AUSTIN, Texas, March 30, 2015 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT:FPP) today announced financial
results for the fiscal year ended December
31, 2014.
Phillip Roberson, President and
CFO, said, "It was obviously a very challenging fourth quarter for
FieldPoint, as well as the energy industry as a whole. Our
loss for the year was attributable to a $3,085,787 non-cash impairment charge, due to the
precipitous drop in commodity prices. As we have previously stated,
we made the decision early on to suspend all new drilling projects
in order to conserve capital. We have also suspended noncritical
workover projects, and have focused on reducing all discretionary
spending. As a result, we are seeing a significant reduction in
general and administrative expenses and lease operating costs. Our
historically conservative approach to property acquisition, as well
as other spending, combined with our relatively low debt has helped
position us to better withstand this sort of economic compression."
2014 Financial Highlights Compared to 2013
- Revenues decreased to $9,232,297 from $10,541,231;
- Net Income (Loss) decreased to a Loss of ($1,947,940) from Income of $1,278,997; and
- Earnings (Loss) per share decreased, basic to ($.24) from $0.16
and fully diluted to ($.24)
from $0.15
Mr. Roberson concluded with, "Most industry downturns create
unusual opportunities for those positioned to take advantage. We
are openly pursuing such opportunities, but will continue to hold
our conservative position with regard to exposing the company to
economic risk. As all of you who invest in this industry are aware,
it is cyclical and we are trying our best to be positioned to take
advantage of the upturn as it occurs. Finally, I want to again
thank all of our shareholders for your continued support."
FieldPoint Petroleum Corporation is engaged in oil and natural
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 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 natural gas prices and unexpected
decreases in oil and natural 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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SOURCE FieldPoint Petroleum Corporation