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FieldPoint Petroleum Corp. (FPP) Updates Oil and Gas Activity in New Mexico

|Includes: FieldPoint Petroleum Corporation (FPP)

FieldPoint Petroleum Corp. issued an operations update on the company’s recent oil and gas activity in the United States.

FieldPoint Petroleum is active in the western United States and recently put the East Lusk Federal 15 #1 well into production in Lea County, New Mexico. The company reported that the well produced 578 barrels of oil during a twenty four hour period, up significantly since first reported production of 446 barrels of oil per day.

FieldPoint Petroleum said that the East Lusk Federal 15 #1 well is producing 804,000 cubic feet of natural gas per day. The company is not marketing the natural gas and is currently venting this production.

FieldPoint Petroleum owns a 43.75% working interest in the East Lusk Federal 15 #1 well. Cimarex Energy (NYSE:XEC) owns a 37.5 % working interest in the wells and the balance is held by several minority owners.

FieldPoint Petroleum said that the agreement with Cimarex Energy contains an option for the company to participate in a second well on the property. The company has not made a final decision but based on the production results of the first well anticipates moving forward on the drilling program here.

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