The company reported revenues of $1.51 million for the first quarter of 2008, a 67% increase, compared to $901,512 for the same period of 2007. The company reported earnings per share, both basic and fully diluted, of $0.04, compared to $0.02 for the same period of 2007.
Ray Reaves, president and CEO of FieldPoint, said: An overall barrel of oil equivalent production was up 7% for the quarter ended March 31, 2008 as compared to the same period in 2007. This increase, combined with higher oil and natural gas prices, led to a significant increase in revenues and earnings per share for the period.
The increase in revenue is attributed primarily to a 65% increase in oil prices, which averaged approximately $92.65 per barrel, and a 22% increase in natural gas prices which averaged approximately $6.97 per million cubic feet in 2008.
