U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549    FORM 10-Q  [X]       Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2010  [  ]       Transition Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from __________ to _________  Commission file number: 001-32624   FieldPoint Petroleum Corporation(Exact name of small business issuer as specified in its charter)   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, Including Area Code)   Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 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  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See definition of large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act.  (Check one):  Large accelerated filer ____ Accelerated filer ____ Non-accelerated filer  Smaller Reporting Company _X__  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  NoX  As of November 15, 2010, the number of shares outstanding of the Registrant's $.01 par value common stock was 8,108,175.


PART I
Item 1. Condensed Consolidated Financial Statements FieldPoint Petroleum Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  September 30,December 31,20102009ASSETSCURRENT ASSETS:Cash and cash equivalents$         1,868,355$       657,942Short-term investments44,69144,605Accounts receivable:Oil and natural gas sales663,587707,026Joint interest billings, less allowance for doubtful accounts of $99,192 each period226,407220,550Income tax receivable-90,323Deferred income tax asset  current-37,000Prepaid expenses and other current assets292,033101,949Total current assets3,095,0731,859,395PROPERTY AND EQUIPMENT:Oil and natural gas properties (successful efforts method)24,304,00023,910,782Other equipment89,24889,248Less accumulated depletion and depreciation(8,510,114)(7,675,114)Net property and equipment15,883,13416,324,916Total assets$     18,978,207$   18,184,311LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Accounts payable and accrued expenses$               171,983$        428,512Income taxes payable231,000-Oil and natural gas revenues payable176,260179,366Total current liabilities579,243607,878LONG TERM DEBT6,744,7556,744,755DEFERRED INCOME TAXES1,104,272831,595ASSET RETIREMENT OBLIGATION1,385,0021,325,002Total liabilities9,813,2729,509,230STOCKHOLDERS' EQUITY:Common stock, $.01 par value, 75,000,000 shares authorized;8,910,175 shares issued and 8,134,375 and 8,370,175 outstanding, each period, respectively89,10189,101Additional paid-in capital4,573,5804,573,580Retained earnings5,902,9594,789,790Treasury stock, 775,800 and 540,000 shares, at cost(1,400,705)(777,390)Total stockholders' equity9,164,9358,675,081Total liabilities and stockholders' equity$       18,978,207$   18,184,311  See accompanying notes to these condensed consolidated financial statements.  2    FieldPoint Petroleum Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  (UNAUDITED)  Three Months EndedNine Months EndedSeptember 30,September 30,2010200920102009REVENUE:Oil and natural gas sales$    1,642,692$    1,080,146$    5,174,715$    2,410,011Well operational and pumping fees17,06717,06751,19951,199Disposal fees12,0004,00052,21320,000Total revenue1,671,7591,101,2135,278,1272,481,210COSTS AND EXPENSES:Production expense717,492431,6441,766,2281,171,271Depletion and depreciation270,000235,000835,000587,000Accretion of discount on asset retirement     obligations20,00022,00060,00038,000General and administrative207,277179,639688,591640,435Total costs and expenses1,214,769868,2833,349,8192,436,706OPERATING INCOME456,990232,9301,928,30844,504OTHER INCOME (EXPENSE):Interest income1,7108394,2702,170Interest expense(64,598)(30,131)(188,409)(66,143)Unrealized loss on short-term investments-(9,848)--Realized gain on sale of investments-73,463-73,463Miscellaneous income (expense)---855Total other income (expense)(62,888)34,323(184,139)10,345INCOME BEFORE INCOME TAXES394,102267,2531,744,16954,849Income tax provision - current(39,000)-(231,000)-Income tax provision - deferred(115,000)(117,500)(400,000)(39,500)TOTAL INCOME TAX PROVISION(154,000)(117,500)(631,000)(39,500)NET INCOME$        240,102$          149,753$        1,113,169$         15,349NET INCOME  PER SHARE:BASIC$               0.03$                0.02$               0.14$               0.00DILUTED$               0.03$                0.02$               0.14$               0.00WEIGHTED AVERAGE SHARES OUTSTANDING:BASIC8,143,1738,499,0318,232,3028,528,002DILUTED8,143,1738,499,0318,232,3028,528,002
 See accompanying notes to these condensed consolidated financial statements.    3     FieldPoint Petroleum Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)   For the Nine Months Ended
September 30,20102009CASH FLOWS FROM OPERATING ACTIVITIES:Net income$         1,113,169$         15,349Adjustments to reconcile net income to net cashprovided by operating activities:Proceeds from sale of short-term investments-585,139Realized gain on sale of short-term investments-(73,463)Depletion and depreciation835,000587,000Deferred income taxes400,00039,500Accretion of discount on asset retirement obligations60,00038,000Changes in current assets and liabilities:Accounts receivable37,582(98,494)Prepaid expenses and other current assets(190,084)15,095Accounts payable and accrued expenses(25,529)(346,054)Oil and natural gas revenues payable(3,106)49,234Other(86)(899)Net cash provided by operating activities2,226,946810,407CASH FLOWS FROM INVESTING ACTIVITIES:Acquisitions of oil and natural gas properties-(5,400,820)Additions to oil and natural gas properties(393,218)(354,907)Net cash used in investing activities(393,218)(5,755,727)CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from long-term debt-5,100,630Repayments of long-term debt-(55,000)Purchase of treasury shares(623,315)(129,907)Net cash provided by (used in) financing activities(623,315)4,915,723NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS1,210,413(29,597)CASH AND CASH EQUIVALENTS, beginning of the period657,942423,632CASH AND CASH EQUIVALENTS, end of the period$       1,868,355$       394,035  See accompanying notes to these condensed consolidated financial statements.


4


FieldPoint Petroleum Corporation NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  1. Nature of Business, Organization and Basis of Preparation and Presentation  FieldPoint Petroleum Corporation (the Company, our, or we) is incorporated under the laws of the state of Colorado.  The Company is engaged in the acquisition, operation and development of oil and natural gas properties, which are located in Louisiana, New Mexico, Oklahoma, Texas, and Wyoming.  The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.  However, in the opinion of management, all adjustments (which consist only of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented have been made.  You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and the notes thereto included in the Company's Form 10-K filing for the year ended December 31, 2009.  2. Acquisition of Oil and Natural Gas Properties  On May 26, 2009, the Company consummated the purchase of a working interest ranging from 25% to 50% representing a 19% to 44% net revenue interest in natural gas properties located in the South Vacuum Field in Lea County, New Mexico.  The interests were acquired from Forest Oil Permian Corporation with an effective date of June 1, 2009.  The Company paid $1,000,630 cash consideration for the lease rights and related equipment.  The funds for the acquisition were derived from the Companys existing revolving credit facility.  On September 16, 2009, the Company consummated the purchase of working interests ranging from 74% to 100% in the operations of seven wells in the Block Field in Andrews County, Texas.  The interests were acquired from Quantum Resources Management, LLC with an effective date of September 1, 2009.  The Company paid $4,400,000 cash consideration for the lease rights and related equipment. The funds for the acquisition were derived from the Companys existing revolving credit facility and from the proceeds from the sale of short-term investments.  The following unaudited pro forma information is presented as if the interests in the South Vacuum and Block properties had been acquired at January 1, 2009.  Pro Forma Results for the Three Months Ended
September 30, 2009Pro Forma Results for the Nine Months Ended
September 30, 2009Revenues$       1,258,661$    3,166,597Net income (loss)$          137,513$                              (75,888)Earnings (Loss) per share  basic$                0.02$          (0.01)Earnings (Loss) per share - diluted$                0.02$          (0.01)  5


3. Earnings Per Share  Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share take common stock equivalents (such as options and warrants) into consideration.  The Company had no dilutive or potentially dilutive common stock equivalents outstanding during the three or nine months ended September 30, 2010 or 2009.  4. Income Taxes  For the three and nine months ending September 30, 2010, the tax provision is approximately 39% and 36%, respectively, of book income before tax which differed from the statutory federal and state rates primarily due to permanent differences in book and taxable income related to the domestic production activities deduction.  For the three and nine months ending September 30, 2009, the tax provision is approximately 44% and 72%, respectively, of book income before tax which differs from the statutory federal and state rates primarily due to permanent differences in book and taxable income related to tax depletion.  5. Treasury Stock Repurchase Program  On November 20, 2009, March 26, 2010, June 4, 2010, and August 12, 2010 our Board of Directors authorized the Company to repurchase in market transactions shares of our common stock at an aggregate cost not to exceed $250,000 each or $1,000,000 in the aggregate.  We repurchased in market transactions a total of 235,800 common shares with an aggregate cost of $623,315 during the nine months ended September 30, 2010.  6. Related Party Transactions  The Company leases office space from its president.  Rent expense for this month-to-month lease was $22,500 for each of the nine months ended September 30, 2010 and 2009 and $7,500 for each of the three months ended September 30, 2010 and 2009.  The Company also paid Roger Bryant, a director, $2,500 in consulting fees during the nine months ended September 30, 2010 and 2009, respectively, and none during the three months ended September 30, 2010 and 2009.  The Company paid Karl Reimers, a director, $500 in consulting fees during the three and nine months ended September 30, 2010.  7. Long-Term Debt  On April 28, 2010, our lender increased our borrowing base from $6,800,000 to $9,000,000.  8. Subsequent Events  Subsequent to September 30, 2010, we repurchased in market transactions a total of 26,200 shares of common stock totalling approximately $80,172.    * * * * * * *   6   PART I
