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FieldPoint Petroleum Reports Results For Second Quarter 2018

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FieldPoint Petroleum Reports Results For Second Quarter 2018

PR Newswire

AUSTIN, Texas, Aug. 14, 2018 /PRNewswire/ -- FieldPoint Petroleum Corporation (OTC:FPPP) today announced financial results for the second fiscal quarter ended June 30, 2018. 

FieldPoint Petroleum Corporation Logo (PRNewsfoto/FieldPoint Petroleum Corporation)

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

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