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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fieldpoint Petroleum Corp (CE) | USOTC:FPPP | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Colorado
|
|
84-0811034
|
(State or Other
Jurisdiction of
Incorporation or
Organization)
|
|
(I.R.S.
Employer
Identification
No.)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☒
|
|
|
Emerging
growth company
|
☐
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,
|
September
30,
|
||
|
2017
|
2016
|
2017
|
2016
|
REVENUE:
|
|
|
|
|
Oil and natural gas
sales
|
$
682,703
|
$
635,489
|
$
2,378,406
|
$
1,955,263
|
Well operational
and pumping fees
|
1,263
|
1,262
|
3,786
|
3,786
|
Disposal
fees
|
17,175
|
24,881
|
57,066
|
67,876
|
Total
revenue
|
701,141
|
661,632
|
2,439,258
|
2,026,925
|
|
|
|
|
|
COSTS
AND EXPENSES:
|
|
|
|
|
Production
expense
|
453,605
|
608,252
|
1,761,123
|
1,949,616
|
Depletion and
depreciation
|
168,465
|
267,800
|
538,573
|
895,400
|
Accretion of
discount on asset retirement obligations
|
26,000
|
28,000
|
78,000
|
82,000
|
General and
administrative
|
283,968
|
323,223
|
847,910
|
988,025
|
Total costs and
expenses
|
932,038
|
1,227,275
|
3,225,606
|
3,915,041
|
|
|
|
|
|
OPERATING
LOSS
|
(230,897
)
|
(565,643
)
|
(786,348
)
|
(1,888,116
)
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
Interest
income
|
15
|
16
|
44
|
787
|
Interest
expense
|
(40,621
)
|
(64,819
)
|
(173,952
)
|
(191,201
)
|
Gain on sale of oil
and natural gas property
|
1,173,193
|
-
|
3,203,670
|
-
|
Miscellaneous
|
237
|
147
|
494
|
271
|
Total other income
(expense)
|
1,132,824
|
(64,656
)
|
3,030,256
|
(190,143
)
|
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
901,927
|
(630,299
)
|
2,243,908
|
(2,078,259
)
|
|
|
|
|
|
INCOME
TAX EXPENSE – CURRENT
|
(822
)
|
-
|
(4,668
)
|
-
|
TOTAL
INCOME TAX PROVISION
|
(822
)
|
-
|
(4,668
)
|
-
|
|
|
|
|
|
NET
INCOME (LOSS)
|
$
901,105
|
$
(630,299
)
|
$
2,239,240
|
$
(2,078,259
)
|
|
|
|
|
|
EARNINGS
(LOSS) PER SHARE:
|
|
|
|
|
BASIC
|
$
0.08
|
$
(0.07
)
|
$
0.21
|
$
(0.23
)
|
DILUTED
|
$
0.08
|
$
(0.07
)
|
$
0.21
|
$
(0.23
)
|
|
|
|
|
|
WEIGHTED
AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
BASIC
|
10,669,229
|
8,899,992
|
10,652,218
|
8,893,386
|
DILUTED
|
10,669,229
|
8,899,992
|
10,652,218
|
8,893,386
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
|
September
30,
|
|
|
2017
|
2016
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
Net income
(loss)
|
$
2,239,240
|
$
(2,078,259
)
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
|
|
Depletion and
depreciation
|
538,573
|
895,400
|
Accretion of
discount on asset retirement obligations
|
78,000
|
82,000
|
Stock compensation
expense
|
-
|
13,750
|
Gain on sale of oil
and natural gas property
|
(3,203,670
)
|
-
|
Changes in current
assets and liabilities:
|
|
|
Accounts
receivable
|
(82,558
)
|
184,838
|
Prepaid income
taxes
|
(13,825
)
|
5,240
|
Prepaid expenses
and other current assets
|
(21,130
)
|
5,618
|
Accounts payable
and accrued expenses
|
23,035
|
31,554
|
Oil and gas
revenues payable
|
(19,769
)
|
(2,483
)
|
Net cash used in
operating activities
|
(462,104
)
|
(862,342
)
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|
|
Additions to oil
and natural gas properties and other equipment
|
(349,069
)
|
(96,618
)
|
Proceeds from sale
of oil and natural gas property
|
3,345,000
|
-
|
Net cash provided
by (used in) investing activities
|
2,995,931
|
(96,618
)
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|
|
Payments on line of
credit
|
(3,115,000
)
|
-
|
Net proceeds from
