FieldPoint Petroleum inks Texas exploration deal
Dec 2, 2013
Austin Business Journal
FieldPoint Petroleum Corp. (NYSE/MKT: FPP) said Wednesday that it has entered into a joint exploration agreement with Riley Exploration Group of Blanchard, Okla.
The oil and gas exploration and production companies plan to pool their interests within the Serbin Field located in Lee and Bastrop counties in Central Texas. The deal is exclusive to the two companies for a five-year period
Cedar Park-based FieldPoint will own a 25 percent interest in the production play, with Riley owning the remaining 75 percent interest, the company said in a statement
Plans also include a revitalization of the existing vertical wells, which could result in significant increases in production. The total number of horizontal wells to be drilled over the life of the agreement is yet to be determined