COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
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Dec. 31, 2022 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES |
NOTE 12. COMMITMENTS AND CONTINGENCIES
Environmental Matters – The Company, as a lessee of oil and gas properties, is subject to various federal, provincial, state and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in the affected area. There can be no assurance, however, that current regulatory requirements will not change, or past noncompliance with environmental laws will not be discovered on the Company’s properties.
As mentioned in Note 6, the Company held a lease for acreage at SUDS Field from Joel Oppenheim. On November 4, 2022, this property was acquired by Flying M. Real Estate, and a new lease was signed by Petrolia Energy. The lease is for four years, starting at $500 per month for the first 12 months, then increasing by 7% annually.
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