XML 13 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 18,527,531 $ 13,270,913
Accounts receivable 3,528,376 3,917,288
Prepaid income taxes 418,448 89,285
Other current assets 183,896 500,583
Total current assets 22,658,251 17,778,069
Oil and gas properties, successful efforts method    
Proved properties 135,256,824 133,902,723
Unproved properties 21,557,121 21,552,063
Accumulated depletion, depreciation, amortization and impairment (100,725,088) (98,200,111)
Total oil and gas properties, net 56,088,857 57,254,675
Gathering system 42,273,148 42,202,644
Accumulated depletion, depreciation, amortization and impairment (32,835,561) (32,101,624)
Total gathering system, net 9,437,587 10,101,020
Land 637,764 637,764
Buildings and other property and equipment, net 326,671 338,419
Total property and equipment, net 66,490,879 68,331,878
Other assets:    
Restricted cash 567,345 565,858
Prepaid drilling costs 979,464 379
Total non-current assets 68,037,688 68,898,115
Total assets 90,695,939 86,676,184
Current liabilities    
Accounts payable trade 2,310,143 1,195,479
Gathering fees payable 844,908 909,768
Royalties payable 1,323,096 1,155,698
Accrued capital expenditures 162,399 139,766
Other accrued liabilities 571,877 1,002,935
Fair value of derivatives 1,334,533  
Asset retirement obligations 109,671 106,734
Total current liabilities 6,656,627 4,510,380
Non-current liabilities    
Asset retirement obligations 3,059,782 3,043,509
Deferred income taxes 10,333,715 10,102,852
Total non-current liabilities 13,393,497 13,146,361
Total liabilities 20,050,124 17,656,741
Commitments and contingencies (Note 9)
Shareholders' equity    
Common shares, no par value, unlimited shares authorized and 23,985,799 issued and 23,721,584 outstanding at June 30, 2021, and 23,985,799 shares issued and outstanding at December 31, 2020. 131,730,401 131,730,401
Treasury shares, 264,215 at June 30, 2021 (1,061,468)  
Additional paid-in capital 8,317,659 7,879,119
Accumulated deficit (78,160,182) (80,410,724)
Accumulated other comprehensive income 9,819,405 9,820,647
Total shareholders' equity 70,645,815 69,019,443
Total liabilities and shareholders' equity $ 90,695,939 $ 86,676,184