U.S. SECURITIES AND EXCHANGE COMMISSION

FORM 10-QSB

[X]   Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2002

[  ]   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

| | 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)

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.  YesX No

As of October 31, 2002, the number of shares outstanding of the Registrant's $.01 par value Common Stock was
7,470,175.

Transitional Small Business Disclosure Format (Check one):

PART I
Item 1.   Condensed Consolidated Financial Statements

FieldPoint Petroleum Corporation

|                                                                                                    | September 30, | December 31, 
|--------------------------------------------------------------------------------------------------- | ------------- | -------------
|                                                                                                    | 2002          | 2001         
|CURRENT ASSETS:                                                                                     | (unaudited)   |              
|Cash                                                                                                | $    379,983  | $    351,277 
|Trading securities                                                                                  | -             | 2,880        
|Derivatives                                                                                         | -             | 23,053       
|Accounts receivable:                                                                                |               |              
|Advances                                                                                            | 47,500        | 7,500        
|Oil and gas sales                                                                                   | 210,152       | 283,198      
|Joint interest billings, less allowance for doubtful
               accounts of $43,753 each period | 63,287        | 38,974       
|Prepaid expenses                                                                                    | 64,035        | 102,535      
|Total current assets                                                                                | 764,957       | 809,417      
|PROPERTY AND EQUIPMENT:                                                                             |               |              
|Oil and gas properties (successful efforts method):                                                 |               |              
|Leasehold costs                                                                                     | 4,606,834     | 4,809,276    
|Lease and well equipment                                                                            | 898,300       | 1,058,777    
|Furniture and equipment                                                                             | 35,082        | 35,082       
|Transportation equipment                                                                            | 102,274       | 102,274      
|Less accumulated depletion and depreciation                                                         | (1,629,795)   | (1,334,353)  
|Net property and equipment                                                                          | 4,012,695     | 4,671,056    
|                                                                                                    |               |              
|LONG-TERM JOINT INTEREST BILLING RECEIVABLE                                                         | 78,400        | 65,400       
|OTHER ASSETS                                                                                        | 58,297        | 134,297      
|Total assets                                                                                        | $   4,914,349 | $5,680,170   
|                                                                                                   
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                               
|CURRENT LIABILITIES:                                                                                |               |              
|Current portion of long-term debt                                                                   | $     934,632 | $     551,914
|Accounts payable and accrued expenses                                                               | 70,156        | 160,138      
|Oil and gas revenues payable                                                                        | 310,831       | 49,716       
|Total current liabilities                                                                           | 1,315,619     | 761,768      
|                                                                                                    |               |              
|LONG-TERM DEBT, net of current portion                                                              | 14,055        | 1,239,874    
|DEFERRED INCOME TAXES                                                                               | 130,000       | 147,000      
|                                                                                                    |               |              
|COMMITMENTS                                                                                         |               |              
|STOCKHOLDERS' EQUITY:                                                                               |               |              
|Common stock, $.01 par value, 75,000,000 shares 
     authorized; 7,580,175 shares issued           |              
|Respectively                                                                                        | 75,801        | 75,801       
|Additional paid-in capital                                                                          | 2,583,887     | 2,583,887    
|Treasury stock, 110,000 and 117,500 shares, at cost                                                 | (1,100)       | (1,100)      
|Retained earnings                                                                                   | 796,087       | 872,940      
|Total stockholders' equity                                                                          | 3,454,675     | 3,531,528    
|Total liabilities and stockholders' equity                                                          | $   4,914,349 | $5,680,170   

