SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                   FORM 10-QSB



[X]      Quarterly  Report under Section 13 or 15(d) of the Securities  Exchange
         Act of 1934 For the Quarterly Period Ended September 30, 2001

[ ]      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


                        FieldPoint Petroleum Corporation
                        --------------------------------
        (Exact name of small business issuer as specified in its charter)

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


         1703 Edelweiss Drive
         Cedar 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. Yes X  No
                                                             ---   ---

As of October 31, 2001,  the number of shares  outstanding  of the  Registrant's
$.01 par value Common Stock was 7,465,175.

Transitional Small Business Disclosure Format (Check one):
                                            Yes    No X
                                               ---   ---



<PAGE>
<TABLE>
<CAPTION>

PART I
Item 1. Condensed Consolidated Financial Statements

                        FieldPoint Petroleum Corporation
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS
                                     ------
                                                                September 30,   December 31,
                                                                     2001           2000
                                                                -------------   ------------
                                                                 (unaudited)
<S>                                                              <C>            <C>
CURRENT ASSETS:
---------------
   Cash                                                          $   320,409    $   649,539
   Trading securities                                                  2,880          2,880
   Accounts receivable:
       Advances                                                       47,500          7,500
       Oil and gas sales                                             233,637        180,418
       Joint interest billings, less allowance for doubtful
            accounts of $74,192 and $71,192 respectively             102,441         61,632
   Prepaid expenses                                                   38,535         54,535
                                                                 -----------    -----------
                  Total current assets                               745,402        956,504

PROPERTY AND EQUIPMENT:
   Oil and gas properties (successful efforts method):
       Leasehold costs                                             4,238,039      3,704,362
       Lease and well equipment                                      768,271        437,731
   Furniture and equipment                                            35,082         32,496
   Transportation equipment                                           75,974         75,974
   Less accumulated depletion and depreciation                    (1,178,750)      (853,275)
                                                                 -----------    -----------
                  Net property and equipment                       3,938,616      3,397,288

OTHER ASSETS                                                         176,197        197,015
                                                                 -----------    -----------
                            Total assets                         $ 4,860,215    $ 4,550,807
                                                                 ===========    ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------
CURRENT LIABILITIES:
--------------------
   Current portion of long-term debt                             $   229,760    $   407,143
   Accounts payable and accrued expenses                              49,716        105,092
   Oil and gas revenues payable                                       66,068         63,862
                                                                 -----------    -----------
                  Total current liabilities                          345,544        576,097

LONG-TERM DEBT, net of current portion                               919,038      1,238,618
DEFERRED INCOME TAXES                                                163,000         78,000

COMMMITMENTS
STOCKHOLDERS' EQUITY:
   Common stock, $.01 par value, 75,000,000 shares authorized;
        7,457,075 and 7,040,325 shares issued and outstanding,
        Respectively                                                  74,570         70,403
   Additional paid-in capital                                      2,487,681      2,024,317
   Treasury stock, 110,000 shares of common stock                     (1,100)        (1,175)
 Retained earnings                                                   871,482        564,547
                                                                 -----------    -----------
                  Total stockholders' equity                       3,432,633      2,658,092
                                                                 -----------    -----------
                  Total liabilities and stockholders' equity     $ 4,860,215    $ 4,550,807
                                                                 ===========    ===========
</TABLE>


        See accompanying notes to these consolidated financial statements

<PAGE>

                        FieldPoint Petroleum Corporation
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                                 For The Three Months Ended
                                                        September 30,
                                                 --------------------------
                                                     2001           2000
                                                 -----------    -----------
REVENUE:                                         (unaudited)    (unaudited)
  Oil and gas sales                              $   599,110    $   383,942
  Well operational and pumping fees                   29,994         32,219
                                                 -----------    -----------
                  Total revenue                      629,104        416,161

