Welcome!

Apache Authors: William Schmarzo, Christopher Harrold, Elizabeth White, Talend Inc., Adrian Bridgwater

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
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...