FIELDPOINT PETROLEUM REPORTS RESULTS FOR FISCAL YEAR 2014
Monday, March 30th, 2015 and is filed under Financial Updates, Management Updates
AUSTIN, TX – March 30, 2015 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the fiscal year ended December 31, 2014.
Phillip Roberson, President and CFO, said, “It was obviously a very challenging fourth quarter for FieldPoint, as well as the energy industry as a whole. Our loss for the year was attributable to a $3,085,787 non-cash impairment charge, due to the precipitous drop in commodity prices. As we have previously stated, we made the decision early on to suspend all new drilling projects in order to conserve capital. We have also suspended noncritical workover projects, and have focused 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.”