Strategic American Oil Corp. (SGCA) Positioned for Solid 2012 with Further Gains
Last week, Strategic American Oil, a growth oriented oil and gas production and exploration company, announced its fiscal first quarter financial and operational results, reflecting significant gains in both areas. • Revenue for the quarter was up 1,400% over the same quarter last year, to $1.56 million. • Assets grew in the first quarter by $7.86 million, without adding any debt. • Cash used in operations was reduced from $250,000 in the previous quarter to $83,710. • The net loss of $4.2 million included non-cash acquisition charges of $4.37 million. • Average reported production for the quarter was 290 gross…