U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                   FORM 10-QSB



[X]      Quarterly  Report under Section 13 or 15(d) of the Securities  Exchange
         Act of 1934
         For the Quarterly Period Ended March 31, 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 April 30, 2001, the number of shares  outstanding of the Registrant's $.01
par value Common Stock was 7,344,825.

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
                                     ------
                                                                               March 31,     December 31,
                                                                                  2001           2000
                                                                              -----------    -----------
<S>                                                                           <C>            <C>

CURRENT ASSETS:                                                               (unaudited)
--------------
  Cash                                                                        $   722,970    $   649,539
  Trading securities                                                                2,880          2,880
  Accounts receivable:
         Employee Advances                                                          7,500          7,500
         Oil and gas sales                                                        228,608        180,418
         Joint interest billings, less allowance for doubtful
              accounts of $74,192 and $71,192, respectively                        67,315         61,632
  Prepaid expenses                                                                 41,535         54,535
                                                                              -----------    -----------
                  Total current assets                                          1,070,808        956,504
PROPERTY AND EQUIPMENT:
  Oil and gas properties (successful efforts method):
         Leasehold costs                                                        3,928,697      3,704,362
         Lease and well equipment                                                 607,228        437,731
  Furniture and equipment                                                          33,078         32,496
  Transportation equipment                                                         75,974         75,974
  Less accumulated depletion and depreciation                                    (970,749)      (853,275)
                                                                              -----------    -----------
                  Net property and equipment                                    3,674,228      3,397,288

OTHER ASSETS                                                                      207,495        197,015
                                                                              -----------    -----------
                  Total assets                                                $ 4,952,531    $ 4,550,807

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

CURRENT LIABILITIES:
  Current portion of long-term debt                                           $   544,613    $   407,143
  Accounts payable and accrued expenses                                           351,570        105,092
  Oil and gas revenues payable                                                     64,611         63,862
                                                                              -----------    -----------
                  Total current liabilities                                       960,794        576,097

LONG-TERM DEBT, net of current portion                                            900,000      1,238,618
DEFERRED INCOME TAXES                                                             116,000         78,000

COMMMITMENTS
STOCKHOLDERS' EQUITY:
  Common stock, $.01 par value, 75,000,000 shares authorized; 7,314,825 and
     7,040,325 shares issued and outstanding,
     respectively                                                                  73,148         70,403
  Additional paid-in capital                                                    2,300,647      2,024,317
  Treasury stock, 117,500 shares of common stock                                   (1,175)        (1,175)
  Retained earnings                                                               603,117        564,547
                                                                              -----------    -----------
                  Total stockholders' equity                                    2,975,737      2,658,092
                                                                              -----------    -----------
                  Total liabilities and stockholders' equity                  $ 4,952,531    $ 4,550,807
                                                                              -----------    -----------
</TABLE>
       See accompanying notes to these consolidated financial statements

<PAGE>

                        FieldPoint Petroleum Corporation
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                                 For The Three Months Ended
                                                          March 31,
                                                 --------------------------

                                                     2001           2000
                                                 -----------    -----------
REVENUE:                                         (unaudited)    (unaudited)
  Oil and gas sales                              $   537,689    $   328,500
  Well operational and pumping fees                   30,245         32,620
                                                 -----------    -----------
Total revenue                                        567,934        361,120

COSTS AND EXPENSES:
  Production expense                                 172,870        107,407
  Depletion and depreciation                         116,894         39,000
  General and administrative                         136,954         81,137
                                                 -----------    -----------
                  Total costs and expenses           426,718        227,544

OTHER INCOME (EXPENSE):
  Interest income (expense), net                     (31,155)       (21,448)
  Miscellaneous                                        1,147              0
                                                 -----------    -----------
                  Total other income (expense)       (30,008)       (21,448)
                                                 -----------    -----------
INCOME (LOSS) BEFORE INCOME TAXES                    111,208        112,128
INCOME TAX BENEFIT (PROVISION) DEFERRED              (72,638)        15,954
                                                 -----------    -----------
NET  INCOME (LOSS)                                    38,570        128,082

NET INCOME (LOSS) PER SHARE:
         BASIC                                             *    $      0.02
                                                 -----------    -----------
         DILUTED                                           *    $      0.02
                                                 ===========    ===========
WEIGHTED AVERAGE SHARES OUTSTANDING
         BASIC                                     7,191,936      6,340,814
                                                 ===========    ===========
         DILUTED                                   7,845,533      6,733,132
                                                 ===========    ===========


