Petroleum: In The News...
|OTC BB: FPPC|
|Tuesday, February 24, 9:00 a.m. EST
FieldPoint Petroleum Corporation Announces Completion of Oil and Gas Property Acquisition
Austin,TX Feb. 24/PRNewswire
FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC) announced today that it has completed the acquisition of a certain oil and gas producing property in the state of Texas. The property was acquired from Fred Bowman, Inc. The Company paid $190,000 cash consideration for the lease rights.
FieldPoint, through a wholly owned subsidiary, acquired a 97.9% working interest in the 320 acre Shade lease which currently has 3 producing oil and gas wells. The Company, through its subsidiary, will take over operations effective March 1, 1998. Thereafter, FieldPoint will evaluate whether additional reserves can be developed by using horizontal well technology.
Ray D. Reaves, President and Chief Executive Officer of FieldPoint Petroleum stated, " This acquisition is a part of the Companys continuing program of growth through exploration and development as well as acquisitions of producing and non-producing oil and gas properties."
FieldPoint Petroleum Corporation is an oil and gas exploration and production company whose principal operations are conducted in Texas and Wyoming.
Additional public information regarding FieldPoint Petroleum Corporation is available at the Securities and Exchange Commissions World Wide Wed site at http://www.sec.gov
|OTC BB: FPPC|