AUSTIN, TX - February 9, 2011 (Investorideas.com energy stocks newswire) - Investorideas.com and its energy portals profile the company info and recent news for energy stock; FieldPoint Petroleum Corporation (NYSE Amex: FPP).
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.
Block A-49 and Block 6 Field, Andrews County, Texas is a producing oil field located in Andrews, Texas. The Company owns a 74%-100% working interest in five producing oil wells and three injection wells producing out of the Devonian and Ellenburger formations at an approximate depth of 7,000 to 9,000 feet.
South Vacuum Field, Lea County, New Mexico is a producing natural gas field located outside of Hobbs, New Mexico. The Company owns a 25%-50% working interest in three producing gas wells producing out of the McKee formation at a depth of approximately 11,600 feet.
Spraberry Trend, Midland County, Texas is a producing oil and natural gas field located 6 miles east of Midland, Texas. The Company owns a 6% to 15% working interest in five oil and natural gas wells producing out of the Spraberry formation at a depth of approximately 7,000 feet.
Flying M Field, Lea County, New Mexico is a producing oil and natural gas field located outside of Hobbs, New Mexico. The Company owns a 39.25% working interest in two oil and natural gas wells producing out of the ABO formation at a depth of approximately 8,300 feet.
Sulimar Field, Chaves County, New Mexico is a producing oil field located 35 miles north east of Artesia, New Mexico. The Company has a 100% working interest in one oil well producing out of the Queen formation at a depth of approximately 1,800 feet.
FieldPoint Petroleum Reports Increase in Borrowing Base
FieldPoint Petroleum Corporation (NYSE Amex: FPP) announced today that the borrowing base available to the company under its bank line of credit has been increased to $10.5 million. This increase was approved following a routine mid-year engineering review of the line by Citibank.
Ray Reaves, President and CEO of FieldPoint stated, "We are very pleased that Citibank has recognized the size and quality of our growing asset base. In this weak economy, we consider this to be a strong endorsement from our banking partner."
FieldPoint Petroleum Corporation Announces Update on Stock Buy-Back
FieldPoint Petroleum Corporation (NYSE Amex: FPP) announced today that it will continue to buy back its shares in accordance with a plan approved by its Board of Directors earlier this year. Under this plan, management is authorized to make stock purchases in open market or privately-negotiated transactions, subject to prevailing market conditions. All purchases are funded from available cash.
Ray Reaves, President and CEO stated, "As of today, FieldPoint has repurchased a total of 810,000 shares held in treasury at an aggregate cost of approximately $1,509,541, or an average cost of approximately $1.86 per share. Management is currently authorized to commit to an additional $140,000 in purchases without further board approval. We will look to market conditions beyond that point to determine whether or not to request a continuation from the Board."
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 natural gas prices and unexpected decreases in oil and natural gas production, is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov)
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