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Restated Consolidated Statements of Financial Position - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Current assets:        
Cash and cash equivalents $ 1,188,445 $ 926,061 $ 1,026,990 $ 202,712
Amounts receivable 1,593,345 4,337,825 709,805 773,311
Prepaid expenses and deposits 603,435 962,812 95,503 24,302
Assets held for sale 1,479,429
Total current assets 4,864,654 6,226,698 1,832,298 1,000,325
Oil and gas properties, net 52,654,100 30,049,794 1,420,613 2,224,473
Evaluation and exploration assets 3,116,146 3,122,443
Property and equipment, net 720,550 741,727 147,134 128,257
Restricted cash 5,438 11,763
Long-term deposits 371,124
Total assets 58,610,428 37,018,219 6,521,629 6,487,261
Current liabilities:        
Accounts payable and accrued liabilities 14,065,019 10,600,080 852,481 1,496,510
RSU obligation 18,398 295,747
Loans payable 3,464,450 145,866 630,534 549,424
Convertible debt – accrued interest 227,092
Lease liability 19,637 4,057 6,732 12,116
Total current liabilities 17,794,596 11,045,750 1,489,747 2,058,050
Asset retirement obligation 6,247,027 5,316,470 8,993,108 9,355,422
Loans payable 20,689 18,513 17,730
Convertible debt 10,102,627 11,027
Lease liabilities 122,058 4,552 8,592 27,693
Derivative liability 4,827 472,899 1,804,572
Deferred tax liability 2,131,548
Total liabilities 36,397,856 16,392,288 10,982,859 13,274,494
Stockholders’ equity:        
Share capital 74,586,724 64,750,270 35,117,130 26,332,622
Notes and amounts receivable for equity issued (113,309) (1,062,062) (1,193,641)
Warrant and option reserve 6,239,370 5,682,869 1,165,170 1,177,099
Shares to be cancelled 7,645 7,645 5,323
Obligation to issue shares 396,177 94,210 7,450 15,342
Accumulated other comprehensive loss (14,023,189) (4,009,997) (847,412) (490,172)
Accumulated deficit (44,880,846) (44,837,004) (38,715,250) (33,822,124)
Total stockholders’ equity (deficiency) 22,212,572 20,625,931 (4,461,230) (6,787,233)
Total liabilities and stockholders’ equity $ 58,610,428 $ 37,018,219 $ 6,521,629 $ 6,487,261