FieldPoint Petroleum Enters into Letter of Intent to Purchase Producing Assets in Milam County, Texas

AUSTIN, Texas, Dec. 14, 2016 /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced that it has executed a letter of intent to purchase producing assets from Minerva-Rockdale E&P LLC funds I through IV. The assets include current production as well as behind pipe reserves and proved undeveloped opportunities.  FieldPoint has an exclusive 60 day right to conduct due diligence and negotiate a definitive agreement to purchase the assets from the Minerva-Rockdale E&P LLC entities. If definitive agreements are ultimately reached, FieldPoint will issue to the sellers a number of shares of its common stock that will be mutually agreed upon. This transaction will be subject to review by the New York Stock Exchange, the Securities and Exchange Commission, and any other relevant governing body. Euro Pacific Capital, Inc. will be retained to provide investment banking services and otherwise advise us regarding the transactions.

Phillip Roberson, President and CFO of FieldPoint, stated, "This is our next step in regaining compliance with the New York Stock Exchange listing requirements as well as Citibank loan covenants. It is also an important step forward to grow our production base and create shareholder value utilizing equity."

This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and natural gas prices and unexpected decreases in oil and natural gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

 

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SOURCE FieldPoint Petroleum Corporation

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