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EX-99.2 - EXHIBIT 99.2 - FIELDPOINT PETROLEUM CORPc14756exv99w2.htm
EX-31 - EXHIBIT 31 - FIELDPOINT PETROLEUM CORPc14756exv31.htm
Exhibit 99.1
RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
SEC CASE ECONOMICS
AS OF JANUARY 1, 2011
PREPARED FOR
RAY REEVES
FEBRUARY 11, 2011
FLETCHER LEWIS ENGINEERING, INC.

 

 


 

     
 
February 11, 2011
  (FLETCHER LEWIS ENGINEERING, INC. LOGO)

5001 N. PENNSYLVANIA, SUITE 300
PENN PARK OFFICE CENTER
OKLAHOMA CITY, OKLAHOMA 73112
(405) 840-5675
Fieldpoint Petroleum Corporation
Mr. Ray Reaves
1703 Edelweiss Dr.
Cedar Park, TX 78613
         
 
  RE:   Reserve and Economic Evaluation
Fieldpoint Petroleum Corporation
SEC Case Economics
As of January 1, 2011
Mr. Reaves:
As requested, I have prepared the Reserve and Economic Evaluation of various oil and gas properties owned by Fieldpoint Petroleum Corporation as of January 1, 2011. These evaluations consist of sixty-four (64) properties located throughout Oklahoma and Hemphill County, Texas. Many of these properties contain numerous wells with Behind-Pipe completions, additional drilling development potential and additional waterflood reserves. This report contains seventy-five (75) evaluations consisting of sixty-four (64) Proved Developed Producing properties, nine (9) Behind-Pipe properties and two (2) Proved Undeveloped properties. The two Proved Undeveloped properties consist of three (3) increased density wells to be drilled.

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 2
The Future Net Reserves and Future Net Revenue of the evaluated Fieldpoint Petroleum Corporation interests as of January 1, 2011, are as follows:
                                 
                    FUTURE     DISCOUNTED  
                    NET     PRESENT  
    NET OIL     NET GAS     REVENUE     WORTH 10%  
    (BBLS)     (MCF)     $     $  
 
                               
Proved Developed Producing
    70,529       111,742       3,532,924       2,199,304  
Behind-Pipe
    112,649       397,557       6,718,551       3,158,607  
Proved Undeveloped
    13,677       11,287       802,183       361,910  
 
                               
Summary Proved
    196,855       520,586       11,053,658       5,719,821  
Following this report is a table listing the individual well or lease locations and the evaluated Working Interest and Net Revenue Interest. Following is a table listing the individual and summary Future Net Reserves and Future Net Revenue as of January 1, 2011. Also following this report are the individual production and economic projections of each of these wells and their summaries.
RESERVE CATEGORIES
The reserves were assigned as Producing, Possible and Probable. There may be some variation on the individual reserve entity but the aggregate of the reserves were multiple entities should adhere to the required probabilities.

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 3
The reserves are estimated and anticipated to be recovered from known accumulations from a given date forward. These are based on the analysis of drilling, geological, geophysical and engineering data with the use of established technology under specified economic conditions which are generally accepted as being reasonable.
Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. There is at least a 90% probability that the quantities actually recovered will equal or exceed the estimated Proved reserves.
Probable reserves are those additional reserves are less certain to be recovered than Proved reserves. There is at least a 50% probability that the quantity actually recovered will equal or exceed the sum of the estimated Probable reserves.
Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is at least 10% probability that the quantity actually recovered will equal or exceed the sum of the estimated Possible reserves.
RESERVE DETERMINATION
All of the evaluated properties are disbursed by Ram Operating Company, although only slightly more than half are operated. The Ram Operating Company properties have production histories available through August and October 2010. The outside operated properties had sales histories available through August 2010.

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 4
The Proved Developed Producing properties were assigned reserves by assigning the latest available production rates and then extrapolating each property’s historical production decline until its economic limit was reached.
The Mount Gilcrease Unit has significant Behind-Pipe reserves located throughout the unit. Productive Calvin, Thurman, Earlsboro and Lower Booch sands are found in numerous wells; nineteen of these wells have been completed in these sands, although it should be noted that in these wellbores, additional Behind-Pipe sands still exist. Behind-Pipe Lower Booch reserves were assigned to twenty-five (25) of the remaining forty-seven (47) wellbores on a ten acre tract basis and on ten (10) of the fifteen (15) wellbores for the Calvin, Thurman and Earlsboro sands on a 40 acre tract basis; utilizing the porosities, water saturation and feet of net pay exhibited in the well logs, a 90% gas recovery factor for the Calvin, Thurman and Earlsboro zones and a 20% recovery factor for the Booch zones. These wells were scheduled to be completed in 2014 to 2018. These Behind-Pipe reserves are presented in two evaluations.
An additional two Gilcrease zones have been found to be productive in a recent recompletion and these same two zones are Behind-Pipe on the Britt Lease. Reserves were determined volumetrically utilizing the average net pay; porosity and water saturation exhibited though the area and a 15% recovery factor with a ten acre drainage per Behind-Pipe well. It is estimated that there are two wells with Behind-Pipe Gilcrease intervals in this lease. Reserves were assigned using an average initial production rate and decline to produce the volumetric reserves of each well and the recompletions are scheduled for January 2013.

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 5
The Diamond Lease is producing from the Booch formation which is currently being waterflooded and has seen its initial response in 2009. Additional Behind-Pipe Earlsboro and Thurman reserves were assigned in four wellbores as seen in the well logs with reserves based on the regional volumetric recoveries and a 40 acre drainage area per well; these Behind-Pipe reserves were scheduled for January 2013.
The Butler property has an additional well with Behind-Pipe Gilcrease, Booch, Thurman and Earlsboro reserves. Gas reserves were assigned the Thurman and Earlsboro on a 40 acre basis utilizing the exhibited net pays, porosities and water saturations and utilizing a 90% recovery factor and oil reserves for the Gilcrease and Booch on a ten acre basis utilizing a 20% recovery factor. This recompletion was scheduled for January 2013. There is also an additional drilling location to be completed in the Gilcrease, Booch and Senora formations that was assigned Proved Undeveloped reserves. Reserves were determined volumetrically and by offset analogous production.
The Nan #1-30 has Behind-Pipe Booch and Thurman and the Nan #2-30 has Behind-Pipe Thurman. The Nan #1-30 was scheduled to complete the Behind-Pipe zones in January 2012, and the Nan #2-30 was scheduled to complete the Behind-Pipe zone in April 2012.
The Provence A lease has six Behind-Pipe Cromwell zones which are scheduled to be recompleted in July 2012, 2013, 2014. There are also an additional two drilling locations which were scheduled to be drilled July 2012 and were assigned Proved Undeveloped reserves. These reserves were assigned based on analogous production.

