Strategic Oil & Gas Ltd. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2016. For the quarter, the company reported oil and natural gas sales of $4,705,000 compared to $10,422,000 a year ago. Funds used in operations were $2,180,000 compared to funds from operations of $1,439,000 a year ago. Net loss was $7,259,000 or $0.01 basic and diluted per share compared to $8,610,000 or $0.02 basic and diluted per share a year ago. Cash used in operating activities was $1,474,000 or $0.00 basic and diluted per share compared to $3,598,000 or $0.01 basic and diluted per share a year ago. Capital expenditures (excluding acquisitions) were $8,296,000 compared to $7,526,000 a year ago.

For the quarter, the company reported average daily production of crude oil was 1,546 Bbl per day against 2,394 Bbl per day a year ago. Natural gas was 2,534 Mcf per day against 5,237 Mcf per day a year ago. Barrels of oil equivalent were 1,968 Boe per day against 3,267 Boe per day a year ago.