v3.26.1
Consolidated Statements of Loss and Comprehensive Loss - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Oil and gas revenue, net $ 2,880,658 $ 7,000,836 $ 16,797,366
Cost and expenses      
Production 2,370,651 4,771,276 4,365,710
Depletion 139,550 1,300,417 5,119,174
Depreciation 64,789 87,408 175,764
Accretion of asset retirement obligation 269,386 269,114 219,536
Stock-based compensation 18,543 1,058,222 2,397,261
General and administrative 5,200,466 6,182,893 7,294,972
Geological and geophysical expenses 44,109 1,427,044 706,410
Total expenses 8,107,494 15,096,374 20,278,827
Loss before other income (expenses) (5,226,836) (8,095,538) (3,481,461)
Other income (expense)      
Interest income 225,997 53,386 19,179
Finance cost (3,096,811) (2,560,648) (2,249,055)
Foreign exchange gain (loss) (3,164,162) (3,781,509) (9,932,252)
Loss on extinguishment accounts payable and loan payable (264,050) (8,500)
Change in fair value of derivative liability 4,827
Gain on debt modification and settlement for shares 577,725
Loss on write-off of notes and other receivables (101,303) (15,439)
Loss on impairment and sale of assets held for sale (328,631) (132,737) (1,556,787)
Impairment of oil and gas properties (54,498,394) (9,892,000)
Loss on issuance of shares (5,052) (17,342)
Gain on net monetary position 12,791,869 18,431,488 18,984,099
Gain (loss) on sale of oil and gas properties and equipment 74,331 (466,092) 19,535
Gain on modification and termination of lease 32,646 46,602 31,864
Other income 2,377
Total other income (expense) (47,486,733) 1,413,949 5,297,945
Income (loss) before taxes (52,713,569) (6,681,589) 1,816,484
Deferred tax recovery (expense) 3,492,668 (2,447,053) (1,860,326)
Net loss (49,220,901) (9,128,642) (43,842)
Other comprehensive loss      
Foreign currency translation (5,204,101) (3,333,512) (10,013,192)
Total comprehensive loss $ (54,425,002) $ (12,462,154) $ (10,057,034)
Net loss per share - Basic $ (1.30) $ (0.32) $ (0.00)
Net loss per share - Diluted $ (1.30) $ (0.32) $ (0.00)
Weighted average shares outstanding – Basic 37,820,850 28,463,753 16,216,969
Weighted average shares outstanding – Diluted 37,820,850 28,463,753 16,216,969