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 6
Reserve estimates are only as reliable as the amount and quality of data that is available. The reserves assigned were developed with accepted engineering and evaluation principles, and are believed to be reasonable; however, the reserves should be accepted with the understanding that additional information subsequent to the date of this report might require their revision.
ECONOMIC ANALYSIS
The SEC rules require an average oil and gas price to be used that is derived from the first of the month oil and gas spot market prices as of the first of the month beginning in January through December 2010. The average posted price used was $74.13 per barrel and $4.23 per MCF. The individual first of the month prices and average prices are as follows:
                 
    OIL PRICE     GAS PRICE  
JAN 1, 2010
  $ 74.44     $ 5.79  
FEB 1, 2010
  $ 69.60     $ 5.43  
MAR 1, 2010
  $ 73.64     $ 4.74  
APR 1, 2010
  $ 79.69     $ 3.83  

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 7
                 
MAY 1, 2010
  $ 80.92     $ 3.95  
JUN 1, 2010
  $ 67.37     $ 3.96  
JUL 1, 2010
  $ 67.66     $ 4.58  
AUG 1, 2009
  $ 73.61     $ 4.29  
SEP 1, 2010
  $ 68.22     $ 3.32  
OCT 1, 2010
  $ 75.92     $ 3.57  
NOV 1, 2010
  $ 77.30     $ 3.06  
DEC 1, 2010
  $ 81.18     $ 4.18  
AVERAGE
  $ 74.13     $ 4.23  
The monthly oil price actually received was $1.21 per barrel below the posted prices and an oil price of $72.92 was used for these properties. This price was held constant for the life of the evaluation.
This average posted gas price was then adjusted by the individual remittances (differential) to assign the average price for each well. Plant products were incorporated into the gas price. These gas prices were held constant for the life of this evaluation.
Operating expenses were examined and the average historical operating expenses were calculated for each property utilizing Joint Interest Billings supplied to Fieldpoint Petroleum. The Behind-Pipe and Proved Undeveloped properties were assigned operating expenses typical to the formation and area. These operating expenses were held constant throughout the life of the evaluation.

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 8
The estimated costs for completing the Behind-Pipe zones in the Mount Gilcrease Unit are $15,000.00 per Lower Booch completion and $15,000.00 per well for the shallower gas completions (the shallower completions will require additional cementing costs) for a single zone completion. The estimated costs for to recomplete the Nan #1 is $18,000.00 and the Nan #2 is $55,000.00. The Butler Behind-Pipe completion is $25,000.00, with $60,000.00 to drill the additional well. The Provence A Behind-Pipe recompletion costs are $15,000.00 per well with $35,000.00 to drill and complete each of the two proposed wells.
Applicable Severance and Ad Valorum Taxes have been considered in the economic evaluations. No consideration has been given to depreciation or Federal or State Income Taxes. Also, no future value was given for salvage equipment nor future costs to plug or abandon these wells (in most cases the salvage value is equal to plugging costs), for this evaluation.
GENERAL
In evaluating the information available for this appraisal only the engineering data was evaluated with no potential legal or accounting considerations. The conclusions expressed were derived using accepted and sound engineering methods; however, inherent uncertainties in interpretations of engineering data do exist and the conclusions represent only informed professional judgment.

 

 


 

FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 9
The basic data and computations are not in this report, but are available for inspection and study by authorized parties. Should any additional information be required, please do not hesitate to call.
Sincerely,
-s- Fletcher Lewis
Fletcher Lewis, P.E.
Fieldpoint- report 2011 sec

 

 


 

GENERAL INFORMATION
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
                             
                    NET      
            WORKING     REVENUE      
            INTEREST     INTEREST      
WELL NAME   LOCATION   COUNTY   %     %      
 
                           
ALEXANDER #1-3
  3 B&B SUR   HEMPHILL     0.0585       0.0180      
BARGER #1-11
  11-9N-11W   CADDO     0.1953       0.1587      
BARGER #2-11
  11-9N-11W   CADDO     0.1953       0.1485      
BARROW #1-31
  31-10N-11W   CADDO     0.0974       0.0842      
BARROW #2-31
  31-10N-11W   CADDO     0.3896       0.3367      
BRITT LEASE
  20-4N-7E   PONTOTOC     25.0000       18.5797      
BRITT 10 LEASE
  20-4N-7E   PONTOTOC     25.0000       20.3125      
LOWINDA BROWN #6-8
  7-1N-8E   COAL     21.8750       9.5703     OIL
 
                    19.5703     GAS
BUTLER LEASE
  30-5N-8E   PONTOTOC     25.0000       20.9003      
CHANUTE LEASE
  36-5N-7E   PONTOTOC     25.0000       21.8750      
CITY OF ARDMORE #1-3
  3-5S-2E   CARTER     0.8536       0.6651      
DEVAUGHAN #1-31
  31-10N-11W   CADDO     0.3896       0.3367      
DIAMOND LEASE
  30-5N-8E   PONTOTOC     25.0000       20.8840      
ECKROAT #1-15
      OKLAHOMA     16.7637       13.4109      
FRANK EDGE #1-11
  11-9N-11W   CADDO     0.1953       0.1587      
IDA EDGE #1-11
  11-9N-11W   CADDO     0.1953       0.1587      
FOLMAR #1-27
  27-12N-2W   OKLAHOMA     17.1875       14.9274      
DORA HELMS #3-2
  2-1N-7E   OKLAHOMA     18.8423       15.7478      
DORA HELMS #4-2
  2-1N-7E   PONTOTOC     18.8423       17.1831      
HENDRICKS #1-15
  15-6N-9W   CADDO     0.1094       0.0634      
HENDRICKS TRUST #1-27
  27-12N-2W   OKLAHOMA     25.0000       20.3125      
IDA HOLLIE #1-20
  20-7N-23E   LEFLORE     0.5207       0.4232      
IDA HOLLIE #2-20
  20-7N-23E   LEFLORE     0.5207       0.4232      
E E HOUSE #1-12
  12-1N-7E   PONTOTOC     21.8750       9.5704     OIL
 
