FieldPoint Petroleum has commenced the drilling program at East Lusk 15 in New Mexico during August. The company has calculated that it will take around 60 days for completing the drilling well. It has said that the delays have been due to the abrupt difficulties in the drilling processes.
The CEO and President of FieldPoint, has commented that the erratic drilling nature has become a part of the gas and oil industries. Cimarex Energy is one of the top drilling firms in the industry in the well completion at the Bone Spring structure and the companies are elated regarding the prospects, which are held by the initial well.
FieldPoint has inked an operating contract with Cimarex Energy for drilling two wells, which will focus on the Bone Spring structure. It has been anticipated around $5,000,000 as the total cost for each well. These total costs are also expected to include the delays found during the first drill well.
The company will have a 43.75% working interest (W.I) in the two proposed wells, in which the drilling partner Cimarex will have a 37.5% W.I, and the remaining 18.75% W.I will be held by the other partners.
Source: http://www.fppcorp.com/