FPPC news
FieldPoint Petroleum Corporation Announces Acquisition of 3,235 Acres in Palo Duro Basin
Wednesday March 30, 7:30 am ET
AUSTIN, Texas--(BUSINESS WIRE)--March 30, 2005--FieldPoint Petroleum Corporation (OTCBB:FPPC - News) announced today that it has acquired approximately 3,235 acres in Floyd County Texas. FieldPoint has paid an average of $25.00 per acre for oil and gas leases with an average 20% royalty.
The Palo Duro shale gas play currently encompasses three counties: Briscoe, Floyd and Motley. It has been compared to the Barnett Shale in the Fort Worth Basin (Texas). There is one drilling rig currently active in Motley County (operated by Vintage Petroleum) (NYSE:VPI - News) and none operating in either Floyd or Briscoe County.
FieldPoint's President and CEO, Ray Reaves, stated, "We are looking to the future, and this unconventional shale gas is a grassroots opportunity that could have a profound impact on this company. Central to our growth strategy, we will continue to pursue attractive leaseholds either as solo plays or through established partnerships."
