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 June 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 July 31, 2001, the number of shares  outstanding of the Registrant's  $.01
par value Common Stock was 7,355,825.

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
                                     ------
                                                                   June 30,     December 31,
                                                                     2001           2000
                                                                 -----------    -----------
                                                                 (unaudited)
<S>                                                              <C>            <C>
CURRENT ASSETS:
---------------
   Cash                                                          $   458,930    $   649,539
   Trading securities                                                  2,880          2,880
   Accounts receivable:
       Advances                                                        7,500          7,500
       Oil and gas sales                                             230,657        180,418
       Joint interest billings, less allowance for doubtful
            accounts of $74,192 and $71,192 respectively              74,597         61,632
   Prepaid expenses                                                   65,375         54,535
                                                                 -----------    -----------
                  Total current assets                               839,939        956,504
PROPERTY AND EQUIPMENT:
   Oil and gas properties (successful efforts method):
       Leasehold costs                                             4,277,503      3,704,362
       Lease and well equipment                                      630,848        437,731
   Furniture and equipment                                            32,497         32,496
   Transportation equipment                                           75,974         75,974
   Less accumulated depletion and depreciation                    (1,066,750)      (853,275)
                                                                 -----------    -----------
                  Net property and equipment                       3,950,072      3,397,288

OTHER ASSETS                                                         176,197        197,015
                                                                 -----------    -----------
                  Total assets                                   $ 4,966,208    $ 4,550,807
                                                                 ===========    ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------
CURRENT LIABILITIES:
--------------------
   Current portion of long-term debt                             $   323,085    $   407,143
   Accounts payable and accrued expenses                              28,603        105,092
   Oil and gas revenues payable                                       65,929         63,862
                                                                 -----------    -----------
                  Total current liabilities                          417,617        576,097

LONG-TERM DEBT, net of current portion                             1,176,341      1,238,618
DEFERRED INCOME TAXES                                                141,000         78,000

COMMMITMENTS
STOCKHOLDERS' EQUITY:
   Common stock, $.01 par value, 75,000,000 shares authorized;
       7,348,325 and 7,040,325 shares issued and outstanding,
       Respectively                                                   73,483         70,403
   Additional paid-in capital                                      2,354,504      2,024,317
   Treasury stock, 110,000 shares of common stock                     (1,100)        (1,175)
Retained earnings                                                    804,363        564,547
                                                                 -----------    -----------
                  Total stockholders' equity                       3,231,250      2,658,092
                                                                 -----------    -----------
                  Total liabilities and stockholders' equity     $ 4,966,208    $ 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
                                                          June 30,
                                                 --------------------------
                                                     2001           2000
                                                 -----------    -----------
                                                 (unaudited)    (unaudited)
REVENUE:
  Oil and gas sales                              $   666,697    $   340,842
  Well operational and pumping fees                   29,994         32,045
                                                 -----------    -----------
                  Total revenue                      696,691        372,887

COSTS AND EXPENSES:
  Production expense                                 223,449        119,105
  Depletion and depreciation                          96,000         39,000
  General and administrative                         118,684         62,585
                                                 -----------    -----------
                  Total costs and expenses           438,133        220,690

OTHER INCOME (EXPENSE):
  Interest income (expense), net                     (23,291)       (19,676)
  Miscellaneous                                       17,088            114
  Realized derivative loss                           (39,947)          --
  Unrealized derivative gain                          13,840           --
                                                 -----------    -----------
                  Total other income (expense)       (32,310)       (19,562)
                                                 -----------    -----------

INCOME (LOSS) BEFORE INCOME TAXES                    226,248        132,635

INCOME TAX (PROVISION) DEFERRED                      (25,000)       (10,397)
                                                 -----------    -----------

NET INCOME (LOSS)                                    201,248        122,238
                                                 ===========    ===========

NET INCOME (LOSS) PER SHARE
         BASIC                                   $      0.03    $      0.02
                                                 -----------    -----------
         DILUTED                                 $      0.03    $      0.02
                                                 ===========    ===========

WEIGHTED AVERAGE SHARES OUTSTANDING
         BASIC                                     7,340,119      6,391,156
                                                 -----------    -----------
         DILUTED                                   7,634,273      7,049,728
                                                 ===========    ===========







