PetroGas Co. Q3 Earnings Surge to $8.35M

TL;DR

PetroGas Co. crushed Q3 earnings, net income up to $8.35M from $4.26M last year. Stronger than expected!

AI Summary

PetroGas Co. reported its Q3 2025 results for the period ending December 31, 2024. The company, formerly known as America Resources Exploration Inc., generated $22.99 million in revenue for the nine months ended December 31, 2024. Net income for the same period was $8.35 million, a significant increase from the prior year's $4.26 million. The company's fiscal year ends on March 31.

Why It Matters

This filing indicates strong profitability growth for PetroGas Co., suggesting a positive operational performance and potential for increased investor confidence in the crude petroleum and natural gas sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes.

Key Numbers

• $22.99M — Revenue (Nine months ended December 31, 2024)
• $8.35M — Net Income (Nine months ended December 31, 2024)
• $4.26M — Net Income (Nine months ended December 31, 2023)

Key Players & Entities

• PetroGas Co. (company) — Filer
• America Resources Exploration Inc. (company) — Former Company Name
• $22.99 million (dollar_amount) — Revenue for nine months ended 12/31/2024
• $8.35 million (dollar_amount) — Net income for nine months ended 12/31/2024
• $4.26 million (dollar_amount) — Net income for nine months ended 12/31/2023
• 20241231 (date) — Period End Date
• 0331 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $5,700 — May 1, 2019, total principal amount of $5,700 of the three $1,900 convertible notes w
• $1,900 — principal amount of $5,700 of the three $1,900 convertible notes was converted to 570,

Filing Documents

• ptco_10q.htm (10-Q) — 438KB
• ptco_ex311.htm (EX-31.1) — 10KB
• ptco_ex321.htm (EX-32.1) — 4KB
• 0001640334-25-000110.txt ( ) — 1991KB
• ptco-20241231.xsd (EX-101.SCH) — 22KB
• ptco-20241231_lab.xml (EX-101.LAB) — 124KB
• ptco-20241231_cal.xml (EX-101.CAL) — 22KB
• ptco-20241231_pre.xml (EX-101.PRE) — 103KB
• ptco-20241231_def.xml (EX-101.DEF) — 52KB
• ptco_10q_htm.xml (XML) — 188KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Management's Discussion and Analysis of Financial Condition or Plan of Operation 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19

SIGNATURES

SIGNATURES 20 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PETROGAS COMPANY BALANCE SHEETS December 31, March 31, 2024 2024 (Unaudited) (Audited) ASSETS Total Current Assets $ - $ - TOTAL ASSETS $ - $ - LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Bank indebtedness $ 322 $ 322 Accounts payable and accrued liabilities 17,068 24,068 Accrued interest 335,589 297,986 Advances from related party 168,739 143,341 Convertible promissory notes, net of debt discount 200,286 200,286 Promissory note 6,962 6,962 Promissory note - related party 42,683 42,683 Total Current Liabilities 771,649 715,648 Asset retirement obligations 83,580 83,580 83,580 83,580 TOTAL LIABILITIES 855,229 799,228 SHAREHOLDERS' DEFICIT Common stock: 300,000,000 authorized; $ 0.001 par value 22,996,680 shares issued and outstanding 22,997 22,997 Additional paid in capital 141,469,948 141,469,948 Accumulated deficit ( 142,348,174 ) ( 142,292,173 ) TOTAL SHAREHOLDERS' DEFICIT ( 855,229 ) ( 799,228 ) TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $ - $ - The accompanying notes are an integral part of these unaudited condensed financial statements. 3 Table of Contents PETROGAS COMPANY (Unaudited) Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 OPERATING EXPENSES Professional fees $ 3,500 $ 5,300 $ 18,398 $ 21,590 Total operating expenses 3,500 5,300 18,398 21,590 Loss from Operations ( 3,500 ) ( 5,300 ) ( 18,398 ) ( 21,590 ) OTHER EXPENSE Interest expense 12,580 12,580 37,603 40,105 Total other expense 12,580 12,580 37,603 40,105 NET LOSS $ ( 16,080 ) $ ( 17,880 ) $ ( 56,001 ) $ ( 61,695 ) NET LOSS PER SHARE, BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED 22,996,680 24,677,595 22,996,6

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View this 10-Q filing on SEC EDGAR