FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced in October
that it had re-completed the Korczak Federal #1 in the lower Wolfcamp
formation and the well was flowing 425 mcfd and 230 barrels of oil per
day on a 20/64 choke at 600psi. We are very pleased to announce today
that after almost a month, and with no additional stimulation,
production has held steady. It is still too early to be able to predict
sustained flow rates, but this is very encouraging data.
FieldPoint’s President and CEO, Ray D. Reaves, said, ”As we previously
announced, data indicates to us the possibility of two good pay zones in
the upper and lower Wolfcamp formations. We chose first to perforate a
two foot section of the lower interval (expected to be approximately 25
to 40 feet in depth) and have been extremely pleased with the results we
have seen. This is especially true since data indicates that the upper
formation is likely to be the better of the two. We hold a 640 acre
tract in this field and are producing on 40 acre spacing. Results to
date strongly indicate that additional drilling of this lease holding
should be considered. We will continue to report to our shareholders as
developments in this field occur.”
FieldPoint has a 14.0625% working interest in the Korczak Federal lease.
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration,
production and acquisition, primarily in New Mexico, Oklahoma, Texas and
Wyoming.
This press release may contain projection and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Act of 1934, as
amended. Any such projections or statement reflect the company’s current
views with respect to future events and financial performance. No
assurances can be given, however, that these events will occur or that
such projections will be achieved and that actual results could differ
materially from those projected. A discussion of important factors that
could cause actual results to differ from those projected, such as
decreases in oil and gas prices and unexpected decreases in oil and gas
production is included in the company’s periodic reports filed with the
Securities and Exchange Commission (at www.sec.gov).
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