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REVENUES | 12 Months Ended
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Dec. 31, 2023
Revenue |
REVENUES | 7. REVENUES Oil, natural gas liquids and natural gas are mostly sold under contracts of varying price and volume terms. Revenues for oil are typically collected on the 20th day of the month following production, while natural gas and NGL revenues are collected by the 45th day of the month following production. The amount of accrued accounts receivable at December 31, 2023 was $5.5 million (2022 - $5.8 million). The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source: SCHEDULE OF GROSS OIL AND GAS REVENUE DISAGGREGATED BY REVENUE
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Oil revenue |  | $ | 59,749 |  |  | $ | 42,795 |
Natural gas revenue |  |  | 1,742 |  |  |  | 2,759 |
NGL revenue |  |  | 2,899 |  |  |  | 2,822 |
Total oil and natural gas revenues |  |  | 64,390 |  |  |  | 48,376 |
Less: Royalties |  |  | (13,793 | ) |  |  | (10,816 | )
Oil and natural gas revenues, net of royalties |  | $ | 50,597 |  |  | $ | 37,560 |

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