 |
FieldPoint
Petroleum: In The News...
|
||||||
| OTC BB: FPPC | |||||||
| Monday, January 22, 10:41 a.m. Eastern FieldPoint Petroleum Corporation Announces 85% Production Increase AUSTIN, Texas, Jan. 22 /PR Newswire FieldPoint Petroleum Corporation (OTC Bulletin Board:
FPPC) is pleased to announce that its daily production is
now approximately 315 barrels of oil equivalent (``BOE'') per day, up from
approximately 170 BOE per day in January of 2000, an increase of 85%. The production increase announced today is the result of ongoing
redevelopment activities at Hutt (Wilcox), an internal rework program, and the
recently announced Grady County, Oklahoma acquisition.
These activities were
all initiated during the fourth quarter of last year with the production
increases and resulting revenue being reflected during the current quarter. Ray Reaves, FieldPoint's President commented, ``The annual increase in
daily production reported today is the result of an accelerated capital
budget.
We are actively pursuing a variety of opportunities which could serve
to create additional growth in reserves and production.'' FieldPoint Petroleum Corporation is engaged in oil and gas exploration,
production and acquisition, primarily in Oklahoma, Texas and Wyoming.
The
Company's business strategy is to continue to expand its reserve base and
increase production and cash flow through the acquisition and development of
low risk producing oil and gas properties which offer the opportunity for
moderate to high returns on investment.
Additional information about
FieldPoint Petroleum Corporation may be obtained by contacting the Company's
CEO, Ray D. Reaves, at (512) 250-8692 or Parrish B. Ketchmark at
(800) 220-8174, or by visiting the Company's web site at www.fppcorp.com. This release contains certain forward-looking statements within the
meaning of the Federal Securities Laws.
Such statements 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 Company's
periodic filings with the Securities and Exchange Commission (at www.sec.gov)
including its Annual Report on Form 10-KSB for the year ended
December 31, 1999. Company Press Release |
|||||||
| OTC BB: FPPC |
|
