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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

FieldPoint Petroleum Corporation Announces First Quarter Results

Monday, May 16th, 2011 and is filed under Financial Updates

FieldPoint Petroleum Corporation (NYSE AMEX:FPP) announced today its first quarter financial results for the three months ended March 31, 2011.

Ray Reaves, President and CEO of FieldPoint stated, “As much of the country suffered lost productivity from extremely harsh winter weather conditions in the first quarter, so did our oil and gas production. During this past quarter total revenues declined 6% as a result of this lower productivity. Notably, all production from one of the company’s leading gas producing wells was lost in the quarter while waiting on repair. With the challenges of the first quarter now behind us, we are very optimistic about being able to meet the growth objectives that we have set for 2011.” Read More