Wednesday, February 29th, 2012 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE MKT: FPP) announced today that its Board of Directors has set a new record date for its previously announced warrant dividend to shareholders. The new record date will be at the close of business on March 23, 2012 (the “Record Date”).
In a press release dated January 12, 2012, the Company announced that the prior record date was rescinded to allow for time to resolve certain regulatory issues.
The Warrant shall grant the holder the right to purchase one additional share of Common Stock for each share held on the Record Date, for a period of six years, at an exercise price of $4.00 per share. The Warrant will be distributed as soon as practicable after the Record Date. We currently expect the dividend will be paid on March 26, 2012 and that the common stock will trade ex-dividend beginning March 28, 2012. The Company will provide an update if these target dates are modified. Read More
Tuesday, February 21st, 2012 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE MKT: FPP) announced today details of a hedging agreement that it has in place for the first half of 2012.
Ray Reaves, President and CEO for FieldPoint stated “As most of you know, during the second half of last year the board of directors decided that it would be wise to protect cash flow by hedging, and we put in place a costless collar with an $85 floor and $102.50 ceiling. That was in effect from July 1, 2011 to December 31, 2011. When it became time to replace this program, we were able to obtain a costless collar with a $95 floor and $106.50 ceiling. The Company decided to hedge 200 barrels per day, believing that in this price range this would give us sufficient protection should dramatic price reductions occur, even though this represents about half of our current daily oil production. This hedging agreement will be in effect until June 30, 2012.” Read More
Wednesday, February 15th, 2012 and is filed under Drilling Announcements
FieldPoint Petroleum Corporation (NYSE/NYSE MKT: FPP) today reported on its plans for additional drilling in the East Lusk Federal 15 field in Lea County, New Mexico.
FieldPoint’s President and CEO, Ray Reaves stated, “We continue to be very satisfied with the performance of our first well on this property, and are pleased to report that the permit has been filed for well #2. Due to restrictions during the nesting season of a native bird, the “Lesser Prairie Chicken”, drilling cannot be started before late June. After further evaluation of this property, and our success to date, serious consideration is being given to the drilling of a third well. This may be influenced by the results of well #2, but will not be totally dependent on them.” Read More
Wednesday, February 1st, 2012 and is filed under Well Updates
FieldPoint Petroleum Corporation (NYSE/NYSE MKT: FPP) today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #1 in Lea County, New Mexico.
FieldPoint’s President and CEO, Ray Reaves stated, “After more than a month since its completion, production from this new well appears to be stabilizing in the range of 600 BOPD for oil and 600 MCFPD for natural gas. Needless to say, we are very pleased with these numbers and hope to see the well continue to perform. The latest production report from yesterday showed 567 BOPD for oil and 804 MCFPD for natural gas. In the future we plan to only report on this well when noteworthy occurrences take place. We will, however, report regularly on the progress made in this field as we move toward the drilling of well #2.” Read More