FieldPoint Petroleum Provides Update On Ranger Project

May 29, 2014

AUSTIN, Texas, May 29, 2014 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/MKT:FPP) today provided an update on recent drilling activity.

Phillip Roberson, FieldPoint President and CFO, stated, “I am pleased to report that the Ranger Project, with our drilling partner Riley Exploration Group, LLC, is well underway. We have now completed the drilling of three horizontal wells, and we have just started the horizontal leg of the fourth well. As previously stated, we plan to drill up to twelve horizontal Taylor Sand wells this year in the Serbin Field located in Lee and Bastrop Counties, Texas.

    Ranger Project

    Well #1 - Ranger    Successful Completion, In
     8A-1H              Production

    Well #2 - Ranger    Successful Completion,
     11A-1H             Flowback continues

    Well #3 - Ranger    Drilling completed, Ready
     8A-2H              for Fracturing

    Well #4 - Ranger
     8A-3H             Drilling Underway

Mr. Roberson added, “The Ranger 8A-2H and 3H are being pad drilled on the Ranger 8A-1H drill site, which will save both time and money. We will continue this approach wherever possible in order to help meet our schedule and budget objectives. Our drilling partner has significant expertise in the type drilling we are doing, and we expect that to also contribute greatly toward meeting those objectives.”

About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.

About Riley Exploration Group http://rileyexplorationgroup.com
Riley Exploration Group is a privately held company engaged in the acquisition, exploration and production of crude oil, natural gas and natural gas liquids primarily in Texas, Louisiana and Oklahoma. Riley has offices in Blanchard, Oklahoma, Austin, Texas, and La Grange, Texas.

This press release may contain projections 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 gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

SOURCE FieldPoint Petroleum Corporation

Source: PR Newswire

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