AUSTIN, Texas, April 2, 2018 /PRNewswire/ — FieldPoint Petroleum Corporation (OTCBB: FPPP) today announced financial results for the fiscal year ended December 31, 2017.
Phillip Roberson, President and CFO, said, “The past three years have been challenging for the oil and gas industry, but 2017 brought signs of recovery. Our revenues increased toward year end, but more importantly, market improvement made it possible for us to divest some non-producing assets and pay down a significant portion of our debt. This also made it possible for us to show a net income of $2,666,253 in 2017 versus a net loss of $2,473,147 in the prior year. During 2017, we received excellent support from the New York Stock Exchange, but unfortunately, we were unable to maintain the required net asset base and began trading on the OTC Bulletin Board Market (OTCBB: FPPP). Also, during the year, our banking partner, Citibank N.A., entered into a forbearance agreement with us, which has been extended until June 2018.”
2017 Financial Highlights Compared to 2016
- Revenues increased to $3,036,132 from $2,800,921;
- Net Income increased to $2,666,253 from ($2,473,147) and
- Income per share increased, basic to $0.25 from ($0.27) and fully diluted to $0.25 from (0.27).
Mr. Roberson concluded, “These last few years have taken a toll on everyone in our industry, but the future is beginning to look much brighter. We appreciate all the support we have received from our bankers, the Exchange, and especially our shareholders. I believe we now have a promising future, even though there is still much to be accomplished.”
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.