Truleum, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 21, 2023 at 12:45 pm EST
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Truleum, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 0.545054 million compared to USD 0.433518 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to USD 0.02 a year ago. Diluted loss per share from continuing operations was USD 0.03 compared to USD 0.02 a year ago.
For the nine months, net loss was USD 1.56 million compared to USD 1.2 million a year ago. Basic loss per share from continuing operations was USD 0.07 compared to USD 0.06 a year ago. Diluted loss per share from continuing operations was USD 0.07 compared to USD 0.06 a year ago.
Truleum, Inc. is an independent oil and natural gas producer. The Company is principally seeking to restart, rework and/or recomplete production from historic working interest/net revenue interest sites developed by others who have discontinued their operations due to economic conditions or costs. Its focus of operation is in the Mid-Continent and Rocky Mountain regions. It operates the Logan Project. Its acquired leases comprise approximately 2,080 gross acres of developed and undeveloped proven production in the Cherokee Uplift in central Oklahoma, including 34 well bores. In addition, the Logan Project contains additional probable reserves (all non-producing or undeveloped) of 4,645,290 mcf of gas and 1,429,780 barrels of oil. The Company sells oil and natural gas on the spot market.