Document:

EMPLOYMENT AGREEMENT

      EMPLOYMENT AGREEMENT (the "Agreement") made as of the 14th day of June,
1999, between DAG Media, Inc, a New York corporation (the "Company"), having its
principal place of business at 125-10 Queens Boulevard, Kew Gardens, New York,
11415, and Orna Kirsh (the "Executive"), residing at 347 West 57th Street, Apt.
31B, New York, New York 10019

                                   WITNESSETH:

      WHEREAS, the Company wishes to employ the Executive as its Chief Financial
Officer ("CFO") and Executive wishes to accept such position; and

      WHEREAS, the parties desire by this Agreement to set forth the terms and
conditions of the employment relationship between the Company and the Executive.

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
in this Agreement, the Company and the Executive agree as follows:

      1. Employment and Duties. The Company hereby employs the Executive as CFO
and the Executive agrees to accept such employment on the terms and conditions
provided in this Agreement. The Executive shall perform such duties and
responsibilities as are customary for a CFO and such other duties and
responsibilities as are reasonably determined from time to time by the Board of
Directors of the Company (the "Board"). The Executive shall report to and be
supervised by the Chief Executive Officer and the Board. The Executive shall be
based at the Company's offices in Kew Gardens, New York or such other place that
shall constitute the Company's headquarters and, except for business travel
incident to her employment under this Agreement, the Company agrees the
Executive shall not be required to relocate.

      2. Term. The term of this Agreement shall commence on July 19, 1999 (the
"Commencement Date"), and shall terminate on the second anniversary thereof,
unless earlier

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terminated in accordance with the terms of this Agreement (the "Termination
Date"). Such term of employment is herein sometimes referred to as the
"Employment Term".

      3. Compensation. As compensation for performing the services required by
this Agreement, and during the term of this Agreement, the Executive shall be
compensated as follows:

            a. Base Compensation. The Company shall pay to the Executive an
annual salary of $100,000 ("Base Compensation"), payable in equal installments
pursuant to the Company's customary payroll procedures in effect for its
executive personnel at the time of payment, but in no event less frequently than
monthly, subject to withholding for applicable federal, state, and local taxes.
The Executive may be entitled to such increases in Base Compensation with
respect to each calendar year during the term of this Agreement, as shall be
determined by the Board, in its sole and absolute discretion, based on periodic
reviews of the Executive's performance .

            b. Stock Options. The Executive shall be granted an incentive stock
option to purchase 50,000 shares of Common Stock of the Company, $.001 par value
per share (the "Common Stock"), at a per share price equal to the closing price
of the Common Stock on the Commencement Date, which option shall vest and first
become exercisable for 1/4 of the shares on the commencement date and an
additional 1/4 of the shares on the first three anniversaries thereof. The other
terms and conditions of such option grant will be governed by a separate option
agreement in form and substance similar to those for other executives of the
Company.

            c. Signing Bonus: The Executive shall receive a signing bonus of
$10,000, payable whether or not Executive is still employed, on January 3, 2000.

            d. Bonus on Change of Control. In the event that a Change of
Control, as defined below, occurs during the employment term the Company shall
promptly pay Employee a

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Change of Control Bonus in the amount of $150,000. A "Change in Control" will be
deemed to have occurred if following (i) a tender or exchange offer for voting
securities of the Company, (ii) a proxy contest for the election of directors of
the Company (iii) a merger or consolidation or sale of all or substantially all
of the business or assets of the Company the persons constituting the Board of
Directors of the Company immediately prior to the initiation of such event cease
to constitute a majority of the Board of Directors of the Company upon the
occurrence of such event or within one year after such event.

      4. Employee Benefits. During the Employment Term and subject to the
limitations set forth in this Section 4, the Executive, and to the extent
applicable her eligible dependents, shall have the right to participate in any
retirement plans (qualified and non-qualified), pension, insurance (including
but not limited to Director and Officer Liability coverage), health, disability
or other benefit plan or program that has been or is hereafter adopted by the
Company (or in which the Company participates), according to the terms of such
plan or program, on terms no less favorable than the most favorable terms
granted to senior executives of the Company. The Company agrees that it will
maintain director and officer liability insurance coverage throughout the
employment term.

