MEDIA RELEASE PR40581
FieldPoint Petroleum Provides Update
AUSTIN, Texas, July 27 /PRNewswire-AsiaNet/ --
Drilling project with Cimarex Energy to begin this fall.
FieldPoint Petroleum Corporation (NYSE Amex: FPP) today provided an
update of its 2010 operations. As previously announced, FieldPoint and
Cimarex Energy Co. (NYSE: XEC) are partnering to drill two wells that will
target the Bone Spring formation in section 15 of the East Lusk Federal field
in Lea County, New Mexico. Drilling of the first of these wells is expected
to begin this fall as planned, possibly early in the fourth quarter.
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 wells.
During the first quarter of 2010, both Revenues and Net Income increased
dramatically over the same period last year. Ray Reaves, President and CEO of
FieldPoint commented, "Favorable market conditions have continued through the
second quarter and we are very pleased with our performance year to date. As
a result of this, and our strong balance sheets, we are able to go forward
with an aggressive growth program. I feel doubly fortunate that we are also
in a position to continue a program to buy back FPP shares, which creates
additional shareholder value."
Mr. Reaves added, "The remainder of 2010 will be an exciting and highly
important time for FieldPoint. Participation in our first horizontal drilling
operation, with such a stellar partner as Cimarex, will be a milestone in
itself. If market conditions continue to be favorable, as it appears they
might, this could be a banner year for us in terms of both financial
performance and growth."
FieldPoint Petroleum Corporation is engaged in oil and gas exploration,
production and acquisition, primarily in Louisiana, 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
SOURCE: FieldPoint Petroleum Corporation
CONTACT: Ray D. Reaves, President of FieldPoint Petroleum Corporation,
+1-512-250-8692,
fppc@ix.netcom.com
Translations:
NEWS 
