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Consolidated Statements of Financial Position - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,188,445 $ 926,061
Amounts receivable 1,593,345 4,337,825
Prepaid expenses and deposits 603,435 962,812
Assets held for sale 1,479,429
Total current assets 4,864,654 6,226,698
Oil and gas properties, net 52,654,100 30,049,794
Property and equipment, net 720,550 741,727
Long-term deposits 371,124
Total assets 58,610,428 37,018,219
Current liabilities:    
Accounts payable and accrued liabilities 14,065,019 10,600,080
RSU obligation 18,398 295,747
Loans payable 3,464,450 145,866
Convertible debt – accrued interest 227,092
Lease liability 19,637 4,057
Total current liabilities 17,794,596 11,045,750
Asset retirement obligation 6,247,027 5,316,470
Loans payable 20,689
Convertible debt 10,102,627
Lease liabilities 122,058 4,552
Derivative liability 4,827
Deferred tax liability 2,131,548
Total liabilities 36,397,856 16,392,288
Stockholders’ equity:    
Share capital 74,586,724 64,750,270
Notes and amounts receivable for equity issued (113,309) (1,062,062)
Warrant and option reserve 6,239,370 5,682,869
Shares to be cancelled 7,645 7,645
Obligation to issue shares 396,177 94,210
Accumulated other comprehensive loss (12,964,837) (4,009,997)
Accumulated deficit (45,939,198) (44,837,004)
Total stockholders’ equity 22,212,572 20,625,931
Total liabilities and stockholders’ equity $ 58,610,428 $ 37,018,219