FEC Resources (FECOF) 20-F 30 Mar 23 2021 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022 shares
Document Information Line Items
Entity Registrant Name	FEC RESOURCES INC.
Entity Central Index Key	0000849997
Document Type	20-F
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding	861,082,371
Document Annual Report	true
Document Transition Report	false
Entity File Number	0-17729
Entity Incorporation State Country Code	Z4
Entity Address Address Line 1	Suite 2300
Entity Address Address Line 2	Bentall 5
Entity Address Address Line 3	550 Burrard Street
Entity Address City Or Town	Vancouver
Entity Address State Or Province	BC
Entity Address Postal Zip Code	V6C 2B5
Auditor Name	DALE MATHESON CARR-HILTON LABONTE LLP
Auditor Location	Vancouver, Canada
Security 12g Title	Common Stock, without par value
Entity Interactive Data Current	Yes
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	International Financial Reporting Standards
Auditor Firm Id	1173
Business Contact [Member]
Document Information Line Items
Entity Address Address Line 1	Suite 2300
Entity Address Address Line 2	Bentall 5
Entity Address Address Line 3	550 Burrard Street
Entity Address City Or Town	Vancouver
Entity Address Postal Zip Code	V6C 2B5
Local Phone Number	61447296715
Contact Personnel Name	Paul Wallace

Statements of Financial Positio

Statements of Financial Position - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash (Note 6)	$ 13,068	$ 113,998
Prepaid expenses	8,589	8,156
Due from Forum Energy Limited (Note 8)	423,020	224,400
Total Current assets	444,677	346,554
Non-current assets
Investment in Forum Energy Limited (Note 8)	1,835,111	1,835,111
Assets	2,279,788	2,181,665
Current liabilities
Trade and accrued payables	15,362	13,319
Short term loan (Note 10)	289,262	0
Total Current liablities	304,624	13,319
Shareholders Equity
Share capital (Note 9)	17,620,625	17,620,625
Contributed surplus (Note 9)	3,058,063	3,058,063
Deficit	(18,703,524)	(18,510,342)
Total stockholder equity	1,975,164	2,168,346
Total liabilities and stockholder equity	$ 2,279,788	$ 2,181,665

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
General and administrative expenses
General and administration (Notes 10 and 11)	$ 182,578	$ 179,161	$ 211,677
Operating loss	(182,578)	(179,161)	(211,677)
Interest income (Note 8 and 10)	38	10,953	5,730
Interest expense	(10,642)	0	0
Reversal of accounts payable	0	0	18,895
Net and Comprehensive Loss	$ (193,182)	$ (168,208)	$ (187,052)
Loss Per Common Shares
Basic and Diluted	$ 0	$ 0	$ 0
Weighted average number of shares outstanding, basic and diluted	861,082,371	861,082,371	598,068,920

STATEMENTS OF CHANGES IN EQUITY

STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Contibuted surplus	Deficit	Share capital
Balance, amount at Dec. 31, 2019	$ 1,635,378	$ 3,058,063	$ (18,155,082)	$ 16,732,397
Statement [Line Items]
Total comprehensive loss for the year	(187,052)	0	(187,052)	0
Shares issued pursuant to rights offering, net (Note 9)	718,117	0	0	718,111
Shares issued for debt (Note 9)	170,111	0	0	170,111
Balance, amount at Dec. 31, 2020	2,336,554	3,058,063	(18,342,134)	17,620,625
Statement [Line Items]
Total comprehensive loss for the year	(168,208)	0	(168,208)	0
Balance, amount at Dec. 31, 2021	2,168,346	3,058,063	(18,510,342)	17,620,625
Statement [Line Items]
Total comprehensive loss for the year	(193,182)	0	(193,182)	0
Balance, amount at Dec. 31, 2022	$ 1,975,164	$ 3,058,063	$ (18,703,524)	$ 17,620,625

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net loss for the year	$ (193,182)	$ (168,208)	$ (187,052)
Non-cash items included in net loss
Depreciation	0	0	205
Accrued interest income	0	0	(1,816)
Reversal of accounts payable	0	0	(18,895)
Accrued interest expense	10,642
Changes in working capital related to operating activities
Receivables	0	6,518	(3,446)
Prepaid expenses	(433)	(693)	(175)
Trade and accrued payables	2,043	(29,413)	(60,489)
Net cash used in operating activities	(180,930)	(191,796)	(271,668)
FINANCING ACTIVITY
Issuance of shares pursuant to rights offering	0	0	846,750
Loan from PXP Energy Corporation	278,620	0	0
Transaction costs	0	0	(89,252)
Net cash provided by (used in) financing activity	278,620	0	757,498
INVESTING ACTIVITY
Loan to Forum Energy Limited	(198,620)	124,557	(347,141)
Net cash used in investing activity	(198,620)	124,557	(347,141)
Net increase (decrease) in cash	(100,930)	(67,239)	138,689
Cash - beginning of the year	113,998	181,237	42,548
Cash - end of the year	$ 13,068	$ 113,998	$ 181,237

Corporate Information

Corporate Information	12 Months Ended
	Dec. 31, 2022
Corporate Information
Corporate Information	Note 1 Corporate Information FEC Resources Inc. (“FEC” or the “Company”) was incorporated under the laws of Alberta, Canada and is a holding Company with an interest in Forum Energy Limited (“FEL”). The Company is listed in the United States on the OTC Pink (“OTC Pink”), having the symbol FECOF. At December 31, 2022, the Company has a 6.8% interest in FEL. (Note 8). The principal address of the Company is Suite 2300, Bentall 5, 550 Burrard Street, Vancouver, BC, V6C 2B5. The Company’s ultimate parent company is PXP Energy Corporation (“PXP”) with a registered office at 2/F LaunchPad, Reliance corner Sheridan Streets, Mandaluyong City 1550, Metro Manila, Philippines.

