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) . . . . . . .December 29, 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
Cedar Park, Texas 78613
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (512) 250-8692
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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FieldPoint Petroleum Corporation (The Company) consummated the purchase
of a 9.75% working interest in the Butler lease and a 9.50% working interest in
the Diamond lease from Pontotoc Production,Inc. Each lease currently has one or
more producing oil and gas well. The Company paid $180,000 cash consideration
for the lease rights and related equipment.
Closing of the acquisition took place on December 29, 1998, with the
effective date being December 1, 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) Financial Statements - to be filed by amendment to this 8-K.
(b) Exhibits
99.2 Press Release dated January 8, 1999
SIGNATURES
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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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Ray D. Reaves
President
Dated: January 12, 1999
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EXHIBIT 99.2
Friday January 8, 9:15 a.m. Eastern Time
Company Press Release
SOURCE: FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation Announces Acquisition of Oil and Gas Assets
AUSTIN, TX Jan. 8/PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin
Board: FPPC-the "Company") announced today that it has entered into an agreement
with Pontotoc Production, Inc. (OTC Bulletin Board: PNTU) to purchase up to
$1,132,750 in certain working interest in multiple leases including Pontotoc's
recently announced Boyle Acquisition, located primarily in and around Pontotoc
County, Oklahoma.
The Company has delivered a cash payment in the amount of $220,000 to Pontotoc
Production, Inc. which gives FieldPoint Petroleum title to certain working
interest in the Butler and Diamond leases. This amount also includes an earnest
money payment which will give the Company until April 1999 to close on the
transaction. FieldPoint Petroleum will also be granted the right to participate
as an industry partner with Pontotoc in future acquisitions and development
programs.
Ray D. Reaves, FieldPoint petroleum's President and Chief Executive Officer
stated that "At the end of the day, this transaction, as well as the industry
partner relationship with Pontotoc, will offer substantial upside to FieldPoint
in terms of increasing our reserve base."
FieldPoint Petroleum Corporation is an oil and gas exploration and production
company whose principal operations are in Texas and Wyoming.
This release contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, that are based on
assumptions that the Company believes are reasonable, but which are subject to a
wide range of uncerainties 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 10-KSB for the year ended December 31,1997.
For more information, visit the Company's website at http://www.fppcorp.com or
contact Ray Reaves, President of FieldPoint Petroleum, (512)250-88692.
