SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Extractive Industries [Abstract] |
|
| SCHEDULE OF COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION,EXPLORATION AND DEVELOPMENT |
SCHEDULE
OF COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION,EXPLORATION AND DEVELOPMENT
| |
|
Fiscal Year Ended December 31, 2022
|
|
|
Fiscal Year Ended December 31, 2021
|
|
| Property acquisitions |
|
$ |
— |
|
|
$ |
787,250 |
|
| Unevaluated |
|
|
— |
|
|
|
— |
|
| Evaluated |
|
|
— |
|
|
|
— |
|
| Exploration |
|
|
— |
|
|
|
— |
|
| Development |
|
|
— |
|
|
|
— |
|
| Total costs incurred |
|
$ |
— |
|
|
$ |
787,250 |
|
|
| SCHEDULE OF CAPITALIZED COSTS IN OIL AND GAS PROPERTY ACQUISITION,EXPLORATION AND DEVELOPMENT |
SCHEDULE
OF CAPITALIZED COSTS IN OIL AND GAS PROPERTY ACQUISITION,EXPLORATION AND DEVELOPMENT
| |
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| Capitalized costs: |
|
|
|
|
|
|
|
|
| Unevaluated properties |
|
$ |
— |
|
|
$ |
— |
|
| Evaluated properties |
|
|
5,414,771 |
|
|
|
5,511,480 |
|
| Gross capitalized costs |
|
|
5,414,771 |
|
|
|
5,511,480 |
|
| Less: Accumulated DD&A |
|
|
-651,754 |
|
|
|
(448,960 |
) |
| Net capitalized costs |
|
$ |
4,763,017 |
|
|
$ |
5,062,520 |
|
|
| SCHEDULE OF PROVED OIL AND GAS RESERVES |
The
following table sets forth estimates of the proved oil and gas reserves (net of royalty interests) for the Company and changes therein,
for the periods indicated.
SCHEDULE
OF PROVED OIL AND GAS RESERVES
| |
|
BOE |
|
| December 31, 2020 |
|
|
1,311,672 |
|
| Revisions of prior estimates |
|
|
292,335 |
|
| Purchases of reserves in place |
|
|
— |
|
| Disposition of mineral in place |
|
|
(57,070 |
) |
| Production |
|
|
(97,084 |
) |
| December 31, 2021 |
|
|
1,449,853 |
|
| Revisions of prior estimates |
|
|
(232,950 |
) |
| Purchases of reserves in place |
|
|
— |
|
| Disposition of mineral in place |
|
|
(71,380 |
) |
| Production |
|
|
(80,333 |
) |
| December 31, 2022 |
|
|
1,065,190 |
|
|
| SCHEDULE OF PROVED DEVELOPMENT AND UNDEVELOPED RESERVES |
SCHEDULE
OF PROVED DEVELOPMENT AND UNDEVELOPED RESERVES
| |
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| |
|
|
|
|
|
|
| Estimated quantities of proved developed reserves – BOE |
|
|
1,043,830 |
|
|
|
1,449,853 |
|
| Estimated quantities of proved undeveloped reserves – BOE |
|
|
21,360 |
|
|
|
— |
|
Proved
developed and proved undeveloped reserves decreased from December 31, 2021 to December 31, 2022, primarily due the revision of prior
estimates and production, and the removal of all Twin Lakes reserves.
The
following table sets forth estimates of the proved developed and proved undeveloped oil and gas reserves (net of royalty interests) for
the Company and changes therein, for the period indicates.
| Proved developed producing and non-producing reserve |
|
BOE |
|
| December 31, 2021 |
|
|
1,449,853 |
|
| Revision of prior estimates |
|
|
(325,690 |
) |
| Production |
|
|
(80,334 |
) |
| December 31, 2022 |
|
|
1,043,830 |
|
| Proved undeveloped reserves |
|
BOE |
|
| December 31, 2021 |
|
|
— |
|
| Revisions to prior estimates |
|
|
21,360 |
|
| December 31, 2022 |
|
|
21,360 |
|
|
| SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS |
The
following table sets forth the changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves
for the periods indicated.
SCHEDULE
OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS
| |
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| |
|
|
|
|
|
|
| Future cash inflows |
|
$ |
95,454,352 |
|
|
$ |
93,082,624 |
|
| Future production costs |
|
|
(49,218,382 |
) |
|
|
(45,892,778 |
) |
| Future development costs |
|
|
(2,622,876 |
) |
|
|
(1,867,485 |
) |
| Future income taxes |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Future net cash flows |
|
|
43,613,094 |
|
|
|
45,322,361 |
|
| Discount of future net cash flows at 10% per annum``` |
|
|
(20,782,000 |
) |
|
|
(27,929,984 |
) |
| |
|
|
|
|
|
|
|
|
| Standardized measure of discounted future net cash flows |
|
$ |
22,831,094 |
|
|
$ |
17,392,377 |
|
|
| SCHEDULE OF CHANGES IN STANDARDIZED MEASURE OF DISCONTINUED FUTURE CASH FLOWS |
Changes
in standardized measure of discounted future cash flows
SCHEDULE
OF CHANGES IN STANDARDIZED MEASURE OF DISCONTINUED FUTURE CASH FLOWS
| |
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| |
|
|
|
|
|
|
| Beginning of year |
|
$ |
17,392,377 |
|
|
$ |
7,956,920 |
|
| Sales and transfers of oil & gas produced, net of production costs |
|
|
(660,629 |
) |
|
|
(539,927 |
) |
| Net changes in prices and production costs |
|
|
(1,278,130 |
) |
|
|
(865,805 |
) |
| Changes in estimated future development costs |
|
|
537,696 |
|
|
|
(565,870 |
) |
| Acquisitions/dispositions of minerals in place, net of production costs |
|
|
(367,027 |
) |
|
|
(231,470 |
) |
| Revision of previous estimates |
|
|
(11,820,528 |
) |
|
|
1,194,016 |
|
| Change in discount |
|
|
— |
|
|
|
— |
|
| Change in production rate or other |
|
|
19,027,334 |
|
|
|
10,444,513 |
|
| |
|
|
|
|
|
|
|
|
| End of year |
|
$ |
22,831,094 |
|
|
$ |
17,392,377 |
|
|