FieldPoint Petroleum Corporation (AMEX:FPP) today announced that it has
terminated its plans to offer its shares for shares of Basic Earth
Science Systems, Inc. (OTCBB: BSIC.OB). The decision was made after
completing an assessment of its alternatives and the viability of its
proposed tender in light of the adoption by Basic’s Board of Directors
of a Shareholder Rights Plan, commonly referred to as a Poison Pill.
Ray Reaves, President of FieldPoint stated, “On December 8, 2008, we met
with members of Basic’s board, hoping that they could see the value in
combining our two companies. We were disappointed that they chose to
adopt a Poison Pill, which renders any exchange offer unviable. As in
the past, we will continue to pursue all opportunities to build value
for our shareholders.”
Concurrently with this announcement, FieldPoint is filing an application
with the SEC requesting that its Registration Statement on Form S-4 be
withdrawn.
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and natural gas
exploration, production and acquisition, primarily in Louisiana, New
Mexico, Oklahoma, Texas and Wyoming.
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 gas prices and unexpected decreases in oil and gas
production is included in the company’s periodic reports filed with the
Securities and Exchange Commission (at www.sec.gov).
FieldPoint Petroleum Corporation
Ray D. Reaves, 512-250-8692
President
fppc@ix.netcom.com
