EXHIBIT 99.2
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Tuesday December 19, 10:00 a.m. Eastern Time
Company Press Release
SOURCE: FieldPoint Petroleum Corporation
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FieldPoint Petroleum Corporation Acquires Interest In Property; Boosts
Production and Earnings Prospects
AUSTIN,TX Dec. 19/PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin
Board: FPPC-the "Company") announced today the acquisition of 20.64% working
interest representing a 16.19% net revenue interest in 30 wells located in Grady
County, Oklahoma, from a privately held independent oil and gas company with
assets in excess of $300 million. Belco Energy is the operator. In a competitive
bid process, FieldPoint was the high bid, paying $1.0 million for its interest,
financed through its credit facility.
The interest being acquired currently produces 89 barrels of oil equivalent per
day (BOE) to FieldPoint with the Company's interest consisting of proven
reserves of 216,000 BOE. This acquisition increases the Company's proved
reserves from 966,000 BOE reported on January 1, 2000, to approximately
1,144,949 BOE. Furthermore, as a result of this transaction, the Company's daily
production will increase from 170 BOE as reported on January 1, 2000 to 259 BOE,
representing an increase of 52%.
According to FieldPoint's President, Ray D. Reaves, "This acquisition
demonstrates the Company's commitment to expand its reserve base and increase
production and cash flow through the acquisition and development of low risk
producing oil and gas properties. In an effort to continue to increase
production from this acquisition two additional wells will be drilled on the
property, the first of which is currently underway."
FieldPoint Petroleum Corporation (OTCBB: FPPC) 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 website at http://www.fppc.com.
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, (www.sec.gov), including its Annual
Report on Form 10-KSB for the year ended December 31,1999.