      5. Vacation and Leaves of Absence. The Executive shall be entitled to 20
days of paid vacation including local and national holidays, plus days of
religious observance during each 12 month period this agreement is in effect, in
accordance with the Company's usual policies. In addition, the Executive is
entitled to the same number of sick leave days provided to other senior
Executive Officers of the Company.

      6. Business Expenses. The Executive shall be promptly reimbursed against
presentation of vouchers or receipts for all reasonable and necessary expenses
incurred by her in connection with the performance of her business-related
duties.

      7. Termination.

            (a) Termination Upon Notice. The Company shall be entitled to
terminate unilaterally this agreement for cause by giving the Executive two
weeks prior written notice. For purposes hereof "cause shall mean a
determination by the Chief Executive Officer of the Company, in his reasonable
business judgement, that the Executive has failed to properly and adequately
carry out her duties and responsibilities. Once the two week notice period has
elapsed, the parties shall have no further obligations to each other, excepting
only that the Company will pay the Executive for any accrued, unused and
unexpired paid vacation days prior to the date of termination in a lump sum in
accordance with applicable law and, in the case of termination by the Company
prior to January 3, 2000, the Company will pay the signing bonus due on that
date.

            (b) Disability. If due to illness, physical or mental disability, or
other incapacity, the Executive shall fail, for a total of any three (3)
consecutive months ("Disability"), to substantially perform the principal duties
required by this Agreement, the Company may terminate this Agreement upon 30
days' written notice to the Executive. In such event, the Executive shall be (1)
paid her Base Compensation until the Termination Date, and (2) provided with
employee benefits pursuant to Section 4, to the extent available, for the
remainder of the Employment Term; provided, however, that any compensation to be
paid to the Executive

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pursuant to this subsection 7(b) shall be offset against any payments received
by the Executive pursuant to any policy of disability insurance.

      8. Company Property. All advertising, promotional, sales, supplies,
manufacturers and other materials or articles or information, including without
limitation data processing reports, customer lists, customer sales analyses,
invoices, product lists, price lists or information, samples, or any other
materials or data of any kind furnished to the Executive by the Company or
developed by the Executive on behalf of the Company or at the Company's
direction or for the Company's use or otherwise in connection with the
Executive's employment hereunder, are and shall remain the sole and confidential
property of the Company; if the Company requests the return of such materials at
any time during or at or after the termination of the Executive's employment,
the Executive shall immediately deliver the same to the Company.

      9. Covenant Not To Compete.

            (a) No Solicitation or Competition. The Non-Compete Period shall be
the greater of [3] three years from the Commencement Date or [2] a period of two
(2) years after the termination of this Agreement. The Executive further agrees
that during the Non-Compete Period, she will not, directly or indirectly, in any
manner: (i) engage in the Business (the "Business" is defined as the
publication, distribution, marketing and sale of yellow page directories in
print and on the world wide web in which the Company or any Affiliate of the
Company is engaged on the Date of Termination, and will not, directly or
indirectly, own, manage, operate, join, control or participate in the ownership,
management, operation or control of, or be employed by or connected in any
manner with any corporation, firm, entity, or business that is so engaged unless
duly authorized by written consent of the Company; provided, however, that
nothing herein shall prohibit the Executive from owning not more than three (3%)
percent of the outstanding stock of any publicly

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held corporation, (ii) persuade or attempt to persuade any employee of the
Company or of any Affiliate of the Company to leave the employ of the Company or
of such Affiliate or to become employed by any other entity, (iii) persuade or
attempt to persuade any current client or former client to reduce the amount of
business it does or intends or anticipates doing with the Company or with any
Affiliate of the Company or (iv) take any action which might divert from the
Company or any Affiliate of the Company any opportunity of which he became aware
during his employment with the Company or with any Affiliate of the Company
which would be within the scope of any of the businesses then engaged in or
planned to be engaged in by the Company or any Affiliate of the Company. As used
throughout the Agreement, the term "Affiliate" shall mean any corporation or
other entity of which the Company owns, directly or indirectly, at least 40% of
the equity interest thereof.

            (b) Confidentiality of Company Property. The Executive agrees that
during the term hereof, or at any time thereafter, she will not, directly or
indirectly, use for her own benefit or for the benefit of any third party, or
reveal or cause to be revealed to any person, firm, entity or corporation, any
Confidential Information (as defined herein) which relates to the Company or any
Affiliate of the Company or any of their customers and that upon termination of
her employment she will deliver all lists of customers, notes, records and all
other property belonging to the Company or any Affiliate of the Company or
relating to its or their business or customers. "Confidential Information" shall
include, but not be limited to, trade secrets, supplier lists, customer lists,
intellectual property and any other information, whether or not proprietary,
which relates to the business of the Company or any Affiliate of the Company and
which otherwise is not considered to be public information. Confidential
Information shall not include general information regarding the

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yellow page industry which is generally known to those involved in the operation
of an automotive dealership.

            (c) Saving Clause. If the period of time or the area specified in
subsection (a) above should be adjudged unreasonable in any proceeding, then the
period of time shall be reduced by such number of months or the area shall be
reduced by the elimination of such portion thereof or both so that such
restrictions may be enforced in such area and for such time as is adjudged to be
reasonable. If the Executive violates any of the restrictions contained in the
foregoing subsection (a), the restrictive period shall not run in favor of the
Executive from the time of the commencement of any such violation until such
time as such violation shall be cured by the Executive to the satisfaction of
Company.

      10. Executive's Representation and Warranties. Executive represents and
warrants that she has the full right and authority to enter into this Agreement
and fully perform her obligations hereunder, that she is not subject to any
non-competition agreement other than with the Company, and that her past,
present and anticipated future activities have not and will not infringe on the
proprietary rights of others. Executive further represents and warrants that she
is not obligated under any contract (including, but not limited to, licenses,
covenants or commitments of any nature) or other agreement or subject to any
judgment, decree or order of any court or administrative agency which would
conflict with her obligation to use her best efforts to perform her duties
hereunder or which would conflict with the Company's business and operations as
presently conducted or proposed to be conducted. Neither the execution nor
delivery of this Agreement, nor the carrying on of the Company's business as
officer and employee by Executive will conflict with or result in a breach of
the terms, conditions or provisions of or constitute a default under any
contract, covenant or instrument to which Executive is currently a party.

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      11. Miscellaneous.

            (a) Integration; Amendment. This Agreement constitutes the entire
agreement between the parties hereto with respect to the matters set forth
herein and supersedes and renders of no force and effect all prior
understandings and agreements between the parties with respect to the matters
set forth herein. No amendments or additions to this Agreement shall be binding
unless in writing and signed by both parties.

            (b) Severability. If any part of this Agreement is contrary to,
prohibited by, or deemed invalid under applicable law or regulations, such
provision shall be inapplicable and deemed omitted to the extent so contrary,
prohibited, or invalid, but the remainder of this Agreement shall not be invalid
and shall be given full force and effect so far as possible.

            (c) Waivers. The failure or delay of any party at any time to
require performance by the other party of any provision of this Agreement, even
if known, shall not affect the right of such party to require performance of
that provision or to exercise any right, power, or remedy hereunder, and any
waiver by any party of any breach of any provision of this Agreement shall not
be construed as a waiver of any continuing or succeeding breach of such
provision, a waiver of the provision itself, or a waiver of any right, power, or
remedy under this Agreement. No notice to or demand on any party in any case
shall, of itself, entitle such party to other or further notice or demand in
similar or other circumstances.

            (d) Power and Authority. The Company represents and warrants to the
Executive that it has the requisite corporate power to enter into this Agreement
and perform the terms hereof; that the execution, delivery and performance of
this Agreement by it has been duly authorized by all appropriate corporate
action; and that this Agreement represents the valid and

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legally binding obligation of the Company and is enforceable against it in
accordance with its terms.

            (e) Burden and Benefit; Survival. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs,
executors, personal and legal representatives, successors and assigns.

            (f) Governing Law; Headings. This Agreement and its construction,
performance, and enforceability shall be governed by, and construed in
accordance with, the laws of the State of New York, without consideration of its
choice of law rules. Headings and titles herein are included solely for
convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement.

            (g) Notices. All notices called for under this Agreement shall be in
writing and shall be deemed given [1] upon receipt if delivered personally or
[2] upon mailing if sent by registered or certified mail, return receipt
requested, postage prepaid, to the parties at their respective addresses as set
forth in the preamble to this Agreement. Addresses for notice purposes may be
changed by any party entitled to receive notice under this Agreement as they
shall designate, from time to time. The notice provisions of this agreement must
be complied with when informing the other party of a change of address for
notice purposes.

            (h) Number of Days. In computing the number of days for purposes of
this Agreement, all days shall be counted, including Saturdays, Sundays and
holidays; provided, however, that if the final day of any time period falls on a
Saturday, Sunday or holiday on which federal banks are or may elect to be
closed, then the final day shall be deemed to be the next day which is not a
Saturday, Sunday or such holiday.

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      IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the date first above written.

                                        DAG MEDIA, INC.,

                                        By: /s/ Assaf Ran
                                           -------------------------------------
                                           Assaf Ran, President & CEO

                                        By: /s/ Orna Kirsh
                                           -------------------------------------
                                           Orna Kirsh

                                       9TERM LOAN NOTE

--------------------------------------------------------------------------------
$500,000.00                                                        June 21, 1999

Maker:

         FIELDPOINT PETROLEUM CORPORATION
         P.O. Box 200685
         Austin, Texas 78720

Payee:

         UNION PLANTERS BANK, N.A.
         5005 Woodway
         Houston, Texas 77056

         FOR VALUE RECEIVED,  the undersigned  Maker named above promises to pay
to the order of Payee  named above at its offices at the address set forth above
in lawful  money of the United  States of  America,  the  principal  sum of FIVE
HUNDRED  THOUSAND and no/100 DOLLARS  ($500,000.00) or so much thereof as may be
advanced and outstanding  pursuant to the Credit Agreement of even date herewith
by and between Maker and Payee (the "Credit Agreement"),  together with interest
on the principal balance from time to time remaining unpaid at the rate and upon
the terms provided in this Note.  Unless otherwise  defined herein or unless the
context hereof otherwise requires, each term used herein with its initial letter
capitalized has the meaning given to such term in the Credit Agreement.

1. Schedule of Payments.  Commencing  on July 21, 1999,  and again on August 21,
1999, Maker shall pay all accrued and unpaid interest,  without any reduction of
principal;  thereafter,  commencing  September  21,  1999,  and each  successive
calendar  month  thereafter,  Maker shall make  forty-eight  (48) equal  monthly
payments of  $10,416.67,  together  with all accrued  and unpaid  interest.  The
unpaid balance of all principal and all accrued but unpaid interest shall be due
and payable on August 21, 2003, the Maturity Date.

2.  Interest  Rate.  The unpaid  principal  balance from day to day  outstanding
hereunder shall bear interest at a rate per annum which shall from day to day be
equal to the lesser of (a) the Floating Base Rate, as  hereinafter  defined (the
"Contract Rate;" calculated on the basis of actual days elapsed, but computed as
if each calendar year consisted of 360 days), or (b) the Highest Lawful Rate.

