Thursday, December 29th, 2011 and is filed under Well Updates
FieldPoint Petroleum Corporation (NYSE/NYSE MKT: FPP) today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #1 in Lea County, New Mexico.
FieldPoint’s President and CEO, Ray Reaves stated, “We have promised to keep you informed as to the progress in production from this new well. The last data that we provided was through December 26. On December 27, the well produced 487 BOPD, and gas was still being vented. On December 28, the well produced 668 BOPD and natural gas sales began at a flow rate of 429 MCFPD. We did not anticipate giving updates this frequently, however production increases have been very dramatic thus far. We will of course continue to keep you informed as important events occur with this well and with any plans to drill a second well on this property. ” Read More
Tuesday, December 27th, 2011 and is filed under Well Updates
FieldPoint Petroleum Corporation (NYSE/NYSE MKT: FPP) today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #1 in Lea County, New Mexico.
FieldPoint’s President and CEO, Ray Reaves stated, “We recently reported that on December 17, 2011 the first oil production from this well began to hit the tanks. The most recent information provided to you was that on December 20, 2011 the well produced 446 barrels of oil during a 24 hour period, and was venting all gas. At that time we stated that, without certainty, the Company had reason to believe that the oil production could increase. I am pleased to report today that this well has shown a steady upward movement in production, and on December 24 it produced 578 barrels of oil. The choke size has been unchanged since our production report.” Read More
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
Monday, December 19th, 2011 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE MKT: FPP) announced today that on November 18, 2011 its Board of Directors approved a dividend to shareholders of record at the close of business on December 30, 2011 (the “Record Date”).
The Warrant shall grant the holder the right to purchase one additional share of Common Stock for each share held on the Record Date, for a period of six years, at an exercise price of $4.00 per share. The Company will file a Registration Statement on Form S-3 registering the shares of Common Stock issuable upon exercise of the Warrants (the “Registration Statement”). The Warrant will be distributed only upon the Registration Statement being declared effective by the SEC. No prediction can be made when that distribution will occur.
Payment of the dividend should have no tax consequences for the shareholder at the time of grant. Read More
