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 March 31, 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 84-0811034

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) 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 March 31, 2004, the number of shares outstanding of the Registrant's $.01 par value Common Stock was 7,580,175.

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

		March 31,	December 31,
		2004	2003
CURRENT ASSETS:		(unaudited)	*
Cash		$ 188,086	$ 1,395,100
Short-term Investments		554,243	67,428
Accounts receivable:
Oil and gas sales		258,573	260,043
Joint interest billings, less allowance for doubtful accounts of $99,192 and $99,192, respectively		72,941	72,530
Prepaid expenses and other current assets		38,005	22,535
Total current assets		1,111,848	1,817,636
PROPERTY AND EQUIPMENT:
Oil and gas properties (successful efforts method):
Leasehold costs		5,665,240	5,188,060
Lease and well equipment		1,379,202	1,004,939
Furniture and equipment		51,482	51,482
Transportation equipment		158,254	158,254
Less accumulated depletion and depreciation		(2,233,496)	(2,108,914)
Net property and equipment		5,020,682	4,293,821
LONG-TERM JOINT INTEREST BILLING RECEIVABLE		65,184	65,184
OTHER ASSETS		14,297	4,297
Total assets		$ 6,212,011	$ 6,180,938
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$ 1,748,036		$ 266,324
Accounts payable and accrued expenses	90,603		200,827
Oil and gas revenues payable	54,938		60,898
Total current liabilities	1,893,577		528,049
LONG-TERM DEBT, net of current portion	-		1,491,802
DEFERRED INCOME TAXES	167,000		125,000
ASSET RETIREMENT OBLIGATION	502,879		496,685
STOCKHOLDERS’ EQUITY:
Common stock, $.01 par value, 75,000,000 shares authorized;
7,580,175 and 7,580,175 shares issued and outstanding,
respectively	75,801		75,801
Additional paid-in capital	2,583,887		2,583,887
Treasury stock, 160,000 shares of common stock	(18,600)		(18,600)
Retained earnings	1,007,467		898,314
Total stockholders’ equity	3,648,555		3,539,402
Total liabilities and stockholders’ equity	$ 6,212,011		$ 6,180,938

* Derived from audited balances at December 31, 2003

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	For The Three Months Ended
	March 31,
	2004	2003
REVENUE:	(unaudited)	(unaudited)
Oil and gas sales	$ 542,162	$ 598,058
Well operational and pumping fees	29,967	29,968
Total revenue	572,129	628,026
COSTS AND EXPENSES:
Production expense	184,849	300,535
Depletion and depreciation	124,000	102,000
General and administrative	91,145	96,065
Total costs and expenses	399,994	498,600
OTHER INCOME (EXPENSE):
Interest income (expense), net	(13,797)	(9,768)
Miscellaneous	(3,185)	-
Total other income (expense)	(16,982)	(9,768)
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT	155,153	119,658
INCOME TAX PROVISION - CURRENT	(4,000)	(6,000)
INCOME TAX PROVISION - DEFERRED	(42,000)	(43,000)
INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE	109,153	70,658
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE	-	16,606
NET INCOME	$ 109,153	$ 54,052
NET INCOME PER SHARE BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE
BASIC	$ 0.01	$ 0.01
DILUTED	$ 0.01	$ 0.01
CUMULATIVE EFFECT OF ACCOUNTING CHANGE PER SHARE
BASIC	$ -	$ -
DILUTED	$ -	$ -
NET INCOME PER SHARE
BASIC	$ 0.01	$ 0.01
DILUTED	$ 0.01	$ 0.01
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC	7,420,175	7,420,175
DILUTED	7,444,665	7,420,175

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

<td width=336 valign=top style='width:3.5i

	For The Three Months Ended
	March 31,
	2004	2003
	(unaudited)	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 109,153	$ 54,052
Adjustments to reconcile to net cash
provided by operating activities:
Depletion and depreciation	124,000	102,000
Deferred Income Taxes	42,000	43,000
Cumulative effect of accounting change	-	16,606
Accretion expense	6,194	6,194
Changes in assets and liabilities:
Accounts receivable	1,059	(175)
Prepaid expenses and other assets	(25,470)	-
Accounts payable and accrued expenses	(110,224)	(414,183)
Oil and gas revenues payable	(5,960)	324,141
Other	582	5,583
Net cash provided by operating activities	141,334	137,218
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short term investments	(486,815)	-
Purchase of oil and gas properties	(851,443)	(58,919)
Purchase of other property and equipment	-	(34,000)
Net cash used by investing activities	(1,338,258)	(92,919)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt	(10,090)	(105,054)
Net cash used by financing activities	(10,090)	(105,054)
NET DECREASE IN CASH	(1,207,014)	(60,755)