AUSTIN, Texas, May 3, 2017 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT:FPP) announced that on April 28, 2017, the Company received notification
from the NYSE MKT ("NYSE MKT" or the "Exchange") that it was
noncompliant with the NYSE MKT continued listing standards;
specifically Section 1003(a)(ii) of the Company Guide. The
Company's stockholders' equity has been 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 (Section
1003(a)(i)) and is now below the $4.0
million threshold required for listed companies that have
reported losses from continuing operations in three of its four
most recent fiscal years (Section 1003(a)(ii)).
The Company has previously submitted a Plan to the Exchange to
regain compliance with Section 1003(a)(i) by November 13, 2017, which Plan has been accepted
by the Exchange. The Company is now required to supplement
the Plan no later than May 30, 2017
to address how it intends to regain compliance with Section
1003(a)(ii). If the supplemented Plan is accepted, the
Company may be able to continue its listing but will be subject to
periodic reviews by the Exchange. If the supplemented Plan is not
accepted or if it is accepted but the Company is not in compliance
with the continued listing standards by November 13, 2017, or if the Company does not
make progress consistent with the Plan, the Exchange will initiate
delisting procedures as appropriate.
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. The Company intends to submit a supplemented Plan based
upon those initiatives on or before the deadline set by the
Exchange.
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