FieldPoint Petroleum Corporation Reports First Quarter Results
Tuesday May 25, 2004
Net income up 100% over prior year
AUSTIN, Texas (May 25, 2004,) / PRNewswire-FirstCall/ - FieldPoint Petroleum Corporation (OTCBB: - FPPC - News; announced today that for the first quarter ended March 31, 2004, net income doubled to $109,153 compared to $54,052 in the 2003 comparable quarter. Revenues were $572,129 for the quarter versus $628,026 in the prior year and cash flow from operations increased to $141,334 compared to $137,218 for the same period in 2003. Average oil sales prices increased 7% to $33.02 as compared to 30.63 for the previous period. Average gas sales prices increased 57% to $5.39 versus $3.42 for the previous period.
FieldPoint«s President and CEO, Ray Reaves, said ¤We are pleased
to announce that despite an unanticipated decrease in production volumes,
we only experienced a 9% drop in revenue and, more importantly, we
doubled our net income and increased cash flow from operating activities.
In addition, we have taken the following steps calculated to both grow
and diversify our production and reserve base over the balance of the
year. We believe these steps
1) During the quarter we acquired the Lusk Field in New Mexico. We are currently in the process of several operations designed to increase production and reserves including facilities improvement, production equipment upgrades and well bore optimization activities.
2) We re-fraced the RSMU 4-26, RSMU 9-23 and the RSMU 9-25 wells in Grady County Oklahoma, in which we have a 20% working interest, which could increase production.
3) We engaged Ryder Scott to perform an in depth evaluation of our Big Muddy Field, in which we own a 100% working interest. We expect their report in early July.
We continue to vigorously pursue additional acquisition and drilling targets that will allow us to economically expand our production levels while enhancing our financial performance. In light of our current success, we remain focused on continuing to build long term sustainable shareholder value.Ë
About FieldPoint Petroleum Co. 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).
Contact: Ray D. Reaves, President (512)250-8692 [email protected]