The company has an operating agreement with Cimarex Energy to drill two horizontal wells that will target the Bone Spring formation.

The wells are planned to be drilled vertically to a depth of about 9,500ft to the Bone Spring formation, and about 4,000ft to 5,000ft laterally within the formation to the bottom hole location.

FieldPoint president and CEO Ray Reaves said if successful, this drilling program could serve to significantly increase the company’s daily production and proved producing reserve base.

FieldPoint will own a 43.75% working interest in the two planned wells, while Cimarex and other partners will own 37.5% and 18.75% interests, respectively.