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."
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.