AUSTIN, Texas, July 20, 2017 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT:FPP) announced that it has
completed the sale of 401 net acres in Lea County, New Mexico, held by multiple East
Lusk 15 Federal Com wells ("East Lusk Wells") and the Jennings
Federal Com No. 1 well ("Jennings Well"), to a private E&P
company. FieldPoint will retain its 43.75% net working interest in
the East Lusk Wells and its 87.50% net working interest in the
Jennings Well. Total sales price for the asset was $1,200,000.
Phillip Roberson, President and
CFO, said, "One million dollars of
the funds from this transaction were used to further reduce
outstanding bank debt. The remaining balance will be used for
operating expenses. We are fortunate to be able to make another
significant reduction in debt without a loss in production. Today's
transaction is another step toward regaining compliance with the
terms of our bank debt, and with the NYSE listing requirements. We
will continue to market non-core assets to pay down debt, while
searching for new growth opportunities."
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