Fieldpoint Petroleum to Begin Drilling on East Lusk 15; Shares Slip 4%

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FieldPoint Petroleum Corporation ( FPP ) announced that drilling is expected to begin on the East Lusk 15 Federal #2 well in Lea County, New Mexico in July.

The company has an operating agreement with Cimarex Energy Co, ( XEC ), to drill this well that targets the Bone Spring formation.

The total cost for this well is expected to be approximately $7 million, with net cost to FieldPoint of approximately $3.1 million.

FPP shares are down 4% to $3.75.

XEC shares are down 4.24% to $47.15, flirting with their 52-week bottom of $46.67.



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

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This article appears in: Investing , Commodities

Referenced Stocks: FPP , XEC

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