Petroleum: In The News...
|OTC BB: FPPC|
|Monday June 21, 12:30 p.m. Eastern
Company Press Release
FIELDPOINT PETROLEUM COMPLETES $1.2 MILLION ACQUISITION
AUSTIN, Texas, June 21/PRNewswire
FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC- the "Company") announced that the Company completed its previously announced acquisition of certain oil and gas properties in the state of Oklahoma from Pontotoc Production, Inc. (OTC Bulletin Board: PNTU). The Company stated that according to an independent engineering firm proved reserves associated with the transaction were 433,986 barrels of oil and 1,935,229 thousand cubic feet of natural gas, or 756,524 barrels of oil equivalent. As of April 1, 1999, an independent engineering firm assigned a present value discounted at 10% (PV-10) of $3,757,507 to FieldPoint's interest in these properties.
Ray D. Reaves, FieldPoint Petroleum's President and CEO commented, "The purchase of these producing and non-producing oil and gas assets from Pontotoc will give us a concentrated position in the Mid-Continent. As a result of this transaction, FieldPoints proved reserves have nearly doubled. Moreover, this transaction will materially augment the Companys natural gas production, increasing daily gas sales from 250,000 cubic feet per day at year end 1998 to current estimated rates of 500,000 cubic feet of gas per day. The Company anticipates that drilling and recompletion activities on these properties could potentially increase its gas production rates to in excess of 1,000,000 cubic feet per day by year end 1999."
The Company also stated that proceeds from its ongoing equity offering along with $500,000 in bank financing was used to finance the transaction.
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 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||