FieldPoint Petroleum Corp. (FPP) Buys Oil and Gas Leases near Bakken Shale
FieldPoint Petroleum Corp. has purchased an oil and gas lease located in Renville County, North Dakota. The lease is approximately 444 to 800 acres and the company paid $155 per acre. The wells carry an average royalty rate between 16 and 20%. FieldPoint Petroleum Corporation said that the leases acquired in North Dakota border the well-known Bakken Shale formation, an unconventional oil bearing shale located in Mountrail County, North Dakota. The oil and gas industry has spent billions developing wells in the Bakken Shale over the last two years. “We are looking to the future, and this unconventional shale oil…