Thursday, January 19th, 2012 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 now completed a full month of production from this well and consider the results to be outstanding. The operator has recently changed to a larger choke size, going from a 25 to a 48, and the well pressures and flow rates are holding nicely. On January 17th the oil production was 735 BOPD while natural gas was at a flow rate of 588 MCFPD. Yesterday, oil production was 673 BOPD and gas was up to 624 MCFPD. At this point we normally stop receiving daily production reports from the operator and consequently will not be reporting as frequently to you. We will, of course, watch this well with continued interest but we will begin to turn our attention more to the drilling of well #2 on this property and our other exploration and acquisition activities.” Read More
Thursday, January 12th, 2012 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE/NYSE MKT: FPP) today announced that after consultation with the NYSE Amex exchange (the “Exchange”), it has elected to rescind the previously announced record date for the pending Warrant Dividend until such time that the previously filed registration statement for the new warrants is declared effective.
In order for FieldPoint to complete the distribution of the Warrant Dividend, a registration statement covering the exercise of the Warrant and issuance of the underlying common stock must first be declared effective by the SEC. The Company filed its registration statement on Form S-3 on December 29, 2011; however, it appears that the registration statement will be reviewed by the SEC, and no prediction can be made when it might be declared effective by the Commission. Read More
Thursday, January 12th, 2012 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 been very pleased with the performance of this well since it came on line in late December. Our excitement was elevated when the operator reported that on January 9th the well production was up to 933 BOPD. The well is still operating with the original size choke and also on that day delivered a natural gas flow rate of 425 MCFPD.”
Mr. Reaves concluded by adding, “We still have no way of knowing when production from this well will begin to level off and stabilize. Needless to say, we are becoming more anxious to begin the drilling of well #2 on this property.” Read More
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
Thursday, January 5th, 2012 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, “This recently completed well continues to excite us with a steady increase in daily production. The last data that we provided was through December 28 when the well produced 668 BOPD and natural gas sales began at a flow rate of 429 MCFPD. We can now report that the well has reached an oil production rate of 751 BOPD, with natural gas flowing at a rate of 494 MCFPD.”
FieldPoint owns a 43.75% working interest, Cimarex Energy Co., the well operator, owns a 37.5% working interest, and other partners own the remaining 18.75% working interest. Read More
