FieldPoint Petroleum and Cimarex Energy Complete Lusk Federal Well; FieldPoint Inches Turns Negative, Cimarex Down 2%

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FieldPoint Petroleum Corp. ( FPP ) has turned negative and is now down more than 3% at $4.53 after it today announced today that the company and its drilling partner Cimarex Energy Co. ( XEC ) have completed the East Lusk Federal 15 well #2 in the Bone Spring Formation.

FPP's current agreement with XEC calls for the drilling of two wells on this property. Dependent upon further results from this second well, the companies may drill a third well within section 15. Based on these early results, FPP said it anticipates that it possibly could also participate in drilling wells in section 14.

FPP will own a 43.75% working interest, XEC will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two wells.

FPP trades in a 52-week range of $1.72 - 6.00. XEC is down more than 2% at near $60. It trades in a year range of $46.19 to $87.85.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
Referenced Symbols: FPP , XEC

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