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

|                                        | For The Three Months Ended
|--------------------------------------- | --------------------------
|                                        | September 30,             
|                                        | 2002                      
|REVENUE:                                | (unaudited)               
|Oil and gas sales                       | $      584,470            
|Well operational and pumping fees       | 29,968                    
|Total revenue                           | 614,438                   
|                                        |                           
|COSTS AND EXPENSES:                     |                           
|Production expense                      | 199,862                   
|Depletion and depreciation              | 111,109                   
|General and administrative              | 170,947                   
|Total costs and expenses                | 481,918                   
|OTHER INCOME (EXPENSE):                 |                           
|Interest income (expense), net          | (15,221)                  
|Miscellaneous                           | 650                       
|Unrealized and realized derivative loss | (8,024)                   
|Total other income (expense)            | (22,595)                  
|                                        |                           
|INCOME BEFORE INCOME TAXES              | 109,925                   
|INCOME TAX (PROVISION) CURRENT          | -                         
|INCOME TAX (PROVISION) DEFERRED         | (61,l000)                 
|                                        |                           
|NET INCOME                              | 48,925                    
|                                        |                           
|NET INCOME PER SHARE                    |                           
|BASIC                                   | $         (0.01)          
|DILUTED                                 | $         (0.01)          
|                                        |                           
|WEIGHTED AVERAGE SHARES OUTSTANDING     |                           
|BASIC                                   | 7,580,175                 
|DILUTED                                 | 7,580,175                 

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

|                                             | For The Nine Months EndedSeptember 30,
|-------------------------------------------- | --------------------------------------
|REVENUE:                                     | 2002(unaudited)                       
|Oil and gas sales                            | $   1,722,752                         
|Well operational and pumping fees            | 99,546                                
|Total revenue                                | 1,822,298                             
|                                             |                                       
|COSTS AND EXPENSES:                          |                                       
|Production expense                           | 989,873                               
|Depletion and depreciation                   | 415,767                               
|General and administrative                   | 513,731                               
|Total costs and expenses                     | 1,919,371                             
|OTHER INCOME (EXPENSE):                      |                                       
|Interest income (expense), net               | (62,434)                              
|Gain on Sale of Asset                        | 96,149                                
|Miscellaneous                                | 650                                   
|Realized and unrealized derivative loss      | (31,078)                              
|Total other income (expense)                 | 3,287                                 
|                                             |                                       
|INCOME (LOSS) BEFORE INCOME TAXES            | (93,786)                              
|INCOME TAX (PROVISION) CURRENT               | -                                     
|INCOME TAX BENEFIT (PROVISION) 
    DEFERRED | 17,000                                
|                                             |                                       
|NET INCOME (LOSS)                            | (76,786)                              
|                                             |                                       
|NET INCOME (LOSS) PER SHARE                  |                                       
|BASIC                                        | $       (0.01)                        
|DILUTED                                      | $       (0.01)                        
|                                             |                                       
|WEIGHTED AVERAGE SHARES OUTSTANDING          |                                       
|BASIC                                        | 7,580,175                             
|DILUTED                                      | 7,580,175                             

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

|                                                                             | September 30, 
|---------------------------------------------------------------------------- | --------------
|                                                                             | 2002          
|                                                                             | (unaudited)   
|CASH FLOWS FROM OPERATING ACTIVITIES:                                        |               
|Net income (loss)                                                            | $     (76,786)
|Adjustments to reconcile to net cash provided by 
     operating activities: |               
|Depletion and depreciation                                                   | 415,767       
|Gain on Sale of Oil and Gas Property                                         | (17,000)      
|Deferred Income Taxes                                                        | (96,149)      
|Income Tax Benefit from Exercise of Stock Options                            | -             
|Stock Compensation to Consultant                                             | -             
|Changes in assets and liabilities:                                           |               
|Accounts receivable                                                          | (4,267)       
|Change in fair value of derivative                                           | 23,053        
|Prepaid expenses and other assets                                            | 117,313       
|Accounts payable and accrued expenses                                        | (89,982)      
|Oil and gas revenues payable                                                 | 261,115       
|Net cash provided (used) by operating activities                             | 533,064       
|                                                                             |               
|CASH FLOWS FROM INVESTING ACTIVITIES:                                        |               
|Additions to oil and gas properties                                          | (371,257)     
|Purchase of furniture and equipment                                          | -             
|Proceeds from sale of Oil and Gas property                                   | 710,000       
|Net cash provided (used) by investing activities                             | 383,743       
|                                                                             |               
|CASH FLOWS FROM FINANCING ACTIVITIES:                                        |               
|Repayments of long-term debt                                                 | (843,101)     
|Proceeds from exercise of options and warrants                               | -             
|Net cash provided (used) by financing activities                             | (843,101)     
|                                                                             |               
|NET INCREASE (DECREASE) IN CASH                                              | 28,706        
|                                                                             |               
|CASH, beginning of the period                                                | 351,277       
|                                                                             |               
|CASH, end of the period                                                      | $379,983      
|                                                                             |               

