PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

As of September 30, 2023 and December 31, 2022, property and equipment consisted of the following:

	September 30, 2023			December 31, 2022			Useful Lives
Equipment	$	998,754		$	782,576		5 to 20 years
Vehicles		87,000			99,700		5 to 15 years
Well development costs		2,332,030			1,604,983		*
Less accumulated depreciation		(86,947	)		(58,224	)	—
Property and equipment, net	$	3,330,837		$	2,429,035		—

* Once full production begins, “Well development costs” will be depreciated using the units-of-production method based on barrels of oil produced. As of September 30, 2023, a minimal amount of oil has been produced and work is ongoing to determine how to determine how to get regular production from the field.

Depreciation expense for the three months ended September 30, 2023 and 2022 was $12,646 and $12,673, respectively, and for the nine months ended September 30, 2023 and 2022 it was $38,398 and $30,901, respectively.