609 Castle Ridge Road, Suite 335, Austin TX 78746. (512) 579-3560
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.”
2014 Financial Highlights Compared to 2013
Mr. Roberson concluded with, “Most industry downturns create unusual opportunities for those positioned to take advantage. We are openly pursuing such opportunities, but will continue to hold our conservative position with regard to exposing the company to economic risk. As all of you who invest in this industry are aware, it is cyclical and we are trying our best to be positioned to take advantage of the upturn as it occurs. Finally, I want to again thank all of our shareholders for your continued support.”
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