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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income (loss) for the year $ (9,128,642) $ (43,842) $ (6,121,754)
Changes in non-cash working capital items:      
Stock-based compensation 1,058,222 2,397,261 2,118,917
Stock issued for services 251,776 89,711 169,396
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
Accretion and accrued interest expense 1,240,840 1,393,604 26,365
Interest income (2,190) (19,179) (54,623)
Change in fair value of derivative liability (4,827) 686,504
Unrealized foreign exchange (gain) loss 1,182,535 4,313,483 (32,899)
Provision for settlement 285,120
(Gain) loss on debt settlement 264,050 8,500 (97,051)
Loss on issuance of shares 5,052 17,342
Loss (gain) on sale of oil and gas properties and equipment 466,092 (19,535)
Loss on impairment of O&G assets 9,892,000
Loss on sale and revaluation of assets held for sale 132,737 1,556,787
Loss on impairment of exploration and evaluation assets 3,101,343
Loss on write-off of notes and other receivables 15,439 46,176
Gain on net monetary position (18,431,488) (18,984,099) (1,826,495)
Gain on termination of lease (31,864)
Gain on modification of lease (46,602)
Deferred tax expense 2,447,053 1,860,326
Restricted cash 5,438
Amounts receivable (29,304) 1,448,844 (3,959,821)
Prepaid expenses and deposits 273,363 (677,165) (883,254)
Accounts payable and accrued liabilities 3,056,991 (346,398) 11,708,461
Net cash (used in) provided by operating activities (5,695,137) (1,526,577) 7,031,965
Investing activities:      
Property and equipment expenditures (15,309) (60,176) (696,929)
Oil and gas properties expenditures (2,127,765) (56,381,768) (44,369,191)
Disposal of equipment and assets held for sale 1,250,578 64,588
Advances from JV Partners 1,348,810 29,623,835 6,656,785
Prepaid expenses and deposits (372,060) 178,536
Accounts payable and accrued liabilities 692,881 7,856,541 917,064
Net cash provided by (used in) investing activities 777,135 (18,783,032) (37,427,683)
Financing activities:      
Proceeds from stock subscriptions received, net 1,698,997 7,417,630 28,701,299
Proceeds from exercise of options 542,864 571,066
Proceeds from exercise of warrants 2,217 2,215 1,208,249
Proceeds from loans payable 2,402,751 4,988,296 199,007
Repayments of loans payable (357,605) (2,719,721) (696,853)
Repayment of notes receivable 80,991 136,611
Proceeds from convertible debt 10,359,398
Lease payments (22,921) (85,271) (4,121)
Net cash provided by financing activities 3,723,439 20,586,402 30,115,258
Effect of exchange rate changes on cash and cash equivalents 605,326 (14,409) 179,531
Net increase (decrease) in cash and cash equivalents (589,237) 262,384 (100,929)
Cash and cash equivalents, beginning of year 1,188,445 926,061 1,026,990
Cash and cash equivalents, end of year 599,208 1,188,445 926,061
Supplemental information:      
Interest paid on credit facilities 1,371,215 795,451 105,805
Interest paid on convertible debt 1,312,073
Non-cash investing and financing activities:      
Stock issued for debt settlement 1,470,079 212,402 391,021
Stock issued for prepaid expenses 158,698
Stock issued for services 251,776 89,711 169,396
Right-of-use asset additions $ 236,201