Petroleum: In The News...
|OTC BB: FPPC|
|Monday May 15, 7:32 am Eastern Time
Company Press Release
FieldPoint Petroleum Reports Record First Quarter Revenue and a 648% Increase In First Quarter Profits
AUSTIN, Texas, May 15 /PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC - news) today reported record financial results for the first quarter ended March 31, 2000. Total revenue for the first quarter 2000 increased 174% to $361,120 versus $131,658 for the same period in 1999. Net income for the quarter reached $128,082 or $0.02 per share, marking the most profitable quarter in the Company's history, versus a $23,349 loss in the prior year period. These results were driven by steadily increasing production, reduced unit costs and rising oil and gas prices.
Average daily production in the quarter increased to 160 BOE, an increase of 34% from one year ago. Production, which is over 60% oil on a barrel of oil equivalent basis, was comprised of 105 barrels and 358 Mcf per day. Wellhead prices average $26.72 per barrel and $2.30 per Mcf during the quarter, increases of 156% and 85%, respectively, from the 1999 period.
CEO Ray D. Reaves commented, ``The dramatic improvement in the quarter's results are reflective of cost reduction efforts during the last industry downcycle coupled with the timely acquisition of our Oklahoma properties as well as the rebound in oil and gas prices. Furthermore, we continue to seek additional domestic oil and gas properties for acquisition and development. We expect to significantly grow our asset base during the remainder of the year with a nominal increase in general and administrative expense.''
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, 1999.
FieldPoint Petroleum Corporation CONDENSED CONSOLIDATED STATEMENTS OF INCOME For The Three Months Ended March 31, 2000 1999 REVENUE: (unaudited) (unaudited) Oil and gas sales $ 328,500 $ 98,515 Well operational and pumping fees 32,620 33,143 Total revenue 361,120 131,658 COSTS AND EXPENSES: Production expense 107,407 28,359 Depletion and depreciation 39,000 36,000 General and administrative 81,137 76,661 Total costs and expenses 227,544 141,020 OTHER INCOME (EXPENSE): Interest income (expense), net (21,448) (18,344) Miscellaneous 0 157 Total other income (expense) (21,448) (18,187) INCOME (LOSS) BEFORE INCOME TAXES 112,128 (27,549) INCOME TAX BENEFIT (PROVISION) DEFERRED 15,954 4,200 NET INCOME (LOSS) 128,082 (23,349) NET INCOME (LOSS) PER SHARE: BASIC $ 0.02 $ (0.01) DILUTED $ 0.02 $ (0.01) WEIGHTED AVERAGE SHARES OUTSTANDING BASIC 6,340,814 4,661,937 DILUTED 6,733,132 4,661,937 Contact: Ray D. Reaves, President (512) 250-8692 Parrish B. Ketchmark (800) 220-8174
SOURCE: FieldPoint Petroleum Corporation
|OTC BB: FPPC|