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, 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 April 30, 2000, the number of shares  outstanding of the Registrant's $.01
par value Common Stock was 6,381,925.

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

                                                                           March 31,     December 31,
                                                                            2000            1999
                                                                          -----------    -----------
CURRENT ASSETS:                                                            (unaudited)
<S>                                                                       <C>            <C>

----------------
  Cash                                                                    $   145,926    $   117,259
  Trading securities                                                            2,880          2,880
  Accounts receivable:

         Employee Advances                                                      7,500
         Oil and gas sales                                                    167,606        135,067
         Joint interest billings, less allowance for doubtful
              accounts of $74,192 and $71,192, respectively                    84,426         84,906
  Prepaid expenses                                                              2,535          2,535
                                                                          -----------    -----------
                  Total current assets                                        410,873        342,647
PROPERTY AND EQUIPMENT:

  Oil and gas properties (successful efforts method):
         Leasehold costs                                                    2,413,877      2,396,998
         Lease and well equipment                                             379,186        351,425
  Furniture and equipment                                                      32,497         32,280
  Transportation equipment                                                     75,974         75,974
  Less accumulated depletion and depreciation                                (714,424)      (675,424)
                                                                          -----------    -----------
                  Net property and equipment                                2,187,110      2,181,253

OTHER ASSETS                                                                   22,981         25,981
                                                                          -----------    -----------
                  Total assets                                            $ 2,620,964    $ 2,549,881
                                                                          ===========    ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

  Current portion of long-term debt                                       $   375,611    $   409,132
  Accounts payable and accrued expenses                                       155,041        112,339
  Oil and gas revenues payable                                                 56,937         49,799
                                                                          -----------    -----------
                                    Total current liabilities                 587,589        571,270


LONG-TERM DEBT, net of current portion                                        497,098        559,462
DEFERRED INCOME TAXES                                                               0         15,954

COMMMITMENTS
STOCKHOLDERS' EQUITY:
  Common stock, $.01 par value, 75,000,000 shares authorized;
     6,381,925 and 6,331,925 shares issued and outstanding,
     respectively                                                              63,819         63,319
  Additional paid-in capital                                                1,182,285      1,177,785
  Treasury stock, 117,500 shares of common stock                               (1,175)        (1,175)
  Retained earnings                                                           291,348        163,266
                                                                          -----------    -----------
                  Total stockholders' equity                                1,536,277      1,403,195
                                                                          -----------    -----------
                  Total liabilities and stockholders' equity              $ 2,620,964    $ 2,549,881
                                                                          ===========    ===========

</TABLE>

       See accompanying notes to these consolidated financial statements.


                                       2

<PAGE>


                        FieldPoint Petroleum Corporation
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

                                                    2000           1999
                                                 -----------    -----------
REVENUE:                                         (unaudited)     (unaudited)

  Oil and gas sales                              $   328,500    $    98,515
  Well operational and pumping fees                   32,620         33,143
                                                 -----------    -----------
Total revenue                                        361,120        131,658

COSTS AND EXPENSES:

  Production expense                                 107,407         28,359
  Depletion and depreciation                          39,000         36,000
  General and administrative                          81,137         76,661
                                                 -----------    -----------
                  Total costs and expenses           227,544        141,020

OTHER INCOME (EXPENSE):

  Interest income (expense), net                     (21,448)       (18,344)
  Miscellaneous                                            0            157
                                                 -----------    -----------
                  Total other income (expense)       (21,448)       (18,187)
                                                 -----------    -----------

INCOME (LOSS) BEFORE INCOME TAXES                    112,128        (27,549)
INCOME TAX BENEFIT (PROVISION) DEFERRED               15,954          4,200
                                                 -----------    -----------
NET  INCOME (LOSS)                                   128,082        (23,349)
                                                 ===========    ===========


NET INCOME (LOSS) PER SHARE:

         BASIC                                   $      0.02    $     (0.01)
                                                 -----------    -----------

         DILUTED                                 $      0.02    $     (0.01)
                                                 ===========    ===========

WEIGHTED AVERAGE SHARES OUTSTANDING

         BASIC                                     6,340,814      4,661,937
                                                 ===========    ===========
         DILUTED                                   6,733,132      4,661,937
                                                 ===========    ===========


       See accompanying notes to these consolidated financial statements.


