FieldPoint May Farmout Leasehold Interest
FieldPoint has received an offer from Cimarex Energy to enter into a farmout agreement covering fifty percent of all the FieldPoint leasehold interest in section 15 of Lea County, NM. The proposal includes drilling the first horizontal well. Section 15 offsets the Korczak well in section 14 and Cimarex already has leasehold interest in section 16. The drilling target would be to horizontal drill in the Bone Spring formation.
FieldPoint is aware of at least one horizontal well within approximately 5-10 miles of the subject area that came in producing 400 to 800 barrels of oil per day, but will engage the services of a geologist to evaluate the potential of the leasehold before any decision to proceed is made.
FieldPoint's President and CEO, Ray D. Reaves, said, "As we previously announced, data from section 14 near the Korczak well indicates the possibility of good pay zones in the upper and lower Wolfcamp formations. We would definitely like to explore the potential of the Bone Spring formation in this area as well. If we decide to pursue this, we will work with Cimarex or another industry partner."
FieldPoint has 75%-100% working interest in the E/2W/2 and W/2W/2 of section 15.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- Brazil Court Reinstates Petrobras Chair to Divided Board
- Russian Ships to Remain Banned from US Ports
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally