Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATIONS (Tables)

v3.23.1
ASSET RETIREMENT OBLIGATIONS (Tables)
12 Months Ended
Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]  
SCHEDULE OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS

 

      December 31, 2022  
Inflation rate     1.92 - 2.15 %
Estimated asset life     12 - 22 years  
SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATIONS

The following table shows the change in the Company’s ARO liability for the years ended December 31, 2022, and 2021:

 

    Canadian properties     United States properties     Total  
Asset retirement obligations, December 31, 2020   $ 2,711,909     $ 912,225     $ 3,624,133  
Plugging liability at Twin Lakes           152,000       132,000  
Accretion expense     290,367       26,506       316,873  
Disposition     (1,824,339 )           (1,824,339 )
Foreign currency translation     8,360             8,360  
Asset retirement obligations, December 31, 2021   $ 1,186,297     $ 1,070,730     $ 2,257,027  
Plugging liability at Twin Lakes                  
Accretion expense     145,191       28,412       173,603  
Disposition           (47,624 )     (47,624 )
Foreign currency translation     (81,671 )           (81,671 )
Asset retirement obligations, December 31, 2022   $ 1,249,816     $ 1,051,518     $ 2,301,335