Basis of Preparation and Going

Basis of Preparation and Going Concern	12 Months Ended
	Dec. 31, 2022
Basis of Preparation and Going Concern
Basis of Preparation and Going Concern	Note 2 Basis of Preparation and Going Concern a) Statement of Compliance These financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements were authorized for issue by the Board of Directors on March 30, 2023. b) Basis of Measurement The financial statements have been prepared on a historical cost basis except for certain financial instruments measured at fair value described in the applicable notes and are presented in United States dollars, which is also the Company’s functional currency. The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 5. c) Nature of Operations and Going Concern As a holding company with an interest in FEL, the Company’s business is indirectly subject to risks inherent in oil and gas exploration and development operations. In addition, there are risks associated with FEL’s stage of operations and the foreign jurisdiction in which it or FEL may operate or invest. The Company has identified certain risks pertinent to its investment including: exploration and reserve risks, uncertainty of reserve estimates, ability to exploit successful discoveries, drilling and operating risks, title to properties, costs and availability of materials and services, capital markets and the requirement for additional capital, market perception, loss of or changes to production sharing, joint venture or related agreements, economic, political and sovereign risks, possibility of less developed legal systems, corporate and regulatory formalities, environmental regulation, reliance on strategic relationships, market risk, competition, dependence on key personnel, volatility of future oil and gas prices and foreign currency risk. The Company has an accumulated deficit since inception of $18,703,524. Management considers that the current economic environment is difficult and the outlook for holding companies investing in oil and gas exploration companies presents significant challenges in terms of raising funds through issuance of shares. To the extent necessary, the Company has relied on its ability to raise funds via dispositions of quantities of its shareholdings in FEL to PXP under terms that are consistent with the best interests of shareholders, in order to finance its operations. The Company has been successful in disposing quantities of its shareholdings in FEL in previous fiscal years. However, there can be no assurance the Company will continue to be able to dispose of quantities of its shares in FEL under suitable terms. Currently management has no plans to sell any additional FEL shares. Since the delisting of FEL from the London Stock Exchange, there is no liquidity via a public market for the FEL shares. As the Company is wholly reliant on the information disclosed by PXP concerning the business of FEL, the Company may not be able to obtain information necessary to facilitate a wider sales process and may be reliant on significant shareholders of PXP for the disposition of any of its FEL shares. Management continues to look at all options including raising funds to operate and participate in future FEL financings by way of debt or equity financings. Given the share price of the Company, and given that any external financings may have been extremely dilutive, the Company undertook a rights offering during 2020 and accepted loans from PXP Energy Corporation to raise funds to sustain operations and participate in pre-drilling costs on Service Contract (“SC”) 72. Management has concluded that the combination of these circumstances gives rise to a material uncertainty that casts substantial doubt on the ability of the Company to continue as a going concern; therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. These financial statements have been prepared on the basis of the accounting principles applicable to a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. As at December 31, 2022, the Company’s management believes it has sufficient cash to fund the ongoing operations for the next 12 months. The continuation of the Company is dependent upon its ability to raise funds via dispositions of quantities of its shareholdings in FEL to PXP under terms that are consistent with the best interests of shareholders. There is no assurance that the Company will be able to obtain adequate financing in the future or that such dispositions will be on terms advantageous to the Company. These material uncertainties may cast substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. Such adjustment could be material.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3 Summary of Significant Accounting Policies The accounting policies set out below have been applied consistently to all years presented in these financial statements. a) Equipment Recognition and Measurement On initial recognition, property, plant, and equipment are recorded at cost, being the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company. This includes the appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognized within provisions. Property, plant and equipment is subsequently measured at cost less accumulated depreciation less any impairment losses. Depreciation Equipment is carried at cost less accumulated depreciation. The Company depreciates its computer equipment at the rate of 30% per annum utilizing the declining balance method. Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. Impairment The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. b) Foreign Currency Translation The functional and presentation currency of the Company is the US dollar. Accordingly, foreign currency transactions and balances are translated as follows: (i) monetary assets and liabilities denominated in currencies other than the US dollar (“foreign currencies”) are translated into US dollars at the exchange rates prevailing at the balance sheet date; (ii) non-monetary assets denominated in foreign currencies and measured at other than fair value are translated using the rates of exchange at the transaction dates; (iii) non-monetary assets denominated in foreign currencies that are measured at fair value are translated using the rates of exchange at the dates those fair values are determined; and (iv) income statement items denominated in foreign currencies are principally translated using daily exchange rates, except for depreciation and depletion which is translated at historical exchange rates. Foreign exchange gains and losses are recognized in net loss and presented in the statements of Comprehensive Loss in accordance with the nature of the transactions to which the foreign currency gains and losses relate. Unrealized foreign exchange gains and losses on cash and cash equivalent balances denominated in foreign currencies are disclosed separately in the statements of cash flows. c) Income Taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss/income. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax basis, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting year the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. d) Loss Per Share Basic loss per share is computed by dividing the net loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant year. Diluted loss per common share is computed by dividing the net loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding, if potentially dilutive instruments were converted. There were no dilutive instruments (consisting of shares issuable on the exercise of options and warrants) outstanding during the years ended December 31, 2022, December 31, 2021 and December 31, 2020. Accordingly, there is no difference in the amounts presented for basic and diluted loss per share. e) Financial Instruments The Company measures financial instruments at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: · · · For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of the reporting date. Financial Assets Measurement – initial recognition Financial assets and financial liabilities are recognized in the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (“FVTPL”). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Classification of financial assets Amortized cost: Financial assets that meet the following conditions are measured subsequently at amortized cost: (i) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and (ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method. Interest income is recognized in Other (Expense) Income, net in the statements of comprehensive income (loss). The Company's financial assets at amortized cost consists of cash, receivables and due from Forum Energy Limited. Fair value through other comprehensive income ("FVTOCI"): Financial assets that meet the following conditions are measured at FVTOCI: (i) The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and (ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company's financial assets at FVTOCI include its investment in FEL (Note 8). Equity instruments designated as FVTOCI: On initial recognition, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other OCI. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity instrument, instead, it is transferred to retained earnings. Financial assets measured subsequently at fair value through profit or loss (“FVTPL”): By default, all other financial assets are measured subsequently at FVTPL. The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship. The Company does not have any financial assets at FVTPL. Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Classification of financial liabilities Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as at FVTPL, are measured at amortized cost using effective interest method. Impairment of Financial Assets At each reporting date the Company assesses whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or group of financial assets is deemed to be impaired, if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset and that event has an impact on the estimated future cash flows of the financial asset or the group of financial assets. Financial Liabilities Financial liabilities are classified as other financial liabilities, based on the purpose for which the liability was incurred, and comprise of trade payables, short term loans, and accrued liabilities. These liabilities are initially recognized at fair value net of any transaction costs directly attributable to the issuance of the instrument and subsequently carried at amortized cost using the effective interest rate method. This ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs and premiums payable on redemption, as well as any interest or coupon payable while the liability is outstanding. Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of the period which are unpaid. Short term loans represent liabilities for advances from PXP for working capital and pre-drilling costs. f) Share capital Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s common shares are classified as equity instruments. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. g) Finance income and expenses Finance expense comprises interest expense on borrowings, accretion of the discount on provisions and impairment losses recognized on financial assets. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Foreign currency gains and losses, reported under finance income and expenses, are reported on a net basis.

