Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 November 16, 2015 - 4:33 PM EST
Print Email Article Font Down Font Up
FieldPoint Petroleum Reports Third Quarter Results

AUSTIN, Texas, Nov. 16, 2015 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its third quarter financial results for the three months ended September 30, 2015.

FieldPoint Petroleum Corporation Logo

Financial Highlights for the Three Months Ended September 30, 2015 Compared to the Three Months Ended September 30, 2014:

  • Total revenues decreased to $957,482 from $2,367,593;
  • Net Income (Loss) decreased to a Loss of ($276,289) from Income of $139,632;
  • Earnings (Loss) per share decreased to a Loss of ($.03) on both basic and fully diluted basis, from an Income of $0.02 on both basic and fully diluted; and
  • Adjusted EBITDAX (earnings before interest, taxes, depletion, amortization, exploration expense, non-cash equity compensation expense and the effects of oil hedges) per share decreased to ($0.02) on both basic and fully diluted basis, from $0.12 and $0.11 respectively.

The decrease in total revenues from the same quarter a year ago was primarily due to lower commodity prices and a decrease in production.

Phillip Roberson, President and CFO of FieldPoint, stated, "This was obviously another challenging quarter for FieldPoint, as well as the oil and gas industry as a whole.  We are focused on maximizing our production and lowering our operating costs in this low price environment.  However, we continue to search for and evaluate all possible opportunities to grow as we wait for prices to improve."

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, less non-cash compensation expense; 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


Unaudited September 30,



2015

2014

NET INCOME


$   (276,289)

$   139,632





Add back




Interest


65,392

64,473

Taxes


(154,870)

95,543

Depletion and depreciation


475,800

583,500

Accretion


26,000

27,000

Exploration expense


2,610

0

Net Effect of Oil hedges (gains), losses


(299,298)

(44,000)

Non-cash equity compensation expense


16,042

112,292





ADJUSTED EBITDAX


$   (144,613)

$   978,440





EARNINGS PER SHARE




BASIC


$         (0.03)

$         0.02

DILUTED


$         (0.03)

$         0.02





ADJUSTED EBITDAX PER SHARE




BASIC


$         (0.02)

$         0.12

DILUTED


$         (0.02)

$         0.11





WEIGHTED AVERAGE




SHARES OUTSTANDING




BASIC


8,621,410

8,119,903

DILUTED


8,621,410

9,149,297

 

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).

Logo - http://photos.prnewswire.com/prnh/20150701/227657LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fieldpoint-petroleum-reports-third-quarter-results-300179566.html

SOURCE FieldPoint Petroleum Corporation


Source: PR Newswire (November 16, 2015 - 4:33 PM EST)

News by QuoteMedia
www.quotemedia.com