FieldPoint Petroleum provided an update of its 2010 operations. As previously announced, FieldPoint and Cimarex Energy are partnering to drill two wells that will target the Bone Spring formation in section 15 of the East Lusk Federal field in Lea County, New Mexico. Drilling of the first of these wells is expected to begin this fall as planned, possibly early in the fourth quarter. FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two wells.
During the first quarter of 2010, both Revenues and Net Income increased dramatically over the same period last year. Ray Reaves, President and CEO of FieldPoint commented, "Favorable market conditions have continued through the second quarter and we are very pleased with our performance year to date. As a result of this, and our strong balance sheets, we are able to go forward with an aggressive growth program. I feel doubly fortunate that we are also in a position to continue a program to buy back FPP shares, which creates additional shareholder value."
Mr. Reaves added, "The remainder of 2010 will be an exciting and highly important time for FieldPoint. Participation in our first horizontal drilling operation, with such a stellar partner as Cimarex, will be a milestone in itself. If market conditions continue to be favorable, as it appears they might, this could be a banner year for us in terms of both financial performance and growth."
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