2009-09-24-2009-09-16-2009-09-16

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
4MM
Description

Acquired 74-100% WI in Block Field, Andrews Co., TX, gaining 204,000 BOE PDP.

FieldPoint Petroleum Corp., Austin, Texas, (Amex: FPP) has acquired a working interest in Block Field in Andrews County, Texas, from an undisclosed seller for $4.4 million. The assets include 74% to 100% working interest (59% to 87.5% net revenue interest). Estimated proved developed producing reserves associated to the acquired interests are 204,000 barrels of oil equivalent. The effective date is Sept. 1. FieldPoint president and CEO Ray Reaves says the reserves acquired will replace between 100% to 150% of its total 2009 oil and gas production. Additionally, it provides the opportunity for developmental drilling on 20- to 80-acre spacing targeting other potential formations.