FieldPoint Petroleum Corporation, a Colorado corporation (the "Company"), was formed on March 11, 1980, for the purpose of identifying, acquiring, and enhancing the production of mature oil and natural gas fields located primarily in the mid-continent and the Rocky Mountain region. From 1980 the Company was engaged in oil and gas operations, and beginning in December 1986, the Company divested all of its oil and gas assets and operations. Since December 1986, the Company has not engaged in any oil and gas operations until the completion of the reverse acquisition described below on December 31, 1997.
The Company entered into an Agreement dated as of December 22, 1997, with Bass Petroleum, Inc., a Texas corporation ("BPI"), pursuant to which, on December 31, 1997, the Company acquired from the shareholders of BPI an aggregate of 8,655,625 shares of capital stock of BPI, in exchange for the issuance of 4,000,000 unregistered shares of the Companys common stock. The transaction was treated, for accounting purposes, as an acquisition of FieldPoint Petroleum Corporation by Bass Petroleum, Inc. The historical information prior to December 31,1997 represents the production and activity of BPI.