FieldPoint to Drill Additional Wells in New Mexico
FieldPoint Petroleum Corporation reported on its plans for additional drilling in the East Lusk Federal 15 field in Lea County, New Mexico.
FieldPoint's President and CEO, Ray Reaves stated, "We continue to be very satisfied with the performance of our first well on this property, and are pleased to report that the permit has been filed for well #2. Due to restrictions during the nesting season of a native bird, the 'Lesser Prairie Chicken,' drilling cannot be started before late June. After further evaluation of this property, and our success to date, serious consideration is being given to the drilling of a third well. This may be influenced by the results of well #2, but will not be totally dependent on them."
As with the first well on this lease, FieldPoint will own a 43.75 percent working interest in well #2.
Mr. Reaves added, "Although this field stands to significantly enhance our position with regard to both reserves and production, we continue to aggressively pursue all acquisition and explorations opportunities that have potential for increasing shareholder value. We are still very early in 2012, but it is looking like a very good year for FieldPoint."
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