Form 10QSB for AMERICAN RIVERS OIL CO filed on Aug 11 1997

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 _________

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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�

��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)

��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)

��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)

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:

�

FieldPoint Petroleum Corporation �CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

�

LIABILITIES AND STOCKHOLDERS' EQUITY

DEFERRED INCOME TAXES

FieldPoint Petroleum Corporation CONDENSED CONSOLIDATED STATEMENTS OF INCOME

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FieldPoint Petroleum Corporation
�CONDENSED CONSOLIDATED BALANCE SHEETS

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS