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Press Release

Source: Fieldpoint Petroleum Co.

 

FieldPoint Petroleum Corporation Updates Lusk Field Production

Tuesday July 6th 2004

 

Production up 143% since March

AUSTIN, Texas (JULY 6, 2004,) / PRNewswire-FirstCall/ - FieldPoint Petroleum Corporation (OTCBB: - FPPC - News;  today updated the production results at the Lusk Field.

Lusk Field - Lea County, New Mexico: Increased Production. 

As reported on June 14, 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.  The average daily production for the month of June was 27 barrels of oil per day.

Current daily production for July is averaging 43 barrels of oil per day. 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 73 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, FieldPointĘs President Stated, ýThe Company continues to look for opportunities like the Lusk Field that meet the criteria of our acquire-and-exploit strategy. The Lusk Field was acquired in March of 2004, as of today production has increased 143%.  We are actively pursuing a variety of opportunities which could serve to create additional growth in reserves and production.ţ

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 companyĘs 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 companyĘs periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

Contact: Ray D. Reaves, President (512)250-8692