FIELDPOINT PETROLEUM CORP
			Symbol			FPP

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FieldPoint Petroleum Corporation Completes Korczak Federal #1

2009-10-19 07:37 ET - News Release

Completion in the Lower Wolfcamp Producing 230 bopd and 425 mcf Flow Rate Per Day

AUSTIN, Texas -- (Business Wire)

FieldPoint Petroleum Corporation (AMEX:FPP) announced today that it has re-completed the Korczak Federal #1 in the lower Wolfcamp formation and the well is flowing 425 mcfd and 230 barrels of oil per day on a 20/64 choke at 600psi. The well was originally drilled in 2005 and had been producing from the Morrow formation. The Company recently agreed with its industry partners to move up hole and complete the lower Wolfcamp formation, which has between 25 and 40 feet of pay zone. Only two feet of the zone has been perforated to date. Of the two intervals in the Wolfcamp formation, the logs indicate that the upper Wolfcamp could have the greater potential. We chose to begin with the lower level, and perforated at 11,050 to 11,052 feet. At this time, there has been no further stimulation necessary. We will monitor the pressures and flow rates to determine if a frac will be required to maintain or increase production. It is too early for us to be able to predict sustained future flow rates.

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