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 September 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

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.  YesX No

As of October 31, 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):  Yes NoX

PART I
Item 1. Condensed Consolidated Financial Statements

FieldPoint Petroleum Corporation

ASSETS

|                                                                                     | September 30,     | December 31,     
|------------------------------------------------------------------------------------ | ----------------- | -----------------
|                                                                                     | 2003              | 2002             
|CURRENT ASSETS:                                                                      | (unaudited)       |                  
|Cash                                                                                 | $         323,791 | $         402,460
|Accounts receivable:                                                                 |                   |                  
|Oil and gas sales                                                                    | 227,417           | 245,907          
|Joint interest billings, less allowance for doubtful
accounts of $43,753 each period | 82,034            | 69,275           
|Prepaid expenses                                                                     | 34,535            | 2,535            
|Total current assets                                                                 | 667,777           | 720,177          
|PROPERTY AND EQUIPMENT:                                                              |                   |                  
|Oil and gas properties (successful efforts method):                                  |                   |                  
|Leasehold costs                                                                      | 4,792,447         | 4,677,423        
|Lease and well equipment                                                             | 1,010,474         | 942,238          
|Asset Retirement Obligation                                                          | 364,144           |                  
|Furniture and equipment                                                              | 51,482            | 35,082           
|Transportation equipment                                                             | 158,254           | 102,274          
|Less accumulated depletion and depreciation                                          | (1,958,527)       | (1,728,105)      
|Net property and equipment                                                           | 4,418,274         | 4,028,912        
|LONG-TERM JOINT INTEREST BILLING RECEIVABLE                                          | 65,184            | 65,184           
|OTHER ASSETS                                                                         | 4,297             | 4,297            
|Total assets                                                                         | $    5,155,532    | $      4,818,570 
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                
|CURRENT LIABILITIES:                                                                 |                   |                  
|Current portion of long-term debt                                                    | $      710,000    | $         831,723
|Accounts payable and accrued expenses                                                | 227,415           | 473,935          
|Oil and gas revenues payable                                                         | 77,058            | 63,508           
|Total current liabilities                                                            | 1,014,473         | 1,369,166        
|LONG-TERM DEBT, net of current portion                                               | 9,776             | 7,897            
|DEFERRED INCOME TAXES                                                                | 146,000           | 59,000           
|ASSET RETIREMENT OBLIGATION                                                          | 490,491           | -                
|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 shares of common stock                                       | (18,600)          | (18,600)         
|Retained earnings                                                                    | 853,704           | 741,419          
|Total stockholders' equity                                                           | 3,494,792         | 3,382,507        
|Total liabilities and stockholders' equity                                           | $   5,155,532     | $      4,818,570 

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

|                                        | For The Three Months Ended
|--------------------------------------- | --------------------------
|                                        | September 30,             
|                                        | 2003                      
|REVENUE:                                | (unaudited)               
|Oil and gas sales                       | $          559,058        
|Well operational and pumping fees       | 29,968                    
|Total revenue                           | 589,026                   
|COSTS AND EXPENSES:                     |                           
|Exploration Expense                     | 83,182                    
|Production expense                      | 295,472                   
|Depletion and depreciation              | 102,000                   
|General and administrative              | 139,281                   
|Total costs and expenses                | 619,935                   
|OTHER INCOME (EXPENSE):                 |                           
|Interest income (expense), net          | (18,795)                  
|Miscellaneous                           | -                         
|Unrealized and realized derivative loss | -                         
|Total other income (expense)            | (18,795)                  
|INCOME  BEFORE INCOME TAXES             | (49,704)                  
|INCOME TAX (PROVISION) DEFERRED         | 18,000                    
|NET INCOME                              | (31,704)                  
|NET INCOME  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

|                                        | For The Nine Months Ended
|--------------------------------------- | -------------------------
|                                        | September 30,            
|                                        | 2003                     
|REVENUE:                                | (unaudited)              
|Oil and gas sales                       | $      1,756,494         
|Well operational and pumping fees       | 89,904                   
|Total revenue                           | 1,846,398                
|COSTS AND EXPENSES:                     |                          
|Exploration Expense                     | 83,182                   
|Production expense                      | 841,737                  
|Depletion and depreciation              | 316,000                  
|General and administrative              | 337,057                  
|Total costs and expenses                | 1,577,976                
|OTHER INCOME (EXPENSE):                 |                          
|Interest income (expense), net          | (39,825)                 
|Gain on Sale of Asset                   | -                        
|Miscellaneous                           | -                        
|Realized and unrealised derivative loss | (5,184)                  
|Total other income (expense)            | (45,009)                 
|INCOME (LOSS) BEFORE INCOME TAXES       | 223,413                  
|INCOME TAX (PROVISION) CURRENT          | (6,000)                  
|INCOME TAXBENEFIT(PROVISION) DEFERRED   | (87,000)                 
|NET INCOME (LOSS)                       | 130,413                  
|CUMULATIVE EFFECT                       | (16,606)                 
|NET INCOME (LOSS)                       | 113,807                  
|NET INCOME (LOSS) PER SHARE             |                          
|BASIC                                   | $              0.02      
|DILUTED                                 | $              0.02      
|WEIGHTED AVERAGE SHARES OUTSTANDING     |                          
|BASIC                                   | 7,580,175                
|DILUTED                                 | 7,580,175                

