Monday, August 15th, 2011 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE/AMEX:FPP) announced today its second quarter financial results for the three and six months ended June 30, 2011.
Ray Reaves, President and CEO of FieldPoint stated, “During this past quarter, our oil and natural gas revenue increased 9% over the same period last year primarily as a result of much higher oil prices. Net income and earnings per share met our goals for this quarter and we believe that we will meet our objectives for the year, with a strong emphasis on increasing oil production. As previously stated, we plan to drill two oil and gas wells in Lea County, New Mexico that will focus on oil production. If successful, and if oil prices remain stable, this could have a very positive impact on future results. We will continue to explore new oil and gas acquisition opportunities in the form of oil and gas production and/or oil and gas drilling acreage.” Read More
Wednesday, August 10th, 2011 and is filed under Drilling Announcements
FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that drilling has begun on the East Lusk 15 in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill two wells that will target the Bone Spring formation. The total cost for each well is expected to be approximately $5,000,000.
These horizontal wells are planned to be drilled vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location. The estimated time for drilling and completion is expected to be approximately 60 days.
FieldPoint is aware of at least one horizontal well within a few miles of the subject area that had production tests ranging from approximately 400 to 800 barrels of oil per day. However, this is not necessarily an indication of what these wells can be expected to produce. It is also note worthy that EOG Resources, Inc has a well to the south of the East Lusk 15 location in section 22. Read More
Tuesday, August 9th, 2011 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE MKT: FPP) announced today that it has entered into a hedging agreement that will protect approximately 100% of its daily oil production for the remainder of 2011.
Ray Reaves, President and CEO for FieldPoint stated “The Company felt very strongly that oil prices would remain above $90 for the first half of 2011, but we now face increased uncertainty for the second half of the year. Consequently, the board of directors decided in June that it would be wise to protect cash flow for the second half by hedging, and we put in place a costless collar with an $85 floor and $102.50 ceiling. This collar is in effect from July 1, 2011 to December 31, 2011. Near the end of this period, we will review the market conditions and make appropriate adjustments to the collar. We expect to continue this form of protection for the foreseeable future due to the volatility of the market.” Read More