| 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 Company’s
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
SOURCE: FieldPoint Petroleum Corporation
CONTACT: Barry Gross, Gross Capital Associates (512) 949-4999
|