issuance of common stock
|
187,220
|
-
|
Net cash used in
financing activities
|
(2,927,780
)
|
-
|
|
|
|
NET
CHANGE IN CASH AND CASH EQUIVALENTS
|
(393,953
)
|
(958,960
)
|
|
|
|
CASH AND CASH EQUIVALENTS,
beginning of
the period
|
880,067
|
1,467,279
|
|
|
|
CASH AND CASH EQUIVALENTS,
end of the
period
|
$
486,114
|
$
508,319
|
|
|
|
SUPPLEMENTAL
INFORMATION:
|
|
|
Cash paid during
the period for interest
|
$
200,758
|
$
191,806
|
Cash paid during
the period for income taxes
|
$
13,100
|
$
2,174
|
Change in accrued
capital expenditures
|
$
69,591
|
$
54,932
|
|
For the Three
Months Ended
September
30,
|
For the Nine
Months Ended
September
30,
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Net income
(loss)
|
$
901,105
|
$
(630,299
)
|
$
2,239,240
|
$
(2,078,259
)
|
|
|
|
|
|
Weighted average
common stock outstanding
|
10,669,229
|
8,899,992
|
10,652,218
|
8,893,386
|
Weighted average
dilutive effect of stock warrants
|
-
|
-
|
-
|
-
|
Dilutive weighted
average shares
|
10,669,229
|
8,899,992
|
10,652,218
|
8,893,386
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
Basic
|
$
0.08
|
$
(0.07
)
|
$
0.21
|
$
(0.23
)
|
Diluted
|
$
0.08
|
$
(0.07
)
|
$
0.21
|
$
(0.23
)
|
|
Quarter Ended
September 30,
|
|
|
2017
|
2016
|
Revenue:
|
|
|
Oil
sales
|
$
632,970
|
$
564,496
|
Natural gas
sales
|
49,733
|
70,993
|
Total oil and
natural gas sales
|
$
682,703
|
$
635,489
|
|
|
|
Sales
volumes:
|
|
|
Oil
(Bbls)
|
14,233
|
15,288
|
Natural gas
(Mcf)
|
17,807
|
30,562
|
Total
(BOE)
|
17,201
|
20,382
|
|
|
|
Average sales
prices:
|
|
|
Oil
($/Bbl)
|
$
44.47
|
$
36.92
|
Natural gas
($/Mcf)
|
2.79
|
2.32
|
Total
($/BOE)
|
$
39.69
|
$
31.18
|
|
|
|
Costs and expenses
($/BOE)
|
|
|
Production expense
(lifting costs)
|
$
26.37
|
$
29.84
|
Depletion and
depreciation
|
9.80
|
13.14
|
Accretion of
discount on asset retirement obligations
|
1.51
|
1.37
|
General and
administrative
|
16.51
|
15.86
|
Total
|
$
54.19
|
$
60.21
|
|
Nine Months
Ended
September
30,
|
|
|
2017
|
2016
|
Revenue:
|
|
|
Oil
sales
|
$
2,143,326
|
$
1,782,213
|
Natural gas
sales
|
235,080
|
173,050
|
Total oil and
natural gas sales
|
$
2,378,406
|
$
1,955,263
|
|
|
|
Sales
volumes:
|
|
|
Oil
(Bbls)
|
44,947
|
50,230
|
Natural gas
(Mcf)
|
79,732
|
84,633
|
Total
(BOE)
|
58,235
|
64,336
|
|
|
|
Average sales
prices:
|
|
|
Oil
($/Bbl)
|
$
47.69
|
$
35.48
|
Natural gas
($/Mcf)
|
2.95
|
2.04
|
Total
($/BOE)
|
$
40.84
|
$
30.39
|
|
|
|
Costs and expenses
($/BOE)
|
|
|
Production expense
(lifting costs)
|
$
30.24
|
$
30.30
|
Depletion and
depreciation
|
9.25
|
13.92
|
Accretion of
discount on asset retirement obligations
|
1.34
|
1.27
|
General and
administrative
|
14.56
|
15.36
|
Total
|
$
55.39
|
$
60.85
|
Exhibits
|
|
|
|
Certifications
of Chief Executive Officer
|
|
Certifications
of Chief Financial Officer
|
|
Certification
of Chief Executive Officer Pursuant to U.S.C. Section
1350
|
|
Certification
of Chief Financial Officer Pursuant to U.S.C. Section
1350
|
|
101.INS
|
XBRL
Instance Document
|
101.SCH
|
XBRL
Schema Document
|
101.CAL
|
XBRL
Calculation Linkbase Document
|
101.LAB
|
XBRL
Label Linkbase Document
|
101.PRE
|
XBRL
Presentation Linkbase Document
|
101.DEF
|
XBRL
Definition Linkbase Document
|
Date: November
14, 2017
|
By:
|
/s/
Roger
D. Bryant
|
|
|
|
Roger D.
Bryant
|
|
|
|
Principal Executive
Officer
|
|
Date: November
14, 2017
|
By:
|
/s/
Phillip
H. Roberson
|
|
|
|
Phillip H.
Roberson
|
|
|
|
Principal Financial
Officer
|
|
1 Year Fieldpoint Petroleum (CE) Chart |
1 Month Fieldpoint Petroleum (CE) Chart |
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