AUSTIN, Texas, Oct. 6, 2016 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT:FPP) today announced a Sixth
Amendment to Loan Agreement with Citibank, which includes a
forbearance agreement. The terms and conditions of the forbearance
agreement may be seen in a Form 8-K filed today with the Securities
and Exchange Commission.
Phillip Roberson, President and
CFO of FieldPoint, stated, "This is a very important first step to
stabilize the Company and afford us the ability to aggressively
look for opportunities to grow during our recovery from the
depressed oil and gas market of the past many months. Citibank has
been a great banking partner to work with during this difficult
time. Extending the due date of our current loan from this month to
January 1, 2018, as well as granting
a forbearance, shows support for, and confidence in, the plan that
FieldPoint has initiated in order to maintain our listing with the
NYSE. The events of today also allow us to move forward with the
previously announced transaction between FieldPoint and HFT, which
we now expect to complete promptly. This transaction is an
important next step in our recovery plan. The oil and gas industry
as a whole is having to deal with many of the same issues facing
FieldPoint. We are very fortunate to have partners like Citibank
and HFT supporting us in this effort."
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