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.”
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Thursday, November 17th, 2016 and is filed under Uncategorized
AUSTIN, TX – November 14, 2016– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the third quarter, ended September 30, 2016.
Phillip Roberson, President and CFO, said, “Although our financial performance continues to be impeded by low commodity pricing, the past few months have been significant for the Company. As previously mentioned, the NYSE MKT accepted our plan to regain compliance with its listing standards, we completed a forbearance agreement with CitiBank, and we completed the first tranche of a private placement to secure additional working capital. We continue to pursue all forms of expansion opportunities that will strengthen our financial position, and at this point we are becoming very optimistic about our future. I would also like to thank our shareholders for their vote of confidence shown by approving all proposals set forth at our recent annual meeting.”
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Tuesday, October 11th, 2016 and is filed under Uncategorized
October 6, 2016
AUSTIN, Texas, Oct. 6, 2016 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced a Sixth Amendment to Loan Agreement with Citibank, which includes a forbearance agreement. The terms and conditions of the forbearance agreement may be seen in a Form 8-K filed today with the Securities and Exchange Commission.
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Tuesday, August 16th, 2016 and is filed under Uncategorized
AUSTIN, TX – August 15, 2016– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the second quarter, ended June 30, 2016.
Phillip Roberson, President and CFO, said, “Although our financial performance was still well below that of the same quarter last year, we saw a significant improvement over the first quarter of this year. This is in great part due to an improvement in commodity pricing, but also to reductions in operating, depletion, and depreciation expenses.”
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Monday, April 4th, 2016 and is filed under Uncategorized
AUSTIN, TX – March 29, 2016 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the fiscal year ended December 31, 2015.
Phillip Roberson, President and CFO, said, “As all of you who invest in energy companies are aware, 2015 was not a good year for the oil and gas industry as a whole. FieldPoint was very fortunate to be able to maintain positive cash flow through the year, but with the further downturn of commodity prices going into 2016, we have not been as fortunate. Our loss for 2015 was attributable to a $10,057,633 non-cash impairment charge, due to the precipitous drop in commodity prices. We made the decision early on to suspend all new drilling projects in order to conserve capital, and we also suspended noncritical workover projects in order to focus on reducing all discretionary spending. As a result, we are seeing a significant reduction in general and administrative expenses and lease operating costs. Our historically conservative approach to property acquisition, as well as other spending, combined with our relatively low debt has helped position us to better withstand this sort of economic compression. We are, however, no longer in compliance with the terms of our bank debt and are currently focused on correcting that deficiency. In order to successfully accomplish this, we will need to raise funds either in the form of equity or restructured debt. Due to continued low commodity prices and our non-compliance with the covenants of our revolving credit agreement, management and the board felt it appropriate to include a going concern note with our financials at this time. This is also included in our 10-K filing with the SEC.” Read More
Wednesday, August 26th, 2015 and is filed under Uncategorized
AUSTIN, TX – August 14, 2015 – FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced financial results for the second quarter ended June 30, 2015, and also provided an update on the Company’s warrant conversions.
Phillip Roberson, President and CFO, said, “I’m pleased to announce that over 734,000 warrants were exercised during the 33 day period of reduction in exercise price on our March 2012 outstanding warrants ended last Friday, August 7. We want to thank our shareholders for this show of support during this turbulent down market. Our balance sheet has proved fairly stable and it will be further improved from the recent exercise of warrants.”
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Wednesday, November 27th, 2013 and is filed under Uncategorized
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced that it has entered into a Joint Exploration Agreement with Riley Exploration Group of Blanchard, OK. Under the terms of the agreement, the companies plan to pool their interests within geographical boundaries of the Serbin Field located in Lee and Bastrop Counties, Texas (the Area of Mutual Interest, or AMI), and to drill up to 12 horizontal wells in 2014. The companies will share expenses and revenues on a pro rata basis determined by the contributed lease acreage owned by each company. This will result in FieldPoint owning an approximate 25% interest, and Riley owning the remaining approximate 75% interest.
Roger Bryant, Executive Chairman for FieldPoint, stated “We are obviously very excited to be able to bring this news to our shareholders. The Serbin Field is where our founder, Ray Reaves, acquired his first leases that ultimately led to the forming of this company. It is only fitting that this be the site of FieldPoint’s largest project to date. We are very anxious to get underway in January.” Read More
Tuesday, May 28th, 2013 and is filed under Uncategorized
FieldPoint Petroleum Corporation (NYSE AMEX: FPP), today announced the release of a research report on the Company, by Mr. Paul Silver, Director of Research for Wall Street Resources, Inc. The 24-page report includes detailed information on the Company’s business model, products, industry, valuation,
management and risks.
The free report is available at: www.WallStreetResources.net/FieldPoint.asp
About FieldPoint Petroleum Corp www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming. Read More
Wednesday, May 2nd, 2012 and is filed under Uncategorized
FieldPoint Petroleum Corporation (NYSE MKT: FPP) announced today that its Registration Statement on Form S-3, SEC File No. 333-180419 (the “Registration Statement”) was declared effective by the Securities Exchange Commission (“SEC”) on April 30, 2012.
The Registration Statement registers for sale under the Securities Act of 1933, as amended (“Securities Act”) the shares of common stock that are issuable upon exercise of the common stock purchase warrants (“Warrants”) that were issued by the Company as a dividend to common stockholders of record on March 25, 2012. The Warrants currently trade on the NYSE Amex under the ticker symbol “FPP WS”. Read More
