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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS    
Cash $ 4,894,577 $ 1,242,560
Accounts receivable – oil and gas sales 214,662 95,763
Prepaid expenses and other current assets 85,403 35,845
TOTAL CURRENT ASSETS 5,194,642 1,374,168
Oil and gas properties, full cost method    
Costs subject to amortization 62,771,222 61,089,737
Costs not being amortized 2,343,126 3,981,805
Office equipment 90,004 90,004
Total 65,204,352 65,161,546
Accumulated depletion, depreciation, amortization, and impairment (60,396,594) (60,150,988)
PROPERTY AND EQUIPMENT, NET 4,807,758 5,010,558
Cost method investment 455,779 260,405
Right of use asset 272,507 194,123
Other assets 3,167 3,167
TOTAL ASSETS 10,733,853 6,842,421
CURRENT LIABILITIES    
Accounts payable 69,607 120,140
Accrued expenses 15,176 939
Short-term lease liability 57,174 110,577
TOTAL CURRENT LIABILITIES 141,957 231,656
LONG-TERM LIABILITIES    
Lease liability, net of current portion 211,744 107,862
Reserve for plugging and abandonment costs 68,209 63,929
TOTAL LONG-TERM LIABILITIES 279,953 171,791
TOTAL LIABILITIES 421,910 403,447
SHAREHOLDERS’ EQUITY    
Common stock, par value $0.001; 12,000,000 shares authorized 9,928,338 and 6,977,718 shares issued and outstanding 9,928 6,977
Additional paid-in capital 83,345,456 78,453,906
Accumulated deficit (73,043,441) (72,021,911)
TOTAL SHAREHOLDERS’ EQUITY 10,311,943 6,438,974
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 10,733,853 6,842,421
Series A Convertible Redeemable Preferred Stock [Member]    
SHAREHOLDERS’ EQUITY    
Preferred stock 1
Series B Convertible Redeemable Preferred Stock [Member]    
SHAREHOLDERS’ EQUITY    
Preferred stock $ 1