Operational Updates | Quarterly / Earnings Reports
Fieldpoint's Texas Ops Grow Revenues 44%
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FieldPoint Petroleum Corporation reported financial results for the fiscal year ended December 31, 2012.
Ray Reaves, President and CEO of FieldPoint, stated, "The most significant events for FieldPoint in 2012 were certainly the completion of our first two wells in the Lusk Field of Lea County, New Mexico. Both wells contributed to last year's earnings, and we now plan to drill a third well on this property that we expect could also contribute significantly to our long-term goal of increasing both reserves and production. We anticipate that this New Mexico project will have a very positive impact on 2013."
Revenues for 2012 increased 44% over the prior year, primarily as a result of increased oil production. Net income for 2012 increased 250% over 2011.
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