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FieldPoint acquires stake in New Mexico field

By OGJ editors
HOUSTON, Dec. 29 -- FieldPoint Petroleum Corp., Austin, paid $1.67 million to a privately owned company for a 50% working interest and 43% net revenue interest in Bilbrey field in Lea County, NM.

The acquired reserves are expected to add an estimated 108,000 boe in proved developed producing reserves net to FieldPoint. The seller's name was not disclosed.

As with its previous acquisitions, FieldPoint plans an active redevelopment program for the property. ConocoPhillips Corp. operates the property.


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