Standards, Amendments and Inter

Standards, Amendments and Interpretations	12 Months Ended
	Dec. 31, 2022
Standards, Amendments and Interpretations
Standards, Amendments and Interpretations	Note 4 Standards, Amendments and Interpretations The Company has prepared its financial statements in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). IFRS represents standards and interpretations approved by the IASB and are comprised of IFRS, International Accounting Standards (“IAS’s”), and interpretations issued by the IFRS Interpretations Committee (“IFRIC’s”) and the former Standing Interpretations Committee (“SIC’s”). The financial statements have been prepared in accordance with IFRS standards and interpretations effective as of December 31, 2022. New IFRS standards and interpretations or changes to existing standards with future effective dates are either not applicable or not expected to have a significant impact on the financial statements of the Company.

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
	Dec. 31, 2022
Critical Accounting Estimates and Judgments
Critical Accounting Estimates and Judgments	Note 5 Critical Accounting Estimates and Judgments The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income/loss in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. The determination of the fair value of the Company’s investment in FEL is a significant accounting estimate (Note 8). Information about critical judgments in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the financial statements within the next financial year are discussed below: i) Investments in Associates The Company periodically or when circumstances change, reviews its investments in its associates to ascertain whether it has maintained significant influence over these investments and also, reviews whether there exists any evidence that the investments in associates are required to be impaired. The Company does not currently have any investments in associates as it has concluded that it does not have significant influence in Forum Energy Limited as a result of its 6.8% ownership interest (Note 8). ii) Deferred tax assets and liabilities Significant judgment is required in determining the provision for income taxes. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. We recognize liabilities and contingencies for anticipated tax audit issues based on our current understanding of the tax law. For matters where it is probable that an adjustment will be made, we record our best estimate of the tax liability including the related interest and penalties in the current tax provision. We believe we have adequately provided for the probable outcome of these matters; however, the final outcome may result in a materially different outcome than the amount included in the tax liabilities.

Cash

Cash	12 Months Ended
	Dec. 31, 2022
Standards, Amendments and Interpretations
Cash	Note 6 Cash Cash held at banks earns interest at floating rates based on daily bank deposit rates.