                    19.1407     GAS
E E HOUSE #10-12
  12-1N-7E   PONTOTOC     21.8750       9.5704     OIL
 
                    21.8750     GAS
JESSIE #1-24
  24-12N-13W   CADDO     0.4035       0.3531      
JESSIE TOWNSITE #1-2
  2-1N-7E   PONTOTOC     18.8064       17.0021      
KOLB #1-15
  15-12N-2W   OKLAHOMA     21.8750       17.7734      
fieldpoint 2011 — TABLESGENERAL

 

 


 

GENERAL INFORMATION
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
                             
                    NET      
            WORKING     REVENUE      
            INTEREST     INTEREST      
WELL NAME   LOCATION   COUNTY   %     %      
 
                             
LEWIS #1-11
  11-5N-2W   MCCLAIN     11.2386       9.6085      
LIVELY #1-6
  6-5N-20E   LATIMER     0.3906       0.2930      
MCBRIDE #1-8
  8-9N-11W   CADDO     0.0977       0.0794      
MCCURTAIN #1-1
  1-1N-7E   PONTOTOC     20.5625       17.9922      
MCDONALD LEASE
  19-5N-8E   PONTOTOC     25.0000       21.8750      
MCINTOSH #1-11
  11-4N-9W   COMANCHE     0.1297       0.0979      
MOONEY #1-29
  29-6N-2W   MCCLAIN     17.1875       13.6211      
MOUNT GILCREASE #3-12
  36-5N-7E   PONTOTOC     25.0000       21.8750      
MOUNT GILCREASE #8-6
  36-5N-7E   PONTOTOC     25.0000       21.8750      
MOUNT GILCREASE #8-9
  36-5N-7E   PONTOTOC     25.0000       21.8750      
MOUNT GILCREASE UNIT
  25,26&35-5N-7E   PONTOTOC     25.0000       21.7707      
MUSE #1-33
  33-2N-7E   PONTOTOC     6.2500       5.4688      
NAN #1-30
  30-5N-8E   PONTOTOC     25.0000       19.8242      
NAN #2-30
  30-5N-8E   PONTOTOC     25.0000       19.8242      
NORTHEAST FITTS UNIT
  22 & 23-2N-7E   PONTOTOC     0.0009       .00075      
PARMENTER #2-4
  4-18N-15W   DEWEY     2.8438       2.2395      
K O PAYNE #1-10
  10-17N-12W   BLAINE     1.1349       0.9431      
PETTYJOHN B
  1-1N-7E   PONTOTOC     25.0000       20.5078      
CE PETTYJOHN
  1-1N-7E   PONTOTOC     25.0000       20.5078      
GLADYS PETTYJOHN
  1-1N-7E   PONTOTOC     25.0000       21.0937      
POLLARD #2-31
  31-19N-4W   LOGAN     4.5921       3.7411      
POWELL D #1-22
  22-7N-8W   GRADY     3.1250       2.5000      
PROVENCE #1-2
  2-1N-7E   PONTOTOC     25.0000       20.8733      
PROVENCE A LEASE
  2-1N-7E   PONTOTOC     25.0000       20.8733      
ROSSER #1-31
  31-10N-11W   CADDO     0.0974       0.0842      
ROZIE #1-31
  31-10N-11W   CADDO     0.0974       0.0760      
SANDY A #1-8
  8-1N-8E   COAL     4.9781       4.0771      
SHAW #1-11
  11-9N-11W   CADDO     0.1953       0.1587      
R W SIMPSON #1-12
  12-1N-7E   PONTOTOC     21.8750       19.1407      
TEX #1-14
  14-4N-16E   PITTSBURG     0.8203       0.6768      
fieldpoint 2011 — TABLESGENERAL

 

 


 

GENERAL INFORMATION
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
                             
                    NET      
            WORKING     REVENUE      
            INTEREST     INTEREST      
WELL NAME   LOCATION   COUNTY   %     %      
 
                             
THOMAS #1-20
  20-2N-7E   PONTOTOC     21.8750       18.8241      
GEORGE THOMPSON #1-1
  1-1N-7E   PONTOTOC     15.1563       12.3145      
PHARR THOMPSON #1-2
  2-1N-7E   PONTOTOC     5.6989       4.9680      
THOMPSON HEIRS #4 & 5-1
  1-1N-7E   PONTOTOC     17.5938       15.0108      
TROGDEN #1-15
  15-6N-9W   CADDO     0.0936       0.0708      
VIRGINIA #1-31
  31-10N-11W   CADDO     0.0974       0.0676      
fieldpoint 2011 — TABLESGENERAL

 

 


 

RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
                                     
        NET OIL     NET GAS     FUTURE NET     DISCOUNTED  
NAME   STATUS   BBLS     MCF     CASHFLOW     10% $  
       
ALEXANDER #1-3
  PDP     0       0       0       0  
BARGER #1-11
  PDP     3       135       231       191  
BARGER #2-11
  PDP     2       17       35       32  
BARROW #1-31
  PDP     4       312       926       692  
BARROW #2-31
  PDP     11       1,076       3,920       2,913  
BRITT LEASE
  PDP     0       0       0       0  
BRITT 10 LEASE
  BHP     6,799       0       413,105       212,290  
BRITT 10 LEASE
  PDP     0       0       0       0  
LOWINDA BROWN #6-8
  PDP     1,516       17,299       108,934       74,527  
BUTLER LEASE
  PDP     6       18       1       1  
 
  BHP     564       61,238       116,614       80,712  
 
  PUD     9,405       11,287       592,325       237,065  
CHANUTE LEASE
  PDP     1,751       0       61,499       41,375  
CITY OF ARDMORE #1-3
  PDP     0       1,706       2,918       2,325  
DEVAUGHAN #1-31
  PDP     2       486       1,414       1,153  
DIAMOND LEASE
  PDP     20,228       0       937,635       602,086  
 
  BHP     0       18,265       26,593       19,264  
ECKROAT #1-15
  PDP     0       0       0       0  
FRANK EDGE #1-11
  PDP     3       57       109       96  
IDA EDGE #1-11
  PDP     10       298       966       709  
FOLMAR #1-27
  PDP     5,743       0       320,667       176,334  
DORA HELMS #3-2
  PDP     336       11,241       39,051       25,764  
DORA HELMS #4-2
  PDP     0       4,743       7,259       5,532  
HENDRICKS #1-15
  PDP     0       47       37       34  
HENDRICKS TRUST #1-27
  PDP     0       0       0       0  
IDA HOLLIE #1-20
  PDP     0       1,555       4,341       3,464  
IDA HOLLIE #2-20
  PDP     0       146       65       60  
E E HOUSE #1-12
  PDP     985       5,265       72,489       52,365  
E E HOUSE #10-12
  PDP     0       22,611       53,447       34,465  
JESSIE #1-24
  PDP     0       598       774       624  
JESSIE TOWNSITE #1-2
  PDP     5,876       0       346,962       196,270  
KOLB #1-15
  PDP     0       0       0       0  
fieldpoint 2011 — TABLES

