FieldPoint Petroleum Corp. (NYSE/MKT:FPP) 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."