Equipment

Equipment	12 Months Ended
	Dec. 31, 2022
Equipment
Equipment	Note 7 Equipment Computer Equipment December 31 2022 December 31 2021 December 31 2020 Cost Opening Cost $ 15,543 $ 15,543 $ 15,543 Additions - - - Ending Cost 15,543 15,543 15,543 Accumulated Depreciation Opening Accumulated Depreciation $ (15,543 ) $ (15,543 ) $ (15,338 ) Charge for the year - - (205 ) Ending Accumulated Depreciation (15,543 ) (15,543 ) (15,543 ) Carrying Value $ - $ - $ -

Investment in Forum Energy Limi

Investment in Forum Energy Limited ("FEL")	12 Months Ended
	Dec. 31, 2022
Investment in Forum Energy Limited ("FEL")
Investment in Forum Energy Limited ("FEL")	Note 8 Investment in Forum Energy Limited (”FEL”) i) Investment in FEL The investment in FEL is summarized as follows: Number of shares held Amount Balance December 31, 2020, 2021 and 2022 6,117,238 $ 1,835,111 As at December 31, 2022, the Company’s interest in FEL was 6.80% (2021 – 6.80%). On April 14, 2020, FEL completed a fund raising of $2,500,000 which was achieved by FEL issuing new shares at a price of $0.30 each. In advance of the Company’s Rights Offering, PXP paid the Company’s share of FEL’s financing thus allowing the Company to maintain its 6.8% interest in FEL at a cost of approximately $170,111. During 2020, this advance was settled by the issuance of new common shares from treasury at the same price as the Rights Offering price. On August 7, 2020, the Company purchased 6.8% of the loan currently due by FEL to PXP amounting to $346,202 plus accrued interest of $939. This loan was unsecured, due on December 31, 2021 and bore interest at an annual rate of 3.5% plus LIBOR which is payable on a quarterly basis. On November 10, 2021, the Company sold the FEL loan it owns to PXP Energy Corporation, at face value plus accrued interest. The proceeds from the sale were used to fund FEC’s $224,400 share of FEL’s pre-drilling costs for two exploratory wells on SC 72 and for working capital. On March 10, 2022, the Company advanced an additional $198,620 (Note 10(i)) for a total advance of $423,020. The advances made to FEL are due on demand and non-interest bearing. FEL’s assets consist of interests in various petroleum service contracts in the Philippines, the most significant of which in terms of Prospective Resources is SC 72. On March 2, 2015, the Philippine Department of Energy (“DOE”) granted a force majeure on SC 72 because the contract area falls within the territorial disputed area of the West Philippine Sea. Under the terms of the force majeure, all exploration work at SC 72 was immediately suspended until the DOE notified FEL that it could re-commence exploration. On October 16, 2020, FEL received a letter from the DOE lifting the force majeure and directing FEL to resume exploration activities on SC 72. On April 6, 2022, FEL as operator under SC 72, received a directive from the DOE to put on hold all exploration activities for SC 72 until such time that the Security, Justice and Peace Coordinating Cluster (“SJPCC”) has issued the necessary clearance to proceed. On April 8, FEL advised the DOE that in compliance with the DOE directive they “have suspended (or caused the suspension of) all activities in the West Philippine Sea beginning April 6, 2022, in the process, incurring substantial stand-by and other costs.” On April 11, 2022, as a result of not receiving the necessary clearance, force majeure was once again declared on SC 72. On October 11, 2022, the DOE granted PXP and Forum the following: (i) the Declaration of Force Majeure for SC 72 from April 6, 2022 until such time as the same is lifted by the DOE, (ii) the inclusion of total expenses incurred as a result of the DOE directive to suspend activities as part of the approved recoverable costs, subject to DOE audit, and (iii) in addition to the period in item (i) above, PXP and Forum will be entitled to an extension of the exploration period under SC 72 corresponding to the number of days that the contractors actually spent in preparation for the activities that were suspended by the DOE’s suspension order on April 6, 2022. Determination of fair value The investment in FEL represents an investment in a private company for which there is no active market and for which there are no publicly available quoted market prices. The Company has classified its investment in FEL as Level 2 in the fair value hierarchy. For purposes of determining fair value of the investment in FEL, the Company considered valuation techniques described in IFRS 13 – Fair Value Measurement. In respect of the investment in FEL, management considered the fair value of $1,835,111 to be indicative of the fair value of the investment in FEL as there have been no changes in the circumstances that would change management’s assessment of fair value. The fair value of the investment is consistent with the implied value based on the price of the April 14, 2020 financing which is a Level 2 input.

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2022
Share Capital
Share Capital	Note 9 Share Capital a) Authorized: The Company is authorized to issue an unlimited number of common shares without par value and is authorized to issue an unlimited number of Class A and Class B preferred convertible redeemable voting shares without par value. Issued: Common Shares Number Amount Balance December 31, 2020, 2021, and 2022 861,082,371 $ 17,620,625 No preferred shares have been issued. b) Nature and Purpose of Equity and Reserves The reserves recorded in equity on the Company’s statements of financial position include Contributed Surplus and Deficit. Contributed Surplus is used to recognize the value of stock option grants prior to exercise. Deficit is used to record the Company’s change in deficit from income and losses from period to period. c) Share based payments: The Company has established a stock option plan whereby options may be granted to its directors, officers, consultants, and employees. The exercise price of each option equals the market price of the Company’s stock on the date of the grant and an option’s maximum term is five years. The options vest immediately. There were no stock options outstanding on December 31, 2022 or December 31, 2021 and none were issued between January 1, 2020 and December 31, 2022.

