Chelsea Oil and Gas Ltd. announced audited consolidated earnings results for the year ended December 31, 2013. For the year, revenues were $98,805, net loss before tax was $982,929 and net loss was $1,005,632 or $0.02 per basic and diluted share against revenues of $79,325, net loss before tax of $365,133 and net loss of $382,955 or $0.01 per basic and diluted share a year ago. Cash flows from operating activities was $47,982 against cash used in operating activities of $175,090 a year ago.

Net exploration and evaluation expenditure was $308,777 against $1,293,746 a year ago. The effect of interest rate fluctuations would not have had a significant effect on the Company's reported net loss for the years ended December 31, 2013 and 2012.