Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING

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SEGMENT REPORTING
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
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 for the years ended December 31, 2020 and 2019:

 

                         
    Canada     United States     Total  
Year ended December 31, 2020                        
Revenue   $ 2,860,324     $ 31,917     $ 2,892,241  
Production costs     (3,377,055 )     (253,552 )     (3,630,607 )
Depreciation, depletion, amortization and accretion     (1,374,611 )     (60,429 )     (1,435,039 )
Results of operations from producing activities   $ (1,891,341 )   $ (282,064 )   $ (2,173,405 )
                         
Total long-lived assets   $ 1,683,055     $ 4,767,628     $ 5,952,084  
                         
Year ended December 31, 2019                        
Revenue   $ 2,827,877     $ 88,857     $ 2,916,734  
Production costs     (3,021,805 )     (365,294 )     (3,387,099 )
Depreciation, depletion, amortization and accretion     (1,004,832 )     (32,187 )     (1,037,019 )
Results of operations from producing activities   $ (1,198,760 )   $ (308,624 )   $ (1,507,384 )
                         
Total long-lived assets   $ 1,104,458     $ 10,346,630     $ 11,451,088  

 

 

The Company’s revenues are derived from the following major customers:

 

   

December 31,

2020

   

December 31,

2019

 
Customer A   $ 2,860,324     $ 2,827,877  
Customer B     31,917       88,857  
Other customers            
Total revenues   $ 2,892,241     $ 2,916,734