U.S. SECURITIES AND EXCHANGE COMMISSION

FORM 10-QSB



[X]    Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2003

[  ]    Transition  Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from __________ to _________

Commission file number: 0-9435



| | Colorado
(State or other jurisdiction of 
incorporation or organization) | 84-0811034
(I.R.S. Employer
Identification No.)
| | ------------------------------------------------------------------------ | -----------------------------------------------

1703 Edelweiss DriveCedar Park, Texas                   78613
(Address of principal executive offices)     (Zip Code)

(512) 250-8692(Issuer's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports),  and (2) has been subject to such filing requirements for the past 90 days.  YesX  No

As of August 18, 2003, the number of shares outstanding of the Registrant's $.01 par value Common Stock was 7,530,175.

Transitional Small Business Disclosure Format (Check one):

PART I
Item 1. Condensed Consolidated Financial Statements

FieldPoint Petroleum Corporation

ASSETS

|                                                                                     | June 30,2003    | December 31,2002
|------------------------------------------------------------------------------------ | --------------- | ----------------
|CURRENT ASSETS:                                                                      | (unaudited)     |                 
|Cash                                                                                 | $       413,743 | $       402,460 
|Accounts receivable:                                                                 |                 |                 
|Oil and gas sales                                                                    | 249,857         | 245,907         
|Joint interest billings, less allowance for doubtful
Accounts of $43,753 each period | 63,245          | 69,275          
|Prepaid expenses                                                                     | 14,535          | 2,535           
|Total current assets                                                                 | 741,380         | 720,177         
|PROPERTY AND EQUIPMENT:                                                              |                 |                 
|Oil and gas properties (successful efforts method):                                  |                 |                 
|Leasehold costs                                                                      | 4,719,912       | 4,677,423       
|Lease and well equipment                                                             | 984,429         | 942,238         
|Asset retirement obligation                                                          | 364,144         | -               
|Furniture and equipment                                                              | 35,082          | 35,082          
|Transportation equipment                                                             | 136,274         | 102,274         
|Less accumulated depletion and depreciation                                          | (1,856,527)     | (1,728,105)     
|Net property and equipment                                                           | 4,383,314       | 4,028,912       
|                                                                                     |                 |                 
|LONG-TERM JOINT INTERST BILLING RECEIVABLE                                           | 65,184          | 65,184          
|OTHER ASSETS                                                                         | 4,298           | 4,297           
|Total assets                                                                         | $    5,194,176  | $      4,818,570
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                
|CURRENT LIABILITIES:                                                                 |                 |                 
|Current portion of long-term debt                                                    | $      653,028  | $        831,723
|Accounts payable and accrued expenses                                                | 282,068         | 473,935         
|Oil and gas revenues payable                                                         | 75,112          | 63,508          
|Total current liabilities                                                            | 1,010,208       | 1,369,166       
|LONG-TERM DEBT, net of current portion                                               | 7,656           | 7,897           
|DEFERRED INCOME TAXES                                                                | 164,000         | 59,000          
|ASSET RETIREMENT OBLIGATION                                                          | 484,297         | -               
|COMMMITMENTS                                                                         |                 |                 
|STOCKHOLDERS' EQUITY:                                                                |                 |                 
|Common stock, $.01 par value, 75,000,000 shares authorized;
7,580,175 shares issued  |                
|Respectively                                                                         | 75,801          | 75,801          
|Additional paid-in capital                                                           | 2,583,887       | 2,583,887       
|Treasury stock, 110,000 and 117,500 shares, at cost                                  | (18,600)        | (18,600)        
|Retained earnings                                                                    | 886,927         | 741,419         
|Total stockholders' equity                                                           | 3,528,015       | 3,382,507       
|Total liabilities and stockholders' equity                                           | $   5,194,176   | $      4,818,570

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation

|                                     | For The Three Months EndedJune 30,
|------------------------------------ | ----------------------------------
|                                     | 2003        (unaudited)           
|REVENUE:                             |                                   
|Oil and gas sales                    | $      599,378                    
|Well operational and pumping fees    | 29,968                            
|Total revenue                        | 629,346                           
|COSTS AND EXPENSES:                  |                                   
|Production expense                   | 245,729                           
|Depletion and depreciation           | 112,000                           
|General and administrative           | 101,712                           
|Total costs and expenses             | 459,441                           
|OTHER INCOME (EXPENSE):              |                                   
|Interest income (expense), net       | (11,263)                          
|Gain on sale of oil and gas property |                                   
|Realized derivative loss             | (5,184)                           
|Total other income (expense)         | (16,447)                          
|INCOME (LOSS) BEFORE INCOME TAXES    | 153,458                           
|INCOME TAX (PROVISION) BENEFIT       | (62,000)                          
|NET INCOME (LOSS)                    | 91,458                            
|NET INCOME (LOSS) PER SHARE          |                                   
|BASIC                                | $             0.01                
|DILUTED                              | $             0.01                
|WEIGHTED AVERAGE SHARES OUTSTANDING  |                                   
|BASIC                                | 7,530,175                         
|DILUTED                              | 7,530,175                         