                                       3

<PAGE>


<TABLE>

<CAPTION>



                        FieldPoint Petroleum Corporation
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                 For The Three Months Ended
                                                                          March 31,
                                                                 --------------------------
                                                                   2000          1999
                                                                 ---------     ---------
                                                                 (unaudited)   (unaudited)
<S>                                                               <C>          <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

  Net income (loss)                                               $ 128,082    $ (23,349)

  Adjustments to reconcile to net cash by operating activities:

      Depletion and depreciation                                     39,000       36,000
       Deferred Income Tax Benefit                                  (15,954)        --
  Changes in assets and liabilities:
      Accounts receivable                                           (39,559)      (8,406)
      Income taxes recoverable                                         --         (4,200)
      Prepaid expenses and other assets                               3,000
      Accounts payable and accrued expenses                          42,702           38
      Oil and gas revenues payable                                    7,138        4,431
      Due to related party                                             --          5,000
                                                                  ---------    ---------
         Net cash provided by operating activities                  164,409        9,514

CASH FLOWS FROM INVESTING ACTIVITIES:

  Purchase of oil and gas properties                                (44,640)      (5,235)
  Purchase of furniture and equipment                                  (217)        --
                                                                  ---------    ---------
         Net cash used by investing activities                      (44,857)      (5,235)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from long-term debt                                         --           --
  Repayments of long-term debt                                      (95,885)    (265,724)
  Proceeds from sales of common stock, net of offering fees           5,000      338,633

  Proceeds from sales of treasury stock                                --          7,172
                                                                  ---------    ---------
         Net cash (used) provided by financing activities           (90,885)      80,081
                                                                  ---------    ---------


NET INCREASE (DECREASE) IN CASH                                      28,667       84,360

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

CASH, end of the period                                           $ 145,926    $  85,735
                                                                  =========    =========


SUPPLEMENTAL INFORMATION:

  Cash paid during the period for interest                        $  21,448    $  12,675
                                                                  =========    =========
  Cash paid during the period for income taxes                         --           --
                                                                  =========    =========
</TABLE>


       See accompanying notes to these consolidated financial statements.

                                       4

<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, 1999.

2.   Stockholders Equity
     -------------------
During the period ended March 31, 2000 the  president  of the Company  exercised
options at $0.10 per share to acquire 50,000 shares of common stock.







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<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, 2000 to the three months ended
March 31, 1999
--------------------------------------------------------------------------

Results of Operations

Revenues increased 174% or $229,462 to $361,120 for the three month period ended
March 31,  2000 from the  comparable  1999  period.  This was due to the overall
increase in the average price received for oil and gas sales. Production volumes
increased 34% on a BOE basis.  Average oil sales prices increased 156% to $26.72
for the period  ended  March 31, 2000  compared  to $10.41 for the period  ended
March  31,  1998.  Average  gas  sales  prices  increased  85% to $2.30  for the
three-month  period ended March 31, 2000  compared to $1.24 for the period ended
March 31, 1999.

Production  expenses  increased  278% or $79,048 to $107,407 for the three month
period ended March 31, 2000 from the comparable 1999 period,  this was primarily
due to the acquisition of working interest in 185 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.  General and  administrative  overhead cost
increased  5% or $4,476 to $81,137 for the  three-month  period  ended March 31,
2000 from the three-month  period ended March 31, 1999. This was attributable to
an increase in legal fees booked during the 2000 period.

Liquidity and Capital Resources

Cash flow  provided by operating  activities  was  $164,409 for the  three-month
period  ended March 31,  2000,  as  compared to $9,514 in cash flow  provided by
operating  activities  in the 1999 period.  The increase in cash from  operating
activities was primarily due to a higher net income.

Cash flow used by investing activities was $44,857 in the period ended March 31,
200,  compared  to $5,235  for  March 31,  1999.  This is  primarily  due to the
purchase  of  additional  oil and gas  properties.  Cash flow used by  financing
activities  was $90,885 for the period  ended March 31,  2000,  compared to cash
flow  provided  of  $80,081  for the same  period  in 1999.  This  decrease  was
primarily  due to the  decreased  proceeds from the sale of common stock for the
three month period ended March 31, 2000.

Impact of Year 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.




                                       6

<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:   5/08/99                     By:   /s/ Ray Reaves
                                          ------------------------------------
                                              Ray Reaves, Treasurer and
                                              Chief Financial Officer








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