AUSTIN, Texas, May 15, 2017 /PRNewswire/ -- FieldPoint Petroleum
Corporation (NYSE/MKT:FPP) today announced financial results for
the first quarter ended March 31,
2017.
Phillip Roberson, President and
CFO, said, "We are finally seeing what we believe is a stabilized
commodities market. This is allowing us to focus on our current
priorities of paying down debt and preserving our New York Stock
Exchange Market listing."
Q1 2017 Financial Highlights Compared to Q1 2016
- Revenues increased to $838,426
from $584,713;
- Net Loss decreased to a Loss of ($409,051) from a Loss of ($860,527); and
- Loss per share decreased, basic to a Loss of ($.04) from a Loss of ($.10).
Mr. Roberson added, "Although we have not yet returned to
profitability, we are making progress in that direction. We believe
that with the support we are receiving from our bank, the NYSE, and
our shareholders, we will be able to meet our short-term goals.
Although these goals are critical to our success, they have not
turned us away from our longer-term objective of building
significant shareholder value. We are actively pursuing
opportunities toward that end."
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