign currency translation |
|
|
(81,671 |
) |
|
|
— |
|
|
|
(81,671 |
) |
| Asset retirement obligations, December 31, 2022 |
|
$ |
1,249,816 |
|
|
$ |
1,051,518 |
|
|
$ |
2,301,335 |
|
| Accretion expense |
|
|
37,550 |
|
|
|
10,655 |
|
|
|
48,205 |
|
| Foreign currency translation |
|
|
991 |
|
|
|
— |
|
|
|
991 |
|
| Asset retirement obligations, March 31, 2023 |
|
$ |
1,288,357 |
|
|
$ |
1,062,173 |
|
|
$ |
2,350,530 |
|
|