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Press Release

Source: Fieldpoint Petroleum Co.

 

FieldPoint Petroleum Announces 2004 Year End Reserves

February 10, 2005

 

Proved Producing Reserves Increase 35%

 

AUSTIN, Texas (Feb 10, 2005) / PRNewswire-FirstCall/ - FieldPoint Petroleum Corporation (OTCBB: - FPPC - News) announced today that 2004 year-end proved reserves increased 35% to 1,116,530 BOE compared to year-end 2003 reserves of 828,377 BOE. Prepared by FieldPoint?s third party independent reserve consultants, the reserves do not include any proved undeveloped reserves or reserves from wells currently being drilled.

 

Based on year-end 2004 pricing of $41.00 per wellhead barrel and $4.65 per mcf at the wellhead, estimated future net revenue from proved reserves discounted at 10% (?SEC PV-10?) increased 74% to $15,397,911 from $8,828,250 in the prior year, based on year-end 2003 pricing of $29.50 per wellhead barrel and $4.00 per mcf at the wellhead. The net change in present value was the result of reserve additions from the New Mexico acquisition, reserve revisions and increased oil and natural gas prices. There can be no assurance that actual recovery and future operating results, which are subject to numerous risks and uncertainties, will achieve these estimates.

 

FieldPoint?s President and CEO, Ray Reaves, said ?We?re very pleased to announce this sizeable increase in proved reserves for FieldPoint. We continue to diligently explore other opportunities which could create additional value for FieldPoint and its? shareholders. We?re also pleased to announce that the initial well in our recently announced drilling campaign, the Korczak Federal #1 well, has already been drilled to a depth of over 6260 feet.

 

About FieldPoint Petroleum Co. www.fppcorp.com

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming

This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company?s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and for unexpected decreases in oil and gas production is included in the company?s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

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Contact: Ray D. Reaves, President (512)250-8692 [email protected]