FieldPoint Petroleum, which has a growing and yet already quite impressive array of developing/producing projects across Louisiana, New Mexico, Oklahoma, Texas and Wyoming (WI in 72 producing oil and gas wells), reported some great news out of their Taylor Sand-focused Serbin Field operations in Texas’ Lee and Bastrop Counties today, as the Ranger Unit 8A #1H has been successfully completed and is running upwards of 160 BOPD with well under 20% of the frac load recovered.
Just about 50 miles east of Austin in Lee County, FPP is seeing good, steady increase to the flow volume as frac load is pulled on the new well, generating considerable confidence in the future of the Joint Exploration Agreement with Serbin Field veterans, Riley Exploration. The production range in the Taylor Sand formation here is around 5.3k to 5.6k feet (46-gravity oil sand) and given the rate metrics thus far, FPP anticipates a few weeks to get a stable initial production rating measured, but has already characterized the new well as being very good overall. A solid kick-off for the Ranger Project, with the partnership already locked on to their next target, spudding well #2, this first well, the Ranger Unit 8A #1H was actually drilled prior to the (Nov 27) exploration agreement with Riley, clearly illustrating to investors how strong this partnership is.
Executive Chairman of FPP, Roger Bryant, personally thanked Riley Exploration for allowing the company to participate in this first well of the project despite the timing and called it the beginning of a beautiful friendship. No doubt, this is how you want to start 2014, tapping the prolific Taylor Sand formation with solid performance results on the first of as many as twelve horizontal wells currently slated for the project (which also has significant workover potential in the form of existing vertical wells).
President of FPP, Phillip Roberson, asseverated his colleagues’ sentiments wholeheartedly and went on to explain that while initial production rates here in the Taylor Sand are expectedly lower than in their Lusk Field, Bonesprings/Yates formation wells over in New Mexico (see Sept 9 rates for their #3 well in Lea County), the company also expects a much lower decline rate. The Joint Exploration Agreement should be finalized anytime now post title due diligence, with FPP at 25% interest and Riley at 75%, making the partnership yet another feather for FieldPoint’s cap and one that broadly reinforces the company’s continually strong growth capabilities.
More on FieldPoint Petroleum Corp. is available at www.FPPcorp.com
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