 

1


 

RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
                                     
        NET OIL     NET GAS     FUTURE NET     DISCOUNTED  
NAME   STATUS   BBLS     MCF     CASHFLOW     10% $  
 
                                   
LEWIS #1-11
  PDP     326       22,794       125,211       61,678  
LIVELY #1-6
  PDP     0       435       710       627  
MCBRlDE #1-8
  PDP     0       0       0       0  
MCCURTAIN #1-1
  PDP     295       964       9,670       7,876  
MCDONALD LEASE
  PDP     876       0       13,752       11,707  
 
  BHP     6,264       16,615       431,241       264,656  
MCINTOSH #1-11
  PDP     0       8       1       1  
MOONEY #1-29
  PDP     1,259       0       48,061       27,742  
MOUNT GILCREASE #3-12
  PDP     0       0       0       0  
MOUNT GILCREASE #8-6
  PDP     0       0       0       0  
MOUNT GILCREASE #8-9
  PDP     0       1,351       166       158  
MOUNT GILCREASE UNIT
  PDP     8,575       0       160,307       134,960  
 
  BHP     0       279,036       383,045       259,343  
 
  BHP     83,663       0       4,526,768       1,826,524  
MUSE #1-33
  PDP     1,206       0       63,577       35,111  
NAN #1-30
  PDP     726       0       14,284       11,424  
 
  BHP     0       22,403       39,825       30,943  
NAN #2-30
  BHP     2,974       0       173,313       119,031  
NORTHEAST FITTS UNIT
  PDP     134       0       4,790       3,839  
PARMENTER #2-4
  PDP     6       813       1,373       1,120  
K O PAYNE #1-10
  PDP     0       0       0       0  
PETTYJOHN B
  PDP     0       0       0       0  
CE PETTYJOHN
  PDP     80       3,577       2,905       2,778  
GLADYS PETTYJOHN
  PDP     0       0       0       0  
POLLARD #2-31
  PDP     77       1,217       2,640       2,191  
POWELL D #1-22
  PDP     0       3,725       8,217       5,869  
PROVENCE #1-2
  PDP     0       0       0       0  
PROVENCE A LEASE
  PDP     0       5,270       4,190       3,517  
 
  BHP     12,385       0       608,047       345,846  
 
  PUD     4,272       0       209,858       124,845  
ROSSER #1-31
  PDP     1       172       555       403  
ROZIE #1-31
  PDP     2       310       689       523  
fieldpoint 2011 — TABLES

 

2


 

RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
                                     
        NET OIL     NET GAS     FUTURE NET     DISCOUNTED  
NAME   STATUS   BBLS     MCF     CASHFLOW     10% $  
 
                                   
SANDY A #1-8
  PDP     0       0       0       0  
SHAW #1-11
  PDP     0       0       0       0  
R W SIMPSON #1-12
  PDP     0       0       0       0  
SPENCER #1-23
  PDN     0       0       0       0  
TEX #1-14
  PDP     0       2,041       2,635       1,898  
THOMAS #1-20
  PDP     15,416       0       866,727       516,740  
GEORGE THOMPSON #1-1
  PDP     2,188       0       110,329       62,649  
PHARR THOMPSON #1-2
  PDP     141       1,285       6,001       4,248  
THOMPSON HEIRS #4 & 5-1
  PDP     2,743       0       122,226       81,056  
TROGDEN #1-15
  PDP     0       3       0       0  
VIRGINIA #1-31
  PDP     1       168       199       177  
 
                                   
PROVED DEVELOPED PRODUCING
        70,529       111,742       3,532,924       2,199,304  
BEHIND-PIPE
        112,649       397,557       6,718,551       3,158,607  
 
                                   
PROVED UNDEVELOPED
        13,677       11,287       802,183       361,910  
SUMMARY PROVED
        196,855       520,586       11,053,658       5,719,821  
fieldpoint 2011 — TABLES

 

3


 

RESERVES AND ECONOMICS
SUMMARY
AS OF JAN 1, 2011
Run Date 2/4/2011 5:21
                                         
INTERESTS AND DATE FIRST EFFECTIVE     PRESENT WORTH M$  
COST
  LIQUID   GAS   DATE     5.000       7715.855  
 
                            10.000       5719.821  
 
                            15.000       4441.976  
 
                            20.000       3577.572  
 
                            25.000       2966.070  
                                                                                                                         
    WELL COUNT     API     BASE     TRANS     PROD     ADVAL     PRICES     CF/BBL     GROSS     RESERVES     % GROSS  
    GROSS     NET     OR BTU     PRICE     CHARGE     TAXES     TAXES     BEGIN     ENDING     LIFE WT     BL/MMCF     CUMULATIVE     REMAINING     ULTIMATE     REMAINING  
OIL
    156       33.54                                               72.92       72.92       72.92       5064       7835.36       1161.90       8997.26     12.91% OIL  
GAS
    40       5.03                                               4.43       4.61       2.71       197       88514.53       6140.85       94655.37     6.49% GAS  
COND
    0       0.00                                               72.92       72.92       72.92       0       368.88       50.81       419.70     12.11% COND  
                                                                                 
