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