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation

|                                                                               | For The Six Months EndedJune 30,
|------------------------------------------------------------------------------ | --------------------------------
|                                                                               | 2003       (unaudited)          
|REVENUE:                                                                       |                                 
|Oil and gas sales                                                              | $         1,197,435             
|Well operational and pumping fees                                              | 59,936                          
|Total revenue                                                                  | 1,257,371                       
|COSTS AND EXPENSES:                                                            |                                 
|Production expense                                                             | 546,265                         
|Depletion and depreciation                                                     | 214,000                         
|General and administrative                                                     | 197,776                         
|Total costs and expenses                                                       | 958,041                         
|OTHER INCOME (EXPENSE):                                                        |                                 
|Interest income (expense)                                                      | (21,031)                        
|Gain on Sale of oil and gas property                                           |                                 
|Realized derivative loss                                                       | (5,184)                         
|Total other income (expense)                                                   | (26,215)                        
|INCOME (LOSS) BEFORE INCOME TAXES                                              | 273,115                         
|INCOME TAX (PROVISION) CURRENT                                                 | (6,000)                         
|INCOME TAX (PROVISION) DEFERRED                                                | (105,000)                       
|NET INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE | 162,115                         
|CUMULATIVE EFFECT                                                              | (16,606)                        
|NET INCOME (LOSS)                                                              | 145,509                         
|NET INCOME (LOSS) PER SHARE                                                    |                                 
|BASIC                                                                          | $              0.02             
|DILUTED                                                                        | $              0.02             
|WEIGHTED AVERAGE SHARES OUTSTANDING                                            |                                 
|BASIC                                                                          | 7,530,175                       
|DILUTED                                                                        | 7,530,175                       

See accompanying notes to these consolidated financial statements.



|                                                 | June 30,              
|------------------------------------------------ | ----------------------
|                                                 | 2003       (unaudited)
|CASH FLOWS FROM OPERATING ACTIVITIES:            |                       
|Net income (loss)                                | $      145,509        
|Adjustments to reconcile to net cash             |                       
|provided by operating activities:                |                       
|Depletion and depreciation                       | 214,000               
|Deferred income taxes                            | 105,000               
|Cumulative effect of accounting change           | 16,606                
|Accretion expense                                | 12,388                
|Changes in assets and liabilities:               |                       
|Accounts receivable                              | 2,079                 
|Prepaid expenses and other assets                | (12,000)              
|Accounts payable and accrued expenses            | (423,867)             
|Oil and gas revenues payable                     | 243,604               
|Change in fair value of derivatives              | -                     
|Other                                            | 5,582                 
|Net cash provided by operating activities        | 308,901               
|CASH FLOWS FROM INVESTING ACTIVITIES:            |                       
|Purchase of oil and gas properties               | (84,682)              
|Purchase of other property and equipment         | (34,000)              
|Proceeds from sale of oil and gas property       | -                     
|Net cash used by investing activities            | (118,682)             
|CASH FLOWS FROM FINANCING ACTIVITIES:            |                       
|Repayments of long-term debt                     | (178,936)             
|Proceeds from exercise of options and warrants   | -                     
|Net cash provided (used) by financing activities | (178,936)             
|NET INCREASE (DECREASE) IN CASH                  | 11,283                
|CASH, beginning of the period                    | 402,460               
|CASH, end of the period                          | $       413,743       

See accompanying notes to these consolidated financial statements.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.     Nature of Business, Organization And Basis of Preparation And Presentation

FieldPoint Petroleum Corporation (the "Company") is incorporated under the laws of the state of Colorado.  The Company is engaged in the acquisition, operation and development of oil and gas properties, which are located in Oklahoma, Texas and Wyoming.

The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.  However, in the opinion of management, all adjustments (which consist only of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented have been made.  These condensed consolidated financial statements should be read in conjunction with financial statements and the notes thereto included in the Company's Form 10-KSB filing for the year ended December 31, 2002.

2.     Recently Issued Accounting Pronouncements

On August 15, 2001, the FASB issued Statement No. 143, Accounting for Asset Retirement Obligations ("Statement 143").  Initiated in 1994 as a project to account for the costs of nuclear decommissioning, the FASB expanded the scope to include similar closure or removal-type costs in other industries that are incurred at any time during the life of an asset.  That standard requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it was incurred.  When the liability is initially recorded, the entity capitalizes a cost by increasing the carrying amount of the related long-lived asset.  Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset.  Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss upon settlement.  The standard became effective for fiscal years beginning after June 15, 2002.  We adopted Statement 143 on January 1, 2003.  Upon adoption of Statement 143, we recorded an increase to Property and Equipment and Asset Retirement Obligations of approximately $364,144 and $471,909, respectively, as a result of the company separately accounting for salvage values and recording the estimated fair value of its plugging and abandonment obligation on the balance sheet, a reduction of accumulated depletion due to the effect of utilizing well equipment salvage value in the calculation of $91,159 and a cumulative effect on change in accounting principle of $16,606.

The following tables describe on a pro forma basis our asset retirement liability as if FAS 143 had been adopted on January 1, 2002.

|                                        | 2003    | 2002   
|--------------------------------------- | ------- | -------
|Asset retirement obligation January 1,  | 471,909 | 448,370
|Asset retirement accretion expense      | 12,388  | 11,770 
|Less: plugging cost                     | -       | -      
|Asset retirement obligation at June 30, | 484,297 | 460,140

|                                              |  | Six Months
EndedJune 30, 2002 |  | Three Months
EndedJune 30, 2002
|--------------------------------------------- |  | ----------------------------- |  | -------------------------------
|Net loss, reported                            |  | $(125,711)                    |  | $   (70,681)                   
|Less: Retirement obligation accretion expense |  | (12,388)                      |  | (5,885)                        
|Plus: Depreciation on salvage value           |  | 44,000                        |  | 22,000                         
|Net income pro forma                          |  | (94,099)                      |  | (54,566)                       
|Earnings per share:                           |  |                               |  |                                
|As reported                                   |  |                               |  |                                
|Basic                                         |  | (0.02)                        |  | (0.01)                         
|Diluted                                       |  | (0.02)                        |  | (0.01)                         
|Pro forma                                     |  |                               |  |                                
|Basic                                         |  | (0.01)                        |  | (0.01)                         
|Diluted                                       |  | (0.01)                        |  | (0.01)                         

In December 2002, the FASB issued Statement No. 148, Accounting for Stock-Based Compensation - Transition and Disclosure, ("Statement 148").  Statement 148 provides alternative methods of transition to the fair value method of accounting proscribed by FASB Statement No. 123, Accounting for Stock-Based Compensation ("Statement 123").  Statement 148 also amends the disclosure provisions of Statement 123 and Accounting Principles Board Opinion No. 18, Interim Financial Reporting, to require disclosure in the summary of significant accounting policies of the effects of an entity's accounting policy with respect to stock-based employee compensation on reported net income and earnings per share in annual and interim financial statements.  Statement 148 does not require companies to account for employee stock options under the fair value method.  We did not adopt the fair value method of accounting for stock-based compensation; however, we have adopted the disclosure provision of Statement 148.  Net income would have been adjusted as per the pro forma amounts as follows:

|                                                                  | Six Months EndedJune 30, |  | Three Months EndedJune 30,
|----------------------------------------------------------------- | ------------------------ |  | --------------------------
|                                                                  | 2003                     |  | 2002                      
|Income (loss) available to common shares                          |                          |  |                           
|As reported                                                       | 145,509                  |  | (125,711)                 
|Effect of expensing stock options                                 | (24,984)                 |  | (23,896)                  
|Pro forma                                                         | 120,525                  |  | (149,607)                 
|Income (loss) available to common shares;
     basic and diluted: |                          |  |                           
|As reported                                                       | .02                      |  | (.02)                     
|Pro forma                                                         | .02                      |  | (.02)                     

Options and warrants representing 1,455,916 potential shares have been excluded from the calculation of dilutive earnings per share because their effect would be
anti-dilutive.

3.    Disposition of Oil and Gas Properties

During the period ended June 30, 2002 the Company sold the lease rights and related equipment of the Ona NW Unit which was acquired in October 2001 for $710,000 cash consideration.  The Company realized a gain of $96,149 on the sale.

PART I
Item 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The following discussion should be read in conjunction with the Company's Financial Statements, and respective notes thereto, included elsewhere herein.  The information below should not be construed to imply that the results discussed herein will necessarily continue into the future or that any conclusion reached herein will necessarily be indicative of actual operating results in the future.  Such discussion represents only the best present assessment of the management of FieldPoint Petroleum Corporation.

General

FieldPoint Petroleum Corporation derives its revenues from its operating activities including sales of oil and gas and operating oil and gas properties.  The Company's capital for investment in producing oil and gas properties has been provided by cash flow from operating activities, and from bank financing. The Company categorizes its operating expenses into the categories of production expenses and other expenses.

