RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

At March 31, 2024 and December 31, 2023, the Company had a convertible note payable for $22,000 with a related party. The note is unsecured, non-interest bearing and is convertible into shares of common stock at $0.001.

At December 31, 2023, the Company had accounts payable to various related parties for a total of $80,991.

At December 31, 2022, the Company had a note payable of $15,000 to a related party. The note was secured by the F-150 truck and bore interest of 7%. This was paid back in February 2023.

In September 2023, a related party loaned $153,989 to CETI. The loan is due in two years and has interest only payments at 12.5%. The first six months interest was paid at time of closing and has been amortized over the six-month period of time.

During periods ended March 31, 2024 and December 31, 2023, the Company paid various related parties for consulting services in the amounts of $106,250 and $588,308, respectively. For the periods ended March 31, 2024 and December 31, 2023, $15,000 and $120,836, respectively, of the consulting fees were capitalized in property and equipment under well development costs.