FPPC - perhaps reason for reason strength (plus high oil/gas prices)
FieldPoint Petroleum Plans to Evaluate Wyoming Reserves; Hires Ryder Scott Company
PR Newswire - April 26, 2004 12:15
AUSTIN, Texas, Apr 26, 2004 /PRNewswire-FirstCall via COMTEX/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC) today announced that it has engaged Ryder Scott Petroleum Consultants to perform an in depth evaluation of the Big Muddy Field where the Company owns a 100% working interest.
FieldPoint Petroleum's current leasehold of 520 primary acres at the Big Muddy is presently developed from three wells. These three wells have shown no decline in production since the Company took over operations in 1996.
Ray D. Reaves, FieldPoint's President Stated, "As a result the Company believes there is a much larger reservoir of oil reserves than first anticipated. The Company currently produces from zones between approximately 3600 and 4200 feet deep. FieldPoint recently became aware of a 10,000 foot producing zone in a well approximately eight miles away from the Company's leasehold. Subject to a favorable outcome of the Ryder Scott evaluation we plan to start a 3 to 10 well drilling program that will test the deeper zone at a minimum of one well."
Mr. Reaves continued, "The Company currently has proven producing reserves of approximately 120,000 barrels in the Big Muddy field, and believes the field may offer upside potential. We remain committed to expanding the Company's production through drilling, development and prudent reviews of select acquisition targets.
"The Company's total production is currently around 230 barrels of oil equivalent per day. Our goal is to increase daily production to at least 400 (BOE) barrels per day by year end. Based on $31.00 per barrel, it's easy to see the impact this can have on our financial picture."
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and for unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov ).
Contact: Ray D. Reaves, President (512) 250-8692
fppc@ix.netcom.com
SOURCE FieldPoint Petroleum Corporation
Ray D. Reaves, President of FieldPoint Petroleum Corporation,
512-250-8692, or fppc@ix.netcom.com
sec.gov |
