PetroGas Co SEC 10-Q Report

PetroGas Co, a company that transitioned from photo booth rentals to the oil and gas industry, has released its Form 10-Q report for the third quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational activities, reflecting its strategic initiatives and future outlook in the oil and gas sector.

Financial Highlights

• Net Loss: $(18,230) for the three months ended September 30, 2025, a decrease from $(20,130) for the same period in 2024, primarily due to a reduction in professional fees.
• Net Loss: $(34,824) for the six months ended September 30, 2025, down from $(39,921) for the same period in 2024, mainly due to lower operating expenses.
• Net Loss Per Share, Basic and Diluted: $(0.00) for both the three and six months ended September 30, 2025, unchanged from the same periods in 2024.

Business Highlights

• Corporate Overview: PetroGas Company, originally incorporated as Alazzio Entertainment Corp., has shifted its focus from photo booth rentals to the oil and gas industry. The company has undergone several name changes and strategic shifts, including acquiring oil and gas leases in Texas and other states.
• Business Strategy: The company is actively seeking to acquire both producing and non-producing leases to explore and drill in high-profile pay zones. PetroGas aims to raise capital through private placements to acquire additional leases and commence drilling operations.
• Operational Focus: PetroGas is planning an exploration strategy to drill new wells on current leases and acquire deeper rights for drilling at greater depths, which could yield higher daily oil output.
• Geographical Performance: The company holds interests in various oil and gas properties across Texas, Oklahoma, and Utah, with a focus on leveraging the proximity to San Antonio, Texas, for operational efficiencies.
• Future Outlook: PetroGas anticipates an uptick in oil prices and aims to strategically position itself to acquire distressed oil and gas leases at a discount, thereby creating shareholder value.
• Segment Reporting: The company operates as a single reporting segment within the oil and gas industry, with its Chief Executive Officer serving as the chief operating decision maker.
• Historical Acquisitions: Significant acquisitions include oil and gas leases in Texas, Ohio, and royalty interests in Texas, which have expanded the company's operational footprint.
• Operational Challenges: The company faces challenges due to depressed oil prices, which have made the cost of bringing certain wells online uneconomical.
• Management's Discussion: The management highlights a decrease in net loss for the reporting period, attributed to reduced professional fees, and emphasizes the need for additional working capital to service debt and continue operations.

SEC Filing: PetroGas Co [ PTCO ] - 10-Q - Oct. 31, 2025