AUSTIN, Texas, March 21, 2013 /PRNewswire/ -- FieldPoint Petroleum Corporation (AMEX: FPP) today announced financial results for the fiscal year ended December 31, 2012.
Ray Reaves, President and CEO of FieldPoint, stated, "The most significant events for FieldPoint in 2012 were certainly the completion of our first two wells in the Lusk Field of Lea County, New Mexico. Both wells contributed to last year's earnings, and we now plan to drill a third well on this property that we expect could also contribute significantly to our long-term goal of increasing both reserves and production. We anticipate that this New Mexico project will have a very positive impact on 2013."
Revenues for 2012 increased 44% over the prior year, primarily as a result of increased oil production. Net income for 2012 increased 250% over 2011.
2012 Financial Highlights Compared to 2011
- Revenues increased to $10,402,889 from $7,235,860;
- Net Income increased to $2,112,263 from $602,564; and
- Earnings per share increased, basic to $0.26 from $0.08 and fully diluted to $0.25 from $0.08
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV