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FieldPoint Petroleum

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FIELDPOINT PETROLEUM ANNOUNCES SALE OF ASSETS IN OKLAHOMA

Tuesday, October 10th, 2017 and is filed under Financial Updates, Management Updates

AUSTIN, TX – October 10, 2017– FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced that it has completed the sale it’s 25.23% working interest in a waterflood project consisting of 23 producing and 9 injection wells in the Apache field in Caddo County Oklahoma to a private Exploration & Production company. The total sales price for the asset was $900,000. Although the sale included some production, the fixed operating costs were extremely high due to the nature of the project.  The divestiture won’t have a significant effect on cash flow, but will result in a net gain of approximately $729,000 and increases net equity to help us regain compliance with the NYSE American (formerly NYSE MKT). Read More

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