Income Tax (Tables)

12 Months Ended

Dec. 31, 2025

Notes and other explanatory information [abstract]

Schedule of Reconciliation of Current Income Taxes

A reconciliation of current income taxes at statutory rates with the reported taxes is as follows:

For the years ended December 31,		2025				2024				2023

Net income (loss) before income taxes		$	(52,713,569	)		$	(6,681,589	)		$	1,816,484
Effective tax rate			27	%			27	%			27	%
Expected income tax recovery		$	(14,232,664	)		$	(1,804,029	)		$	490,451
Change in statutory, foreign tax, foreign exchange rates, and other			3,177,821				(109,080	)			(199,665	)
Permanent differences			999,092				2,628,742				1,335,113
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses			122,462				381,147				249,576
Change in unrecognized deductible temporary differences			6,440,621				1,350,273				(15,149	)
Total		$	(3,492,668	)		$	2,447,053			$	1,860,326

Schedule of Deferred Tax Assets and Liabilities

For the years ended December 31, 2025 and 2024, the tax effected items that give rise to significant portions of the deferred tax assets and deferred tax liabilities as at year-end are presented below:

As at December 31,		2025				2024				2023
Deferred tax liabilities
Oil and gas properties		$	-			$	(10,117,185	)		$	(9,990,074	)
Property and equipment			(9,791	)			(80,212	)			(60,011	)
Convertible debt			-				(76,898	)			(327,305	)

Deferred tax assets
Assets held for sale		$	-			$	388,917			$	311,357
Asset retirement obligation			9,791				1,179,042				1,249,406
Non-capital losses			-				4,466,394				6,685,079
Net deferred tax assets (liabilities)		$	-			$	(4,239,942	)		$	(2,131,548	)

Schedule of Deductible Temporary Differences and Unused Tax Losses

The Company recognizes tax benefits on losses or other deductible amounts where the probable criteria for the recognition of deferred tax assets has been met. The Company’s unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts:

		2025				Expiry		2024				Expiry		2023				Expiry

Share issue costs			773,177			2028			1,899,434			2028			2,782,651			2027
Oil and gas properties			124,154			N/A			-			N/A			-			N/A
Property and equipment			29,700			N/A			19,579			N/A			16,101			N/A
Asset retirement obligation			6,363,104			N/A			-			N/A			-			N/A

Non-capital losses			66,363,185			See below			37,156,322			See below			23,300,283			See below
Canada			19,097,046			2042 to 2044			14,174,648			2042 to 2044			9,283,130			2042 to 2043
USA			17,378,146			indefinite			12,362,896			indefinite			4,228,651			indefinite
USA			10,615,538			2028 to 2037			10,615,538			2028 to 2037			9,785,059			2028 to 2037
Turkey			19,267,743			N/A			-			N/A			-			N/A
Bulgaria			4,712			2028			3,240			2028			3,443			2028