FieldPoint Petroleum Corporation Completes Wilcox Test Well in South Texasadmin
FieldPoint Petroleum Corporation announced completion of a gas test well in South Texas. The well is flowing in the Middle Wilcox formation.
FieldPoint’s President and CEO, Ray D. Reaves said, ”FieldPoint and its industry partners are excited to have this successful completion on schedule. I believe the initial results support drilling a second well on this prospect, and discussion of this with our partners has began. If agreed to, it is possible that drilling of the second well could be initiated before year end. Our focus remains on increasing revenues, earnings and reserves, and we will continue to explore all opportunities that help us achieve these objectives.”
The well is currently flowing at approximately 3 mmcfed (million cubic feet of natural gas equivalent per day) on a 12/64 choke at 2800psi. At 11,754 to 11,792 feet, the Middle Wilcox zone was perforated and at this time no further stimulation has been necessary. It is, however, premature to predict sustained future flow rates. We will monitor the flow rates and pressures to determine if additional actions will be required to maintain or increase production. The well has been connected to the pipeline and natural gas sales have began at this time.
FieldPoint has a 5% working interest in the well and estimates its total cost in this well to be approximately $315,000. Additional expenses could be incurred if further stimulation and/or completion of the other Wilcox zones should occur.
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.