News
Oct-6-2006 - Strata Oil & Gas Inc. Announces Its Results for the Interim Period Ended June 30, 2006 Strata Oil & Gas Inc (SOIGF-OTCBB) announced today the company's Balance Sheet and Income Statement for the quarter ending June 30th, 2006.
Strata Oil & Gas is a trademark of Strata Oil & Gas Inc. This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Strata's filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at www.sec.gov STRATA OIL & GAS INC.
(Formerly Stratabase Inc.)
(An Exploration Stage Company)
BALANCE SHEETS
(Expressed in US Dollars)
JUNE 30 DECEMBER 31
2006 2005
(unaudited)
============ ============
Assets
Current
Cash $ 5,207,674 $ 74,436
Receivables 4,329 6,638
Prepaid expenses 2,054 -
Investments - available for sale (Notes
4 and 5) 61,961 -
------------ ------------
Total current assets 5,276,018 81,074
Oil and gas property interests (Note 6) 1,484,639 128,733
------------ ------------
Total Assets $ 6,760,657 $ 209,807
============ ============
Liabilities and Stockholders’ Equity
Liabilities
Current
Accounts payable $ 21,103 $ 18,536
Accrued liabilities - 38,693
------------ ------------
Total current liabilities 21,103 57,229
------------ ------------
Stockholders’ equity
Preferred stock, no par value, unlimited
shares authorized and unissued - -
Common stock, no par value, unlimited
shares authorized; 27,487,544 shares
issued and outstanding at June 30, 2006
(December 31, 2005 – 22,113,944) 7,011,684 529,834
Additional paid-in capital 11,723,665 4,268,258
Accumulated deficit (2,748,790) (2,748,790)
Deficit accumulated during the
exploration stage (9,164,330) (1,866,518)
Accumulated other comprehensive loss (82,675) (30,206)
------------ ------------
Total stockholders’ equity 6,739,554 152,578
------------ ------------
Total Liabilities and Stockholders’ Equity $ 6,760,657 $ 209,807
============ ============
STRATA OIL & GAS INC.
(Formerly Stratabase Inc.)
(An Exploration Stage Company)
INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Expressed in US Dollars)
FOR THE THREE MONTHS
ENDED JUNE 30
2006 2005
(unaudited) (unaudited)
------------ ------------
Expenses
Salaries and benefits $ 208 43,974
Professional fees 20,381 12,687
Office and sundry 25,813 12,323
Rent - 5,450
Consulting fees 22,757 18,697
Transfer agent fees 2,085 -
Depreciation - 4,410
Stock-based compensation (Note
4) 6,538,901 -
------------ ------------
(6,610,145) (97,541)
------------ ------------
Other income (expenses)
Interest and miscellaneous
income 7,551 1,271
Interest expense - -
Gain on settlement of loan (Note
5) 132,564 -
------------ ------------
140,115 1,271
------------ ------------
Loss from continuing operations (6,470,030) (96,270)
Income (loss) from discontinued
operations (Note 7) 130,000 (19,599)
------------ ------------
Net loss for the period (6,340,030) (115,869)
Other comprehensive loss
Unrealized holding loss on
investments available for sale
(Note 5) (53,382) -
Foreign currency translation
adjustments (256) (1,724)
------------ ------------
Comprehensive loss (6,393,668) (117,593)
============ ============
Basis and diluted loss per share
From continuing operations (0.26) (0.00)
From discontinued operations 0.01 (0.00)
------------ ------------
(0.25) (0.00)
============ ============
Weighted average shares
outstanding 24,927,482 21,829,944
============ ============
FOR THE SIX MONTHS FROM
ENDED JUNE 30 ENTERING THE
EXPLORATION
2006 2005 STAGE TO
JUNE 30,
(unaudited) (unaudited) 2006
------------ ------------ ------------
Expenses
Salaries and benefits $ 10,564 $ 72,227 $ 67,333
Professional fees 21,677 14,228 54,370
Office and sundry 37,824 22,700 58,323
Rent - 10,973 9,414
Consulting fees 42,842 33,697 61,916
Transfer agent fees 2,875 - 7,515
Depreciation - 8,913 5,607
Stock-based compensation (Note
4) 7,455,407 - 9,147,078
------------ ------------ ------------
(7,571,189) (162,738) 9,411,556
------------ ------------ ------------
Other income (expenses)
Interest and miscellaneous
income 10,813 2,314 18,353
Interest expense - - (26,444)
Gain on settlement of loan (Note
5) 132,564 - 132,564
------------ ------------ ------------
143,377 2,314 124,473
------------ ------------ ------------
Loss from continuing operations (7,427,812) (160,424) (9,287,083)
Income (loss) from discontinued
operations (Note 7) 130,000 (57,669) 122,753
------------ ------------ ------------
Net loss for the period (7,297,812) (218,093) (9,164,330)
Other comprehensive loss
Unrealized holding loss on
investments available for sale
(Note 5) (53,382) - (53,382)
Foreign currency translation
adjustments 913 (1,400) 523
------------ ------------ ------------
Comprehensive loss $ (7,350,281) $ (219,493) $ (9,217,189)
============ ============ ============
Basis and diluted loss per share
From continuing operations $ (0.32) $ (0.01)
From discontinued operations 0.01 (0.00)
------------ ------------
$ (0.31) $ (0.01)
============ ============
Weighted average shares
outstanding 23,573,292 21,332,706
============ ============
Contact:
Terry Uppal, Investor Relations
Toll-free 1-800-488-0032 ...back to list |
