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, 2000

[  ]     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, 2000, the number of shares  outstanding of the Registrant's  $.01
par value Common Stock was 6,581,925.

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,
                                                                           2000           1999
                                                                        -----------    -----------
<S>                                                                     <C>            <C>

CURRENT ASSETS:                                                         (unaudited)
----------------
  Cash                                                                  $   175,999    $   117,259
  Trading securities                                                          2,880          2,880
  Accounts receivable:
         Advances                                                             7,500           --
         Oil and gas sales                                                  152,052        135,067
         Joint interest billings, less allowance for doubtful
              accounts of $74,192 and $71,192                                79,021         84,906
   Prepaid expenses                                                          54,535          2,535
                                                                        -----------    -----------
                  Total current assets                                      471,987        342,647
PROPERTY AND EQUIPMENT:
  Oil and gas properties (successful efforts method):
         Leasehold costs                                                  2,415,281      2,396,998
         Lease and well equipment                                           382,185        351,425
  Furniture and equipment                                                    32,497         32,280
  Transportation equipment                                                   75,974         75,974
  Less accumulated depletion and depreciation                              (753,424)      (675,424)
                                                                        -----------    -----------
                  Net property and equipment                              2,152,513      2,181,253

OTHER ASSETS                                                                230,981         25,981
                                                                        -----------    -----------
                  Total assets                                          $ 2,855,481    $ 2,549,881
                                                                        ===========    ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Current portion of long-term debt                                     $   342,090    $   409,132
  Accounts payable and accrued expenses                                      85,666        112,339
  Oil and gas revenues payable                                               60,665         49,799
                                                                        -----------    -----------
                  Total current liabilities                                 488,421        571,270

LONG-TERM DEBT, net of current portion                                      434,148        559,462
DEFERRED INCOME TAXES                                                        10,397         15,954

COMMITMENTS
STOCKHOLDERS' EQUITY:
  Common stock, $.01 par value, 75,000,000 shares authorized;
     6,581,925 and 6,331,925 shares issued and outstanding,
     respectively                                                            65,819         63,319
  Additional paid-in capital                                              1,444,285      1,177,785
  Treasury stock, 117,500 shares of common stock                             (1,175)        (1,175)
  Retained earnings                                                         413,586        163,266
                                                                        -----------    -----------
                  Total stockholders' equity                              1,922,515      1,403,195
                                                                        -----------    -----------
                  Total liabilities and stockholders' equity            $ 2,855,481    $ 2,549,881
                                                                        ===========    ===========
</TABLE>

        See accompanying notes to these consolidated financial statements

<PAGE>

<TABLE>

<CAPTION>


                        FieldPoint Petroleum Corporation
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                                                For the Three Months Ended
                                                                         June 30,
                                                                --------------------------

                                                                    1999           2000
                                                                -----------    -----------
<S>                                                             <C>            <C>

REVENUE:                                                         (unaudited)   (unaudited)
  Oil and gas sales                                             $   340,842    $   146,908
  Well operational and pumping fees                                  32,045         32,806
                                                                -----------    -----------
                  Total revenue                                     372,887        179,714

COSTS AND EXPENSES:
  Production expense                                                119,105         58,953
  Depletion and depreciation                                         39,000         36,000
  General and administrative                                         62,585         87,651
                                                                -----------    -----------
                  Total costs and expenses                          220,690        182,604
 OTHER INCOME (EXPENSE):
  Interest expense, net                                             (19,676)       (12,091)
  Miscellaneous                                                         114         24,504
                                                                -----------    -----------
                  Total other income (expense)                      (19,562)        12,413
                                                                -----------    -----------
INCOME  BEFORE INCOME TAXES                                         132,635          9,523

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

NET INCOME                                                          122,238          9,523
                                                                ===========    ===========
NET INCOME  PER SHARE
BASIC                                                           $      0.02           *
                                                                -----------    -----------
DILUTED                                                         $      0.02           *
                                                                ===========    ===========

WEIGHTED AVERAGE SHARES OUTSTANDING

BASIC                                                             6,391,156      5,418,009
                                                                -----------    -----------

DILUTED                                                           7,049,728      5,418,009
                                                                ===========    ===========
</TABLE>

*     Less than $.01 per share.

