U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly
Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2004
[
] Transition Report under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the Transition Period from __________ to _________
Commission file number: 0-9435
FieldPoint Petroleum Corporation
(Exact name of small business issuer as
specified in its charter)
|
|
Colorado |
84-0811034 |
1703
Edelweiss Drive
Cedar Park,
Texas 78613
(Address of principal executive offices) (Zip
Code)
(512)
250-8692
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No
As of November 10, 2004, the number of shares outstanding of the Registrant's $.01 par value Common Stock was 7,680,175.
Transitional Small Business Disclosure Format (Check one):
Yes No X
PART I
Item 1. Condensed Consolidated Financial Statements
|
|
September 30, |
December 31, |
|
|
2004 |
2003 |
|
CURRENT ASSETS: |
(unaudited) |
|
|
Cash and cash equivalents |
$ 403,407 |
$ 1,395,100 |
|
Short-term investments |
570,887 |
67,428 |
|
Trading securities |
37,600 |
- |
|
Accounts receivable: |
|
|
|
Oil and gas sales |
391,316 |
260,043 |
|
Joint interest billings, less allowance
for doubtful |
|
|
|
Prepaid expenses |
30,035 |
22,535 |
|
Total current assets |
1,524,638 |
1,817,636 |
|
PROPERTY AND EQUIPMENT: |
|
|
|
Oil and gas properties (successful efforts method): |
|
|
|
Proved leasehold costs |
5,467,130 |
5,188,060 |
|
Lease and well equipment |
1,382,643 |
1,004,939 |
|
Asset Retirement Obligation |
364,144 |
- |
|
Furniture and equipment |
51,482 |
51,482 |
|
Transportation equipment |
158,254 |
158,254 |
|
Less accumulated depletion and depreciation |
(2,500,496) |
(2,108,914) |
|
Net property and equipment |
4,923,157 |
4,293,821 |
|
|
|
|
|
LONG-TERM JOINT INTEREST BILLING RECEIVABLE |
65,184 |
65,184 |
|
OTHER ASSETS |
14,297 |
4,297 |
|
Total assets |
$ 6,527,276 |
$ 6,180,938 |
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||
|
CURRENT LIABILITIES: |
|
|
|
Current portion of long-term debt |
$ 1,580,742 |
$ 266,324 |
|
Accounts payable and accrued expenses |
119,861 |
200,827 |
|
Oil and gas revenues payable |
47,564 |
60,898 |
|
Income Tax Payable |
10,000 |
- |
|
Total current liabilities |
1,758,167 |
528,049 |
|
|
|
|
|
LONG-TERM DEBT, net of current portion |
- |
1,491,802 |
DEFERRED INCOME TAXES |
245,000 |
125,000 |
|
ASSET RETIREMENT OBLIGATION |
515,267 |
496,685 |
|
|
|
|
|
COMMITMENTS |
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
Common stock, $.01 par value, 75,000,000 shares authorized; |
|
|
|
7,680,175 and 7,580,175 shares issued, respectively |
76,801 |
75,801 |
|
Additional paid-in capital |
2,647,887 |
2,583,887 |
|
Treasury stock, 160,000 shares, at cost |
(18,600) |
(18,600) |
|
Retained earnings |
1,302,754 |
898,314 |
|
Total stockholders' equity |
4,008,842 |
3,539,402 |
|
Total liabilities and stockholders' equity |
$ 6,527,276 |
$ 6,180,938 |
See accompanying notes to these consolidated financial statements.
