This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FieldPoint Petroleum Begins Drilling Second Horizontal Well Project In Lea County, New Mexico

AUSTIN, Texas, July 16, 2012 /PRNewswire/ --  FieldPoint Petroleum Corporation (NYSE/MKT: FPP) announced today that drilling has begun on the East Lusk 15 Federal #2  in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill this well that will target the Bone Spring formation.  FieldPoint has pre-paid its expected share of the drilling cost, which is approximately $1.3 million.  There will, of course, be additional completion costs should the drilling operation be successful.

As with the Company's well #1 on this property, this horizontal well is planned to be drilled vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location.  The estimated time for drilling and completion is expected to be approximately 60 to 90 days.

FieldPoint's President and CEO, Ray Reaves stated, "As I have mentioned before, there are two highly important aspects of this drilling program.  First, Cimarex Energy is one of the best in the industry at completing wells in the Bone Spring formation.  This is very important for well success and optimal well production.  And second, if successful, this could lead to drilling a third well on this lease, which could serve to significantly increase our daily production and proved producing reserve base."

Also as with well #1, FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two planned wells.

About FieldPoint Petroleum Corp. www.fppcorp.com

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.

This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

SOURCE FieldPoint Petroleum Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,073.60 -6.54 -0.04%
S&P 500 2,118.33 +0.64 0.03%
NASDAQ 5,084.9490 -7.1360 -0.14%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs