PetroGas Co (PTCO) is an oil and gas exploration and production company that holds non-operating leases and working interests in onshore U.S. oil and gas properties. The company holds a 94% interest in Seabourn Oil Company, LLC, a Texas LLC, and owns working interests in leases in the Eagle Ford Shale formation in Atascosa and Frio Counties, Texas, as well as leases in Ohio and Tarrant County, Texas. Revenue generation is not supported by the filing excerpts, as the company reported zero current assets and a working capital deficiency of $790,250 as of March 31, 2025, with no operating revenue disclosed. Operating expenses were $24,692 for the fiscal year ended March 31, 2025, down from $38,040 in the prior year. Net income was $8,978 for fiscal year ended March 31, 2025, driven by other income rather than operating activity. All seven oil wells on the Burns and Rogers leases are non-operating as of the filing date.

Revenue model

The filing excerpts do not disclose an active revenue stream. The company holds working interests in non-producing oil and gas leases. No production revenue, royalty income, or other operating income is reported in the excerpts for fiscal years ended March 31, 2025 or March 31, 2024.

Products and services

Oil and gas exploration and production leases, including the Jane Burns 'C', Theo Rogers 'C', and Theo Rogers 'A' & 'D' leases covering 714 acres in Atascosa and Frio Counties, Texas (Eagle Ford Shale formation); royalty interests in Texas acquired November 30, 2016; two oil and gas leases in Ohio acquired December 14, 2016; three oil and gas properties acquired January 1, 2017; an oil and gas lease in Tarrant County, Texas acquired February 6, 2024.

Customers and end markets

The filing excerpts do not identify specific customers. End market demand drivers cited include domestic and foreign oil supply and demand, U.S. and global economic conditions, alternative fuel availability, governmental regulations, and technological advances affecting oil consumption.

Value-chain role

Upstream oil and gas: lease acquisition, exploration, and development. The company holds working interests and royalty interests but operates no producing wells as of the filing. The company has no insurance coverage disclosed as of the filing date.

Geographic exposure

Texas (Atascosa County, Frio County, Tarrant County) and Ohio, based on lease disclosures in the 10-K filed June 30, 2025.

Source: SEC 10-K, filed 2025-06-30

Industry: Crude Petroleum & Natural Gas