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Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue      
Oil and gas revenue, net $ 7,000,836 $ 16,797,366 $ 9,375,029
Cost and expenses      
Production 4,771,276 4,365,710 3,567,875
Depletion 1,300,417 5,119,174 1,451,032
Depreciation 87,408 175,764 145,035
Accretion of asset retirement obligation 269,114 219,536 264,075
Stock-based compensation 1,058,222 2,397,261 2,118,917
General and administrative 6,182,893 7,294,972 6,397,500
Geological and geophysical expenses 1,427,044 706,410 636,248
Impairment of exploration and evaluation assets 3,101,343
Total expenses 15,096,374 20,278,827 17,682,025
Loss before other income (expenses) (8,095,538) (3,481,461) (8,306,996)
Other income (expense)      
Interest income 53,386 19,179 86,739
Finance cost (2,560,648) (2,249,055) (79,693)
Foreign exchange gain (loss) (3,781,509) (9,932,252) 1,272,450
Loss on extinguishment accounts payable and loan payable (264,050) (8,500) 97,051
Change in fair value of derivative liability 4,827 (686,504)
Loss on settlement agreement (285,120)
Loss on write-off of notes and other receivables (15,439) (46,176)
Loss on impairment and sale of assets held for sale (132,737) (1,556,787)
Impairment of oil and gas properties (9,892,000)
Loss on issuance of shares (5,052) (17,342)
Gain on net monetary position 18,431,488 18,984,099 1,826,495
Gain (loss) on sale of oil and gas properties and equipment (466,092) 19,535
Gain on modification of lease 46,602
Gain on termination of lease 31,864
Other income 2,377
Total other income (expense) 1,413,949 5,297,945 2,185,242
Income (loss) before taxes (6,681,589) 1,816,484 (6,121,754)
Deferred tax expense (2,447,053) (1,860,326)
Net income (loss) (9,128,642) (43,842) (6,121,754)
Other comprehensive loss      
Foreign currency translation (3,333,512) (10,013,192) (3,636,492)
Comprehensive income (loss) $ (12,462,154) $ (10,057,034) $ (9,758,246)
Net income (loss) per share - Basic $ (0.06) $ (0.00) $ (0.10)
Net income (loss) per share - Diluted $ (0.06) $ (0.00) $ (0.10)
Weighted average shares outstanding – Basic 142,318,767 81,084,843 62,491,482
Weighted average shares outstanding – Diluted 142,318,767 81,084,843 62,491,482