This is the first well in the Ranger Project with FieldPoint’s partner, Riley Exploration Group, (Riley) of Blanchard, Oklahoma.
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 1 January, 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.
