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U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, 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

[]���������TransitionReport 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)

INCOMEBEFORE INCOME TAXES

���� (49,704)

109,925�

INCOME TAX (PROVISION) DEFERRED

������������18,000�

������������(61,000)

NET INCOME

�����������(31,704)

��� ������������48,925�

NET INCOMEPER 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:

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