Strategic Oil & Gas Ltd. announced unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported oil and natural gas sales was $8,271,000 against $5,478,000 a year ago. Funds used in operations was $333,000 against $140,000 a year ago. Basic funds used in operations loss per share was $0.01 against $0.01 a year ago. Cash provided by operating activities was $2,149,000 against $2,245,000 a year ago. Basic cash provided by operating activities per share was $0.05 against $0.08 a year ago. Net loss was $36,779,000 or $0.79 per basic share against $5,985,000 or $0.22 per basic share a year ago. Net capital expenditures was $13,991,000 against $10,812,000 a year ago.

For the nine months, the company reported oil and natural gas sales was $27,471,000 against $16,157,000 a year ago. Funds from operations was $5,043,000 against funds used operations of $1,881,000 a year ago. Basic funds from operations per share was $0.11 against basic funds used in operations loss per share of $0.07 a year ago. Cash provided by operating activities was $4,029,000 against $4,589,000 a year ago. Basic cash provided by operating activities per share was $0.09 against $0.17 a year ago. Net loss was $48,237,000 or $1.05 per basic share against $15,268,000 or $0.56 per basic share a year ago. Net capital expenditures was $44,840,000 against $20,261,000 a year ago. Net debt at the end of the period was $93,418,000.

For the quarter, the company reported average daily production of crude oil of 1,806 bbl per day compared to 1,231 bbl per day reported last year. Average daily production of natural gas was 3,472 mcf per day compared to 2,074 mcf per day reported last year. Average daily production of barrels of oil equivalent was 2,384 boe per day against 1,577 boe per day reported last year.

For the nine months, the company reported average daily production of crude oil of 1,793 bbl per day compared to 1,390 bbl per day reported last year. Average daily production of natural gas was 3,886 mcf per day compared to 2,401 mcf per day reported last year. Average daily production of barrels of oil equivalent was 2,440 boe per day against 1,791 boe per day reported last year.