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Latest Headlines
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Nov 27, 2009 1:22:00 PM MST
Strategic Oil & Gas reports lower revenues, earnings for the first nine months (Strategic)
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CALGARY _ Strategic Oil & Gas Ltd. (TSXV:SOG) cited lower prices Friday for a big decline in revenue and income in the nine-month period to date.
The Calgary-based company said it had a net loss of $2.3 million or six cents a basic and diluted share for the period as compared with net income of $108,431 or less than a cent a share in the nine months ended Sept. 30, 2008.
Revenues decreased by 46 per cent to $1.7 million in the nine months, compared with $3.2 million in the comparable year-ago period, the company said in a news release.
"The decrease was the result of a significant in crude oil and natural gas prices in 2009," the company said.
Strategic said it received an average price of $34.57 per barrel of oil equivalent in the period versus $74.09 in 2008, a decrease of 53 per cent.
The company did not give earnings figures for the third quarter, but said revenue was $503,983.
Strategic shares were unchanged at 40 cents Friday on the Toronto Venture Exchange.
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