Petroleum: In The News...
|OTC BB: FPPC|
|Thursday July 8, 11:06 a.m. Eastern
Company Press Release
FIELDPOINT PETROLEUM MAKES ADDITIONAL ACQUISITIONS IN OKLAHOMA
AUSTIN, Texas, July 8/PRNewswire
FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC- the "Company") announced today that the Company has completed an additional acquisition of certain oil and gas properties in the state of Oklahoma from Pontotoc Production, Inc. (OTC Bulletin Board: PNTU). The Company stated that these additional properties, should increase FieldPoint's existing cash flow by approximately 10% monthly and increase daily production around 12% per barrel of oil equivalent.
Ray D. Reaves, FieldPoint Petroleums President and CEO commented, "The purchase of these additional producing oil and gas assets from Pontotoc will increase our already concentrated position in the Mid-Continent. The Company announced a transaction last month with Pontotoc that nearly doubled FieldPoints proved reserves, and could potentially increase its gas production rates to in excess of 1,000,000 cubic feet per day by year end 1999."
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|