| 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 June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
1,137,890 |
|
|
$ |
— |
|
|
$ |
1,137,890 |
|
| Production costs |
|
|
(1,525,407 |
) |
|
|
(96,992 |
) |
|
|
(1,622,399 |
) |
| Depreciation, depletion,
amortization, and accretion |
|
|
(96,934 |
) |
|
|
(7,168 |
) |
|
|
(104,102 |
) |
| Results of operations
from producing activities |
|
$ |
(484,451 |
) |
|
$ |
(104,160 |
) |
|
$ |
(588,611 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Six months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
2,968,171 |
|
|
$ |
6,079 |
|
|
$ |
2,974,250 |
|
| Production costs |
|
|
(2,789,296 |
) |
|
|
(109,378 |
) |
|
|
(2,898,674 |
) |
| Depreciation, depletion,
amortization, and accretion |
|
|
(184,124 |
) |
|
|
(14,972 |
) |
|
|
(199,096 |
) |
| Results of operations
from producing activities |
|
$ |
(5,249 |
) |
|
$ |
(118,271 |
) |
|
$ |
(123,520 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets,
June 30, 2022 |
|
$ |
1,960,436 |
|
|
$ |
4,243,071 |
|
|
$ |
6,203,507 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
482,916 |
|
|
$ |
— |
|
|
$ |
482,916 |
|
| Production costs |
|
|
(880,758 |
) |
|
|
(3,695 |
) |
|
|
(884,453 |
) |
| Depreciation, depletion,
amortization, and accretion |
|
|
(57,221 |
) |
|
|
(7,975 |
) |
|
|
(65,196 |
) |
| Results of operations
from producing activities |
|
$ |
(455,063 |
) |
|
$ |
(11,670 |
) |
|
$ |
(466,733 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Six months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
1,859,233 |
|
|
$ |
— |
|
|
$ |
1,859,233 |
|
| Production costs |
|
|
(2,532,093 |
) |
|
|
(11,840 |
) |
|
|
(2,543,933 |
) |
| Depreciation, depletion,
amortization, and accretion |
|
|
139,577 |
) |
|
|
(18,630 |
) |
|
|
(158,207 |
) |
| Results of operations
from producing activities |
|
$ |
(812,437 |
) |
|
$ |
(30,470 |
) |
|
$ |
(842,907 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets,
June 30, 2023 |
|
$ |
1,718,656 |
|
|
$ |
4,243,446 |
|
|
$ |
5,962,102 |
|
|