Petroleum: In The News...
|OTC BB: FPPC|
|Wednesday May 5, 9:53 a.m. Eastern
Company Press Release
FIELDPOINT PETROLEUM ACQUIRES OIL AND GAS ASSETS
AUSTIN, Texas, May 5 /PRNewswire
FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC- the "Company") announced today that it has delivered $484,600 to Pontotoc Production (OTC Bulletin Board: PNTU) to purchase additional interest in the Butler and Diamond leases, this brings its total working interest to 25% in each lease as well as purchasing 25% working interest in the Nan and McDonald leases and FieldPoint purchased working interest in Pontotocs Boyle properties. This transaction is in line with the January 8, 1999 Purchase Sale Agreement between the Company and Pontotoc Production, Inc.
The agreement calls for the Company to deliver another $428,450 to purchase 25% working interest in 5 additional leases, including the Mt. Gilcrease Unit. This will bring the total purchase price to $1,133,050 including the $220,000 already paid.
Ray D. Reaves, FieldPoint Petroleums President and CEO commented, "The purchase of these producing oil and gas properties and related assets from Pontotoc will give us a very strong mid-continent production base. We believe that there exists the potential to develop additional reserves and increase production on these properties. This acquisition will add 1.94 billion cubic feet of gas and 443,986 barrels of oil to the Company's reserves."
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that 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 Companys periodic filings with the Securities and Exchange Commission, www.sec.gov, including its Annual Report on Form 10-KSB for the year ended December 31, 1998.
For more information, visit the Companys website at http://www.fppcorp.com or contact Ray Reaves, President of FieldPoint Petroleum, (512) 250-8692.
SOURCE: FieldPoint Petroleum Corporation
|OTC BB: FPPC|