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, 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
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.”
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.”
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