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RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
RELATED PARTY TRANSACTIONS
11. RELATED PARTY TRANSACTIONS	In March 2021, the majority owner of Petroleum & Independent Exploration, LLC and related entities (“PIE”), through the exercise of warrants, became an owner of approximately 24% of the Company’s outstanding shares of stock (See Note 10). The Company has a joint development agreement with PIE to perform recompletion or workover on specified mutually agreed upon wells (See Notes 6 and 8). As of March 31, 2021, the Company has incurred obligations of $445,611 as a part of the joint development agreement.

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- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-URI http://asc.fasb.org/topic&trid=2122745

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