The oiler, which has assets in British Columbia and Colorado, said it had completed a first tranche of a debt financing of $520,000 with arms-length US accredited investors.
The loans are convertible into over 8.6 million company shares at $0.06 per share until they expire in 2022.
The group also reduced G&A (general and administrative) expenses in the year by 35% to around $1.1 million from around $1.7 million in the year to December 31, 2017.
Notably, the firm recently drilled a new exploration well at its Woodrush property, north of Fort St. John, British Columbia, which hit gas but no conventional oil reservoir.
The well reached its target depth in what's called the 'Halfway' play and logs showed around 19 feet of high quality Gething gas to complement the firm's growing Gething natural gas reserves at Woodrush.
In terms of production, in the year the firm produced 186 boe/d (barrels of oil equivalent per day), versus 273 boe/d in 2017.
Revenue for the year came in at C$1.9 million versus C$2.8 million in 2017.
Shares were unchanged in Toronto at $0.055.
Contact Giles at [email protected]