AUSTIN, Texas, Nov. 14, 2016 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT:FPP) today announced financial
results for the third quarter, ended September 30, 2016.
Phillip Roberson, President and
CFO, said, "Although our financial performance continues to be
impeded by low commodity pricing, the past few months have been
significant for the Company. As previously mentioned, the NYSE MKT
accepted our plan to regain compliance with its listing standards,
we completed a forbearance agreement with CitiBank, and we
completed the first tranche of a private placement to secure
additional working capital. We continue to pursue all forms of
expansion opportunities that will strengthen our financial
position, and at this point we are becoming very optimistic about
our future. I would also like to thank our shareholders for their
vote of confidence shown by approving all proposals set forth at
our recent annual meeting."
Q3 2016 Financial Highlights Compared to Q3 2015
- Total Revenue decreased to $661,632 from $957,482;
- Net Loss increased to a Loss of ($630,299) from a Loss of ($276,289); and
- Loss per share increased, basic to a Loss of ($.07) from a Loss of ($.03).
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