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FieldPoint Petroleum Corporation Updates Operational Activities

Monday June 14th 2004

 

AUSTIN, Texas (June 14, 2004,) / PRNewswire-FirstCall/ - FieldPoint Petroleum Corporation (OTCBB: - FPPC - News; today updated the progress of their initiatives to increase production at both the Lusk Field and Rush Springs Medrano unit.

Lusk Field - Lea County, New Mexico: Work over completed

The installation of upgraded equipment successfully reactivated the Shearn Federal #3 well, which came in producing an average of 20 barrels of oil per day.  FieldPoint Petroleum Corp. has a 100% working interest in this well.  Along with the Jennings Federal #1 well, which currently averages 25 barrels of oil and 5 barrels of equivalent (boe) of NG, total onsite production is approximately 50 barrels of light sweet oil equivalent per day with approximately $4,000-$5,000 of monthly non-production income from the use of the Federal #2 well as a water disposal well. 

Ray D. Reaves, FieldPoint®s President Stated, žThe 66% increase in production since the property was purchased is an example of our expertise in this type of field management. This property has met and exceeded the criteria of our acquire-and-exploit strategy and indicates great potential to develop new drilling locations which could continue to increase our production and proven reserves. We are very excited about the potential of the Lusk field operations going forwardÓ.

Grady County, Oklahoma Complete Refrac of 3 Wells

The refracing of three wells (RSMU 4-26, RSMU 9-23 and RSMU 9-25) has increased production 18% from approximately 270 barrels per day to approximately 320 barrels per day.  FieldPoint Petroleum Corp has a 20% working interest in the unit and Westport Resources Corp. (NYSE: WRC) is the operator.

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).

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