SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS (Details) - USD ($) |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Extractive Industries [Abstract] | |||
| Future cash inflows | $ 93,082,624 | $ 47,647,500 | |
| Future production costs | (45,892,778) | (25,203,830) | |
| Future development costs | (1,867,485) | (2,148,510) | |
| Future income taxes | |||
| Future net cash flows | 45,322,361 | 20,295,160 | |
| Discount of future net cash flows at 10% per annum | 27,929,984 | (12,339,240) | |
| Standardized measure of discounted future net cash flows | $ 17,392,377 | $ 7,956,920 | $ 25,824,730 |
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- References No definition available.
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- Definition Amount of estimated future accumulated cash inflow from the sale of proved oil and gas reserves. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of estimated future accumulated cash outflow for costs to be incurred in developing proved oil and gas reserves. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of estimated future accumulated cash outflow for income tax, based on the future income less future expense derived from production and sale of proved oil and gas reserves. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after future accumulated cash outflow for development and production costs and future income tax, of estimated future accumulated cash inflow from the sale of proved oil and gas reserves. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of estimated future accumulated cash outflow for costs to be incurred in producing proved oil and gas reserves. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of discount on future accumulated cash inflow, after deducting future accumulated cash outflow for development and production costs and future income tax, from sale of proved oil and gas reserves, using a discount rate of ten percent a year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of discounted future accumulated cash inflow relating to proved oil and gas reserves. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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