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.”
Monday, March 30th, 2015 and is filed under Management Updates
AUSTIN, Texas, March 10, 2015 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided an update on recent activity.
Phillip Roberson, FieldPoint President and CFO, stated, “Like most companies in the oil and gas industry today, we are taking a very conservative approach to all of our expenditures. With the precipitous fall in commodity prices over the last several months, we have suspended drilling projects and nonessential workover activity, and we are making every effort to keep operating and overhead expenses to a minimum. With that being said, we are not overlooking the fact that these market conditions are bringing forth numerous opportunities to acquire highly attractive properties at distressed prices. I think that it is important to let our shareholders know that we continue to look at every opportunity that can help us grow our production and asset bases, but have no intention of pursuing any that we believe could put the company at risk. We are optimistic that such opportunities exist. Finally, I want to thank all of our shareholders for your continued support.”