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.”
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.”
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.
Thursday, July 31st, 2014 and is filed under Drilling and Production Update
AUSTIN, TX – (PRNEWSWIRE) – July 31, 2014 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided an update on recent activity. Phillip Roberson, FieldPoint President and CFO, stated, “As the Ranger Project continues, we have now completed the third and fourth horizontal Taylor Sand wells in the Serbin Field with our drilling partner, Riley Exploration Group, LLC. The first Ranger well, the 8A-1H, was completed in the 1st quarter of this year to a total vertical depth of 5,269’ and a total measured depth of 11,500’ with an initial production rate of 167 barrels of oil per day (BOPD). We are pleased with the performance of the well, but believe we have a blockage in the lower perforations and plan to work over the well later in the year with expectations of increasing production. The second Ranger well, the 11A-1H, was completed in May to a total vertical depth of 5,679’ and a total measured depth of 9,500’ with an initial production rate of 231 BOPD. This well had a much shorter lateral than the first well, but as we continue to improve our completion plan, we believe the wells will continue to improve. The third and fourth Ranger wells, the 8A-2H and 8A3-3H, were recently completed utilizing the same pad and production facilities used for the 8A-1H. These two recent wells are currently flowing back, and from results to date, we believe they will perform as well or better than the first two wells.” Read More
Monday, April 14th, 2014 and is filed under Drilling Announcements
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today reported that drilling of the second well in the Ranger Project has been completed ahead of schedule and plans to complete the well are underway.
FieldPoint President, Phillip Roberson, stated, “We are pleased to announce the successful completion of the drilling phase of our second horizontal Taylor Serbin well, the Ranger 11A-1H. The well was drilled according to plan, with a total measured depth of approximately 9400’. We have run production casing and expect to frac and complete sometime around the end of the month, after electricity has been run and production facilities on the site are completed. We are very pleased with the shows and logs and would like to thank our partner, Riley Exploration Group, LLC, for their expertise in planning and drilling what we believe will be our second successful well in this field re-development.” Read More
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
Thursday, March 13th, 2014 and is filed under Well Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today reported that it has launched a program to workover existing wells where it believes production can be increased, or in some cases resumed, in a cost effective manner.
FieldPoint President, Phillip Roberson, stated, “This workover program commenced in February with two Devonian wells located in Andrews County, Texas. The first of these wells had been non-producing since late 2010 and the second well produced sporadically during 2013. As of today, these wells together are producing 30 barrels of oil per day (bopd). Production is continuing to increase slowly from each of the wells, and we expect to see them reach stable production soon. As part of this launch, we tested a new multi-phase cleaning system on one of these wells, and believe it may have contributed to the results we are seeing. We plan to test this system with at least three more wells before reaching conclusions about its effectiveness. If we achieve similar results, we expect to use this system more widely in our workover program.” Read More
Monday, February 10th, 2014 and is filed under Drilling Announcements
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced the successful completion of the Ranger Unit 8A #1H in Lee County, Texas. This is the first well in the Ranger Project with FieldPoint’s partner, Riley Exploration Group, LLC (Riley) of Blanchard, OK.
FieldPoint President, Phillip Roberson, stated, “With less than 20% of the frac load recovered, we are very pleased with the well’s current performance of over 160 barrels of oil per day (BOPD). The volume is slowly and steadily increasing as we recover more of the load, and we anticipate that it might be as much as a few weeks before the well stabilizes and the Initial Production (IP) rate is determined. In the Taylor Sand formation, we expect lower IP’s than in formations like our Bone Spring wells in New Mexico, but we also expect a much lower decline rate. This is going to be a very good well, and a great start for the Ranger Project. We’re looking forward to spudding well #2 soon.” Read More