    GROSS     GROSS OIL +     GROSS GAS     NET OIL     NET GAS     EFF OIL &     EFFECTIVE     OIL + COND     GAS     TOTAL  
    WELL COUNT     COND PROD     PRODUCTION     COND PROD     PRODUCTION     COND PRICE     GAS PRICE     SALES     SALES     SALES  
YEAR   WELLS/MO     MBBLS     MMCF     MBBLS     MMCF     $/BBL     $/MCF     M$     M$     M$  
2011
    108.000       87.733       761.738       8.184       14.836       72.920       4.472       596.793       66.355       663.147  
2012
    112.000       88.689       709.758       9.570       25.982       72.920       3.928       697.835       102.046       799.881  
2013
    119.000       93.191       698.183       11.811       46.468       72.920       3.268       861.233       151.846       1013.079  
2014
    131.000       94.258       1164.033       13.142       163.347       72.920       2.170       958.335       354.486       1312.821  
2015
    139.000       95.322       938.672       14.411       129.412       72.920       2.167       1050.849       280.501       1331.349  
2016
    142.000       93.431       523.565       14.858       49.751       72.920       2.418       1083.439       120.286       1203.725  
2017
    86.000       89.726       374.258       14.833       29.843       72.920       2.635       1081.649       78.627       1160.276  
2018
    88.000       88.280       247.251       15.215       13.315       72.920       3.342       1109.514       44.496       1154.009  
2019
    71.000       73.983       180.337       14.028       9.412       72.920       3.606       1022.891       33.937       1056.828  
2020
    69.000       62.354       142.813       12.367       6.535       72.920       4.143       901.792       27.072       928.864  
2021
    66.000       54.920       109.077       10.878       4.949       72.920       4.482       793.204       22.185       815.389  
2022
    65.000       47.648       81.204       9.440       4.378       72.920       4.496       688.331       19.683       708.014  
2023
    62.000       40.858       52.008       8.081       3.629       72.920       4.554       589.296       16.524       605.820  
2024
    61.000       35.823       32.205       7.104       3.234       72.920       4.555       518.029       14.729       532.758  
2025
    58.000       31.498       22.533       6.247       2.821       72.920       4.565       455.531       12.879       468.410  
SUB TOTAL
    142.000       1077.714       6037.635       170.169       507.910       72.920       2.649       12408.719       1345.652       13754.371  
REMAINDER
    55.000       134.995       103.212       26.686       12.676       72.920       5.311       1945.943       67.320       2013.263  
TOT 36.7 YR
    142.000       1212.709       6140.847       196.855       520.586       72.920       2.714       14354.662       1412.972       15767.635  
                                                                                 
    EFFECTIVE     NET TOTAL     DIR OPR EXP     TOT OPR EXP     OPERATING     TOT INVEST     NET     CUM NET     NET C.F     CUM C.F  
    WPT TAX     PROD TAXES     ADVAL TAX     + TAXES     REVENUE     TANG+INTANG     CASHFLOW     CASHFLOW     DISC @ 10.0     DISC @ 10.0  
YEAR   M$     M$     M$     M$     M$     M$     M$     M$     M$     M$  
2011
    0.000       47.765       159.356       207.121       456.026       0.000       456.026       456.026       434.133       434.133  
2012
    0.000       57.537       168.970       226.506       573.375       49.250       524.125       980.151       450.540       884.673  
2013
    0.000       72.888       194.113       267.001       746.078       51.250       694.828       1674.979       544.518       1429.191  
2014
    0.000       94.452       218.637       313.089       999.732       48.750       950.982       2625.960       677.538       2106.729  
2015
    0.000       95.793       236.636       332.429       998.920       33.750       965.170       3591.130       626.873       2733.602  
2016
    0.000       86.614       221.134       307.748       895.976       18.750       877.226       4468.357       517.361       3250.963  
2017
    0.000       83.474       164.933       248.408       911.869       18.750       893.119       5361.475       478.453       3729.417  
2018
    0.000       83.040       152.384       235.424       918.585       18.750       899.835       6261.311       438.712       4168.129  
2019
    0.000       76.038       143.232       219.270       837.558       0.000       837.558       7098.869       371.633       4539.762  
2020
    0.000       66.839       141.046       207.886       720.979       0.000       720.979       7819.848       290.890       4830.652  
2021
    0.000       58.672       138.998       197.669       617.720       0.000       617.720       8437.568       226.579       5057.230  
2022
    0.000       50.951       137.326       188.277       519.737       0.000       519.737       8957.305       173.387       5230.617  
2023
    0.000       43.589       133.761       177.350       428.470       0.000       428.470       9385.775       129.878       5360.495  
2024
    0.000       38.336       133.250       171.586       361.172       0.000       361.172       9746.947       99.541       5460.036  
2025
    0.000       33.704       132.188       165.892       302.518       0.000       302.518       10049.465       75.801       5535.837  
SUB TOTAL
    0.000       989.693       2475.963       3465.656       10288.715       239.250       10049.465       10049.465       5535.837       5535.837  
REMAINDER
    0.000       144.828       864.242       1009.070       1004.193       0.000       1004.193       11053.658       183.984       5719.821  
TOT 36.7 YR
    0.000       1134.521       3340.205       4474.726       11292.908       239.250       11053.658       11053.658       5719.821       5719.821  

 

 


 

RESERVES AND ECONOMICS
SUMMARY
PROVED DEVELOPED PRODUCING
AS OF JAN 1, 2011
Run Date 2/4/2011 5:14
                                         
INTERESTS AND DATE FIRST EFFECTIVE     PRESENT   WORTH    M$  
COST
  LIQUID   GAS   DATE     5.000       2714.550  
 
                            10.000       2199.304  
 
                            15.000       1851.176  
 
                            20.000       1602.506  
 
                            25.000       1416.931  
                                                                                                                         
    WELL     COUNT     API     BASE     TRANS.     PROD.     ADVAL     PRICES     CF/BBL     GROSS     RESERVES     % GROSS  
    GROSS     NET     OR BTU     PRICE     CHARGE     TAXES     TAXES     BEGIN     ENDING     LIFE WT     BL/MMCF     CUMULATIVE     REMAINING     ULTIMATE     REMAINING  
OIL
    115       23.29                                               72.92       72.92       72.92       6833       7794.51       568.54       8363.04     6.80% OIL
GAS
    25       1.28                                               4.43       5.91       4.91       146       88481.07       4232.13       92713.20     4.56% GAS
COND
    0       0.00                                               72.92       72.92       72.92       0       368.88       50.81       419.70     12.11% COND
                                                                                 
