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

FPP
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FieldPoint Petroleum

Latest News

FIELDPOINT PETROLEUM REPORTS RESULTS FOR FISCAL YEAR 2016

Thursday, April 6th, 2017 and is filed under Uncategorized

 FieldPoint Petroleum REPORTS

RESULTS FOR FISCAL YEAR 2016

 

AUSTIN, TX – March 31, 2017 FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the fiscal year ended December 31, 2016. 

 

Phillip Roberson, President and CFO, said, “This past year was a challenge for the oil and gas industry worldwide. Our revenues continued to decline, and we were unable to hedge against the drop in commodity prices. Fortunately, we were not faced with a huge impairment charge as in the year before, but we did incur a GAAP loss of $2,473,147. During 2016, we received excellent support from the New York Stock Exchange, which accepted our plan of recovery to maintain our listing. We have until November of this year to complete that plan as long as we show progress toward this goal. Consequently, we continue to evaluate possible business combinations and equity infusions that will contribute to our reaching this goal. Also during the year, our banking partner, Citibank N.A., entered into a forbearance agreement with us which gives us until January 2018 to regain compliance with the covenants of our loan agreement.”

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FieldPoint Petroleum REPORTS RESULTS FOR THIRD quarter 2016

Thursday, November 17th, 2016 and is filed under Uncategorized

AUSTIN, TX – November 14, 2016– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the third quarter, ended September 30, 2016.

 

Phillip Roberson, President and CFO, said, “Although our financial performance continues to be impeded by low commodity pricing, the past few months have been significant for the Company. As previously mentioned, the NYSE MKT accepted our plan to regain compliance with its listing standards, we completed a forbearance agreement with CitiBank, and we completed the first tranche of a private placement to secure additional working capital. We continue to pursue all forms of expansion opportunities that will strengthen our financial position, and at this point we are becoming very optimistic about our future. I would also like to thank our shareholders for their vote of confidence shown by approving all proposals set forth at our recent annual meeting.”

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FieldPoint Petroleum Announces Amendment To Loan Adding Forbearance Agreement

Tuesday, October 11th, 2016 and is filed under Uncategorized

October 6, 2016

AUSTIN, Texas, Oct. 6, 2016 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced a Sixth Amendment to Loan Agreement with Citibank, which includes a forbearance agreement. The terms and conditions of the forbearance agreement may be seen in a Form 8-K filed today with the Securities and Exchange Commission.

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FIELDPOINT PETROLEUM REPORTS RESULTS FOR SECOND QUARTER 2016

Tuesday, August 16th, 2016 and is filed under Uncategorized

AUSTIN, TX – August 15, 2016– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the second quarter, ended June 30, 2016.

 

Phillip Roberson, President and CFO, said, “Although our financial performance was still well below that of the same quarter last year, we saw a significant improvement over the first quarter of this year. This is in great part due to an improvement in commodity pricing, but also to reductions in operating, depletion, and depreciation expenses.”

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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 RESULTS FOR FISCAL YEAR 2015

Monday, April 4th, 2016 and is filed under Uncategorized

 

AUSTIN, TX – March 29, 2016 FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the fiscal year ended December 31, 2015. 

 

Phillip Roberson, President and CFO, said, “As all of you who invest in energy companies are aware, 2015 was not a good year for the oil and gas industry as a whole. FieldPoint was very fortunate to be able to maintain positive cash flow through the year, but with the further downturn of commodity prices going into 2016, we have not been as fortunate.  Our loss for 2015 was attributable to a $10,057,633 non-cash impairment charge, due to the precipitous drop in commodity prices. We made the decision early on to suspend all new drilling projects in order to conserve capital, and we also suspended noncritical workover projects in order to focus 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. We are, however, no longer in compliance with the terms of our bank debt and are currently focused on correcting that deficiency. In order to successfully accomplish this, we will need to raise funds either in the form of equity or restructured debt. Due to continued low commodity prices and our non-compliance with the covenants of our revolving credit agreement, management and the board felt it appropriate to include a going concern note with our financials at this time. This is also included in our 10-K filing with the SEC.”     Read More

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 SECOND QUARTER RESULTS AND PROVIDES UPDATE ON WARRANT ACTIVITY

Wednesday, August 26th, 2015 and is filed under Uncategorized

AUSTIN, TX – August 14, 2015 FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the second quarter ended June 30, 2015, and also provided an update on the Company’s warrant conversions. 

 

Phillip Roberson, President and CFO, said, “I’m pleased to announce that over 734,000 warrants were exercised during the 33 day period of reduction in exercise price on our March 2012 outstanding warrants ended last Friday, August 7. We want to thank our shareholders for this show of support during this turbulent down market. Our balance sheet has proved fairly stable and it will be further improved from the recent exercise of warrants.”

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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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