AUSTIN, Texas, Nov. 14, 2018 /PRNewswire/ — FieldPoint Petroleum Corporation (OTCBB: FPPP) today announced financial results for the third fiscal quarter ended September 30, 2018.
Phillip Roberson, President and CFO, said, “Revenues were down year over year due primarily to the sale of our Apache Bromide production, which occurred in 2017. The Apache Bromide was a high operating cost asset that did not contribute significantly to the bottom line. We did not have a similar sale in 2018, although we are considering that possibility in the future. I am pleased to announce that we have been able to extend our forbearance agreement with Citibank until March 31, 2019, giving us some latitude to evaluate and consider merger, acquisition, and financing opportunities that have been difficult to pursue under a shorter forbearance period.”
Third Quarter 2018 Financial Highlights Compared to the same period in 2017
- Revenues decreased to $597,649 from $701,141;
- Net Loss decreased to ($139,462) from Net Gain of $901,105 and
- Net Loss per share increased, to $(0.01) from a Net Gain per share of $0.08.
Mr. Roberson added, “The improvement that we have seen in commodity pricing, although still unstable, has been a significant factor in our ability to work our way out from under this long-depressed market. Signs of continued market improvements are encouraging, and we expect to be able to show significant growth in 2019.”
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.