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 March 31, 2002

[  ]  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

|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.  Yes X   No_____

As of April 30, 2002, the number of shares outstanding of the Registrant's $.01 par value Common Stock was 7,580,175.

Transitional Small Business Disclosure Format (Check one):  Yes  NoX

PART I

Item 1. Condensed Consolidated Financial Statements

FieldPoint Petroleum Corporation

|                                                                                                                                  | March 31,
2002   | December 31,
2001
|--------------------------------------------------------------------------------------------------------------------------------- | ---------------- | -----------------
|CURRENT ASSETS:                                                                                                                   | (unaudited)      |                  
|Cash                                                                                                                              | $     219,904    | $     351,277    
|Trading Securities                                                                                                                | -                | 2,880            
|Derivatives                                                                                                                       | -                | 23,053           
|Accounts receivable:                                                                                                              |                  |                  
|Due from Stockholder                                                                                                              | 47,500           | 7,500            
|Oil and gas sales                                                                                                                 | 223,499          | 283,198          
|Joint interest billings, less allowance for doubtful
          accounts of $43,753 each period                                    | 62,745           | 38,974           
|Prepaid expenses                                                                                                                  | 63,535           | 102,535          
|Total current assets                                                                                                              | 617,183          | 809,417          
|PROPERTY AND EQUIPMENT:                                                                                                           |                  |                  
|Oil and gas properties (successful efforts method):                                                                               |                  |                  
|Leasehold costs                                                                                                                   | 4,802,255        | 4,809,276        
|Lease and well equipment                                                                                                          | 1,091,300        | 1,058,777        
|Furniture and equipment                                                                                                           | 35,082           | 35,082           
|Transportation equipment                                                                                                          | 102,274          | 102,274          
|Less accumulated depletion and depreciation                                                                                       | (1,490,296)      | (1,334,353)      
|Net property and equipment                                                                                                        | 4,540,615        | 4,671,056        
|LONG-TERM JOINT INTEREST BILLING RECEIVABLE                                                                                       | 78,400           | 65,400           
|OTHER ASSETS                                                                                                                      | 112,297          | 134,297          
|Total assets                                                                                                                      | $5,348,495       | $5,680,170       
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                             
|CURRENT LIABILITIES:                                                                                                              |                  |                  
|Current portion of long-term debt                                                                                                 | $       547,667  | $         551,914
|Accounts payable and accrued expenses                                                                                             | 42,411           | 160,138          
|Oil and gas revenues payable                                                                                                      | 55,300           | 49,716           
|Total current liabilities                                                                                                         | 645,378          | 761,768          
|LONG-TERM DEBT, net of current portion                                                                                            | 1,114,604        | 1,239,874        
|DEFERRED INCOME TAXES                                                                                                             | 112,000          | 147,000          
|COMMMITMENT                                                                                                                       |                  |                  
|STOCKHOLDERS' EQUITY:                                                                                                             |                  |                  
|Common stock, $.01 par value, 75,000,000 shares
        authorized; 7,580,175 shares issued and outstanding,
        respectively | 75,801           | 75,801           
|Additional paid-in capital                                                                                                        | 2,583,887        | 2,583,887        
|Treasury stock, 110,000 shares of common stock                                                                                    | (1,100)          | (1,100)          
|Retained earnings                                                                                                                 | 817,925          | 872,940          
|Total stockholders' equity                                                                                                        | 3,476,513        | 3,531,528        
|Total liabilities and stockholders' equity                                                                                        | $      5,348,495 | $       5,680,170

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

|                                    | For The Three Months Ended
March 31,
|----------------------------------- | ------------------------------------
|                                    | 2002                                
|REVENUE:                            | (unaudited)                         
|Oil and gas sales                   | $    499,396                        
|Well operational and pumping fees   | 34,789                              
|Total revenue                       | 534,185                             
|COSTS AND EXPENSES:                 |                                     
|Production expense                  | 275,086                             
|Depletion and depreciation          | 155,362                             
|General and administrative          | 146,476                             
|Total costs and expenses            | 576,924                             
|OTHER INCOME (EXPENSE):             |                                     
|Interest income (expense), net      | (24,237)                            
|Miscellaneous                       | -                                   
|Realized derivative loss            | (23,053)                            
|Total other income (expense)        | (47,290)                            
|INCOME (LOSS) BEFORE INCOME TAXES   | (90,029)                            
|INCOME TAX (PROVISION) DEFERRED     | 35,000                              
|NET INCOME (LOSS)                   | (55,029)                            
|NET INCOME (LOSS) PER SHARE         |                                     
|BASIC                               | $         (0.01)                    
|DILUTED                             | $         (0.01)                    
|WEIGHTED AVERAGE SHARES OUTSTANDING |                                     
|BASIC                               | 7,580,175                           
|DILUTED                             | 7,580,175                           

