Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-52690 | |
Entity Registrant Name | PETROLIA ENERGY CORPORATION | |
Entity Central Index Key | 0001368637 | |
Entity Tax Identification Number | 86-1061005 | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, Address Line One | 710 N. Post Oak Road | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77024 | |
City Area Code | 832 | |
Local Phone Number | 723-1266 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 176,988,322 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 34,454 | $ 155,045 |
Accounts receivable | 5,801 | 5,000 |
Other current assets | 14,664 | 39,443 |
Total current assets | 54,919 | 199,488 |
Oil and gas, on the basis of full cost accounting | ||
Evaluated properties | 9,401,370 | 8,619,427 |
Furniture, equipment & software | 201,110 | 201,110 |
Less accumulated depreciation and depletion | (3,435,527) | (2,868,453) |
Net property and equipment | 6,166,953 | 5,952,084 |
Other assets | ||
Operating lease right-of-use asset | 15,450 | 23,145 |
Other assets | 984,520 | 985,187 |
Total Assets | 7,221,842 | 7,159,904 |
Current liabilities | ||
Accounts payable | 2,093,980 | 1,067,841 |
Accounts payable – related parties | 587 | |
Operating lease liability – current | 14,607 | 13,107 |
Accrued liabilities | 963,064 | 1,572,055 |
Accrued liabilities – related parties | 735,107 | 751,949 |
Notes payable, current portion | 3,363,524 | 3,037,737 |
Notes payable – related parties, current portion | 779,373 | 1,035,329 |
Total current liabilities | 7,949,655 | 7,478,605 |
Asset retirement obligations | 3,893,224 | 3,624,133 |
Notes payable, net of current portion | 573 | |
Operating lease liability | 1,923 | 13,909 |
Derivative liability | 23,609 | 183,798 |
Total Liabilities | 11,868,411 | 11,301,018 |
Stockholders’ Deficit | ||
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 199,100 shares issued and outstanding | 199 | 199 |
Common stock, $0.001 par value; 400,000,000 shares authorized; 176,988,322 and 168,696,226 shares issued and outstanding | 176,988 | 168,696 |
Additional paid in capital | 60,119,924 | 59,044,519 |
Accumulated other comprehensive income | (255,023) | (266,432) |
Accumulated deficit | (64,688,657) | (63,088,096) |
Total Stockholders’ Deficit | (4,646,569) | (4,141,114) |
Total Liabilities and Stockholders’ Deficit | $ 7,221,842 | $ 7,159,904 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 199,100 | 199,100 |
Preferred stock, shares outstanding | 199,100 | 199,100 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 176,988,322 | 168,696,226 |
Common stock, shares outstanding | 176,988,322 | 168,696,226 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Oil and gas sales | ||||
Total Revenue | $ 1,723,706 | $ 953,524 | $ 4,054,313 | $ 1,943,866 |
Operating expenses | ||||
Lease operating expense | 1,578,290 | 1,125,921 | 3,726,759 | 2,462,342 |
Production tax | 1 | 1,164 | 837 | |
General and administrative expenses | 154,554 | 213,167 | 676,510 | 773,625 |
Depreciation, depletion, and amortization | 142,456 | 353,343 | 578,880 | 876,650 |
Asset retirement obligation accretion | 93,787 | 84,477 | 275,511 | 199,092 |
Loss on TLSAU abandonment | 3,225,928 | 3,225,928 | ||
Total operating expenses | 1,969,088 | 5,002,836 | 5,258,824 | 7,538,474 |
Loss from operations | (245,382) | (4,049,312) | (1,204,511) | (5,594,608) |
Other income (expenses) | ||||
Interest expense | (148,576) | (175,380) | (478,526) | (543,244) |
Other income (expense) | 56,680 | (188,795) | 56,680 | (184,024) |
Change in fair value of derivative liabilities | 264,794 | 75,362 | 160,189 | (173,628) |
Total other income (expenses) | 172,898 | (288,813) | (261,657) | (900,896) |
Net loss before taxes | (72,484) | (4,338,125) | (1,466,168) | (6,495,504) |
Series A Preferred Dividends | (44,825) | (44,674) | (134,393) | (134,025) |
Net Loss Attributable to Common Stockholders | $ (117,309) | $ (4,382,799) | $ (1,600,561) | $ (6,629,529) |
Loss per share | ||||
(Basic and fully diluted) | $ 0 | $ (0.03) | $ (0.01) | $ (0.04) |
Weighted average number of common shares outstanding, basic & diluted | 176,988,322 | 165,296,226 | 174,910,384 | 165,244,392 |
Other comprehensive income, net of tax | ||||
Foreign currency translation adjustments | $ 48,814 | $ 175 | $ 11,409 | $ (1,811) |
Comprehensive loss | (68,495) | (4,382,624) | (1,589,152) | (6,631,340) |
Oil and Gas Sales [Member] | ||||
Oil and gas sales | ||||
Total Revenue | $ 1,723,706 | $ 953,524 | $ 4,054,313 | $ 1,943,866 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Shares to be Issued [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 199 | $ 164,549 | $ 57,985,359 | $ 55,375 | $ (218,565) | $ (52,600,378) | $ 5,386,539 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 199,100 | 164,548,726 | |||||
Stock-based compensation | 231,179 | 231,179 | |||||
Common shares issued | $ 591 | 54,784 | (55,375) | ||||
Common shares issued, shares | 591,250 | ||||||
Series A preferred dividends | (134,025) | (134,025) | |||||
Warrants issued as financing fee | 30,147 | 30,147 | |||||
Shares for conversion of related party debt | $ 156 | 12,344 | 12,500 | ||||
Shares for conversion of related party debt, shares | 156,250 | ||||||
Warrants issued for settlement of loans | 332,881 | 332,881 | |||||
Stock to be issued | 119,375 | 119,375 | |||||
Other comprehensive income (loss) | (1,811) | (1,811) | |||||
Net income (loss) | (6,495,504) | (6,495,504) | |||||
Ending balance, value at Sep. 30, 2020 | $ 199 | $ 165,296 | 8,646,694 | 119,375 | (220,376) | (59,229,907) | (518,719) |
Ending balance, shares at Sep. 30, 2020 | 199,100 | 165,296,226 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 199 | $ 168,696 | 59,044,519 | (266,432) | (63,088,096) | (4,141,114) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 199,100 | 168,696,226 | |||||
Stock-based compensation | 57,047 | 57,047 | |||||
Series A preferred dividends | (134,393) | (134,393) | |||||
Warrants issued as financing fee | 17,338 | 17,338 | |||||
Warrants issued for settlement of loans | 200,378 | 200,378 | |||||
Other comprehensive income (loss) | 11,409 | 11,409 | |||||
Net income (loss) | (1,466,168) | (1,466,168) | |||||
Common shares issued for conversion of debt | $ 2,700 | 86,400 | 89,100 | ||||
Common shares issued for conversion of debt, shares | 2,700,000 | ||||||
Common shares issued for settlement of related party fee | $ 5,592 | 158,895 | 164,487 | ||||
Common shares issued for settlement of related party fee, shares | 5,592,096 | ||||||
Gain on modification of related party debt | 181,791 | 181,791 | |||||
Gain on issuance of shares for settlement of accrued related party fees | 373,556 | 373,556 | |||||
Ending balance, value at Sep. 30, 2021 | $ 199 | $ 176,988 | $ 60,119,924 | $ (255,023) | $ (64,688,657) | $ (4,646,569) | |
Ending balance, shares at Sep. 30, 2021 | 199,100 | 176,988,322 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||||
Net loss | $ (72,484) | $ (4,338,125) | $ (1,466,168) | $ (6,495,504) | |
Adjustment to reconcile net loss to net cash provided by (used in) operating activities: | |||||
Depletion, depreciation and amortization | 142,456 | 353,343 | 578,880 | 876,650 | |
Asset retirement obligation accretion | 93,787 | 84,477 | 275,511 | 199,092 | $ 287,758 |
Operating lease | (2,791) | ||||
Amortization of debt discount | 170,507 | 146,562 | |||
Change in fair value of derivative liabilities | (264,794) | (75,362) | (160,189) | 173,628 | |
Stock-based compensation expense | 57,047 | 231,179 | |||
Warrants issued as financing fees | 17,338 | 30,147 | |||
Forgiveness of PPP loan | (56,680) | ||||
Loss on TLSAU abandonment | 3,225,928 | ||||
Changes in operating assets and liabilities | |||||
Accounts receivable | (801) | ||||
Other current assets | 24,779 | 44,949 | |||
Accounts payable | 1,029,530 | 268,099 | |||
Accounts payable – related parties | (787,837) | ||||
Accrued liabilities | (3,048) | 357,899 | |||
Accrued liabilities – related parties | 320,342 | 196,938 | |||
Net cash flows from operating activities | (3,580) | (744,433) | |||
Cash Flows from Investing Activities | |||||
Escrow for property purchase | |||||
Cash flows from investing activities | |||||
Cash Flows from Financing Activities | |||||
Proceeds from notes payable | 95,385 | ||||
Repayments on notes payable | (116,935) | (4,619) | |||
Proceeds from related party notes payable | 615,000 | ||||
Repayments on related party notes payable | (55,003) | ||||
Shares to be issued | 119,375 | ||||
Cash flows from financing activities | (116,935) | 770,138 | |||
Changes in foreign exchange rate | (76) | (53,344) | |||
Net change in cash | (120,591) | (27,639) | |||
Cash at beginning of period | 155,045 | 34,513 | 34,513 | ||
Cash at end of period | $ 34,454 | $ 6,874 | 34,454 | 6,874 | $ 155,045 |
SUPPLEMENTAL DISCLOSURES | |||||
Interest paid | 239,389 | 113,756 | |||
Income taxes paid | |||||
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | |||||
Series A preferred dividends accrued | 134,393 | 134,025 | |||
Debt discount on warrant issue | 332,881 | ||||
Conversion of related party debt and payables | 557,520 | ||||
Modification of related party debt | 181,791 | ||||
Capitalized interest payable | 204,488 | ||||
Settlement of notes payable related party for common shares | 135,000 | 12,500 | |||
Issuing of previous shares to be issued | 55,375 | ||||
Utikuma acquisition – purchase price | 788,835 | ||||
Utikuma acquisition – initial ARO | 906,146 | ||||
Utikuma acquisition – extra cost triggered by WTI | 787,250 | ||||
Third party loan for Utikuma purchase | 1,120,000 | ||||
Related party loan payments on Company’s behalf | $ 245,000 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Petrolia Energy Corporation (the “Company”) is in the business of oil and gas exploration, development and production. Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the year ended December 31, 2020, as reported in Form 10-K, have been omitted. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Leases Leases are classified as operating leases or financing leases based on the lease term and fair value associated with the lease. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Lessee arrangements Where the Company is the lessee, leases classified as operating leases are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms twelve months or less are expensed as incurred. Fair Value of Financial Instruments Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of September 30, 2021, the amounts reported for cash, accrued interest and other expenses, notes payable, convertible notes, and derivative liability approximate the fair value because of their short maturities. We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: ● Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment; ● Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly; and ● Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows as of September 30, 2021, and December 31,2020. SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS September 30, 2021 Level 1 Level 2 Level 3 Total Derivative liabilities — — 23,609 23,609 ARO liabilities — — 3,893,224 3,893,224 December 31, 2020 Derivative liabilities — — 183,798 183,798 ARO liabilities — — 3,624,133 3,624,133 Loss per share: The computation of basic loss per share of common stock is based on the weighted average number of shares outstanding during the period. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company plans to generate profits by reworking its existing oil or gas wells, as needed, funding permitting. The Company will need to raise funds through either the sale of its securities, issuance of corporate bonds, joint venture agreements and/or bank financing to accomplish its goals. The Company does not have any commitments or arrangements from any person to provide the Company with any additional capital. If additional financing is not available when needed, we may need to cease operations. The Company may not be successful in raising the capital needed to drill and/or rework existing oil wells. Any additional wells that the Company may drill may be non-productive. Management believes that actions presently being taken to secure additional funding for the reworking of its existing infrastructure will provide the opportunity for the Company to continue as a going concern. Since the Company has an oil producing asset, its goal is to increase the production rate by optimizing its current infrastructure. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments to the financial statements have been made to account for this uncertainty. |
EVALUATED PROPERTIES
EVALUATED PROPERTIES | 9 Months Ended |
Sep. 30, 2021 | |
Extractive Industries [Abstract] | |