        See accompanying notes to these consolidated financial statements

<PAGE>
<TABLE>
<CAPTION>

                        FieldPoint Petroleum Corporation
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                For The Three Months Ended
                                                                        March 31,
                                                                --------------------------
                                                                    2001         2000
                                                                  ---------    ---------
                                                                 (unaudited)  (unaudited)
<S>                                                               <C>         <C>


CASH FLOWS FROM OPERATING ACTIVITIES:

  Net income (loss)                                               $  38,570    $ 128,082
  Adjustments to reconcile to net cash by operating activities:
      Depletion and depreciation                                    116,894       39,000
      Deferred Income Taxes                                          72,638      (15,954)
  Changes in assets and liabilities:
      Accounts receivable                                           (53,873)     (39,559)

      Prepaid expenses and other assets                               2,518        3,000
      Accounts payable and accrued expenses                         246,478       42,702

      Oil and gas revenues payable                                      749        7,138
                                                                  ---------    ---------
         Net cash provided by operating activities                  423,974      164,409

CASH FLOWS FROM INVESTING ACTIVITIES:

  Purchase of oil and gas properties                               (393,832)     (44,640)
  Purchase of furniture and equipment                                  --           (217)
                                                                  ---------    ---------
         Net cash used by investing activities                     (393,832)     (44,857)

CASH FLOWS FROM FINANCING ACTIVITIES:

  Repayments of long-term debt                                     (201,148)     (95,885)
  Proceeds from sales of common stock, net of offering fees         244,437        5,000
                                                                  ---------    ---------
         Net cash (used) provided by financing activities            43,289      (90,885)
                                                                  ---------    ---------


NET INCREASE (DECREASE) IN CASH                                      73,431       28,667

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

CASH, end of the period                                           $ 722,970    $ 145,926
                                                                  =========    =========

SUPPLEMENTAL INFORMATION:
  Cash paid during the period for interest                        $  31,155    $  21,448
                                                                  =========    =========
</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  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 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.


                                                     March 31,
                                                       2000
                                                   -----------

Revenues                                           $   582,989
Net income                                         $   192,404
Net income per share                               $       .03

<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 March 31, 2001 to the three months ended March
31, 2000

Results of Operations

Revenues  increased 57% or $206,814 to $567,934 for the three month period ended
March 31,  2001 from the  comparable  2000  period.  This was due to the overall
increase in oil and gas production.  Production  volumes  increased 46% on a BOE
basis.  Average oil sales prices  remained stable at $26.24 for the period ended
March 31, 2001  compared to $26.72 for the period  ended March 31, 200.  Average
gas sales prices  increased 87% to $4.32 for the three-month  period ended March
31, 2001 compared to $2.30 for the period ended March 31, 2000.

Production  expenses  increased  60% or $65,463 to $172,870  for the three month
period ended March 31, 2001 from the comparable 2001 period,  this was primarily
due to workovers in the form of remedial  repairs.  Depletion  and  depreciation
increased  199%  or  $77,894  due to the  purchase  of  additional  oil  and gas
properties,  and related  equipment.  General and  administrative  overhead cost
increased 69% or $55,817 to $136,954 for the three-month  period ended March 31,
2001 from the three-month  period ended March 31, 2000. This was attributable to
an increase in salaries and administrative expense in the 2001 period.

Liquidity and Capital Resources

Cash flow  provided by operating  activities  was  $423,974 for the  three-month
period  ended March 31, 2001,  as compared to $164,409 in cash flow  provided by
operating  activities  in the 2000 period.  The increase in cash from  operating
activities was primarily due to higher payable balances.

Cash flow used by  investing  activities  was $393,832 in the period ended March
31, 2001,  compared to $44,857 for March 31, 2000.  This was due to the purchase
of additional oil and gas properties. Cash flow provided by financing activities
was $43,289 for the period ended March 31,  2001,  compared to cash flow used of
$90,885 for the same period in 2000.  This  increase  was  primarily  due to the
increased  proceeds  from the sale of common  stock for the three  month  period
ended March 31, 2001.

<PAGE>

PART II

OTHER INFORMATION

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

None.

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

ISSUANCE OF  RESTRICTED  SECURTITIES.  During the three  months  ended March 31,
2001,  the Company  issued  199,500  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:   5/18/2001                 By:   /s/ Ray Reaves
                                     -------------------------------------------
                                  Ray Reaves, Treasurer, Chief Financial Officer