Exploration & Production
FieldPoint Successfully Kicks Off Ranger Project in Taylor Sand Formation
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FieldPoint Petroleum Corporation has announced the successful completion of the Ranger Unit 8A #1H in Lee County, Texas.
This is the first well in the Ranger Project with FieldPoint's partner, Riley Exploration Group, LLC (Riley) of Blanchard, OK.
FieldPoint President, Phillip Roberson stated: "With less than 20% of the frac load recovered, we are very pleased with the well's current performance of over 160 barrels of oil per day (BOPD). The volume is slowly and steadily increasing as we recover more of the load, and we anticipate that it might be as much as a few weeks before the well stabilizes and the Initial Production (IP) rate is determined. In the Taylor Sand formation, we expect lower IP's than in formations like our Bone Spring wells in New Mexico, but we also expect a much lower decline rate. This is going to be a very good well, and a great start for the Ranger Project. We're looking forward to spudding well #2 soon."
Roger Bryant, Executive Chairman of FieldPoint, added: "Again, I want to thank our partner Riley for allowing us to participate in this well, which was actually drilled prior to our agreement commencing. This is a great way to start a new partnership and to get 2014 underway. As in the past, we will try to keep our shareholder base informed as this project progresses, and thank you for your continued support."
As previously stated, the Joint Exploration Agreement with Riley commenced on January 1, 2014 and will be finalized after title due diligence is completed by both sides. The Ranger Project will primarily focus on drilling horizontal Taylor Sand wells in the Serbin Field, located in Lee and Bastrop Counties, Texas. The project plan calls for up to twelve horizontal wells to be drilled in 2014, as well as workovers of existing vertical wells, where production can be increased cost-effectively. The total number of horizontal wells to be drilled over the life of the agreement is yet to be determined. FieldPoint will own an approximate 25% interest and Riley will own an approximate 75% interest in this project.