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FPP Reports Progress on Bone Spring Formation wells

Source: www.gulfoilandgas.com 8/31/2012, Location: North America

FieldPoint Petroleum Reports on Progress of Well #2 in Lea County, New Mexico
FieldPoint Petroleum Corporation (FPP) announced today that the Company and its drilling partner Cimarex Energy Co., www.cimarex.com, have completed the multi-stage fracture stimulation on the East Lusk Federal 15 well #2 in the Bone Spring Formation and plan to flow back the well within approximately one week.

Ray Reaves, President and CEO of FieldPoint stated, “We are pleased to be able to announce the excellent progress that has been made on the drilling of our second well on this property. We are especially pleased to add that operation of the DCP MidStream Pipeline has resumed following a curtailment for repair that began in late June. Timing for this is very fortunate as we prepare for the completion of well #2. As in the past, we will attempt to keep our shareholders up to date as progress is made in this exploration activity.” FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two wells.

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