Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING

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SEGMENT REPORTING
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:

 

    Canada     United States     Total  
Year ended December 31, 2021                        
Revenue   $ 5,882,499     $ 12,729     $ 5,895,228  
Production costs     (5,281,740 )     (65,750 )     (5,347,490 )
Depreciation, depletion, amortization and accretion     (668,672 )     (51,346 )     (720,018 )
Results of operations from producing activities   $ (67,913 )   $ (104,367 )   $ (172,280 )
                         
Total long-lived assets   $ 2,104,993     $ 4,244,189     $ 6,349,182  
                         
Year ended December 31, 2022                        
Revenue   $ 6,841,721     $ 6,079     $ 6,847,800  
Production costs     (6,651,673 )     (138,805 )     (6,790,478 )
Depreciation, depletion, amortization and accretion     (382,258 )     (29,529 )     (411,787 )
Results of operations from producing activities   $ (192,210 )   $ (162,255 )   $ (354,465 )
                         
Total long-lived assets   $ 1,742,837     $ 4,243,466     $ 5,986,283  

 

 

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

 

    December 31, 2022     December 31, 2021  
Customer A   $     $ 796,176  
Customer B     6,079       12,729  
Customer C     4,793,138       5,086,323  
Customer D     2,048,583        
Total revenues   $ 6,847,800     $ 5,895,228