        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,
                                                --------------------------
                                                    1999           2000
                                                -----------    -----------
REVENUE:                                         (unaudited)   (unaudited)
  Oil and gas sales                             $   669,342    $   245,423
  Well operational and pumping fees                  64,665         65,949
                                                -----------    -----------
                  Total revenue                     734,007        311,372

COSTS AND EXPENSES:
  Production expense                                226,512         87,312
  Depletion and depreciation                         78,000         72,000
  General and administrative                        143,722        164,312
                                                -----------    -----------
                  Total costs and expenses          448,234        323,624

OTHER INCOME (EXPENSE):
  Interest expense, net                             (41,124)       (30,435)
  Miscellaneous                                         114         24,661
                                                -----------    -----------
                 Total other income (expense)       (41,010)        (5,774)
                                                -----------    -----------
INCOME (LOSS) BEFORE INCOME TAXES                   244,763        (18,026)
INCOME TAX BENEFIT - DEFERRED                         5,557          4,200
                                                -----------    -----------


NET INCOME (LOSS)                                   250,320        (13,826)
                                                ===========    ===========
NET INCOME (LOSS) PER SHARE
             BASIC                                    $0.04           *
                                                -----------    -----------
             DILUTED                                  $0.04           *
                                                ===========    ===========
WEIGHTED AVERAGE SHARES OUTSTANDING
             BASIC                                6,366,124      5,141,259
                                                -----------    -----------

             DILUTED                              6,758,442      5,141,259
                                                ===========    ===========


* Less than $.01 per share.

        See accompanying notes to these consolidated financial statements




<PAGE>

<TABLE>

<CAPTION>


                        FieldPoint Petroleum Corporation
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                For The Six Months Ended
                                                                         June 30,
                                                               --------------------------
                                                                  2000            1999
                                                               -----------    -----------
<S>                                                            <C>            <C>

                                                                (unaudited)    (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                            $   250,320    $   (13,826)
  Adjustments to reconcile to net cash
      provided by operating activities:
  Depletion and depreciation                                        78,000         72,000
  Deferred Tax Benefit                                              (5,557)          --
  Stock compensation to consultant                                    --           20,750
  Changes in assets and liabilities:
         Accounts receivable                                       (18,600)       (56,581)
         Income tax recoverable                                       --           43,800
         Prepaid expenses and other assets                           3,000           --
         Accounts payable and accrued expenses                     (26,673)       (38,095)
         Oil and gas revenues payable                               10,866        (10,510)
         Due to related party                                         --          (10,000)
                                                               -----------    -----------
                  Net cash  provided by operating activities       291,356          7,538

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of oil and gas properties                               (49,044)    (1,010,959)
  Purchase of furniture and equipment                                 (217)          --
  Decrease in earnest money deposit                                   --           40,000
                                                               -----------    -----------
               Net cash used by investing activities               (49,261)      (970,959)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from long-term debt                                        --          760,000
  Repayments of long-term debt                                    (192,355)      (342,260)
  Proceeds from sales of common stock, net of offering fees          9,000        660,311
  Proceeds from sales of treasury stock                               --            7,172
                                                               -----------    -----------
      Net cash provided (used) by financing activities            (183,355)     1,085,223

NET INCREASE  IN CASH                                               58,740        121,802

CASH, beginning of the period                                      117,259          1,375
                                                               -----------    -----------

CASH, end of the period                                        $   175,999    $   123,177
                                                               ===========    ===========


</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  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, 1999.


2.    Stockholders Equity
      -------------------
During the period  ended June 30, 2000 the  president  of the Company  exercised
options at $0.10 per share to acquire 40,000 shares of common stock. Also during
the period the Company  issued 160,000 shares of common stock to a consultant in
lieu of cash for services. The shares issued the consultant were recorded at the
quoted  value of the  stock at the time of the  transaction  of  $260,000.  This
amount will be  amortized to expense  beginning  July 1, 2000 over the five year
life of the contract.
















<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 categories its operating expenses into  the categories of production
expenses and other expenses.

Comparison  of  three months ended June 30, 2000 to  the three months ended
June 30, 1999
--------------------------------------------------------------------------------

Results of Operations

Revenues increased 107% or $193,173 to $372,887 for the three month period ended
June 30,  2000 from the  comparable  1999  period,  this was due to the  overall
increase in the average price received for oil and gas sales and the acquisition
of the Oklahoma  properties in June 1999.  Production volumes increased 20% on a
BOE basis. Average oil sales prices increased 25% to $26.83 for the period ended
June 30, 2000  compared to $15.59  (revised) for the period ended June 30, 1999.
Average gas sales prices increased 58% to $2.44 for the three month period ended
June 30, 2000 compared to $1.54 for the period ended June 30, 1999.

