609 Castle Ridge Road, Suite 335, Austin TX 78746. (512) 579-3560

Click here for live stock Quotes for FPPP

FieldPoint Petroleum

Latest News

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.”

Read More

FIELDPOINT PETROLEUM REPORTS THIRD QUARTER RESULTS AND PROVIDES UPDATE ON DRILLING ACTIVITY

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.”

Read More

FIELDPOINT PETROLEUM REPORTS SECOND QUARTER RESULTS AND PROVIDES UPDATE ON DRILLING ACTIVITY

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.”

  Read More

FieldPoint Petroleum Reports Results for Fiscal Year 2013

Thursday, March 27th, 2014 and is filed under Financial Updates

FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the fiscal year ended December 31, 2013.

Roger Bryant, Executive Chairman for FieldPoint, stated, “2013 was a transitional year for us in many ways. After tragically losing our President and CEO midway through the year, we were fortunate to have Phillip Roberson join the Company in a leadership role and, in December 2013, assume the title of President and CFO. We were able to complete the year with a nice profit, launch the largest drilling program in the company’s history, and also extend our line of credit with CitiBank through October, 2016.” Read More

FieldPoint Petroleum Reports Third Quarter Results

Friday, November 15th, 2013 and is filed under Financial Updates

FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its third quarter financial results for the three and nine months ended September 30, 2013.

FieldPoint Executive Chairman, Roger Bryant, stated, “Revenue and net income for the quarter ended September 30, 2013 were both up from the same quarter in 2012. A significant difference in nine month earnings for 2013 as compared to 2012 is due to commodity derivative gains of $228,012 occurring in 2012 that did not occur this year. We believe that we will meet our objectives for the year, and remain committed to our shareholders to pursue all avenues that could potentially increase shareholder value. We hope that retaining Stephens Inc as a financial advisor, as we recently announced, will help us accelerate our growth plans.” Read More

FieldPoint Petroleum Provides Hedging Details

Wednesday, October 2nd, 2013 and is filed under Financial Updates

FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today details of a hedging agreement that it has in place for the next six months.

Roger Bryant, Executive Chairman for FieldPoint, stated “The board of directors has decided that it would be wise to protect cash flow by hedging, and we have put in place a costless collar with an $87.00 floor and $108.00 ceiling. This will be in effect from October 1, 2013 to March 31, 2014. The Company decided to hedge 200 barrels of oil per day, believing that this would give us sufficient protection should dramatic price reductions occur, even though this represents only about half of our current daily production.” Read More

FieldPoint Petroleum Reports Second Quarter Results

Wednesday, August 14th, 2013 and is filed under Financial Updates

FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its second quarter financial results for the three and six months ended June 30, 2013.

Mr. Roger D. Bryant, FieldPoint Executive Chairman, stated, “Net income and earnings per share met our goals for this quarter, although they were significantly lower than the same period in 2012 due to commodity derivative gains in the prior year of $521,331. We believe that we will meet our objectives for this year, with a strong emphasis on increasing oil production. With our drilling partner, Cimarex Energy Co. (NYSE:XEC), we have completed our third oil and gas well in Lea County, New Mexico. We are in the early testing stage and expect to see the first production results soon. As with the existing two wells on this property, we will keep our shareholders informed of the progress of well #3. As previously stated, drilling a fourth well on this property could start soon. If successful, and if oil prices remain stable, this could have a very positive impact on future results. We plan to continue to explore new oil and gas acquisition opportunities in the form of oil and gas production and/or oil and gas drilling acreage, as well as other opportunities that could potentially increase shareholder value.” Read More

FieldPoint Petroleum Reports First Quarter Results

Wednesday, May 15th, 2013 and is filed under Financial Updates

FieldPoint Petroleum Corporation (NYSE AMEX:FPP) announced today its first quarter financial results for the three months ended March 31, 2013. Ray Reaves, President and CEO of FieldPoint, stated, “We consider this to be a very good quarter even though revenues were lower than for the same period in 2012. This is due primarily to a combination of lower oil prices in Q1 2013, and the boost in production that we experienced from our newly completed well in the East Lusk Field in 2012. Wells of this type are known to come on line with a flush production (in our case, over 800 bpd) and then decline until they stabilize at a much lower rate. We did not have the drilling or acquisition activity to lift our first quarter 2013 production to last year’s level, although we are hopeful that our current activities will produce results similar to our 2012 experience before year end.” Read More

FieldPoint Petroleum Reports Record Results for Fiscal Year 2012 with Net Income of $2,112,263

Thursday, March 21st, 2013 and is filed under Financial Updates

FieldPoint Petroleum Corporation (AMEX:FPP) today announced financial results for the fiscal year ended December 31, 2012.

Ray Reaves, President and CEO of FieldPoint, stated, “The most significant events for FieldPoint in 2012 were certainly the completion of our first two wells in the Lusk Field of Lea County, New Mexico. Both wells contributed to last year’s earnings, and we now plan to drill a third well on this property that we expect could also contribute significantly to our long-term goal of increasing both reserves and production. We anticipate that this New Mexico project will have a very positive impact on 2013.”

Revenues for 2012 increased 44% over the prior year, primarily as a result of increased oil production. Net income for 2012 increased 250% over 2011. Read More

FieldPoint Petroleum Reports Third Quarter Results

Wednesday, November 14th, 2012 and is filed under Financial Updates

FieldPoint Petroleum Corporation (NYSE AMEX:FPP) announced today its financial results for the three and nine months ended September 30, 2012.

Ray Reaves, President and CEO of FieldPoint stated, “During the third quarter, our oil and natural gas revenues increased over the same period last year as a result of higher production, offset somewhat by lower natural gas prices. Even though our nine months net income and earnings per share both increased over the 2011 period, the three months net income and earnings per share were below our expectations for the period. This was due primarily to an unrealized loss on commodity derivatives during the period amounting to $314,000.” Read More

Close