COSTS AND EXPENSES:
  Production expense                                 258,246        152,131
  Depletion and depreciation                         112,000         39,000
  General and administrative                         115,718         55,018
                                                 -----------    -----------
                  Total costs and expenses           485,964        246,149

OTHER INCOME (EXPENSE):
  Interest income (expense), net                     (25,181)       (21,545)
  Miscellaneous                                        1,014          7,897
  Unrealized derivative loss                         (13,840)          --
                                                 -----------    -----------
                  Total other income (expense)       (38,007)       (13,648)
                                                 -----------    -----------

INCOME (LOSS) BEFORE INCOME TAXES                    105,133        156,364
INCOME TAX (PROVISION) CURRENT                       (15,000)          --
INCOME TAX (PROVISION) DEFERRED                      (22,000)       (39,160)
                                                 -----------    -----------

NET INCOME (LOSS)                                     68,133        117,204
                                                 ===========    ===========
NET INCOME (LOSS) PER SHARE
         BASIC                                   $      0.01    $      0.02
                                                 -----------    -----------
         DILUTED                                 $      0.01    $      0.02
                                                 ===========    ===========
WEIGHTED AVERAGE SHARES OUTSTANDING
         BASIC                                     7,387,363      6,700,868
                                                 -----------    -----------
         DILUTED                                   7,579,160      6,968,793
                                                 ===========    ===========








        See accompanying notes to these consolidated financial statements


<PAGE>

                        FieldPoint Petroleum Corporation
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                                 For The Nine Months Ended
                                                       September  30,
                                                 --------------------------
                                                     2001           2000
                                                 -----------    -----------
REVENUE:                                         (unaudited)    (unaudited)
  Oil and gas sales                              $ 1,803,496    $ 1,053,284
  Well operational and pumping fees                   90,233         96,884
                                                 -----------    -----------
                  Total revenue                    1,893,729      1,150,168

COSTS AND EXPENSES:
  Production expense                                 654,565        378,644
  Depletion and depreciation                         324,894        117,000
  General and administrative                         371,356        204,297
                                                 -----------    -----------
                  Total costs and expenses         1,350,815        699,941

OTHER INCOME (EXPENSE):
  Interest income (expense), net                     (79,627)       (62,669)
  Miscellaneous                                       19,249          8,010
  Realized derivative loss                           (39,947)          --
                  Total other income (expense)      (100,325)       (54,659)
                                                 -----------    -----------

INCOME (LOSS) BEFORE INCOME TAXES                    442,589        395,568
INCOME TAX (PROVISION) CURRENT                       (49,638)          --
INCOME TAX (PROVISION) DEFERRED                      (85,000)       (28,046)
                                                 -----------    -----------
NET INCOME (LOSS)                                    307,951        367,522
                                                 ===========    ===========

NET INCOME (LOSS) PER SHARE
         BASI                                    $      0.04    $      0.06
                                                 -----------    -----------
         DILUTED                                 $      0.04    $      0.05
                                                 ===========    ===========

WEIGHTED AVERAGE SHARES OUTSTANDING
         BASIC                                     7,305,645      6,478,932
                                                 -----------    -----------
         DILUTED                                   8,122,025      7,072,948
                                                 ===========    ===========






        See accompanying notes to these consolidated financial statements


<PAGE>
<TABLE>
<CAPTION>

                        FieldPoint Petroleum Corporation
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                 September 30,
                                                            ----------------------
                                                              2001         2000
                                                            ---------    ---------
                                                           (unaudited)  (unaudited)
<S>                                                         <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                         $ 307,951    $ 367,522
  Adjustments to reconcile to net cash
      provided by operating activities:
  Depletion and depreciation                                  324,894      117,000
  Deferred Income Taxes                                        85,000       28,046
  Income Tax Benefit from Exercise of Stock Options            34,638         --
  Stock Compensation to Consultant                             28,500       13,000
  Changes in assets and liabilities:
       Accounts receivable                                   (134,028)     (25,037)
       Prepaid expenses and other assets                       37,397        3,104
       Accounts payable and accrued expenses                  (55,376)     (68,701)
       Oil and gas revenues payable                             2,206       17,774
                                                            ---------    ---------
         Net cash provided by operating activities            631,182      452,708