EVALUATED PROPERTIES | NOTE 4. EVALUATED PROPERTIES The Company’s current properties can be summarized as follows. SCHEDULE OF COMPANY’S CURRENT PROPERTIES Cost Canadian properties United States properties Total As of December 31, 2019 $ 2,563,434 $ 10,350,538 $ 12,913,972 Additions 678,765 — 678,765 Dispositions — (5,648,994 ) (5,648,994 ) Impairment of oil and gas properties — (396,922 ) (396,922 ) Asset retirement cost additions 906,146 — 906,146 Foreign currency translation 166,460 — 166,460 As of December 31, 2020 $ 4,314,805 $ 4,304,622 $ 8,619,427 Additions 787,250 — 787,250 Foreign currency translations (5,307 ) — (5,307 ) As of September 30, 2021 $ 5,096,748 $ 4,304,622 $ 9,401,370 Accumulated depletion As of December 31, 2019 1,458,976 61,551 1,520,527 Depletion 1,115,595 — 1,115,595 Foreign currency translation 57,178 — 57,178 As of December 31, 2020 $ 2,631,749 $ 61,551 $ 2,693,300 Depletion 559,641 — 559,641 Foreign currency translation (11,806 ) — (11,806 ) As of September 30, 2021 $ 3,179,584 $ 61,551 $ 3,241,135 Net book value as of December 31, 2020 $ 1,683,056 $ 4,243,071 $ 5,926,127 Net book value as of September 30, 2021 $ 1,917,164 $ 4,243,071 $ 6,160,235 On August 6, 2019, the Company entered into a Purchase and Sale Agreement (“PSA”) for the sale of the NOACK property with Flowtex Energy LLC (“FT”). The purchaser agreed to pay $ 400,000 20,000 380,000 375,000 25,000 400,000 25,000 8,995 16,005 On May 1, 2020, Petrolia Energy Corporation acquired a 50% 28,000 100% The total purchase price of the property was $2,000,000 (CND), with $1,000,000 of that total due initially. The additional $1,000,000 was contingent on the future price of WTI crude. At the time WTI price exceeded $50/bbl, the Company would pay an additional $750,000 (CND). In addition, at the time WTI price exceeded $57/bbl the Company would pay an additional $250,000 (CND) (for a cumulative contingent total of $1,000,000 The price of WTI crude exceeded $50/bbl on January 6, 2021 and exceeded $57/bbl on February 8, 2021. The additional payments due were netted with the accounts receivable balance from previous Joint Interest Billing statements from BSR. The total USD value of the addition was $787,250, using prevailing exchange rates on the respective dates. Included in the terms of the agreement, the Company also funded their portion of the Alberta Energy Regulator (“AER”) bond fund requirement ($599,444 USD), necessary for the wells to continue in production after the acquisition. Additional funds ($385,075 USD) remain in the other current asset balance for future payments from BSR, related to the acquisition. On July 27, 2020, the Company entered into a settlement agreement pursuant to which nine leases totalling approximately 3,800 4,880 56% 943,820 10,175,456 5,648,994 10,175,456 56% On April 8, 2021, the State of New Mexico Energy, Minerals and Natural Resources Oil Conservation Division (“OCD”) sent the Company a Notice of Violation alleging that the Company was not in compliance with certain New Mexico Oil and Gas Act regulations associated with required reporting, inactive wells, and financial assurance requirements. On December 30, 2021, the Company entered a Stipulated Final Order to resolve the matter. The company agreed to submit appropriate forms for the identified wells, open an escrow account and deposit funds into it, and provide the OCD with a report proposing deadlines for bringing all remaining wells into compliance. The first two wells were plugged in June of 2022. See Form 8-K reference in Exhibits section below. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
LEASES | NOTE 5. LEASES Our adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases on the balance sheet as an ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight. Lease ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date, including the lease term. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term. As of September 30, 2021, we did not have any short-term leases. The tables below present financial information associated with our lease. SCHEDULE OF FINANCIAL INFORMATION LEASE Balance Sheet Classification September 30, 2021 December 31, 2020 Right-of-use assets Other long-term assets 15,450 23,145 Current lease liabilities Other current liabilities 14,607 13,107 Non-current lease liabilities Other long-term liabilities 1,923 13,909 As of September 30, 2021, the maturities of our lease liability are as follows: SCHEDULE OF MATURITIES LEASE LIABILITY 2021 $ 14,607 2022 1,923 Total $ 16,530 Less: Imputed interest (1,080 ) Present value of lease liabilities $ 15,450 |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 6. NOTES PAYABLE The following table summarizes the Company’s notes payable: SCHEDULE OF NOTES PAYABLE Interest rate Date of maturity September 30, 2021 December 31, 2020 Truck loan (i) 5 % January 20, 2022 $ 4,022 $ 9,917 Credit note I (ii) 12 % May 11, 2021 — 800,000 Credit note II (iii) 12 % October 17, 2019 — 346,038 Credit note III (iv) 15 % April 25, 2021 — 750,000 Discount on credit note III — — — (5,976 ) Credit note IV (v) 10 % June 30, 2021 838,220 937,109 Discount on credit note IV — — (144,194 ) (285,768 ) Credit note V (vi) 10 % December 31, 2021 918,049 — Credit note VI (vii) 10 % December 31, 2021 1,133,104 — Lee Lytton — On demand 3,500 3,500 Joel Oppenheim (viii) 10 % On demand — 161,900 Joel Oppenheim (viii) 10 % On demand — 15,000 Joel Oppenheim (viii) 10 % October 17, 2018 — 240,000 Credit Note VII (viii) 10 % December 31, 2021 416,900 — Origin Bank (PPP loan) (ix) — — — 56,680 Quinten Beasley 10 % October 14, 2016 5,000 — Jovian Petroleum Corporation (x) 3.5 % December 31, 2021 178,923 — M. Horowitz 10 % October 14, 2016 10,000 10,000 $ 3,363,524 $ 3,038,310 Current portion: Truck loan $ 4,022 $ 9,345 Credit note I — 800,000 Credit note II — 346,038 Credit note III — 744,023 Credit note IV 694,026 651,251 Credit note V 918,049 — Credit note VI 1,133,104 — Lee Lytton 3,500 3,500 Joel Oppenheim — 161,900 Joel Oppenheim — 15,000 Joel Oppenheim — 240,000 Credit note VII 416,900 — Origin Bank (PPP loan) — 56,680 Quinten Beasley 5,000 — Jovian Petroleum Corporation 178,923 — M. Horowitz 10,000 10,000 Current portion of notes payable $ 3,363,524 $ 3,037,737 (i) On January 6, 2017, the Company purchased a truck and entered into an installment note in the amount of $ 35,677 5.49 683 (ii) On May 9, 2018, Bow entered into an Amended and Restated Loan Agreement with a third party. The Loan Agreement increased by $ 800,000 1,530,000 12 19 10,000 710,000 May 11, 2021 800,000 25 41,526 730,000 In order to induce the Lender to enter into the Loan Agreement, the Company agreed to issue the Lender 500,000 2,320,000 320,000 0.10 May 15, 2021 500,000 0.12 May 15, 2021 1,500,000 0.10 500,000 47,500 30,012 182,650 260,162 On January 1, 2021, the Lender signed an amended loan agreement, which moved the balance of this note to credit note VI. More details can be found in footnote (vii). (iii) On September 17, 2018, the Company entered into a loan agreement with a third party for $ 200,000 3 12 6,000 3 146,000 346,038 (iv) On April 25, 2019, the Company entered into a promissory note (an “Acquisition Note”) with a third-party in the amount of $ 750,000 9 April 25, 2021 500,000 0.12 38,249 8,366 (v) On January 2, 2020, the Company entered into a loan agreement in the amount of $ 1,000,000 120,000 10 June 30, 2020 5,000,000 0.10 January 2, 2023 266,674 11,111 5,000,000 0.05 January 6, 2023 166,289 4,614.14 (vi) On January 1, 2021, the Company signed an amended loan agreement with a third party for $ 918,049 146,038 10 (vii) On January 1, 2021, the Company signed an amended loan agreement with a third party for $ 1,133,104 200,000 10 25 (viii) Various shareholder advances provided by Mr. Oppenheim during 2018 and 2019. There were no formal documents drawn. Interest rates were applied based on other similar loan agreements entered into by the Company during that period. On February 12, 2021, the Company entered into an amended loan agreement in the amount of $ 416,900 10 (ix) On April 23, 2020, the Company was granted a $ 56,680 (x) On February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $ 200,000 500,000 25 3.5 The following is a schedule of future minimum repayments of notes payable as of September 30, 2021: SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE 2021 $ 3,507,717 Thereafter — Total $ 3,507,717 |
RELATED PARTY NOTES PAYABLE
RELATED PARTY NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Notes Payable | |
RELATED PARTY NOTES PAYABLE | NOTE 7. RELATED PARTY NOTES PAYABLE The following table summarizes the Company’s related party notes payable: SCHEDULE OF RELATED PARTY NOTES PAYABLE Balance at: Interest rate Date of maturity September 30, 2021 December 31, 2020 Quinten Beasley 10 % October 14, 2016 $ — $ 5,000 Jovian Petroleum Corporation (i) 3.5 % December 31, 2021 — 188,285 Ivar Siem (ii) 12 % On demand — 200,000 Ivar Siem (ii) Non-interest On demand — 50,000 Ivar Siem (ii) 9 % December 31, 2021 278,435 — Mark M Allen (iii) 9 % September 2, 2021 55,000 55,000 Mark M Allen (iv) 10 % June 30, 2021 135,000 Mark M Allen (v) 12 % June 30, 2021 200,000 200,000 Mark M Allen (vi) 10 % June 30, 2020 — 100,000 Discount on Mark M Allen ($ 100 — (11,536 ) Mark M Allen (vi) 10 % June 30, 2020 — 125,000 Discount on Mark M Allen ($ 125 — (11,420 ) Mark Allen (vi) 9 % June 30, 2021 245,938 — $ 779,373 $ 1,035,329 (i) On February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $ 200,000 500,000 25 3.5 (ii) On August 15, 2019, the Company entered into a loan agreement in the amount of $ 75,000 12 100,000 12 1,250,000 0.08 5,000,000 0.10 50,000 0 200,000 0.10 March 1, 2022 278,435 9 (iii) On April 15, 2020, the Company entered into an agreement, with Mark Allen, that included a funding clause where the Company borrowed $ 55,000 9 (iv) On January 6, 2020, the Company entered into a consulting agreement, with Mark Allen, that included a funding clause where the Company borrowed $ 135,000 62,000 45,000 28,000 10 June 30, 2020 (v) During 2019, the Company entered into a loan agreement in the amount of $ 200,000 12 2,500,000 0.08 10,000,000 0.10 (vi) On January 3, 2020, the Company entered into a loan agreement in the amount of $ 100,000 10 June 1, 2020 400,000 0.10 January 3, 2023 31,946 1,775 125,000 10 750,000 0.10 38,249 1,903 245,938 9 June 30, 2021 The following is a schedule of future minimum repayments of related party notes payable as of September 30, 2021: SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE 2021 $ 779,373 Thereafter — Total $ 779,373 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS On May 18, 2018, as an inducement to enter into an Amended and Restated Loan Agreement, the Company issued, among other instruments, warrants to acquire 320,000 0.10 30,012 On January 06, 2020, as an inducement to enter into a Loan Agreement, the Company issued, among other instruments, warrants to acquire 5,000,000 0.10 144,259 On October 30, 2020, as an inducement to extend the principal payment deadline from the previously issued Loan Agreement, the Company issued additional warrants to acquire 5,000,000 0.10 95,352 A summary of the activity of the derivative liabilities is shown below: SCHEDULE OF DERIVATIVE LIABILITIES As of December 31, 2020 183,798 Additions — Fair value adjustment (160,189 ) As of September 30, 2021 $ 23,609 Derivative liability classified warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined based on historical exercise data of the Company. SCHEDULE OF DERIVATIVE LIABILITY OF FAIR VALUE ASSUMPTION September 30, Risk-free interest rate 0.023 0.28 % Expected life 1.26 1.27 Expected dividend rate 0 % Expected volatility 340 % |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | NOTE 9. ASSET RETIREMENT OBLIGATIONS The Company has a number of oil and gas wells in production and will have Asset Retirement Obligations (“AROs”) once the wells are permanently removed from service. The primary obligations involve the removal and disposal of surface equipment, plugging and abandoning the wells and site restoration. AROs associated with the retirement of tangible long-lived assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived assets in the period incurred. The fair value of AROs is recognized as of the acquisition date of the working interest. The cost of the tangible asset, including the asset retirement cost, is depleted over the life of the asset. AROs are recorded at estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligations discounted at the Company’s credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value. If estimated future costs of AROs change, an adjustment is recorded to both the ARO and the long-lived asset. Revisions to estimated AROs can result from changes in retirement cost estimates, revisions to estimated discount rates and changes in the estimated timing of abandonment. The Company’s ARO is measured using primarily Level 3 inputs. The significant unobservable inputs to this fair value measurement include estimates of plugging costs, remediation costs, inflation rate and well life. The inputs are calculated based on historical data as well as current estimated costs. For the Canadian properties, abandonment and reclamation liabilities are prescribed by the province in which the Company operates in. For the purpose of determining the fair value of AROs incurred during the years presented, the Company used the following assumptions: SCHEDULE OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS September 30, 2021 Inflation rate 1.92 2.15 % Estimated asset life 12 21 The following table shows the change in the Company’s ARO liability: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS Canadian properties United States properties Total Asset retirement obligations, December 31, 2019 $ 1,445,991 $ 277,373 $ 1,723,364 Acquisition of Canadian property - Utikuma 906,146 — 906,146 Plugging liability at Twin Lakes — 606,109 606,109 Accretion expense 259,016 28,742 287,758 Foreign currency translations 100,756 — 100,756 Asset retirement obligations, December 31, 2020 2,711,909 912,224 3,624,133 Accretion expense 255,879 19,632 275,511 Foreign currency translation (6,420 ) — (6,420 ) Asset retirement obligations, September 30, 2021 $ 2,961,368 $ 931,856 $ 3,893,224 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