         Notwithstanding the foregoing, if at any time the Contract Rate exceeds
the Highest  Lawful  Rate,  the rate of interest  hereon shall be limited to the
Highest Lawful Rate,  but any  subsequent  reductions in the Contract Rate shall
not reduce the rate of interest  hereon below the Highest  Lawful Rate until the
total  amount of  interest  accrued  hereon  approximately  equals the amount of
interest  which would have accrued  hereon if a rate equal to the Contract  Rate
had at all times been in  effect.  In the event  that at  maturity  of this Note
(stated or by acceleration),  or at final payment of this Note, the total amount
of interest  paid or accrued  hereon is less than the amount of  interest  which
would have accrued  hereon if the Contract Rate had at all times been in effect,
then at such time and to the extent  permitted by law,  Maker shall pay to Payee
an amount  equal to the  difference  between  (x) the  lesser  of the  amount of
interest  which would have accrued  hereon if the Contract Rate had at all times
been in effect and the amount of interest which would have accrued hereon if the
Highest  Lawful  Rate had at all times  been in  effect,  and (y) the  amount of
interest  actually paid or accrued on this Note. Each change in the rate charged
hereunder shall, subject to the foregoing,  become effective,  without notice to
Maker,  upon the effective  date of each change in the Floating Base Rate or the
Highest Lawful Rate, as the case may be.

         As used  herein,  the term (x)  "Floating  Base  Rate"  means the prime
interest rate as quoted by the Wall Street  journal from time to time,  plus one
percent,  floating, (y) "Highest Lawful Rate" means the maximum rate (or, if the
context so requires,  an amount  calculated at such rate) of interest  which the
holder  hereof is allowed to contract for,  charge,  take,  reserve,  or receive

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                                                                       Initials

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under  applicable  law after  taking  into  account,  to the extent  required by
applicable law, any and all relevant payments or charges. To the extent the laws
of the State of Texas are applicable for the purposes of determining the Highest
Lawful Rate  hereunder,  such term shall mean the "indicated  rate ceiling" from
time to time in effect under Article 1.04,  Title 79,  Revised Civil Statutes of
Texas,  1925, as amended,  or to the extent  permitted by law and effective upon
the giving of the notices  required by such Article 1.04 (or effective  upon any
other  date  specified  by  applicable  law),  the  "quarterly  ceiling"  or the
"annualized  ceiling"  from  time to time in effect  under  such  Article  1.04,
whichever the holder hereof shall elect to substitute  for the  "indicated  rate
ceiling," and vice versa,  such substitution to have the effect provided in such
Article  1.04;  the holder  hereof shall be entitled to make such  election from
time to time and one or more  times  and to leave  any such  substitute  rate in
effect,  without  notice to Maker,  for  subsequent  periods in accordance  with
subsection (h)(1) of such Article 1.04.

3.  Prepayment.  Maker  may  prepay  this  Note in  whole or in part at any time
without  being  required to pay any penalty or premium for such  privilege.  All
prepayments hereunder,  whether designated as payments of principal or interest,
shall be  applied  to the  principal  or  interest  of this Note or to  expenses
provided herein or in the Credit Agreement, or any combination of the foregoing,
as directed by Payee at its option.

4. Past Due Interest.  All principal and interest  which remain in arrears three
(3) days or more after their  respective due dates shall bear interest,  payable
on demand,  for each day until paid,  commencing  on the fourth  (4th) day after
their respective due dates until paid, at a rate equal to 3% per annum above the
Contract  Rate  (the  "Default  Rate"),  but in no event to exceed  the  maximum
non-usurious rate permitted by applicable law.

5. Events of Default and  Remedies.  Without  notice or demand (each of which is
hereby  waived),  the  entire  unpaid  principal  balance  of  this  Note  shall
immediately  become due and payable at the option of the holder  hereof upon the
occurrence of any one or more of the events of default  described in Section 7.1
of  the  Credit  Agreement  (individually  or  collectively,   herein  called  a
"Default").

