AUSTIN, Texas, Sept. 18, 2014 /PRNewswire/ -- FieldPoint
Petroleum Corporation (NYSE/MKT: FPP) today provided an update on
recent drilling activity.
FieldPoint successfully recompleted its University Z1 well in
Andrews County Texas. The well
formerly produced from the Devonian formation but was perforated
and acidized in the Wolfcamp zone and has begun to produce
oil. The jet pump was re-installed, but a casing repair will
be required before the well begins full production. The
Company also reactivated the State of
Texas Z2 well on the same property. Oil flow was
re-established from the Devonian formation after some remedial
work, but the Z2 will also need casing repair before it can be
returned to production. Phillip
Roberson, FieldPoint President and CFO, stated, "We are
pleased with the initial results from the workover of these wells
and expect to have them both on production in October. We
anticipated the possible need for casing repairs since we are
dealing with almost thirty year old casing."
The Company is waiting for the Bureau of Land Management permit
to begin drilling the Quinoco Sulimar #2 in Chaves County, New Mexico, in the Queens
formation. Mr. Roberson Stated, "We are very excited about
getting underway with this well due to the performance of the
offsetting well, the Quinoco Sulimar #1, but understand that
Federal permits often take longer to obtain than initially
planned. Our plans still include completing this well in
2014."
FieldPoint also plans to recomplete its Andrews County, Texas Arrowhead #1 well in the
Devonian formation later in the year. This well has formerly
produced in the Ellenberger zone.
Finally, the Company announced that it is currently producing
four horizontal Taylor Sand wells in
its Ranger project. Mr. Roberson stated "We are still very
excited about this project, but the first four wells convinced us
that 3D seismic data could significantly improve our efficiency due
the heavily faulted nature of this formation. We plan to resume
drilling as soon as this data is processed and analyzed during the
coming months."
About FieldPoint
Petroleum
www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and natural gas
exploration, production and acquisition, primarily in Louisiana, New
Mexico, Oklahoma,
Texas and Wyoming.
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. 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).
SOURCE FieldPoint Petroleum Corporation