U.S. 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 March 31, 1998

[ ]      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 April 30, 1998, the number of shares  outstanding of the Registrant's $.01
par value Common Stock was 4,413,259.

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



<PAGE>


PART I
Item 1. Condensed Consolidated Financial Statements
<TABLE>
<CAPTION>

                        FieldPoint Petroleum Corporation
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS
                                     ------
                                                                           March 31,     December 31,
                                                                            1998           1997
                                                                        ------------    -------------
CURRENT ASSETS:                                                          (unaudited)
<S>                                                                             <C>     <C>     

  Cash                                                                  $     41,761    $     48,457
  Trading securities                                                           2,880           2,880
  Accounts receivable:
         Oil and gas sales                                                    65,734          73,159
         Joint interest billings, no allowance for doubtful
              accounts considered necessary                                   72,696          61,392
  Taxes recoverable                                                           15,300            -
Prepaid expenses                                                               2,535           1,635
                                                                        ------------    ------------
                  Total current assets                                       200,906         187,523
                                                                                             
PROPERTY AND EQUIPMENT:
  Oil and gas properties (successful efforts method):
         Leasehold costs                                                   1,105,676         954,995
         Lease and well equipment                                            147,073          95,504
  Furniture and equipment                                                     31,148          30,758
  Transportation equipment                                                    74,945          74,945
  Less accumulated depletion and depreciation                               (384,685)       (353,935)
                                                                        ------------    ------------
                  Net property and equipment                                 974,157         802,267
OTHER ASSETS                                                                   6,000          20,000
                                                                        ------------    ------------
                  Total assets                                          $  1,181,063    $  1,009,790
                                                                        ============    ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES:
  Current portion of long-term debt                                     $    165,518    $    160,544
  Accounts payable and accrued expenses                                      105,331         111,255
  Oil and gas revenues payable                                                94,045          96,512
                                                                        ------------    ------------
                  Total current liabilities                                  364,894         368,311
LONG-TERM DEBT, net of current portion                                       460,283         255,877
COMMMITMENTS
STOCKHOLDERS' EQUITY:
  Common stock,  $.01 par value, 75,000,000
     shares  authorised;  4,413,259 and
     4,000,000 shares issued and outstanding,
     respectively                                                             44,132          44,132
  Additional paid-in capital                                                  93,638          83,906
  Retained earnings                                                          218,116         257,564
                                                                        ------------    ------------
                  Total stockholders' equity                                 355,886         385,602
                                                                        ------------    ------------
                  Total liabilities and stockholders' equity            $  1,181,063    $  1,009,790
                                                                        ============    ============
</TABLE>


        See accompanying notes to these consolidated financial statements

<PAGE>


<TABLE>

                        FieldPoint Petroleum Corporation
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                                                   March 31,
                                                          --------------------------
                                                               1998         1997
                                                          -----------    -----------
REVENUE:                                                   (unaudited)   (unaudited)
<S>                                                                             <C>   

  Oil and gas sales                                       $   103,953    $   145,395
  Well operational and pumping fees                            46,658         45,913
                                                          -----------    -----------
Total revenue                                                 150,611        194,308

COSTS AND EXPENSES:
  Production expense                                           68,968         41,953
  Depletion and depreciation                                   30,750         27,750
  General and administrative                                   98,228         73,766
                                                          -----------    -----------
                  Total costs and expenses                    197,946        143,469

OTHER INCOME (EXPENSE):
  Interest income (expense), net                              (11,991)       (10,684)
  Miscellaneous                                                 4,578          3,638
                                                          -----------    -----------
                  Total other income (expense)                 (7,413)        (7,046)
                                                          -----------    -----------
INCOME (LOSS) BEFORE INCOME TAXES                             (54,748)        43,793
INCOME TAX BENEFIT (PROVISION) CURRENT                         15,300        (12,000)
                                                          -----------    -----------
NET AND COMPREHENSIVE INCOME (LOSS)                           (39,448)        31,793
BASIC AND DILUTED NET AND
     COMPREHENSIVE INCOME (LOSS)                                 (.01)           .01
                                                          -----------    -----------
WEIGHTED AVERAGE SHARES OUTSTANDING                         4,413,259      4,000,000
                                                          ===========    ===========

</TABLE>

        See accompanying notes to these consolidated financial statements


<PAGE>


<TABLE>
<CAPTION>


                        FieldPoint Petroleum Corporation
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                            March 31,
                                                                     -----------------------
                                                                        1998         1997
                                                                     ----------   ----------
                                                                     (unaudited)  (unaudited)
<S>                                                                               <C>    
                                                            
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                                  $ (39,448)   $  31,793
  Adjustments to reconcile to net cash
      provided by operating activities:
  Depletion and depreciation                                            30,750       27,750
  Options issued for services                                            9,732         --
  Changes in assets and liabilities:
         Accounts receivable                                            (3,879)     (24,138)
         Taxes recoverable                                             (15,300)        --
         Prepaid expenses and other assets                                (900)        --
         Accounts payable and accrued expenses                          (5,924)        (162)
         Oil and gas revenues payable                                   (2,467)      (8,611)
         Federal income taxes payable                                     --          2,000
         Due to related party                                             --         (1,833)
Other                                                                     --            437
                                                                     ---------    ---------
                  Net cash (used) provided by operating activities     (27,436)      27,236

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of oil and gas properties                                  (202,250)     (56,678)
                                                                                    
  Purchase of furniture and equipment                                     (390)     (19,043)
  Decrease (increase) in restricted cash                                14,000         --
                                                                     ---------    ---------
                  Net cash used by investing activities               (188,640)     (75,721)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from long-term debt                                         250,000       49,135
  Repayments of long-term debt                                         (40,260)     (22,718)
                                                                     ---------    ---------
                  Net cash provided by financing activities            209,380       26,417
                                                                     ---------    ---------

NET DECREASE IN CASH                                                    (6,696)     (22,068)

CASH, beginning of the period                                           48,457       57,454
                                                                     ---------    ---------

CASH, end of the period                                              $  41,761    $  35,386
                                                                     =========    =========

SUPPLEMENTAL INFORMATION:
  Cash paid during the period for interest                           $  12,675    $  11,227
                                                                     =========    =========
  Cash paid during the period for income taxes                            --           --
                                                                     =========    =========

</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 south central
Texas and Wyoming.

