AUSTIN, Texas, March 31, 2017 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT:FPP) today announced financial
results for the fiscal year ended December
31, 2016.
Phillip Roberson, President and
CFO, said, "This past year was a challenge for the oil and gas
industry worldwide. Our revenues continued to decline, and we were
unable to hedge against the drop in commodity prices. Fortunately,
we were not faced with a huge impairment charge as in the year
before, but we did incur a GAAP loss of $2,473,147. During 2016, we received excellent
support from the New York Stock Exchange, which accepted our plan
of recovery to maintain our listing. We have until November of this
year to complete that plan as long as we show progress toward this
goal. Consequently, we continue to evaluate possible business
combinations and equity infusions that will contribute to our
reaching this goal. Also during the year, our banking partner,
Citibank N.A., entered into a forbearance agreement with us which
gives us until January 2018 to regain
compliance with the covenants of our loan agreement."
2016 Financial Highlights Compared to 2015
- Revenues decreased to $2,800,921 from $3,969,475;
- Net (Loss) decreased to ($2,473,147) from ($10,983,270) and
- (Loss) per share decreased, basic to ($0.27) from ($1.30) and fully diluted to ($0.27) from ($1.30).
Mr. Roberson concluded with, "The last two years have taken a
toll on everyone in our industry, but we are starting to see some
signs of relief. We are appreciative of the support we have
received from our bankers, the Exchange, our operating partners,
and especially our shareholders, new and old. I want to say thank
you for all of your contributions to our survival."
FieldPoint Petroleum Corporation is engaged in oil and natural
gas exploration, production and acquisition, primarily in
Louisiana, New Mexico, Oklahoma, Texas and Wyoming. For more information,
please visit www.fppcorp.com.
This press release may contain projection and other
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Act of 1934, as amended. Any such projections or
statement reflect the company's current views with respect to
future events and financial performance. No assurances can be
given, however, that these events will occur or that such
projections will be achieved and that actual results could differ
materially from those projected. A discussion of important factors
that could cause actual results to differ from those projected,
such as decreases in oil and natural gas prices and unexpected
decreases in oil and natural gas production is included in the
company's periodic reports filed with the Securities and Exchange
Commission (at www.sec.gov)
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SOURCE FieldPoint Petroleum Corporation