American Patriot Oil & Gas Limited reported audited consolidated and parent company earnings results for the year ended June 30, 2018. For the year, on consolidated basis, the company revenue of AUD 300,849 against AUD 5,511 a year ago. Loss before income tax expense was AUD 3,354,230 against AUD 6,105,852 a year ago. Loss after income tax expense for the year attributable to the owners of American Patriot Oil & Gas Limited was AUD 3,354,230 against AUD 6,105,852 a year ago. Total comprehensive loss for the year attributable to the owners of American Patriot Oil & Gas Limited was AUD 3,161,959 against AUD 6,303,696 a year ago. Basic and diluted loss per share was 1.39 cents against 3.22 cents a year ago. Net cash used in operating activities was AUD 1,687,550 against AUD 1,795,626 a year ago. Payments for plant and equipment were AUD 143,942 against AUD 21,580 a year ago. Payments for exploration and evaluation were AUD 503,050 against AUD 554,338 a year ago.

For the year, on parent company basis, the company reported loss after income tax was AUD 986,710 against AUD 932,794 a year ago.

During the year 2018, American Patriot Oil and Gas signed three separate acquisition deals for oil and gas assets in Texas that will significantly increase EBITDA for the 2019 calendar year based on company financial modelling. Estimated EBITDA is expected to increase to approximately USD 12 million per annum in 2019 (for all assets) following completion of the capex program based on an oil price of USD 70bbl.