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Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue        
Oil and gas revenue $ 1,497,973 $ 1,013,255 $ 2,511,598 $ 1,957,817
Cost and expenses        
Production 735,087 601,633 1,357,405 1,234,134
Depletion 82,324 124,612 148,873 233,713
Depreciation 32,796 6,801 43,976 13,808
Accretion of asset retirement obligation (141,923) 22,954 82,905 45,827
Investor relations 183,700 639,425 360,102 723,574
Stock-based compensation 124,391 84,721 161,291
General and administrative 1,222,650 547,179 2,334,550 1,030,803
Total expenses 2,114,634 2,066,995 4,412,532 3,443,150
Loss before other income (expenses) (616,661) (1,053,740) (1,900,934) (1,485,333)
Other income (expense)        
Interest income 15,444 8,956 35,075 10,930
Interest expense (6,903) (29,067) (28,308) (73,755)
Finance cost (2,936) (38,083) (29,448) (49,382)
Foreign exchange gain 449,745 65,527 328,620 (918)
Other income (36)
Change in fair value of derivative liability 207,603 3,032,128 (361,170) (5,698,468)
Gain (loss) on debt settlement (46) (73,560) 71,236 (145,665)
Total other income (expense) 662,907 2,965,901 16,005 (5,957,294)
Net income (loss) 46,246 1,912,161 (1,884,929) (7,442,627)
Other comprehensive income (loss)        
Foreign currency translation (869,604) (103,227) (724,886) (185,844)
Comprehensive income (loss) $ (823,358) $ 1,808,934 $ (2,609,815) $ (7,628,471)
Loss per share – Basic and diluted $ 0.00 $ 0.01 $ (0.01) $ (0.05)
Weighted average shares outstanding – Basic and diluted 296,789,008 189,512,490 248,633,296 142,003,395