SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) . . . . . .February 18, 1998
FIELDPOINT PETROLEUM CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
COLORADO
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(State or Other Jurisdiction of Incorporation)
0-9435 84-0811034
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(Commission File Number) (IRS Employer Identification Number)
1703 Edelweiss Drive 78613
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Cedar Park, Texas (Zip Code)
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(Address of principal executive offices)
Registrant's telephone number, including area code (512) 250-8692
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
FieldPoint Petroleum Corporation (The Company) consummated the purchase
of a 97.9% working interest, a 76.9565% net revenue interest in oil production,
and a 71.9565% net revenue interest in gas production, in the Shade lease. The
lease currently has 3 producing oil and gas wells; the Company also purchased
all equipment related to the three wells on the lease from Fred Bowman, Inc. The
Company paid $190,000 cash consideration for the equipment and the lease rights.
Closing of the acquisition took place on February 18, 1998, with the
effective date being March 1, 1998. The consideration paid was based upon a
competitive bid process.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements - to be filed by amendment to this 8-K.
(b) Exhibits
99.2 Press Release dated February 24, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FieldPoint Petroleum Corporation
(Registrant)
By: /s/ Ray D. Reaves
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President
Dated: March 4, 1998
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EXHIBIT 99.2
Tuesday February 24, 9:00 a.m. Eastern Time
Company Press Release
SOURCE: FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation Announces Completion of Oil and Gas Property
Acquisition
AUSTIN,TX Feb. 24/PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin
Board: FPPC) announced today that it has completed the acquisition of a certain
oil and gas producing property in the state of Texas. The property was acquired
from Fred Bowman, Inc. The Company paid $190,000 cash consideration for the
lease rights.
FieldPoint, through a wholly owned subsidiary, acquired a 97.9% working interest
in the 320 acre Shade lease which currently has 3 producing oil and gas wells.
The Company, through its subsidiary, will take over operations effective March
1, 1998. Thereafter, FieldPoint will evaluate whether additional reserves can be
developed by using horizontal well technology.
Ray D. Reaves, President and Chief Executive Officer of FieldPoint Petroleum
stated, " This acquisition is a part of the Company's continuing program of
growth through exploration and development as well as acquisitions of producing
and non-producing oil and gas properties."
FieldPoint Petroleum Corporation is an oil and gas exploration and production
company whose principal operations are conducted in Texas and Wyoming.
Additional public information regarding FieldPoint Petroleum Corporation is
available at the Securities and Exchange Commissions World Wide Wed site at
http://www.sec.gov
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