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FPP Completes First Ranger Project Well with Partner Riley Exploration in Serbin Field’s Taylor Sand
FieldPoint Petroleum, which has a growing and yet already quite impressive array of developing/producing projects across Louisiana, New Mexico, Oklahoma, Texas and Wyoming (WI in 72 producing oil and gas wells), reported some great news out of their Taylor Sand-focused Serbin Field operations in Texas’ Lee and Bastrop Counties today, as the Ranger Unit 8A #1H has been successfully completed and is running upwards of 160 BOPD with well under 20% of the frac load recovered.
Just about 50 miles east of Austin in Lee County, FPP is seeing good, steady increase to the flow volume as frac load is pulled on the new well, generating considerable confidence in the future of the Joint Exploration Agreement with Serbin Field veterans, Riley Exploration. The production range in the Taylor Sand formation here is around 5.3k to 5.6k feet (46-gravity oil sand) and given the rate metrics thus far, FPP anticipates a few weeks to get a stable initial production rating measured, but has already characterized the new well as being very good overall. A solid kick-off for the Ranger Project, with the partnership already locked on to their next target, spudding well #2, this first well, the Ranger Unit 8A #1H was actually drilled prior to the (Nov 27) exploration agreement with Riley, clearly illustrating to investors how strong this partnership is.
Executive Chairman of FPP, Roger Bryant, personally thanked Riley Exploration for allowing the company to participate in this first well of the project despite the timing and called it the beginning of a beautiful friendship. No doubt, this is how you want to start 2014, tapping the prolific Taylor Sand formation with solid performance results on the first of as many as twelve horizontal wells currently slated for the project (which also has significant workover potential in the form of existing vertical wells).
President of FPP, Phillip Roberson, asseverated his colleagues’ sentiments wholeheartedly and went on to explain that while initial production rates here in the Taylor Sand are expectedly lower than in their Lusk Field, Bonesprings/Yates formation wells over in New Mexico (see Sept 9 rates for their #3 well in Lea County), the company also expects a much lower decline rate. The Joint Exploration Agreement should be finalized anytime now post title due diligence, with FPP at 25% interest and Riley at 75%, making the partnership yet another feather for FieldPoint’s cap and one that broadly reinforces the company’s continually strong growth capabilities.
More on FieldPoint Petroleum Corp. is available at www.FPPcorp.com
Still looking good
Are you still waiting? Did you see the latest earnings report?
AUSTIN, Texas, Oct. 14, 2013 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today that it has been informed by its drilling partner, Cimarex Energy Co. (XEC), that preparations have been completed to file the application to permit the drilling of a fourth well in the East Lusk Federal Section 15 of Lea County New Mexico. Both companies are anxious for the Bureau of Land Management to re-open so this process can be completed.
FieldPoint's Executive Chairman, Roger Bryant, stated, "We have been very pleased with the results of our three existing wells on this property, all drilled with Cimarex as our drilling partner. We are hopeful that the government shut-down will end soon so that drilling can begin. There is still time to drill this well before year end if the roadblocks are removed.
Mr. Bryant added, "I want to let our shareholders know that we greatly appreciate the trust and support you have shown to the board of directors and management, and also let you know that we keep that in mind as we evaluate and pursue multiple opportunities to grow your company."
As with the existing three wells, FieldPoint will own a 43.75% working interest, Cimarex will own 37.5%, and other partners will own the remaining 18.75% working interest in well #4.
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
AUSTIN, Texas, Sept. 9, 2013 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE MKT:FPP) today provided an update on the production from its most recently completed well in Lea County, New Mexico.
FieldPoint's Executive Chairman, Roger Bryant, stated, "Our East Lusk Federal 15 #3, in Lea County, New Mexico, continues to perform very well. For the dates August 21, 2013, through September 7, 2013, the well averaged producing oil at 601 Bopd and natural gas at 604 Mcfpd. That puts this well on a par with, if not better than, our first two wells on this property at this point in production. As previously stated, the decision to drill a fourth well on this property depends in great part upon the success of this well. That decision will be made soon, and the performance of well #3 is very encouraging at this point. As we have done in the past, we will provide periodic updates on this well and our drilling program in this field."
As a reminder, FieldPoint owns a 43.75% working interest in East Lusk Federal #1 and #2, and will own the same percentage of East Lusk Federal #3 in section 15 of this field.
Nice close! $4.71. Headed higher.
i was looking at the last 3 year chart and low of $1.80 range to high of $6.80
i might wait for a under $3.50 or wait for a more drop
if anyone want to get-in. they should wait for a drop cause it seems like it is over valued at $4.51
most likely it will drop to 3.50 range
history repeats it self and if you look at the last 3 year chart you should know what am i talking about
Thanks.