EQUITY | NOTE 10. EQUITY Preferred stock The holders of Series A Preferred Stock are entitled to receive cumulative dividends at a rate of 9 0.28 the value of each dollar of preferred stock (based on a $10 per share price) will convert into 7.1429 common shares (which results in a $0.14 per common share conversion rate) In accordance with the terms of the Preferred Stock, cumulative dividends of $ 134,393 135,025 Common stock As of the year ended December 31, 2019, the Company closed private placements for $ 0.08 1,875,000 150,000 Each 2019 Unit was comprised of one common share and two warrants entitling the holder to exercise such warrant for one common share for a period of two years from the date of issuance. The warrants have exercise price of $0.10 per share. See additional description of the detail transactions concerning those warrants in Note 11: Related Party Transactions, below On August 8, 2019, director Joel Martin Oppenheim exercised warrants to purchase 150,000 15,000 0.10 On August 14, 2019, director Joel Martin Oppenheim exercised warrants to purchase 10,000 1,000 0.10 On July 23, 2019, Joel Oppenheim, a related party, purchased 1 unit of the debt private placement with gross proceeds of $ 12,500 156,250 312,500 0.08 15,517 2,500 10,000 On January 20, 2020, Jovian Petroleum, a related party, purchased 1 unit of the debt private placement with gross proceeds of $ 12,500 156,250 312,500 0.08 On February 29, 2020, the Company signed a consulting agreement with a third party to provide Management services related to the SUDS field. The compensation related terms included the issuance of 250,000 On September 1, 2020, the Company entered into an agreement with Mark Allen, to serve as President for a period of six months (with monthly extensions). The President was to earn a fee of $ 15,000 2,000,000 1,000,000 1,000,000 1,000,000 0.08 24 36 On December 15, 2020, President Mark Allen exercised warrants to purchase 1,650,000 69,375 0.04 On December 22, 2020, prior CFO Tariq Chaudhary was issued 500,000 77,500 0.15 On January 25, 2021, the Company signed an Executive Salary Payable Agreement with Zel Khan as the Chief Executive Officer. All of Mr. Khan’s previous salary obligation was satisfied by the issuance of 1,992,272 Joel Oppenheim, former Director, was issued 316,491 Paul Deputy was reinstated Interim Chief Financial Officer and signed a Settlement and Mutual Release Agreement. In exchange for releasing the Company for any current, outstanding payroll and/or service-related liability on January 29, 2021, the Company agreed to pay Mr. Deputy $ 50,000 250,000 0.033 134,270 On March 30, 2021, Mark Allen converted $ 30,000 333,333 0.09 On March 30, 2021, Mark Allen converted a defaulted secured loan of $ 135,000 135,000 5,400,000 5,400,000 0.08 36 More details on the transactions above can be found in Note 11. Related Party Transactions. The common stock of Petrolia Energy Corporation is currently not actively traded because of SEC Rule 15c2-11. Warrants On September 24, 2015, the Board of Directors of the Company approved the adoption of the 2015 Stock Incentive Plan (the “Plan”). The Plan provides an opportunity, subject to approval of our Board of Directors, of individual grants and awards, for any employee, officer, director or consultant of the Company. The maximum aggregate number of shares of common stock which may be issued pursuant to awards under the Plan, as amended on November 7, 2017, was 40,000,000 Continuity of the Company’s common stock purchase warrants issued and outstanding is as follows: SCHEDULE OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING Warrants Weighted Average Exercise Price Outstanding at year ended December 31, 2019 57,043,836 $ 0.14 Granted 18,650,000 0.15 Exercised (1,650,000 ) 0.08 Expired (33,279,170 ) 0.19 Outstanding at December 31, 2020 40,764,666 $ 0.13 Granted 8,400,000 0.09 Expired (17,964,666 ) 0.11 Outstanding at September 30, 2021 31,200,000 $ 0.13 As of September 30, 2021, the weighted-average remaining contractual life of warrants outstanding was 1.57 1.39 As of September 30, 2021, the intrinsic value of warrants outstanding is $ 0.00 0.00 The table below summarizes warrant issuances during the nine months ended September 30, 2021, and year ended December 31, 2020: SCHEDULE OF WARRANTS ISSUANCE DURING PERIOD September 30, 2021 December 31, 2020 Warrants granted: Board of Directors and Advisory Board service 2,250,000 5,250,000 Pursuant to employment agreements — 1,000,000 Pursuant to financing arrangements 750,000 1,000,000 Pursuant to consulting agreements — 250,000 Pursuant to loan agreements — 11,150,000 Pursuant to extinguishment of debt 5,400,000 — Total 8,400,000 18,650,000 The warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined based on historical data of the Company. SCHEDULE OF FAIR VALUE OF ASSUMPTION OF WARRANTS September 30, 2021 December 31, 2020 Risk-free interest rate 0.22 0.53 % 1.65 2.38 % Expected life 2.0 3.0 1.0 3.0 Expected dividend rate 0 % 0 % Expected volatility 310 356 % 240 274 % |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 11. RELATED PARTY TRANSACTIONS On January 20, 2020, Jovian Petroleum, a related party, purchased 1 unit of the debt private placement with gross proceeds of $ 12,500 156,250 312,500 0.08 On May 29, 2020, Petrolia Energy Corporation acquired a 50 28,000 100 2,000,000 1,000,000 1,000,000 At the time WTI price exceeded $50/bbl, the Company would pay an additional $750,000. In addition, at the time WTI price exceeded $57/bbl the Company would pay an additional $250,000 (for a cumulative contingent total of $ 1,000,000 787,250 599,444 385,075 On September 1, 2020, the Company entered into an agreement with Mark Allen, to serve as President for a period of six months (with monthly extensions). The President was to earn a fee of $ 15,000 2,000,000 1,000,000 1,000,000 1,000,000 0.08 36 On December 15, 2020, President Mark Allen exercised warrants to purchase 1,650,000 69,375 0.04 On December 15, 2020, in accordance with Mark Allen’s Consulting agreement, the Company issued Mr. Allen 250,000 On December 22, 2020, prior CFO Tariq Chaudhary was issued 500,000 77,500 0.15 On January 7, 2021, prior Board Member Joel Oppenheim was issued 316,491 60,000 0.02 53,670 On January 11, 2021, prior CEO Zel Khan was issued 1,992,272 325,000 0.025 275,193 On January 29, 2021, prior CFO Paul Deputy was reinstated as Interim Chief Financial Officer, and signed an agreement that in exchange for 250,000 20 2,500 192,520.04 0.033 134,270 On March 30, 2021, President Mark Allen was issued 333,333 0.09 30,000 0.033 19,001 On March 31, 2021, President Mark Allen was issued 5,400,000 135,000 135,000 0.033 5,400,000 0.08 200,378 108,578 On August 21,2021, the Company signed a Letter Agreement to divest the Company’s wholly owned Canada subsidiary, Petrolia Canada Corporation (PCC) and its assets in consideration for $ 6,500,000 5,150,000 50 28,000 28 200,000 2,000,000 1,000,000 3,300,000 200,000 |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 12. SEGMENT REPORTING The Company has a single reportable operating segment, Oil and Gas Exploration and Production, which includes exploration, development, and production of current and potential oil and gas properties. Results of operations from producing activities were as follows: SCHEDULE OF LONG-LIVED ASSETS Canada United States Total Nine months ended September 30, 2021 Revenue $ 4,042,133 $ 12,175 $ 4,054,313 Production costs (3,670,999 ) (56,924 ) (3,727,923 ) Depreciation, depletion, amortization and accretion (815,521 ) (38,870 ) (854,391 ) Loss on TLSAU abandonment - Results of operations from producing activities $ (444,382 ) $ (83,619 ) $ (528,001 ) Total long-lived assets, September 30, 2021 $ 1,917,164 $ 4,249,789 $ 6,166,953 Nine months ended September 30, 2020 Revenue $ 1,935,861 $ 8,005 $ 1,943,866 Production costs (2,273,505 ) (189,674 ) (2,463,179 ) Depreciation, depletion, amortization, and accretion (1,030,549 ) (45,193 ) (1,075,742 ) Loss on TLSAU abandonment — (3,225,928 ) (3,225,928 ) Results of operations from producing activities $ (1,368,193 ) $ (3,452,790 ) $ (4,820,983 ) Total long-lived assets, September 30, 2020 $ 1,957,126 $ 7,096,763 $ 9,053,889 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13. SUBSEQUENT EVENTS On August 21, 2021, the Company signed a Letter Agreement to divest the Company’s wholly owned Canada subsidiary, Petrolia Canada Corporation (PCC) and its assets in consideration for $ 6,500,000 5,150,000 50 28,000 28 200,000 2,000,000 1,000,000 3,300,000 200,000 In October and November of 2021 and January of 2022, the Company entered into various subscription agreements to sell an aggregate amount of 11,000 10 On October 25, 2021, the Company issued one share each of its newly designated shares of Series B Preferred Stock to Board of Directors members James Burns, Leo Womack, and Ivar Siem. These shares vote in aggregate sixty percent of the total vote on all shareholder matters. See Form 8-K filing reference in Exhibits section below. On December 30, 2021, the Company reached a settlement with Argonaut Insurance Company (Argo), regarding a final judgement of $ 52,749 15,000 On February 16, 2022, the Company entered into both a Purchase and Sale Agreement and a Debt Settlement Agreement with Prospera Energy. Prospera agreed to purchase the Company’s twenty-eight percent (28%) working interest in the Cuthbert, Luseland and Heart Hills assets in Saskatchewan and Alberta. Under these agreements Prospera will forgive $ 1,720,613 510,000 75,000 On March 11, 2022, the Company filed a lawsuit in Harris County Texas against Jovian Petroleum Corporation, Zel Khan and Quinten Beasley. The lawsuit claims fraud and breach of contract against all named defendants, as well as breach of fiduciary duty claims against Zel Khan and Quinten Beasley. See Form 8-K reference in Exhibits section below. On March 16, 2022, Petrolia Canada Corporation received a Notice of Intention to Retain Collateral Pursuant to Section 62 of the Personal Property Security Act (Alberta) from the counsel of Blue Sky Resources Ltd. related to a Loan Agreement and General Security Agreement between Petrolia Canada Corporation and Emmett Lescroart. Petrolia Canada Corporation was notified that Blue Sky Resources Ltd., as assignee of the Emmet Lescroart loan, intends to retain the Utikuma loan collateral pursuant to the General Security Agreement with Petrolia Canada Corporation. On March 30, 2022, Petrolia Canada Corporation’s counsel responded to Blue Sky Resources, Ltd. with a Notice of Objection. On January 28, 2022, the Securities and Exchange Commission filed an Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934 to suspend for a period not exceeding twelve months or revoke the registration of each class of securities registered pursuant to Section 12 of the Exchange Act of the Company. The Division of Enforcement at the Securities and Exchange Commission (the “Division”) filed a Motion for Summary Disposition in this matter and the Company filed a Response to the Motion for Summary Disposition in April 2022. On May 5, 2022, the Division filed its Response in Support of its Motion for Summary Disposition. On June 13, 2022, a Letter Agreement was signed between Blue Sky Resources Ltd. (“BSR”) and Petrolia Energy Corporation whereby Petrolia Canada Corporation (“PCC”) will sell to Blue Sky Resources its 50 Effective June 15, 2022, Heather Monk was promoted from Corporate Controller to Interim Chief Financial Officer. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Leases | Leases Leases are classified as operating leases or financing leases based on the lease term and fair value associated with the lease. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Lessee arrangements Where the Company is the lessee, leases classified as operating leases are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms twelve months or less are expensed as incurred. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of September 30, 2021, the amounts reported for cash, accrued interest and other expenses, notes payable, convertible notes, and derivative liability approximate the fair value because of their short maturities. We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: ● Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment; ● Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly; and ● Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows as of September 30, 2021, and December 31,2020. SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS September 30, 2021 Level 1 Level 2 Level 3 Total Derivative liabilities — — 23,609 23,609 ARO liabilities — — 3,893,224 3,893,224 December 31, 2020 Derivative liabilities — — 183,798 183,798 ARO liabilities — — 3,624,133 3,624,133 Loss per share: The computation of basic loss per share of common stock is based on the weighted average number of shares outstanding during the period. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS | We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows as of September 30, 2021, and December 31,2020. SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS September 30, 2021 Level 1 Level 2 Level 3 Total Derivative liabilities — — 23,609 23,609 ARO liabilities — — 3,893,224 3,893,224 December 31, 2020 Derivative liabilities — — 183,798 183,798 ARO liabilities — — 3,624,133 3,624,133 |
