FIELDPOINT PETROLEUM REPORTS RESULTS FOR FISCAL YEAR 2016
Thursday, April 6th, 2017 and is filed under Uncategorized
FieldPoint Petroleum REPORTS
RESULTS FOR FISCAL YEAR 2016
AUSTIN, TX – March 31, 2017 – 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.”