Strategic Oil & Gas Ltd. Announces Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2016
For the nine months period, oil and natural gas sales were $16,157,000 against $29,146,000 a year ago. Funds used in operations were $1,881,000 against funds from operations of 6,015,000 a year ago. Cash provided by operating activities were $4,589,000 or $0.01 per share against $2,080,000 a year ago. Net loss was $19,044,000 or $0.04 per basic and diluted share against $78,327,000 or $0.14 per basic and diluted share a year ago. Capital expenditures (excluding acquisitions) were $20,261,000 against $9,475,000 a year ago. Net debt as at September 30, 2016 was $70,244,000.
For the quarter, average daily production of crude oil (bbl per day) was 1,231 against 1,608 a year ago. Average daily production of natural gas (mcf per day) was 2,074 against 3,028 a year ago. Average daily production of barrels of oil equivalent (boe per day) was 1,577 against 2,113 a year ago. Average daily production decreased due to the temporary shutdown of the Marlowe field for a plant turnaround in September, as well as natural production declines.
For nine months, average daily production of crude oil (bbl per day) was 1,390 against 1,970 a year ago. Average daily production of natural gas (mcf per day) was 2,401 against 3,873 a year ago. Average daily production of barrels of oil equivalent (boe per day) was 1,791 against 2,615 a year ago.