SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2024

SCHEDULE OF OIL AND GAS REVENUES AND LEASE OPERATING EXPENSES

The following table shows the Company’s oil and gas revenues and lease operating expenses, which excludes the joint venture expenses incurred in South America, by geographic area:

	2024		2023
Revenues
North America	$	560,180	$	794,027
South America		-		-
	$	560,180	$	794,027

Production Cost
North America	$	747,559	$	473,925
South America		-		-
	$	747,559	$	473,925

CAPITALIZED COSTS AND ACCUMULATED DEPLETION RELATING TO OIL AND GAS PRODUCTION ACTIVITIES

Capitalized costs and accumulated depletion relating to the Company’s oil and gas producing activities as of December 31, 2024, all of which are onshore properties located in the United States and Colombia, South America are summarized below:

	United States			South America			Total
Unproved properties not being amortized	$	-		$	-		$	-
Proved properties being amortized		13,326,003			49,444,654			62,770,657
Accumulated depreciation, depletion, amortization and impairment		(12,208,367	)		(49,444,654	)		(61,653,021	)

Net capitalized costs	$	1,117,636		$	-		$	1,117,636

SCHEDULE OF PROVED DEVELOPED AND UNDEVELOPED RESERVES BY PRODUCT TYPE

Total estimated proved developed, proved non-producing, and undeveloped reserves by product type and the changes therein are set forth below for the years indicated.

	United States
	Gas (mcf)			Oil (bbls)			Natural Gas Liquids (gallons)
Total proved reserves

Balance December 31, 2022		1,030,420			83,517			-

Revisions of prior estimates		(365,414	)		(16,947	)		-
Production		(57,360	)		(7,719	)		-

Balance December 31, 2023		607,646			58,599			-

Extensions and discoveries		78,980			17,000			502,614
Revisions to prior estimates		(214,960	)		(23,217	)		1,119,316
Production		(53,476	)		(5,992	)		(159,680	)

Balance December 31, 2024		418,190			46,390			1,462,250

Proved developed reserves
at December 31, 2023		607,646			58,599			1,621,930
at December 31, 2024		418,190			46,390			1,462,250

Proved undeveloped reserves
at December 31, 2023		-			-			-
at December 31, 2024		-			-			-

STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS

Standardized measure of discounted future net cash flows at December 31, 2024:

	United States			South America		Total
Future cash flows from sales of oil and gas	$	4,427,982			-		4,427,982
Future production cost		(2,400,990	)		-		(2,400,990	)
Future development cost		(155,628	)		-		155,628
Future net cash flows		1,871,364			-		1,871,364
10% annual discount for timing of cash flow		(748,094	)		-		(748,094	)

Standardized measure of discounted future net cash flow relating to proved oil and gas reserves	$	1,123,270			-		1,123,270

Changes in standardized measure:
Change due to current year operations Sales, net of production costs	$	39,359	)		-		39,359
Sales, net of production costs	$	39,359	)		-		39,359	)
Change due to revisions in standardized variables:		-					-
Accretion of discount		156,472			-		156,472
Net change in sales and transfer price, net of production costs		(1,433,013	)		-		(1,433,013	)
Net change in future development cost		-			-		-
Discoveries		585,420			-		585,420
Revision and others		(33,056	)		-		(33,056	)
Changes in production rates and other		243,364			-		243,364

Net		(441,454	)		-		(441,454	)
Beginning of year		1,564,724			-		1,564,724
End of year	$	1,123,270			-		1,123,270

Standardized measure of discounted future net cash flows at December 31, 2023:

	United States			South America		Total
Future cash flows from sales of oil and gas	$	6,509,498		$	-	$	6,509,498
Future production cost		(3,804,439	)		-		(3,804,439	)
Future development cost		-			-		-
Future net cash flows		2,705,059			-		2,705,059
10% annual discount for timing of cash flow		(1,140,335	)		-		(1,140,335	)

Standardized measure of discounted future net cash flow relating to proved oil and gas reserves	$	1,564,724		$	-	$	1,564,724

Changes in standardized measure:
Change due to current year operations Sales, net of production costs	$	(196,003	)	$	-	$	(196,003	)
Sales, net of production costs	$	(196,003	)	$	-	$	(196,003	)
Change due to revisions in standardized variables:
Accretion of discount		516,316			-		516,316
Net change in sales and transfer price, net of production costs		(3,117,105	)		-		(3,117,105
Net change in future development cost		-			-		-
Discoveries		-			-		-
Revision and others		(645,668	)		-		(645,668
Changes in production rates and other		(155,975	)		-		(155,975	)

Net		(3,598,435	)		-		(3,598,435
Beginning of year		5,163,159			-		5,163,159
End of year	$	1,564,724		$	-	$	1,564,724

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details