    GROSS     GROSS OIL +     GROSS GAS     NET OIL     NET GAS     EFF OIL &     EFFECTIVE     OIL + COND     GAS     TOTAL  
    WELL COUNT     COND PROD     PRODUCTION     COND PROD     PRODUCTION     COND PRICE     GAS PRICE     SALES     SALES     SALES  
YEAR   WELLS/MO     MBBLS     MMCF     MBBLS     MMCF     $/BBL     $/MCF     M$     M$     M$  
2011
    108.000       87.733       761.738       8.184       14.836       72.920       4.472       596.793       66.355       663.147  
2012
    104.000       80.249       644.901       7.832       12.922       72.920       4.593       571.100       59.348       630.447  
2013
    101.000       70.316       529.088       7.163       11.366       72.920       4.689       522.300       53.293       575.593  
2014
    100.000       62.150       453.362       6.494       9.808       72.920       4.742       473.563       46.509       520.072  
2015
    99.000       54.788       379.625       5.896       8.555       72.920       4.788       429.935       40.962       470.897  
2016
    97.000       47.423       327.978       5.120       7.730       72.920       4.807       373.344       37.157       410.501  
2017
    40.000       37.830       264.683       3.785       6.425       72.920       4.913       276.029       31.565       307.594  
2018
    37.000       33.166       210.178       3.415       5.596       72.920       4.891       249.058       27.368       276.426  
2019
    32.000       22.852       158.971       3.073       4.946       72.920       4.918       224.053       24.326       248.378  
2020
    30.000       17.723       132.760       2.811       4.435       72.920       4.939       204.969       21.907       226.876  
2021
    28.000       15.930       103.554       2.534       3.795       72.920       4.972       184.760       18.871       203.630  
2022
    27.000       14.099       76.856       2.264       3.469       72.920       4.984       165.057       17.289       182.345  
2023
    26.000       12.539       49.423       2.023       3.089       72.920       5.035       147.546       15.552       163.099  
2024
    25.000       11.053       29.749       1.809       2.721       72.920       5.074       131.917       13.806       145.723  
2025
    22.000       9.811       20.200       1.616       2.333       72.920       5.144       117.839       12.001       129.839  
SUB TOTAL
    108.000       577.662       4143.066       64.019       102.024       72.920       4.767       4668.261       486.307       5154.568  
REMAINDER
    19.000       41.686       89.061       6.510       9.718       72.920       6.379       474.709       61.996       536.705  
TOT 36.7 YR
    108.000       619.348       4232.127       70.529       111.742       72.920       4.907       5142.970       548.303       5691.274  
                                                                                 
    EFFECTIVE     NET TOTAL     DIR OPR EXP     TOT OPR EXP     OPERATING     TOT INVEST     NET     CUM NET     NET C.F.     CUM C.F.  
    WPT TAX     PROD TAXES     ADVAL TAX     + TAXES     REVENUE     TANG+INTANG     CASHFLOW     CASHFLOW     DISC [ILLEGIBLE] 10.0     DISC [ILLEGIBLE] 10.0  
YEAR   M$     M$     M$     M$     M$     M$     M$     M$     M$     M$  
2011
    0.000       47.765       159.356       207.121       456.026       0.000       456.026       456.026       434.133       434.133  
2012
    0.000       45.358       158.020       203.377       427.070       0.000       427.070       883.096       369.126       803.258  
2013
    0.000       41.410       157.213       198.623       376.970       0.000       376.970       1260.066       296.248       1099.506  
2014
    0.000       37.418       154.437       191.855       328.216       0.000       328.216       1588.283       234.519       1334.026  
2015
    0.000       33.887       152.336       186.223       284.674       0.000       284.674       1872.956       184.985       1519.011  
2016
    0.000       29.540       135.134       164.674       245.827       0.000       245.827       2118.783       145.228       1664.239  
2017
    0.000       22.125       69.233       91.359       216.236       0.000       216.236       2335.019       116.030       1780.269  
2018
    0.000       19.899       64.684       84.583       191.843       0.000       191.843       2526.862       93.688       1873.957  
2019
    0.000       17.866       59.832       77.698       170.681       0.000       170.681       2697.543       75.682       1949.639  
2020
    0.000       16.326       59.246       75.573       151.303       0.000       151.303       2848.846       61.038       2010.677  
2021
    0.000       14.660       57.998       72.657       130.973       0.000       130.973       2979.819       48.089       2058.766  
2022
    0.000       13.125       57.926       71.052       111.294       0.000       111.294       3091.113       37.123       2095.889  
2023
    0.000       11.735       57.561       69.296       93.803       0.000       93.803       3184.915       28.434       2124.323  
2024
    0.000       10.492       57.050       67.542       78.181       0.000       78.181       3263.096       21.570       2145.893  
2025
    0.000       9.342       55.988       65.330       64.509       0.000       64.509       3327.605       16.166       2162.059  
SUB TOTAL
    0.000       370.950       1456.013       1826.963       3327.605       0.000       3327.605       3327.605       2162.059       2162.059  
REMAINDER
    0.000       38.595       292.792       331.387       205.318       0.000       205.318       3532.924       37.245       2199.304  
TOT 36.7 YR
    0.000       409.545       1748.805       2158.350       3532.924       0.000       3532.924       3532.924       2199.304       2199.304  

 

 


 

RESERVES AND ECONOMICS
SUMMARY
BEHIND-PIPE
AS OF JAN 1, 2011
Run Date 2/4/2011 5:18
                                         
INTERESTS AND DATE FIRST EFFECTIVE     PRESENT WORTH M$  
COST
  LIQUID   GAS   DATE                
 
                            5.000       4482.312  
 
                            10.000       3158.607  
 
                            15.000       2324.040  
 
                            20.000       1770.171  
 
                            25.000       1386.783  
                                                                                                                         
    WELL     COUNT     API     BASE     TRANS     PROD     ADVAL     PRICES     CF/BBL     GROSS     RESERVES     % GROSS  
    GROSS     NET     OR BTU     PRICE     CHARGE     TAXES     TAXES     BEGIN     ENDING     LIFE WT     BL/MMCF     CUMULATIVE     REMAINING     ULTIMATE     REMAINING  
OIL
    37       9.25                                               0.00       72.92       72.92       3513       0.00       527.90       527.90     100.00% OIL
GAS
    15       3.75                                               0.00       2.57       2.12       285       0.00       1854.72       1854.72     100.00% GAS
COND
    0       0.00                                               0.00       0.00       0.00       0       0.00       0.00       0.00     0.00% COND
                                                                                 
