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FieldPoint Petroleum Corporation Reports 2003 Year-End Results

Monday, April 19, 2004

 

Reports Full Fiscal Year Profit

 

AUSTIN, Texas (April 19, 2004) / PRNewswire-FirstCall/ - FieldPoint Petroleum Corporation (OTCBB: - FPPC - News; announced today that for its fiscal year ended December 31, 2003, revenues rose to $2,429,375 from $2,402,300 in the prior year. Net income grew to $156,895 or $.02 per share compared to a prior year loss of $131,521 or $(.02) per share. Additional information concerning year-end results of operations and financial condition is contained in the Company's Annual Report on Form 10-KSB that was filed with the SEC on April 14, 2004.

FieldPoint's President and CEO, Ray Reaves, said We are pleased to announce the ongoing growth and improved earnings for 2003. We are equally excited at having significantly increased our platform for growth and profitability in 2004. We remain focused on continuing to build our production and reserves through drilling and targeted acquisitions. In addition, we remain committed to our plan of strategically hiring experienced industry veterans to complete our management team.

In March of 2004, Fieldpoint Petroleum completed the purchase of certain working interest in the Lusk Field located in Lea County, New Mexico. Since the effective date of the acquisition was April 1, 2004, production derived from this transaction has not been reflected in the Company's revenues and earnings for the period reported. This recent acquisition is expected to enhance the Company's overall financial performance during 2004.

About Fieldpoint Petroleum Corporation www.fppcorp.com

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming

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 gas prices and for unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

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Contact: Ray D. Reaves, President (512)250-8692 [email protected]