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

|                                                                              | March 31,      
|----------------------------------------------------------------------------- | ---------------
|                                                                              | 2002(unaudited)
|CASH FLOWS FROM OPERATING ACTIVITIES:                                         |                
|Net income (loss)                                                             | $     (55,029) 
|Adjustments to reconcile to net cash provided by 
      operating activities: |                
|Depletion and depreciation                                                    | 155,362        
|Deferred Income Taxes                                                         | (35,000)       
|Changes in assets and liabilities:                                            |                
|Accounts receivable                                                           | (17,072)       
|Prepaid expenses and other assets                                             | 63,893         
|Accounts payable and accrued expenses                                         | (117,727)      
|Oil and gas revenues payable                                                  | 5,584          
|Change in fair value of derivatives                                           | 23,053         
|Net cash provided by operating activities                                     | 23,064         
|CASH FLOWS FROM INVESTING ACTIVITIES:                                         |                
|Purchase of oil and gas properties                                            | (24,921)       
|Net cash used by investing activities                                         | (24,921)       
|CASH FLOWS FROM FINANCING ACTIVITIES:                                         |                
|Repayments of long-term debt                                                  | (129,516)      
|Proceeds from exercise of options and warrants                                | -              
|Net cash provided (used) by financing activities                              | (129,516)      
|NET INCREASE (DECREASE) IN CASH                                               | (131,373)      
|CASH, beginning of the period                                                 | 351,277        
|CASH, end of the period                                                       | $219,904       
|SUPPLEMENTAL INFORMATION:                                                     |                
|Cash paid during the period for interest                                      | $25,064        

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 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, 2001.

2.     Stockholders Equity

During the period ended March 31, 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 199,500 shares of the Company's common stock were exercised, netting proceeds after commissions of $236,937.

3.     Acquisition Of Oil and Gas Properties

In October 2001, the Company acquired interest in certain producing properties in Oklahoma for consideration of $733,464.  The acquisition was financed with an extension to the Company's existing borrowing facility.  The following unaudited pro forma information is presented as if the interests in the property had been acquired on January 1, 2001:

| |                      |  | Three Months Ended
March 31,2001
| | -------------------- |  | --------------------------------
| | Revenues             |  | $    856,358                    
| | Net income           |  | $     93,824                    
| | Net income per share |  | $         .01                   

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 March 31, 2002 to the three months ended March 31, 2001

Results of Operations

Revenues decreased 6% or $33,749 to $534,185 for the three month period ended March 31, 2002 from the comparable 2001 period. This was due to the overall decrease in oil and gas prices.  Production volumes increased 27% on a BOE basis.  Average oil sales prices decreased 33% at $17.56 for the period ended March 31, 2002 compared to $26.24 for the period ended March 31, 2001.  Average gas sales prices decreased 58% to $1.81 for the three-month period ended March 31, 2002 compared to $4.32 for the period ended March 31, 2001.

Production expenses increased 59% or $102,216 to $275,086 for the three month period ended March 31, 2002 from the comparable 2001 period, this was primarily due to the increase in oil and gas properties and workovers in the form of remedial repairs. Depletion and depreciation increased 32% or $38,468 to 155,362 due to the purchase of additional oil and gas properties, and related equipment. General and administrative overhead cost increased 7% or $9,522 to $146,476 for the three-month period ended March 31, 2002 from the three-month period ended March 31, 2001. This was attributable to an increase in salaries and administrative expense in the 2002 period.

Liquidity and Capital Resources

Cash flow provided by operating activities was $23,064 for the three-month period ended March 31, 2002, as compared to $423,974 in cash flow provided by operating activities in the 2001 period. The decrease in cash from operating activities was primarily due to lower payable balances and a net loss in the period.

Cash flow used by investing activities was $24,921 in the period ended March 31, 2002, compared to $393,832 for March 31, 2001. This was due to the purchase of additional oil and gas properties. Cash flow used by financing activities was $129,516 for the period ended March 31, 2001, compared to cash flow provided of $43,289 for the same period in 2001. This decrease was primarily due to proceeds from the exercise of stock options and warrants for the three month period ended March 31, 2001.

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

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.

|                  | FIELDPOINT PETROLEUM CORPORATION                                      
|----------------- | ----------------------------------------------------------------------
|Date:May 20, 2002 | By:   /s/ Ray Reaves    Ray Reaves, Treasurer, Chief Financial Officer