PetroPoint Buys South Texas Acreage

Conventional producing oil and gas properties in the Lobo and Olmos trends in South Texas.

PetroPoint Energy Partners LP has purchased conventional oil and gas producing properties in the Lobo and Olmos trends of South Texas from Rosetta Resources Operating LP for about $95 million.

PetroPoint Energy took over operations and closed on over 70% of the properties on March 23, 2012 and on an additional approximately 20% of the properties on June 29, 2012. With this final closing, PetroPoint Energy has completed the acquisition of the remaining properties and now holds an average working interest of approximately 90% in over 450 producing vertical wells on over 70,000 acres. These assets are on concentrated acreage positions held by production in Webb and Zapata Counties in South Texas.

George Laflin, PetroPoint Energy's president and chief executive, says, "Since taking over operation of the majority of these assets in March, we have been very pleased with our ability, with minimal investment, to improve the operating performance of numerous wells. Our plan is to maintain stable production volumes by continuing to perform lower cost operations such as workovers, recompletions, and minor repairs, as well as pursue the low risk development drilling opportunities we have identified on the acreage.