Field Point Petrolem $FPP
COMPANY SUMMARY
FieldPoint Petroleum Corporation is engaged in the acquisition, operation and development of oil and natural gas properties, which are located in Louisiana, New Mexico, Oklahoma, South-Central Texas and Wyoming. As of December 31, 2011, the Company had ownership interest in 361 gross productive wells (101.52 net) located in five states. It operates 67 of the 361 wells; the other wells are operated by independent operators under contracts. Its properties include Block A-49 and Block 6 Field, Spraberry Trend, Flying M Field, Sulimar Field, Apache Field, North Bilbrey Field, Longwood Field, Lusk Field, Loving North Morrow Field, Chickasha Field, West Allen Field, Giddings Field, Big Muddy Field, Serbin Field and Tuleta West Field. The Company owns a 74%-100% working interest in five producing oil wells and three injection wells producing out of the Devonian and Ellenburger formations at an approximate depth of 7,000 to 9,000 feet.
MANAGEMENT
CEO – Ray D. Reaves
Mr. Reaves has been Chairman, Director, President, Chief Executive Officer and Chief Financial Officer of the Company since May 22, 1997. Mr. Reaves has also served as Chairman, Chief Executive Officer, Chief Financial Officer and Director of Bass Petroleum, Inc. from October 1989 to the present, has 20 years experience in the oil and natural gas industry. He began his career in 1987, with North American Oil and Gas. Subsequently, in 1989 he purchased an interest in 10 of their wells and formed Bass Petroleum, Inc. Under Mr. Reaves’ management in the years that followed, Bass Petroleum, Inc., gained majority control of the 10 original wells and acquired interest in another 60 wells. In 1998, Bass Petroleum merged with Energy Production Corporation and as a result, FieldPoint Petroleum Corporation was born.
Director – Roger D. Bryant
Mr. Bryant has been a Director of the Company since July 1997. For more than twenty-five years, Mr. Bryant has held senior management positions with public and private start-up and turn-around technology companies in a number of different industries. He is currently a Founder and Partner of Co-Partners, LLC, a business consulting firm. Prior positions include Chief Operations Officer for Electric and Gas Technologies, Inc., Chief Executive Officer of International Gateway Exchange, President and Chairman of Dial-thru International, Inc., President of Network Data Corporation, President of Dresser Industries, Inc., Wayne Division, President of Schlumberger Limited, Retail Petroleum Systems Division, U.S.A., a division of Schlumberger Corporation, and President of Autogas Systems, Inc., the developer of “Pay-at-the-Pump” technology for retail petroleum industry. All together, Mr. Bryant has held the Chief Executive position as well as serving on the board of directors, of more than ten private and public companies.
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FieldPoint Petroleum Begins Drilling Second Horizontal Well Project in Lea County, New Mexico
Jul 16, 2012 8:15:00 AM
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Cimarex Energy to be Well Operator
AUSTIN, Texas, July 16, 2012 /CNW/ – FieldPoint Petroleum Corporation (NYSE/MKT: FPP) announced today that drilling has begun on the East Lusk 15 Federal #2 in Lea County, New Mexico. The Company has an operating agreement with Cimarex Energy Co, (NYSE: XEC) http://www.cimarex.com, to drill this well that will target the Bone Spring formation. FieldPoint has pre-paid its expected share of the drilling cost, which is approximately $1.3 million. There will, of course, be additional completion costs should the drilling operation be successful.
As with the Company’s well #1 on this property, this horizontal well is planned to be drilled vertically to a depth of approximately 9,500 feet, to the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally within the formation to the bottom hole location. The estimated time for drilling and completion is expected to be approximately 60 to 90 days.
FieldPoint’s President and CEO, Ray Reaves stated, “As I have mentioned before, there are two highly important aspects of this drilling program. First, Cimarex Energy is one of the best in the industry at completing wells in the Bone Spring formation. This is very important for well success and optimal well production. And second, if successful, this could lead to drilling a third well on this lease, which could serve to significantly increase our daily production and proved producing reserve base.”
Also as with well #1, 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 planned wells.
About FieldPoint Petroleum Corp. http://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 http://www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
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Ray D. Reaves
President
+1-512-250-8692
fppc@ix.netcom.com
http://www.fppcorp.com
FieldPoint Petroleum Reports Most Recent Production of Well #2 in Lea County, New Mexico at 827 BOPD – Company Also Provides …
Today : Wednesday 19 September 2012
FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #2 in Lea County, New Mexico.
FieldPoint’s President and CEO, Ray Reaves stated, “The last data we provided on this well was through September 12. From September 13 through September 17, well production in BOPD was 705, 914, 664, 795, and 827 respectively, and we continue to sell between 360 to 500 mcf per day. We will, of course, continue to watch this well with continued interest but we hope that soon we can turn our attention more to the drilling of well #3 on this property and our other exploration and acquisition activities.”
Mr. Reaves added, “If production and the price of oil holds, we believe we will see a smart increase in total revenue year over year. Accordingly, I am projecting that our 2012 revenues could be between $9.5 and $10.8 million compared to $7.2 million for 2011.”
As a reminder, FieldPoint owns a 43.75% working interest in well #2, and will own the same percentage of well #3 in section 15 of this field.
About FieldPoint Petroleum CorporationFieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit http://www.fppcorp.com.
This press release may contain projections 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, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 http://www.sec.gov).
SOURCE FieldPoint Petroleum Corporation