Energy Stock Trading Alert: FieldPoint Petroleum (NYSE:FPP) Reaches Day high of $5.21 on Well Update and 2012 Guidance
Guidance Regarding 2012 Revenues: “Estimated between $9.5 and $10.8 million”
Category: Investment, Oil, Gas, Energy
News about FieldPoint Petroleum Corporation
New York, New York - September 19, 2012 (Investorideas.com Energy Stocks Newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector for independent investors issues a trading alert for oil and gas stock, FieldPoint Petroleum Corporation ( NYSE/MKT:FPP), trading as high as $5.21 on three times its regular volume on well news and 2012 guidance.
The Company provided an update on the latest production information from its recently completed East Lusk Federal 15 well #2 in Lea County, New Mexico.
FieldPoint's President and CEO, Ray Reaves stated, "The last data we provided on this well was through September 12. From September 13 through September 17, well production in BOPD was 705, 914, 664, 795, and 827 respectively, and we continue to sell between 360 to 500 mcf per day. We will, of course, continue to watch this well with continued interest but we hope that soon we can turn our attention more to the drilling of well #3 on this property and our other exploration and acquisition activities.”
Mr. Reaves added, "If production and the price of oil holds, we believe we will see a smart increase in total revenue year over year. Accordingly, I am projecting that our 2012 revenues could be between $9.5 and $10.8 million compared to $7.2 million for 2011.”
As a reminder, FieldPoint owns a 43.75% working interest in well #2, and will own the same percentage of well #3 in section 15 of this field.
About FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com .
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