Welcome!

Apache Authors: Gilad Parann-Nissany, ChandraShekar Dattatreya, Michael Meiner, MC Brown, Amy Lindberg

News Feed Item

FieldPoint Petroleum Reports Second Quarter Results And Provides Update On Drilling Activity

AUSTIN, Texas, Aug. 13, 2014 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its second quarter financial results for the three months ended June 30, 2014.

Phillip Roberson, FieldPoint President, COO and CFO, stated, "Our second quarter results were much better than they appear on the surface. We are very fortunate that our new Ranger wells were coming online as we were faced with lower production from our Bone Spring wells in New Mexico, due to a bottleneck in processing capacity in that area. Our drilling partner, Cimarex Energy, made the decision to do pump upgrades during this period of slow production.  This should improve future production, but added to operating costs in this quarter.  In spite of being faced with some additional loss of production, we chose to continue our workover and recompletion efforts with legacy properties.  The end result is that we believe the lower earnings for this quarter will be paid back quickly in future production. I think it is important to note that so far this year we have completed four new horizontal wells in the Ranger Project and performed upgrades to several existing wells, adding significantly to future production expectations, and we have only added $500,000 of debt."

Financial Highlights for the Three Months Ended June 30, 2014 Compared to the Three Months Ended June 30 2013:

  • Total revenues increased to $2,398,309 from $2,297,683;
  • Net Income decreased to $227,007 from $376,537;
  • Earnings per share decreased to basic $0.03 and fully diluted $0.02, from $0.05 and $0.05 respectively; and
  • Adjusted EBITDAX (earnings before interest, taxes, depletion, amortization, exploration expense, and the effects of oil hedges) decreased to basic $0.13 and fully diluted $0.11, from $0.17 and $0.17 respectively.

Total revenue increased to $2,398,309 from $2,297,683 in the year ago quarter.  We produced 30,743 BOE in the current quarter at $77.01 per BOE versus 28,724 BOE at $75.42 per BOE in the year ago quarter.  We were pleased with the contribution from our Ranger 8A-1H and 11A-1H wells; however this was offset by lower production from our three Bone Spring wells due to a bottleneck in gas takeaway and processing capacity in the area.  We have been informed that the capacity will be increased by Q1 of 2015, which will allow us to increase production and drill our fourth Bone Spring well. Non-operated lease operating expenses also increased significantly during quarter from $680,240 in the year ago quarter to $985,810 in the current quarter.  This was mainly due to non-operated lease expenses for the Bone Spring wells; including pump upgrades which we believe will increase future production. We also saw an increase in lease operating expenses in our Apache Bromide field related to pump upgrades and we expect this to contribute to higher production in the coming quarters as well. 

Mr. Roberson added, "We have chosen to add the following new table of data to our reporting, which we believe will allow our shareholders to better compare our performance with other oil and gas companies. We plan to continue this in the future and hope you find it useful."

Adjusted EBITDAX

The Company defines Adjusted EBITDAX as income (loss) before income taxes; exploration expense; depreciation, depletion, and amortization (DD&A); impairments; interest expense; total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives; and certain items not related to the Company's normal operations. Management believes that the presentation of Adjusted EBITDAX provides information useful in assessing the Company's financial condition and results of operations and that Adjusted EBITDAX is a widely accepted financial indicator of a company's ability to incur and service Debt and fund capital expenditures.

Non-GAAP Measure Reconciliation


Three Months Ended


June 30,


2014


2013

NET INCOME

$           227,007


$            376,537





Add back




Interest

62,784


61,052

Taxes

133,000


223,000

Depletion and depreciation

623,500


490,500

Accretion

25,000


24,000

Exploration expense

0


164,204

Net Effect of Oil hedges (gains), losses

(5,327)


0





ADJUSTED EBITDAX

$        1,065,964


$         1,339,293





ADJUSTED EBITDAX PER SHARE




BASIC

$                      0.13


$                       0.17

DILUTED

$                      0.11


$                       0.17





WEIGHTED AVERAGE SHARES OUTSTANDING




BASIC

8,070,386


8,066,039

DILUTED

10,042,271


8,066,039

 

 

Update on Drilling Activity:

We are pleased with the progress of our Ranger project.  We are evaluating the results of the first four wells with our partner to both maximize production and reduce overall drilling costs as we proceed. In addition, we will continue to recomplete and workover wells in our existing portfolio and continue to find new drilling opportunities.  We are looking forward to drilling a fourth Bone Spring well in New Mexico, and to increased production as processing capacity is increased in the area.

Summary of Recent Drilling Activity:
Well #1 – Ranger  8A-1H Successful Completion 2-10-14, In Production all of Q2
Well #2 – Ranger 11A-1H Successful Completion 5-9-14, In Production 1 Month of Q2
Well #3 – Ranger  8A-2H Successful Completion 7-6-14, Cleaned out Lateral, Flowing Back
Well #4 – Ranger  8A-3H Successful Completion 7-10-14, In Production

Block 6 Z1 - Andrews County, TX - Recompleting in Wolfcamp Lime – Swabbing Back
Sulimar #2 - New Drill Queen Sand Formation, Chaves County NM – Awaiting Permit
Block A-49 - Andrews County, TX – Recompleting in the Devonian – Awaiting Permit

About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, 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 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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...