FieldPoint Petroleum Corporation announced that, with its industry partners, drilling has begun on the Irby #1 vertical Wilcox test well that will be drilled to a depth of approximately 8,900 feet to the prospective reservoir. If successful, the well should be drilled and completed within the next 60 to 90 days and FPP will own a 10% working interest in the well.

FPP also announced that it has signed an operating agreement with Cimarex Energy Co, to drill a third horizontal well that will target the Bone Spring formation on its East Lusk Federal Section 15 property located in Lea County, New Mexico. If successful, there is the possibility of drilling a fourth well on this property by the end of the year. Total cost for each well will be approximately $7,000,000.

Tags: FieldPoint Petroleum Corporation