AUSTIN, Texas, Aug. 14, 2012 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/AMEX:FPP) announced today its second quarter financial results for the three and six months ended June 30, 2012.
Ray Reaves, President and CEO of FieldPoint stated, "During this past quarter our oil and natural gas revenue increased 12% over the same period last year primarily as a result of higher production offset somewhat by lower oil and natural gas prices. Net income and earnings per share met our goals for this quarter and we believe that we will meet our objectives for the year, with a strong emphasis on increasing oil production. As previously stated, we are drilling our second oil and gas well in Lea County, New Mexico that will focus on oil production. If successful, and if oil prices remain stable, this could have a very positive impact on future results. We will continue to explore new oil and gas acquisition opportunities in the form of oil and gas production and/or oil and gas drilling acreage."
Financial Highlights for the Three Months Ended June 30, 2012 Compared to the Three Months Ended June 30, 2011:
- Total revenues increased 12% to $2,157,135 from $1,916,749;
- Net Income increased to $719,454 from $410,929; and
- Earnings per share, both basic and fully diluted, at $0.09.
Mr. Reaves added, "I am very thankful that we have been able to reach the midway point of this fiscal year with an overall gain in revenues. This is a major accomplishment considering fluctuation pricing and the fact that we have experienced much greater down time in the second quarter than we would have normally expected. For example, the East Lusk Federal 15 number 1 well we drilled and completed late last year has been shut-in since late June as a result of the DCP midstream gas sales pipeline curtailment. We are hopeful that the situation will be remedied soon, but extended loss of production from this well could adversely affect future performance. Vulnerability to commodity price fluctuation led us earlier to enter into an oil and gas hedging program that fortunately has provided us with a level of protection against the drop in oil prices while still allowing us to benefit from price increases. As in the past, we will continue to focus on expanding our production base, which is ultimately how our shareholder value will grow."