Item 2  MANAGEMENT'S DISCUSSION AND ANALYSIS  The following discussion should be read in conjunction with the Companys Condensed Consolidated Financial Statements, and respective notes thereto, included elsewhere herein.  The information below should not be construed to imply that the results discussed herein will necessarily continue into the future or that any conclusion reached herein will necessarily be indicative of actual operating results in the future.  Such discussion represents only the best present assessment of the management of FieldPoint Petroleum Corporation.  General  FieldPoint Petroleum Corporation derives its revenues from its operating activities including sales of oil and natural gas and operating oil and natural gas properties.  The Companys capital for investment in producing oil and natural gas properties has been provided by cash flow from operating activities and bank financing.  The Company categorizes its operating expenses into the categories of production expenses and other expenses.  Results of Operations  Comparison of Three Months Ended September 30, 2010 to the Three Months Ended September 30, 2009  Quarter Ended September 30,20102009Revenue:Oil sales$       1,496,520$       927,929Natural gas sales146,172152,217Total oil and natural gas sales revenue$    1,642,692$    1,080,146Sales volume:Oil (Bbls)19,08914,795Natural gas (Mcf)39,65347,904Total sales volume (BOE)25,69822,779Average sales prices:Oil ($/Bbl)$           78.40$           62.72Natural gas ($/Mcf)$             3.69$             3.18Average total sales price ($/BOE)$           63.92$           47.42Costs and expenses ($/BOE):Lease operating expense$           27.92$           18.95Depletion and depreciation10.5110.32Accretion of discount on asset retirement obligations0.780.97General and administrative8.077.89Total costs and expenses ($/BOE):$           47.28$           38.13  7   Oil and natural gas sales revenue increased 52% or $562,546 to $1,642,692 for the three month period ended September 30, 2010 from the comparable 2009 period.  This was due both to higher oil and natural gas commodity prices as well as an increase in oil sales volume.  Sales volumes increased 13% on a BOE basis, primarily due to production from the acquisitions of properties in the Vacuum and Block Fields during 2009 as well as the Korczac well completion.  The higher sales volumes account for approximately $243,000 of the increase in revenue. Average oil sales prices increased 25% to $78.40 for the three-month period ended September 30, 2010 compared to $62.72 for the three-month period ended September 30, 2009.  Average natural gas sales declined offset by an increase natural gas sales prices of 16% to $3.69 for the three month period ended September 30, 2010 compared to $3.18 for the three month period ended September 30, 2009.  The higher commodity prices accounted for approximately $319,000 of the increase in revenue.  We anticipate volumes to remain stable in the coming quarters as additional remedial work is completed.  Lease operating expenses increased 66% or $285,846 to $717,492 for the three month period ended September 30, 2010 from the comparable 2009 period.  This was primarily due to the increase in new wells acquired in 2009 and cost associated with mature field production, with increases in workover expense and remedial repairs in 2010 as compared to 2009.  The increased volumes accounted for approximately $55,000 of the increase in lease operating expenses.  Lifting cost per BOE increased by 47% or $8.97 to $27.92 for the period.  We anticipate lease operating expenses to increase over the following quarters due to additional remedial repairs and workover expenses.  Depletion and depreciation increased 15% or $35,000 to $270,000 for the three month period ended September 30, 2010 versus $235,000 in the 2009 comparable period.  This was primarily due to new wells acquired in 2009 which increased our depletable base.  General and administrative overhead cost increased 15% or $27,638 to $207,277 for the three-month period ended September 30, 2010 from the three-month period ended September 30, 2009.  This was primarily attributable to an increase in professional services such as consulting and administration services.  We anticipate general and administrative expenses to increase slightly in the coming quarters.  