Related Party Transactions and

Related Party Transactions and Balances	12 Months Ended
	Dec. 31, 2022
Related Party Transactions and Balances
Related Party Transactions and Balances	Note 10 Related Party Transactions and Balances The Company considers its officers (CEO and CFO) and directors to be key management. Key management are those persons having authority and responsibility for planning, directing, and controlling activities, directly or indirectly, of the Company. (i) On August 7, 2020, the Company purchased 6.8% of the loan currently due by FEL to PXP amounting to $346,202 plus accrued interest of $939. This loan was unsecured, due on December 31, 2021, and bore interest at an annual rate of 3.5% plus LIBOR which is payable on a quarterly basis. On November 10, 2021, the Company sold the FEL loan to PXP at face value plus accrued interest. The proceeds of the sale were used to fund FEC’s $224,400 share of FEL’s pre-drilling costs for two exploratory wells on SC 72 and for working capital. On March 10, 2022, the Company advanced an additional $198,620 for a total advance of $423,020. The advances made to FEL are due on demand and non-interest bearing. (ii) During the year ended December 31, 2022, general and administrative expenses included key management personnel compensation totaling $48,000 (2021: $48,000; 2020: 66,000). (iii) During the year ended December 31, 2022, PXP repaid $Nil (2021: $6,518) advanced by the Company for PXP filing fees related to the Right Offering. (iv) On March 10, 2022, the Company announced that it agreed to fund an additional cash call for pre-drilling costs received from FEL in the amount of $198,620. The advance to FEL was via non-interest bearing loans. In order to be able to fund the $198,620, the Company accepted a loan from PXP for the same amount (“PXP Loan”). The PXP loan bears interest of Libor plus 3.5% and both interest and principal are repayable on the earlier of a) December 31, 2023, or b) any equity issuance by FEC, or c) any sale of FEL shares by FEC, or d) any third party borrowing by FEC. The Company also received an additional $80,000 for working capital from PXP during the year ended December 31, 2022 under the same terms and conditions as the PXP Loan. As at December 31, 2022, the outstanding PXP Loan balance was $289,262 which included accrued interest of $10,642. Total interest expense amounted to $10,642 for the year ended December 31, 2022 (2021 – Nil; 2020 – Nil).

General and administrative expe

General and administrative expenses	12 Months Ended
	Dec. 31, 2022
General and administrative expenses
General and administrative expenses	Note 11 General and administrative expenses December 31, 2022 December 31, 2021 December 31, 2020 Professional fees $ 31,080 $ 24,320 $ 22,388 Bank charges 3,705 3,971 3,922 Listing and filing fees 15,549 16,041 18,370 Office and miscellaneous 23,861 24,028 34,139 Consulting (Note 10) 103,671 111,693 128,320 Depreciation (Note 7) - - 205 Foreign exchange 4,712 (892 ) 4,333 $ 182,578 $ 179,161 $ 211,677

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 12 Income Taxes Reconciliation of accounting and taxable income, for the years ended December 31 are as follows: December 31, 2022 December 31, 2021 December 31, 2020 Income (loss) before income taxes $ (193,182 ) $ (168,208 ) $ (187,052 ) Tax expense (recovery) based on statutory rate of 27.0% (52,000 ) (45,000 ) (51,000 ) Permanent differences (4,000 ) 2,000 - (56,000 ) (43,000 ) (51,000 ) Changes in unrecognized deferred tax assets 56,000 43,000 51,000 Total income tax expense $ - $ - $ - The nature and tax effect of the temporary differences giving rise to the deferred tax assets and liabilities at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 December 31, 2021 Allowable capital losses $ 468,000 $ 468,000 Non-capital losses 1,827,000 1,770,000 Capital assets and other - 1,000 Investments 858,000 858,000 Unrecognized deferred tax assets (3,153,000 ) (3,097,000 ) $ - $ - As at December 31, 2022, the Company had estimated non-capital losses for Canadian tax purposes of $6,768,000 that expire between 2026 to 2042 which may be carried forward to offset future years’ taxable income. The potential benefit of these carry-forward non-capital losses has not been recognized in these financial statements as it is not considered probable that sufficient future taxable profit will allow the deferred tax asset to be recovered.

