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FieldPoint Petroleum Updates Drilling Results

Friday, September 19, 2003, 6:30 am ET

Austin, Texas, September 19/ PRNewswire-First Call/ FieldPoint Petroleum Corporation www.fppcorp.com (OTC Bulletin Board: FPPC-News) today updated developments on its Oklahoma and Texas drilling activity. The company recently drilled four new wells, two in the state of Oklahoma and two in the state of Texas.

Caddo and Dewey Counties Oklahoma

The first of these wells in Caddo County, the 13,400 foot Barrow 2-31 will extend production from the Barrow and the Virginia 1-31. It was drilled through the Red Fork formation the lower Red Fork was completed and tested at a gross rate of 2.1 million cubic feet of gas (mmctg) after fracture treatment. A plug was set above this zone and the upper Redfork was perforated and is waiting for fracture treatment. Sanguine Ltd. is the operator of this well.

The Fields 4-1 in Dewey County was drilled to 13,700 feet and encountered multiple zones. The Hunton formation was not productive and the well is currently being completed in the Mississippi. Concho Exploration, Inc. is the operator of this well.

Sherman and Hansford Counties Texas

The company also participated in drilling two wells in Texas, the Schafer 4-133 in Sherman County and the Moss 1-42 in Hansford County were drilled to depths of 6,900 to 7,800 feet to test the Morrow and the Chester zones and both wells were dry holes.

Ray D. Reaves, Field Point's President Stated, Our recent drilling results have added at least one good well. We remain committed to expand our production levels along with our financial performance through continued drilling and prudent reviews of select acquisition targets.

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 veins with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projection will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially 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.

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

 

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

www.fppcorp.com