    GROSS     GROSS OIL +     GROSS GAS     NET OIL     NET GAS     EFF OIL &     EFFECTIVE     OIL + COND     GAS     TOTAL  
    WELL COUNT     COND PROD     PRODUCTION     COND PROD     PRODUCTION     COND PRICE     GAS PRICE     SALES     SALES     SALES  
YEAR   WELLS/MO     MBBLS     MMCF     MBBLS     MMCF     $/BBL     $/MCF     M$     M$     M$  
2011
    0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000  
2012
    6.000       6.712       64.857       1.377       13.060       72.920       3.269       100.411       42.699       143.109  
2013
    15.000       18.035       166.962       3.638       34.656       72.920       2.821       265.283       97.751       363.034  
2014
    28.000       26.084       706.567       5.389       152.681       72.920       2.007       392.966       306.433       699.398  
2015
    37.000       35.072       555.148       7.374       120.042       72.920       1.983       537.712       238.071       775.783  
2016
    42.000       41.041       191.883       8.700       41.247       72.920       1.982       634.404       81.736       716.140  
2017
    43.000       47.365       106.057       10.101       22.683       72.920       2.016       736.565       45.739       782.304  
2018
    48.000       50.970       33.731       10.934       7.021       72.920       2.261       797.307       15.871       813.178  
2019
    36.000       47.330       18.191       10.161       3.802       72.920       2.214       740.940       8.416       749.356  
2020
    36.000       41.136       7.037       8.826       1.470       72.920       2.742       643.592       4.031       647.623  
2021
    35.000       35.768       2.658       7.671       .555       72.920       4.030       559.369       2.237       561.606  
2022
    35.000       30.571       1.627       6.554       .340       72.920       4.030       477.918       1.370       479.288  
2023
    33.000       25.562       0.000       5.482       0.000       72.920       0.000       399.747       0.000       399.747  
2024
    33.000       22.211       0.000       4.760       0.000       72.920       0.000       347.099       0.000       347.099  
2025
    33.000       19.307       0.000       4.134       0.000       72.920       0.000       301.451       0.000       301.451  
SUB TOTAL
    48.000       447.164       1854.718       95.101       397.557       72.920       2.124       6934.765       844.352       7779.117  
REMAINDER
    33.000       80.738       0.000       17.548       0.000       72.920       0.000       1279.600       0.000       1279.600  
TOT 24.8 YR
    48.000       527.902       1854.718       112.649       397.557       72.920       2.124       8214.365       844.352       9058.717  
                                                                                 
    EFFECTIVE     NET TOTAL     DIR OPR EXP     TOT OPR EXP     OPERATING     TOT INVEST     NET     CUM NET     NET C.F     CUM C.F  
    WPT TAX     PROD TAXES     ADVAL TAX     + TAXES     REVENUE     TANG+INTANG     CASHFLOW     CASHFLOW     DISC [ILLEGIBLE]10.0     DISC [ILLEGIBLE]10.0  
YEAR   M$     M$     M$     M$     M$     M$     M$     M$     M$     M$  
2011
    0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000  
2012
    0.000       10.286       9.000       19.286       123.823       31.750       92.073       92.073       77.511       77.511  
2013
    0.000       26.117       31.800       57.917       305.117       36.250       268.867       360.941       210.121       287.631  
2014
    0.000       50.321       57.900       108.221       591.177       48.750       542.427       903.368       385.662       673.293  
2015
    0.000       55.814       78.000       133.814       641.969       33.750       608.219       1511.587       394.949       1068.242  
2016
    0.000       51.529       79.700       131.229       584.911       18.750       566.161       2077.748       333.629       1401.870  
2017
    0.000       56.288       89.400       145.688       636.616       18.750       617.866       2695.614       330.767       1732.637  
2018
    0.000       58.508       81.400       139.908       673.270       18.750       654.520       3350.134       318.942       2051.580  
2019
    0.000       53.920       77.100       131.020       618.336       0.000       618.336       3968.470       274.419       2325.999  
2020
    0.000       46.601       75.500       122.101       525.522       0.000       525.522       4493.992       212.042       2538.041  
2021
    0.000       40.403       74.700       115.103       446.503       0.000       446.503       4940.494       163.734       2701.775  
2022
    0.000       34.488       73.100       107.588       371.700       0.000       371.700       5312.194       124.018       2825.793  
2023
    0.000       28.762       69.900       98.662       301.085       0.000       301.085       5613.280       91.268       2917.061  
2024
    0.000       24.973       69.900       94.873       252.226       0.000       252.226       5865.506       69.504       2986.565  
2025
    0.000       21.690       69.900       91.590       209.861       0.000       209.861       6075.367       52.583       3039.148  
SUB TOTAL
    0.000       559.700       937.300       1497.000       6282.117       206.750       6075.367       6075.367       3039.148       3039.148  
REMAINDER
    0.000       92.066       544.350       636.416       643.184       0.000       643.184       6718.551       119.459       3158.607  
TOT 24.8 YR
    0.000       651.766       1481.650       2133.416       6925.301       206.750       6718.551       6718.551       3158.607       3158.607  

 

 


 

RESERVES AND ECONOMICS
SUMMARY
PROVED UNDEVELOPED
AS OF JAN 1, 2011
Run Date 2/4/2011 5:18
                                         
INTERESTS AND DATE FIRST EFFECTIVE     PRESENT WORTH M$  
COST
  LIQUID   GAS   DATE     5.000       518.992  
 
                            10.000       361.910  
 
                            15.000       266.760  
 
                            20.000       204.895  
 
                            25.000       162.357  
                                                                                                                         
    WELL     COUNT     API     BASE     TRANS     PROD     ADVAL     PRICES     CF/BBL     GROSS     RESERVES     % GROSS  
    GROSS     NET     OR BTU     PRICE     CHARGE     TAXES     TAXES     BEGIN     ENDING     LIFE WT     BL/MMCF     CUMULATIVE     REMAINING     ULTIMATE     REMAINING  
OIL
    3       .75                                               0.00       72.920       72.92       825       0.00       65.46       65.46     100.00% OIL  
GAS
    0       0.00                                               0.00       1.80       1.80       1212       0.00       54.00       54.00     100.00% GAS  
COND
    0       0.00                                               0.00       0.00       0.00       0       0.00       0.00       0.00     0.00% COND  
                                                                                 
