FieldPoint Petroleum Corp. (FPP) Buys Oil and Gas Leases near Bakken Shale

By IBTimes Staff Reporter | January 06 2010 10:50 AM

FieldPoint Petroleum Corp. has purchased an oil and gas lease located in Renville County, North Dakota. The lease is approximately 444 to 800 acres and the company paid $155 per acre. The wells carry an average royalty rate between 16 and 20%.

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FieldPoint Petroleum Corporation said that the leases acquired in North Dakota border the well-known Bakken Shale formation, an unconventional oil bearing shale located in Mountrail County, North Dakota. The oil and gas industry has spent billions developing wells in the Bakken Shale over the last two years.

“We are looking to the future, and this unconventional shale oil is a grassroots opportunity. If we are able to acquire additional leaseholds in this area it could have a profound impact on the company. Central to our growth strategy, we will continue to pursue attractive leaseholds either as solo plays or through established partnerships,” said Ray Reaves, the CEO of FieldPoint Petroleum Corporation.

FieldPoint Petroleum Corporation is an oil and gas exploration and production company with assets in Texas, Louisiana, New Mexico, Oklahoma and Wyoming. The company has ownership interests in 304 gross wells, and is the operator of 59 of those wells.