EVALUATED PROPERTIES (Tables)
EVALUATED PROPERTIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Extractive Industries [Abstract] | |
SCHEDULE OF COMPANY’S CURRENT PROPERTIES | The Company’s current properties can be summarized as follows. SCHEDULE OF COMPANY’S CURRENT PROPERTIES Cost Canadian properties United States properties Total As of December 31, 2019 $ 2,563,434 $ 10,350,538 $ 12,913,972 Additions 678,765 — 678,765 Dispositions — (5,648,994 ) (5,648,994 ) Impairment of oil and gas properties — (396,922 ) (396,922 ) Asset retirement cost additions 906,146 — 906,146 Foreign currency translation 166,460 — 166,460 As of December 31, 2020 $ 4,314,805 $ 4,304,622 $ 8,619,427 Additions 787,250 — 787,250 Foreign currency translations (5,307 ) — (5,307 ) As of September 30, 2021 $ 5,096,748 $ 4,304,622 $ 9,401,370 Accumulated depletion As of December 31, 2019 1,458,976 61,551 1,520,527 Depletion 1,115,595 — 1,115,595 Foreign currency translation 57,178 — 57,178 As of December 31, 2020 $ 2,631,749 $ 61,551 $ 2,693,300 Depletion 559,641 — 559,641 Foreign currency translation (11,806 ) — (11,806 ) As of September 30, 2021 $ 3,179,584 $ 61,551 $ 3,241,135 Net book value as of December 31, 2020 $ 1,683,056 $ 4,243,071 $ 5,926,127 Net book value as of September 30, 2021 $ 1,917,164 $ 4,243,071 $ 6,160,235 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
SCHEDULE OF FINANCIAL INFORMATION LEASE | The tables below present financial information associated with our lease. SCHEDULE OF FINANCIAL INFORMATION LEASE Balance Sheet Classification September 30, 2021 December 31, 2020 Right-of-use assets Other long-term assets 15,450 23,145 Current lease liabilities Other current liabilities 14,607 13,107 Non-current lease liabilities Other long-term liabilities 1,923 13,909 |
SCHEDULE OF MATURITIES LEASE LIABILITY | As of September 30, 2021, the maturities of our lease liability are as follows: SCHEDULE OF MATURITIES LEASE LIABILITY 2021 $ 14,607 2022 1,923 Total $ 16,530 Less: Imputed interest (1,080 ) Present value of lease liabilities $ 15,450 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | The following table summarizes the Company’s notes payable: SCHEDULE OF NOTES PAYABLE Interest rate Date of maturity September 30, 2021 December 31, 2020 Truck loan (i) 5 % January 20, 2022 $ 4,022 $ 9,917 Credit note I (ii) 12 % May 11, 2021 — 800,000 Credit note II (iii) 12 % October 17, 2019 — 346,038 Credit note III (iv) 15 % April 25, 2021 — 750,000 Discount on credit note III — — — (5,976 ) Credit note IV (v) 10 % June 30, 2021 838,220 937,109 Discount on credit note IV — — (144,194 ) (285,768 ) Credit note V (vi) 10 % December 31, 2021 918,049 — Credit note VI (vii) 10 % December 31, 2021 1,133,104 — Lee Lytton — On demand 3,500 3,500 Joel Oppenheim (viii) 10 % On demand — 161,900 Joel Oppenheim (viii) 10 % On demand — 15,000 Joel Oppenheim (viii) 10 % October 17, 2018 — 240,000 Credit Note VII (viii) 10 % December 31, 2021 416,900 — Origin Bank (PPP loan) (ix) — — — 56,680 Quinten Beasley 10 % October 14, 2016 5,000 — Jovian Petroleum Corporation (x) 3.5 % December 31, 2021 178,923 — M. Horowitz 10 % October 14, 2016 10,000 10,000 $ 3,363,524 $ 3,038,310 Current portion: Truck loan $ 4,022 $ 9,345 Credit note I — 800,000 Credit note II — 346,038 Credit note III — 744,023 Credit note IV 694,026 651,251 Credit note V 918,049 — Credit note VI 1,133,104 — Lee Lytton 3,500 3,500 Joel Oppenheim — 161,900 Joel Oppenheim — 15,000 Joel Oppenheim — 240,000 Credit note VII 416,900 — Origin Bank (PPP loan) — 56,680 Quinten Beasley 5,000 — Jovian Petroleum Corporation 178,923 — M. Horowitz 10,000 10,000 Current portion of notes payable $ 3,363,524 $ 3,037,737 (i) On January 6, 2017, the Company purchased a truck and entered into an installment note in the amount of $ 35,677 5.49 683 (ii) On May 9, 2018, Bow entered into an Amended and Restated Loan Agreement with a third party. The Loan Agreement increased by $ 800,000 1,530,000 12 19 10,000 710,000 May 11, 2021 800,000 25 41,526 730,000 In order to induce the Lender to enter into the Loan Agreement, the Company agreed to issue the Lender 500,000 2,320,000 320,000 0.10 May 15, 2021 500,000 0.12 May 15, 2021 1,500,000 0.10 500,000 47,500 30,012 182,650 260,162 On January 1, 2021, the Lender signed an amended loan agreement, which moved the balance of this note to credit note VI. More details can be found in footnote (vii). (iii) On September 17, 2018, the Company entered into a loan agreement with a third party for $ 200,000 3 12 6,000 3 146,000 346,038 (iv) On April 25, 2019, the Company entered into a promissory note (an “Acquisition Note”) with a third-party in the amount of $ 750,000 9 April 25, 2021 500,000 0.12 38,249 8,366 (v) On January 2, 2020, the Company entered into a loan agreement in the amount of $ 1,000,000 120,000 10 June 30, 2020 5,000,000 0.10 January 2, 2023 266,674 11,111 5,000,000 0.05 January 6, 2023 166,289 4,614.14 (vi) On January 1, 2021, the Company signed an amended loan agreement with a third party for $ 918,049 146,038 10 (vii) On January 1, 2021, the Company signed an amended loan agreement with a third party for $ 1,133,104 200,000 10 25 (viii) Various shareholder advances provided by Mr. Oppenheim during 2018 and 2019. There were no formal documents drawn. Interest rates were applied based on other similar loan agreements entered into by the Company during that period. On February 12, 2021, the Company entered into an amended loan agreement in the amount of $ 416,900 10 (ix) On April 23, 2020, the Company was granted a $ 56,680 (x) On February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $ 200,000 500,000 25 3.5 |
SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE | The following is a schedule of future minimum repayments of notes payable as of September 30, 2021: SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE 2021 $ 3,507,717 Thereafter — Total $ 3,507,717 |
RELATED PARTY NOTES PAYABLE (Ta
RELATED PARTY NOTES PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Notes Payable | |
SCHEDULE OF RELATED PARTY NOTES PAYABLE | The following table summarizes the Company’s related party notes payable: SCHEDULE OF RELATED PARTY NOTES PAYABLE Balance at: Interest rate Date of maturity September 30, 2021 December 31, 2020 Quinten Beasley 10 % October 14, 2016 $ — $ 5,000 Jovian Petroleum Corporation (i) 3.5 % December 31, 2021 — 188,285 Ivar Siem (ii) 12 % On demand — 200,000 Ivar Siem (ii) Non-interest On demand — 50,000 Ivar Siem (ii) 9 % December 31, 2021 278,435 — Mark M Allen (iii) 9 % September 2, 2021 55,000 55,000 Mark M Allen (iv) 10 % June 30, 2021 135,000 Mark M Allen (v) 12 % June 30, 2021 200,000 200,000 Mark M Allen (vi) 10 % June 30, 2020 — 100,000 Discount on Mark M Allen ($ 100 — (11,536 ) Mark M Allen (vi) 10 % June 30, 2020 — 125,000 Discount on Mark M Allen ($ 125 — (11,420 ) Mark Allen (vi) 9 % June 30, 2021 245,938 — $ 779,373 $ 1,035,329 (i) On February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $ 200,000 500,000 25 3.5 (ii) On August 15, 2019, the Company entered into a loan agreement in the amount of $ 75,000 12 100,000 12 1,250,000 0.08 5,000,000 0.10 50,000 0 200,000 0.10 March 1, 2022 278,435 9 (iii) On April 15, 2020, the Company entered into an agreement, with Mark Allen, that included a funding clause where the Company borrowed $ 55,000 9 (iv) On January 6, 2020, the Company entered into a consulting agreement, with Mark Allen, that included a funding clause where the Company borrowed $ 135,000 62,000 45,000 28,000 10 June 30, 2020 (v) During 2019, the Company entered into a loan agreement in the amount of $ 200,000 12 2,500,000 0.08 10,000,000 0.10 (vi) On January 3, 2020, the Company entered into a loan agreement in the amount of $ 100,000 10 June 1, 2020 400,000 0.10 January 3, 2023 31,946 1,775 125,000 10 750,000 0.10 38,249 1,903 245,938 9 June 30, 2021 |
SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE | The following is a schedule of future minimum repayments of related party notes payable as of September 30, 2021: SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE 2021 $ 779,373 Thereafter — Total $ 779,373 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITIES | A summary of the activity of the derivative liabilities is shown below: SCHEDULE OF DERIVATIVE LIABILITIES As of December 31, 2020 183,798 Additions — Fair value adjustment (160,189 ) As of September 30, 2021 $ 23,609 |
SCHEDULE OF DERIVATIVE LIABILITY OF FAIR VALUE ASSUMPTION | SCHEDULE OF DERIVATIVE LIABILITY OF FAIR VALUE ASSUMPTION September 30, Risk-free interest rate 0.023 0.28 % Expected life 1.26 1.27 Expected dividend rate 0 % Expected volatility 340 % |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
SCHEDULE OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS | SCHEDULE OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS September 30, 2021 Inflation rate 1.92 2.15 % Estimated asset life 12 21 |
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS | The following table shows the change in the Company’s ARO liability: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS Canadian properties United States properties Total Asset retirement obligations, December 31, 2019 $ 1,445,991 $ 277,373 $ 1,723,364 Acquisition of Canadian property - Utikuma 906,146 — 906,146 Plugging liability at Twin Lakes — 606,109 606,109 Accretion expense 259,016 28,742 287,758 Foreign currency translations 100,756 — 100,756 Asset retirement obligations, December 31, 2020 2,711,909 912,224 3,624,133 Accretion expense 255,879 19,632 275,511 Foreign currency translation (6,420 ) — (6,420 ) Asset retirement obligations, September 30, 2021 $ 2,961,368 $ 931,856 $ 3,893,224 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING | Continuity of the Company’s common stock purchase warrants issued and outstanding is as follows: SCHEDULE OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING Warrants Weighted Average Exercise Price Outstanding at year ended December 31, 2019 57,043,836 $ 0.14 Granted 18,650,000 0.15 Exercised (1,650,000 ) 0.08 Expired (33,279,170 ) 0.19 Outstanding at December 31, 2020 40,764,666 $ 0.13 Granted 8,400,000 0.09 Expired (17,964,666 ) 0.11 Outstanding at September 30, 2021 31,200,000 $ 0.13 |
SCHEDULE OF WARRANTS ISSUANCE DURING PERIOD | The table below summarizes warrant issuances during the nine months ended September 30, 2021, and year ended December 31, 2020: SCHEDULE OF WARRANTS ISSUANCE DURING PERIOD September 30, 2021 December 31, 2020 Warrants granted: Board of Directors and Advisory Board service 2,250,000 5,250,000 Pursuant to employment agreements — 1,000,000 Pursuant to financing arrangements 750,000 1,000,000 Pursuant to consulting agreements — 250,000 Pursuant to loan agreements — 11,150,000 Pursuant to extinguishment of debt 5,400,000 — Total 8,400,000 18,650,000 |
