fieldpoint petroleum PROVIDES UPDATE

ON RUSH SPRINGS MEDRANO UNIT IN OKLAHOMA

 

Chickasha Field Water Flood Project Producing Strong and Improving Yields

 

AUSTIN, TX - (PR NEWSWIRE) - December 14, 2004 - FieldPoint Petroleum Corporation (OTCBB:FPPC), a domestic oil and gas company focused on exploration, production and acquisition in the Southwestern United States, today provided an operational update on the Rush Springs Medrano Unit, located within the Chickasha Field which is approximately 65 miles southwest of Oklahoma City, Oklahoma.  FieldPoint holds a 20.64% working interest in the unit.

 

Comprised of 21 producing oil and gas wells and 11 water injection wells, the Rush Springs Medrano Unit is a water flood project producing from the Medrano Sand.  For the past several months, the Unit has experienced a notable rate acceleration in its recovery effort and is currently producing 315 to 350 barrels per day.  Pursuant to increased water injection results and prevailing geological testing, it is expected that the south end of the Unit has yet to begin fully responding and could represent even greater recovery yields in the near future.

 

Ray Reaves, CEO of FieldPoint, stated, úAlthough we will not be able to confirm the full reserve potential on the south end of the Unit for at least 6-12 months, we are very impressed with how recovery has been responding to ongoing water flooding activity.  It is becoming apparent that Rush Springs could represent much longer life reserves than originally anticipated.î Continuing, Mr. Reaves added, úSince first acquiring this leasehold in January 2001, it has continued to produce steady, positive cash flow to FieldPoint of approximately $45,000 per month.  This increase in output coupled with the potential that the south end may yield even greater reserves than we expected is an exciting turn of events.î

 

About Fieldpoint Petroleum Corporation

Based in Austin, Texas, FieldPoint Petroleum Corporation is strategically focused on oil and gas exploration, production and acquisition, with field operations 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).

 

FOR MORE INFORMATION, PLEASE CONTACT:

Ray D. Reaves at 512-250-8692

Andrea Strittmatter at Elite Financial Communications Group

407-585-1080 or via email at [email protected]