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