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 September 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 October 31, 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

 

September 30,

December 31,

 

2003

2002

CURRENT ASSETS:

(unaudited)

 

    Cash

$         323,791 

$         402,460 

    Accounts receivable:

 

 

        Oil and gas sales

���� 227,417 

�245,907 

        Joint interest billings, less allowance for doubtful

        ���� accounts of $43,753 each period


���� 82,034 


�� 69,275 

    Prepaid expenses

            34,535 

               2,535 

                    Total current assets

���� 667,777 

�720,177 

PROPERTY AND EQUIPMENT:

 

 

    Oil and gas properties (successful efforts method):

 

 

        Leasehold costs

� 4,792,447 

4,677,423 

        Lease and well equipment

� 1,010,474 

942,238 

    ������ Asset Retirement Obligation

���� 364,144 

 

    Furniture and equipment

������ 51,482 

�� 35,082 

    Transportation equipment

���� 158,254 

�102,274 

    Less accumulated depletion and depreciation

      (1,958,527)

��� �������(1,728,105)

                    Net property and equipment

� 4,418,274 

����������� 4,028,912 

 

 

 

LONG-TERM JOINT INTERST BILLING RECEIVABLE

����� 65,184 

�� 65,184 

OTHER ASSETS            

             4,297 

               4,297 

                Total assets

$    5,155,532 

$      4,818,570 
 
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

 

 

    Current portion of long-term debt

$      710,000 

$         831,723 

    Accounts payable and accrued expenses

�� 227,415 

�473,935 

    Oil and gas revenues payable

���� 77,058 

63,508 

 

 

 

                    Total current liabilities

1,014,473 

����������� 1,369,166 

 

 

 

LONG-TERM DEBT, net of current portion

����� 9,776 

������������������ 7,897 

DEFERRED INCOME TAXES

� 146,000 

�� 59,000 

ASSET RETIREMENT OBLIGATION

490,491 

- 

 

 

 

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 shares of common stock

�� (18,600)

�(18,600)

Retained earnings

        853,704 

           741,419 

                    Total stockholders' equity

     3,494,792 

        3,382,507 

                    Total liabilities and stockholders' equity

$   5,155,532 

$      4,818,570 

 

See accompanying notes to these consolidated financial statements

 

 

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

 

For The Three Months Ended

 

September 30,

 

2003

2002

REVENUE:

(unaudited)

(unaudited)

    Oil and gas sales

$          559,058 

$       584,470 

    Well operational and pumping fees

             29,968 

           29,968 

                Total revenue

��� 589,026 

�614,438 

 

 

 

COSTS AND EXPENSES:

 

 

    Exploration Expense

����� 83,182 

 

    Production expense

�� �295,472 

�199,862 

    Depletion and depreciation

��� 102,000 

�111,109 

    General and administrative

            139,281 

          170,947 

                Total costs and expenses

��� 619,935 

�481,918 

 

 

 

OTHER INCOME (EXPENSE):

 

 

    Interest income (expense), net

���� (18,795)

� (15,221)

    Miscellaneous

������������������������ - 

�������������������� 650 

    Unrealized and realized derivative loss

                       - 

            (8,024)

                Total other income (expense)

            (18,795)

          (22,595)

 

 

 

INCOME� BEFORE INCOME TAXES

���� (49,704)

� 109,925 

INCOME TAX (PROVISION) DEFERRED

            18,000 

            (61,000)

 

 

 

NET INCOME

           (31,704)

���             48,925 

 

 

 

NET INCOME� PER SHARE

 

 

    BASIC

��� $            ( 0.01)

��� $               0.01 

    DILUTED

$             (0.01)

��� $               0.01 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

    BASIC

       7,580,175 

        7,580,175 

    DILUTED

        7,580,175����

���        7,580,175 

 

 

 

 

See accompanying notes to these consolidated financial statements

 

 

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

 

For The Nine Months Ended

 

September 30,

 

2003

2002

REVENUE:

(unaudited)

(unaudited)

    Oil and gas sales

$      1,756,494 

$          1,722,752 

    Well operational and pumping fees

             89,904 

                99,546 

                Total revenue

� 1,846,398 

����������� 1,822,298 

 

 

 

COSTS AND EXPENSES:

 

 

    Exploration Expense

������ 83,182 

������������������� - 

    Production expense

���� 841,737 

�989,873 

    Depletion and depreciation

���� 316,000 

�415,767 

    General and administrative

           337,057 

              513,731 

                Total costs and expenses

� 1,577,976 

����������� 1,919,371 

 

 

 

OTHER INCOME (EXPENSE):

 

 

    Interest income (expense), net

���� (39,825)

� (62,434)

    Gain on Sale of Asset

��������� - 

�� 96,149 

    Miscellaneous

������������ �����������- 

650 

    Realized and unrealised derivative loss

              (5,184)

              (31,078)

                Total other income (expense)

            (45,009)

                   3,287

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

���� 223,413 

(93,786)

INCOME TAX (PROVISION) CURRENT

�(6,000)

��������������������� -

INCOME TAXBENEFIT(PROVISION) DEFERRED

            (87,000)

                17,000 

 

 

 

NET INCOME (LOSS)

           130,413 

���               (76,786)

 

 

 

CUMULATIVE EFFECT

�(16,606)

- 

 

 

 

NET INCOME (LOSS)

���           113,807 

              (76,786)

 

 

 

NET INCOME (LOSS) PER SHARE

 

 

    BASIC

$              0.02 

��� $                (0.01)

    DILUTED

$              0.02 

��� $                (0.01)

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

    BASIC

        7,580,175 

          7,580,175 

    DILUTED

         7,580,175 

          7,580,175 

 

 

 

 

See accompanying notes to these consolidated financial statements

 

 

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

September 30,

 

2003

2002

 

(unaudited)

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

    Net income (loss)

$           113,807 

$          (76,786)

    Adjustments to reconcile to net cash provided by
        operating activities:

 

 

    Depletion and depreciation

316,000 

� 415,767 

    Deferred Income Taxes

� 87,000 

��������������� (17,000)

    Gain on sale of oil and gas property

 

�� (96,149)

    Cumulative effect of accounting change

��������������� 16,606 

��� �����������������- 

    Accretion expense

��������������� 18,582 

�������������������� - 

    Changes in assets and liabilities:

 </s