Other expense, net for the quarter ended September 30, 2010, was $62,888 compared to other income, net of $34,323 for the comparable 2009 period.  The change was primarily due to higher interest expense in 2010 as well as a realized gain of $73,463 from the sale of our short-term investments during the three months ending September 30, 2009.  The increase in interest expense resulted from the borrowings related to the property acquisitions in 2009.  8    Results of Operations Comparison of Nine Months Ended September 30, 2010 to the Nine Months Ended September 30, 2009  Nine Months Ended June 30,20102009Revenue:Oil sales$       4,500,354$       1,985,245Natural gas sales674,361424,766Total oil and natural gas sales revenue$       5,174,715$       2,410,011Sales volume:Oil (Bbls)58,82439,758Natural gas (Mcf)120,968114,130Total sales volume (BOE)78,98558,780   Average sales price:Oil ($/Bbl)$             76.51$             49.93Natural gas ($/Mcf)$                5.57$               3.72Average total sales prices ($/BOE)$             65.52$             41.00Costs and expenses ($/BOE):Lease operating expense$             22.36$             19.93Depletion and depreciation10.579.99Accretion of discount on asset retirement obligations0.760.65General and administrative8.7210.90Total costs and expenses ($/BOE)$             42.41$             41.47   Oil and natural gas sales revenues increased 115% or $2,764,704 to $5,174,715 for the nine-month period ended September 30, 2010 from $2,410,011 for the comparable 2009 period.   This was due primarily to the overall increase in oil and natural gas commodity pricing.  Sales volume increased 34% on a BOE basis, primarily due to additions of the South Vacuum and North Block properties in the 2009 period.  The higher sales volume accounted for approximately $977,000 of the increase in revenue.  Average oil sales prices increased 53% to $76.51 for the nine month period ended September 30, 2010 compared to $49.93 for the nine month period ended September 30, 2009.  Average natural gas sales prices increased 50% to $5.57 for the nine month period ended September 30, 2010 compared to $3.72 for the nine month period ended September 30, 2009.  The higher commodity prices accounted for approximately $1,787,000 of the increase in revenue.  We anticipate volumes to remain stable in the coming quarters as additional remedial work is complete.  Lease operating expenses increased 51% or $594,955 to $1,766,228 for the nine month period ended September 30, 2010 from the comparable 2009 period.  This was primarily due to the increase in additional repairs, workover expenses and production expenses associated with properties acquired in the 2009 period.  Lifting cost per BOE increased 12% or $2.43 to $22.36 for the period. We anticipate lease operating expense to increase over the following quarters due to production expenses associated primarily with the North Block properties.   9   Depletion and depreciation expense increased 42% to $835,000, compared to $587,000 for the comparable 2009 period.  This was primarily due to acquisitions that increased our depletable base from the same 2009 period.  General and administrative overhead cost increased 8% or $48,156 to $688,591 for the nine month period ended September 30, 2010 from the nine month period ended September 30, 2009.  This was attributable primarily to an increase in administrative services such as contract labor and consulting.  In coming quarters we anticipate general and administrative expenses to increase.  Other expense, net for the nine months ended September 30, 2010, was $184,139 compared to other income, net of $10,345 for the comparable 2009 period.  The change was primarily due to an increase in interest expense associated with our line of credit for the nine months ending September 30, 2010 as well as a realized gain of $73,463 in the 2009 period.  The increase in interest expense resulted from the borrowings related to the property acquisitions in 2009.  10   Liquidity and Capital Resources  Cash flow provided by operating activities was $2,226,946 for the nine month period ended September 30, 2009, as compared to cash flow provided by operating activities of $810,407 in the comparable 2009 period.  The increase in cash flows from operating activities was primarily due to an increase in net income in 2010.  Cash flow used in investing activities was $393,218 for the nine month period ended September 30, 2010 as compared to $5,755,727 in the comparable period.  This was primarily due to the acquisition of the South Vacuum and Block properties during 2009.  Cash flow was used in financing activities of $623,315 to repurchase treasury shares for the nine months ended September 30, 2010. This compared to $4,915,723 of cash provided by financing activities primarily consisting of proceeds from our credit facility used to finance the South Vacuum and Block properties in 2009.  We may continue to raise financing through draws from our line of credit.  Effective April 28, 2010, the borrowing base under our line of credit with Citibank, N.A. was increased to $9.0 million.  