Wednesday, August 21st, 2013 and is filed under Well Updates
FieldPoint Petroleum Corporation (NYSE-MKT:FPP) today provided an update on the production from its most recently completed well in Lea County, New Mexico.
FieldPoint’s Executive Chairman, Roger Bryant, stated, “Our drilling partner, Cimarex Energy Co. (NYSE:XEC), has provided us with a progress report on our newest well, the East Lusk Federal 15 #3, in Lea County, New Mexico. For the dates August 14 through August 20, the well averaged producing oil at 730 Bopd and natural gas at 569 Mcfpd. Needless to say, we are very pleased with the way this well is performing at this point. As we have done in the past, we will provide periodic updates on this well as it goes through this early stage production.” Read More
Thursday, August 15th, 2013 and is filed under Well Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided information on initial production from its recently completed East Lusk Federal 15 #3 well in Lea County, New Mexico.
FieldPoint’s Executive Chairman, Roger D. Bryant, stated, “I am very pleased to report that, although we are still in the early stages of recovering the frac load from the East Lusk Federal 15 #3 well, our drilling partner Cimarex Energy Co. (XEC) reported that on September 13, the well tested at 789 Bopd. As we have done in the past, we will provide periodic updates on this well as it goes through this early stage cyclical production. We believe that this well could contribute significantly to this year’s production and beyond.” Read More
Wednesday, August 14th, 2013 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today its second quarter financial results for the three and six months ended June 30, 2013.
Mr. Roger D. Bryant, FieldPoint Executive Chairman, stated, “Net income and earnings per share met our goals for this quarter, although they were significantly lower than the same period in 2012 due to commodity derivative gains in the prior year of $521,331. We believe that we will meet our objectives for this year, with a strong emphasis on increasing oil production. With our drilling partner, Cimarex Energy Co. (NYSE:XEC), we have completed our third oil and gas well in Lea County, New Mexico. We are in the early testing stage and expect to see the first production results soon. As with the existing two wells on this property, we will keep our shareholders informed of the progress of well #3. As previously stated, drilling a fourth well on this property could start soon. If successful, and if oil prices remain stable, this could have a very positive impact on future results. We plan to continue to explore new oil and gas acquisition opportunities in the form of oil and gas production and/or oil and gas drilling acreage, as well as other opportunities that could potentially increase shareholder value.” Read More
Monday, July 29th, 2013 and is filed under Drilling Announcements
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today that the Company and its drilling partner Cimarex Energy Co., www.cimarex.com, have elected to complete the East Lusk Federal 15 well #3 in the Bone Spring Formation and plan to frac the well beginning today.
FieldPoint’s Chairman, Roger Bryant, stated, “FieldPoint has signed a casing point election to proceed with the completion of our third well on the East Lusk 15 Federal property. We expect that it will take two or three days to complete the fracture stimulation. We have been very pleased with the success of our first two horizontal wells on this property, and with our drilling partner, Cimarex. As in the past we will attempt to keep our shareholders up to date as progress is made with the completion of this new well.” Read More
Tuesday, June 25th, 2013 and is filed under Drilling Announcements
FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that drilling is well underway on the East Lusk 15 Federal #3 in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) www.cimarex.com, to drill this well that will target the Bone Spring formation.
As with the Company’s two other wells on this property, this horizontal well is planned to be drilled 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. Drilling has currently passed 4,500 feet in the vertical portion. Read More
Thursday, June 20th, 2013 and is filed under Management Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) announced today that its Board of Directors has appointed Philip H. Roberson to serve as COO/CFO. FieldPoint’s Executive Chairman, Roger D. Bryant, stated, “For some time, Phil has been collaborating with our founder, Ray Reaves, regarding various drilling projects and field operations. Consequently, he is in an excellent position to see that none of our initiatives lose momentum. Additionally, because of his securities background combined with being a licensed CPA, he is able to take on the added duties of CFO. This should ensure the continued timeliness of our financial reporting and SEC filings. Phil is a great addition and we are very pleased to have him join the team.”
Mr. Roberson added, “I had a great relationship with Ray, and great respect for the company he built. I sincerely appreciate the opportunity to contribute to its future growth.” Read More
Monday, June 10th, 2013 and is filed under Management Updates
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) The Board of Directors sadly announced today the untimely passing of its Founder, President, and CEO, Mr. Ray D. Reaves, who died in an automobile accident in Bastrop County, Texas.
In an emergency meeting of the board called on June 8, action was taken to put in motion a succession plan that was developed several years ago to be used in the event of such an occurrence. As part of the plan, the board elected Mr. Roger D. Bryant to serve as its Chairman, fully authorized with the executive powers necessary to conduct all aspects of the business. Further, the board initiated action to begin the search for a new CEO.
Mr. Bryant stated, “This is a great loss to FieldPoint, and a greater personal loss to every member of our board. Mr. Reaves was widely respected within the industry, and had many friends who will share our loss. Our heartfelt condolences go out to his family.” Read More
Tuesday, May 28th, 2013 and is filed under Uncategorized
FieldPoint Petroleum Corporation (NYSE AMEX: FPP), today announced the release of a research report on the Company, by Mr. Paul Silver, Director of Research for Wall Street Resources, Inc. The 24-page report includes detailed information on the Company’s business model, products, industry, valuation,
management and risks.
The free report is available at: www.WallStreetResources.net/FieldPoint.asp
About FieldPoint Petroleum Corp www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming. Read More
Wednesday, May 15th, 2013 and is filed under Financial Updates
FieldPoint Petroleum Corporation (NYSE AMEX:FPP) announced today its first quarter financial results for the three months ended March 31, 2013. Ray Reaves, President and CEO of FieldPoint, stated, “We consider this to be a very good quarter even though revenues were lower than for the same period in 2012. This is due primarily to a combination of lower oil prices in Q1 2013, and the boost in production that we experienced from our newly completed well in the East Lusk Field in 2012. Wells of this type are known to come on line with a flush production (in our case, over 800 bpd) and then decline until they stabilize at a much lower rate. We did not have the drilling or acquisition activity to lift our first quarter 2013 production to last year’s level, although we are hopeful that our current activities will produce results similar to our 2012 experience before year end.” Read More
Monday, May 13th, 2013 and is filed under Drilling Announcements
FieldPoint Petroleum Corporation (NYSE/MKT: FPP) announced today that, with its industry partners, drilling has begun on the Irby #1 vertical Wilcox test well that will be drilled to a depth of approximately 8,900 feet to the prospective reservoir. If successful, the well should be drilled and completed within the next 60 to 90 days and FPP will own a 10% working interest in the well.
FPP also announced that it has signed an operating agreement with Cimarex Energy Co, to drill a third horizontal well that will target the Bone Spring formation on its East Lusk Federal Section 15 property located in Lea County, New Mexico. If successful, there is the possibility of drilling a fourth well on this property by the end of the year. Total cost for each well will be approximately $7,000,000. Read More
