FieldPoint anticipates drilling will begin on its leasehold in township 19 section 15 in Lea County, New Mexico in the third quarter of this year.
Ray Reaves, President and CEO of FieldPoint stated, "This horizontal well project, which was announced originally in 2010, has experienced excessive delays outside of our control. We believe now that we are very close to seeing it launched, and are extremely excited about the prospects of drilling this property. I should also mention that approximately $1 million in prepaid drilling expenses was paid in 2010."
As previously stated, FieldPoint is aware of at least one horizontal well within a few miles of the subject area that came in producing 400 to 800 barrels of oil per day. It should be noted, however, that even though this is certainly no indication of what the proposed well will produce, it gives us cause to be optimistic about the prospects.
FieldPoint will hold a 43.75% working interest in this and subsequent proposed wells on this leasehold.
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