We anticipate our operating cash flow and other capital resources, including our Citibank revolving credit facility, if needed, will adequately fund planned capital expenditures and other capital uses over the near term.  Based on industry outlook for the remainder of 2010, prices for oil and natural gas could remain higher than the prior year.  PART I Item 3  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  We periodically enter into certain commodity price risk management transactions to manage our exposure to oil and natural gas price volatility.  These transactions may take the form of futures contracts, swaps or options.  All data relating to our derivative positions is presented in accordance with requirements of FASB ASC Topic No. 815.  Accordingly, unrealized gains and losses related to the change in fair market value of derivative contracts that qualify and are designated as cash flow hedges are recorded as other comprehensive income or loss and such amounts are reclassified to oil and natural gas sales revenues as the associated production occurs.  Derivative contracts that do not qualify for hedge accounting treatment are recorded as derivative assets and liabilities at market value in the consolidated balance sheet, and the associated unrealized gains and losses are recorded as current expense or income in the consolidated statement of operations.  While such derivative contracts do not qualify for hedge accounting, management believes these contracts can be utilized as an effective component of commodity price risk management activities.  At September 30, 2010 and December 31, 2009, there were no open positions.  We did not have any derivative transactions during the three or nine-month periods ending September 30, 2010 and 2009.   11   PART I
Item 4.  CONTROLS AND PROCEDURES  a)Disclosure Controls and Procedures

The Companys Principal Executive Officer and Principal Financial Officer, Ray Reaves, has established and is currently maintaining disclosure controls and procedures for the Company.  The disclosure controls and procedures have been designed to provide reasonable assurance that the information required to be disclosed by the Company in reports that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and to ensure that information required to be disclosed by the Company is accumulated and communicated to the Company's management as appropriate to allow timely decisions regarding required disclosure.

The Principal Executive Officer and Principal Financial Officer conducted a review and evaluation of the effectiveness of the Companys disclosure controls and procedures and have concluded, based on his evaluation as of the end of the period covered by this Report, that our disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and to ensure that information required to be disclosed by the Company is accumulated and communicated to management, including our principal executive officer and our principal financial officer, to allow timely decisions regarding required disclosure and we refer you to Exchange Act Rule 13a-15(e).b)Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the three or nine months ended September 30, 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.c)Limitations of any Internal Control Design

Our principal executive and financial officer do not expect that our disclosure controls or internal controls will prevent all error and all fraud.  Although our disclosure controls and procedures were designed to provide reasonable assurance of achieving their objectives and our principal executive and financial officer have determined that our disclosure controls and procedures are effective at doing so, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute assurance that the objectives of the system are met.  Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.  Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.  These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.  Additionally, controls can be circumvented if there exists in an individual a desire to do so.  There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.   12   PART II  OTHER INFORMATION  Item 1.  Legal Proceedings  None.  Item 1A.  Risk Factors  None.  Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds  There were no unregistered sales of equity during the period ended September 30, 2010.  ISSUER PURCHASES OF EQUITY SECURITIES  Period(a) Total Number
of shares (or
Units) Purchased(b) Average Price
Paid per Share (or
Unit)(c) Total Number
of Shares (or
Units) Purchased
as Part of Publicly
Announced Plans
or Programs(d)  Maximum
Number (or
Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs7/1/10  9/30/1035,800$3.0535,800$248,89710/01/10  11/12/1026,200$3.0626,200$  168,725TOTAL62,000    13    Item 3.  Default Upon Senior Securities  None, except as disclosed herein.  Item 4.  Removed and Reserved  Item 5.  Other Information  None.  Item 6.  Exhibits  Exhibits31Certification32Certification Pursuant to U.S.C. Section 1350  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 15, 2010By:    /s/ Ray Reaves   Ray Reaves, President, Chief Executive
   Officer, Treasurer and Chief Financial Officer    14