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FieldPoint
Petroleum: In The News...
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| OTC BB: FPPC | |||||||
| Thursday October 14, 1:26 pm Eastern
Company Press Release FIELDPOINT PETROLEUM COMPLETES $1.1 MILLION STOCK PLACEMENT THROUGH W.B. McKEE SECURITIES, INC. AUSTIN, Texas, Oct. 14/PRNewswire FieldPoint Petroleum Corporation (OTC Bulletin Board:
FPPC- the "Company") announced today it has completed a private stock
placement in the aggregate amount of $1.1 million. A total of 1,466,666 units were sold at $.75 per unit, each unit consists
of one share of the Company's common stock and one warrant to purchase an
additional share of common stock at $1.25 per share.
The $1.1 million raised
was used primarily to purchase certain leaseholds in the state of Oklahoma and
for development costs associated with such, as well as $173,000 in debt
reduction. Ray D. Reaves, FieldPoint Petroleum's President and CEO commented, ``The
completion of this transaction allowed the Company to close the Oklahoma deal
as well as reduce costly debt.
This also achieves a milestone for the
Company's goal of broadening the shareholder base to create greater value for
the shareholders.'' FieldPoint Petroleum Corporation is engaged in oil and gas exploration,
production and acquisition primarily in Oklahoma, Texas and Wyoming. This release may contain 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, www.sec.gov,
including its Annual Report on Form 10KSB for the year ended
December 31, 1998. Contact:
Ray Reaves of FieldPoint Petroleum Corporation, 512-250-8692,
web site http://www.fppcorp.com. SOURCE: FieldPoint Petroleum Corporation |
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| OTC BB: FPPC |
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