SGCA News Strategic American Oil Corp. Provides Se
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SGCA News Strategic American Oil Corp. Provides Second Quarter Results and Operational Update
2012-03-22 09:30 ET - News Release
HOUSTON, March 22, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) has announced its fiscal second quarter financial and operational results. Strategic American Oil Corporation is an aggressive growth energy company currently producing oil and natural gas both onshore and offshore in the domestic United States in Texas, Louisiana, and Illinois.
Second Quarter Highlights Include:
Revenue for the quarter was $1.84mm, an 18% increase from the first quarter.
Assets are now $24.35mm and debt has been reduced to zero.
Cash Flow from Operations was $816,805, as compared to ($83,710) in the previous quarter.
Net loss of $0.29mm, as compared to a $4.2mm loss for the previous quarter.
Recent Developments
Successfully drilled and now completing the ST9-12A #4 well in Trinity Bay, Texas.
Through its partner, Core Minerals, Strategic recently began water injection (flooding) operations in its Illinois project where initial oil production and sales have already begun.
Paid remaining balance on bank line-of-credit to reduce Company's debt to zero.
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