Texas company eyes Bakken play

FieldPoint Petroleum Corp. acquires a lease of about 800 acres in Renville County, N.Da.
This property borders on the well established Bakken shale oil play which encompasses multiple counties including Mountrail, Burke, Divide and Dunn. FieldPoint has paid an average of $155 per acre for these oil and gas leases with an average 16 percent to 20 percent royalty.
“This unconventional shale oil is a grassroots opportunity,” said Ray Reaves, FieldPoint president and CEO. “If we are able to acquire additional leaseholds in this area it could have a profound impact on the company. Central to our growth strategy, we will continue to pursue attractive leaseholds either as solo plays or through established partnerships.”
There can be no guarantee that the company will be able to acquire additional acreage in the area due to the competition and the capital intensity of the Bakken play, he said.

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