FieldPoint Petroleum has reported revenue of $6.59 million for the year 2008, compared to $4.41 million for the year 2007.

The company has said that the increase in revenue is attributed to increased production and higher oil and natural gas prices, which averaged approximately $97.14 per barrel and $7.91 per million cubic feet (mcf) in 2008, compared to $71.26 per barrel and $6.19 per mcf in 2007.

Ray Reaves, president and CEO of FieldPoint Petroleum, said: "While net income and earnings per share were below our goals for this past year 2008 was still a very significant year for FieldPoint. We have significantly improved our balance sheet and prepared the company for the back drop of lower commodity prices in 2009 and beyond.

"We continue to diligently explore acquisition opportunities and development programs, however, our objective to materially enhance shareholder value by increasing production and reserves will be facing the head wind of low oil and natural gas prices in 2009."

A service of YellowBrix, Inc.