FieldPoint Petroleum Provides Update on Korczak Federal #1 Production

November 9, 2009 10:02 AM EST

Lower Wolfcamp Production is Encouraging

AUSTIN, Texas--(BUSINESS WIRE)-- FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced in October that it had re-completed the Korczak Federal #1 in the lower Wolfcamp formation and the well was flowing 425 mcfd and 230 barrels of oil per day on a 20/64 choke at 600psi. We are very pleased to announce today that after almost a month, and with no additional stimulation, production has held steady. It is still too early to be able to predict sustained flow rates, but this is very encouraging data.

FieldPoint's President and CEO, Ray D. Reaves, said, "As we previously announced, data indicates to us the possibility of two good pay zones in the upper and lower Wolfcamp formations. We chose first to perforate a two foot section of the lower interval (expected to be approximately 25 to 40 feet in depth) and have been extremely pleased with the results we have seen. This is especially true since data indicates that the upper formation is likely to be the better of the two. We hold a 640 acre tract in this field and are producing on 40 acre spacing. Results to date strongly indicate that additional drilling of this lease holding should be considered. We will continue to report to our shareholders as developments in this field occur."

FieldPoint has a 14.0625% working interest in the Korczak Federal lease.

About FieldPoint Petroleum Corp. www.fppcorp.com

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.

This press release may contain projection 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

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