CoJax Oil & Gas Corp, a company focused on the acquisition, exploration, development, and production of oil and natural gas in the Gulf States Drill Region, has released its Form 10-Q report for the third quarter of 2025. The report provides a detailed overview of the company's financial performance and operational activities for the three and nine months ended September 30, 2025.
Financial Highlights
Total Revenues: CoJax reported total revenues of $212,868 for the three months ended September 30, 2025, and $784,714 for the nine months ended September 30, 2025. The 15.1% decrease in revenue for the three months was primarily driven by a decrease in the average sale price for crude oil.
Loss from Operations: The company experienced a loss from operations of $(157,417) for the three months ended September 30, 2025, and $(505,557) for the nine months ended September 30, 2025. The increased loss for the three months was driven by a decrease in revenues.
Net Loss: CoJax reported a net loss of $(157,705) for the three months ended September 30, 2025, and $(506,572) for the nine months ended September 30, 2025. The net loss for the nine months was primarily driven by revenues earned in the first quarter of 2025, lending to a net increase in revenue for the nine-month period.
Net Loss Per Common Share - Basic and Diluted: The net loss per common share was $(0.01) for the three months ended September 30, 2025, and $(0.04) for the nine months ended September 30, 2025. The weighted average number of common shares outstanding during the period was 14,173,755 for the three months and 14,111,441 for the nine months.
Business Highlights
Revenue Segments: The company's revenue is derived entirely from crude oil sales, with no gas revenues reported for the three and nine months ended September 30, 2025. All revenues are from production in the Gulf States Drill Region.
Sales Units: For the three months ended September 30, 2025, the company sold 3,108 barrels of oil, compared to 3,523 barrels in the same period in 2024. For the nine months ended September 30, 2025, the company sold 11,490 barrels of oil, up from 10,249 barrels in the same period in 2024.
Geographical Performance: CoJax operates in the Gulf States Drill Region, focusing on oil and natural gas acquisition, exploration, development, and production in Mississippi and Alabama.
Operational Strategy: CoJax aims to increase stockholder value by investing in oil and natural gas projects with attractive rates of return. The company plans to exploit and develop existing properties while pursuing strategic acquisitions of additional properties.
Lease Operating Expenses: Lease operating expenses increased by 30.3% for the three months and 34.2% for the nine months ended September 30, 2025, primarily due to the Liberty and Pine Grove Assets.
Future Outlook: The company is focused on maintaining low operating costs, remaining cash flow positive, and reducing debt while increasing annual production. CoJax is also pursuing funding opportunities to support its capital investment proposal plan.
Risks and Uncertainties: The company faces risks from volatile oil and gas prices, geopolitical instability, and regulatory changes. These factors could impact future prices and operational costs.
SEC Filing: