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FieldPoint Petroleum

Latest News

FIELDPOINT PETROLEUM REPORTS RESULTS FOR FIRST QUARTER 2018

Thursday, May 17th, 2018 and is filed under Financial Updates

AUSTIN, TX – May 15, 2018 FieldPoint Petroleum Corporation (OTCBB: FPPP) today announced financial results for its first fiscal quarter ended March 31, 2018. 

 

Phillip Roberson, President and CFO, said, “After this long period of depressed commodity pricing, we are finally seeing some relief. Pricing toward the end of our first quarter reached a manageable level, and if this recovery is sustainable, we expect to be able to further reduce our debt and return to our plan of growth for the company in the near term. Again, we want to express appreciation to all our shareholders who have supported us during this difficult time.”

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FIELDPOINT PETROLEUM REPORTS RESULTS FOR FISCAL YEAR 2017

Monday, April 2nd, 2018 and is filed under Financial Updates, Management Updates

AUSTIN, TX – April 2, 2018 FieldPoint Petroleum Corporation (OTC: FPPP) today announced financial results for the fiscal year ended December 31, 2017. 

 Phillip Roberson, President and CFO, said, “The past three years have been challenging for the oil and gas industry, but 2017 brought signs of recovery. Our revenues increased toward years end, but more importantly, market improvement made it possible for us to divest some non-producing assets and pay down a significant portion of our debt. This also made it possible for us to show a net income of $2,666,253 in 2017 versus a net loss of $2,473,147 in the prior year. During 2017, we received excellent support from the New York Stock Exchange, but unfortunately, we were unable to maintain the required net asset base and began trading on the OTC Bulletin Board Market (OTCBB: FPPP). Also, during the year, our banking partner, Citibank N.A., entered into a forbearance agreement with us, which has been extended until June 2018.”

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FIELDPOINT PETROLEUM ANNOUNCES SALE OF ASSETS IN OKLAHOMA

Tuesday, October 10th, 2017 and is filed under Financial Updates, Management Updates

AUSTIN, TX – October 10, 2017– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced that it has completed the sale it’s 25.23% working interest in a waterflood project consisting of 23 producing and 9 injection wells in the Apache field in Caddo County Oklahoma to a private Exploration & Production company. The total sales price for the asset was $900,000. Although the sale included some production, the fixed operating costs were extremely high due to the nature of the project.  The divestiture won’t have a significant effect on cash flow, but will result in a net gain of approximately $729,000 and increases net equity to help us regain compliance with the NYSE American (formerly NYSE MKT). Read More

FIELDPOINT PETROLEUM REPORTS RESULTS FOR SECOND QUARTER 2017

Monday, August 21st, 2017 and is filed under Financial Updates

AUSTIN, TX –August 14, 2017– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the second quarter ended June 30, 2017.

 

Phillip Roberson, President and CFO, said, “I am pleased to report this significant progress toward regaining full compliance with both our lender and the New York Stock Exchange listing requirements. This is due in great part to the previously announced sale of non-core assets in New Mexico, but also aided by our improved operating performance. We plan to continue with the current strategy, and expect to meet our objectives by early November.”

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FieldPoint Petroleum Announces Additional Sale Of Assets In New Mexico

Thursday, July 27th, 2017 and is filed under Financial Updates

AUSTIN, TexasJuly 20, 2017 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced that it has completed the sale of 401 net acres in Lea County, New Mexico, held by multiple East Lusk 15 Federal Com wells (“East Lusk Wells”) and the Jennings Federal Com No. 1 well (“Jennings Well”), to a private E&P company. FieldPoint will retain its 43.75% net working interest in the East Lusk Wells and its 87.50% net working interest in the Jennings Well. Total sales price for the asset was $1,200,000.

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FIELDPOINT PETROLEUM ANNOUNCES SALE OF NON-CORE ASSETS IN NEW MEXICO

Tuesday, June 6th, 2017 and is filed under Financial Updates, Management Updates

AUSTIN, TX – June 5, 2017– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced that it has completed the sale of 240 net acres in Lea County, New Mexico, held by the North Bilbrey “7” Federal No. 1, to a private E&P company. FieldPoint will retain its 50% net working interest in the only producing well bore on the lease. Additionally, the Company sold all net rights in the Cronos Fee, Mercury Fee, and Hermes Fee natural gas wells and leases in Eddy County, New Mexico, with combined net production of approximately 3.2 MCFE per day. Total sales price for both assets was $2,145,000.

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FIELDPOINT PETROLEUM REPORTS RESULTS FOR FIRST QUARTER 2016

Wednesday, May 18th, 2016 and is filed under Financial Updates, Management Updates

AUSTIN, TX – May 16, 2016– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the first quarter ended March 31, 2016.

 

Phillip Roberson, President and CFO, said, “Like most of the oil and gas industry, FieldPoint was hit hard by the continuing decline in commodity prices going into the first quarter of this year.  We are continuing to work diligently with our operating partners to reduce expenses, and tightly manage all other outgoing funds. It is very encouraging that commodity prices showed signs of recovery toward the end of the first quarter and continue to do so today.”

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FIELDPOINT PETROLEUM REPORTS THIRD QUARTER RESULTS

Monday, November 16th, 2015 and is filed under Financial Updates, Management Updates

AUSTIN, TX – November 16, 2015 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its third quarter financial results for the three months ended September 30, 2015.

 

Financial Highlights for the Three Months Ended September 30, 2015 Compared to the Three Months Ended September 30, 2014:

 

  • Total revenues decreased to $957,482 from $2,367,593;
  • Net Income (Loss) decreased to a Loss of ($276,289) from Income of $139,632;
  • Earnings (Loss) per share decreased to a Loss of ($.03) on both basic and fully diluted basis, from an Income of $0.02 on both basic and fully diluted; and
  • Adjusted EBITDAX (earnings before interest, taxes, depletion, amortization, exploration expense, non-cash equity compensation expense and the effects of oil hedges) per share decreased to ($0.02) on both basic and fully diluted basis, from $0.12 and $0.11 respectively.

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FIELDPOINT PETROLEUM REPORTS FIRST QUARTER RESULTS AND PROVIDES UPDATE ON HEDGING ACTIVITY

Friday, May 15th, 2015 and is filed under Financial Updates

AUSTIN, TX – May 14, 2015 FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the first quarter ended March 31, 2015, and also provided an update on the Company’s hedging activity. 

Phillip Roberson, President and CFO, said, “It was a very challenging quarter as we experienced a decline of more than one half in commodity pricing on a barrel of oil equivalent basis compared to the same quarter last year.  We were encouraged that prices were beginning to recover at the end of the quarter. That trend appears to be continuing and we have recently been able to obtain an acceptable hedge on some of our production through the end of the year. More on that hedge is discussed below.”

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FIELDPOINT PETROLEUM REPORTS RESULTS FOR FISCAL YEAR 2014

Monday, March 30th, 2015 and is filed under Financial Updates, Management Updates

AUSTIN, TX – March 30, 2015 FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the fiscal year ended December 31, 2014. 

 

Phillip Roberson, President and CFO, said, “It was obviously a very challenging fourth quarter for FieldPoint, as well as the energy industry as a whole.  Our loss for the year was attributable to a $3,085,787 non-cash impairment charge, due to the precipitous drop in commodity prices. As we have previously stated, we made the decision early on to suspend all new drilling projects in order to conserve capital. We have also suspended noncritical workover projects, and have focused on reducing all discretionary spending. As a result, we are seeing a significant reduction in general and administrative expenses and lease operating costs. Our historically conservative approach to property acquisition, as well as other spending, combined with our relatively low debt has helped position us to better withstand this sort of economic compression.”

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