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, 2004

[  ]       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 16, 2004, the number of shares outstanding of the Registrant's $.01 par value Common Stock was 7,680,175.

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,
	2004	2003
CURRENT ASSETS:	(unaudited)
Cash and cash equivalents	$      209,441	$        1,395,100
Short-term investments	568,074	67,428
Trading securities	37,600	-
Accounts receivable:
Oil and gas sales	317,681	260,043
Joint interest billings, less allowance for doubtful         accounts of $43,753 each period	85,672	72,530
Prepaid expenses	22,535	22,535
Total current assets	1,241,003	1,817,636
PROPERTY AND EQUIPMENT:
Oil and gas properties (successful efforts method):
Proved leasehold costs	5,366,350	5,188,060
Lease and well equipment	1,372,813	1,004,939
Asset Retirement Obligation	364,144	-
Furniture and equipment	51,482	51,482
Transportation equipment	158,254	158,254
Less accumulated depletion and depreciation	(2,365,496)	(2,108,914)
Net property and equipment	4,947,547	4,293,821
LONG-TERM JOINT INTERST BILLING RECEIVABLE	65,184	65,184
OTHER ASSETS	24,297	4,297
Total assets	$      6,278,031	$      6,180,938
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$      1,665,347	$       266,324
Accounts payable and accrued expenses	92,147	200,827
Oil and gas revenues payable	40,992	60,898
Income Tax Payable	10,000	-
Total current liabilities	1,808,486	528,049
LONG-TERM DEBT, net of current portion	-	1,491,802
DEFERRED INCOME TAXES	187,000	125,000
ASSET RETIREMENT OBLIGATION	509,073	496,685
COMMMITMENTS
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value, 75,000,000 shares authorized;
7,580,175 and 7,680,175 shares issued, respectively	76,801	75,801
Additional paid-in capital	2,647,887	2,583,887
Treasury stock, 160,000 shares, at cost	(18,600)	(18,600)
Retained earnings	1,067,384	898,314
Total stockholders' equity	3,773,472	3,539,402
Total liabilities and stockholders' equity	$     6,278,031	$      6,180,938

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For The Three Months Ended
	June 30,
	2004	2003
REVENUE:	(unaudited)	(unaudited)
Oil and gas sales	$      649,952	$           599,378
Well operational and pumping fees	29,968	29,968
Total revenue	679,920	629,346
COSTS AND EXPENSES:
Production expense	341,000	245,729
Depletion and depreciation	132,000	112,000
General and administrative	121,433	101,712
Total costs and expenses	594,433	459,441
OTHER INCOME (EXPENSE):
Interest income (expense), net	(28,793)	(11,263)
Investment Income	13,831
Miscellaneous	9,733
Realized derivative loss	-	(5,184)
Total other income (expense)	(5,229)	(16,447)
INCOME BEFORE INCOME TAXES	80,258	153,458
INCOME TAX (PROVISION) BENEFIT	(20,000)	(62,000)
NET INCOME	60,258	91,458
NET INCOME PER SHARE
BASIC	$              0.01	$                 0.01
DILUTED	$              0.01	$                 0.01
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC	7,511,384	7,420,175
DILUTED	7,869,918	7,420,175

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For The Six Months Ended
	June 30,
	2004	2003
REVENUE:	(unaudited)	(unaudited)
Oil and gas sales	$         1,192,114	$        1,197,435
Well operational and pumping fees	59,936	59,936
Total revenue	1,252,050	1,257,371
COSTS AND EXPENSES:
Production expense	525,850	546,265
Depletion and depreciation	256,000	214,000
General and administrative	212,578	197,776
Total costs and expenses	994,428	958,041
OTHER INCOME (EXPENSE):
Interest income (expense)	(42,590)	(21,031)
Investment Income	10,646	-
Miscellaneous	9,392	-
Realized derivative loss	-	(5,184)
Total other income (expense)	(22,552)	(26,215)
INCOME BEFORE INCOME TAXES	235,070	273,115
INCOME TAX (PROVISION) CURRENT	(4,000)	(6,000)
INCOME TAX (PROVISION) DEFERRED	(62,000)	(105,000)
NET INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE	169,070	162,115
CUMULATIVE EFFECT	-	(16,606)
NET INCOME	169,070	145,509
NET INCOME PER SHARE
BASIC	$              0.02	$              0.02
DILUTED	$              0.02	$              0.02
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC	7,466,031	7,420,175
DILUTED	7,659,671	7,420,175

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	June 30,
	2004	2003
	(unaudited)	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$      169,070	$      145,509
Adjustments to reconcile to net cash
provided by operating activities:
Depletion and depreciation	256,000	214,000
Deferred income taxes	62,000	105,000
Cumulative effect of accounting change	-	16,606
Accretion expense	12,388	12,388
Changes in assets and liabilities:
Accounts receivable	(70,780)	2,079
Prepaid expenses and other assets	(20,000)	(12,000)
Accounts payable and accrued expenses	(98,680)	(423,867)
Oil and gas revenues payable	(19,906)	243,604
Other	582	5,582
Net cash provided by operating activities	290,674	308,901
CASH FLOWS FROM INVESTING ACTIVITIES:	<![if !supportE