FieldPoint Petroleum reports continued production increase from new 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, "This recently completed well continues to excite us with a steady increase in daily production. The last data that we provided was through December 28 when the well produced 668 BOPD and natural gas sales began at a flow rate of 429 MCFPD. We can now report that the well has reached an oil production rate of 751 BOPD, with natural gas flowing at a rate of 494 MCFPD."

FieldPoint owns a 43.75% working interest, Cimarex Energy Co., the well operator, owns a 37.5% working interest, and other partners own the remaining 18.75% working interest.

Mr. Reaves added, "We have no way of knowing at this point what the peak level of production from this well may be, nor when it will begin to level off and stabilize. We can say, however, that it appears that the East Lusk Federal 15 well #1 will become a major contributor to our long standing objective of steadily increasing both production and reserves."



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