The Company began operations as Bass Petroleum,  Inc. (Bass) in October 1989. On
December 31,  1997,  the  shareholders  of Bass  exchanged  all their shares for
approximately  97%  (including  the 6% of EPC  previously  purchased by Bass) of
Energy  Production  Company  (EPC), a public  company,  and Bass became a wholly
owned  subsidiary of EPC. The  management  of Bass became the  management of the
combined company. Concurrent with the transaction,  the Company changed its name
to FieldPoint Petroleum  Corporation and declared a 75 to 1 reverse stock split.
Although EPC is the acquiring entity for legal purposes,  Bass is considered the
acquirer for accounting  purposes,  and the financial statements of the combined
company  reflect the  historical  accounts of Bass and include the operations of
EPC beginning  May 22, 1997.  However,  because EPC is the acquiring  entity for
legal  purposes,  all  stockholders'  equity  information  in  the  accompanying
financial statements and footnotes has been restated to conform to EPC's capital
structure.

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, 1997.


2.    Acquisition of Working Interest in Shade Lease
      ----------------------------------------------
On February 18, 1998, the Company acquired a 97.9% working interest in the Shade
lease,  which carries a 76.9565% net revenue interest in oil and gas production.
A total  purchase  price  of  $190,000  was paid for the  interest  and  related
equipment.  The lease  currently has 3 producing oil and gas wells.  The Company
also  purchased all equipment  related to the three wells on the lease from Fred
Bowman,  Inc. The entire  purchase  price was funded by proceeds  from long term
debt.


3.    Stockholders Equity
      --------------------
On January 1, 1998, the Company granted 50,000 options to purchase the Company's
common stock at $0.75 per share to a public  relations  consultant.  The options
expire,  if unused, on December 31, 1999. The value of the option at the date of
grant, as calculated  pursuant to SFAS 123, of $9,732 is included in general and
administrative expenses for the quarter ended March 31, 1998.




<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.  Due to cost associated with being a public company
and  additional  workovers in the form of remedial  repairs,  the  Company's net
expenses for the period ended March 31, 1998 were substantially  higher than net
expenses for the period ended March 31, 1997.

Comparison  of three months ended March 31, 1998 to the three months ended March
31, 1997
--------------------------------------------------------------------------------

Results of Operations

Revenues  decreased  29% or $43,697 to $150,611 for the three month period ended
March 31,  1998 from the  comparable  1997  period,  this was due to the overall
decrease in the average price received for oil and gas sales. Production volumes
increased 7% on a BOE basis.  Average oil sales prices  decreased  34% TO $13.68
for the period  ended  March 31, 1998  compared  to $20.84 for the period  ended
March  31,  1997.  Average  gas  sales  prices  decreased  31% to $1.32  for the
three-month  period ended March 31, 1998  compared to $1.92 for the period ended
March 31, 1997.

Production  expenses  increased  64% or $27,015 to $68,968  for the three  month
period ended March 31, 1998 form the comparable 1997 period,  this was primarily
due to expenses  related to  repairing  a casing leak on the Wyoming  property's
Elkhorn #16 injection well. Depletion and depreciation increased slightly due to
the  purchase of the Shade lease and related  equipment  during the period ended
March 31, 1998 compared to the 1997 period. General and administrative  overhead
cost increased 33% or $24,462 to $98,228 for the three-month  period ended March
31, 1998 from the three-month period ended March 31, 1997. This was attributable
to audit fees  booked  during the period and cost  related to an option  granted
during the period pursuant to SFAS 123.

Liquidity and Capital Resources

Cash flow  consumed by  operating  activities  was  $27,436 for the  three-month
period  ended March 31,  1998,  as compared to $27,236 in cash flow  provided by
operating  activities  in the 1997 period.  The decrease in cash from  operating
activities was primarily due to lower net income.

Cash flow used by  investing  activities  was $188,640 in the period ended March
31, 1998,  compared to $75,721 for March 31, 1997.  This is primarily due to the
purchase  of  additional  oil and  gas  properties.  Cash  flow  from  financing
activities was $209,380 for the period ended March 31, 1998, compared to $26,417
for the same period in 1997. This was due to increases in long-term debt.

The Company cannot predict how prices will vary during 1998 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

The company knows of no material litigation pending, threatening or contemplated
unsatisfied  judgements against it, or any other proceeding in which the company
is a party. The company knows of no material legal actions pending or threatened
or  judgements  entered  against any  officers or the Board of  Directors of the
Company in their capacity as such.

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

The  following  Reports  were filed by the  Company on Form 8-K during the First
Quarter of 1998:

a.   A report on Form 8-K filed on January  14,  1998  reporting  an event under
     Item 1. Changes in Control of the  Registrant  and Item 2.  Acquisition  or
     Disposition of Assets.

b.   A report on Form 8-K filed on March 4, 1998 reporting an event under 
     Item 2. Acquisition or Disposition of Assets.



                                   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
authorised.



Date:   5/14/98                   By:   /s/ Ray Reaves
                                        ----------------------------------------
                                        Ray Reaves
                                        Treasurer, Chief Financial Officer