XML 69 R52.htm IDEA: XBRL DOCUMENT v3.23.1
Summary of Reconciliation of Financial Position (Details) - USD ($)
12 Months Ended
Jan. 01, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current assets:        
Cash and cash equivalents $ 202,712 $ 926,061 $ 1,026,990 $ 202,712
Accounts receivable 773,311 4,337,825 709,805  
Prepaid expenses and deposits 24,302 962,812 95,503  
Total current assets 1,000,325 6,226,698 1,832,298  
Oil and gas properties, net 2,224,473 30,049,794 1,420,613  
Exploration and evaluation assets 3,122,443 3,116,146  
Property and equipment, net   1,073,848 343,745 293,101
Restricted cash 11,763 5,438  
Total assets 6,487,261 37,018,219 6,521,629  
Current liabilities:        
Accounts payable and accrued liabilities 1,496,510 10,600,080 852,481  
Loans payable 549,424 145,866 630,534  
Lease liability 12,116 4,057 6,732  
Total current liabilities 2,058,050 11,045,750 1,489,747  
Asset retirement obligation 9,355,422 5,316,470 8,993,108 9,355,422
Loans payable 17,730 20,689 18,513  
Derivative liability 11,027  
Derivative liability 1,804,572 4,827 472,899  
Lease liability 27,693 4,552 8,592  
Total liabilities 13,274,494 16,392,288 10,982,859  
Stockholders’ equity (deficiency):        
Common stock 1,253 3,395 1,828  
Share premium 26,331,369 64,746,875 35,115,302  
Notes and amounts receivable for equity issued (1,062,062) (1,193,641)  
Shares to be cancelled 7,645 5,323  
Obligation to issue Shares 15,342 94,210 7,450  
Warrant and option reserve 1,177,099 5,682,869 1,165,170  
Accumulated other comprehensive loss (490,172) (4,009,997) (847,412)  
Accumulated deficit (33,822,124) (44,837,004) (38,715,250)  
Total stockholders’ equity (deficiency) (6,787,233) 20,625,931 (4,461,230) $ (6,787,233)
Total liabilities and stockholders’ equity (deficiency) 6,487,261 37,018,219 6,521,629  
Revenue        
Oil and natural gas sales   9,375,029 3,700,727  
Cost and expenses        
Production   3,567,875 2,617,118  
Depletion   1,451,032 415,686  
Depreciation   145,035 31,768  
Accretion of asset retirement obligation   264,075 91,983  
Stock based compensation   2,118,917 336,366  
General and administrative   6,397,500 3,162,934  
Total expenses   17,682,025 6,655,855  
Loss before other income (expenses)   8,306,996 2,955,128  
Other income (expenses)        
Interest income   86,739 46,217  
Finance cost   (79,693) (302,413)  
Foreign exchange loss   1,272,450 25,669  
Change in fair value of derivative liability   (686,504) (1,590,762)  
Total other income (expense)   2,185,242 (1,937,998)  
Net loss   $ (6,121,754) $ (4,893,126)  
Loss per share   $ (0.02) $ (0.03)  
Weighted average number of shares outstanding   312,457,409 158,166,108  
Other comprehensive loss        
Foreign currency translation adjustments   $ (3,636,492) $ (357,240)  
Comprehensive loss   $ (9,758,246) (5,250,366)  
IFRS [member]        
Current assets:        
Cash and cash equivalents 202,712   1,026,990  
Accounts receivable 773,311   709,805  
Prepaid expenses and deposits 24,302   95,503  
Total current assets 1,000,325   1,832,298  
Oil and gas properties, net 2,224,473   1,420,613  
Exploration and evaluation assets 3,122,443   3,116,146  
Property and equipment, net 128,257   147,134  
Restricted cash 11,763   5,438  
Total assets 6,487,261   6,521,629  
Current liabilities:        
Accounts payable and accrued liabilities 1,496,510   852,481  
Loans payable 549,424   630,534  
Lease liability 12,116   6,732  
Total current liabilities 2,058,050   1,489,747  
Asset retirement obligation 9,355,422   8,993,108  
Loans payable 17,730   18,513  
Derivative liability 11,027   472,899  
Derivative liability 1,804,572      
Lease liability 27,693   8,592  
Total liabilities 13,274,494   10,982,859  
Stockholders’ equity (deficiency):        
Common stock 1,253   1,828  
Additional paid-in capital    
Share premium 26,331,369   35,115,302  
Notes and amounts receivable for equity issued     (1,193,641)  
Stock subscriptions and stock to be issued 15,342      
Shares to be cancelled     5,323  
