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FieldPoint Petroleum Corp. (FPP) Provides Update on Production at New Mexico Field

|Includes: FieldPoint Petroleum Corporation (FPP)

FieldPoint Petroleum recently reported an update on the company’s oil and gas activities in New Mexico.

FieldPoint Petroleum is involved with Cimarex Energy (NYSE:XEC) on the East Lusk Federal 15 well #1 in Lea County, New Mexico. The well targeted the Bone Spring formation and was completed in December 2011 with initial production of 446 barrels of oil per day.

FieldPoint Petroleum reported that the well produced 735 barrels of oil and 588,000 cubic feet of natural gas per day on January 17, 2012. The most recent production report from the operator of the well has production at 673 barrels of oil and 624,000 cubic feet of natural gas per day. The company said that the extra production relative to the initially reported rate was due to a larger choke size used during operations.

FieldPoint Petroleum owns a 43.75% working interest in the well, and based on the agreement with the operator, will own a similar working interest in future wells on the property. The company anticipates a second well will be drilled on the East Lusk Federal 15 property in 2012.

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