Strategic Oil & Gas Ltd. reported consolidated earnings and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported oil and natural gas sales of $10,639,000 compared to $10,312,000 a year ago. Funds from operations were $47,000 compared to $2,991,000 a year ago. Cash provided by operating activities was $972,000 or $0.02 per basic share compared to $1,828,000 or $0.04 per basic share a year ago. Net loss was $6,399,000 or $0.14 per basic share compared to $7,020,000 or $0.15 per basic share a year ago. Net capital expenditures were $940,000 compared to $12,784,000 a year ago.

For the six months, the company reported oil and natural gas sales of $20,720,000 compared to $19,200,000 a year ago. Revenues increased by 8% due to an increase in realized oil prices. Funds from operations were $1,601,000 or $0.03 per basic share compared to $5,374,000 or $0.12 per basic share a year ago. Cash provided by operating activities was $1,742,000 or $0.04 per basic share compared to $1,879,000 or $0.04 per basic share a year ago. Net loss was $11,562,000 or $0.25 per basic share compared to $11,460,000 or $0.25 per basic share a year ago. Net capital expenditures were $10,101,000 compared to $30,851,000 a year ago. Net debt as on June 30, 2018 was $112,046,000.

For the quarter, the company reported average daily production of crude oil was 1,660 Bbl per day against 1,942 Bbl per day a year ago. Natural gas was 2,865 Mcf per day against 4,317 Mcf per day a year ago. Barrels of oil equivalent were 2,138 Boe per day against 2,661 Boe per day a year ago.

For the six months, the company reported average daily production of crude oil was 1,680 Bbl per day against 1,786 Bbl per day a year ago. Natural gas was 2,883 Mcf per day against 4,096 Mcf per day a year ago. Barrels of oil equivalent were 2,161 Boe per day against 2,468 Boe per day a year ago.