Strategic Oil & Gas Ltd. announced consolidated earnings and production results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported oil and natural gas sales of $8,605,000 against $8,271,000 a year ago. Funds used in operations were $809,000 against $333,000 a year ago. Basic funds used in operations loss per share was $0.02 against $0.01 a year ago. Cash provided by operating activities was $963,000 against $2,149,000 a year ago. Basic cash provided by operating activities per share was $0.02 against $0.05 a year ago. Net loss was $21,482,000 or $0.46 per basic share against $36,779,000 or $0.79 per basic share a year ago. Net capital expenditures were $2,506,000 against $13,991,000 a year ago.

For the nine months, the company reported oil and natural gas sales of $29,325,000 against $27,471,000 a year ago. Funds from operations were $794,000 against $5,043,000 a year ago. Basic funds from operations per share were $0.02 against $0.11 a year ago. Cash provided by operating activities was $2,707,000 against $4,029,000 a year ago. Basic cash provided by operating activities per share was $0.06 against $0.09 a year ago. Net loss was $33,045,000 or $0.71 per basic share against $48,237,000 or $1.05 per basic share a year ago. Net capital expenditures were $12,481,000 against $44,840,000 a year ago. Net debt at the end of the period was $115,288,000.

For the quarter, the company reported average daily production of crude oil of 1,345 bbl per day compared to 1,806 bbl per day reported last year. Average daily production of natural gas was 2,364 mcf per day compared to 3,472 mcf per day reported last year. Average daily production of barrels of oil equivalent was 1,739 boe per day against 2,384 boe per day reported last year.

For the nine months, the company reported average daily production of crude oil of 1,567 bbl per day compared to 1,793 bbl per day reported last year. Average daily production of natural gas was 2,709 mcf per day compared to 3,886 mcf per day reported last year. Average daily production of barrels of oil equivalent was 2,019 boe per day against 2,440 boe per day reported last year.