FieldPoint Petroleum: Company Overview

FieldPoint Petroleum Corporation (The Company), was formed on March 11, 1980, in Colorado to acquire and enhance mature oil and natural gas field production in the mid-continent and Rocky Mountain regions. Since 1980, The Company had engaged in oil and gas operations and, in 1986, divested all oil and gas assets and operations. From December 1986 until its reverse acquisition on December 31, 1997, The Company had not engaged in oil and gas operations.

Reverse Acquisition

On December 22, 1997, The Company and Bass Petroleum, Inc. (BPI, a Texas company) entered into an agreement, pursuant to which, on December 31, 1997, the Company acquired from the shareholders of BPI an aggregate of 8,655,625 shares of capital stock of BPI, in exchange for the issuance of 4,000,000 unregistered shares of the Company’s common stock. The transaction was treated, for accounting purposes, as an acquisition of FieldPoint Petroleum Corporation by Bass Petroleum, Inc. The historical information prior to December 31,1997 represents BPI's production and activity.