Financial Instruments and Risk

Financial Instruments and Risk Management	12 Months Ended
	Dec. 31, 2022
Financial Instruments and Risk Management
Financial Instruments and Risk Management	Note 13 Financial Instruments and Risk Management The Company is exposed through its operations to the following financial risks: - Market Risk - Credit Risk - Liquidity Risk In common with all other businesses, the Company is exposed to risks that arise from its use of financial instruments. This note describes the Company’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the Company’s exposure to financial instrument risks, its objectives, polices and processes for managing those risks or the methods used to measure them from previous years unless otherwise stated in the note. General Objectives, Policies and Procedures The Board of Directors has overall responsibility for the determination of the Company’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Company’s finance function. The Board of Directors receive quarterly reports from the Company’s Chief Financial Officer through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company’s competitiveness and flexibility. Further details regarding these policies are set out below. a) Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk are comprised of foreign currency risk, interest rate risk and equity and commodity price risk. Foreign currency exchange risk The Company is exposed to foreign currency fluctuations for general and administrative transactions denominated in Canadian Dollars. The majority of the Company’s cash is kept in U.S. dollars. As at December 31, 2022, the Company had an insignificant amount of cash denominated in Canadian dollars that was subject to exchange rate fluctuations between the Canadian dollar and the U.S. dollar. As at December 31, 2022, the Company held an insignificant amount of financial liabilities denominated in Canadian dollars that would be subject to exchange rate fluctuations between Canadian dollars and U.S. dollars. b) Credit risk The Company maintains cash deposits in one chartered Canadian bank which, from time to time, exceed the amount of depositor’s insurance available in each respective account. Management assesses the financial condition of this bank and believes that the possibility of any credit loss is minimal. The Company is also exposed to credit risk on the amount due from FEL. Management assesses that this credit risk is mitigated by the fact that FEL is supported financially by PXP. The maximum exposure of credit risk is the Company’s cash deposit of $13,068 (2021: $113,998), and due from FEL $423,020 (2021: $224,400). c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its obligations as they fall due. The Company does not generate cash from operations but rather, the Company will, from time to time, issue shares via equity placements, borrow funds from an affiliated company or undertake to sell a portion of its investment in the shares of FEL should it be necessary to raise funds. The Company manages liquidity by maintaining cash balances available to meet its anticipated operational needs. Liquidity requirements are managed based on expected cash flow to ensure that there is adequate capital to meet short-term and long-term obligations. The Company has in place a planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its growth plans. At December 31, 2022, the Company’s accounts payable and accrued liabilities were $15,362 and loans from PXP were $289,262, all of which fall due for payment within twelve months of the date of the statement of financial position. The carrying values of accounts payable and accrued liabilities and loans from PXP approximate their fair values due to the relatively short periods to maturity of the instruments.

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2022
Capital Management
Capital Management	Note 14 Capital Management The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern, to provide an adequate return to shareholders, to meet external capital requirements on credit facilities and to support any growth plans. The capital of the Company consists of the items included in shareholders’ equity and cash net of debt obligations. The Company monitors capital based on the debt to debt-plus-equity ratio. Debt is total debt shown on the balance sheet, less cash. Debt-plus-equity is calculated as debt shown on the balance sheet, plus total shareholders’ equity which includes share capital, warrants, contributed surplus and deficit. Currently the Company has no debt. The Company’s Board of Directors approves management’s annual capital expenditures plans and reviews and approves any material debt borrowing plans proposed by the Company’s management. As at December 31, 2022 the company had no externally imposed capital requirements nor were there any changes in the company’s approach to capital management during the year.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Equipment	Recognition and Measurement On initial recognition, property, plant, and equipment are recorded at cost, being the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company. This includes the appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognized within provisions. Property, plant and equipment is subsequently measured at cost less accumulated depreciation less any impairment losses. Depreciation Equipment is carried at cost less accumulated depreciation. The Company depreciates its computer equipment at the rate of 30% per annum utilizing the declining balance method. Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. Impairment The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.
Foreign currencies Translation	The functional and presentation currency of the Company is the US dollar. Accordingly, foreign currency transactions and balances are translated as follows: (i) monetary assets and liabilities denominated in currencies other than the US dollar (“foreign currencies”) are translated into US dollars at the exchange rates prevailing at the balance sheet date; (ii) non-monetary assets denominated in foreign currencies and measured at other than fair value are translated using the rates of exchange at the transaction dates; (iii) non-monetary assets denominated in foreign currencies that are measured at fair value are translated using the rates of exchange at the dates those fair values are determined; and (iv) income statement items denominated in foreign currencies are principally translated using daily exchange rates, except for depreciation and depletion which is translated at historical exchange rates. Foreign exchange gains and losses are recognized in net loss and presented in the statements of Comprehensive Loss in accordance with the nature of the transactions to which the foreign currency gains and losses relate. Unrealized foreign exchange gains and losses on cash and cash equivalent balances denominated in foreign currencies are disclosed separately in the statements of cash flows.
Income tax	Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss/income. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax basis, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting year the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Loss Per Share	Basic loss per share is computed by dividing the net loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant year. Diluted loss per common share is computed by dividing the net loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding, if potentially dilutive instruments were converted. There were no dilutive instruments (consisting of shares issuable on the exercise of options and warrants) outstanding during the years ended December 31, 2022, December 31, 2021 and December 31, 2020. Accordingly, there is no difference in the amounts presented for basic and diluted loss per share.
Financial Instrument	The Company measures financial instruments at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: · · · For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of the reporting date. Financial Assets Measurement – initial recognition Financial assets and financial liabilities are recognized in the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (“FVTPL”). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Classification of financial assets Amortized cost: Financial assets that meet the following conditions are measured subsequently at amortized cost: (i) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and (ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method. Interest income is recognized in Other (Expense) Income, net in the statements of comprehensive income (loss). The Company's financial assets at amortized cost consists of cash, receivables and due from Forum Energy Limited. Fair value through other comprehensive income ("FVTOCI"): Financial assets that meet the following conditions are measured at FVTOCI: (i) The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and (ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company's financial assets at FVTOCI include its investment in FEL (Note 8). Equity instruments designated as FVTOCI: On initial recognition, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other OCI. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity instrument, instead, it is transferred to retained earnings. Financial assets measured subsequently at fair value through profit or loss (“FVTPL”): By default, all other financial assets are measured subsequently at FVTPL. The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship. The Company does not have any financial assets at FVTPL. Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Classification of financial liabilities Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as at FVTPL, are measured at amortized cost using effective interest method. Impairment of Financial Assets At each reporting date the Company assesses whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or group of financial assets is deemed to be impaired, if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset and that event has an impact on the estimated future cash flows of the financial asset or the group of financial assets. Financial Liabilities Financial liabilities are classified as other financial liabilities, based on the purpose for which the liability was incurred, and comprise of trade payables, short term loans, and accrued liabilities. These liabilities are initially recognized at fair value net of any transaction costs directly attributable to the issuance of the instrument and subsequently carried at amortized cost using the effective interest rate method. This ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs and premiums payable on redemption, as well as any interest or coupon payable while the liability is outstanding. Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of the period which are unpaid. Short term loans represent liabilities for advances from PXP for working capital and pre-drilling costs.
Share capital	Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s common shares are classified as equity instruments. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Finance income and expenses	Finance expense comprises interest expense on borrowings, accretion of the discount on provisions and impairment losses recognized on financial assets. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Foreign currency gains and losses, reported under finance income and expenses, are reported on a net basis.

