FIELDPOINT PETROLEUM REPORTS THIRD QUARTER RESULTS AND PROVIDES UPDATE ON DRILLING ACTIVITY
Friday, November 14th, 2014 and is filed under Drilling and Production Update, Financial Updates, Management Updates
AUSTIN, TX – (PR NEWSWIRE) – November 14, 2014 - FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its third quarter financial results for the three months ended September 30, 2014.
Phillip Roberson, President and CFO, stated, “Our third quarter results reflect the continued curtailment of production of oil and gas from our Bone Spring wells in New Mexico due to the limited take away capacity of our midstream purchaser. This combined with lower commodity pricing accounts for an approximate $262,000 reduction in revenue for this quarter compared to the same quarter a year ago. Fortunately, production from the Ranger wells contributed enough to mitigate a good portion of the Bone Spring shortfall. If the processing capacity issue is corrected as anticipated in early 2015, we should see an overall increase in production volumes. A non-cash charge to earnings resulting from an equity compensation expense in this quarter accounts for an approximate $112,000 reduction in earnings compared to the same quarter in 2013.”