|
|
For The Three Months Ended |
|
|
|
September 30, |
|
|
|
2004 |
2003 |
|
REVENUE: |
(unaudited) |
(unaudited) |
|
Oil and gas sales |
$ 866,856 |
$ 559,058 |
|
Well operational and pumping fees |
29,968 |
29,968 |
|
Total revenue |
896,824 |
589,026 |
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
Exploration Expense |
- |
83,182 |
|
Production expense |
357,333 |
295,472 |
|
Depletion and depreciation |
135,000 |
102,000 |
|
General and administrative |
100,957 |
139,281 |
|
Total costs and expenses |
593,290 |
619,935 |
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
Interest income (expense), net |
(21,893) |
(18,795) |
|
Investment Income |
2,813 |
- |
|
Gain on Derivative |
5,000 |
- |
|
Miscellaneous |
341 |
- |
|
Total other income (expense) |
(13,739) |
(18,795) |
|
INCOME BEFORE INCOME TAXES |
289,795 |
(49,704) |
|
|
|
|
|
INCOME TAX (PROVISION) BENEFIT |
(54,000) |
18,000 |
|
|
|
|
|
NET INCOME |
235,795 |
(31,704) |
|
|
|
|
|
NET INCOME PER SHARE |
|
|
|
BASIC |
$ 0.03 |
$ (0.01) |
|
DILUTED |
$ 0.03 |
$ (0.01) |
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
BASIC |
7,520,175 |
7,580,175 |
|
DILUTED |
7,678,541 |
7,580,175 |
|
|
|
|
|
|
|
|
|
|
For The Nine Months Ended |
|
|
|
September 30, |
|
|
|
2004 |
2003 |
|
REVENUE: |
(unaudited) |
(unaudited) |
|
Oil and gas sales |
$ 2,058,970 |
$ 1,756,494 |
|
Well operational and pumping fees |
89,904 |
89,904 |
|
Total revenue |
2,148,874 |
1,846,398 |
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
Exploration Expense |
- |
83,182 |
|
Production expense |
883,183 |
841,737 |
|
Depletion and depreciation |
391,000 |
316,000 |
|
General and administrative |
313,535 |
337,057 |
|
Total costs and expenses |
1,587,718 |
1,577,976 |
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
Interest income (expense) |
(64,483) |
(39,825) |
|
Investment Income |
13,459 |
- |
|
Miscellaneous |
9,308 |
- |
|
Gain on Derivative |
5,000 |
(5,184) |
|
Total other income (expense) |
(36,716) |
(45,009) |
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
524,440 |
223,413 |
|
INCOME TAX (PROVISION) CURRENT |
- |
(6,000) |
|
INCOME TAX BENEFIT(PROVISION) DEFERRED |
(120,000) |
(87,000) |
|
|
|
|
|
NET INCOME BEFORE CUMULATIVE EFFECT |
|
|
|
|
|
|
|
CUMULATIVE EFFECT |
- |
(16,606) |
|
|
|
|
|
NET INCOME |
404,440 |
113,807 |
|
|
|
|
|
NET INCOME PER SHARE |
|
|
|
BASIC |
$ 0.05 |
$ 0.02 |
|
DILUTED |
$ 0.05 |
$ 0.02 |
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
BASIC |
7,484,278 |
7,580,175 |
|
DILUTED |
7,666,005 |
7,580,175 |
|
|
September 30, |
|
|
|
2004 |
2003 |
|
|
(unaudited) |
(unaudited) |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net income |
$ 404,440 |
$ 113,807 |
|
Adjustments to reconcile to net cash |
|
|
|
provided by operating activities: |
|
|
|
Depletion and depreciation |
391,000 |
316,000 |
|
Deferred income taxes |
120,000 |
87,000 |
|
Cumulative effect of accounting change |
- |
16,606 |
|
Accretion expense |
18,582 |
18,582 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(150,136) |
4,209 |
|
Prepaid expenses and other assets |
(17,500) |
(32,000) |
|
Accounts payable and accrued expenses |
(70,967) |
(246,520) |
|
Oil and gas revenues payable |
(13,333) |
13,550 |
|
Purchase of Trading Securities |
(37,600) |
|
|
Other |
582 |
- |
|
Net cash provided by operating activities |
645,068 |
291,234 |
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|