AUSTIN, Texas, Feb. 15, 2012 /CNW/ - FieldPoint Petroleum Corporation (NYSE/AMEX:FPP) today reported on its plans for additional drilling in the East Lusk Federal 15 field in Lea County, New Mexico.
FieldPoint's President and CEO, Ray Reaves stated, "We continue to be very satisfied with the performance of our first well on this property, and are pleased to report that the permit has been filed for well #2. Due to restrictions during the nesting season of a native bird, the 'Lesser Prairie Chicken,' drilling cannot be started before late June. After further evaluation of this property, and our success to date, serious consideration is being given to the drilling of a third well. This may be influenced by the results of well #2, but will not be totally dependent on them."
As with the first well on this lease, FieldPoint will own a 43.75% working interest in well #2.
Mr. Reaves added, "Although this field stands to significantly enhance our position with regard to both reserves and production, we continue to aggressively pursue all acquisition and explorations opportunities that have potential for increasing shareholder value. We are still very early in 2012, but it is looking like a very good year for FieldPoint."
About FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
For further information:
Ray D. Reaves, President of FieldPoint Petroleum Corporation, +1-512-250-8692, [email protected]