FieldPoint Petroleum Corp., Austin, Texas, (Amex: FPP) has acquired various interests in the Spraberry Trend in Midland County, Texas, and in the Flying M Field in Lea County, New Mexico, from an undisclosed seller for $1.3 million.

The deal consists of 6.5% to 39.25% working interest (5.69% to 29.44% net revenue interests) in seven producing wells. Net proved developed producing reserves are 41,000 barrels of oil equivalent.  The Spraberry Trend is operated by Pioneer Natural Resources Co., Irving, Texas, (NYSE: PXD) and Flying M Field is operated by Chesapeake Energy Corp., Oklahoma City (NYSE: CHK).

FieldPoint president and chief executive Ray Reaves says, “It is an important acquisition for FieldPoint. We estimate that the reserves acquired could replace more than 50% of our total 2008 oil and natural gas production. We also believe that this acquisition could further serve to increase our production by affording FieldPoint the opportunity for certain additional development in these fields.”