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Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income (loss) for the period $ 2,271,399 $ (1,931,175)
Changes in operating assets and liabilities:    
Stock-based compensation 153,922 84,721
Stock to be issued for services 51,208
Stock issued for services 39,478
Depletion 1,959,153 66,549
Depreciation 173,839 11,180
Accretion of asset retirement obligation 52,732 224,828
Accretion and accrued interest expense 27,419 26,816
Interest income (11,776) (14,149)
Finance costs 150,000
Change in fair value of derivative liability (3,840) 568,773
Unrealized foreign exchange (gain) loss 113
(Gain) loss on debt settlement 3,439 (71,282)
Gain on net monetary position (2,708,433)
Restricted cash 484
Amounts receivable 1,598,408 (368,802)
Prepaid expenses and deposits (491,561) (34,516)
Accounts payable and accrued liabilities 2,076,982 862,632
Net cash provided by (used in) operating activities 5,251,683 (483,142)
Investing activities:    
Property and equipment expenditures (47,344) (15,027)
Oil and gas properties expenditures (19,927,785) (535,694)
Advances from JV partner 14,033,375
Net cash used in investing activities (5,941,754) (550,721)
Financing activities:    
Proceeds from stock subscriptions received, net 12,777,434
Proceeds from exercise of options 135,592 3,997
Proceeds from exercise of warrants 2,215 11,664
Proceeds from loans payable 2,105,386
Repayments of loans payable (33,806) (321,027)
Repayment of notes receivable 41,365
Lease payments (76,251) (1,612)
Net cash provided by financing activities 2,174,501 12,470,456
Effect of exchange rate changes on cash and cash equivalents (21,575) 174,964
Net increase in cash and cash equivalents 1,462,855 11,611,557
Cash and cash equivalents, beginning of year 926,061 1,026,990
Cash and cash equivalents, end of year 2,388,916 12,638,547
Supplemental information:    
Taxes paid
Interest paid on credit facilities 16,883 1,627
Non-cash investing and financing activities:    
Stock issued for debt settlement 142,626 391,021
Stock issued for prepaid expenses 79,013
Right-of-use asset additions $ 236,201