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