I sold some of the common two weeks ago for a return. Now I regret it. Will look to rejoin the FPP train.
FPP/WS, trading at .75.
FPP's progress looks very attractive.
Do you know if there is a ticker for the warrants? I couldn't find one.
Congrats on the FPP reports today.
FieldPoint Petroleum Reports on Progress of Well #3 in Lea County, New Mexico
Fieldpoint (AMEX:FPP)
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Today : Monday 29 July 2013
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AUSTIN, Texas, July 29, 2013 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today that the Company and its drilling partner Cimarex Energy Co., www.cimarex.com, have elected to complete the East Lusk Federal 15 well #3 in the Bone Spring Formation and plan to frac the well beginning today.
FieldPoint's Chairman, Roger Bryant, stated, "FieldPoint has signed a casing point election to proceed with the completion of our third well on the East Lusk 15 Federal property. We expect that it will take two or three days to complete the fracture stimulation. We have been very pleased with the success of our first two horizontal wells on this property, and with our drilling partner, Cimarex. As in the past we will attempt to keep our shareholders up to date as progress is made with the completion of this new well."
FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two wells.
About FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
Copyright 2013 PR Newswire
FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that drilling is well underway on the East Lusk 15 Federal #3 in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co, (XEC) www.cimarex.com, to drill this well that will target the Bone Spring formation.
As with the Company’s two other wells on this property, this horizontal well is planned to be drilled vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location. Drilling has currently passed 4,500 feet in the vertical portion.
FieldPoint’s Chairman, Roger Bryant, stated, “Cimarex was able to begin drilling this well ahead of our original schedule. We are very excited about this project because of the performance of our two existing wells on this property, and because Cimarex Energy is one of the best in the industry at completing wells in the Bone Spring formation. If this third well is successful, this could lead to drilling a fourth well on this lease during this fiscal year. This could serve to significantly increase our daily production and proved producing reserve base."
Also, as with wells #1 and #2, FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two planned wells.
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
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Contact:.
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FieldPoint Petroleum
Roger D. Bryant, 214-215-9130
Chairman
fppc@ix.netcom.com
Great Addition to the Company, As a shareholder I am very pleased with this choice.
Philip H. Roberson to serve as COO/CFO.
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today that its Board of Directors has appointed Philip H. Roberson to serve as COO/CFO.
FieldPoint’s Executive Chairman, Roger D. Bryant, stated, “For some time, Phil has been collaborating with our founder, Ray Reaves, regarding various drilling projects and field operations. Consequently, he is in an excellent position to see that none of our initiatives lose momentum. Additionally, because of his securities background combined with being a licensed CPA, he is able to take on the added duties of CFO. This should ensure the continued timeliness of our financial reporting and SEC filings. Phil is a great addition and we are very pleased to have him join the team.”
Mr. Roberson added, “I had a great relationship with Ray, and great respect for the company he built. I sincerely appreciate the opportunity to contribute to its future growth.”
Prior to joining FieldPoint, Mr. Roberson was a founder of AEG Operating LLC, an independent oil and gas exploration company, where he was instrumental in the funding, acquisition and day to day operations of the firms operated and non-operated properties. Previously, he served as a Director of Energy Investment Banking with Tejas Securities, Inc. where he assisted Exploration & Production and Energy Service companies with debt & equity offerings. Until it was acquired by Tejas Securities, Mr. Roberson was an Equity Analyst with Arabella Securities, LLC, covering Energy and Special Situation companies. Mr. Roberson received a Bachelor of Business Administration in Finance from the University of Texas at Austin and is a licensed Certified Public Accountant.
About FieldPoint Petroleum Corp. (www.fppcorp.com)
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (www.sec.gov).
Buy out is probably what will happen, i am sure there will be a lot of interest from his partner companies.
Latest filing showed Ray held 6,057,000 shares 54%.
http://www.sec.gov/Archives/edgar/data/316736/000101103413000010/sch13da7reaves.htm
Yes, very sad. He will be missed.
RIP RAY REEVES This is a very sad day for all he was a good man and a visionary. Drunk texter took him to young. I am holding on for the team lets give them all a chance to get over the shock and regroup.
Excellent highlights. I am long.
@Sea - Another great example of a solid diversification strategy by CEO Reeves to reduce risks while de-risking the acreage in order to maximize short term results with industry partners.
The challenge for $FPP is that it is very illiquid for a stock of its caliber. The market cap is very reasonable but they do very little to attract an institutional level of interest.
If that were to change I could see considerable upside to the current value proposition. Any thoughts on what the catalyst may be?
FieldPoint Petroleum and Industry Partners Begin Drilling in Goliad County, Texas - FPP also plans two more Horizontal Wells.
