Friday, November 14th, 2014 and is filed under Drilling and Production Update, Financial Updates, Management Updates
AUSTIN, TX – (PR NEWSWIRE) – November 14, 2014 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its third quarter financial results for the three months ended September 30, 2014.
Phillip Roberson, President and CFO, stated, “Our third quarter results reflect the continued curtailment of production of oil and gas from our Bone Spring wells in New Mexico due to the limited take away capacity of our midstream purchaser. This combined with lower commodity pricing accounts for an approximate $262,000 reduction in revenue for this quarter compared to the same quarter a year ago. Fortunately, production from the Ranger wells contributed enough to mitigate a good portion of the Bone Spring shortfall. If the processing capacity issue is corrected as anticipated in early 2015, we should see an overall increase in production volumes. A non-cash charge to earnings resulting from an equity compensation expense in this quarter accounts for an approximate $112,000 reduction in earnings compared to the same quarter in 2013.”
Wednesday, August 13th, 2014 and is filed under Drilling and Production Update, Financial Updates
AUSTIN, TX – (PR NEWSWIRE) – August 13, 2014 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its second quarter financial results for the three months ended June 30, 2014.
Phillip Roberson, FieldPoint President, COO and CFO, stated, “Our second quarter results were much better than they appear on the surface. We are very fortunate that our new Ranger wells were coming online as we were faced with lower production from our Bone Spring wells in New Mexico, due to a bottleneck in processing capacity in that area. Our drilling partner, Cimarex Energy, made the decision to do pump upgrades during this period of slow production. This should improve future production, but added to operating costs in this quarter. In spite of being faced with some additional loss of production, we chose to continue our workover and recompletion efforts with legacy properties. The end result is that we believe the lower earnings for this quarter will be paid back quickly in future production. I think it is important to note that so far this year we have completed four new horizontal wells in the Ranger Project and performed upgrades to several existing wells, adding significantly to future production expectations, and we have only added $500,000 of debt.”
Thursday, July 31st, 2014 and is filed under Drilling and Production Update
AUSTIN, TX – (PRNEWSWIRE) – July 31, 2014 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided an update on recent activity. Phillip Roberson, FieldPoint President and CFO, stated, “As the Ranger Project continues, we have now completed the third and fourth horizontal Taylor Sand wells in the Serbin Field with our drilling partner, Riley Exploration Group, LLC. The first Ranger well, the 8A-1H, was completed in the 1st quarter of this year to a total vertical depth of 5,269’ and a total measured depth of 11,500’ with an initial production rate of 167 barrels of oil per day (BOPD). We are pleased with the performance of the well, but believe we have a blockage in the lower perforations and plan to work over the well later in the year with expectations of increasing production. The second Ranger well, the 11A-1H, was completed in May to a total vertical depth of 5,679’ and a total measured depth of 9,500’ with an initial production rate of 231 BOPD. This well had a much shorter lateral than the first well, but as we continue to improve our completion plan, we believe the wells will continue to improve. The third and fourth Ranger wells, the 8A-2H and 8A3-3H, were recently completed utilizing the same pad and production facilities used for the 8A-1H. These two recent wells are currently flowing back, and from results to date, we believe they will perform as well or better than the first two wells.” Read More