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FieldPoint Petroleum

Latest News

FieldPoint Petroleum to Begin Drilling Second Well in Lea County, NM

Monday, June 25th, 2012 and is filed under Drilling Announcements

FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that drilling is expected to begin on the East Lusk 15 Federal #2 well in Lea County, New Mexico in July. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill this well that targets the Bone Spring formation. The total cost for this well is expected to be approximately $7,000,000, with net cost to FieldPoint of approximately $3,100,000.

This horizontal well is planned to be drilled in a similar manner to the Company’s well #1 on this property, which was to drill 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. Read More

FieldPoint Petroleum Announces Additional Drilling Plans for Lea County, NM

Wednesday, February 15th, 2012 and is filed under Drilling Announcements

FieldPoint Petroleum Corporation (NYSE/NYSE MKT: FPP) today reported on its plans for additional drilling in the East Lusk Federal 15 field in Lea County, New Mexico.

FieldPoint’s President and CEO, Ray Reaves stated, “We continue to be very satisfied with the performance of our first well on this property, and are pleased to report that the permit has been filed for well #2. Due to restrictions during the nesting season of a native bird, the “Lesser Prairie Chicken”, drilling cannot be started before late June. After further evaluation of this property, and our success to date, serious consideration is being given to the drilling of a third well. This may be influenced by the results of well #2, but will not be totally dependent on them.” Read More

FieldPoint Petroleum Plans for Second Well In Lea County, NM

Monday, January 9th, 2012 and is filed under Drilling Announcements

FieldPoint Petroleum Corporation (NYSE/AMEX: – FPP), today announced that the Company plans to move forward with drilling a second well in section 15 of the East Lusk Federal field in Lea County, New Mexico.

FieldPoint’s President and CEO, Ray Reaves, said “We are excited that our drilling partner has filed the permit for well number two on this property. As you know, this well had been planned contingent upon the results from well #1, which we have been very pleased with to date. With continued success, this drilling program has the potential to take FieldPoint to the next level in terms of revenue, earnings and reserves. We are now taking a hard look at other possible drilling sites on this property but we remain committed to exploring all opportunities with the goal of continuing to build shareholder value.” Read More

FieldPoint Petroleum and Partner Cimarex Complete Well in Lea County, NM

Wednesday, December 21st, 2011 and is filed under Drilling Announcements

Dec 21 2011 FieldPoint Petroleum Corporation (NYSE/NYSE MKT: FPP) announced today that the Company and its drilling partner Cimarex Energy Co., www.cimarex.com, have completed the East Lusk Federal 15 well #1 in the Bone Spring Formation.

FieldPoint’s President and CEO, Ray Reaves stated, “On December 17, 2011 the first oil production began to hit the tanks. Since then the well has produced and continues to produce oil. On December 20, 2011 the well produced 446 barrels of oil during a 24 hour period, and was venting all gas. Without certainty, the Company has reason to believe that the oil production could increase. We continue venting gas as we wait on the gas line hook-up.”

As previously disclosed, the agreement with Cimarex Energy calls for the drilling of a second well on this property, dependant upon the results of this first well. Based on these early results, the Company anticipates that the second well will be drilled. Read More

FieldPoint Petroleum Reports on Horizontal Drilling Project in Lea County, New Mexico

Sunday, September 25th, 2011 and is filed under Drilling Announcements

FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced in August that drilling had begun on the East Lusk 15 in Lea County, New Mexico. FieldPoint stated that the estimated time required for drilling and completion of this well was approximately 60 days. The Company has reported today that unexpected difficulties in the drilling operation have caused delays.

FieldPoint’s President and CEO, Ray Reaves stated, “The unpredictable nature of drilling is unfortunately a part of the oil and gas industry. Our drilling partner, Cimarex Energy, is one of the best in the industry at completing wells in the Bone Spring formation and we are both still very excited about the prospects that this first well holds. I will, of course, share additional information with you as this drilling project progresses.” Read More

FieldPoint Petroleum Begins Horizontal Drilling Project in Lea County, NM

Wednesday, August 10th, 2011 and is filed under Drilling Announcements

FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that drilling has begun on the East Lusk 15 in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill two wells that will target the Bone Spring formation. The total cost for each well is expected to be approximately $5,000,000.

These horizontal wells are 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 days.

FieldPoint is aware of at least one horizontal well within a few miles of the subject area that had production tests ranging from approximately 400 to 800 barrels of oil per day. However, this is not necessarily an indication of what these wells can be expected to produce. It is also note worthy that EOG Resources, Inc has a well to the south of the East Lusk 15 location in section 22. Read More

FieldPoint Petroleum Provides Drilling Update Plans For Well In Lea County, New Mexico Move Forward

Tuesday, May 24th, 2011 and is filed under Drilling Announcements

FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that it anticipates drilling will begin on its leasehold in township 19 section 15 in Lea County, New Mexico in the third quarter of this year.

Ray Reaves, President and CEO of FieldPoint stated, “This horizontal well project, which was announced originally in 2010, has experienced excessive delays outside of our control. We believe now that we are very close to seeing it launched, and are extremely excited about the prospects of drilling this property. I should also mention that approximately $1 million in prepaid drilling expenses was paid in 2010.”

As previously stated, FieldPoint is aware of at least one horizontal well within a few miles of the subject area that came in producing 400 to 800 barrels of oil per day. It should be noted, however, that even though this is certainly no indication of what the proposed well will produce, it gives us cause to be optimistic about the prospects. Read More

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