Fieldpoint (AMEX:FPP)
AUSTIN, Texas, May 13, 2013 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT: FPP) announced today that, with its industry partners, drilling has begun on the Irby #1 vertical Wilcox test well that will be drilled to a depth of approximately 8,900 feet to the prospective reservoir. If successful, the well should be drilled and completed within the next 60 to 90 days and FPP will own a 10% working interest in the well.
FPP also announced that it has signed an operating agreement with Cimarex Energy Co, to drill a third horizontal well that will target the Bone Spring formation on its East Lusk Federal Section 15 property located in Lea County, New Mexico. If successful, there is the possibility of drilling a fourth well on this property by the end of the year. Total cost for each well will be approximately $7,000,000.
This third horizontal well is proposed to be drilled vertically to a depth of approximately 9,500 feet to the Bone Spring formation and laterally in a westerly direction within the formation to the bottom hole location. Total measured depth of the well is proposed to be approximately 14,000 feet. Drilling is expected to begin in the first part of July.
FieldPoint will own 43.75% working interest, Cimarex will own 37.5%, and other partners will own the remaining 18.75% working interest in our third Lea County, New Mexico well.
FieldPoint's President and CEO, Ray Reaves stated, "If successful, this drilling program could further serve to significantly increase our daily production and proved reserve base. Starting now, it's our goal to drill 2 or 3 wells per year for the next five years and we will do everything possible to achieve this goal."
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
The Company recently completed its second well in Lea County, New Mexico in partnership with the operator Cimarex. FieldPoint expects to drill its third horizontal well in Lea County, New Mexico in partnership with the operator Cimarex in the first half of 2013. FieldPoint has or will have approximately a 43.75% interest in these wells, Cimarex has or will have a 37.5% interest in the wells, and third parties have the remaining 18.75% interest. These wells typically have 500-700 Boe/d IP rate, have a 30 day average production rate of 600 Boe/d, and 360,000 BOE Estimated Ultimate Recoverable (EUR) over their life. As mentioned above, the cost of this well will be fully covered by FieldPoint's existing cash flow.
Another potential well opportunity over the next 12 months is in a leasehold that the Company has an ownership interest in and Concho Resources is the operator. This leasehold is in the Abo play and currently has two producing wells with at least one additional PUD. FieldPoint has approximately a 44% working interest and a 29% net revenue interest in the existing producing wells and would have the same interest in additional wells drilled in that leasehold.
FieldPoint is in its ninth consecutive year of profitability and positive cash flow. Due to its positive cash flows from operations, the Company has been able to maintain a very strong balance sheet with lots of dry powder, with a current ratio of 2.1. Debt levels over the past couple of years have remained flat to stable, and the Company has increased cash on hand over that time frame. According to FieldPoint management, it will have sufficient cash flow to meet all of its CAPEX requirements over the next 12 to 24 months without having to tap the debt or equity markets. However, the Company has covered its bases when it recently filed a shelf registration statement, allowing it to access the capital markets should the need arise.
FieldPoint's biggest challenge is competing for oil and gas leasehold properties with companies who have much greater resources than FieldPoint. These resources are becoming increasingly scarce everyday, creating inflationary pressures on lease prices. Despite these challenges, the Company has enjoyed success in its acquisition strategy and will maintain patience and strict underwriting discipline to avoid overpaying for reserves and properties. With respect to hedging commodity prices, the Company was hedged during the last six months of 2011 with a floor of $85 and a ceiling of $102.50. For the year ending December 31, 2012, the Company has been hedged with a floor of $95 and a ceiling of $110. FieldPoint management believes that oil prices have bottomed and that global demand from China, India and coupled with greater domestic demand will lead to higher energy prices over the next 12 to 24 months.
Overall, the Company has been very successful at executing its strategy as evidenced by over nine years of profitability, a compelling statistic in any industry given the economic turmoil over the past decade. The Company only has approximately 8 million shares outstanding (with 42% of total outstanding share held by insiders-94% of which is held by CEO Ray Reaves) and only approximately 4 million in the float. Based on its most recent quarter-over-quarter growth rate of 32.7%, the Company' shares trade at a PEG ratio of only 0.8. Based on a PV-10 value of $25.9 million as of 12/31/2011 (which will likely increase in its next 10K), FPP shares only trade at an 18% premium on a market cap basis.
Yeah very tightly held. Been in it since last year and doing very very well. I am very bullish going forward.
One of my better investments. needs more exposure, low share count and Ray holds 505!
FieldPoint Petroleum Reports Most Recent Production of Well #2 in Lea County, New Mexico at 564 BOPD
Oct 11, 2012 6:56:00 AM
AUSTIN, Texas, Oct 11, 2012 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT: FPP) today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #2 in Lea County, New Mexico.
FieldPoint's President and CEO, Ray Reaves stated, "The last data we provided on this well was through September 24. With one day down time from September 25 through October 9, well production in BOPD was 761, 767, 761, 698, 733, 710, 683, 170, 714, 633, 565, 606, 594, 556, and 564 respectively, and we continue to sell, between 400 to 600 mcf per day. We are pleased with this production and will continue to watch this well with interest, but we will now begin to turn our attention more to the drilling of well #3 on this property and our other exploration and acquisition activities."
As a reminder, FieldPoint owns a 43.75% working interest in well #2, and will own the same percentage of well #3 in section 15 of this field.
About FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
----------------------------------------------
Ray D. Reaves
President
+1-512-250-8692
fppc@ix.netcom.com
Very long and strong on $FPP. One of my favorite holdings been tracking Ray for the last couple years.
Great news! Nice well!
FieldPoint Petroleum Reports Most Recent Production of Well #2 in Lea County, New Mexico at 827 BOPD - Company Also Provides ...
Today : Wednesday 19 September 2012
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #2 in Lea County, New Mexico.
FieldPoint's President and CEO, Ray Reaves stated, "The last data we provided on this well was through September 12. From September 13 through September 17, well production in BOPD was 705, 914, 664, 795, and 827 respectively, and we continue to sell between 360 to 500 mcf per day. We will, of course, continue to watch this well with continued interest but we hope that soon we can turn our attention more to the drilling of well #3 on this property and our other exploration and acquisition activities."
Mr. Reaves added, "If production and the price of oil holds, we believe we will see a smart increase in total revenue year over year. Accordingly, I am projecting that our 2012 revenues could be between $9.5 and $10.8 million compared to $7.2 million for 2011."
As a reminder, FieldPoint owns a 43.75% working interest in well #2, and will own the same percentage of well #3 in section 15 of this field.
About FieldPoint Petroleum CorporationFieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
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."
The increase in total revenue for this reporting period is attributed to higher production. This was offset somewhat by lower oil and natural gas prices, which averaged approximately $89.23 per barrel in the second quarter of 2012 as compared to $98.37 per barrel in the same period last year. Natural gas prices averaged $4.58 per MCF in this quarter as compared to $5.04 per MCF in the same quarter of 2011. Sales volumes increased by 28% on a BOE basis, primarily due to production from the new well in New Mexico.
Lease operating expenses increased 31% or $204,421 to $853,560 for the three month period ended June 30, 2012 from the comparable 2011 period. This was primarily due to increases in costs associated with new field production and in workover expense and remedial repairs in 2012 as compared to 2011. The increased volumes account for approximately $184,000 of increase in lease operating expenses. Lifting costs per BOE increased 3% or $0.72 to $29.45 for the period. We anticipate lease operating expenses to increase over the following quarters due to additional remedial repairs and workover expenses.
Depletion and depreciation increased 59% or $145,500 to $393,500 for the three month period ended June 30, 2012 versus $248,000 in the 2011 comparable period. This was primarily due to the addition of the new East Lusk well and higher production during the quarter ended June, 30, 2012 as compared to the same period in 2011.
General and administrative overhead cost increased 3% or $6,592 to $219,871 for the three-month period ended June 30, 2012 from the three-month period ended June 30, 2011. This was primarily attributable to an increase in legal, consulting and administration services during the 2012 period. At this time, the Company anticipates general and administrative expenses to increase in the coming quarters.
Other income, net for the quarter ended June 30, 2012, were $458,750 compared to other expense, net of $145,402 for quarter ended June 30, 2011. The net increase was primarily due to a $444,000 unrealized gain and a $77,331 realized gain on commodity derivatives during the 2012 period. We expect the unrealized gain to decrease in the coming quarters.
Financial Highlights for the Six Months Ended June 30, 2012 Compared to the Six Months Ended June 30, 2011:
Total revenues increased 49% to $5,429,705 from $3,644,360;
Net Income increased to $1,513,958 from $788,196; and
Earnings per share, basic $0.19 and fully diluted at $0.18.
Total revenues increased 49% or $1,765, 619 to $5,341,577 for the six month period ended June 30, 2012 from $3,575,958 for the comparable 2011 period. This was due primarily to the overall increase in production offset by a decline in oil and natural gas commodity pricing. Sales volumes increased 56% on a BOE basis primarily due to production from the new well in New Mexico completed in December, 2011. Average oil sales prices decreased 4% to $92.87 for the six month period ended June 30, 2012 compared to $96.58 for the six month period ended June 30, 2011. Average natural gas sales prices decreased 10% to $4.76 for the six month period ended June 30, 2012 compared to $5.28 for the six month period ended June 30, 2011.
