| Friday, January 2, 9:15 a.m. Eastern FieldPoint Petroleum Corporation Announces Completion of Bass Petroleum, Inc.
Acquisition
AUSTIN, Jan. 2 /PR Newswire
FieldPoint Petroleum Corporation (OTC Bulletin Board:
FPPC – News) announced today that it closed the acquisition of Bass
Petroleum, Inc. (BPI). The acquisition was effected pursuant to a Plan of
Exchange (the "Plan") by and among, FieldPoint Petroleum Corporation (the
"Company"), BPI, and the shareholders of BPI effective December 31, 1997, which
called for the Company to issue an aggregate of 4,000,000 unregistered shares of Common
Stock to the shareholders of BPI, on a pro rata basis, in exchange for an aggregate of
8,655,625 shares of capital stock of BPI. The transaction will be accounted for as an
acquisition of FieldPoint Petroleum Corporation by Bass Petroleum, Inc.
Bass Petroleum, Inc. owns producing properties in south central Texas
and southeastern Wyoming. Additionally, the BPI properties consist of 75 producing wells
of which 55 are operated by BPI. Current net production from the BPI properties is
averaging 190 thousand cubic feet of natural gas per day and 75 barrels of oil per day.
FieldPoint Petroleum Corporation is an OTC Bulletin Board listed oil and
gas exploration and production company whose principal operations are conducted in Texas
and Wyoming oil and gas provinces.
Company Press Release
SOURCE: FieldPoint Petroleum Corporation
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