6. Acceleration. In the event that Maker fails or refuses to pay any part of the
principal  of or  interest  on  this  Note  when  due,  or in the  event  of the
occurrence  of a  Default  under the  Credit  Agreement  or under  any  Security
Document, then in any such event, the holder hereof shall be entitled to declare
the entire unpaid principal of and accrued interest on this Note immediately due
and payable, without notice of intent to accelerate, notice of acceleration, any
other notice whatsoever, demand, or presentment, all of which are hereby waived,
foreclose  any liens or  security  interests  securing  all or any part  hereof,
offset  against this Note any sum or sums owed by the holder  hereof to Maker or
any  guarantor,  or may proceed to protect and  enforce,  and exercise any other
right or remedy to which the holder hereof may be entitled by agreement, at law,
or in equity.  Each right and remedy  available  to the holder  hereof  shall be
cumulative  of and in addition to each other such right and remedy.  No delay on
the part of the holder  hereof in the exercise of any right or remedy  available
to the holder hereof shall operate as a waiver thereof,  nor shall any single or
partial exercise thereof or exercise of any other such right or remedy.

7.  Collection  Costs.  If this Note is placed in the hands of an  attorney  for
collection, or if it is collected through any legal proceedings, Maker agrees to
pay the court costs,  reasonable  attorneys' fees, and other costs of collection
of the holder hereof.

8. Waiver. Except as provided herein, Maker and any party which may be or become
liable for the payment of any sums of money payable on this Note  (including any
surety, endorser, or guarantor)

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                                                                       Initials

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jointly and  severally  waive (to the extent  permitted  by law) all  applicable
exemption  rights  (whether  arising by  constitution,  law, or otherwise),  all
valuation and appraisement rights,  presentment and demand for payment, protest,
notice of protest and nonpayment, and notice of the intention to accelerate, and
agree that their  liability on this Note shall not be affected by any renewal or
extension in the time of payment hereof,  by any indulgences,  or by any release
or change in any  security for the payment of this Note,  and hereby  consent to
any and all renewals, extensions,  indulgences, releases, or changes, regardless
of the number of such renewals, extensions, indulgences, releases, or changes.

9. Legal Interest Limitation. Regardless of any provision contained herein or in
any agreement,  document,  or instrument  securing or assuring payment hereof or
executed in  connection  herewith,  the holder hereof shall never be entitled to
receive,  collect,  or apply,  as interest on this Note, any amount in excess of
the Highest  Lawful  Rate,  and, in the event the holder  hereof ever  receives,
collects,  or applies as interest,  any such excess,  such amount which would be
excessive interest shall be deemed a partial prepayment of principal and treated
hereunder as such;  and, if the principal  hereof is paid in full, any remaining
excess  shall  forthwith  be paid to Maker.  In  determining  whether or not the
interest paid or payable,  under any specific  contingency,  exceeds the Highest
Lawful Rate,  Maker and the holder hereof shall, to the maximum extent permitted
under applicable law, (a)  characterize any nonprincipal  payment as an expense,
fee, or premium rather than as interest,  (b) exclude voluntary  prepayments and
the effects thereof,  and (c) spread the total amount of interest throughout the
entire  contemplated term of this Note;  provided that, if this Note is paid and
performed in full prior to the end of the full contemplated term hereof,  and if
the interest  received by the holder  hereof for the actual  period of existence
hereof  exceeds the Highest Lawful Rate, the holder hereof shall refund to Maker
the amount of such excess,  and, in such event,  the holder  hereof shall not be
subject to any penalties  provided by any laws for  contracting  for,  charging,
taking,  reserving,  or receiving interest in excess of the Highest Lawful Rate.
Pursuant to Article  15.10(b) of Chapter 15, Subtitle 3, Title 79, Revised Civil
Statutes of Texas, 1925, as amended,  the holder hereof and Maker agree that the
other  provisions  of such  Chapter  15 shall  not  apply to this Note or to any
provision hereunder.

10. Conflicts.  This Note has been executed and delivered  pursuant to the terms
of the Credit  Agreement,  and Payee is entitled to the benefits of and security
provided for in the Credit Agreement. Advances hereunder by Payee to Maker shall
be governed by the terms and  provisions  of the Credit  Agreement.  Any Default
under the terms of the  Credit  Agreement  by Maker or under any other  Security
Document  will  automatically  be a Default  hereunder.  The terms of the Credit
Agreement will govern in the event of any conflict with the terms of this Note.

