FieldPoint Petroleum Corporation (FPP) reported that the borrowing base available to the company under its bank line of credit has been increased to $11.0 million. This increase was approved following a routine year-end engineering review of the line by Citibank.
Ray Reaves, President and CEO of FieldPoint stated, "We are very pleased that Citibank has recognized the size and quality of our growing asset base. In this weak economy, we consider this to be a strong endorsement from our banking partner. I would like to also mention that the Costless Collar Hedging Agreement that we announced on April 23, 2012 was secured through the services of CitiBank. That agreement will be in effect from July 1 through December 31 of this year, and has a floor of $95.00 and a ceiling of $110.30. Together, these two components make us feel very comfortable about the remainder of 2012. We are currently hedged through June 30 of this year with a floor of $95 and a ceiling of $106.50."