Citadel Exploration Inc. (fka COIL)

[hamilton]

They filed the 10Q on time for the quarter ended June 30. Operations are limited in scale and losing money, but the revenues ramped up to $299,989 for Q2 from $212,553 in Q1. They don't indicate the number of barrels sold or the sales price per barrel. They told us in a news release they had produced and sold an average of 100 barrels per day for June.

I see them working out on the field and occasionally steaming. They talk of ramping up production in Q4 and drilling a horizontal well. We'll see whether they can accomplish either or both within their very limited resources.

There has been demand for the stock at $0.18 and a seller at $0.20 this past week.