v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents [Table Text Block]

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the statement of cash flows.

 

   Year Ended December 31, 
   2025   2024 
Cash and cash equivalents  $1,099,044   $1,877,163 
Restricted cash   7,175,950    6,025,000 
Total cash, cash equivalents, and restricted cash shown  in the statement of cash flows  $8,274,994   $7,902,163 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]

We measure our allowance for losses on other receivables including, under ASC 326. The following table summarizes the activity in the balance of allowance for credit losses on other receivables for the period indicated:

 

Balance at December 31, 2023  $1,837,551 
Provision for credit loss   450,743 
Write-offs charged against the allowance   (93,742)
Balance at December 31, 2024  $2,194,552 
      
Balance at December 31, 2024  $2,194,552 
Provision for credit loss   137,221 
Write-offs charged against the allowance   (28,900)
Balance at December 31, 2025  $2,302,873 
Disaggregation of Revenue [Table Text Block]

A significant portion of our revenues are derived from the sale of crude oil, condensate, NGL and natural gas under spot and term agreements with our customers as follows:

 

   Year Ended December 31, 
   2025   2024 
Oil & Condensate Sales  $1,664,862   $2,010,742 
Natural Gas Sales   257,684    231,765 
NGL Sales   3,896    3,566 
   $1,926,442   $2,246,073 
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Basic and diluted losses per share are calculated as follows:

 

   Year Ended December 31, 
   2025   2024 
   Basic   Diluted   Basic   Diluted 
Net Loss  $(1,251,680)  $(1,251,680)  $(2,159,016)  $(2,159,016)
Less:  Preferred Stock Dividend   -    -    653,730    653,730 
Less:  Non-cash Restructuring Inducements   -    -    674,341    674,341 
Net Loss Attributable to Common Shareholders   (1,251,680)   (1,251,680)   (3,487,087)   (3,487,087)
Weighted average common shares outstanding   96,600,302    96,600,302    77,278,047    77,278,047 
Effect of dilutive securities   -    -    -    - 
Weighted average common shares, including Dilutive effect   96,600,302    96,600,302    77,278,047    77,278,047 
Per share:                    
Net Loss  $(0.01)  $(0.01)  $(0.03)  $(0.03)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The carrying values and estimated fair values of these notes were as follows:

 

   Carrying
Value
   Fair
Value
 
December 31, 2025        
Series 2024 Senior Unsecured Promissory Notes  $2,221,112   $2,369,158 
Walou Note   1,900,000    2,032,792 
December 31, 2024          
Series 2024 Senior Unsecured Promissory Notes   2,057,775    2,116,983 
Walou Note   1,400,000    1,497,847 
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

At December 31, 2025 and 2024, the components of accounts payable and accrued expenses consisted of:

 

   2025   2024 
Trade Payables and accruals  $3,235,457   $3,946,583 
Direct working interest investors related accruals   2,050,399    2,322,690 
Current drilling efforts accrued expenses   335,041    120,102 
Accrued Liabilities   210,516    210,516 
Employee related accruals   197,175    169,079 
Deferred rent   5,290    7,855 
   $6,033,878   $6,776,825