FieldPoint Acquires Bakken Acreage
FieldPoint Petroleum Corp. announced Monday that it has acquired a lease of approximately 440-800 gross acres in Renville County North Dakota. This property borders on the well established Bakken shale oil play which encompasses multiple counties including Mountrail, Burke, Divide and Dunn. FieldPoint has paid an average of $155.00 per acre for these oil and gas leases with an average 16-20% royalty.
FieldPoints President and CEO, Ray Reaves, stated, 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.
There can be no guarantee that the Company will be able to acquire any additional leasehold in the area due to the competition and the capital intensity of the Bakken play.
FieldPoint Petroleum Corp. is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.