SCHEDULE OF FAIR VALUE OF ASSUMPTION OF WARRANTS | The warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined based on historical data of the Company. SCHEDULE OF FAIR VALUE OF ASSUMPTION OF WARRANTS September 30, 2021 December 31, 2020 Risk-free interest rate 0.22 0.53 % 1.65 2.38 % Expected life 2.0 3.0 1.0 3.0 Expected dividend rate 0 % 0 % Expected volatility 310 356 % 240 274 % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF LONG-LIVED ASSETS | SCHEDULE OF LONG-LIVED ASSETS Canada United States Total Nine months ended September 30, 2021 Revenue $ 4,042,133 $ 12,175 $ 4,054,313 Production costs (3,670,999 ) (56,924 ) (3,727,923 ) Depreciation, depletion, amortization and accretion (815,521 ) (38,870 ) (854,391 ) Loss on TLSAU abandonment - Results of operations from producing activities $ (444,382 ) $ (83,619 ) $ (528,001 ) Total long-lived assets, September 30, 2021 $ 1,917,164 $ 4,249,789 $ 6,166,953 Nine months ended September 30, 2020 Revenue $ 1,935,861 $ 8,005 $ 1,943,866 Production costs (2,273,505 ) (189,674 ) (2,463,179 ) Depreciation, depletion, amortization, and accretion (1,030,549 ) (45,193 ) (1,075,742 ) Loss on TLSAU abandonment — (3,225,928 ) (3,225,928 ) Results of operations from producing activities $ (1,368,193 ) $ (3,452,790 ) $ (4,820,983 ) Total long-lived assets, September 30, 2020 $ 1,957,126 $ 7,096,763 $ 9,053,889 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative liabilities | $ 23,609 | $ 183,798 |
ARO liabilities | 3,893,224 | 3,624,133 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative liabilities | ||
ARO liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative liabilities | ||
ARO liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative liabilities | 23,609 | 183,798 |
ARO liabilities | $ 3,893,224 | $ 3,624,133 |
SCHEDULE OF COMPANY_S CURRENT P
SCHEDULE OF COMPANY’S CURRENT PROPERTIES (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Evaluated properties | $ 8,619,427 | $ 12,913,972 |
Cost, Additions | 787,250 | 678,765 |
Cost, Disposition | (5,648,994) | |
Cost, Impairment of oil and gas properties | (396,922) | |
Cost, Asset retirement cost additions | 906,146 | |
Cost, Foreign currency translation | (5,307) | 166,460 |
Evaluated properties | 9,401,370 | 8,619,427 |
Oil and Gas Property, Full Cost Method, Depletion | 2,693,300 | 1,520,527 |
Accumulated depletion, Depletion | 559,641 | 1,115,595 |
Accumulated depletion, Foreign currency translation | (11,806) | 57,178 |
Oil and Gas Property, Full Cost Method, Depletion | 3,241,135 | 2,693,300 |
Net book value as at ending balance | 6,160,235 | 5,926,127 |
Canadian Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Evaluated properties | 4,314,805 | 2,563,434 |
Cost, Additions | 787,250 | 678,765 |
Cost, Disposition | ||
Cost, Impairment of oil and gas properties | ||
Cost, Asset retirement cost additions | 906,146 | |
Cost, Foreign currency translation | (5,307) | 166,460 |
Evaluated properties | 5,096,748 | 4,314,805 |
Oil and Gas Property, Full Cost Method, Depletion | 2,631,749 | 1,458,976 |
Accumulated depletion, Depletion | 559,641 | 1,115,595 |
Accumulated depletion, Foreign currency translation | (11,806) | 57,178 |
Oil and Gas Property, Full Cost Method, Depletion | 3,179,584 | 2,631,749 |
Net book value as at ending balance | 1,917,164 | 1,683,056 |
US Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Evaluated properties | 4,304,622 | 10,350,538 |
Cost, Additions | ||
Cost, Disposition | (5,648,994) | |
Cost, Impairment of oil and gas properties | (396,922) | |
Cost, Asset retirement cost additions | ||
Cost, Foreign currency translation | ||
Evaluated properties | 4,304,622 | 4,304,622 |
Oil and Gas Property, Full Cost Method, Depletion | 61,551 | 61,551 |
Accumulated depletion, Depletion | ||
Accumulated depletion, Foreign currency translation | ||
Oil and Gas Property, Full Cost Method, Depletion | 61,551 | 61,551 |
Net book value as at ending balance | $ 4,243,071 | $ 4,243,071 |
EVALUATED PROPERTIES (Details N
EVALUATED PROPERTIES (Details Narrative) | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jul. 06, 2021 USD ($) | May 01, 2020 a | Aug. 06, 2019 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2020 USD ($) | Jul. 27, 2020 USD ($) a shares | Sep. 30, 2019 USD ($) | Aug. 15, 2019 USD ($) | |
Reserve Quantities [Line Items] | ||||||||||
Increased working interest | 50% | |||||||||
Oil and gas | a | 28,000 | |||||||||
TLSAU [Member] | ||||||||||
Reserve Quantities [Line Items] | ||||||||||
Area of Land | a | 4,880 | |||||||||
Blue Sky [Member] | ||||||||||
Reserve Quantities [Line Items] | ||||||||||
Business combination, description | The total purchase price of the property was $2,000,000 (CND), with $1,000,000 of that total due initially. The additional $1,000,000 was contingent on the future price of WTI crude. At the time WTI price exceeded $50/bbl, the Company would pay an additional $750,000 (CND). In addition, at the time WTI price exceeded $57/bbl the Company would pay an additional $250,000 (CND) (for a cumulative contingent total of $1,000,000 The price of WTI crude exceeded $50/bbl on January 6, 2021 and exceeded $57/bbl on February 8, 2021. The additional payments due were netted with the accounts receivable balance from previous Joint Interest Billing statements from BSR. The total USD value of the addition was $787,250, using prevailing exchange rates on the respective dates. Included in the terms of the agreement, the Company also funded their portion of the Alberta Energy Regulator (“AER”) bond fund requirement ($599,444 USD), necessary for the wells to continue in production after the acquisition. Additional funds ($385,075 USD) remain in the other current asset balance for future payments from BSR, related to the acquisition. | |||||||||
Settlement Agreement [Member] | ||||||||||
Reserve Quantities [Line Items] | ||||||||||
Reserves forfeited percentage | 56% | 56% | ||||||||
Full cost pools reserves forfeited | shares | 943,820 | |||||||||
Net property balance | $ 10,175,456 | $ 10,175,456 | ||||||||
Property write down value | $ 5,648,994 | |||||||||
Settlement Agreement [Member] | Moon Company [Member] | ||||||||||
Reserve Quantities [Line Items] | ||||||||||
Area of Land | a | 3,800 | |||||||||
NOACK [Member] | Purchase and Sale Agreement [Member] | FlowTex Energy L.L.C. [Member] | ||||||||||
Reserve Quantities [Line Items] | ||||||||||
Principal payment | $ 400,000 | |||||||||
Deposits | $ 380,000 | $ 20,000 | ||||||||
Proceeds from sale of intangible assets | $ 375,000 | |||||||||
Accounts receivable, sale | $ 25,000 | |||||||||
Gain (loss) on sale of properties | $ 400,000 | |||||||||
Remitted a cash payment | $ 8,995 | |||||||||
Outstanding property tax | $ 16,005 | |||||||||
Vermilion Energy Inc [Member] | ||||||||||
Reserve Quantities [Line Items] | ||||||||||
Increased working interest | 100% |
SCHEDULE OF FINANCIAL INFORMATI
SCHEDULE OF FINANCIAL INFORMATION LEASE (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases | ||
Operating Lease, Right-of-Use Asset | $ 15,450 | $ 23,145 |
Operating Lease, Liability, Current | 14,607 | 13,107 |
Operating Lease, Liability, Noncurrent | $ 1,923 | $ 13,909 |
SCHEDULE OF MATURITIES LEASE LI
SCHEDULE OF MATURITIES LEASE LIABILITY (Details) | Sep. 30, 2021 USD ($) |
Leases | |
2021 | $ 14,607 |
2022 | 1,923 |
Total | 16,530 |
Less: Imputed interest | (1,080) |
Present value of lease liabilities | $ 15,450 |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | 9 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2020 | Jan. 06, 2017 | |||
Short-Term Debt [Line Items] | |||||
Interest rate | 5.49% | ||||
Notes payable | $ 3,363,524 | $ 3,038,310 | |||
Current portion of notes payable | $ 3,363,524 | 3,037,737 | $ 683 | ||
Truck Loan [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [1] | 5% | |||
Date of maturity | Jan. 20, 2022 | ||||
Notes payable | $ 4,022 | 9,917 | |||
Current portion of notes payable | $ 4,022 | 9,345 | |||
Credit Note I [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [2] | 12% | |||
Date of maturity | [2] | May 11, 2021 | |||
Notes payable | [2] | 800,000 | |||
Current portion of notes payable | 800,000 | ||||
Credit Note II [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | 12% | ||||
Date of maturity | Oct. 17, 2019 | ||||
Notes payable | 346,038 | ||||
Current portion of notes payable | 346,038 | ||||
Credit Note III [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | 15% | ||||
Date of maturity | Apr. 25, 2021 | ||||
Notes payable | 750,000 | ||||
Current portion of notes payable | 744,023 | ||||
Discount on Credit Note III [Member] | |||||
Short-Term Debt [Line Items] | |||||
Discount | (5,976) | ||||
Credit Note IV [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | 10% | ||||
Date of maturity | Jun. 30, 2021 | ||||
Notes payable | [3] | $ 838,220 | 937,109 | ||
Current portion of notes payable | 694,026 | 651,251 | |||
Discount on Credit Note IV [Member] | |||||
Short-Term Debt [Line Items] | |||||
Discount | $ (144,194) | (285,768) | |||
Credit Note V [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [3] | 10% | |||
Date of maturity | [3] | Dec. 31, 2021 | |||
Notes payable | [3] | $ 918,049 | |||
Current portion of notes payable | $ 918,049 | ||||
Credit Note VI [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [4] | 10% | |||
Date of maturity | [4] | Dec. 31, 2021 | |||
Notes payable | $ 1,133,104 | ||||
Current portion of notes payable | 1,133,104 | ||||
Lee Lytton [Member] | |||||
Short-Term Debt [Line Items] | |||||
Notes payable | [5] | $ 3,500 | 3,500 | ||
Date of maturity | [5] | On demand | |||
Current portion of notes payable | $ 3,500 | 3,500 | |||
Joel Oppenheim [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | 1,000% | ||||
Notes payable | [6] | 161,900 | |||
Date of maturity | [6] | On demand | |||
Current portion of notes payable | 161,900 | ||||
Joel Oppenheim I [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [6] | 10% | |||
Notes payable | [6] | 15,000 | |||
Date of maturity | [6] | On demand | |||
Current portion of notes payable | 15,000 | ||||
Joel Oppenheim II [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [6] | 10% | |||
Date of maturity | [6] | Oct. 17, 2018 | |||
Notes payable | [6] | 240,000 | |||
Current portion of notes payable | 240,000 | ||||
Credit Note VII [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [7] | 10% | |||
Date of maturity | [7] | Dec. 31, 2021 | |||
Notes payable | [7] | $ 416,900 | |||
Current portion of notes payable | 416,900 | ||||
Origin Bank (PPP Loan) [Member] | |||||
Short-Term Debt [Line Items] | |||||
Notes payable | 56,680 | ||||
Current portion of notes payable | 56,680 | ||||
Quinten Beasley [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [7] | 10% | |||
Date of maturity | [7] | Oct. 14, 2016 | |||
Notes payable | $ 5,000 | ||||
Current portion of notes payable | $ 5,000 | ||||
Jovian Petroleum Corporation [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [7] | 3.50% | |||
Date of maturity | [7] | Dec. 31, 2021 | |||
Notes payable | $ 178,923 | ||||
Current portion of notes payable | $ 178,923 | ||||
M Horowitz [Member] | |||||
Short-Term Debt [Line Items] | |||||
Interest rate | [7] | 10% | |||
Date of maturity | [7] | Oct. 14, 2016 | |||
Notes payable | $ 10,000 | 10,000 | |||
M. Hortwitz [Member] | |||||
Short-Term Debt [Line Items] | |||||
Current portion of notes payable | $ 10,000 | $ 10,000 | |||
[1]On January 6, 2017, the Company purchased a truck and entered into an installment note in the amount of $ 35,677 5.49 683 800,000 1,530,000 12 19 10,000 710,000 May 11, 2021 800,000 25 41,526 730,000 918,049 146,038 10 1,133,104 200,000 10 25 416,900 10 56,680 200,000 500,000 25 3.5 |
SCHEDULE OF NOTES PAYABLE (De_2
SCHEDULE OF NOTES PAYABLE (Details) (Parenthetical) | 9 Months Ended | |||||||||||||||||||||
Jan. 02, 2021 USD ($) | Oct. 30, 2020 USD ($) $ / shares shares | Feb. 28, 2020 USD ($) $ / shares shares | Jan. 02, 2020 USD ($) shares | Apr. 25, 2019 USD ($) $ / shares shares | Sep. 17, 2018 USD ($) | May 18, 2018 $ / shares shares | May 09, 2018 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) a | Sep. 30, 2020 USD ($) | Feb. 12, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 15, 2020 $ / shares shares | May 01, 2020 a | Apr. 23, 2020 USD ($) | Jan. 02, 2020 $ / shares | May 09, 2018 $ / shares | Apr. 12, 2018 USD ($) | Feb. 09, 2018 USD ($) | Jan. 06, 2017 USD ($) | |||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt interest rate | 5.49% | |||||||||||||||||||||
Notes payable current | $ 3,363,524 | $ 3,037,737 | $ 683 | |||||||||||||||||||
Repayment of notes | 116,935 | $ 4,619 | ||||||||||||||||||||
Area of land | a | 28,000 | |||||||||||||||||||||
Notes payable | 3,363,524 | 3,038,310 | ||||||||||||||||||||
Warrants to acquire of common stock | shares | 1,650,000 | |||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.04 | |||||||||||||||||||||
Number of common stock issued, value | ||||||||||||||||||||||
Working interest percentage | 3% | |||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 170,507 | $ 146,562 | ||||||||||||||||||||
Jovian Petroleum Corporation [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Ownership interest | 25% | |||||||||||||||||||||