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

|                                                                                | September 30,      
|------------------------------------------------------------------------------- | -------------------
|                                                                                | 2003               
|                                                                                | (unaudited)        
|CASH FLOWS FROM OPERATING ACTIVITIES:                                           |                    
|Net income (loss)                                                               | $           113,807
|Adjustments to reconcile to net cash provided by 
        operating activities: |                    
|Depletion and depreciation                                                      | 316,000            
|Deferred Income Taxes                                                           | 87,000             
|Gain on sale of oil and gas property                                            |                    
|Cumulative effect of accounting change                                          | 16,606             
|Accretion expense                                                               | 18,582             
|Changes in assets and liabilities:                                              |                    
|Accounts receivable                                                             | 4,209              
|Change in fair value of derivative                                              | -                  
|Prepaid expenses and other assets                                               | (32,000)           
|Accounts payable and accrued expenses                                           | (246,520)          
|Oil and gas revenues payable                                                    | 13,550             
|Net cash provided by operating activities                                       | 291,234            
|CASH FLOWS FROM INVESTING ACTIVITIES:                                           |                    
|Additions to oil and gas properties                                             | (177,679)          
|Purchase of furniture and equipment                                             | (72,380)           
|Proceeds from sale of oil and gas property                                      | -                  
|Net cash
provided (used) by investing activities                                | (250,059)          
|CASH FLOWS FROM FINANCING ACTIVITIES:                                           |                    
|Repayments of long-term debt                                                    | (119,844)          
|Proceeds from exercise of options and warrants                                  | -                  
|Net cash used by financing activities                                           | (119,844)          
|NET INCREASE (DECREASE) IN CASH                                                 | (78,669)           
|CASH, beginning of the period                                                   | 402,460            
|CASH, end of the period                                                         | $         323,791  

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 principals 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 10KSB 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            |                   | 18,582                               |      | 17,655                               
|Less: plugging cost                           |                   | -                                    |      | -                                    
|Asset retirement obligation at June 30,       |                   | 490,491                              |      | 466,025                              
|                                              |                   | Nine Months
Ended
September 30, 2002 |      | Three Months
Ended
September 30, 2002
|Net income (loss), reported                   |                   | $        (76,786)                    |      | $         48,925                     
|Less: Retirement obligation accretion expense |                   | (17,655)                             |      | (5,885)                              
|Plus: Depreciation on salvage value           |                   | 66,000                               |      | 22,000                               
|Net income pro forma                          |                   | (28,441)                             |      | 65,040                               
|Earnings per share:                           |                   |                                      |      |                                      
|As reported                                   |                   |                                      |      |                                      
|Basic                                         |                   | (0.01)                               |      | 0.01                                 
|Diluted                                       |                   | (0.01)                               |      | 0.01                                 
|Pro forma                                     |                   |                                      |      |                                      
|Basic                                         | Less than $(0.01) |                                      | 0.01
|Diluted                                       | Less than $(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:

|                                                                  | Nine Months Ended
September 30, |  | Three Months Ended
September 30,
|----------------------------------------------------------------- | ------------------------------- |  | --------------------------------
|                                                                  | 2003                            |  | 2002                            
|Income (loss) available to common
     shares                     |                                 |  |                                 
|As reported                                                       | 113,807                         |  | (76,786)                        
|Effect of expensing stock options                                 | (37,476)                        |  | (35,844)                        
|Pro forma                                                         | 76,331                          |  | (112,630)                       
|Income (loss) available to common 
    shares; basic and diluted: |                                 |  |                                 
|As reported                                                       | .02                             |  | (.01)                           
|Pro forma                                                         | .02                             |  | (.02)                           

3.    Disposition of Oil and Gas Properties

During the period ended September 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 in cash consideration for the lease rights and related equipment.  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 categorises its operating expenses into the categories of production expenses and other expenses.