Obligation to issue Shares     7,450  
Warrant and option reserve 1,177,099   1,165,170  
Accumulated other comprehensive loss (490,172)   (847,412)  
Accumulated deficit (33,822,124)   (38,715,250)  
Total stockholders’ equity (deficiency) (6,787,233)   (4,461,230)  
Total liabilities and stockholders’ equity (deficiency) 6,487,261   6,521,629  
Revenue        
Oil and natural gas sales     3,700,727  
Cost and expenses        
Production     2,617,118  
Depletion     415,686  
Depreciation     31,768  
Accretion of asset retirement obligation     91,983  
Investor relations     914,770  
Stock based compensation     336,366  
General and administrative     2,248,164  
Total expenses     6,655,855  
Loss before other income (expenses)     (2,955,128)  
Other income (expenses)        
Interest income     46,217  
Interest expense     (126,027)  
Finance cost     (176,386)  
Foreign exchange loss     25,669  
Loss on debt extinguishment     (159,383)  
Change in fair value of derivative liability     (1,590,762)  
Gain on disposal of equipment     40,074  
Other expense     2,600  
Total other income (expense)     (1,937,998)  
Net loss     $ (4,893,126)  
Loss per share     $ (0.03)  
Weighted average number of shares outstanding     158,166,108  
Other comprehensive loss        
Foreign currency translation adjustments     $ (357,240)  
Comprehensive loss     (5,250,366)  
Previously stated [member]        
Current assets:        
Cash and cash equivalents 202,712   1,026,990  
Accounts receivable 773,311   709,805  
Prepaid expenses and deposits 24,302   95,503  
Total current assets 1,000,325   1,832,298  
Oil and gas properties, net 5,346,916   5,172,943  
Exploration and evaluation assets    
Property and equipment, net 128,257   147,134  
Restricted cash 11,763   5,438  
Total assets 6,487,261   7,157,813  
Current liabilities:        
Accounts payable and accrued liabilities 1,496,510   852,481  
Loans payable 549,424   630,534  
Lease liability 12,116   6,732  
Total current liabilities 2,058,050   1,489,747  
Asset retirement obligation 4,010,624   4,426,978  
Loans payable 17,730   18,513  
Derivative liability 11,027   472,899  
Derivative liability 1,804,572      
Lease liability 27,693   8,592  
Total liabilities 7,929,696   6,416,729  
Stockholders’ equity (deficiency):        
Common stock 1,253   1,828  
Additional paid-in capital 27,508,468   33,295,413  
Share premium      
Notes and amounts receivable for equity issued     (1,193,641)  
Stock subscriptions and stock to be issued 15,342      
Shares to be cancelled     5,323  
Obligation to issue Shares     7,450  
Warrant and option reserve    
Accumulated other comprehensive loss (490,172)   (847,412)  
Accumulated deficit (28,477,326)   (30,527,877)  
Total stockholders’ equity (deficiency) (1,442,435)   741,084  
Total liabilities and stockholders’ equity (deficiency) 6,487,261   7,157,813  
Revenue        
Oil and natural gas sales     3,700,727  
Cost and expenses        
Production     2,617,118  
Depletion     233,798  
Depreciation     31,768  
Accretion of asset retirement obligation     416,354  
Investor relations     914,770  
Stock based compensation     336,366  
General and administrative     2,248,164  
Total expenses     6,798,338  
Loss before other income (expenses)     (3,097,611)  
Other income (expenses)        
Interest income     46,217  
Interest expense     (126,027)  
Finance cost     (176,386)  
Foreign exchange loss     25,669  
Loss on debt extinguishment     (238,724)  
Change in fair value of derivative liability     1,473,638  
Gain on disposal of equipment     40,074  
Other expense     2,600  
Total other income (expense)     1,047,061  
Net loss     $ (2,050,550)  
Loss per share     $ (0.01)  
Weighted average number of shares outstanding     158,166,108  
Other comprehensive loss        
Foreign currency translation adjustments     $ (357,240)  
Comprehensive loss     (2,407,790)  
Increase (decrease) due to changes in accounting policy required by IFRSs [member]        
