Strategic Oil & Gas Ltd. reported consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported oil and natural gas sales of $10,081,000 compared to $8,888,000 a year ago. Funds from operations were $1,554,000 compared to $2,383,000 a year ago. Funds from operations per share basic was $0.03 against $0.05 a year ago. Net loss was $5,163,000 or $0.11 basic per share compared to $4,440,000 or $0.10 basic per share a year ago. Cash from operating activities was $1,554,000 or $0.02 basic and diluted per share compared to $50,000 or $0.00 basic and diluted per share a year ago. Capital expenditures were $9,161,000 compared to $18,067,000 a year ago.

For the quarter, the company reported average daily production of crude oil was 1,700 Bbl per day against 1,628 Bbl per day a year ago. Natural gas was 2,902 Mcf per day against 3,872 Mcf per day a year ago. Barrels of oil equivalent were 2,183 Boe per day against 2,273 Boe per day a year ago.