v3.22.2.2
Summary of Reconciliation of Financial Position (Details) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Current assets:              
Cash and cash equivalents $ 11,634,040 $ 1,465,568 $ 11,634,040 $ 1,465,568 $ 1,026,990   $ 202,712
Accounts receivable 1,249,232   1,249,232   709,805   773,311
Prepaid expenses and deposits 3,621,576   3,621,576   95,503   24,302
Total current assets 16,504,848   16,504,848   1,832,298   1,000,325
Oil and gas properties, net 11,383,658   11,383,658   1,420,613   2,224,473
Exploration and evaluation assets 3,146,176   3,146,176   3,116,146   3,122,443
Property and equipment, net 219,652   219,652   147,134   128,257
Restricted cash 3,920   3,920   5,438   11,763
Total assets 31,258,254   31,258,254   6,521,629   6,487,261
Current liabilities:              
Accounts payable and accrued liabilities 1,904,876   1,904,876   852,481   1,496,510
Loans payable 49,989   49,989   630,534   549,424
Lease liability 3,988   3,988   6,732   12,116
Total current liabilities 1,958,853   1,958,853   1,489,747   2,058,050
Asset retirement obligation 8,123,837   8,123,837   8,993,108   9,355,422
Loans payable 40,315   40,315   18,513   17,730
Derivative liability 425,611   425,611   472,899   1,804,572
Lease liability 5,650   5,650   8,592   27,693
Total liabilities 10,554,266   10,554,266   10,982,859   13,274,494
Stockholders’ equity (deficiency):              
Common stock 3,312   3,312   1,828   1,253
Share premium 58,489,325   58,489,325   32,175,293   26,331,369
Warrant and option reserve 5,367,087   5,367,087   1,040,779   1,177,099
Accumulated other comprehensive loss (3,204,230)   (3,204,230)   (847,412)   (490,172)
Notes and amounts receivable for equity issued (1,162,009)   (1,162,009)   (1,193,641)  
Shares to be cancelled 7,661   7,661   5,323  
Obligation to Issue Shares 1,203,496   1,203,496   7,450   15,342
Accumulated deficit (40,000,654)   (40,000,654)   (35,650,850)   (33,822,124)
Total stockholders’ equity (deficiency) 20,703,988 (11,747,636) 20,703,988 (11,747,636) (4,461,230)   (6,787,233)
Total liabilities and stockholders’ equity (deficiency) 31,258,254   31,258,254   6,521,629   $ 6,487,261
Revenue              
Oil and natural gas sales 1,077,770 879,207 3,589,368 2,837,024      
Cost and expenses              
Production 647,464 774,249 2,004,869 2,008,383      
Depletion 62,888 109,445 211,761 343,158 415,686    
Depreciation 12,541 6,982 56,517 20,790      
Accretion of asset retirement obligation 64,402 23,037 147,307 68,864      
Investor relations 151,474 70,721 511,576 794,295      
Stock based compensation 1,410,291 1,495,012 161,291      
General and administrative 1,774,447 509,335 4,108,997 1,540,138      
Total expenses 4,123,507 1,493,769 8,536,039 4,936,919      
Loss before other income (expenses) (3,045,737) (614,562) (4,946,671) (2,099,895)      
Other income (expenses)              
Interest expense (118) (46,116) (28,426) (119,871)      
Interest income 8,992 16,520 44,067 27,450      
Finance cost (22,649) (88,502) (52,097) (137,884)      
Foreign exchange loss 907,864 (12,344) 1,236,484 (13,298)      
Loss on debt extinguishment (105) (13,718) 71,131 (159,383)      
Change in fair value of derivative liability 66,797 6,205,914 (294,373) 507,446      
Total other income (expense) 580,862 6,061,754 596,867 104,460      
Net income (loss) $ (2,464,875) $ 5,447,192 $ (4,349,804) $ (1,995,435)      
Loss per share $ (0.01) $ 0.04 $ (0.01) $ (0.01)      
Weighted average number of shares outstanding 371,531,909 150,439,108 290,281,681 178,410,202      
Other comprehensive loss              
Foreign currency translation adjustments $ (1,631,932) $ 66,194 $ (2,356,818) $ (119,650)      
Comprehensive income (loss) $ (4,096,807) $ 5,513,386 (6,706,622) (2,115,085)      
IFRS [member]              
Revenue              
Oil and natural gas sales       2,837,024      
Cost and expenses              
Production       2,008,383      
Depletion       343,158      
Depreciation       20,790      
Accretion of asset retirement obligation       68,864      
Investor relations       794,295      
Stock based compensation       161,291      
General and administrative       1,540,138      
Total expenses       4,936,919      
Loss before other income (expenses)       (2,099,895)      
Other income (expenses)              
Interest expense       (119,871)      
Interest income       27,450      
Finance cost       (137,884)      
Foreign exchange loss       (13,258)      
Other expense       (40)      
Loss on debt extinguishment       (159,383)      
Change in fair value of derivative liability       507,446      
Total other income (expense)       104,460      
Net income (loss)       $ (1,995,435)      
Loss per share       $ (0.01)      
Weighted average number of shares outstanding       150,439,108      
Other comprehensive loss              
Foreign currency translation adjustments       $ (119,650)      
Comprehensive income (loss)       (2,115,085)      
Previously stated [member]              
Current assets:              
Cash and cash equivalents         1,026,990 $ 202,712  
Accounts receivable         709,805 773,311  
Prepaid expenses and deposits         95,503 24,302  
Total current assets         1,832,298 1,000,325  
Oil and gas properties, net         5,172,943 5,346,916  
Exploration and evaluation assets          
Property and equipment, net         147,134 128,257  
Restricted cash         5,438 11,763  
Total assets         7,157,813 6,487,261  
Current liabilities:              
Accounts payable and accrued liabilities         852,481 1,496,510  
Loans payable         630,534 549,424  
Lease liability         6,732 12,116  
Total current liabilities         1,489,747 2,058,050  
Asset retirement obligation         4,426,978 4,010,624  
Loans payable         18,513 17,730  
Convertible debt           11,027  
