FieldPoint Petroleum provides production update on oil well in Lea County, New Mexico

Source: FieldPoint Petroleum Corporation

FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #1 in Lea County, New Mexico .

FieldPoint's President and CEO, Ray Reaves stated, "We have promised to keep you informed as to the progress in production from this new well. The last data that we provided was through December 26. On December 27 , the well produced 487 BOPD, and gas was still being vented. On December 28 , the well produced 668 BOPD and natural gas sales began at a flow rate of 429 MCFPD. We did not anticipate giving updates this frequently, however production increases have been very dramatic thus far. We will of course continue to keep you informed as important events occur with this well and with any plans to drill a second well on this property. "

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.


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