Strategic Oil & Gas Ltd Reports Unaudited Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2012; Provides Production Guidance for the Year 2012
For the nine months period, the company reported petroleum and natural gas sales of $40,649,000 compared to $15,246,000 a year ago. Funds from operations were $16,443,000 or $0.09 basic and diluted per share compared to funds used in operations of $79,000 a year ago. Net income was $1,129,000 or $0.01 basic and diluted per share compared to net loss of $8,453,000 or $0.06 basic and diluted per share a year ago. Capital expenditures (excluding acquisitions) were $47,144,000 compared to $33,382,000 a year ago.
For the quarter, the company reported crude oil of 1,734 Bbl per day compared to 595 Bbl per day a year ago. Natural gas was 1,178 Mcf per day compared to 1,916 Mcf per day a year ago. Barrels of oil equivalent were 1,930 Boe per day compared to 914 Boe per day a year ago. Operating netback was $37.13 per Boe compared to $27.35 per Boe a year ago.
For the nine months period, the company reported crude oil of 1,791 Bbl per day compared to 564 Bbl per day a year ago. Natural gas was 1,537 Mcf per day compared to 1,799 Mcf per day a year ago. Barrels of oil equivalent were 2,047 Boe per day compared to 863 Boe per day a year ago. Operating netback was $38.10 per Boe compared to $15.20 per Boe a year ago.
The company provided production guidance for the year 2012. For 2012, the company expects exit rate of 3,000 boe/d.