FieldPoint Petroleum Corp. (NYSE: FPP) reports that drilling is well underway on the East Lusk 15 Federal #3 in Lea County, N.M.

The company has an operating agreement with Cimarex Energy Co. (NYSE: XEC) 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 9,500 feet, to the Bone Spring formation, and 4,000 to 5,000 feet laterally within the formation to the bottomhole location. Drilling has currently passed 4,500 feet in the vertical portion.

Cimarex was able to begin drilling the third well ahead of the original schedule. If the third well is successful, it could lead to drilling a fourth well on this lease during this fiscal year. This could serve to significantly increase FieldPoint’s daily production and proved producing reserve base, said Roger Bryant, FieldPoint’s chairman, in the release.

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.

FieldPoint Petroleum Corp. is an independent energy company engaged in the acquisition, development, and operation of oil and natural gas properties in the US. The company is headquartered in Cedar Park, Texas.