Petroleum: In The News...
|OTC BB: FPPC|
|Tuesday February 15, 9:45 am Eastern Time
Company Press Release
FieldPoint Petroleum Year-End Reserves and Production Increase
AUSTIN, Texas, Feb. 15 /PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC - news) today announced that its January 1, 2000 proved oil and gas reserves increased 285% to 966,000 barrels of oil equivalent (BOE) as compared to 250,655 (BOE) at year-end 1998. The results of the Company's independent engineering study as of January 1, 2000, reflect total proved natural gas reserves increased 300% for the year from 523 million cubic feet to 2.12 billion cubic feet. Total proved oil reserves increased 274% from 163,458 barrels to 612,371 barrels. Natural gas represents 37% of proven reserves with oil representing the remaining 63%. The Company's independent petroleum consultants have estimated the present worth of the reserves discounted at 10% at $6.6 million as compared to $674,309 at year-end 1998, an increase of 878% (neither commodity prices nor expenses have been escalated). Proved producing reserves represent approximately 52% of total proved reserves. Oil prices used in the evaluation were $21.00 per barrel as compared to $11.00 at year-end 1998. Natural gas prices were $2.10 per thousand cubic feet as compared to $1.75 per thousand cubic feet utilized in the year-end 1998 evaluation of the Company's reserves.
During 1999, the Company replaced 1471% of its production. Production was 52,166 (BOE) for the year, a level 19.5% above that reported in 1998. During the fourth quarter, production averaged 170 BOE per day, comprised of 110 barrels and 360 mcf. Production during the quarter increased 45% from the prior year period.
Mr. Ray D. Reaves, President and CEO stated, ``We continue to be very pleased with the Company's results. Production has grown and our better than 1400% reserve replacement ratio in 1999 was exceptional. With production rising and current oil and gas prices, we expect to report record setting fourth quarter earnings and for that trend to continue in the year 2000.''
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Oklahoma, Texas and Wyoming.
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, 1998. The Company expects to release year-end financial results within the next 30 days.
Contact: Ray Reaves of FieldPoint Petroleum Corporation, 512-250-8692, web site http://www.fppcorp.com.
SOURCE: FieldPoint Petroleum Corporation
|OTC BB: FPPC|