FieldPoint Petroleum plans for second well in Lea County, New Mexico

Source: FieldPoint Petroleum Corporation

FieldPoint Petroleum Corporation (NYSE/AMEX: - FPP), today announced that the Company plans to move forward with drilling a second well in section 15 of the East Lusk Federal field in Lea County, New Mexico.

FieldPoint's President and CEO, Ray Reaves , said "We are excited that our drilling partner has filed the permit for well number two on this property. As you know, this well had been planned contingent upon the results from well #1, which we have been very pleased with to date. With continued success, this drilling program has the potential to take FieldPoint to the next level in terms of revenue, earnings and reserves. We are now taking a hard look at other possible drilling sites on this property but we remain committed to exploring all opportunities with the goal of continuing to build shareholder value."

As with the recently completed well #1 in this section, the Company will have a 43.75% working interest in this well. We believe that this well could be completed in the third quarter of this year, pending permit approvals, weather and other variables outside our control.

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