FieldPoint Petroleum Corporation and its partners plan to drill their third well in the East Lusk Section 15 in Lea County, New Mexico. Drilling is expected to begin within approximately six months.

FieldPoint's President and CEO, Ray Reaves , stated, "We are very pleased with the results to date of our two existing wells on this property, both drilled with Cimarex (NYSE: XEC) as our drilling partner. As with those two wells, FieldPoint will own a 43.75% working interest, Cimarex will own 37.5%, and other partners will own the remaining 18.75% working interest in well #3."

Mr. Reaves added, "The Company achieved an increase of between 30% and 40% in BOE (barrel of oil equivalent) production in 2012 compared to 2011 BOE production. As a result, we currently estimate the Company's 2012 revenues to be between $10.2 and $10.8 million compared to $7.2 million in 2011."

Tags: FieldPoint Petroleum Corporation