Strategic Oil & Gas Ltd. reported consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2017. For the quarter, funds from operations of CAD 3,024,000 or CAD 0.07 per basic share compared to CAD 1,660,000 or CAD 0.06 per basic share a year ago. Cash provided by operating activities was CAD 490,000 or CAD 0.01 per basic share compared to cash provided used in operating activities of CAD 1,256,000 or CAD 0.04 per basic share a year ago. Net loss was CAD 41,264,000 or CAD 0.89 per basic share compared to net income of CAD 48,510,000 or CAD 0.62 per basic share a year ago. Net capital expenditures were CAD 3,361,000 compared to CAD 9,018,000 a year ago. Net debt at December 31, 2017 was CAD 95,801,000 compared to CAD 51,141,000 a year ago.

For the full year, funds from operations of CAD 8,065,000 or CAD 0.17 per basic share compared to funds used in operations of CAD 219,000 or CAD 0.01 per basic share a year ago. Cash provided by operating activities was CAD 4,518,000 or CAD 0.10 per basic share compared to cash provided used in operating activities of CAD 3,335,000 or CAD 0.12 per basic share a year ago. Net loss was CAD 89,502 or CAD 1.92 per basic share compared to net income of CAD 33,242,000 or CAD 0.55 per basic share a year ago. Net capital expenditures were CAD 48,200,000 compared to CAD 29,279,000 a year ago. Net debt at December 31, 2017 was CAD 95,801,000 compared to CAD 51,141,000 a year ago.

For the quarter, average daily production of crude oil was 1,819 bbl per day compared to 1,487 bbl per day a year ago. Average daily production of natural gas was 3,633 mcf per day compared to 2,233 mcf per day a year ago. Average daily production of barrels of oil equivalent was 2,424 boe per day compared to 1,859 boe per day a year ago.
For the full year, average daily production of crude oil was 1,799 bbl per day compared to 1,415 bbl per day a year ago. Average daily production of natural gas was 3,822 mcf per day compared to 2,359 mcf per day a year ago. Average daily production of barrels of oil equivalent was 2,436 boe per day compared to 1,808 boe per day a year ago.