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.
Ray Reaves, president and CEO of FieldPoint, said: “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.”
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.”
