Chelsea Oil and Gas Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported royalty income $52,574 against $65,736 a year ago, the decrease over the comparative period is consistent with the decline in commodity prices over the same period. Net loss before tax was $69,008 against $48,677 a year ago.

Net loss was $71,496 against $57,351 a year ago, the higher loss in 2014 is attributable to reduced revenues and higher depletion that the comparative period. Net loss per share (basic and diluted) was $0.01 against $0.01 a year ago. Net cash used in operations was $49,357 against net cash from operating activities of $25,879 a year ago.