FieldPoint Petroleum, which
has a growing and yet already quite impressive array of developing/producing
projects across Louisiana, New Mexico, Oklahoma, Texas and Wyoming (WI in 72
producing oil and gas wells), reported some great news out of their Taylor
Sand-focused Serbin Field operations in Texas’ Lee and Bastrop Counties today,
as the Ranger Unit 8A #1H has been successfully completed and is running
upwards of 160 BOPD with well under 20% of the frac load recovered.
Just about 50 miles east of
Austin in Lee County, FPP is seeing good, steady increase to the flow volume as
frac load is pulled on the new well, generating considerable confidence in the
future of the Joint Exploration Agreement with Serbin Field veterans, Riley
Exploration. The production range in the Taylor Sand formation here is around
5.3k to 5.6k feet (46-gravity oil sand) and given the rate metrics thus far,
FPP anticipates a few weeks to get a stable initial production rating measured,
but has already characterized the new well as being very good overall. A solid
kick-off for the Ranger Project, with the partnership already locked on to
their next target, spudding well #2, this first well, the Ranger Unit 8A #1H
was actually drilled prior to the (Nov 27) exploration agreement with Riley,
clearly illustrating to investors how strong this partnership is.
Executive Chairman of FPP,
Roger Bryant, personally thanked Riley Exploration for allowing the company to
participate in this first well of the project despite the timing and called it the
beginning of a beautiful friendship. No doubt, this is how you want to start
2014, tapping the prolific Taylor Sand formation with solid performance results
on the first of as many as twelve horizontal wells currently slated for the
project (which also has significant workover potential in the form of existing
vertical wells).
President of FPP, Phillip
Roberson, asseverated his colleagues’ sentiments wholeheartedly and went on to
explain that while initial production rates here in the Taylor Sand are expectedly
lower than in their Lusk Field, Bonesprings/Yates formation wells over in New
Mexico (see Sept 9 rates for their #3 well in Lea County), the company also
expects a much lower decline rate. The Joint Exploration Agreement should be
finalized anytime now post title due diligence, with FPP at 25% interest and
Riley at 75%, making the partnership yet another feather for FieldPoint’s cap
and one that broadly reinforces the company’s continually strong growth
capabilities.
More on FieldPoint Petroleum
Corp. is available at www.FPPcorp.com
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