Jovian Petroleum Corporation [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt interest rate | 3.50% | |||||||||||||||||||||
Debt maturity date | Dec. 31, 2021 | |||||||||||||||||||||
Amended and Restated Loan Agreement [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Warrants to acquire of common stock | shares | 320,000 | |||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.10 | |||||||||||||||||||||
Loan Agreement [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 918,049 | $ 50,000 | $ 1,000,000 | $ 200,000 | $ 416,900 | |||||||||||||||||
Debt interest rate | 10% | 0% | 10% | 10% | ||||||||||||||||||
Debt maturity date | Mar. 01, 2022 | Jun. 30, 2020 | ||||||||||||||||||||
Warrants to acquire of common stock | shares | 5,000,000 | 200,000 | 5,000,000 | |||||||||||||||||||
Warrant exercise price | (per share) | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||||||
Warrant expiry date | Jan. 02, 2023 | |||||||||||||||||||||
Working interest percentage | 3% | |||||||||||||||||||||
Loan interest percentage | 12% | |||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 6,000 | |||||||||||||||||||||
Debt instrument, unamortized discount | $ 266,674 | |||||||||||||||||||||
Amortization of Debt Discount (Premium) | 11,111 | |||||||||||||||||||||
Origination fee | $ 120,000 | |||||||||||||||||||||
Loan Agreement [Member] | Jovian Resources LLC [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Revolving line of credit | 146,000 | |||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 346,038 | |||||||||||||||||||||
Loan Agreement [Member] | Warrant [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Warrants to acquire of common stock | shares | 5,000,000 | |||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.05 | |||||||||||||||||||||
Debt instrument, unamortized discount | $ 166,289 | |||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 4,614.14 | |||||||||||||||||||||
Warrant expiring date | Jan. 06, 2023 | |||||||||||||||||||||
Loan Agreement [Member] | Blue Sky Resources Ltd [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Notes payable | $ 730,000 | |||||||||||||||||||||
Loan Agreement [Member] | Luseland, Hearts Hill and Cuthbert Fields [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Assets working interest | 25% | |||||||||||||||||||||
Area of land | a | 41,526 | |||||||||||||||||||||
Loan Agreement One [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 1,133,104 | |||||||||||||||||||||
Debt interest rate | 10% | |||||||||||||||||||||
Revolving Line of Credit Agreement [Member] | Jovian Petroleum Corporation [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt interest rate | 3.50% | |||||||||||||||||||||
Revolving line of credit | $ 500,000 | $ 200,000 | ||||||||||||||||||||
Truck Loan [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 35,677 | |||||||||||||||||||||
Debt interest rate | [1] | 5% | ||||||||||||||||||||
Notes payable current | $ 4,022 | 9,345 | ||||||||||||||||||||
Debt maturity date | Jan. 20, 2022 | |||||||||||||||||||||
Notes payable | $ 4,022 | 9,917 | ||||||||||||||||||||
Credit Note I [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt interest rate | [2] | 12% | ||||||||||||||||||||
Notes payable current | 800,000 | |||||||||||||||||||||
Debt maturity date | [2] | May 11, 2021 | ||||||||||||||||||||
Notes payable | [2] | 800,000 | ||||||||||||||||||||
Credit Note I [Member] | Amended and Restated Loan Agreement [Member] | Bow Energy Ltd [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 800,000 | |||||||||||||||||||||
Debt interest rate | 12% | |||||||||||||||||||||
Notes payable current | $ 710,000 | |||||||||||||||||||||
Increase in loan amount | $ 1,530,000 | |||||||||||||||||||||
Debt default interest rate | 19% | |||||||||||||||||||||
Repayment of notes | $ 10,000 | |||||||||||||||||||||
Debt maturity date | May 11, 2021 | |||||||||||||||||||||
Credit Note I [Member] | Loan Agreement [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Number of common stock issued | shares | 500,000 | |||||||||||||||||||||
Number of common stock issued, value | $ 47,500 | |||||||||||||||||||||
Fair value of warrants issued | 30,012 | |||||||||||||||||||||
Loss on extinguishment of debt | 260,162 | |||||||||||||||||||||
Credit Note I [Member] | Loan Agreement [Member] | Canadian Dollars [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value of warrants issued | $ 182,650 | |||||||||||||||||||||
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Warrant [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Warrants to acquire of common stock | shares | 2,320,000 | |||||||||||||||||||||
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Loan Warrant I [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Warrants to acquire of common stock | shares | 320,000 | |||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.10 | |||||||||||||||||||||
Warrant expiry date | May 15, 2021 | |||||||||||||||||||||
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Loan Warrant II [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Warrants to acquire of common stock | shares | 500,000 | |||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.12 | |||||||||||||||||||||
Warrant expiry date | May 15, 2021 | |||||||||||||||||||||
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Loan Warrant III [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Warrants to acquire of common stock | shares | 1,500,000 | |||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.10 | |||||||||||||||||||||
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Restricted Stock [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Number of common stock issued | shares | 500,000 | |||||||||||||||||||||
Acquisition Note [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 750,000 | |||||||||||||||||||||
Debt interest rate | 9% | |||||||||||||||||||||
Debt maturity date | Apr. 25, 2021 | |||||||||||||||||||||
Warrants to acquire of common stock | shares | 500,000 | |||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.12 | |||||||||||||||||||||
Debt instrument, unamortized discount | $ 38,249 | |||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 8,366 | |||||||||||||||||||||
Acquisition Note [Member] | Cona Assets [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Working interest percentage | 25% | |||||||||||||||||||||
Credit Note III and II [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 146,038 | |||||||||||||||||||||
Credit Note II [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 200,000 | |||||||||||||||||||||
Debt interest rate | 12% | |||||||||||||||||||||
Notes payable current | 346,038 | |||||||||||||||||||||
Debt maturity date | Oct. 17, 2019 | |||||||||||||||||||||
Notes payable | $ 346,038 | |||||||||||||||||||||
PPP Loan [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Notes payable | $ 56,680 | |||||||||||||||||||||
[1]On January 6, 2017, the Company purchased a truck and entered into an installment note in the amount of $ 35,677 5.49 683 800,000 1,530,000 12 19 10,000 710,000 May 11, 2021 800,000 25 41,526 730,000 |
SCHEDULE OF FUTURE MINIMUM REPA
SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE (Details) | Sep. 30, 2021 USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 3,507,717 |
Thereafter | |
Total | $ 3,507,717 |
SCHEDULE OF RELATED PARTY NOTES
SCHEDULE OF RELATED PARTY NOTES PAYABLE (Details) - USD ($) | 9 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2020 | Jan. 06, 2017 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 5.49% | ||||
Notes payable - related party | $ 779,373 | $ 1,035,329 | |||
Quinten Beasley [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 10% | ||||
Date of maturity | Oct. 14, 2016 | ||||
Notes payable - related party | [1] | 5,000 | |||
Jovian Petroleum Corporation [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 3.50% | ||||
Date of maturity | Dec. 31, 2021 | ||||
Notes payable - related party | [1] | 188,285 | |||
Ivar Siem [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 12% | ||||
Notes payable - related party | [2] | 200,000 | |||
Date of maturity | On demand | ||||
Ivar Siem One [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Notes payable - related party | [2] | 50,000 | |||
Date of maturity | On demand | ||||
Ivar Siem Two [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 9% | ||||
Date of maturity | Dec. 31, 2021 | ||||
Notes payable - related party | [2] | $ 278,435 | |||
Mark M Allen [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 9% | ||||
Date of maturity | Sep. 02, 2021 | ||||
Notes payable - related party | [3] | $ 55,000 | 55,000 | ||
Mark M Allen One [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 10% | ||||
Date of maturity | Jun. 30, 2021 | ||||
Notes payable - related party | [4] | 135,000 | |||
Mark M Allen Two [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 12% | ||||
Date of maturity | Jun. 30, 2021 | ||||
Notes payable - related party | [5] | $ 200,000 | 200,000 | ||
Discount on related party notes | [6] | ||||
Discount | [6] | ||||
Mark M Allen Three [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 10% | ||||
Date of maturity | Jun. 30, 2020 | ||||
Notes payable - related party | [4] | 100,000 | |||
Discount on related party notes | 100,000 | ||||
Discount | (100,000) | ||||
Discount on Mark M Allen [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount on related party notes | 11,536 | ||||
Discount | (11,536) | ||||
Mark M Allen Four [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 10% | ||||
Date of maturity | Jun. 30, 2020 | ||||
Notes payable - related party | [6] | 125,000 | |||
Discount on related party notes | 125,000 | ||||
Discount | (125,000) | ||||
Discount on Mark M Allen One[Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount on related party notes | 11,420 | ||||
Discount | $ (11,420) | ||||
Mark Allen [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest rate | 9% | ||||
Date of maturity | Jun. 30, 2021 | ||||
Notes payable - related party | [6] | $ 245,938 | |||
[1]On February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $ 200,000 500,000 25 3.5 75,000 12 100,000 12 1,250,000 0.08 5,000,000 0.10 50,000 0 200,000 0.10 March 1, 2022 278,435 9 55,000 9 135,000 62,000 45,000 28,000 10 June 30, 2020 200,000 12 2,500,000 0.08 10,000,000 0.10 100,000 10 June 1, 2020 400,000 0.10 January 3, 2023 31,946 1,775 125,000 10 750,000 0.10 38,249 1,903 245,938 9 June 30, 2021 |
SCHEDULE OF RELATED PARTY NOT_2
SCHEDULE OF RELATED PARTY NOTES PAYABLE (Details) (Parenthetical) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Jan. 02, 2021 USD ($) | Oct. 30, 2020 USD ($) $ / shares shares | Feb. 28, 2020 USD ($) $ / shares shares | Feb. 14, 2020 USD ($) shares | Jan. 06, 2020 USD ($) | Jan. 03, 2020 USD ($) shares | Jan. 02, 2020 USD ($) shares | Dec. 04, 2019 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2019 USD ($) $ / shares shares | Feb. 12, 2021 USD ($) | Dec. 15, 2020 $ / shares shares | Jun. 26, 2020 USD ($) | May 18, 2020 USD ($) | Apr. 15, 2020 USD ($) | Feb. 14, 2020 $ / shares | Jan. 03, 2020 $ / shares | Jan. 02, 2020 $ / shares | Aug. 15, 2019 USD ($) | Sep. 17, 2018 USD ($) | Apr. 12, 2018 USD ($) | Feb. 09, 2018 USD ($) | Jan. 06, 2017 | |
Debt interest rate | 5.49% | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.04 | |||||||||||||||||||||||
Warrant to purchase of common stock | shares | 1,650,000 | |||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 170,507 | $ 146,562 | ||||||||||||||||||||||
Jovian Petroleum Corporation [Member] | ||||||||||||||||||||||||
Ownership interest | 25% | |||||||||||||||||||||||
Loan Agreement [Member] | ||||||||||||||||||||||||
Debt interest rate | 10% | 0% | 10% | 10% | ||||||||||||||||||||
Debt instrument face amount | $ 918,049 | $ 50,000 | $ 1,000,000 | $ 416,900 | $ 200,000 | |||||||||||||||||||
Warrant exercise price | (per share) | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||||||||
Warrant to purchase of common stock | shares | 5,000,000 | 200,000 | 5,000,000 | |||||||||||||||||||||
Debt maturity date | Mar. 01, 2022 | Jun. 30, 2020 | ||||||||||||||||||||||
Warrants and Rights Outstanding, Maturity Date | Jan. 02, 2023 | |||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 11,111 | |||||||||||||||||||||||
Loan Agreement [Member] | Warrant [Member] | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.05 | |||||||||||||||||||||||
Warrant to purchase of common stock | shares | 5,000,000 | |||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 4,614.14 | |||||||||||||||||||||||
Jovian Petroleum Corporation [Member] | ||||||||||||||||||||||||
Debt interest rate | 3.50% | |||||||||||||||||||||||
Debt maturity date | Dec. 31, 2021 | |||||||||||||||||||||||
Jovian Petroleum Corporation [Member] | Revolving Line of Credit Agreement [Member] | ||||||||||||||||||||||||
