FieldPoint Petroleum divests USD1.2m assets in New Mexico.
M2 EQUITYBITES-July 21, 2017-FieldPoint Petroleum divests USD1.2m assets in New Mexico
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FieldPoint Petroleum Corporation (NYSE/MKT:FPP) reported on Thursday the completion of the divestiture of 401 net acres in Lea County, New Mexico to a private E&P company for a total sales price of USD1.2m.
The disposed 401 net acres in Lea County, New Mexico holds multiple East Lusk 15 Federal Com wells (East Lusk Wells) as well as the Jennings Federal Com No. 1 well (Jennings Well).
In conjunction with the sale, FieldPoint will retain its 43.75% net working interest in the East Lusk Wells and its 87.50% net working interest in the Jennings Well.
This transaction is another step toward regaining compliance with the terms of FieldPoint's bank debt and with the NYSE listing requirements. It will continue to market non-core assets to pay down debt, while searching for new growth opportunities, stated president and CFO, Phillip Roberson.
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