In the fourth quarter of 2009, oil production was approximately 19,300 barrels and natural gas production was approximately 47,071mcf. This represents increases of approximately 39% for oil production and 26% for gas production over the same quarter in 2008.
The company said that in large part, the overall increases in production are due to the acquisition of the South Vacuum field, the Block Field and the re-completion of the Korczak well that came online in October of 2009. By occurring late in the year, these production increases resulted in only a 10% increase on a BOE basis for the 2009 year as compared to 2008.
Ray Reaves, President and CEO of FieldPoint, said: “This did not offset the decline in oil and gas commodity prices that the industry experienced in 2009, resulting in lower revenues for FieldPoint compared to year end results for 2008. Nonetheless, this significant increase in daily production, combined with the more favorable commodity prices of today, gives us reason to have a very optimistic outlook for 2010.”
