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.”