Revolving line of credit | $ 500,000 | $ 200,000 | ||||||||||||||||||||||
Debt interest rate | 3.50% | |||||||||||||||||||||||
Ivar Siem [Member] | ||||||||||||||||||||||||
Debt interest rate | 12% | |||||||||||||||||||||||
Ivar Siem [Member] | Loan Agreement [Member] | ||||||||||||||||||||||||
Debt interest rate | 9% | 12% | 12% | |||||||||||||||||||||
Debt instrument face amount | $ 278,435 | $ 100,000 | $ 75,000 | |||||||||||||||||||||
Shares issued on conversion of debt | shares | 1,250,000 | |||||||||||||||||||||||
Ivar Siem [Member] | Loan Agreement [Member] | Warrant [Member] | ||||||||||||||||||||||||
Shares issued on conversion of debt | shares | 5,000,000 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.10 | |||||||||||||||||||||||
Mark M Allen [Member] | ||||||||||||||||||||||||
Debt interest rate | 9% | |||||||||||||||||||||||
Debt maturity date | Sep. 02, 2021 | |||||||||||||||||||||||
Mark M Allen [Member] | Loan Agreement [Member] | ||||||||||||||||||||||||
Debt interest rate | 9% | 10% | 10% | 12% | ||||||||||||||||||||
Debt instrument face amount | $ 245,938 | $ 125,000 | $ 100,000 | $ 200,000 | ||||||||||||||||||||
Shares issued on conversion of debt | shares | 2,500,000 | |||||||||||||||||||||||
Conversion price | $ / shares | $ 0.08 | $ 0.08 | ||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.10 | $ 0.10 | ||||||||||||||||||||||
Warrant to purchase of common stock | shares | 750,000 | 400,000 | ||||||||||||||||||||||
Debt maturity date | Jun. 30, 2021 | Jun. 01, 2020 | ||||||||||||||||||||||
Warrants and Rights Outstanding, Maturity Date | Jan. 03, 2023 | |||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 38,249 | $ 31,946 | ||||||||||||||||||||||
Amortization of Debt Issuance Costs | $ 1,903 | $ 1,775 | ||||||||||||||||||||||
Mark M Allen [Member] | Loan Agreement [Member] | Warrant [Member] | ||||||||||||||||||||||||
Shares issued on conversion of debt | shares | 10,000,000 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.10 | |||||||||||||||||||||||
Mark M Allen [Member] | Consulting Agreement [Member] | ||||||||||||||||||||||||
Debt interest rate | 10% | 9% | ||||||||||||||||||||||
Debt instrument face amount | $ 135,000 | $ 55,000 | ||||||||||||||||||||||
Debt maturity date | Jun. 30, 2020 | |||||||||||||||||||||||
Third Party [Member] | Consulting Agreement [Member] | ||||||||||||||||||||||||
Debt instrument face amount | $ 62,000 | $ 28,000 | $ 45,000 |
SCHEDULE OF FUTURE MINIMUM RE_2
SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Short-Term Debt [Line Items] | ||
Thereafter | ||
Total | 779,373 | $ 1,035,329 |
Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
2021 | 779,373 | |
Thereafter | ||
Total | $ 779,373 |
SCHEDULE OF DERIVATIVE LIABIL_2
SCHEDULE OF DERIVATIVE LIABILITIES (Details) | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Investments, All Other Investments [Abstract] | |
Derivative Liability | $ 183,798 |
Additions | |
Fair value adjustments | (160,189) |
Balance, ending | $ 23,609 |
SCHEDULE OF DERIVATIVE LIABIL_3
SCHEDULE OF DERIVATIVE LIABILITY OF FAIR VALUE ASSUMPTION (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 0.023 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 0.28 |
Measurement Input, Expected Term [Member] | Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, expected life | 1 year 3 months 3 days |
Measurement Input, Expected Term [Member] | Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, expected life | 1 year 3 months 7 days |
Measurement Input, Expected Dividend Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 0 |
Expected Volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 340 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details Narrative) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 15, 2020 $ / shares shares | Oct. 30, 2020 USD ($) $ / shares shares | Feb. 28, 2020 $ / shares shares | Jan. 06, 2020 USD ($) $ / shares shares | Jan. 02, 2020 $ / shares shares | May 18, 2018 USD ($) $ / shares shares |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants to acquire of common stock | shares | 1,650,000 | |||||||
Warrant exercise price | $ / shares | $ 0.04 | |||||||
Derivative liability | $ | $ 23,609 | $ 183,798 | ||||||
Amended and Restated Loan Agreement [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants to acquire of common stock | shares | 320,000 | |||||||
Warrant exercise price | $ / shares | $ 0.10 | |||||||
Derivative liability | $ | $ 30,012 | |||||||
Acquisition Note [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants to acquire of common stock | shares | 5,000,000 | |||||||
Warrant exercise price | $ / shares | $ 0.10 | |||||||
Derivative liability | $ | $ 144,259 | |||||||
Loan Agreement [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants to acquire of common stock | shares | 5,000,000 | 200,000 | 5,000,000 | |||||
Warrant exercise price | (per share) | $ 0.10 | $ 0.10 | $ 0.10 | |||||
Derivative liability | $ | $ 95,352 |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Minimum [Member] | |
Inflation rate | 1.92% |
Estimated asset life | 12 years |
Maximum [Member] | |
Inflation rate | 2.15% |
Estimated asset life | 21 years |
SCHEDULE OF ASSET RETIREMENT OB
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Asset retirement obligations at beginning of period | $ 3,624,133 | $ 1,723,364 | $ 1,723,364 | ||
Acquisition of Canadian property - Utikuma | 906,146 | ||||
Plugging liability at Twin Lakes | 606,109 | ||||
Accretion expense | $ 93,787 | $ 84,477 | 275,511 | 199,092 | 287,758 |
Foreign currency translation | (6,420) | 100,756 | |||
Asset retirement obligations at end of period | 3,893,224 | 3,893,224 | 3,624,133 | ||
Canadian Properties [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Asset retirement obligations at beginning of period | 2,711,909 | 1,445,991 | 1,445,991 | ||
Acquisition of Canadian property - Utikuma | 906,146 | ||||
Plugging liability at Twin Lakes | |||||
Accretion expense | 255,879 | 259,016 | |||
Foreign currency translation | (6,420) | 100,756 | |||
Asset retirement obligations at end of period | 2,961,368 | 2,961,368 | 2,711,909 | ||
US Properties [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Asset retirement obligations at beginning of period | 912,224 | $ 277,373 | 277,373 | ||
Acquisition of Canadian property - Utikuma | |||||
Plugging liability at Twin Lakes | 606,109 | ||||
Accretion expense | 19,632 | 28,742 | |||
Foreign currency translation | |||||
Asset retirement obligations at end of period | $ 931,856 | $ 931,856 | $ 912,224 |
SCHEDULE OF COMMON STOCK PURCHA
SCHEDULE OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING (Details) - $ / shares | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Warrants Outstanding, Beginning balance | 40,764,666 | 40,764,666 | 57,043,836 |
Weighted Average Exercise Price, Beginning balance | $ 0.13 | $ 0.13 | $ 0.14 |
Warrants outstanding, granted | 8,400,000 | 18,650,000 | |
Weighted average exercise price, granted | 0.09 | $ 0.15 | |
Warrants Outstanding, Exercised | (1,650,000) | ||
Weighted Average Exercise Price, Exercised | $ 0.08 | ||
Warrants outstanding, expired | (17,964,666) | (33,279,170) | |
Weighted average exercise price, expired | $ 0.11 | $ 0.19 | |
Warrants outstanding, ending balance | 31,200,000 | 40,764,666 | |
Weighted average exercise price, ending balance | $ 0.13 | $ 0.13 |
SCHEDULE OF WARRANTS ISSUANCE D
SCHEDULE OF WARRANTS ISSUANCE DURING PERIOD (Details) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants granted | 8,400,000 | 18,650,000 |
Warrant [Member] | Employment Agreement [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants granted | 1,000,000 | |
Warrant [Member] | Financing Agreement [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants granted | 750,000 | 1,000,000 |
Warrant [Member] | Consulting Agreement [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants granted | 250,000 | |
Warrant [Member] | Loan Agreement [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants granted | 11,150,000 | |
Warrant [Member] | Extinguishment of Debt [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants granted | 5,400,000 | |
Warrant [Member] | Board of Directors and Advisory Board Service [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants granted | 2,250,000 | 5,250,000 |
SCHEDULE OF FAIR VALUE OF ASSUM
SCHEDULE OF FAIR VALUE OF ASSUMPTION OF WARRANTS (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 0.22 | 1.65 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 0.53 | 2.38 |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected life | 2 years | 1 year |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected life | 3 years | 3 years |
Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 0 | 0 |
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 310 | 240 |
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 356 | 274 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 30, 2021 | Jan. 29, 2021 | Jan. 07, 2021 | Dec. 15, 2020 | Sep. 02, 2020 | Feb. 29, 2020 | Jan. 20, 2020 | Aug. 14, 2019 | Aug. 08, 2019 | Jul. 23, 2019 | Nov. 07, 2017 | Jan. 25, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 22, 2020 | Sep. 30, 2020 | |
Class of Stock [Line Items] | |||||||||||||||||
Stock conversion price | $ 0.28 | ||||||||||||||||
Preferred stock conversion, description | the value of each dollar of preferred stock (based on a $10 per share price) will convert into 7.1429 common shares (which results in a $0.14 per common share conversion rate) | ||||||||||||||||
Cumulative cash dividends | $ 134,393 | $ 135,025 | |||||||||||||||
Proceeds from warrant exercise | $ 69,375 | ||||||||||||||||
Warrant exercise price | $ 0.04 | ||||||||||||||||
Warrant to purchase of common stock | 1,650,000 | ||||||||||||||||
Warrants outstanding, weighted-average remaining contractual life | 1 year 6 months 25 days | 1 year 4 months 20 days | |||||||||||||||
Warrants outstanding, intrinsic value | $ 0 | $ 0 | |||||||||||||||
Warrant [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Issuance of common stock related shares | 40,000,000 | ||||||||||||||||
Mark Allen [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares issued | 5,400,000 | ||||||||||||||||
Warrant exercise price | $ 0.08 | ||||||||||||||||
Warrant to purchase of common stock | 5,400,000 | ||||||||||||||||
Vesting term | 36 months | ||||||||||||||||
Conversion price | $ 0.09 | ||||||||||||||||
Unpaid contract wages | $ 30,000 | ||||||||||||||||
Converted shares of common stock | 333,333 | ||||||||||||||||
Secured debt | $ 135,000 | ||||||||||||||||
Guaranteed return secured loan | $ 135,000 | ||||||||||||||||
Consulting Agreement [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Issuance of common stock related shares | 250,000 | ||||||||||||||||
Employment Agreement [Member] | President [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares issued | 2,000,000 | ||||||||||||||||
Warrant exercise price | $ 0.08 | ||||||||||||||||
Officer compensation, per month | $ 15,000 | ||||||||||||||||
Warrant to purchase of common stock | 1,000,000 | ||||||||||||||||
Vesting term | 24 months | ||||||||||||||||
Employment Agreement Signing Bonus [Member] | President [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares issued | 1,000,000 | ||||||||||||||||
Employment Agreement After Completion of Probationary Period [Member] | President [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares issued | 1,000,000 | ||||||||||||||||
Vesting term | 36 months | ||||||||||||||||
Executive Salary Payable Agreement [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Issuance of common stock related shares | 1,992,272 | ||||||||||||||||
Executive Salary Payable Agreement [Member] | American Resources [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares to be issued | 500,000 | ||||||||||||||||
Debt instrument face amount | $ 77,500 | ||||||||||||||||
Conversion price | $ 0.15 | ||||||||||||||||
Joel Oppenheim [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares issued | 316,491 | 316,491 | |||||||||||||||
Proceeds from private placement | $ 12,500 | ||||||||||||||||
Private placement, description | purchased 1 unit of the debt private placement with gross proceeds of $12,500 | ||||||||||||||||
Warrants to purchase common stock | 312,500 | 10,000 | 150,000 | 312,500 | |||||||||||||
Proceeds from warrant exercise | $ 1,000 | $ 15,000 | |||||||||||||||
Warrant exercise price | $ 0.08 | $ 0.10 | $ 0.10 | $ 0.08 | |||||||||||||
Shares issued on conversion of debt | 156,250 | 156,250 | |||||||||||||||
Fair value of warrants issued | $ 15,517 | ||||||||||||||||
Cash payment of debt | 2,500 | ||||||||||||||||
Debt instrument, forgiveness amount | $ 10,000 | ||||||||||||||||
Proceeds from issuance of debt | $ 12,500 | ||||||||||||||||
Conversion price | $ 0.02 | ||||||||||||||||