Lease operating expenses increased 46% or $566,335 to $1,786,162 for the six month period ended June 30, 2012 from the comparable 2011 period. This was primarily due to the costs associated with new field production in 2012 as compared to 2011 and to the increase in additional repairs and workover expenses on properties in 2012. Additionally, we had a one-time charge to settle a severance tax claim for the period from 2006 through 2011 of approximately $251,000. Lifting cost per BOE decreased 6%, from $28.23 to $26.48 for the period. We anticipate lease operating expense to increase over the following quarters due to additional remedial repairs and workover expenses.
Depletion and depreciation expense increased 98% to $970,000, compared to $491,000 for the comparable 2011 period. This was primarily due to the addition of the new East Lusk well and increased sales volumes during the current period.
General and administrative overhead cost increased 31% or $142,795 to $607,719 for the six month period ended June 30, 2012 from the six month period ended June 30, 2011. This was attributable primarily to an increase in administrative services such as contract labor and administrative services. In the coming quarters we anticipate general and administrative expenses to increase.
Other income, net for the six months ended June 30, 2012, amounted to $364,134 compared to other expenses, net of $204,413 for the comparable 2011 period. The net increase was primarily due to a $413,000 unrealized gain and a $77,331 realized gain on commodity derivatives during the 2012 period. We expect the unrealized gain to decrease in the coming quarters.
Liquidity and Capital Resources
Cash flow used by operating activities was $619,802 for the six-month period ended June 30, 2012, as compared to $1,754,054 of cash flow provided by operating activities in the comparable 2011 period. The decrease in cash from operating activities was primarily due to changes in prepaid expenses related to prepaid drilling costs and changes to accounts payable.
Cash flow used in investing activities was $972,924 for the six-month period ended June 30, 2012 and $169,042 used in the comparable period due to the additions to oil and natural gas properties in each period.
Cash flow provided by financing activities was $21,294, net after expenses of approximately $22,473, from the sale of 12,160 shares of stock during the six months ended June 30, 2012. Cash flow used in financing activities was used to repurchase 80,000 shares of common stock for a total of $323,373 during the six-month period ended June 30, 2011.
We may continue to raise financing through draws from our line of credit. Effective May 11, 2012, the borrowing base under our line of credit was increased from $9,250,000 to $11,000,000. We anticipate our operating cash flow and other capital resources, including our Citibank revolving credit facility, if needed, will adequately fund planned capital expenditures and other capital uses over the near term. Based on industry outlook for the remainder of 2012, prices for oil and natural gas could be higher than the prior year.
FieldPoint Petroleum Begins Drilling Second Horizontal Well Project in Lea County, New Mexico
Jul 16, 2012 8:15:00 AM
Cimarex Energy to be Well Operator
AUSTIN, Texas, July 16, 2012 /CNW/ - FieldPoint Petroleum Corporation (NYSE/MKT: FPP) announced today that drilling has begun on the East Lusk 15 Federal #2 in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill this well that will target the Bone Spring formation. FieldPoint has pre-paid its expected share of the drilling cost, which is approximately $1.3 million. There will, of course, be additional completion costs should the drilling operation be successful.
As with the Company's well #1 on this property, this horizontal well is planned to be drilled vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location. The estimated time for drilling and completion is expected to be approximately 60 to 90 days.
FieldPoint's President and CEO, Ray Reaves stated, "As I have mentioned before, there are two highly important aspects of this drilling program. First, Cimarex Energy is one of the best in the industry at completing wells in the Bone Spring formation. This is very important for well success and optimal well production. And second, if successful, this could lead to drilling a third well on this lease, which could serve to significantly increase our daily production and proved producing reserve base."
Also as with well #1, FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two planned wells.
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.
New production means better cash flows which leads to more production. I like their New Mexico holdings. Btw nice hedge @ $95 Ray, kudos.
AUSTIN, Texas, June 25, 2012 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that drilling is expected to begin on the East Lusk 15 Federal #2 well in Lea County, New Mexico in July. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill this well that targets the Bone Spring formation. The total cost for this well is expected to be approximately $7,000,000, with net cost to FieldPoint of approximately $3,100,000.
This horizontal well is planned to be drilled in a similar manner to the Company's well #1 on this property, which was to drill vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location. The estimated time for drilling and completion is expected to be approximately 60 to 90 days.
FieldPoint is very pleased with the results seen so far from the East Lusk Federal #1 well and, although there is no guarantee that the second well will produce similar results, the Company is very encouraged by the fact that Cimarex Energy has drilled numerous successful wells in the Bone Spring play, and in this area.
