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 | |
|