Gain on related party nature of transaction | $ 53,670 | ||||||||||||||||
Settlement and Mutual Release Agreement [Member] | Paul Deputy [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Officer compensation, per month | $ 50,000 | ||||||||||||||||
Number of shares to be issued | 250,000 | ||||||||||||||||
Description on agreement terms | Paul Deputy was reinstated Interim Chief Financial Officer and signed a Settlement and Mutual Release Agreement. In exchange for releasing the Company for any current, outstanding payroll and/or service-related liability on January 29, 2021, the Company agreed to pay Mr. Deputy $50,000, to be paid in $2,500 monthly increments, starting April 1, 2021. In addition, Mr. Deputy was issued 250,000 shares of Petrolia common stock on January 29, 2021 | ||||||||||||||||
Paul Deputy [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares issued | 250,000 | ||||||||||||||||
Conversion price | $ 0.033 | ||||||||||||||||
Gain on related party nature of transaction | $ 134,270 | ||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock, dividend rate | 9% | ||||||||||||||||
2019 Units [Member] | Private Placement [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Shares issued price per share | $ 0.08 | ||||||||||||||||
Number of shares issued | 1,875,000 | ||||||||||||||||
Proceeds from private placement | $ 150,000 | ||||||||||||||||
Private placement, description | Each 2019 Unit was comprised of one common share and two warrants entitling the holder to exercise such warrant for one common share for a period of two years from the date of issuance. The warrants have exercise price of $0.10 per share. See additional description of the detail transactions concerning those warrants in Note 11: Related Party Transactions, below |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
Aug. 21, 2021 USD ($) a | Aug. 21, 2021 CAD ($) a | Mar. 31, 2021 USD ($) $ / shares shares | Mar. 30, 2021 USD ($) $ / shares shares | Jan. 29, 2021 USD ($) $ / shares shares | Jan. 11, 2021 USD ($) $ / shares shares | Jan. 07, 2021 USD ($) $ / shares shares | Dec. 22, 2020 USD ($) $ / shares shares | Dec. 15, 2020 USD ($) $ / shares shares | Sep. 02, 2020 USD ($) $ / shares shares | May 29, 2020 USD ($) a | May 29, 2020 CAD ($) | Jan. 20, 2020 USD ($) $ / shares shares | Jan. 20, 2020 USD ($) $ / shares shares | Aug. 14, 2019 USD ($) $ / shares shares | Aug. 08, 2019 USD ($) $ / shares shares | Sep. 17, 2018 | Jan. 25, 2021 shares | Dec. 31, 2021 CAD ($) | Sep. 30, 2021 USD ($) shares | Sep. 30, 2021 CAD ($) shares | Sep. 30, 2020 USD ($) | Dec. 31, 2020 USD ($) shares | Oct. 31, 2021 CAD ($) | Jul. 23, 2019 $ / shares shares | |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Warrant to purchase of common stock | shares | 1,650,000 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.04 | ||||||||||||||||||||||||
Payments to acquire businesses gross | |||||||||||||||||||||||||
Payment of contingent consideration liability | $ 1,000,000 | ||||||||||||||||||||||||
West texas intermediate terms description | At the time WTI price exceeded $50/bbl, the Company would pay an additional $750,000. In addition, at the time WTI price exceeded $57/bbl the Company would pay an additional $250,000 (for a cumulative contingent total of $1,000,000). The price of WTI crude exceeded $50/bbl on January 6, 2021, and exceeded $57/bbl on February 8, 2021. | At the time WTI price exceeded $50/bbl, the Company would pay an additional $750,000. In addition, at the time WTI price exceeded $57/bbl the Company would pay an additional $250,000 (for a cumulative contingent total of $1,000,000). The price of WTI crude exceeded $50/bbl on January 6, 2021, and exceeded $57/bbl on February 8, 2021. | |||||||||||||||||||||||
Other assets, current | $ 14,664 | $ 39,443 | |||||||||||||||||||||||
Number of Warrants granted | shares | 8,400,000 | 8,400,000 | 18,650,000 | ||||||||||||||||||||||
Warrants to purchase of common stock shares, exercised | shares | 1,650,000 | ||||||||||||||||||||||||
Proceeds from warrant exercise | $ 69,375 | ||||||||||||||||||||||||
Share based compensation | $ 57,047 | $ 231,179 | |||||||||||||||||||||||
Working interest percentage | 3% | ||||||||||||||||||||||||
Letter Agreement [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Area of land | a | 280 | 280 | |||||||||||||||||||||||
Assets consideration | $ 5,150,000 | $ 6,500,000 | |||||||||||||||||||||||
Working interest percentage | 28% | 28% | |||||||||||||||||||||||
Non refundable deposits | $ 200,000 | ||||||||||||||||||||||||
Remaining payments | $ 2,000,000 | ||||||||||||||||||||||||
Contingenet liabilities | $ 3,300,000 | $ 1,000,000 | |||||||||||||||||||||||
Other income | $ 200,000 | ||||||||||||||||||||||||
Letter Agreement [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Working interest percentage | 50% | 50% | |||||||||||||||||||||||
Alberta Enegry Regulator [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Amount of acquisition fund requirement | $ 599,444 | ||||||||||||||||||||||||
Other assets, current | $ 385,075 | ||||||||||||||||||||||||
Blue Sky Resources Ltd [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Business acquisition percentage of voting interests acquired | 50% | ||||||||||||||||||||||||
Area of land | a | 28,000 | ||||||||||||||||||||||||
Payments to acquire businesses gross | $ 2,000,000 | ||||||||||||||||||||||||
Proceeds from Prevailing exchange rates | $ 787,250 | ||||||||||||||||||||||||
Blue Sky Resources Ltd [Member] | Zel C. Khan [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Ownership percentage | 100% | ||||||||||||||||||||||||
Jovian Petroleum Corporation [Member] | Debt Private Placements [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 12,500 | ||||||||||||||||||||||||
Number of shares issued | shares | 156,250 | ||||||||||||||||||||||||
Warrant to purchase of common stock | shares | 312,500 | 312,500 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.08 | $ 0.08 | |||||||||||||||||||||||
Mark Allen [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Number of shares issued | shares | 5,400,000 | 2,000,000 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.08 | $ 0.04 | $ 0.08 | ||||||||||||||||||||||
Salary | $ 15,000 | ||||||||||||||||||||||||
Number of Warrants granted | shares | 1,000,000 | ||||||||||||||||||||||||
Warrant term | 36 months | ||||||||||||||||||||||||
Warrants to purchase of common stock shares, exercised | shares | 1,650,000 | ||||||||||||||||||||||||
Proceeds from warrant exercise | $ 69,375 | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.033 | $ 0.033 | |||||||||||||||||||||||
Related party transaction amounts | $ 108,578 | $ 19,001 | |||||||||||||||||||||||
Conversion of stock shares converted | shares | 333,333 | ||||||||||||||||||||||||
Sale of price per share | $ / shares | $ 0.09 | ||||||||||||||||||||||||
Unpaid contract wages | $ 30,000 | ||||||||||||||||||||||||
Loan payable | 135,000 | ||||||||||||||||||||||||
Consulting fees | $ 135,000 | ||||||||||||||||||||||||
Class of warrant right shares | shares | 5,400,000 | ||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 200,378 | ||||||||||||||||||||||||
Mark Allen [Member] | Consulting Agreement [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Number of shares issued | shares | 250,000 | ||||||||||||||||||||||||
Mark Allen [Member] | Issued Upon Signing [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Number of shares issued | shares | 1,000,000 | ||||||||||||||||||||||||
Mark Allen [Member] | Six Month Probationary Period [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Number of shares issued | shares | 1,000,000 | ||||||||||||||||||||||||
Tariq Chaudhary [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Number of shares issued | shares | 500,000 | ||||||||||||||||||||||||
Accrued salaries | $ 77,500 | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.15 | ||||||||||||||||||||||||
Joel Oppenheim [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 12,500 | ||||||||||||||||||||||||
Number of shares issued | shares | 316,491 | 316,491 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.08 | $ 0.08 | $ 0.10 | $ 0.10 | $ 0.08 | ||||||||||||||||||||
Proceeds from warrant exercise | $ 1,000 | $ 15,000 | |||||||||||||||||||||||
Conversion price | $ / shares | $ 0.02 | ||||||||||||||||||||||||
Share based compensation | $ 60,000 | ||||||||||||||||||||||||
Related party transaction amounts | $ 53,670 | ||||||||||||||||||||||||
Class of warrant right shares | shares | 312,500 | 312,500 | 10,000 | 150,000 | 312,500 | ||||||||||||||||||||
Zel Khan [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Number of shares issued | shares | 1,992,272 | ||||||||||||||||||||||||
Accrued salaries | $ 325,000 | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.025 | ||||||||||||||||||||||||
Related party transaction amounts | $ 275,193 | ||||||||||||||||||||||||
Paul Deputy [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Number of shares issued | shares | 250,000 | ||||||||||||||||||||||||
Accrued salaries | $ 192,520.04 | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.033 | ||||||||||||||||||||||||
Related party transaction amounts | $ 134,270 | ||||||||||||||||||||||||
Debt periodic payment months | 20 | ||||||||||||||||||||||||
Debt instrument, periodic payment | $ 2,500 |
SCHEDULE OF LONG-LIVED ASSETS (
SCHEDULE OF LONG-LIVED ASSETS (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total long-lived assets | $ 6,166,953 | $ 5,952,084 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,054,313 | $ 1,943,866 | |
Production costs | (3,727,923) | (2,463,179) | |
Depreciation, depletion, amortization, and accretion | (854,391) | (1,075,742) | |
Loss on TLSAU abandonment | (3,225,928) | ||
Results of operations from producing activities | (528,001) | (4,820,983) | |
Total long-lived assets | 6,166,953 | 9,053,889 | |
Operating Segments [Member] | CANADA | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,042,133 | 1,935,861 | |
Production costs | (3,670,999) | (2,273,505) | |
Depreciation, depletion, amortization, and accretion | (815,521) | (1,030,549) | |
Loss on TLSAU abandonment | |||
Results of operations from producing activities | (444,382) | (1,368,193) | |
Total long-lived assets | 1,917,164 | 1,957,126 | |
Operating Segments [Member] | UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenue | 12,175 | 8,005 | |
Production costs | (56,924) | (189,674) | |
Depreciation, depletion, amortization, and accretion | (38,870) | (45,193) | |
Loss on TLSAU abandonment | (3,225,928) | ||
Results of operations from producing activities | (83,619) | (3,452,790) | |
Total long-lived assets | $ 4,249,789 | $ 7,096,763 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Feb. 16, 2022 USD ($) | Feb. 16, 2022 CAD ($) | Dec. 30, 2021 USD ($) | Aug. 21, 2021 USD ($) a | Aug. 21, 2021 CAD ($) a | Sep. 17, 2018 | Jan. 31, 2022 $ / shares shares | Nov. 30, 2021 $ / shares shares | Oct. 31, 2021 $ / shares shares | Dec. 31, 2021 CAD ($) | Sep. 30, 2021 CAD ($) | Jun. 13, 2022 | Oct. 31, 2021 CAD ($) | Sep. 30, 2021 $ / shares | |
Subsequent Event [Line Items] | ||||||||||||||
Working interest percentage | 3% | |||||||||||||
Preferred stock, convertible, conversion price | $ / shares | $ 0.28 | |||||||||||||
Subsequent Event [Member] | Argonaut Insurance Company [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Settlement amount | $ 52,749 | |||||||||||||
Payments on settlement amount | $ 15,000 | |||||||||||||
Letter Agreement [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Asset Acquisition, Consideration Transferred, Other Assets | $ 5,150,000 | $ 6,500,000 | ||||||||||||
Working interest percentage | 28% | 28% | ||||||||||||
Area of Land | a | 280 | 280 | ||||||||||||
Non refundable deposits | $ 200,000 | |||||||||||||
Remaining payments | $ 2,000,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 3,300,000 | $ 1,000,000 | ||||||||||||
Other Income | $ 200,000 | |||||||||||||
Letter Agreement [Member] | Subsequent Event [Member] | Blue Sky Resources Ltd [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Sale on working interest | 50% | |||||||||||||
Letter Agreement [Member] | Chief Executive Officer [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Working interest percentage | 50% | 50% | ||||||||||||
Subscription Agreements [Member] | Subsequent Event [Member] | Series C Convertible Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of common stock issued | shares | 11,000 | 11,000 | 11,000 | |||||||||||
Preferred stock, convertible, conversion price | $ / shares | $ 10 | $ 10 | $ 10 | |||||||||||
Purchase and Sale Agreement and Debt Settlement Agreement [Member] | Subsequent Event [Member] | Prospera Energy [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt forgiveness amount | $ 1,720,613 | |||||||||||||
Convertible debt | $ 510,000 | |||||||||||||
Payments on convertible debt | $ 75,000 |