Petroleum: In The News...
|OTC BB: FPPC|
|Friday January 8, 9:15 a.m. Eastern
Company Press Release
FieldPoint Petroleum Corporation Announces Acquisition of Oil and Gas Assets
AUSTIN, TX Jan. 8/PR Newswire
FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC- the "Company") announced today that it has entered into an agreement with Pontotoc Production, Inc. (OTC Bulletin Board: PNTU) to purchase up to $1,132,750 in certain working interest in multiple leases including Pontotocs recently announced Boyle Acquisition, located primarily in and around Pontotoc County, Oklahoma.
The Company has delivered a cash payment in the amount of $220,000 to Pontotoc Production, Inc. which gives FieldPoint Petroleum title to certain working interest in the Butler and Diamond leases. This amount also includes an earnest money payment which will give the Company until April 1999 to close on the transaction. FieldPoint Petroleum will also be granted the right to participate as an industry partner with Pontotoc in future acquisitions and development programs.
Ray D. Reaves, FieldPoint Petroleums President and Chief Executive Officer stated that "At the end of the day, this transaction, as well as the industry partner relationship with Pontotoc, will offer substantial upside to FieldPoint in terms of increasing our reserve base."
FieldPoint Petroleum Corporation is an oil and gas exploration and production company whose principal operations are in Texas and Wyoming.
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on assumptions that the Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Companys periodic filings with the Securities and Exchange Commission, www.sec.gov, including its Annual Report on Form 10-KSB for the year ended December 31, 1997.
For more information, visit the Companys website at http://www.fppcorp.com or contact Ray Reaves, President of FieldPoint Petroleum, (512) 250-8692.
SOURCE: FieldPoint Petroleum Corporation
|OTC BB: FPPC|