Derivative liability         472,899 1,804,572  
Lease liability         8,592 27,693  
Total liabilities         6,416,729 7,929,696  
Stockholders’ equity (deficiency):              
Common stock         1,828 1,253  
Additional paid-in capital         33,295,413 27,508,468  
Share premium            
Stock subscriptions and stock to be issued           15,342  
Warrant and option reserve          
Accumulated other comprehensive loss         (847,412) (490,172)  
Notes and amounts receivable for equity issued         (1,193,641)    
Shares to be cancelled         5,323    
Obligation to Issue Shares         7,450    
Accumulated deficit         (30,527,877) (28,477,326)  
Total stockholders’ equity (deficiency)         741,084 (1,442,435)  
Total liabilities and stockholders’ equity (deficiency)         7,157,813 6,487,261  
Revenue              
Oil and natural gas sales       2,837,024      
Cost and expenses              
Production       2,008,383      
Depletion       191,263      
Depreciation       20,790      
Accretion of asset retirement obligation       308,379      
Investor relations       794,295      
Stock based compensation       161,291      
General and administrative       1,540,138      
Total expenses       5,024,539      
Loss before other income (expenses)       (2,187,515)      
Other income (expenses)              
Interest expense       (119,871)      
Interest income       27,450      
Finance cost       (137,884)      
Foreign exchange loss       (13,258)      
Other expense       (40)      
Loss on debt extinguishment       (238,724)      
Change in fair value of derivative liability       507,446      
Total other income (expense)       25,119      
Net income (loss)       $ (2,162,396)      
Loss per share       $ (0.01)      
Weighted average number of shares outstanding       150,439,108      
Other comprehensive loss              
Foreign currency translation adjustments       $ (119,650)      
Comprehensive income (loss)       (2,282,046)      
Previously stated [member] | IFRS [member]              
Current assets:              
Cash and cash equivalents         1,026,990 202,712  
Accounts receivable         709,805 773,311  
Prepaid expenses and deposits         95,503 24,302  
Total current assets         1,832,298 1,000,325  
Oil and gas properties, net         1,420,613 2,224,743  
Exploration and evaluation assets         3,116,146 3,122,443  
Property and equipment, net         147,134 128,257  
Restricted cash         5,438 11,763  
Total assets         6,521,629 6,487,261  
Current liabilities:              
Accounts payable and accrued liabilities         852,481 1,496,510  
Loans payable         630,534 549,424  
Lease liability         6,732 12,116  
Total current liabilities         1,489,747 2,058,050  
Asset retirement obligation         8,993,108 9,355,422  
Loans payable         18,513 17,730  
Convertible debt           11,027  
Derivative liability         472,899 1,804,572  
Lease liability         8,592 27,693  
Total liabilities         10,982,859 13,274,494  
Stockholders’ equity (deficiency):              
Common stock         1,828 1,253  
Additional paid-in capital          
Share premium         32,175,293 26,331,369  
Stock subscriptions and stock to be issued           15,342  
Warrant and option reserve         1,040,779 1,177,099  
Accumulated other comprehensive loss         (847,412) (490,172)  
Notes and amounts receivable for equity issued         (1,193,641)    
Shares to be cancelled         5,323    
Obligation to Issue Shares         7,450    
Accumulated deficit         (35,650,850) (33,822,124)  
Total stockholders’ equity (deficiency)         (4,461,230) (6,787,233)  
Total liabilities and stockholders’ equity (deficiency)         6,521,629 6,487,261  
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         (3,752,330) (3,122,443)  
Exploration and evaluation assets         3,116,146 3,122,443  
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         4,566,130 5,344,798  
Loans payable          
Convertible debt            
Derivative liability          
Lease liability          
Total liabilities         4,566,130 5,344,798  
Stockholders’ equity (deficiency):              
Common stock          
Additional paid-in capital         (33,295,413) (27,508,468)  
Share premium         32,175,293 26,331,369  
Stock subscriptions and stock to be issued            
Warrant and option reserve         1,040,779 1,177,099  
Accumulated other comprehensive loss          
Notes and amounts receivable for equity issued            
Shares to be cancelled            
Obligation to Issue Shares            
Accumulated deficit         (5,122,973) (5,344,798)  
Total stockholders’ equity (deficiency)         (5,202,314) (5,344,798)  
Total liabilities and stockholders’ equity (deficiency)         $ (636,184)  
Revenue              
Oil and natural gas sales            
Cost and expenses              
Production            
Depletion       151,895      
Depreciation            
Accretion of asset retirement obligation       (239,515)      
Stock based compensation     $ 1,177,099      
General and administrative            
Total expenses       (87,620)      
Loss before other income (expenses)       87,620      
Other income (expenses)              
Interest expense            
Interest income            
Finance cost            
Foreign exchange loss            
Other expense            
Loss on debt extinguishment       79,341      
Change in fair value of derivative liability            
Total other income (expense)       79,341      
Net income (loss)       $ 166,961      
Loss per share            
Weighted average number of shares outstanding            
Other comprehensive loss              
Foreign currency translation adjustments            
Comprehensive income (loss)       $ 166,961