Strategic Oil & Gas Ltd. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported oil and natural gas sales of $8,888,000 compared to $4,705,000 a year ago. Funds from operations were $2,383,000 compared to funds used in operations of $2,180,000 a year ago. Net loss was $4,440,000 or $0.10 basic and diluted per share compared to $3,483,000 or $0.13 basic and diluted per share a year ago. Cash from operating activities was $50,000 or $0.00 basic and diluted per share compared to cash used in operating activities of $1,474,000 or $0.05 basic and diluted per share a year ago. Capital expenditures were $18,067,000 compared to $8,296,000 a year ago.

For the quarter, the company reported average daily production of crude oil was 1,628 Bbl per day against 1,546 Bbl per day a year ago. Natural gas was 3,872 Mcf per day against 2,534 Mcf per day a year ago. Barrels of oil equivalent were 2,273 Boe per day against 1,968 Boe per day a year ago.