SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS [Text Block]

23. SUBSEQUENT EVENTS

Completion of DP5 and Creation of Development Partnership 7 ("DP7")

On January 20, 2023, the Company redeemed redeemable non-controlling interests with a redemption value of $36,354,869. In connection with this redemption, DP5 units with a redemption value of $2,505,631 were exchanged for 499,794 Class B non-voting units of Origination.

On January 20, 2023, the Company also formed DP7, with 24 external limited partners and Origination as a limited partner and the general partner. The intention of the DP7 is to finance the drilling and completion of five wells, with external partners funding approximately 60% and the Company funding 40%. The Company raised $34,262,236 from external limited partners of which $4,946,981 was raised from officers and directors of the Company. Investors participated $20,478,084 in Flat Payout Units and $13,784,152 in IRR Payout Units.

Dividends:

On January 3, 2023, the Company’s board of directors declared a dividend of $0.0315 per SVS and PVS, and $3.15 per MVS. Payable on January 31, 2023, to shareholders of record on the close of business on January 17, 2023.

On February 1, 2023, the Company’s board of directors declared a dividend of $0.0315 per SVS and PVS, and $3.15 per MVS. Payable on February 28, 2023, to shareholders of record on the close of business on February 14, 2023.

Corporate Credit Facility Covenant Waiver

In March 2023, the Company received a waiver of all covenants on the Corporate Credit Facility until July 1, 2023, and received a waiver on certain covenants on the ABS Facility until July 1, 2023. The Company also received an extension on the initial maturity date of Tranche 1 under the ABS Facility until July 1, 2023. In the absence of a covenant waiver, a breach of the covenant would result in the Corporate Credit Facility and/or ABS Facility to be due on demand.