INVESTMENT IN UNCONSOLIDATED ENTITY

3 Months Ended

Mar. 31, 2021

Oil and gas properties,full cost method

NOTE 6 - INVESTMENT IN UNCONSOLIDATED ENTITY

NOTE 6 – INVESTMENT IN UNCONSOLIDATED ENTITY

The Company accounts for its investments in Viking and Elysium (until the Company’s Elysium interest was assigned to Viking on December 23, 2020) under the equity method.    The Company owns 0% of Elysium as of March 31, 2021 and December 31, 2021, respectively (25% from February 3, 2020 to March 31, 2020)

Table below shows the changes in the investments in Viking (March 31, 2021) and Elysium (March 31, 2020)  as of and for the three months ended March 31, 2021 and 2020, respectively:

	March 31, 2021			March 31, 2020
Carrying amount – beginning of period	$	15,830,537		$	-
Investment in Viking in 2021 and Elysium in 2020		18,900,000			—
Proportionate Share of Viking (losses) in 2021 and Elysium Earnings in 2020		(5,871,908	)		957,169
Carrying amount - ending	$	28,858,631		$	957,169