Petroleum: In The News...
|OTC BB: FPPC|
|Monday October 2, 7:27 am Eastern Time
Company Press Release
FieldPoint Petroleum Corporation Announces Acquisition of 33% Interest in Hutt (Wilcox Field)
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
``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
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
|OTC BB: FPPC|