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FieldPoint Petroleum Reports Second Quarter Results

Stocks in this article: FPP

FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its second quarter financial results for the three and six months ended June 30, 2013.

Mr. Roger D. Bryant, FieldPoint Executive Chairman, stated, “Net income and earnings per share met our goals for this quarter, although they were significantly lower than the same period in 2012 due to commodity derivative gains in the prior year of $521,331. We believe that we will meet our objectives for this year, with a strong emphasis on increasing oil production. With our drilling partner, Cimarex Energy Co. (NYSE:XEC), we have completed our third oil and gas well in Lea County, New Mexico. We are in the early testing stage and expect to see the first production results soon. As with the existing two wells on this property, we will keep our shareholders informed of the progress of well #3. As previously stated, drilling a fourth well on this property could start soon. If successful, and if oil prices remain stable, this could have a very positive impact on future results. We plan to continue to explore new oil and gas acquisition opportunities in the form of oil and gas production and/or oil and gas drilling acreage, as well as other opportunities that could potentially increase shareholder value.”

Financial Highlights for the Three Months Ended June 30, 2013 Compared to the Three Months Ended June 30, 2012:

  • Total revenues increased 7% to $2,297,683 from $2,157,135;
  • Net Income decreased to $376,537 from $719,454; and
  • Earnings per share, both basic and fully diluted, at $0.05.

Mr. Phillip H. Roberson, FieldPoint COO/CFO, added, “I would like to thank our stakeholders for their patience and support during this trying time. Ray Reaves was irreplaceable, but with the support of the board and our staff, I am looking forward to shifting our focus from totally being on operations back to executing, and accelerating, our growth strategy in the coming quarters.”

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