Strategic Oil & Gas Ltd. reported audited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported Oil and natural gas sales of $7,721,000 against $7,349,000 a year ago. Funds from operations were $1,660,000 or $0.06 per basic share against $1,268,000 or $0.05 per basic share a year ago. Cash flow used in operating activities was $1,256,000 or $0.04 per basic share against $275,000 or $0.01 per basic share a year ago. Net income was $48,510,000 or $0.61 per diluted share against net loss of $31,790,000 or $1.17 per diluted share a year ago. Capital expenditures (excluding acquisitions) were $9,018,000 against $2,267,000 a year ago.

For the year, the company reported Oil and natural gas sales of $23,878,000 against $36,496,000 a year ago. Funds used in operations were $219,000 or $0.01 per basic share against funds flow from operations of $7,285,000 or $0.27 per basic share a year ago. Cash flow from operating activities was $3,335,000 or $0.12 per basic share against $1,808,000 or $0.07 per basic share a year ago. Net income was $33,242,000 or $0.55 per diluted share against net loss of $110,115,000 or $4.06 per diluted share a year ago. Capital expenditures (excluding acquisitions) were $29,279,000 against $11,742,000 a year ago. Net debt was $37,166,000 as of December 31, 2016 against $54,024,000 as of December 31, 2015.

For the quarter, the company reported average daily production Oil and NGL of 1,487 bbl per day against 1,680 bbl per day a year ago. Natural gas production was 2,233 mcf per day against 3,085 mcf per day a year ago. Barrels of oil equivalent production were 1,859 boe per day against 2,194 boe per day a year ago.

For the year, the company reported average daily production Oil and NGL of 1,415 bbl per day against 1,897 bbl per day a year ago. Natural gas production was 2,359 mcf per day against 3,674 mcf per day a year ago. Barrels of oil equivalent production were 1,808 boe per day against 2,509 boe per day a year ago.