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of oil and gas properties                         (864,217)    (293,522)
  Purchase of furniture and equipment                          (2,586)        (217)
                                                            ---------    ---------
         Net cash used by investing activities               (866,803)    (293,739)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Repayments of long-term debt                               (497,977)    (323,429)
  Proceeds from exercise of options and warrants              404,468      473,482
                                                            ---------    ---------
         Net cash provided (used) by financing activities     (93,509)     150,053
                                                            ---------    ---------

NET INCREASE (DECREASE) IN CASH                              (329,130)     309,022

CASH, beginning of the period                                 649,539      117,259
                                                            ---------    ---------

CASH, end of the period                                     $ 320,409    $ 426,281
                                                            =========    =========
</TABLE>








       See accompanying notes to these consolidated financial statements.



<PAGE>

              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, 2000.


2. Stockholders Equity
   -------------------
During the period ended  September  30, 2001 the president and a director of the
Company exercised options at $0.10 per share to acquire 50,000 shares and 25,000
shares of common stock, respectively.  In addition, warrants to purchase 334,250
shares of the Company's  common stock were  exercised,  netting  proceeds  after
commissions  of $396,922.  During the period ending  September  2001 the Company
issued  7,500 shares to a consultant  in lieu of cash for  services.  The shares
were valued at the quoted value of the stock at the time of the  transaction  of
$14,250.  In the previous  quarter,  the Company issued 7,500 treasury shares to
this consultant in lieu of cash for services.

3. Acquisition of Oil and Gas Properties
   -------------------------------------
In December 2000, the Company acquired interest in certain producing  properties
in Oklahoma for  consideration of $1,010,015.  The acquisition was financed with
an extension of the  company's  existing  borrowing  facility  with a bank.  The
following unaudited pro forma information is presented as if the interest in the
property had been acquired on January 1, 2000.

                                     3 Months Ended          9 Months Ended
                                   September 30, 2000      September 30, 2000
                                   ------------------      ------------------
Revenues                               $ 650,408               1,816,961
Net Income                             $ 244,387                 766,037
Net Income per share                   $     .04                     .13






<PAGE>

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 categorises its operating expenses into the categories of production
expenses and other expenses.

Comparison  of three months ended  September  30, 2001 to the three months ended
--------------------------------------------------------------------------------
September 30, 2000
------------------

Results of Operations

Revenues  increased 51% or $212,943 to $629,104 for the three month period ended
September 30, 2001 from the  comparable  2000 period,  this was due primarily to
the overall increase in oil and gas sales. Production volumes increased 49% on a
BOE basis. Average oil sales prices decreased 15% to $24.86 for the period ended
September 30, 2001  compared to $29.35 for the period ended  September 30, 2000.
Average gas sales prices  decreased 24% to $2.30 for the period ended  September
30, 2001 compared to $3.06 for the period ended September 30, 2000.

Production  expenses  increased  70% or $106,115 to $258,246 for the three month
period  ended  September  30, 2001 from the  comparable  2000  period,  this was
primarily  due to  additional  workovers in the form of remedial  repairs and an
increase in the number of producing  oil and gas  properties  the company  owns.
Depletion  and  depreciation  increased  187% or  $73,000 to  $112,000  this was
primarily due to the  acquisition  and  development  of  additional  oil and gas
properties and related  equipment  resulting in increased  production during the
period  ended  September  30,  2001  compared  to the 2000  period.  General and
administrative overhead cost increased 110% or $60,700 to $115,718 for the three
month period ended September 30, 2001 from the comparable 2000 period.  This was
attributable  to increased  salaries,  consulting  fees,  and  engineering  fees
related to research of possible acquisitions.

