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, 2003

[ ] 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         (State or other jurisdiction of incorporation or organization)

84-0811034 (I.R.S. Employer 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 August 18, 2003, the number of shares outstanding of the Registrant's $.01 par value Common Stock was 7,530,175.

Transitional Small Business Disclosure Format (Check one):

Yes No   X    

PART I
Item 1. Condensed Consolidated Financial Statements

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

	June 30,	December 31,
	2003	2002
CURRENT ASSETS:	(unaudited)
Cash	$       413,743	$       402,460
Accounts receivable:
Oil and gas sales	249,857	245,907
Joint interest billings, less allowance for doubtful Accounts of $43,753 each period	63,245	69,275
Prepaid expenses	14,535	2,535
Total current assets	741,380	720,177
PROPERTY AND EQUIPMENT:
Oil and gas properties (successful efforts method):
Leasehold costs	4,719,912	4,677,423
Lease and well equipment	984,429	942,238
Asset retirement obligation	364,144	-
Furniture and equipment	35,082	35,082
Transportation equipment	136,274	102,274
Less accumulated depletion and depreciation	(1,856,527)	(1,728,105)
Net property and equipment	4,383,314	4,028,912
LONG-TERM JOINT INTERST BILLING RECEIVABLE	65,184	65,184
OTHER ASSETS	4,298	4,297
Total assets	$    5,194,176	$      4,818,570
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$      653,028	$        831,723
Accounts payable and accrued expenses	282,068	473,935
Oil and gas revenues payable	75,112	63,508
Total current liabilities	1,010,208	1,369,166
LONG-TERM DEBT, net of current portion	7,656	7,897
DEFERRED INCOME TAXES	164,000	59,000
ASSET RETIREMENT OBLIGATION	484,297	-
COMMMITMENTS
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	(18,600)	(18,600)
Retained earnings	886,927	741,419
Total stockholders' equity	3,528,015	3,382,507
Total liabilities and stockholders' equity	$   5,194,176	$      4,818,570

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For The Three Months Ended
	June 30,
	2003	2002
REVENUE:	(unaudited)	(unaudited)
Oil and gas sales	$      599,378	$           638,886
Well operational and pumping fees	29,968	34,789
Total revenue	629,346	673,675
COSTS AND EXPENSES:
Production expense	245,729	514,925
Depletion and depreciation	112,000	149,296
General and administrative	101,712	196,308
Total costs and expenses	459,441	860,529
OTHER INCOME (EXPENSE):
Interest income (expense), net	(11,263)	(22,976)
Gain on sale of oil and gas property		96,149
Realized derivative loss	(5,184)	-
Total other income (expense)	(16,447)	73,173
INCOME (LOSS) BEFORE INCOME TAXES	153,458	(113,681)
INCOME TAX (PROVISION) BENEFIT	(62,000)	43,000
NET INCOME (LOSS)	91,458	(70,681)
NET INCOME (LOSS) PER SHARE
BASIC	$             0.01	$             (0.01)
DILUTED	$             0.01	$             (0.01)
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC	7,530,175	7,580,175
DILUTED	7,530,175	7,580,175

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For The Six Months Ended
	June 30,
	2003	2002
REVENUE:	(unaudited)	(unaudited)
Oil and gas sales	$         1,197,435	$        1,138,282
Well operational and pumping fees	59,936	69,578
Total revenue	1,257,371	1,207,860
COSTS AND EXPENSES:
Production expense	546,265	790,011
Depletion and depreciation	214,000	304,658
General and administrative	197,776	342,784
Total costs and expenses	958,041	1,437,453
OTHER INCOME (EXPENSE):
Interest income (expense)	(21,031)	(47,213)
Gain on Sale of oil and gas property		96,149
Realized derivative loss	(5,184)	(23,054)
Total other income (expense)	(26,215)	25,882
INCOME (LOSS) BEFORE INCOME TAXES	273,115	(203,711)
INCOME TAX (PROVISION) CURRENT	(6,000)	-
INCOME TAX (PROVISION) DEFERRED	(105,000)	78,000
NET INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE	162,115	(125,711)
CUMULATIVE EFFECT	(16,606)	-
NET INCOME (LOSS)	145,509	(125,711)
NET INCOME (LOSS) PER SHARE
BASIC	$              0.02	$            (0.02)
DILUTED	$              0.02	$            (0.02)
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC	7,530,175	7,580,175
DILUTED	7,530,175	7,580,175

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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	June 30,
	2003	2002
	(unaudited)	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$      145,509	$     (125,711)
Adjustments to reconcile to net cash
provided by operating activities:
Depletion and depreciation	214,000	304,658
Deferred income taxes	105,000	(78,000)
Cumulative effect of accounting change	16,606	-
Accretion expense	12,388	-
Changes in assets and liabilities: