Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

16. Segment Information

The Company’s operations are in the resource industry in Bulgaria and Turkey with head offices in the United States and a satellite office in Sofia, Bulgaria. The Company’s operating segments include a head office in Canada, oil and gas operations in Turkey and oil and gas properties located in Bulgaria.

As at and for the nine month period ended September 30, 2020
	Bulgaria			North America			Turkey			Total
Revenue
Oil and natural gas sales	$	–		$	–		$	1,773,073		$	1,773,073
Cost and expenses
Production		–			–			1,688,342			1,688,342
Depletion		–			–			201,875			201,875
Depreciation		–			–			35,106			35,106
Share-based payments		-			167,189			-			167,189
Accretion of asset retirement obligation		–			–			279,377			279,377
General and administrative		6,255			1,001,055			683,057			1,690,367
Total expenses		6,255			1,168,244			2,887,757			4,062,256
Loss before other income (expenses)		(6,255	)		(1,168,244	)		(1,114,684	)		(2,289,183	)
Other income (expenses)
Interest expense		(103	)		(71,873	)		(14,853	)		(86,829	)
Interest income		–			–			12,771			12,771
Foreign exchange gain (loss)		759			1,110			29,934			31,803
Other income (expense)		–			–			–			-
Change in fair value of derivative liability		–			(43,221	)		–			(43,221	)
Loss on debt extinguishment					(29,001	)					(29,001	)
Total other income (expenses)		656			(142,985	)		27,852			(114,477	)
Net loss for the period	$	(5,599	)	$	(1,311,229	)	$	(1,086,832	)	$	(2,403,660	)
Long lived assets	$	3,118,740		$	–		$	2,421,657		$	5,540,397

For the nine month period ended September 30, 2019
	Bulgaria			North America			Turkey			Total
Revenue
Oil and natural gas sales	$	–		$	–		$	2,939,263		$	2,939,263
Cost and expenses
Production		–			–			1,970,397			1,970,397
Depletion		–			–			468,373			468,373
Depreciation		–			–			31,425			31,425
Accretion of asset retirement obligation		–			–			309,572			309,572
Stock-based compensation		-			437,725			-			437,725
General and administrative		1,298			575,122			730,096			1,306,516
Total expenses		1,298			1,012,847			3,509,863			4,524,008
Loss before other income (expenses)		(1,298	)		(1,012,847	)		(570,600	)		(1,584,745	)
Other income (expenses)
Interest income		–			-			23,253			23,253
Interest expense		–			(28,858	)		(3,794	)		(32,652	)
Foreign exchange gain (loss)		–			2,067			(17,308	)		(15,241	)
Other income (expense)		–			–			69,843			69,843
Total other income (expenses)		–			(26,791	)		71,994			45,203
Net loss for the period	$	(1,298	)	$	(1,039,638	)	$	(498,606	)	$	(1,539,542	)
Long lived assets at December 31, 2019	$	3,117,229		$	–		$	3,639,858		$	6,757,087