FieldPoint's President and CEO, Ray Reaves stated, "This horizontal well project was originally announced in 2010, and produced the first well in December 2011. If the results hold, we are extremely excited about the prospects of drilling a third well on this property. Our partner, Cimarex Energy is one of the best in the industry at completing wells in the Bone Spring formation."
Mr. Reaves went on to add, "I would also like to remind our shareholders at this time that our costless collar hedging program announced earlier this year has locked in 200 barrels of oil per day at a price of $95 through December 31 of this year. This program is now providing us with the protection against volatile market pricing that we sought when it was initiated, and consequently we are able to continue our program of increasing both production and reserves to build greater shareholder value."
FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two planned wells.
FieldPoint Petroleum to Begin Drilling Second Well in Lea County, New Mexico - 200 barrels of oil per day hedged at $95 thru December 31, 2012
2012-06-25 13:30 ET - News Release
AUSTIN, Texas, June 25, 2012 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that drilling is expected to begin on the East Lusk 15 Federal #2 well in Lea County, New Mexico in July. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill this well that targets the Bone Spring formation. The total cost for this well is expected to be approximately $7,000,000, with net cost to FieldPoint of approximately $3,100,000.
This horizontal well is planned to be drilled in a similar manner to the Company's well #1 on this property, which was to drill vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location. The estimated time for drilling and completion is expected to be approximately 60 to 90 days.
FieldPoint is very pleased with the results seen so far from the East Lusk Federal #1 well and, although there is no guarantee that the second well will produce similar results, the Company is very encouraged by the fact that Cimarex Energy has drilled numerous successful wells in the Bone Spring play, and in this area.
FieldPoint's President and CEO, Ray Reaves stated, "This horizontal well project was originally announced in 2010, and produced the first well in December 2011. If the results hold, we are extremely excited about the prospects of drilling a third well on this property. Our partner, Cimarex Energy is one of the best in the industry at completing wells in the Bone Spring formation."
Mr. Reaves went on to add, "I would also like to remind our shareholders at this time that our costless collar hedging program announced earlier this year has locked in 200 barrels of oil per day at a price of $95 through December 31 of this year. This program is now providing us with the protection against volatile market pricing that we sought when it was initiated, and consequently we are able to continue our program of increasing both production and reserves to build greater shareholder value."
FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two planned wells.
Ok time to get in. EORIF Enhanced Oil Resources. 3 well drilling program to start in 10 days. June 16.
$25 million in cash, no debt, $25 million credit facility, 435 Bopd current production, 2 of the 3 oilfield assets valued at $55 million. Market cap of only $20 million, .12-.13.
The catalyst will be the drilling results.
Best Quarter Ever .10 Cents a Share earning
Looks like the trading of the new warrants have settled in around 1.40. Leaving the stock around 4.50. Warrants are carrying a time premium on the 6 years of around .90.
FieldPoint Petroleum Announces Beginning of Warrant Trading
2012-03-27 06:07 ET - News Release
AUSTIN, Texas, March 27, 2012 /PRNewswire/ -- FieldPoint Petroleum Corporation (AMEX: FPP) announced today that Warrants recently issued to its shareholders as a dividend may begin trading on the American Stock Exchange as early as today, March 27, symbol (FPP WS).
FieldPoint President and CEO, Ray D. Reaves, said, "The wheels are in motion for possible record breaking revenues in the first quarter of 2012, and we have every reason to believe that this trend could continue throughout the year. We wanted to find a way that our shareholders could have additional participation in the Company's growth without making additional financial commitments before our results are known. I'm very pleased to say that I believe our Warrant Dividend program has done that."
The Warrants grant each shareholder the right to purchase one additional share of Common Stock for each share held on the Record Date (March 23, 2012), for a period of six years, at an exercise price of $4.00 per share. The Warrant will be distributed as soon as practicable after the Record Date.
Following the distribution of the Warrant, the Company will file a Registration Statement on Form S-3 registering the shares of Common Stock issuable upon exercise of the Warrants (the "Registration Statement"). The Warrants will not be exercisable until the Registration Statement is declared effective by the SEC.
More Details Regarding the Warrant:
The dividend will consist of one (1) newly authorized Common Stock Purchase Warrant (the "Warrant") to be distributed for every one (1) share of the Company's Common Stock owned as of the Record Date. Following the Record Date, the Company's Common Stock will trade ex-dividend on the NYSE Amex Exchange. The Company has the right to call the Warrant for redemption in the future under certain circumstances, including the requirement that the market price of the Common Stock equal or exceed 150% of the exercise price of the Warrant ($6.00). If the Company exercises such a redemption right, holders of the Warrant will have 30 days to exercise the Warrants. Holders would be under no obligation to exercise the Warrants but would surrender them if they choose not to do so.
