FieldPoint Petroleum Corp. (NYSE MKT: FPP) said Jan. 6 that its joint exploration partner, Riley Exploration Group of Blanchard, Okla., drilled the Ranger Unit 8A #1H well in the Serbin field in Lee and Bastrop Counties, Texas. The new well will be completed and fractured this week so horizontal drilling can begin, the company said.

FieldPoint’s president Phillip Robertson said that the company has a 25% working interest in the new well, “as with all wells drilled under this agreement,” adding, “We appreciate that Riley has chosen to use this well as an early launch of our joint drilling program.”

The Serbin Field’s Ranger project will drill horizontal Taylor Sand wells in the field. The joint agreement plans for 12 horizontal wells to be drilled in 2014. Drilling plans also include a revitalization of existing vertical wells, which could result in production increases, the company said. The total number of wells to be drilled over the life of the agreement is yet to be determined, the company added.

"Allowing us to participate in this well, which was drilled prior to our agreement becoming effective, is another show of good faith by our partner Riley Exploration. We have been very pleased with all of our dealings to date, and look forward to a long and profitable relationship," Roger Bryant, executive chairman for FieldPoint, said.

FieldPoint Petroleum is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming. It is based in Cedar Park, Texas.

Privately held Riley Exploration is engaged in the acquisition, exploration and production of crude oil, natural gas and natural gas liquids primarily in Texas, Louisiana and Oklahoma. It is based in Blanchard, Okla.