609 Castle Ridge Road, Suite 335, Austin TX 78746. (512) 579-3560
Friday, May 15th, 2015 and is filed under Financial Updates
AUSTIN, TX – May 14, 2015 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the first quarter ended March 31, 2015, and also provided an update on the Company’s hedging activity.
Phillip Roberson, President and CFO, said, “It was a very challenging quarter as we experienced a decline of more than one half in commodity pricing on a barrel of oil equivalent basis compared to the same quarter last year. We were encouraged that prices were beginning to recover at the end of the quarter. That trend appears to be continuing and we have recently been able to obtain an acceptable hedge on some of our production through the end of the year. More on that hedge is discussed below.”
Q1 2015 Financial Highlights Compared to Q1 2014
Mr. Roberson concluded with, “We will continue to focus on controlling costs, conserving cash, and maximizing production under these economic constraints. We are considering all strategic alternatives, including acquisitions, which could increase shareholder value. Current market conditions are producing many attractive opportunities, but our first consideration is in avoiding additional risk or debt.”
Update on Hedging
FieldPoint recently entered into a costless collar for the period from June 2015 through December 2015. This hedge will provide the Company with downside protection for this period on 200 Bbls/d with a floor of $55/Bbl and a ceiling of $70/Bbl.
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and natural gas prices and unexpected decreases in oil and natural gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov)
Contact: Phillip Roberson, President/CFO (512) 579-3563 or [email protected]
Or Roger Bryant, Executive Chairman (214) 215-9130
Corporate Headquarters: 609 Castle Ridge Rd, Ste 335, Austin, TX 78746