CoJax Oil and Gas Corporation

What they do

CoJax operates through its wholly-owned subsidiary Barrister, which holds crude oil and natural gas leases and production rights in the Gulf States Drill Region. The company began operations in November 2020 through the Barrister Acquisition and has since added properties via the 2022 Taxodium NONOP and Buckley Assets, the May and August 2024 Liberty acquisitions, and disposed of the NONOP Assets back to Taxodium in October 2025. The 10-K states the company's current production is very limited and insufficient to fund new acquisitions or drilling without additional funding or equity transactions.

Revenue drivers

• Crude oil and natural gas production — Revenue comes from production on Gulf States properties, including the Barrister, Buckley and Liberty assets; the company describes these wells as having very limited production and not sufficient to become profitable.
• Mississippi and Alabama leasehold — The 2022 Taxodium NONOP and Buckley acquisitions and the 2024 Liberty acquisitions expanded the Mississippi and Alabama property base that generates royalty and working-interest revenue.
• Gulf States light sweet crude focus — The company targets light sweet crude in the Gulf States Drill Region, which it states is cheaper to refine than crude from other U.S. and Canadian regions, though current volumes are small.
• Asset acquisitions — Growth has come primarily from acquisitions of hydrocarbon revenues and exploration/production rights rather than from drilling, with the NONOP Assets divested in 2025 due to diminishing operating margins.

Recent performance

Annual revenue was $106,554 in 2022, $927,983 in 2023, $971,686 in 2024 and $963,621 in 2025, showing a plateau after the 2023 step-up. Net loss narrowed from $6.2M in 2022 to $1.6M in 2023, $1.6M in 2024 and $1.1M in 2025, with diluted EPS improving from -$0.18 in 2023 to -$0.13 in 2024 and -$0.08 in 2025. Operating cash flow was -$78,323 in 2022, $48,046 in 2023, -$19,187 in 2024 and $40,569 in 2025. Quarterly revenue was $212,868 for 2025-09-30, $178,907 for 2025-12-31, $112,076 for 2026-03-31 and $329,386 for 2026-06-30. At 2026-06-30 total assets were $9.8M, total liabilities $2.2M and shareholder equity $7.6M.

Strategy

The 10-K states the company seeks to acquire existing underexploited conventional and unconventional oil and natural gas producing properties and rights in the Gulf States Drill Region. It completed two Liberty acquisitions in 2024 and in July 2025 approved, then in October 2025 executed, a reassignment of the NONOP Assets back to Taxodium due to diminishing operating margins, with Taxodium canceling all related outstanding payables. Management states current production is insufficient to fund new acquisitions or drilling without additional funding or equity transactions. All forward-looking statements are qualified by risk factors including commodity price volatility, capital-raising ability and drilling risks.

Risks

• Insufficient production to fund operations — The 10-K states current production is very limited and insufficient to fund new acquisitions or drilling without additional funding or equity transactions.
• Commodity price volatility — The risk factors identify oil and natural gas prices as extremely volatile and a sustained decline could adversely affect the business and its ability to meet capital expenditure obligations.
• Capital raising dependence — The company has relied on equity issuances and asset transactions, and the 10-Q lists ability to raise additional capital to fund future capital expenditures as a principal risk.
• Acquired property and drilling risk — Risk factors cite risks and liabilities associated with acquired companies and properties, integration risks, potential title defects, and drilling risks including dry holes and cost overruns.

Outlook

Management states it is seeking to acquire underexploited oil and natural gas producing properties and rights in the Gulf States Drill Region and acknowledges that current production is insufficient to fund acquisitions or drilling without additional funding. The 10-K and 10-Q describe ongoing risks from commodity prices, capital availability, drilling outcomes and reserve estimates. No specific production, revenue or capital expenditure guidance is provided in the excerpts.