FieldPoint Petroleum Reports on Progress of New Well in Lea County, New Mexico

FieldPoint Petroleum Corporation

today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #1 in Lea County, New Mexico. FieldPoint's President and CEO, Ray Reaves stated, "We have now completed a full month of production from this well and consider the results to be outstanding. The operator has recently changed to a larger choke size, going from a 25 to a 48, and the well pressures and flow rates are holding nicely. On January 17th the oil production was 735 BOPD while natural gas was at a flow rate of 588 MCFPD." "Yesterday, oil production was 673 BOPD and gas was up to 624 MCFPD. At this point we normally stop receiving daily production reports from the operator and consequently will not be reporting as frequently to you. We will, of course, watch this well with continued interest but we will begin to turn our attention more to the drilling of well #2 on this property and our other exploration and acquisition activities."