AUSTIN, Texas, May 16, 2016 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the first quarter ended March 31, 2016.
Phillip Roberson, President and CFO, said, "Like most of the oil and gas industry, FieldPoint was hit hard by the continuing decline in commodity prices going into the first quarter of this year. We are continuing to work diligently with our operating partners to reduce expenses, and tightly manage all other outgoing funds. It is very encouraging that commodity prices showed signs of recovery toward the end of the first quarter and continue to do so today."
Q1 2016 Financial Highlights Compared to Q1 2015
- Revenues decreased to $584,713 from $1,116,966;
- Net Income (Loss) increased to a Loss of ($860,527) from a Loss of ($449,754); and
- Earnings (Loss) per share increased, basic to a Loss of ($.10) from a Loss of ($.06).
On May 11, 2016, the Company received notification from the NYSE MKT that it was noncompliant with the NYSE MKT continued listing standards; specifically, Section 1003(a) of the Company Guide related to financial impairment. The Company's stockholders' equity is below the $2.0 million threshold required for listed companies that have reported losses from continuing operations in two of its three most recently completed fiscal years. The Company has 30 days to submit a plan to regain compliance; whereupon the NYSE MKT will have a period of 45 days to evaluate the plan. To be acceptable, a plan must show compliance within 18 months of implementation. The Company is working on several initiatives which, if successful, should result in the Company regaining compliance with the NYSE MKT continued listing standards within the required timeframe.
Mr. Roberson concluded with, "No one can predict where oil and gas prices will be as we go further into the year, but we have demonstrated our ability to survive at lower price points. There are more affordable opportunities to grow in this industry today than there were 18 months ago, and we are diligently working to take advantage of this. We continue to work closely with Citibank, our senior lender, to resolve previously disclosed issues under our line of credit and are optimistic that our banking relationship can be maintained on reasonable terms. We are still climbing out of a hole created by this market, but at last there now appears to be a light at the end of the tunnel."
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)
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fieldpoint-petroleum-reports-results-for-first-quarter-2016-300269298.html
SOURCE FieldPoint Petroleum Corporation