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FieldPoint Petroleum

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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