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FieldPoint Petroleum Corporation Reports Year-End 2000 Proved Reserves And Production

AUSTIN, Texas, April 3 /PR Newswire

FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC) announced today year-end proved producing reserves of 1,184,296 barrels of oil equivalent (``BOE''), consisting of 877,602 barrels of oil and 1,841,786 cubic feet of natural gas.

The Company's independent petroleum consultants have estimated the present worth of FieldPoint's reserves, discounted at 10%, at approximately $17 million as compared to approximately $9.7 million for the previous period (neither commodity prices nor expenses have been escalated). Oil prices used in the evaluation were $26 per barrel as compared to $21.00 at year-end 1999. Natural gas prices were $3.50 per thousand cubic feet as compared to $2.10 per thousand cubic feet utilized in the year-end 1999 evaluation of the Company's reserves. During the year, FieldPoint replaced 254% of its production.

Production during 2000 averaged 169 BOE per day representing 61,625 BOE for the year, versus 143 BOE per day and 52,166 BOE during 1999. As previously reported on January 22, 2001, FieldPoint's daily production has increased in the current year to approximately 315 BOE per day at present.

In announcing the reserves and production increases, Ray D. Reaves, FieldPoint's President and CEO stated ``Although we are extremely pleased with our results over the past year, our goals for 2001 are much more aggressive than our previous performance indicates. As demonstrated by our acquisition and redevelopment efforts initiated late last year, we have already achieved major increases in our daily production of oil and gas. During the remainder of 2001, we will continue to strategically deploy our capital in an effort to significantly increase shareholder value.''

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 of producing oil and gas properties. 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
SOURCE: FieldPoint Petroleum Corporation