AUSTIN, Texas, Oct. 10, 2017 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT:FPP) announced that it has
completed the sale it's 25.23% working interest in a waterflood
project consisting of 23 producing and 9 injection wells in the
Apache field in Caddo County Oklahoma to a private Exploration
& Production company. The total sales price for the asset was
$900,000. Although the sale included
some production, the fixed operating costs were extremely high due
to the nature of the project. The divestiture wont have a
significant effect on cashflow, but will result in a net gain of
approximately $729,000 and increases
net equity to help us regain compliance with the NYSE American
(formerly NYSE MKT).
Phillip Roberson, President and
CFO, said, "Approximately $600,000 of
the funds from this transaction were used to further reduce
outstanding bank debt. The remaining balance was used to pay
outstanding lease expenses related to the project. Today's
transaction is another step toward regaining compliance with the
terms of our bank debt, and with the NYSE American listing
requirements. We plan to continue to exit low margin non-core
assets and concentrate on acquiring operated properties where we
have a better abilitly to control operating costs."
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).
View original content with
multimedia:http://www.prnewswire.com/news-releases/fieldpoint-petroleum-announces-sale-of-assets-in-oklahoma-300534387.html
SOURCE FieldPoint Petroleum Corporation