FieldPoint Petroleum Begins Drilling Third Horizontal Well Project in Lea County, New Mexico

  FieldPoint Petroleum Begins Drilling Third Horizontal Well Project in Lea
  County, New Mexico

Cimarex Energy to be Well Operator

Business Wire

AUSTIN, Texas -- June 25, 2013

FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that
drilling is well underway on the East Lusk 15 Federal #3 in Lea County, New
Mexico. The Company has an operating agreement with Cimarex Energy Co, (NYSE:
XEC) www.cimarex.com, to drill this well that will target the Bone Spring
formation.

As with the Company’s two other wells on this property, this horizontal well
is planned to be drilled vertically to a depth of approximately 9,500 feet, to
the Bone Spring formation, and approximately 4,000 to 5,000 feet laterally
within the formation to the bottom hole location. Drilling has currently
passed 4,500 feet in the vertical portion.

FieldPoint’s Chairman, Roger Bryant, stated, “Cimarex was able to begin
drilling this well ahead of our original schedule. We are very excited about
this project because of the performance of our two existing wells on this
property, and because Cimarex Energy is one of the best in the industry at
completing wells in the Bone Spring formation. If this third well is
successful, this could lead to drilling a fourth well on this lease during
this fiscal year. This could serve to significantly increase our daily
production and proved producing reserve base."

Also, as with wells #1 and #2, FieldPoint will own a 43.75% working interest,
Cimarex will own a 37.5% working interest, and other partners will own the
remaining 18.75% working interest in the two planned wells.

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).

Contact:

FieldPoint Petroleum
Roger D. Bryant, 214-215-9130
Chairman
fppc@ix.netcom.com
 
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