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation

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 principals 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 10KSB filing for the year ended December 31, 2001.

2     Stockholders Equity

During the period ended September 30, 2001 the president and a director of the Company exercised options at $0.10 per share to acquire 50,000 shares and 25,000 shares of common stock, respectively. In addition, warrants to purchase 233,000 shares of the Company's common stock were exercised, netting proceeds after commissions of $284,452.  During the period ending September 2001 the Company issued 7,500 shares to a consultant in lieu of cash for services.  The shares were valued at the quoted value of the stock at the time of the transaction of $14,250.

3.    Disposition of Oil and Gas Properties

During the period ended September 30, 2002 the Company sold the lease rights and related equipment of the ONA NW Unit, which was acquired in October 2001, for $710,000 in cash consideration for the lease rights and related equipment.  The Company realized a gain of $96,149 on the sale.

4.    Subsequent Event

Subsequent to quarter- end, the Company reached an agreement with a shareholder to repurchase 50,000 shares of common stock at a price of $0.35 per share.  The transaction was privately negotiated and the redeemed shares will be cancelled and returned to the authorized but unissued shares of capital stock of the Company.

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 September 30, 2002 to the three months ended September 30, 2001

Results of Operations

Revenues decreased 2% or $14,666 to $614,438 for the three month period ended September 30, 2002 from the comparable 2001 period, this was due primarily to the overall decrease in oil and gas sales.  Production volumes decreased 16% on a BOE basis.  Average oil sales prices decreased 10% to $27.40 for the period ended September 30, 2002 compared to $24.86 for the period ended September 30, 2001.  Average gas sales prices remained unchanged at $2.32 for the period ended September 30, 2002 compared to $2.30 for the period ended September 30, 2001.

Production expenses decreased 23% or $58,384 to $199,862 for the three month period ended September 30, 2002 from the comparable 2001 period, this was primarily due to additional workovers in the form of remedial repairs and an increase in the number of producing oil and gas properties the company owns. Depletion and depreciation remained unchanged at approximately $112,000 this was primarily due to the sale of oil and gas properties and related equipment resulting in decreased production and cost basis during the period ended September 30, 2002 compared to the 2001 period.  General and administrative overhead cost increased 47% or $55,229 to $170,947 for the three month period ended September 30, 2002 from the comparable 2001 period. This was attributable to increased salaries, consulting fees, and engineering fees related to research of possible acquisitions.

Net other expense for the three months ended September 30, 2002 was $22,595 compared to $38,007 for the 2001 period. This decrease was primarily due to a reduction in unrealized derivative and a reduction in interest expense.  The reduction in interest expense resulted from the paydown of debt following the sale of oil and gas properties.

Comparison of nine months ended September 30, 2002 to the nine months ended September 30, 2001

Results of Operations

Revenues decreased 5% or $71,431 to $1,822,298 for the nine month period ended September 30, 2002 from the comparable 2001 period, this was due to the overall decrease in oil and gas prices this was partially offset by an increase in production volumes of 17% on a BOE basis.  Average oil sales prices decreased 8% to $23.74 for the period ended September 30, 2002 compared to $25.84 for the period ended September 30, 2001. Average gas sales prices decreased 42% to $2.03 for the nine month period ended September 30, 2002 compared to $3.50 for the period ended September 30, 2001.