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

Results of Operations

Revenues decreased 4% or $25,412 to $589,026 for the three month period ended September 30, 2003 from the comparable 2002 period, this was due primarily to the overall decrease in oil and gas sales.  Production volumes decreased 19% on a BOE basis.  Average oil sales prices increased 7% to $29.43 for the period ended September 30, 2003 compared to $27.40 for the period ended September 30, 2002.  Average gas sales prices increased 56% to $3.63 for the period ended September 30, 2003 compared to $2.32 for the period ended September 30, 2002.

Production expenses increased 47% or $95,610 to $295,472 for the three month period ended September 30, 2003 from the comparable 2002 period, this was primarily due to additional workovers in the form of remedial repairs Depletion and depreciation decreased 8% or $9,109 to $102,000 this was primarily due to decreased production and cost basis during the period ended September 30, 2003 compared to the 2002 period.  General and administrative overhead cost decreased 19% or $31,666 to $170,947 for the three month period ended September 30, 2003 from the comparable 2002 period. This was attributable to decreased salaries, and engineering fees related to research of possible acquisitions.  The Company incurred exploration cost of $83,182 as a result of drilling 2 dry holes during the period.

Net other expense for the three months ended September 30, 2003 was $18,794 compared to $22,595 for the 2002 period.  This decrease was primarily due to a reduction in unrealized derivative offset by an increase in interest expense.

Comparison of nine months ended September 30, 2003 to the nine months ended September 30, 2002

Results of Operations

Revenues increased 1% or $24,100 to $1,846,398 for the nine month period ended September 30, 2002 from the comparable 2002 period, this was due to the overall increase in oil and gas prices this was offset by a decrease in production volumes of 42% on a BOE basis.  Average oil sales prices increased 26% to $30.04 for the period ended September 30, 2003 compared to $23.74 for the period ended September 30, 2002. Average gas sales prices increased 67% to $3.41 for the nine month period ended September 30, 200 compared to $2.03 for the period ended September 30, 2001.

Production expenses decreased 15% for the nine month period ended September 30, 2003 from the comparable 2002 period, this was primarily due to reduced workovers in the form of remedial repairs and a decrease in the number of oil and gas properties the company owns. Depletion and depreciation expense decreased 24% to $316,000 this was due to the reduction of oil and gas properties and related equipment resulting in decreased production during the period ended September 30, 2003 compared to the 2002 period. General and administrative overhead cost decreased 34% or $176,674 to $337,057 for the nine month period ended September 30, 2003 from the nine month period ended September 30, 2002. This was attributable to decreased salaries, and expenses  related to research of possible acquisitions.

Net other expense for the nine months ended September 30, 2003 was $45,009 compared to net other income of $3287 for the comparable 2002 period.  This was primarily due to a gain on the sale of assets of $96,149 for the nine month period of 2002.

Liquidity and Capital Resources

Cash flow provided by operating activities was $291,234 for the nine month period ended September 30, 2003, as compared to $533,064 in cash flow provided by operating activities in the 2002 period.  The decrease in cash from operating activities was primarily due to the reduction in accounts payable.

Cash flow used by investing activities was $250,059 for the period ended September 30, 2003, compared to cashflow provided by investing activities of $338,743 for the period ended September 30, 2002.  This was primarily due to the sale of oil and gas properties 2002.  Cash flow used by financing activities was $119,844 for the period ended September 30, 2003, as compared to $843,101 used by financing activities for the same period in 2002.  This was due to the change in repayment of existing long-term debt. 
The Company's current line of credit has a redetermination date of May 2004 and
thus is classified as current at September 30,2003.

The Company cannot predict how oil and gas prices will vary during 2003 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.

PART I
Item 3

Ray Reaves, Chief Executive Officer and Chief Financial Officer of FieldPoint Petroleum Corporation 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 him as soon as it is known by others within the Company.  During the 90-day period immediately after the end of the quarter, Mr. Reaves conducts an update and a review and evaluation of the effectiveness of the Company's disclosure controls and procedures.  It is Mr. Reaves' opinion based upon the evaluation completed by October 31, 2003, that the controls and procedures currently being utilized by the Company are sufficiently effective to ensure that any material information relating to the Company would become known to him within a reasonable time.

Notwithstanding the foregoing, Mr. Reaves has noted that
the Company in the past has experienced difficulty in completing the Company's
interim financial statements in a timely manner sufficient to permit a review of
those financial statements for inclusion in the Company's quarterly reports to
the SEC.
  Mr. Reaves intends to
implement improvements to the Company's procedures to permit timely filing of
its interim reports in the future, and hopes to have those improvements
instituted before the Company's next interim financial statements and quarterly
reports are due to be filed with the Commission.

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                 
| | 32                 
| | 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:November 20, 2003 | By:    /s/ Ray Reaves   Ray Reaves, Treasurer, Chief Financial Officer
|---------------------- | ----------------------------------------------------------------------