FieldPoint Petroleum Corporation provided an update Tuesday on the latest production information from its recently completed East Lusk Federal 15 well #1 in Lea County, New Mexico.
"We recently reported that on December 17, 2011 the first oil production from this well began to hit the tanks. The most recent information provided to you was that on December 20, 2011 the well produced 446 barrels of oil during a 24 hour period, and was venting all gas. At that time we stated that, without certainty, the Company had reason to believe that the oil production could increase," FieldPoint's President and CEO, Ray Reaves stated. "I am pleased to report today that this well has shown a steady upward movement in production, and on December 24 it produced 578 barrels of oil. The choke size has been unchanged since our production report."
Mr. Reaves continued, "We are still not selling natural gas from this well, but on December 22 a sales line was tied in, and on December 23 we vented 804 mcf/d at a pressure of 31 psia. On December 24 through 26, the well was shut in due to tank capacity. This is still early stage production, and variations in daily output may be expected to occur, however we are very pleased with the results to date. We will continue to keep you informed as progress is made with this very important drilling program."
FieldPoint will own a 43.75 percent working interest, Cimarex will own a 37.5 percent working interest, and other partners will own the remaining 18.75 percent working interest in the two wells.
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