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
Wednesday, November 13th, 2013 and is filed under Management Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced the hiring of Stephens Inc. as a financial advisor. Stephens will provide general and strategic advice to FieldPoint and will help the Company evaluate its strategic alternatives for enhancing shareholder value. Roger Bryant, Executive Chairman for FieldPoint, stated “Stephens is a well established and highly respected 80 year old firm, and I believe they will contribute significantly to our efforts to grow FieldPoint and build greater shareholder value. We are very proud to be able to announce this association.” Read More
Thursday, June 20th, 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 COO/CFO. FieldPoint’s Executive Chairman, Roger D. Bryant, stated, “For some time, Phil has been collaborating with our founder, Ray Reaves, regarding various drilling projects and field operations. Consequently, he is in an excellent position to see that none of our initiatives lose momentum. Additionally, because of his securities background combined with being a licensed CPA, he is able to take on the added duties of CFO. This should ensure the continued timeliness of our financial reporting and SEC filings. Phil is a great addition and we are very pleased to have him join the team.”
Mr. Roberson added, “I had a great relationship with Ray, and great respect for the company he built. I sincerely appreciate the opportunity to contribute to its future growth.” Read More
Monday, June 10th, 2013 and is filed under Management Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) The Board of Directors sadly announced today the untimely passing of its Founder, President, and CEO, Mr. Ray D. Reaves, who died in an automobile accident in Bastrop County, Texas.
In an emergency meeting of the board called on June 8, action was taken to put in motion a succession plan that was developed several years ago to be used in the event of such an occurrence. As part of the plan, the board elected Mr. Roger D. Bryant to serve as its Chairman, fully authorized with the executive powers necessary to conduct all aspects of the business. Further, the board initiated action to begin the search for a new CEO.
Mr. Bryant stated, “This is a great loss to FieldPoint, and a greater personal loss to every member of our board. Mr. Reaves was widely respected within the industry, and had many friends who will share our loss. Our heartfelt condolences go out to his family.” Read More