| Discontinued Operations |
12. Discontinued Operations In 2019, management determined to fully divest
of EHR’s oil and gas activities. As such, these activities are presented as discontinued operations for each of the periods presented.
The following is a summary of the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets
and liabilities held for sale:
| | |
December 31, | |
| | |
2022 | | |
2021 | |
| Assets: | |
| | |
| |
| Oil and natural gas properties held for sale, at cost | |
$ | 1,874,849 | | |
$ | 1,874,849 | |
| Accumulated DD&A | |
| (1,874,849 | ) | |
| (1,874,849 | ) |
| Total assets of discontinued operations held for sale | |
$ | - | | |
$ | - | |
| | |
| | | |
| | |
| Liabilities: | |
| | | |
| | |
| Accrued liabilities | |
$ | 61,701 | | |
$ | 48,997 | |
| Asset retirement obligations | |
| 52,368 | | |
| 52,368 | |
| Revenue payable | |
| 52,117 | | |
| 52,117 | |
| Current liabilities of discontinued operations held for sale | |
| 166,186 | | |
| 153,482 | |
| Asset retirement obligations - | |
| | | |
| | |
| Long-term liabilities of discontinued operations held for sale | |
| 207,197 | | |
| 162,948 | |
| Total liabilities of discontinued operations held for sale | |
$ | 373,383 | | |
$ | 316,430 | |
The following is a summary of the major classes
of line items constituting loss on discontinued operations shown in the consolidated statements of operations:
| | |
For the year ended
December 31, | |
| | |
2022 | | |
2021 | |
| Revenue - | |
| | |
| |
| Oil and gas sales | |
$ | 147,828 | | |
$ | 116,710 | |
| | |
| | | |
| | |
| Costs and Expenses: | |
| | | |
| | |
| Lease operating expense | |
| 163,352 | | |
| 134,590 | |
| Accretion of asset retirement obligations | |
| 44,249 | | |
| 14,333 | |
| Total costs and expenses | |
| 207,601 | | |
| 148,923 | |
| Loss from discontinued operations | |
$ | (59,773 | ) | |
$ | (32,213 | ) |
|