Equipment (Tables)

Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Equipment
Summary of carrying value of equipment	Computer Equipment December 31 2022 December 31 2021 December 31 2020 Cost Opening Cost $ 15,543 $ 15,543 $ 15,543 Additions - - - Ending Cost 15,543 15,543 15,543 Accumulated Depreciation Opening Accumulated Depreciation $ (15,543 ) $ (15,543 ) $ (15,338 ) Charge for the year - - (205 ) Ending Accumulated Depreciation (15,543 ) (15,543 ) (15,543 ) Carrying Value $ - $ - $ -

Investment in Forum Energy Li_2

Investment in Forum Energy Limited ("FEL") (Tables)	12 Months Ended
	Dec. 31, 2022
Investment in Forum Energy Limited ("FEL")
Investment in Forum Energy Limited ("FEL")	Number of shares held Amount Balance December 31, 2020, 2021 and 2022 6,117,238 $ 1,835,111

Share Capital (Table)

Share Capital (Table)	12 Months Ended
	Dec. 31, 2022
Share Capital
Schedule of common shares issued	Common Shares Number Amount Balance December 31, 2020, 2021, and 2022 861,082,371 $ 17,620,625

General and administrative ex_2

General and administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2022
General and administrative expenses
Summary of General and administrative expenses	December 31, 2022 December 31, 2021 December 31, 2020 Professional fees $ 31,080 $ 24,320 $ 22,388 Bank charges 3,705 3,971 3,922 Listing and filing fees 15,549 16,041 18,370 Office and miscellaneous 23,861 24,028 34,139 Consulting (Note 10) 103,671 111,693 128,320 Depreciation (Note 7) - - 205 Foreign exchange 4,712 (892 ) 4,333 $ 182,578 $ 179,161 $ 211,677

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Summary of Reconciliation of accounting and taxable income	December 31, 2022 December 31, 2021 December 31, 2020 Income (loss) before income taxes $ (193,182 ) $ (168,208 ) $ (187,052 ) Tax expense (recovery) based on statutory rate of 27.0% (52,000 ) (45,000 ) (51,000 ) Permanent differences (4,000 ) 2,000 - (56,000 ) (43,000 ) (51,000 ) Changes in unrecognized deferred tax assets 56,000 43,000 51,000 Total income tax expense $ - $ - $ -
Summary of Deffered tax assets and liabilities	December 31, 2022 December 31, 2021 Allowable capital losses $ 468,000 $ 468,000 Non-capital losses 1,827,000 1,770,000 Capital assets and other - 1,000 Investments 858,000 858,000 Unrecognized deferred tax assets (3,153,000 ) (3,097,000 ) $ - $ -

Corporate Information (Details

Corporate Information (Details Narrative)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Forum Energy Limited
Statement [Line Items]
Ownership interest	6.80%	6.80%

Basis of Preparation and Goin_2

Basis of Preparation and Going Concern (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Basis of Preparation and Going Concern
Accumulated deficit	$ (18,703,524)	$ (18,510,342)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2022
Statement [Line Items]
Description of property, plant and equipment	Property, plant and equipment is subsequently measured at cost less accumulated depreciation less any impairment losses.
Depreciation method	Equipment is carried at cost less accumulated depreciation.
Computer Equipment
Statement [Line Items]
Depreciation rate	30%

Equipment (Details)

Equipment (Details) - Computer Equipment [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Opening Cost	$ 15,543	$ 15,543	$ 15,543
Additions	0	0	0
Ending Cost	15,543	15,543	15,543
Opening Accumulated Depreciation	(15,543)	(15,543)	(15,338)
Charge for the year	0	0	(205)
Ending Accumulated Depreciation	(15,543)	(15,543)	(15,543)
Carrying Value	$ 0	$ 0	$ 0

