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Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue        
Oil and gas revenue, net $ 5,816,662 $ 1,497,973 $ 11,962,601 $ 2,511,598
Cost and expenses        
Production 1,177,232 735,087 2,538,593 1,357,405
Depletion 979,768 82,324 2,938,921 148,873
Depreciation (47,592) 32,796 126,247 43,976
Accretion of asset retirement obligation 55,715 (141,923) 108,447 82,905
Stock-based compensation 996,911 1,150,833 84,721
General and administrative 1,839,962 1,406,350 4,024,641 2,694,652
Geological and geophysical expenses 201,434 292,013
Total expenses 5,203,430 2,114,634 11,179,695 4,412,532
Income (Loss) before other income (expenses) 613,232 (616,661) 782,906 (1,900,934)
Other income (expense)        
Interest income 7,112 15,444 32,059 35,075
Finance cost (561,808) (9,839) (790,171) (57,756)
Foreign exchange loss (5,765,602) 449,745 (6,169,297) 328,620
Gain (loss) on debt settlement 2,022 (46) (1,417) 71,236
Change in fair value of derivative liability 985 207,603 4,827 (361,170)
Gain (loss) on net monetary position 3,479,814 6,188,247
Total other income (expense) (2,837,477) 662,907 (735,752) 16,005
Net income (loss) (2,224,245) 46,246 47,154 (1,884,929)
Other comprehensive income (loss)        
Foreign currency translation (11,404,361) (869,604) (10,706,573) (724,886)
Comprehensive income (loss) $ (13,628,606) $ (823,358) $ (10,659,419) $ (2,609,815)
Income (Loss) per share – Basic $ (0.01) $ (0.00) $ (0.00) $ (0.01)
Income (Loss) per share – Diluted $ (0.01) $ (0.00) $ (0.00) $ (0.01)
Weighted average shares outstanding – Basic 371,531,909 296,789,008 385,226,459 248,633,296
Weighted average shares outstanding – Diluted 371,531,909 296,789,008 385,226,459 248,633,296