FieldPoint Petroleum Corp., Austin, Texas, (Amex: FPP) has acquired a 50% working interest (43% net) in the Bilbrey Field in Lea County, New Mexico, for $1.7 million from an undisclosed seller. The acquisition is expected to add approximately 108,000 barrels of oil equivalent in proved-developed-producing reserves net to FieldPoint. Management expects the reserves will replace more than 100% of FieldPoint's total 2006 oil and gas production, while adding approximately 100 million cubic feet in daily gas production. ConocoPhillips Co. (NYSE: COP) is the operator.
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