| SEGMENT REPORTING |
NOTE
14. 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 September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
2,158,110 |
|
|
$ |
— |
|
|
$ |
2,158,110 |
|
| Production costs |
|
|
(2,409,493 |
) |
|
|
(46,272 |
) |
|
|
(2,455,765 |
) |
| Depreciation, depletion, amortization, and accretion |
|
|
(90,463 |
) |
|
|
(7,187 |
) |
|
|
(97,650 |
) |
| Results of operations from producing activities |
|
$ |
(341,846 |
) |
|
$ |
(53,459 |
) |
|
$ |
(395,305 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Nine months ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
5,126,281 |
|
|
$ |
6,079 |
|
|
$ |
5,132,360 |
|
| Production costs |
|
|
(5,198,789 |
) |
|
|
(155,650 |
) |
|
|
(5,354,439 |
) |
| Depreciation, depletion, amortization, and accretion |
|
|
(274,587 |
) |
|
|
(22,159 |
) |
|
|
(296,746 |
) |
| Results of operations from producing activities |
|
$ |
(347,095 |
) |
|
$ |
(171,730 |
) |
|
$ |
(518,825 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets, September 30, 2022 |
|
$ |
1,791,820 |
|
|
$ |
4,243,071 |
|
|
$ |
6,034,891 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
903,525 |
|
|
$ |
— |
|
|
$ |
903,525 |
|
| Production costs |
|
|
(954,538 |
) |
|
|
(8,836 |
) |
|
|
(963,374 |
) |
| Depreciation, depletion, amortization, and accretion |
|
|
(67,685 |
) |
|
|
(8,176 |
) |
|
|
(75,861 |
) |
| Results of operations from producing activities |
|
$ |
(118,698 |
) |
|
$ |
(17,012 |
) |
|
$ |
(135,710 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
2,762,758 |
|
|
$ |
— |
|
|
$ |
2,762,758 |
|
| Production costs |
|
|
(3,486,631 |
) |
|
|
(20,676 |
) |
|
|
(3,507,307 |
) |
| Depreciation, depletion, amortization, and accretion |
|
|
(207,262 |
) |
|
|
(26,806 |
) |
|
|
(234,068 |
) |
| Results of operations from producing activities |
|
$ |
(931,135 |
) |
|
$ |
(47,482 |
) |
|
$ |
(978,617 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets, September 30, 2023 |
|
$ |
1,684,681 |
|
|
$ |
4,243,446 |
|
|
$ |
5,928,127 |
|
|