Production  expenses  increased  102% or $60,152 to $119,105 for the three month
period ended June 30, 2000 from the comparable  1999 period,  this was primarily
due to the acquisition of working interest in 225 wells in the state of Oklahoma
and  additional  workovers  in the  form  of  remedial  repairs.  Depletion  and
depreciation  increased  8%  due to the  purchase  of  additional  oil  and  gas
properties and related  equipment during the period ended June 30, 2000 compared
to the 1999 period.  General and  administrative  overhead cost decreased 29% or
$25,066 to $62,585 for the three month period ended June 30, 2000 from the three
month  period  ended  June 30,  1999.  This  was  primarily  due to lower  costs
associated with evaluating acquisitions and consulting fees.

Net other Expense for the three months ended June 30, 2000 was $19,562  compared
to income of $12,413 for the 1999 period.  This  decrease was primarily due to a
decrease in miscellaneous income in 2000.

Comparison of six months ended June 30, 2000 to the six months ended June 30,
1999
-----------------------------------------------------------------------------

Results of Operations

Revenues  increased  136% or $422,635 to $734,007 for the six month period ended
June 30, 2000 from the comparable 1999 period due to the overall increase in oil
and gas sales and the average price  received for oil and gas sales.  Production
volumes increased 33% on a BOE basis. Average oil sales prices increased 105% to
$26.78 for the period ended June 30, 2000  compared to $13.02  (revised) for the
period ended June 30, 1999.  Average gas sales prices decreased 69% to $2.30 for
the six month period ended June 30, 1999  compared to $1.36 for the period ended
June 30, 1999.

Production  expenses  increased  159% or $139,200 to $226,512  for the six month
period ended June 30, 2000 from the comparable  1999 period,  this was primarily
due to the acquisition of working interest in 225 wells in the state of Oklahoma


<PAGE>

and  additional  workovers  in the  form  of  remedial  repairs.  Depletion  and
depreciation  increased 8% to $78,000, this was due to the increase in leasehold
and related equipment during the period ended June 30, 2000 compared to the 1999
period.  General and  administrative  overhead cost  decreased 13% or $20,590 to
$143,722  for the six month period ended June 30, 2000 from the six month period
ended June 30, 1999.  This was  attributable  to lower  consulting fees and cost
associated with evaluating acquisitions.

Net other  expenses for the six months ended June 30, 2000 was $41,010  compared
to $5,774 for the comparable  1999 period.  The decreased was primarily due to a
decrease in miscellaneous income during 2000.





Liquidity and Capital Resources

Cash flow provided by operating activities was $291,356 for the six month period
ended June 30,  2000,  as compared to $7,538 in cash flow  provided by operating
activities in the 1999 period.  The increase in cash from  operating  activities
was primarily due to higher net income.

Cash flow used by investing  activities was $49,261 in the period ended June 30,
2000,  compared to $970,959  for June 30,  1999.  This is  primarily  due to the
purchase of additional  oil and gas  properties in 1999,  without  corresponding
increases in 2000.  Cash flow used by financing  activities was $183,355 for the
period ended June 30, 2000,  compared to a cash flow provided of $1,085,223  for
the same period in 1999.

This decrease was primarily due to the decreased  proceeds from  long-term  debt
and the sale of common stock for the six months period ended June 30, 2000.

The Company has not encountered any negative impacts from the Year 2000 issue on
its operations. There can be no assurance, however, as to the ultimate effect of
the Year 2000 issue on the Company.


<PAGE>


PART II

OTHER INFORMATION

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

The Company is a party to a lawsuit  arising in the ordinary course of business.
In the opinion of management, final judgement or settlement, if any, that may be
awarded or entered into in  connection  with this suit would not have a material
adverse effect on the Company's financial position or results of operations.

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

None.

Item 3.  Default Upon Senior Securities
---------------------------------------

None.

Item 4.  Submission of Matters to a Vote of Security Holders
------------------------------------------------------------

None.

Item 5.  Other Information
--------------------------

None.

Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------

None.


                                   SIGNATURES

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:   7/28/2000            By:  /s/ Ray Reaves
                                  ----------------------------------------------
                                  Ray Reaves, Treasurer, Chief Financial Officer