Current assets:        
Cash and cash equivalents    
Accounts receivable    
Prepaid expenses and deposits    
Total current assets    
Oil and gas properties, net (3,122,443)   (3,752,330)  
Exploration and evaluation assets 3,122,443   3,116,146  
Property and equipment, net    
Restricted cash    
Total assets   (636,184)  
Current liabilities:        
Accounts payable and accrued liabilities    
Loans payable    
Lease liability    
Total current liabilities    
Asset retirement obligation 5,344,798   4,566,130  
Loans payable    
Derivative liability    
Derivative liability      
Lease liability    
Total liabilities 5,344,798   4,566,130  
Stockholders’ equity (deficiency):        
Common stock    
Additional paid-in capital (27,508,468)   (36,359,813)  
Share premium 26,331,369   35,115,302  
Notes and amounts receivable for equity issued      
Stock subscriptions and stock to be issued      
Shares to be cancelled      
Obligation to issue Shares      
Warrant and option reserve 1,177,099   1,165,170  
Accumulated other comprehensive loss    
Accumulated deficit (5,344,798)   (5,122,973)  
Total stockholders’ equity (deficiency) (5,344,798)   (5,202,314)  
Total liabilities and stockholders’ equity (deficiency)   (636,184)  
Revenue        
Oil and natural gas sales      
Cost and expenses        
Production      
Depletion     181,888  
Depreciation      
Accretion of asset retirement obligation     (324,371)  
Investor relations      
Stock based compensation $ 1,177,099    
General and administrative      
Total expenses     (142,483)  
Loss before other income (expenses)     142,483  
Other income (expenses)        
Interest income      
Interest expense      
Finance cost      
Foreign exchange loss      
Loss on debt extinguishment     79,341  
Change in fair value of derivative liability      
Gain on disposal of equipment      
Other expense      
Total other income (expense)     79,341  
Net loss     $ 221,824  
Loss per share      
Weighted average number of shares outstanding      
Other comprehensive loss        
Foreign currency translation adjustments      
Comprehensive loss     221,824  
Restatement [Member]        
Current assets:        
Cash and cash equivalents      
Accounts receivable      
Prepaid expenses and deposits      
Oil and gas properties, net      
Exploration and evaluation assets      
Property and equipment, net      
Restricted cash      
Total assets      
Current liabilities:        
Accounts payable and accrued liabilities      
Loans payable      
Lease liability      
Total current liabilities      
Asset retirement obligation      
Loans payable      
Derivative liability      
Lease liability      
Total liabilities      
Stockholders’ equity (deficiency):        
Common stock      
Additional paid-in capital     3,064,400  
Share premium      
Notes and amounts receivable for equity issued      
Shares to be cancelled      
Obligation to issue Shares      
Warrant and option reserve      
Accumulated other comprehensive loss      
Accumulated deficit     (3,064,400)  
Total stockholders’ equity (deficiency)      
Total liabilities and stockholders’ equity (deficiency)      
Revenue        
Oil and natural gas sales      
Cost and expenses        
Production      
Depletion      
Depreciation      
Accretion of asset retirement obligation      
Investor relations      
Stock based compensation      
General and administrative      
Total expenses      
Loss before other income (expenses)      
Other income (expenses)        
Interest income      
Interest expense      
Finance cost      
Foreign exchange loss      
Loss on debt extinguishment      
Change in fair value of derivative liability     (3,064,400)  
Gain on disposal of equipment      
Other expense      
Total other income (expense)     (3,064,400)  
Net loss     $ (3,064,400)  
Loss per share     $ (0.02)  
Weighted average number of shares outstanding      
Other comprehensive loss        
Foreign currency translation adjustments      
Comprehensive loss     $ (3,064,400)