FieldPoint Petroleum FY11 Profit Declines

3/21/2012 6:02 PM ET

FieldPoint Petroleum Corp. (FPP: Quote) reported full-year 2011 net income of $0.6 million or $0.08 per share, down from $0.8 million or $0.10 per share in the previous year.

The company attributed the decline in earnings to a non-cash charge resulting from the impairment of certain oil and gas properties which reduced net income by over $0.5 million.

Revenues for the full year 2011 rose to $7.2 million from $7.0 million the prior year, reflecting increased oil pricing.

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