| Schedule of Oil and Gas Properties |
Schedule
of Oil and Gas Properties
| | |
SASB | | |
Cendere | | |
Total | |
| Cost | |
| | | |
| | | |
| | |
| As at December 31, 2023 | |
$ | 59,105,389 | | |
$ | 2,651,992 | | |
$ | 61,757,381 | |
| Additions | |
| 2,127,764 | | |
| - | | |
| 2,127,764 | |
| Sale of O&G assets | |
| (1,087,146 | ) | |
| - | | |
| (1,087,146 | ) |
| JV Contribution | |
| (1,348,810 | ) | |
| - | | |
| (1,348,810 | ) |
| Change in ARO estimate and additions | |
| (610,113 | ) | |
| (1,587 | ) | |
| (611,700 | ) |
| Currency translation adjustment | |
| (10,685,298 | ) | |
| (421,305 | ) | |
| (11,106,604 | ) |
| Impact of hyperinflation | |
| 22,177,851 | | |
| 989,773 | | |
| 23,167,625 | |
| Reclassified as assets held for sale (Note 5) | |
| 172,112 | | |
| - | | |
| 172,112 | |
| As at December 31, 2024 | |
$ | 69,851,749 | | |
$ | 3,218,873 | | |
$ | 73,070,622 | |
| Cost, Beginning Balance | |
$ | 69,851,749 | | |
$ | 3,218,873 | | |
$ | 73,070,622 | |
| Additions | |
| 721,672 | | |
| - | | |
| 721,672 | |
| Sale of O&G assets | |
| (38,273 | ) | |
| - | | |
| (38,273 | ) |
| JV Contribution | |
| (379,450 | ) | |
| - | | |
| (379,450 | ) |
| Change in ARO estimate and additions | |
| 239,061 | | |
| 1,728 | | |
| 240,789 | |
| Currency translation adjustment | |
| (12,361,503 | ) | |
| (567,487 | ) | |
| (12,928,990 | ) |
| Impact of hyperinflation | |
| 17,841,448 | | |
| 819,360 | | |
| 18,660,808 | |
| As at December 31, 2025 | |
$ | 75,874,704 | | |
$ | 3,472,474 | | |
$ | 79,347,178 | |
| Cost, Ending Balance | |
$ | 75,874,704 | | |
$ | 3,472,474 | | |
$ | 79,347,178 | |
| | |
| | | |
| | | |
| | |
| Accumulated depletion and impairment | |
| | | |
| | | |
| | |
| As at December 31, 2023 | |
$ | 7,083,686 | | |
$ | 2,019,595 | | |
$ | 9,103,281 | |
| Depletion | |
| 1,233,377 | | |
| 67,040 | | |
| 1,300,417 | |
| Impairment | |
| 9,892,000 | | |
| - | | |
| 9,892,000 | |
| Currency translation adjustment | |
| (1,125,451 | ) | |
| (320,873 | ) | |
| (1,446,324 | ) |
| Impact of hyperinflation | |
| 2,644,191 | | |
| 753,873 | | |
| 3,398,064 | |
| As at December 31, 2024 | |
$ | 19,727,803 | | |
$ | 2,519,635 | | |
$ | 22,247,438 | |
| Accumulated depletion, Beginning Balance | |
$ | 19,727,803 | | |
| 2,519,635 | | |
| 22,247,438 | |
| Depletion | |
| 105,227 | | |
| 34,323 | | |
| 139,550 | |
| Currency translation adjustment | |
| (3,476,986 | ) | |
| (444,076 | ) | |
| (3,921,062 | ) |
| Impact of hyperinflation | |
| 5,020,266 | | |
| 641,189 | | |
| 5,661,455 | |
| As at December 31, 2025 | |
$ | 75,874,704 | | |
$ | 2,751,071 | | |
$ | 78,625,775 | |
| Accumulated depletion, Ending Balance | |
$ | 75,874,704 | | |
| 2,751,071 | | |
| 78,625,775 | |
| | |
| | | |
| | | |
| | |
| Net book value | |
| | | |
| | | |
| | |
| As at December 31, 2024 | |
$ | 50,123,946 | | |
$ | 699,238 | | |
$ | 50,823,184 | |
| Net book value, Beginning Balance | |
$ | 50,123,946 | | |
$ | 699,238 | | |
$ | 50,823,184 | |
| As at December 31, 2025 | |
$ | - | | |
$ | 721,403 | | |
$ | 721,403 | |
| Net book value, Ending Balance | |
$ | - | | |
$ | 721,403 | | |
$ | 721,403 | |
|