AUSTIN, Texas, Aug. 14, 2017 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE American:FPP) today announced financial
results for the second quarter ended June
30, 2017.
Phillip Roberson, President and
CFO, said, "I am pleased to report this significant progress toward
regaining full compliance with both our lender and the NYSE
American listing requirements. This is due in great part to the
previously announced sale of non-core assets in New Mexico, but also aided by our improved
operating performance. We plan to continue with the current
strategy, and expect to meet our objectives by early November."
Q2 2017 Financial Highlights Compared to Q2 2016
- Total Revenues increased to $899,691 from $780,580;
- Net Income increased to $1,747,186 from a Net Loss of ($587,433); and
- Net Income per share increased, basic to $0.16 from a Net Loss of ($0.07).
Mr. Roberson added, "The energy market is showing signs of
improvement, and our cost containment strategies are working. I
want to thank all of our loyal shareholders who have supported us
through this difficult time. And, once again, I want to express our
appreciation to CitiBank and NYSE Issuer Regulation for their
support and cooperation."
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