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Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Oil and gas sales $ 156,716 $ 75,466 $ 541,459
Royalty income 2,671 303 11,190 18,140
Total revenues 2,671 157,019 86,656 559,599
Operating expenses        
Lease operating expense 10,421 235,511 165,305 762,668
General and administrative 629,836 788,659 1,674,738 3,014,307
Depletion and depreciation 14,875 37,286 54,829 120,459
Accretion on asset retirement obligations 9,198 7,994 27,594 23,982
Total operating expenses (664,330) (1,069,450) (1,922,466) (3,921,416)
Loss from operations (661,659) (912,431) (1,835,810) (3,361,817)
Other income (expense)        
Interest income 108 108
Other income 6,000 8,000 18,000
Foreign exchange gain (loss) 5,146 (3,310) 5,087 (7,690)
Interest and debt expense (97,191) (1,026) (98,217) (2,208)
Loss on debt extinguishment (495,051) (495,051)
Gain on settlement of warrant liability 930 930
Change in fair value of warrant liability 136 22,570
Total other income (expense) (587,096) 2,838 (580,181) 31,710
Net loss and comprehensive loss (1,248,755) (909,593) (2,415,991) (3,330,107)
Deemed dividend arising from warrant modification (543,234) (543,234)
Net loss attributable to common stockholders $ (1,248,755) $ (1,452,827) $ (2,415,991) $ (3,873,341)
Basic loss per common share $ (2.26) $ (2.96) $ (4.38) $ (7.97)
Diluted loss per common share $ (2.26) $ (2.96) $ (4.38) $ (7.97)
Weighted average number of common shares outstanding - Basic [1] 551,503 491,036 551,503 485,779
Weighted average number of common shares outstanding - Diluted [1] 551,503 491,036 551,503 485,779
[1] The number of shares has been restated to reflect the 4:1 reverse stock split effective on October 23, 2023 (Note 1). All historical share and per share amounts reflected in this report have been adjusted to reflect the reverse stock split (Note 1).