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