Comparison of three months ended June 30, 2003 to the three months ended June 30, 2002

Results of Operations

Revenues decreased 7% or $44,329 to $629,346 for the three month period ended June 30, 2003 from the comparable 2002 period, this was due primarily to the overall decrease in oil and gas sales.  Production volumes decreased 50% on a BOE basis.  Average oil sales prices increased 25% to $30.80 for the period ended June 30, 2003 compared to $24.62 for the period ended June 30, 2002.  Average gas sales prices increased 68% to $3.90 for the three month period ended June 30, 2003 compared to $2.32 for the period ended June 30, 2002.

Production expenses decreased 52% or $269,196 to $245,729 for the three month period ended June 30, 2003 from the comparable 2002 period, this was primarily due to the disposition of oil and gas properties in the state of Oklahoma in 2002.  Depletion and depreciation decreased
25% due to the sale of oil and gas properties and related equipment during the period ended June 30, 2002.  General and administrative overhead cost decreased 48% or $94,596 to $101,712 for the three month period ended June 30, 2003 from the three month period ended 2002.  This was primarily due to a decrease in salaries, costs associated with evaluating acquisitions and consulting fees.

Net other expense for the three months ended June 30, 2003 was $16,447 compared to income of $73,173 for the 2002 period. This decrease was primarily due to realized gain of $96,149 on sale of oil and gas property during June 2002.

Comparison of six months ended June 30, 2003 to the six months ended June 30, 2002

Results of Operations

Revenues increased 4% or $49,511 to $1,257,371 for the six month period ended June 30, 2003 from the comparable 2002 period due to the overall increase in oil and gas prices. Production volumes decreased 54% on a BOE basis. Average oil sales prices increased 38% to $30.70 for the period ended June 30, 2003 compared to $22.15 for the period ended June 30, 2002. Average gas sales prices increased 72% to $3.32 for the six month period ended June 30, 2003 compared to $1.93 for the period ended June 30, 2002.

Production expenses decreased 31% or $243,746 to $546,265 for the six month period ended June 30, 2003 from the comparable 2002 period, this was primarily due to the disposition of oil and gas properties in Oklahoma during the period ended December 31, 2002. Depletion and depreciation expense decreased 30% to $214,000, this was due to the decrease in leasehold and related equipment during the period ended June 30, 2002 compared to the 2003 period. General and administrative overhead cost decreased 42% or $145,008 to $197,776 for the six month period ended June 30, 2003 from the six month period ended June 30, 2002. This was attributable to a decrease in salaries, cost associated with evaluating acquisitions and consulting fees.

Net other expense for the six months ended June 30, 2003 was $26,215 compared to $25,882 in income for the comparable 2002 period. The decrease was primarily due to a gain on sale of oil and gas property in 2002.

Liquidity and Capital Resources

Cash flow provided by operating activities was $308,901 for the six month period ended June 30, 2003, as compared to $46,729 in cash flow provided by operating activities in the 2002 period. The decrease in cash from operating activities was primarily due to the net loss, offset by increased depletion and depreciation and increases in prepaid and other assets.

Cash flow used in investing activities was $118,682 for the period ended June 30, 2003 as compared to $611,885 provided by investing activities for the period ended June 30, 2002.  This was primarily due to the sale of oil and gas properties in 2002.  Cash flow used in financing activities was $178,936 for the period ended June 30, 2003, compared to a cash flow used by financial activities of $272,726 for the same period in 2002.

This decrease was primarily due to the proceeds from long-term debt and the exercise of common stock options and warrants for the six month period ended June 30, 2002 compared to repayment of long-term debt for the six months ended June 30, 2003.

PART I
Item 3.  Controls and Procedures

Ray Reaves, Chief Executive Officer and Chief Financial Officer of FieldPoint Petroleum Corporation, has established and is currently maintaining disclosure controls and procedures for the Company.  The disclosure controls and procedures have been designed to ensure that material information relating to the Company is made known to them as soon as it is known by others within the Company.

Our Chief Executive Officer and Chief Financial Officer conducts an update and a review and evaluation of the effectiveness of the Company's disclosure controls and procedures and have concluded, based on their evaluation within 90 days of the filing of this Report, that our disclosure controls and procedures are effective for gathering, analyzing and disclosing the information we are required to disclose in our reports filed under the Securities Exchange Act of 1934.  There have been no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of the previously mentioned evaluation.

PART II

OTHER INFORMATION

Item 1.  Legal Proceedings

None.

Item 2.  Changes in Securities

None.

Item 3.  Default Upon Senior Securities

None.

Item 4.  Submission of Matters to a Vote of Security Holders

None.

Item 5.  Other Information

None.

Item 6.  Exhibits and Reports on Form 8-K

Exhibits

| | 31 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
| | -- | -----------------------------------------------------------------------
| | 32 | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Reports on Form 8-K

None.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|Date:August 19 , 2003 | By:    /s/ Ray Reaves   Ray Reaves, Treasurer, Chief Financial Officer
|--------------------- | ----------------------------------------------------------------------