|FieldPoint Petroleum Updates Operational Activities|
Friday March 5, 6:30 am ET
AUSTIN, Texas, March 5 /PRNewswire-FirstCall/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC - News; www.fppcorp.com ) today updated developments on its Oklahoma recompletion and workover activity. The company will begin development on four wells.
Grady and Pontotoc Counties Oklahoma
The first of these wells in Pontotoc County, the 2,270 foot Diamond #5 well will be converted to a salt water disposal well. By converting this well we believe this will charge the area around this well and increase the oil production from surrounding wells. Total cost should be approximately $31,000.00, and FieldPoint has a 25% working interest in the lease with Ascent Energy, Inc. the operator.
In our Grady County, Rush Springs Medrano Unit which Westport Resources Corp. (NYSE: WRC - News) is the operator we will Re-frac three wells the RSMU 4-26, RSMU 9-23 and the RSMU 9-25. This development could increase production up 50 to 100 barrels per day if successful. The current daily production is approximately 300 barrels per day. FieldPoint Petroleum Corp. has a 20% working interest in the unit and total cost should be around $240,000.00.
Ray D. Reaves, Field Point's President Stated, "We remain committed to expand our production levels along with our financial performance through continued drilling, development and prudent reviews of select acquisition targets."
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 veins with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projection will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected, such as decreases in oil and gas prices and for 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 ).
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Oklahoma, Texas and Wyoming.
Contact: Ray D. Reaves, President (512) 250-8692