FieldPoint Petroleum: In The News...

AUSTIN, Texas, October 2 /PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC - news) today announced the acquisition of working interest in the Hutt (Wilcox) Field in Atascosa and McMullen Counties, Texas. The acquisition price is $170,000 for interests in two leases, which include 14 wellbores, two of which are currently producing 25 barrels of oil per day.

``This acquisition meets all of our criteria of our acquire-and-exploit strategy,'' states Ray Reaves, President and Chief Executive Officer for FieldPoint. ``Not only will this purchase earn an excellent rate of return based on existing production, but these fields offer considerable exploitation potential, which may serve to increase our production, earnings, and cash flow from operations,'' commented Reaves.

As is its practice whenever it acquires a new property, FieldPoint plans to pursue an active redevelopment program in the Hutt (Wilcox) Field within the next 45 days. FieldPoint plans to undertake several operations designed to increase production and reserves including facilities improvements, production equipment upgrades, and wellbore optimization activities.

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 and development of low risk producing oil and gas properties which offer the opportunity for moderate to high returns on investment. 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.

Web site: http://www.fppcorp.com