FieldPoint Petroleum (FPP) Announces Acquisition

June 16, 2008 2:04 PM EDT

FieldPoint Petroleum Corporation (AMEX: FPP) announced the acquisition of various interests in the Spraberry Trend located in Midland County, Texas and in the Flying M Field located in Lea County, New Mexico. The Spraberry Trend is operated by Pioneer Natural Resources (NYSE: PXD), and the Flying M Field is operated by Chesapeake Energy Corp (NYSE: CHK).

The acquisition price is $1,295,000 for various interests in seven producing wells and the leasehold and related equipment, effective July 1, 2008. The working interests range from 6.5% to 39.25% and the net revenue interests range from 5.69% to 29.44%. Based upon engineering reports and certain standard assumptions, this is expected to add approximately 41,000 BOE in proved developed producing reserves net to FieldPoint. FieldPoint's belief is that the proved producing reserves could increase when and if additional wells are drilled or recompleted.

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas, and Wyoming.

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