Investment in Forum Energy Li_3

Investment in Forum Energy Limited ("FEL") (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 14, 2020
Statement [Line Items]
Amount	$ 1,835,111	$ 1,835,111		$ 1,835,111
Forum Energy Limited
Statement [Line Items]
Number of shares held	6,117,238	6,117,238	6,117,238
Amount	$ 1,835,111	$ 1,835,111	$ 1,835,111

Investment in Forum Energy Li_4

Investment in Forum Energy Limited ("FEL") (Details Narrative) - USD ($)				12 Months Ended
	Nov. 10, 2021	Aug. 07, 2020	Apr. 14, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 10, 2022
Statement [Line Items]
Interest rate		3.50%
Shares issued for debt						$ 170,111
Issuance of shares pursuant to rights offering				$ 0	$ 0	846,750
Loan purchased percentage		6.80%
Accrued interest		$ 939
Proceeds from sale of loan	$ 224,400
Fair value of investment			$ 1,835,111	$ 1,835,111	$ 1,835,111
Forum Energy Limited
Statement [Line Items]
Ownership interest				6.80%	6.80%
Interest rate		3.50%	6.80%
Shares issued for debt			$ 170,111
Issuance of shares pursuant to rights offering			$ 2,500,000
Loan purchased percentage		6.80%
Loan purchased		$ 346,202
Accrued interest		$ 939
Share price			$ 0.30
Additional Loan received, amount							$ 198,620
Fair value of investment				$ 1,835,111	$ 1,835,111	$ 1,835,111
Total advance Loan							423,020
PXP Energy Corporation
Statement [Line Items]
Additional Loan received, amount							198,620
Total advance Loan							$ 423,020

Share Capital (Details)

Share Capital (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Amount	$ 17,620,625	$ 17,620,625
Common Shares
Statement [Line Items]
Number of shares	861,082,371
Amount	$ 17,620,625

Share Capital (Details Narrativ

Share Capital (Details Narrative)	12 Months Ended
	Dec. 31, 2022
Share Capital
Stock options, maximum term	5 years

Related Party Transactions an_2

Related Party Transactions and Balances (Details Narrative) - USD ($)				12 Months Ended
	Mar. 10, 2022	Nov. 10, 2021	Aug. 07, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 14, 2020
Statement [Line Items]
Interest expense				$ 10,642	$ 0	$ 0
Accrued interest			$ 939
Loan purchased percentage			6.80%
Interest rate on loan			3.50%
Short term loan (Note 10)				289,262	0
Advance repayment				0	6,518
Loan amount			$ 346,202
Proceeds from sale of loan		$ 224,400
General and administration				182,578	179,161	211,677
Accrued interest expense				10,642
Loan to Forum Energy Limited				(198,620)	124,557	(347,141)
Key Management Personnel
Statement [Line Items]
General and administration				$ 48,000	$ 48,000	$ 66,000
Forum Energy Limited
Statement [Line Items]
Accrued interest			$ 939
Loan purchased percentage			6.80%
Interest rate on loan			3.50%				6.80%
Additional Loan received, amount	$ 198,620
Total advance Loan	423,020
Loan to Forum Energy Limited	$ 198,620
Description of Loan from PXP Energy Corporation	to fund the $198,620, the Company accepted a loan from PXP for the same amount (“PXP Loan”). The PXP loan bears interest of Libor plus 3.5% and both interest and principal are repayable on the earlier of a) December 31, 2023, or b) any equity issuance by FEC, or c) any sale of FEL shares by FEC, or d) any third party borrowing by FEC. The Company also received an additional $80,000 for working capital from PXP during the year ended December 31, 2022 under the same terms and conditions as the PXP Loan

General and administrative ex_3

General and administrative expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
General and administrative expenses
Professional fees	$ 31,080	$ 24,320	$ 22,388
Bank charges	3,705	3,971	3,922
Listing and filing fees	15,549	16,041	18,370
Office and miscellaneous	23,861	24,028	34,139
Consulting	103,671	111,693	128,320
Depreciation	0	0	205
Foreign exchange	4,712	(892)	4,333
General and administration	$ 182,578	$ 179,161	$ 211,677

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Income (loss) before income taxes	$ (193,182)	$ (168,208)	$ (187,052)
Tax expense (recovery) based on statutory rate of 27.0%	(52,000)	(45,000)	(51,000)
Permanent differences	(4,000)	2,000	0
Loss before income taxes net	(56,000)	(43,000)	(51,000)
Changes in unrecognized deferred tax assets	56,000	43,000	51,000
Total income tax expense	$ 0	$ 0	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Allowable capital losses	$ 468,000	$ 468,000
Non-capital losses	1,827,000	1,770,000
Capital assets and other	0	1,000
Investments	858,000	858,000
Unrecognized deferred tax assets	(3,153,000)	(3,097,000)
Deferred tax assets and liabilities	$ 0	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Taxes
Non-capital loss carry-forward	$ 6,768,000
Non-capital loss carry-forward expiry, description	expire between 2026 to 2042 which may be carried forward to offset future years’ taxable income

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments and Risk Management
Short term loan	$ 289,262	$ 0
Cash deposit	13,068	113,998
Receivable due from related party	423,020	224,400
Trade and accrued payables	$ 15,362	$ 13,319