FieldPoint Petroleum Corp. recently issued an operational update on the company’s partnership agreement with Cimarex Energy Co. (NYSE: XEC) to jointly develop certain oil and gas properties.

FieldPoint Petroleum Corporation and Cimarex Energy Co. are drilling two wells that are targeting the Bone Spring formation. The wells are located in Lea County, New Mexico, in the East Lusk Federal field.

FieldPoint Petroleum Corporation said that the first well in the partnership would be spud in the fall of 2010. The company has a working interest of 43.75% in the well, and Cimarex Energy Co. has a 37.5% working interest, with the balance of the well owned by various third parties.

FieldPoint Petroleum Corporation said that the well would be drilled horizontally, which would increase production and reserves associated with the well. The company did not disclose the lateral length or the number or hydraulic fracturing stages that would be used.

The management of FieldPoint Petroleum Corporation expressed optimism on current conditions in the industry. “Favorable market conditions have continued through the second quarter and we are very pleased with our performance year to date. As a result of this, and our strong balance sheets, we are able to go forward with an aggressive growth program,” said Ray Reaves, the CEO of FieldPoint Petroleum Corporation,

FieldPoint Petroleum Corporation is an energy company with oil and gas properties in the United States. The company has interests in 82.5 net wells in seven fields spread across three states.

For more information on the company, go to www.fppcorp.com