    GROSS     GROSS OIL +     GROSS GAS     NET OIL     NET GAS     EFF OIL &     EFFECTIVE     OIL + COND     GAS     TOTAL  
    WELL COUNT     COND PROD     PRODUCTION     COND PROD     PRODUCTION     COND PRICE     GAS PRICE     SALES     SALES     SALES  
YEAR   WELLS/MO     MBBLS     MMCF     MBBLS     MMCF     $/BBL     $/MCF     M$     M$     M$  
2011
    0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000  
2012
    2.000       1.728       0.000       .361       0.000       72.920       0.000       26.324       0.000       26.324  
2013
    3.000       4.840       2.133       1.010       .446       72.920       1.800       73.649       .803       74.452  
2014
    3.000       6.024       4.104       1.259       .858       72.920       1.800       91.806       1.544       93.351  
2015
    3.000       5.462       3.899       1.141       .815       72.920       1.800       83.202       1.467       84.669  
2016
    3.000       4.967       3.704       1.038       .774       72.920       1.800       75.691       1.393       77.084  
2017
    3.000       4.531       3.518       .947       .735       72.920       1.800       69.055       1.323       70.378  
2018
    3.000       4.144       3.342       .866       .698       72.920       1.800       63.149       1.256       64.405  
2019
    3.000       3.801       3.175       .794       .664       72.920       1.800       57.898       1.195       59.094  
2020
    3.000       3.495       3.016       .730       .630       72.920       1.800       53.232       1.134       54.366  
2021
    3.000       3.222       2.865       .673       .599       72.920       1.800       49.075       1.078       50.153  
2022
    3.000       2.978       2.721       .622       .569       72.920       1.800       45.356       1.024       46.380  
2023
    3.000       2.757       2.585       .576       .540       72.920       1.800       42.002       .972       42.974  
2024
    3.000       2.559       2.456       .535       .513       72.920       1.800       39.012       .923       39.936  
2025
    3.000       2.380       2.333       .497       .488       72.920       1.800       36.241       .878       37.120  
SUB TOTAL
    3.000       52.888       39.851       11.049       8.329       72.920       1.800       805.693       14.992       820.685  
REMAINDER
    3.000       12.571       14.151       2.628       2.958       72,920       1.800       191.634       5.324       196.958  
TOT 22.5 YR
    3.000       65.459       54.002       13.677       11.287       72.920       1.800       997.327       20.317       1017.643  
                                                                                 
    EFFECTIVE     NET TOTAL     DIR OPR EXP     TOT OPR EXP     OPERATING     TOT INVEST     NET     CUM NET     NET C.F.     CUM C.F.  
    WPT TAX     PROD TAXES     ADVAL TAX     + TAXES     REVENUE     TANG+INTANG     CASHFLOW     CASHFLOW     DISC [ILLEGIBLE] 10.0     DISC [ILLEGIBLE] 10.0  
YEAR   M$     M$     M$     M$     M$     M$     M$     M$     M$     M$  
2011
    0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000  
2012
    0.000       1.893       1.950       3.843       22.481       17.500       4.981       4.981       3.904       3.904  
2013
    0.000       5.361       5.100       10.461       63.991       15.000       48.991       53.972       38.149       42.053  
2014
    0.000       6.713       6.300       13.013       80.338       0.000       80.338       134.310       57.357       99.411  
2015
    0.000       6.092       6.300       12.392       72.277       0.000       72.277       206.587       46.940       146.350  
2016
    0.000       5.545       6.300       11.845       65.239       0.000       65.239       271.826       38.504       184.854  
2017
    0.000       5.061       6.300       11.361       59.017       0.000       59.017       330.843       31.656       216.510  
2018
    0.000       4.633       6.300       10.933       53.472       0.000       53.472       384.315       26.081       242.591  
2019
    0.000       4.252       6.300       10.552       48.542       0.000       48.542       432.857       21.533       264.124  
2020
    0.000       3.912       6.300       10.212       44.154       0.000       44.154       477.010       17.810       281.934  
2021
    0.000       3.609       6.300       9.909       40.244       0.000       40.244       517.255       14.756       296.690  
2022
    0.000       3.337       6.300       9.637       36.743       0.000       36.743       553.998       12.246       308.935  
2023
    0.000       3.092       6.300       9.392       33.582       0.000       33.582       587.580       10.176       319.111  
2024
    0.000       2.871       6.300       9.171       30.765       0.000       30.765       618.345       8.467       327.578  
2025
    0.000       2.672       6.300       8.972       28.148       0.000       28.148       646.492       7.052       334.630  
SUB TOTAL
    0.000       59.043       82.650       141.693       678.992       32.500       646.492       646.492       334.630       334.630  
REMAINDER
    0.000       14.167       27.100       41.267       155.691       0.000       155.691       802.183       27.281       361.910  
TOT 22.5 YR
    0.000       73.210       109.750       182.960       834.683       32.500       802.183       802.183       361.910       361.910  

 

4


 

Fletcher Lewis Engineering, Inc.
Standard Board and Rules 4-10(a) (1)-(32) of Regulation S-X and Rules 302(b), 1201, 1202(a) (1), (2), (3), (4), (8), and 1203(a) of Regulations S-K of the Securities and Exchange Commission; provided, however, future income tax expenses have not been taken into account in estimating the future net revenue and present worth values set forth herein.
Fletcher Lewis Engineering, Inc. is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the United States for over 28 years. Fletcher Lewis Engineering, Inc. does not have any financial interest including stock ownership, in FieldPoint. Our fees were not contingent on the results of our evaluation. Fletcher Lewis Engineering, Inc. has used all procedures and methods that it considers necessary to prepare this report.
         
  Submitted,
 
 
  /s/ Fletcher Lewis Engineering, Inc.    
  Fletcher Lewis Engineering, Inc   
  Oklahoma Registered Engineering Firm CA-804
Texas Registration ID #47928
Oklahoma Registration ID # 11663 
 
     
  /s/ Fletcher Lewis, P.E.    
  Fletcher Lewis, P.E.   
  President
Fletcher Lewis Engineering, Inc. 
 
CERTIFICATE of QUALIFICATION
I, Fletcher Lewis, Petroleum Engineer with Fletcher Lewis Engineering, Inc., 5001 N. Pennsylvania, Suite 300, Oklahoma City, Oklahoma, 73112 U.S.A., hereby certify:
  1.  
That I am President with Fletcher Lewis Engineering, Inc., which company did prepare the letter report addressed to FieldPoint dated March 1, 2010, and that I, as President, was responsible for the preparation of this report.
  2.  
That I attended Oklahoma University, and that I graduated with a Master of Science degree in Petroleum Engineering in the year 1978; that I am a Registered Professional Engineer in the State of Texas and Oklahoma; that I am a member of the Society of Petroleum Engineers and the American Association of Petroleum Geologists; and that I have in excess of 35 years of experience in the oil and gas reservoir studies and reserves evaluations.
         
  /s/ Fletcher Lewis, P.E.    
  Fletcher Lewis, P.E.   
  President
Fletcher Lewis Engineering, Inc.