AUSTIN, Texas, Aug. 14, 2018 /PRNewswire/ -- FieldPoint
Petroleum Corporation (OTCBB: FPPP) today announced financial results for the second fiscal quarter ended June 30, 2018.
Phillip Roberson, President and CFO, said, "In the last year, we were able to pay down our
credit line from approximately $6.5 million to a current balance of $2.6
million. A majority of these funds came from disposing of assets with zero value on our balance sheet, resulting in a net
income of $179,263 in this quarter and $1,747,186 in the year ago
quarter."
Second Quarter 2018 Financial Highlights Compared to the same period in 2017
- Revenues decreased to $603,619 from $899,691;
- Net Income decreased to $179,263 from $1,747,186
and
- Net Income per share decreased, to basic $0.02 from $0.16
and fully diluted to $0.02 from $0.16.
Mr. Roberson added, "We recently entered into a third amendment to our forbearance agreement with Citibank, extending it to
September 30, 2018. We are continuing to review our current portfolio to identify and market
non-producing assets to satisfy the remainder of the Citibank revolver. This will assist us in executing the growth
projects that we are contemplating, which may also require seeking additional capital. Each day I feel that we are closer to
putting this dark period behind us and getting back on track with our plan of growth for the company."
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