11.  Additional  Security.  This Note is  secured  by all  security  agreements,
collateral assignments,  assignments,  pledges,  guaranties,  deeds of trust and
lien  instruments  executed by Maker (or by any other liable  party) in favor of
Payee or any other holder of this Note, including those executed simulta neously
herewith, those executed heretofore and those executed hereafter.

12. Set-off Rights. Maker agrees that Payee may apply any deposits of Maker with
Payee to the payment of Maker's  obligations under this Note in the event of any
Default under the terms and  provisions  of this Note or the documents  securing
same.

13.  Deed of  Trust.  This  Note is  secured  by the  liens of  Deeds of  Trust,
Mortgage,  Assignment of Production,  Security Agreement and Financing Statement
(the "Deeds of Trust") of even date herewith  given to Rebecca  Dozier,  Trustee
for the benefit of Payee, and any other holder of holders of this Note, covering
the lands and other property in Pontotoc  County,  Oklahoma,  and other property
owned by Maker and described in the Deeds of Trust (the "Subject Property"),  to
which reference is made for all purposes.

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                                                                      Initials

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14.  Cumulative  Rights.  No delay on the part of the holder of this Note in the
exercise  of any  power or right  under  this  Note,  or under any  document  or
instrument executed in connection  herewith,  shall operate as a waiver thereof,
nor shall a single or partial exercise of any other power or right.  Enforcement
by the holder of this Note of any  security  for the  payment  hereof  shall not
constitute  any election by it of remedies so as to preclude the exercise of any
other remedy available to it.

15.  Notices.  Any notice or demand  given  hereunder  by the holder shall be in
writing and be deemed to have been given and received (a) when actually received
by Maker, if delivered in person or by courier or messenger, or (b) two Business
Days (hereinafter defined) after a letter containing such notices,  certified or
registered,  with postage prepaid addressed to Maker, is deposited in the United
States Mail.  The address of Maker is set forth at the top of this Note, or such
other address as Maker shall advise the holder hereof by certified or registered
letter.

16. Governing Law. THIS NOTE IS BEING EXECUTED AND DELIVERED, AND IS INTENDED TO
BE PERFORMED, IN THE STATE OF TEXAS, AND THE LAWS OF SUCH STATE SHALL GOVERN THE
CONSTRUCTION,  VALIDITY,  ENFORCEMENT,  AND INTERPRETATION HEREOF, EXCEPT TO THE
EXTENT FEDERAL LAWS OTHERWISE  GOVERN THE VALIDITY,  CONSTRUCTION,  ENFORCEMENT,
AND INTERPRETATION HEREOF.

17.  Headings.  The  headings  of the  sections  of this note are  inserted  for
convenience only and shall not be deemed to constitute a part hereof.

18. Successors and Assigns. All of the covenants,  stipulations,  promises,  and
agreements in this Note by or on behalf of Maker shall bind its  successors  and
assigns,  whether so expressed or not;  provided,  however,  that Maker may not,
without  the prior  written  consent of the holder  hereof,  assign any  rights,
duties,  or  obligations  under this Note.  Any  assignment  in violation of the
foregoing shall be null and void.

19. Business Day;  Payments.  As used herein,  the expression (a) "Business Day"
means every day on which Payee is open for business,  and (b) "Nonbusiness  Day"
means every day which is not a Business Day.  Payment of  the  principal of this
note shall be due and payable in lawful  money of the United  States of America,
in Harris County, Texas at the office of Payee set forth at the top of this Note
at or before 3:00 p.m.,  Houston,  Texas time on the day such payment is due. In
any case where a payment of principal is due on a Nonbusiness  Day,  Maker shall
be entitled to delay such payment until the next succeeding Business Day.

         IN WITNESS  WHEREOF,  the  undersigned has executed this note as of the
day and year first above written.

                                              MAKER:

                                              FIELDPOINT PETROLEUM CORPORATION

                                              By:
                                                  ------------------------------
                                                  Ray D.  Reaves, Jr., President

                                      - 4 -

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