        See accompanying notes to these consolidated financial statements

<PAGE>

                        FieldPoint Petroleum Corporation
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                                  For The Six Months Ended
                                                           June 30,
                                                 --------------------------
                                                     2001           2000
                                                 -----------    -----------
                                                 (unaudited)    (unaudited)
REVENUE:
  Oil and gas sales                              $ 1,204,386    $   669,342
  Well operational and pumping fees                   60,239         64,665
                                                 -----------    -----------
                  Total revenue                    1,264,625        734,007

COSTS AND EXPENSES:
  Production expense                                 396,319        226,512
  Depletion and depreciation                         212,894         78,000
  General and administrative                         255,638        143,722
                                                 -----------    -----------
                  Total costs and expenses           864,851        448,234

OTHER INCOME (EXPENSE):
  Interest income (expense), net                     (54,446)       (41,124)
  Miscellaneous                                       18,235           --
  Realized derivative loss                           (39,947)          --
  Unrealized derivative gain                          13,840            114
                                                 -----------    -----------
                  Total other income (expense)       (62,318)       (41,010)
                                                 -----------    -----------

INCOME (LOSS) BEFORE INCOME TAXES                    337,456        244,763
INCOME TAX (PROVISION) CURRENT                       (34,638)          --
INCOME TAX (PROVISION) DEFERRED                      (63,000)         5,557
                                                 -----------    -----------

NET INCOME (LOSS)                                    239,818        250,320
                                                 ===========    ===========

NET INCOME (LOSS) PER SHARE
         BASIC                                   $      0.03    $      0.04
                                                 -----------    -----------
         DILUTED                                 $      0.03    $      0.04
                                                 ===========    ===========

WEIGHTED AVERAGE SHARES OUTSTANDING
         BASIC                                     7,264,408      6,366,124
                                                 -----------    -----------
         DILUTED                                   7,888,791      6,758,442
                                                 ===========    ===========






        See accompanying notes to these consolidated financial statements

<PAGE>
<TABLE>
<CAPTION>

                        FieldPoint Petroleum Corporation
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                        June 30,
                                                              --------------------------
                                                                  2001           2000
                                                              -----------    -----------
                                                              (unaudited)    (unaudited)
<S>                                                           <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                           $   239,818    $   250,320
  Adjustments to reconcile to net cash
      provided by operating activities:
  Depletion and depreciation                                      212,894         78,000
  Deferred Income Taxes                                            63,000         (5,557)
  Income Tax Benefit from Exercise of Stock Options                34,638           --
  Stock Compensation to Consultant                                 14,250           --

  Changes in assets and liabilities:
       Accounts receivable                                        (63,204)       (18,600)
       Change in fair value of derivative                         (13,840)          --
       Prepaid expenses and other assets                           24,398          3,000
       Accounts payable and accrued expenses                      (76,489)       (26,673)
       Oil and gas revenues payable                                 2,067         10,866

                                                              -----------    -----------
         Net cash provided (used) by operating activities         437,532        291,356

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of oil and gas properties                             (766,258)       (49,044)
  Purchase of furniture and equipment                                --             (217)

                                                              -----------    -----------
         Net cash used by investing activities                   (766,258)       (49,261)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from long-term debt                                    150,000           --
  Repayments of long-term debt                                   (296,334)      (192,355)
  Proceeds from sales of common stock, net of offering fees          --            9,000
  Proceeds from exercise of options and warrants                  284,452           --
                                                              -----------    -----------
         Net cash provided (used) by financing activities         138,118       (183,355)
                                                              -----------    -----------

NET INCREASE (DECREASE) IN CASH                                  (190,608)        58,740

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

CASH, end of the period                                       $   458,930    $   175,999
                                                              ===========    ===========

</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 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, 2000.


2.   Stockholders Equity
     -------------------
During the period  ended  June 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 233,000
shares of the Company's  common stock were  exercised,  netting  proceeds  after
commissions of $284,451.  In June 2001, the Company issued 7,500 treasury 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.

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            6 Months Ended
                                    June 30, 2000             June 30, 2000
                                    --------------            --------------
Revenues                              $  584,911                 1,167,900
Net Income                            $  277,333                   562,908
Net Income per share                  $      .04                       .08


<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 June 30, 2001 to the three months ended June
--------------------------------------------------------------------------------
30, 2000
--------

Results of Operations

Revenues  increased 86% or $323,804 to $696,691 for the three month period ended
June 30,  2001 from the  comparable  2000  period,  this was due to the  overall
increase in oil and gas sales and the  average  price  received  for oil and gas
sales. Production volumes increased 55% on a BOE basis. Average oil sales prices
increased 1% to $27.22 for the period ended June 30, 2001 compared to $26.83 for
the period ended June 30, 2000.  Average gas sales prices increased 96% to $4.79
for the three month period ended June 30, 2001  compared to $2.44 for the period
ended June 30, 2000.

Production  expenses  increased  87% or $104,344 to $223,449 for the three month
period ended June 30, 2001 from the comparable  2000 period,  this was primarily
due to the  acquisition  of  working  interest  in the  state  of  Oklahoma  and
additional workovers in the form of remedial repairs. Depletion and depreciation
increased  146% due to the purchase of  additional  oil and gas  properties  and
related  equipment  during the period  ended June 30, 2001  compared to the 2000
period.  General and  administrative  overhead cost  increased 89% or $56,099 to
$118,684  for the three  month  period  ended June 30, 2001 from the three month
period ended June 30, 2000.  This was  primarily  due to higher  salaries,  cost
associated with evaluating acquisitions and consulting fees.

Net other Expense for the three months ended June 30, 2001 was $32,310  compared
to income of $19,562 for the 2000 period.  This  increase was primarily due to a
realized loss on derivatives in 2001.

Comparison  of six months  ended June 30, 2001 to the six months  ended June 30,
--------------------------------------------------------------------------------
2000
----

Results of Operations

Revenues  increased 72% or $530,618 to $1,264,625 for the six month period ended
June 30, 2001 from the comparable 2000 period due to the overall increase in oil
and gas sales.  Production  volumes  increased  52% on a BOE basis.  Average oil
sales prices  decreased 2% to $26.30 for the period ended June 30, 2001 compared
to $26.78 for the period ended June 30, 2000. Average gas sales prices increased
81% to $4.17 for the six month period ended June 30, 2000  compared to $2.30 for
the period ended June 30, 2000.

Production  expenses  increased  75% or $169,807  to $396,319  for the six month
period ended June 30, 2001 from the comparable  2000 period,  this was primarily
due to the  acquisition of working  interest in the Grady county  Oklahoma wells
and  additional  workovers  in the  form  of  remedial  repairs.  Depletion  and
depreciation  increased  172%  to  $212,894,  this  was due to the  increase  in
leasehold and related  equipment  during the period ended June 30, 2001 compared
to the 2000 period.  General and  administrative  overhead cost increased 77% or
$111,916 to $255,638  for the six month  period ended June 30, 2001 from the six
month period ended June 30, 2000.  This was  attributable to higher salaries and
consulting fees.

Net other  expenses for the six months ended June 30, 2001 was $62,318  compared
to $41,010 for the comparable  2000 period.  The increase was primarily due to a
loss on derivatives in 2001.


<PAGE>

Liquidity and Capital Resources

Cash flow provided by operating activities was $437,532 for the six month period
ended June 30, 2001,  as compared to $291,356 in cash flow provided by operating
activities in the 2000 period.  The increase in cash from  operating  activities
was primarily due to non-cash nature of higher depletion and depreciation.

Cash flow used by investing activities was $766,258 in the period ended June 30,
2001,  compared  to $49,261  for June 30,  2000.  This is  primarily  due to the
purchase  of  additional  oil and gas  properties  in 2001.  Cash  flow  used by
financing  activities was $138,118 for the period ended June 30, 2001,  compared
to a cash flow provided of $183,355 for the same period in 2000.

This increase was primarily due to the increased  proceeds from  long-term  debt
and the exercise of common stock  options and warrants for the six months period
ended June 30, 2001.




<PAGE>

PART II

OTHER INFORMATION

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

None.

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

ISSUANCE OF RESTRICTED  SECURTITIES.  During the six months ended June 30, 2001,
the Company  issued 233,000 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.



                                   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:   8/14/2001           By:   /s/ Ray Reaves
                              --------------------------------------------------
                            Ray Reaves, Treasurer, Chief Financial Officer