FieldPoint is targeting the Morrow formation and anticipates drilling to a total depth of approximately 12,750 feet. Should the Cronos Fee #1 find certain expected targeted zones, the company anticipate additional wells could be drilled. As of Tuesday, a drilling depth of approximately 3,050 feet has been reached. FieldPoint will have an 11.6% working interest in the well.
The Patterson-UTI Energy rig #511 is on site. The 1200 horsepower rig is rated for 15,000 feet. FieldPoint anticipates the drilling and completion phase for this well to be completed during our third fiscal quarter. FieldPoint believes the Morrow formation has the potential to be a prolific gas producing zone in this area. FieldPoint's President and CEO, Ray Reaves stated, "We are excited to have the rig on location and drilling started as planned. If successful, this project could make a valuable contribution to our growth plans by adding revenue, earnings and reserves. We remain committed to focus on building our production base through these and other programs, including acquisition, with the goal of continuing to build shareholder value."
FieldPoint Petroleum Corp. is engaged in oil and gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.
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