Production expenses increased 51% for the nine month period ended September 30, 2002 from the comparable 2001 period, this was primarily due to additional workovers in the form of remedial repairs and an increase in the number of oil and gas properties the company owns. Depletion and depreciation expense increased 27% to $415,767 this was due to the development of additional oil and gas properties and related equipment resulting in increased production during the period ended September 30, 2002 compared to the 2001 period. General and administrative overhead
cost increased 38% or $142,375 to $513,731 for the nine month period ended September 30, 2002 from the nine month period ended September 30, 2001. This was attributable to increased salaries, consulting fees and engineering fees related to research of possible acquisitions.

Net other income for the nine months ended September 30, 2002 was $3,286 compared to net other expense of $100,325 for the comparable 2001 period.  The improvement was primarily due to a gain on the sale of assets of $96,149 for the nine month period.

Liquidity and Capital Resources

Cash flow provided by operating activities was $533,064 for the nine month period ended September 30, 2002, as compared to $631,182 in cash flow provided by operating activities in the 2001 period.  The decrease in cash from operating activities was primarily due to the reduction in earnings in the 2002 period, offset by an increase in oil and gas revenues payable.

Cash flow provided by investing activities was $338,743 for the period ended September 30, 2002, compared to cashflow used by investing activities of $866,803 for the period ended September 30, 2001.  This was primarily due to the sale of oil and gas properties and the reduction in property acquisition and related development activity in 2002.  Cash flow used by financing activities was $843,101 for the period ended September 30, 2002, as compared to $93,509 used by financing activities for the same period in 2001.  This was due to an increase in repayment of existing long-term debt during 2002.  Also in 2001 the Company had proceeds from the exercise of options and warrants of $404,468, which
did not recur in 2002.

The Company cannot predict how oil and gas prices will vary during 2002 and what effect they will ultimately have on the Company. However, management believes that the Company will be able to generate sufficient cash from operations to
service its bank debt and provide for maintaining current production of its oil and gas properties.

PART I
Item 3    Controls and Procedures

Ray Reaves, Chief Executive Officer and Chief Financial
Officer of FieldPoint Petroleum Corporation, has established and is currently
maintaining disclosure controls and procedures for the Company. The disclosure
controls and procedures have been designed to ensure that material information
relating to the Company is made known to them as soon as it is known by others
within the Company.

Our Chief Executive Officer and Chief Financial Officer conducts an update
and a review and evaluation of the effectiveness of the Company's disclosure
controls and procedures and have concluded, based on their evaluation within 90
days of the filing of this Report, that our disclosure controls and procedures
are effective for gathering, analyzing and disclosing the information we are
required to disclose in our reports filed under the Securities Exchange Act of
1934. There have been no significant changes in our internal controls or in
other factors that could significantly affect these controls subsequent to the
date of the previously mentioned evaluation.

PART II
OTHER INFORMATION

Item 1.  Legal Proceedings

None.

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

a.     Exhibits

| | 99.1 | Certification
| | ---- | -------------

b.     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:  December 24, 2002 | By:   /s/ Ray Reaves   Ray Reaves, Treasurer, Chief Financial Officer
|------------------------ | ---------------------------------------------------------------------

CERTIFICATION PURSUANT TO 18.U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002.

The undersigned officer of FieldPoint
Petroleum Corporation (the "Company") hereby certifies that:

i.     the accompanying
Quarterly Report on Form 10-QSB of the Company for the fiscal quarter ended
September 30, 2002 (the "Report") fully complies with the requirements
of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act
of 1934; and

ii.    the information
contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.

Dated:  December 24, 2002

/s/ Ray
ReavesRay Reaves
Chief Executive Officer and
Chief Financial Officer