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.

Sign up for PennEnergy's eNewsletters
For Email Newsletters you can trust

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs