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