FieldPoint Petroleum Corp. sees positive signs for 2017

By Patrick C. Miller | April 05, 2017

Although 2016 proved a difficult year for Texas-based FieldPoint Petroleum Corp., the company expects improvement in 2017 as it reported the financial results for the fiscal year ended Dec. 31.

"The last two years have taken a toll on everyone in our industry, but we are starting to see some signs of relief,” said Phillip Roberson, the company’s president and chief financial officer.

Headquarted in Austin, FieldPoint engages in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming. 

"This past year was a challenge for the oil and gas industry worldwide,” Roberson said. “Our revenues continued to decline, and we were unable to hedge against the drop in commodity prices.”

Although FieldPoint didn’t face a large impairment charge as it had the previous year, it did incur a GAAP loss of nearly $2.5 million.

“During 2016, we received excellent support from the New York Stock Exchange, which accepted our plan of recovery to maintain our listing,” Roberson said. “We have until November of this year to complete that plan as long as we show progress toward this goal.”

He said FieldPoint will continue to evaluate possible business combinations and equity infusions that will contribute to reaching the company’s goal.

“Also during the year, our banking partner, Citibank NA, entered into a forbearance agreement with us which gives us until January 2018 to regain compliance with the covenants of our loan agreement," Roberson added.

FieldPoint’s revenues of nearly $4 million in 2015 fell to $2.8 million in 2016. The net loss decreased to $2.5 in 2016 from nearly $11 million the previous year. The loss per share decreased to 27 cents from $1.30 in 2015.