Net other  expense for the three  months  ended  September  30, 2001 was $38,007
compared to $13,648 for the 2000  period.  This  increase was  primarily  due to
unrealized derivative loss which was offset by miscellaneous income.

Comparison  of nine months  ended  September  30, 2001 to the nine months  ended
--------------------------------------------------------------------------------
September 30, 2000
------------------

Results of Operations

Revenues increased 64% or $743,561 to $1,893,729 for the nine month period ended
September 30, 2001 from the comparable 2000 period,  this was due to the overall
increase in oil and gas sales.  Production volumes increased 55% on a BOE basis.
Average oil sales prices  decreased 6% to $25.84 for the period ended  September
30, 2001 compared to $27.51 for the period ended September 30, 2000. Average gas
sales prices  increased  36% to $3.50 for the nine month period ended  September
30, 2001 compared to $2.58 for the period ended September 30, 2000.

<PAGE>

Production  expenses increased 72% for the nine month period ended September 30,
2001 from the  comparable  2000 period,  this was  primarily  due to  additional
workovers  in the form of remedial  repairs and an increase in the number of oil
and  gas  properties  the  company  owns.  Depletion  and  depreciation  expense
increased 177% to $324,894,  this was due to the  acquisition and development of
additional oil and gas properties and related  equipment  resulting in increased
production  during the period  ended  September  30,  2001  compared to the 2000
period.  General and  administrative  overhead cost increased 81% or $167,059 to
$371,356 for the nine month period ended  September 30, 2001 from the nine month
period ended  September 30, 2000. This was  attributable to increased  salaries,
consulting   fees  and   engineering   fees  related  to  research  of  possible
acquisitions.

Net other  expense for the nine months  ended  September  30, 2001 was  $100,325
compared to $54,659 for the comparable  2000 period.  The increase was primarily
due to a realized  derivative loss and a slight increase in interest expense for
the nine month period.

Liquidity and Capital Resources

Cash flow  provided by  operating  activities  was  $631,182  for the nine month
period ended  September  30, 2001, as compared to $452,700 in cash flow provided
by operating  activities in the 2000 period. The increase in cash from operating
activities  was  primarily  due to the non-cash  nature of higher  depletion and
depreciation  and certain tax  benefits  during  2001,  offset by an increase in
accounts receivable.

Cash flow  used by  investing  activities  was  $866,803  for the  period  ended
September  30, 2001,  compared to $293,739 for the period  ended  September  30,
2000.  This was primarily due to additional  purchases of oil and gas properties
and related development activity in 2001. Cash flow used by financing activities
was $93,509 for the period ended  September  30,  2001,  as compared to $150,053
provided by financing  activities  for the same period in 2000.  This was due to
repayment of existing long-term debt during 2001.

The Company cannot predict how oil and gas prices will vary during 2001 and what
effect they will ultimately have on the Company.  However,  management  believes
that the Company will be able to generate  sufficient  cash from  operations  to
service its bank debt and provide for maintaining  current production of its oil
and gas properties.




<PAGE>

PART II

OTHER INFORMATION

Item 1.  Legal Proceedings
--------------------------

None.

Item 2.  Changes in Securities
------------------------------

ISSUANCE OF RESTRICTED  SECURTITIES.  During the nine months ended September 30,
2001,  the Company  issued  334,250  shares of Common Stock upon the exercise of
warrants associated with the W.B.McKEE Securities Unit offering.

As to the issuance of the securities  identified  above, the Company relied upon
Section 4(2) of the  Securities  Act in claiming  exemption  from the registered
requirement of the Securities Act.


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
-----------------------------------------
None on Form 8-K.

10.5     Consulting   Agreement  dated  November  13,  2001  between  FieldPoint
         Petroleum Corporation and TGR Group LLC.






                                   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:   11/14/2001             By:   /s/ Ray Reaves
                                  ----------------------------------------------
                                  Ray Reaves, Treasurer, Chief Financial Officer