||Wednesday, March 7, 12:01 a.m. Eastern
FieldPoint Petroleum Corporation Reports Fourth Quarter and 2000 Year-End Financial Results
AUSTIN, Texas, March 7 /PR Newswire
FieldPoint Petroleum Corporation (OTC Bulletin Board:
FPPC) announced today that for the fourth quarter ended December 31, 2000, the Company had record revenues of $487,959 with pre-tax income of $135,169, and net income of $33,759, versus revenues of $325,002 with pre-tax income of $56,060 and net income of $45,292 in the 1999 comparable quarter.
For the year ended December 31, 2000, the Company had record revenues of $1,638,127 and record net income of $401,281 or $0.06 per share, versus revenues of $917,810 and net income of $65,465 or $0.01 per share in the 1999 comparable period.
FieldPoint's President and CEO, Ray D. Reaves, commented that, ``Our financial performance during 2000 has been the strongest since the Company's inception and we are very pleased with these results. During the fourth quarter of last year we have added significant additional production which is anticipated to foster our growth during the upcoming year.''
In December of 2000, FPPC completed the purchase of a 16.19% net revenue interest in 30 wells in the Chickasha Field located in Grady County, Oklahoma, representing approximately 89 additional barrels of oil equivalent (BOE) per day net to FieldPoint. Since the effective date of this acquisition was January 1, 2001, production derived from this transaction has not been reflected in the Company's revenues and earnings for the period reported. As such, this recent acquisition is expected to enhance the Company's overall financial performance during the year 2001.
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Oklahoma, Texas and Wyoming. The Company's business strategy is to continue to expand its reserve base and increase production and cash flow through the acquisition of producing oil and gas properties. Additional information about FieldPoint Petroleum Corporation may be obtained by contacting the Company's CEO, Ray D. Reaves, at (512) 250-8692 or Parrish B. Ketchmark at (800) 220-8174, or by visiting the Company's web site at www.fppcorp.com.
This release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company's periodic filings with the Securities and Exchange Commission (at www.sec.gov), including its Annual Report on Form 10-KSB for the year ended December 31, 2000.
Selected Financial Information
(Prepared by Management)
3 Months Ended 12 Months Ended
12/31/00 12/31/99 12/31/00 12/31/99
Oil and gas sales $455,740 $292,261 $1,509,024 $786,361
pumping 32,219 32,741 129,103 131,449
Total $487,959 $325,002 $1,638,127 $917,810
Cost and Expenses:
Production expense 168,802 130,020 547,446 313,435
depreciation 60,851 44,166 177,851 152,166
administrative 114,342 64,154 318,639 309,712
Total $343,995 $238,340 $1,043,936 $775,313
Other Income (Expense):
Interest expense, net (8,795) (25,458) (71,464) (83,826)
Miscellaneous 0 (5,144) 8,010 19,562
Total (8,795) (30,602) (63,454) (64,264)
Before Income Taxes $135,169 $56,060 $530,737 $78,233
Benefit (Provision) ($101,410) ($10,768) ($129,456) ($12,768)
Net Income (Loss) $33,759 $45,292 $401,281 $65,465
Earnings (Loss) Per
Share $--- $0.01 $0.06 $0.01
Selected balance sheet data December 31, December 31,
Cash & Equivalents $652,419 $117,259
Total Assets $4,550,807 $2,549,881
Total Liabilities $1,892,715 $1,146,686
Total Shareholders Equity $2,658,092 $1,403,195
Company Press Release
SOURCE: FieldPoint Petroleum Corporation