Wednesday, May 16th, 2012 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE NYSE MKT: FPP) announced today that the borrowing base available to the company under its bank line of credit has been increased to $11.0 million. This increase was approved following a routine year-end engineering review of the line by Citibank.
Ray Reaves, President and CEO of FieldPoint stated, “We are very pleased that Citibank has recognized the size and quality of our growing asset base. In this weak economy, we consider this to be a strong endorsement from our banking partner. I would like to also mention that the Costless Collar Hedging Agreement that we announced on April 23, 2012 was secured through the services of CitiBank. That agreement will be in effect from July 1 through December 31 of this year, and has a floor of $95.00 and a ceiling of $110.30. Together, these two components make us feel very comfortable about the remainder of 2012. We are currently hedged through June 30 of this year with a floor of $95 and a ceiling of $106.50.” Read More
Thursday, May 10th, 2012 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE NYSE MKT: FPP) announced today its first quarter financial results for the three months ended March 31, 2012.
Financial Highlights for the Three Months Ended March 31, 2012 Compared to the Three Months Ended March 31, 2011:
- Total Revenues increased 89% to $3,262,620 from $1,727,611;
- Net Income increased 108% to $783,505 from $377,267; and
- Earnings per share, both basic and fully diluted increased to $0.10 from $0.05
- Daily Production increased 84% to 422 BOEPD from 229 BOEPD.
Ray Reaves, President and CEO of FieldPoint stated, “During our first quarter, total revenues increased 89% compared to the same period a year ago as a result of higher production. Notably, most of the increase was from the company’s recently drilled East Lusk oil and natural gas well in Lea County, New Mexico. With the record quarter now behind us, we are very optimistic about being able to meet the growth objectives that we have set for 2012.” Read More
Wednesday, May 2nd, 2012 and is filed under Uncategorized
FieldPoint Petroleum Corporation (NYSE MKT: FPP) announced today that its Registration Statement on Form S-3, SEC File No. 333-180419 (the “Registration Statement”) was declared effective by the Securities Exchange Commission (“SEC”) on April 30, 2012.
The Registration Statement registers for sale under the Securities Act of 1933, as amended (“Securities Act”) the shares of common stock that are issuable upon exercise of the common stock purchase warrants (“Warrants”) that were issued by the Company as a dividend to common stockholders of record on March 25, 2012. The Warrants currently trade on the NYSE Amex under the ticker symbol “FPP WS”. Read More