FieldPoint Petroleum Corporation announced Tuesday that drilling is well underway on the East Lusk 15 Federal #3 in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co. to drill this well that will target the Bone Spring formation.
As with the Company’s two other wells on this property, this horizontal well is planned to be drilled vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location. Drilling has currently passed 4,500 feet in the vertical portion.
FieldPoint’s Chairman Roger Bryant stated, “Cimarex was able to begin drilling this well ahead of our original schedule. We are very excited about this project because of the performance of our two existing wells on this property, and because Cimarex Energy is one of the best in the industry at completing wells in the Bone Spring formation. If this third well is successful, this could lead to drilling a fourth well on this lease during this fiscal year. This could serve to significantly increase our daily production and proved producing reserve base."
Also, as with wells #1 and #2, 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 planned wells.
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