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:
SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATIONS
|
|
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 |
|
|