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

By Staff,

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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 Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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