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
~ Monday! $FPP ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $FPP ~ Earnings expected on Monday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=FPP&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=FPP&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=FPP
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=FPP#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=FPP+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=FPP
Finviz: http://finviz.com/quote.ashx?t=FPP
~ BusyStock: http://busystock.com/i.php?s=FPP&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=FPP >>>>>>
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*If the earnings date is in error please ignore error. I do my best.
New date for Warrants....
FieldPoint Petroleum Announces New Record Date for Warrant Dividend
2012-02-29 12:09 ET - News Release
AUSTIN, Texas, Feb. 29, 2012 /PRNewswire/ -- FieldPoint Petroleum Corporation (AMEX:FPP) announced today that its Board of Directors has set a new record date for its previously announced warrant dividend to shareholders. The new record date will be at the close of business on March 23, 2012 (the "Record Date").
In a press release dated January 12, 2012, the Company announced that the prior record date was rescinded to allow for time to resolve certain regulatory issues.
The Warrant shall grant the holder the right to purchase one additional share of Common Stock for each share held on the Record Date, for a period of six years, at an exercise price of $4.00 per share. The Warrant will be distributed as soon as practicable after the Record Date. We currently expect the dividend will be paid on March 26, 2012 and that the common stock will trade ex-dividend beginning March 28, 2012. The Company will provide an update if these target dates are modified.
Following the distribution of the Warrant, the Company will file a Registration Statement on Form S-3 registering the shares of Common Stock issuable upon exercise of the Warrants (the "Registration Statement"). The Warrants will not be exercisable until the Registration Statement is declared effective by the SEC.
Also, the Company is applying to have the Warrants approved to list and trade on the NYSE-AMEX exchange separately from the Common Stock.
FieldPoint President and CEO Ray D. Reaves said, "I am extremely pleased that we have found a way to reward our loyal shareholders in a manner that allows them to further share in the future successes of FieldPoint without having to make a financial commitment today."
More Details Regarding the Warrant:
The dividend will consist of one (1) newly authorized Common Stock Purchase Warrant (the "Warrant") to be distributed for every one (1) share of the Company's Common Stock owned as of the Record Date. The Company has the right to call the Warrant for redemption in the future under certain circumstances, including the requirement that the market price of the Common Stock equal or exceed 150% of the exercise price of the Warrant ($6.00). If the Company exercises such a redemption right, holders of the Warrant will have 30 days to exercise the Warrants. Holders would be under no obligation to exercise the Warrants but would surrender them if they choose not to do so.
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
Now withdraws registration....
Hummm. any idea what this does for the warrants?
February 17, 2012
Norman von Holtzendorff
United States Securities and Exchange Commission
Division of Corporate Finance
100 F Street, N.E.
Washington, D.C. 20549-7010
Re:FieldPoint Petroleum Corporation
Registration on Form S-3
Filed December 29, 2011
File No. 333-178818
Ladies and Gentlemen:
Please be advised that FieldPoint Petroleum Corporation (the “Company”) hereby requests withdrawal of the above-mentioned Registration Statement on Form S-3 pursuant to Rules 477 and 478 of Regulation C promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”).
Sincerely,
FIELDPOINT PETROLEUM CORPORATION
__/s/ Ray D. Reaves_____
Ray D. Reaves, President
Stock offering/Warrants Approved by SEC
http://sec.gov/Archives/edgar/data/316736/000101103412000040/f424b3120911.htm
PROSPECTUS
FIELDPOINT PETROLEUM CORPORATION
$20,000,000
Common Stock
Warrants
Convertible Debt Securities
Debt Securities
Rights
Units
FieldPoint Petroleum Corporation may offer and sell from time to time up to $20,000,000 of its shares of common stock, par value $0.01, warrants, convertible debt securities, debt securities, rights or units or any combination of these securities, in one or more transactions on terms to be determined at the time of sale.
This prospectus provides you with a general description of the securities that we may offer. Each time that securities are offered and sold by us using this prospectus, we will provide a supplement to this prospectus that contains specific information about the offering, including the offering price of the securities. The supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and the prospectus supplement, together with any additional information which is incorporated by reference into this prospectus before you invest in our securities.
We may sell the securities to or through underwriters, dealers or agents or directly to purchasers on a continuous or delayed basis. The prospectus supplement, which we will provide to you each time we offer securities, will set forth the names of any underwriters, dealers or agents involved in the sale of the securities, and any applicable fee, commission or discount arrangements with them. For additional information on the methods of sale, you should refer to the section entitled "Plan of Distribution" in this prospectus.
