Strategic American Oil Corp. (SGCA) Reports Positive Income from Operations; Anticipates Continued Increases in Production, Cash Flow and Assets
Strategic American Oil Corp. today 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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