ACCOUNTS RECEIVABLE, NET

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET [Text Block]

3. ACCOUNTS RECEIVABLE, NET

The accounts receivable, net balances consist of:

		March 31,	December 31,
		2023		2022
Trade receivables from sales of crude oil and natural gas	$	13,268,738	$	24,097,294
Joint interest billing receivables and other		2,121,995		2,368,914
Accounts receivable, net	$	15,390,733	$	26,466,208

The Company has not had significant credit losses in the past and believes its accounts receivables are fully collectible. As such, no allowance for expected losses has been made as of March 31, 2023 and December 31, 2022, and no bad debt expense was recognized in the periods presented in these financial statements.