v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net loss for the year $ (49,220,901) $ (9,128,642) $ (43,842)
Changes in non-cash working capital items:      
Stock-based compensation 18,543 1,058,222 2,397,261
Stock issued for services 121,899 251,776 89,711
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
Accretion and accrued interest expense 2,530,076 1,240,840 1,393,604
Interest income (18,081) (2,190) (19,179)
Change in fair value of derivative liability (4,827)
Unrealized foreign exchange (gain) loss 2,884,089 1,182,535 4,313,483
(Gain) loss on debt modification and settlement for shares (577,725) 264,050 8,500
Loss on issuance of shares 5,052 17,342
Loss (gain) on sale of oil and gas properties and equipment (74,331) 466,092 (19,535)
Loss on impairment of O&G assets 54,498,394 9,892,000
Loss on sale and revaluation of assets held for sale 328,631 132,737 1,556,787
Loss on write-off of notes and other receivables 101,303 15,439
Gain on net monetary position (12,791,869) (18,431,488) (18,984,099)
Gain on modification and termination of lease (32,646) (46,602) (31,864)
Deferred tax (recovery) expense (3,492,668) 2,447,053 1,860,326
Changes in non-cash working capital items:      
Amounts receivable 404,922 (29,304) 1,448,844
Prepaid expenses and deposits 186,656 273,363 (677,165)
Accounts payable and accrued liabilities 5,904,064 3,056,991 (346,398)
Net cash provided by (used in) operating activities 1,244,081 (5,695,137) (1,526,577)
Investing activities:      
Property and equipment expenditures (12,676) (15,309) (60,176)
Oil and gas properties expenditures (721,672) (2,127,765) (56,381,768)
Disposal of equipment and assets held for sale 21,249 1,250,578
Advances from JV Partners 379,450 1,348,810 29,623,835
Prepaid expenses and deposits (191,408) (372,060) 178,536
Accounts payable and accrued liabilities (265,578) 692,881 7,856,541
Net cash (used in) provided by investing activities (790,635) 777,135 (18,783,032)
Financing activities:      
Proceeds from stock subscriptions received, net 1,698,997 7,417,630
Proceeds from exercise of options 542,864
Proceeds from exercise of warrants 2,217 2,215
Proceeds from loans payable 1,324,566 2,402,751 4,988,296
Repayments of loans payable (1,858,092) (357,605) (2,719,721)
Repayment of notes receivable 80,991
Proceeds from convertible debt 10,359,398
Lease payments (14,449) (22,921) (85,271)
Net cash (used in) provided by financing activities (547,975) 3,723,439 20,586,402
Effect of exchange rate changes on cash and cash equivalents (74,366) 605,326 (14,409)
Net (decrease) increase in cash and cash equivalents (168,895) (589,237) 262,384
Cash and cash equivalents, beginning of year 599,208 1,188,445 926,061
Cash and cash equivalents, end of year 430,313 599,208 1,188,445
Supplemental information:      
Interest paid on credit facilities 280,959 1,371,215 795,451
Interest paid on convertible debt 1,312,073
Non-cash investing and financing activities:      
Stock issued for debt settlement 400,767 1,470,079 212,402
Stock issued for convertible debenture interest 754,335
Right-of-use asset additions $ 236,201