FieldPoint Petroleum announced the progress of their initiatives to increase production at the Bilbrey North Field well number 7.
In or around March 2009, the well began to show a decline in production and there seemed to be a down-hole issue contributing to the decline. The completion of a liquid foam treatment at this time has successfully reactivated production and the Bilbrey Federal #7 well is currently producing approximately 470-500 thousand cubic feet (mcf) of gas per day. FieldPoint Petroleum Corp. has a 50% ownership working interest in this well and ConocoPhillips, the operator of the well, owns the other 50%. Prior to this problem the well was producing approximately 200-240 mcf per day for the last two and a half years, or since the time of FieldPoint ownership.
Ray D. Reaves, FieldPoint's President stated, "The Company has always believed that the well and the acreage held potential for development and this increase in production comes as no surprise. Other than loss of production during the down time, the cost of this completion process was insignificant."
Mr. Reaves added, "The approximate 100% increase in production since the treatment of the well is an example of benefiting from the expertise in being able to identify this type of property and applying proper field management. This property met, and has now exceeded, our acquisition criteria and indicates potential to possibly develop new drilling locations which could add to our production and proven reserves. We are very excited about the potential of the Bilbrey Field going forward, however no time frame can be given as to when, or if, any drilling or development activity will begin."
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