FieldPoint Petroleum Provides Production Update on Well in Lea County, New Mexico - Most Recent Output Reaches 668 BOPD

AUSTIN, Texas, Dec. 29, 2011  /PRNewswire/ -- FieldPoint Petroleum Corporation (NYSE/AMEX:FPP)  today provided an update on the latest production information from its recently completed East Lusk Federal 15 well #1 in Lea County, New Mexico.   

FieldPoint's President and CEO, Ray Reaves stated, "We have promised to keep you informed as to the progress in production from this new well.  The last data that we provided was through December 26.  On December 27, the well produced 487 BOPD, and gas was still being vented.  On December 28, the well produced 668 BOPD and natural gas sales began at a flow rate of 429 MCFPD. We did not anticipate giving updates this frequently, however production increases have been very dramatic thus far. We will of course continue to keep you informed as important events occur with this well and with any plans to drill a second well on this property. "  

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 wells.

About FieldPoint Petroleum Corporation

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming.  For more information, please visit www.fppcorp.com.

This press release may contain projections 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, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  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