Patterson-UTI Energy rig # 511 is on site. The 1200 horsepower rig is rated for 15,000 feet and will drill approximately 12,900 feet to the Morrow target. FieldPoint anticipates the drilling and or completion phase for this well to be complete by the approximate end of September 2005. The Company believes the Morrow formation has the potential to be a prolific gas producing zone in this area.
The second well in the Company's 2005 drilling program was drilled in Yoakum County, Texas to a total depth of approximately 9,500 feet. The Hunger Buster #1 was to target the Wolfcamp formation, the DST (Drill Stem Test) was 100% formation water. Currently, completion of the San Andres at 5,374 - 5,400 feet is being attempted; FieldPoint has a 10% working interest in this well. The Korczak Federal #1, the first well we drilled this year, is currently producing in the middle Morrow formation at approximately 500 mcf per day. The company and its partners anticipate evaluating the upper Morrow for a completion attempt at a later date.
Ray D. Reaves, President and CEO of FieldPoint, stated, "In light of this high commodities price environment, we are very pleased to be aggressively drilling for oil and gas in addition to remaining 100% un-hedged. In addition to the multiple wells mentioned in this release, we also recently filed a permit to drill in Palo Duro Basin sometime in 2006 where we previously acquired 3235 acres. These opportunities hold the potential to materially expand our production levels and enhance shareholder value."
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