QualityStocks would like to highlight Strategic American Oil Corp. (OTCBB: SGCA). Strategic American Oil is an oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois. Leveraging its technical expertise, promising portfolio and strong financial condition, the company is in an advantageous position to experience remarkable growth in the near term future by aggressively leasing, drilling, and acquiring projects at various stages of development.
In the company’s news yesterday, Strategic American Oil Corp. reported its financial results for the fiscal fourth quarter ended July 31, 2011. Revenues totaled $1.92 million as compared to $1.49 million for the previous three quarters combined. Income from Operations for Q4 was a positive $3,118 as compared to a loss of $8.8 million in the three previous quarters combined.
The company also told investors that the “going concern” note has been removed from its audit opinion contained in its recently filed Form 10-K for the year ended July 31, 2011. The annual filing confirms that the Company has increased revenues, cash flow, assets, and cash reserves in 2011 compared to the previous year, as well as quarter over quarter improvement.
Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil, commented, “For the first time since the formation of the company almost 6 years ago, the going concern opinion has been lifted by our independent auditors, reflecting the progress we have made in executing our strategy,” noted. “The annual 10-K just filed should indicate to any discerning investor the vast improvements both operationally and financially to the Company. Strategic American Oil will continue to increase production, revenues, cash flow, assets, and income. We fully expect our first quarter results will continue this positive trend.”
The 10Q for the company’s fiscal first quarter ended October 31, 2011 should be filed within the coming weeks.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