Our common stock is traded on the NYSE Amex under the symbol "FPP.” On November 21, 2011, the closing price for our common stock on the NYSE Amex was $3.38 per share. As of November 21, 2011, the aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was approximately $15,558,732, which was calculated based on 4,603,175 shares of outstanding common stock held by non-affiliates and on a price per share of $3.38, the closing price of our common stock on NYSE Amex on November 21, 2011. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell our common stock in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million. We have not offered any securities pursuant to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to and including the date of this prospectus.
This prospectus may not be used to offer and sell securities unless accompanied by the applicable prospectus supplement.
FPP may go forward with a 3rd well even before the 2nd is completed!
FieldPoint Petroleum Announces Additional Drilling Plans for Lea County, New Mexico
Date : 02/15/2012 @ 7:40AM
Source : PR Newswire
Stock : Fieldpoint (FPP)
Quote : 5.31 0.0 (0.00%) @ 7:10AM
AUSTIN, Texas, February 15, 2012 /PRNewswire/ --
FieldPoint Petroleum Corporation (NYSE/AMEX:FPP) today reported on its plans for additional drilling in the East Lusk Federal 15 field in Lea County, New Mexico.
FieldPoint's President and CEO, Ray Reaves stated, "We continue to be very satisfied with the performance of our first well on this property, and are pleased to report that the permit has been filed for well #2. Due to restrictions during the nesting season of a native bird, the 'Lesser Prairie Chicken,' drilling cannot be started before late June. After further evaluation of this property, and our success to date, serious consideration is being given to the drilling of a third well. This may be influenced by the results of well #2, but will not be totally dependent on them."
As with the first well on this lease, FieldPoint will own a 43.75% working interest in well #2.
Mr. Reaves added, "Although this field stands to significantly enhance our position with regard to both reserves and production, we continue to aggressively pursue all acquisition and explorations opportunities that have potential for increasing shareholder value. We are still very early in 2012, but it is looking like a very good year for FieldPoint."
About FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit http://www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at http://www.sec.gov).
FPP: Not new but worth a read http://finance.yahoo.com/news/Exclusive-Interview-With-The-twst-933807274.html?x=0
TWST: FieldPoint's continued ability to expand depends on its ability to raise capital. Would you comment on the overall strength of the company's balance sheet at this time?
Mr. Reaves: As I said earlier, we are in our ninth year of profitability and strong cash flow. The fact that we have been able to generate strong positive cash flow, over the last few years in particular, has led to a very strong balance sheet. Our debt levels for the last couple of years have remained flat to stable, and we've increased cash on hand over that time frame. So we've been able to generate enough cash to pay for this first well that we're drilling with Cimarex. We believe that cash flow model is intact and will sustain itself. We believe that we will have sufficient cash flow to meet all of our capex requirements between the next 12 to 24 months without any problems. We have not been big on hitting the equity markets. That is a consideration. We have recently filed a shelf registration statement, which will allow us access to capital markets if we choose to do so. But right now, at this point, cash flow is king for us, and we don't see any problems meeting any of our budget requirements going forward.
Well#2 company moving very fast to more BPOD
FieldPoint Petroleum Plans for Second Well in Lea County, New Mexico
Date : 01/09/2012 @ 6:48AM
Source : PR Newswire
Stock : Fieldpoint (FPP)
Quote : 4.64 0.0 (0.00%) @ 2:05AM
AUSTIN, Texas, January 9, 2012 /PRNewswire/ --
FieldPoint Petroleum Corporation (NYSE/AMEX: - FPP), today announced that the Company plans to move forward with drilling a second well in section 15 of the East Lusk Federal field in Lea County, New Mexico.
FieldPoint's President and CEO, Ray Reaves, said "We are excited that our drilling partner has filed the permit for well number two on this property. As you know, this well had been planned contingent upon the results from well #1, which we have been very pleased with to date. With continued success, this drilling program has the potential to take FieldPoint to the next level in terms of revenue, earnings and reserves. We are now taking a hard look at other possible drilling sites on this property but we remain committed to exploring all opportunities with the goal of continuing to build shareholder value."
As with the recently completed well #1 in this section, the Company will have a 43.75% working interest in this well. We believe that this well could be completed in the third quarter of this year, pending permit approvals, weather and other variables outside our control.
About FieldPoint Petroleum Co. http://www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and for unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at http://www.sec.gov).
751 BBPD at $103 is Great News on Well #1 soon they will start well #2
This is only well #1 too. More wells to be drilled
751 BOPD @ 103 oil....$28 million dollar well.
FPP wi of 43.75 is $12 million a year.
With 8 million share out, that's $1.50 a share of revenues. So why is this stock still at $4?
Guess we will have to wait until the Quarterly comes out.
Great News....
We can now report that the well has reached an oil production rate of 751 BOPD, with natural gas flowing at a rate of 494 MCFPD."
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