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FieldPoint Petroleum

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FieldPoint Petroleum Announces Successful Completion of First Ranger Project Well

Monday, February 10th, 2014 and is filed under Drilling Announcements

FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today announced the successful completion of the Ranger Unit 8A #1H in Lee County, Texas. This is the first well in the Ranger Project with FieldPoint’s partner, Riley Exploration Group, LLC (Riley) of Blanchard, OK.

FieldPoint President, Phillip Roberson, stated, “With less than 20% of the frac load recovered, we are very pleased with the well’s current performance of over 160 barrels of oil per day (BOPD). The volume is slowly and steadily increasing as we recover more of the load, and we anticipate that it might be as much as a few weeks before the well stabilizes and the Initial Production (IP) rate is determined. In the Taylor Sand formation, we expect lower IP’s than in formations like our Bone Spring wells in New Mexico, but we also expect a much lower decline rate. This is going to be a very good well, and a great start for the Ranger Project. We’re looking forward to spudding well #2 soon.” Read More