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.”
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
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.
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.”
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.
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.”
Monday, March 30th, 2015 and is filed under Management Updates
AUSTIN, Texas, March 10, 2015 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided an update on recent activity.
Phillip Roberson, FieldPoint President and CFO, stated, “Like most companies in the oil and gas industry today, we are taking a very conservative approach to all of our expenditures. With the precipitous fall in commodity prices over the last several months, we have suspended drilling projects and nonessential workover activity, and we are making every effort to keep operating and overhead expenses to a minimum. With that being said, we are not overlooking the fact that these market conditions are bringing forth numerous opportunities to acquire highly attractive properties at distressed prices. I think that it is important to let our shareholders know that we continue to look at every opportunity that can help us grow our production and asset bases, but have no intention of pursuing any that we believe could put the company at risk. We are optimistic that such opportunities exist. Finally, I want to thank all of our shareholders for your continued support.”
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.”
Monday, August 11th, 2014 and is filed under Management Updates
AUSTIN, TX – (PRNEWSWIRE) – August 11, 2014 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced that it will release Second Quarter 2014 Earnings on Wednesday, August 13, 2014 by filing Form 10-Q with the SEC, and will conduct an earnings conference call after the market closes. With the earnings release, the Company will also provide updates on drilling activities.
Tuesday, December 10th, 2013 and is filed under Management Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today that its Board of Directors has appointed Philip H. Roberson to serve as President.
FieldPoint’s Executive Chairman, Roger Bryant, stated, “Phil’s relationship with FPP goes back several years, and we were very fortunate to have him join the company earlier this year, following the loss of our founder, Ray Reaves. Phil took over the day to day operations of the company at that time, and has worked tirelessly to see that we meet all of our operational objectives. I believe the results of these efforts will be evident at year end. In addition to these operational duties, Phil led the way to our recently announced agreement with Riley Exploration Group that will involve the re-development of an approximate 8,000 acre AMI (Area of Mutual Interest) in the Taylor Serbin Field located in south Texas. This will be the largest project that the company has ever undertaken. I am very confident that the Board of Directors has made the right decision with this appointment. Phil will be a key player in achieving our ongoing objective of building shareholder value.” Read More