FieldPoint Petroleum: In The News...

AUSTIN, TX Aug. 16/PR Newswire

FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC- the "Company") announced that its July 1, 1999 proved oil and gas reserves increased 489% to 1.47 million barrels of oil equivalent (BOE) as compared to 250,655 BOE at year-end 1998. The results of the Company's independent engineering study as of July 1, 1999, reflect total proved natural gas reserves increased 548% for the six months from 523 million cubic feet to 3.5 billion cubic feet. Total proved oil reserves increased 457% from 163,458 barrels to 911,917 barrels. Natural gas represents 40% of proven reserves with oil representing the remaining 60%.

The Company's independent petroleum consultants have estimated the present worth of the reserves discounted at 10% at $6.7 million as compared to $674,309 at year-end 1998, an increase of 893%. Proved producing reserves represent approximately 33% of total proved reserves and SEC PV 10% values. The evaluation was prepared pursuant to Securities and Exchange Commission guidelines (neither commodity prices or expenses have been escalated). Oil prices used in the evaluation were $17.00 per barrel as compared to $11.00 at year-end 1998. Natural gas prices were essentially unchanged at $1.70 per thousand cubic feet as compared to $1.75 per thousand cubic feet utilized in the year-end 1998 evaluation of the Company's reserves.

Mr. Ray D. Reaves, President and CEO stated ``Oil and gas prices have continued to improve during 1999 when compared to prices received last year, also factor in the two recently announced acquisitions from Pontotoc Production, Inc. (OTC Bulletin Board: PNTU - news) which have had a significant impact on the increases in reserves as well as increases in daily production. We look forward to announcing continued success in our acquisition and development program to add new oil and gas reserves.''

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Oklahoma, Texas and Wyoming.

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, 1998.

    Contact:  Ray D. Reaves of FieldPoint Petroleum Corporation, 512-250-8692.
    Web site:  http://www.fppcorp.com