FieldPoint Petroleum: In The News...

FieldPoint Petroleum Corporation Reports Fourth Quarter and 2000 Year-End Financial Results

AUSTIN, Texas, March 7 /PR Newswire

FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC) announced today that for the fourth quarter ended December 31, 2000, the Company had record revenues of $487,959 with pre-tax income of $135,169, and net income of $33,759, versus revenues of $325,002 with pre-tax income of $56,060 and net income of $45,292 in the 1999 comparable quarter.

For the year ended December 31, 2000, the Company had record revenues of $1,638,127 and record net income of $401,281 or $0.06 per share, versus revenues of $917,810 and net income of $65,465 or $0.01 per share in the 1999 comparable period.

FieldPoint's President and CEO, Ray D. Reaves, commented that, ``Our financial performance during 2000 has been the strongest since the Company's inception and we are very pleased with these results. During the fourth quarter of last year we have added significant additional production which is anticipated to foster our growth during the upcoming year.''

In December of 2000, FPPC completed the purchase of a 16.19% net revenue interest in 30 wells in the Chickasha Field located in Grady County, Oklahoma, representing approximately 89 additional barrels of oil equivalent (BOE) per day net to FieldPoint. Since the effective date of this acquisition was January 1, 2001, production derived from this transaction has not been reflected in the Company's revenues and earnings for the period reported. As such, this recent acquisition is expected to enhance the Company's overall financial performance during the year 2001.

FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in Oklahoma, Texas and Wyoming. The Company's business strategy is to continue to expand its reserve base and increase production and cash flow through the acquisition of producing oil and gas properties. Additional information about FieldPoint Petroleum Corporation may be obtained by contacting the Company's CEO, Ray D. Reaves, at (512) 250-8692 or Parrish B. Ketchmark at (800) 220-8174, or by visiting the Company's web site at www.fppcorp.com.

This release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company's periodic filings with the Securities and Exchange Commission (at www.sec.gov), including its Annual Report on Form 10-KSB for the year ended December 31, 2000.

                        Selected Financial Information
                           (Prepared by Management)
                                 3 Months Ended            12 Months Ended
                             12/31/00    12/31/99      12/31/00    12/31/99
    Revenues:
      Oil and gas sales      $455,740     $292,261    $1,509,024   $786,361
      Well operational/
       pumping                 32,219       32,741       129,103    131,449
        Total                $487,959     $325,002    $1,638,127   $917,810
    Cost and Expenses:
      Production expense      168,802      130,020       547,446    313,435
      Depletion and
       depreciation            60,851       44,166       177,851    152,166
      General and
       administrative         114,342       64,154       318,639    309,712
        Total                $343,995     $238,340    $1,043,936   $775,313
    Other Income (Expense):
      Interest expense, net    (8,795)     (25,458)      (71,464)   (83,826)
      Miscellaneous                 0       (5,144)        8,010     19,562
        Total                  (8,795)     (30,602)      (63,454)   (64,264)
    Income (Loss)
      Before Income Taxes    $135,169      $56,060      $530,737    $78,233
    Income Tax
      Benefit (Provision)   ($101,410)    ($10,768)    ($129,456)  ($12,768)
    Net Income (Loss)         $33,759      $45,292      $401,281    $65,465
    Earnings (Loss) Per
     Share                       $---        $0.01         $0.06      $0.01
    Selected balance sheet data           December 31,       December 31,
                                              2000               1999
      Cash & Equivalents                      $652,419          $117,259
      Total Assets                          $4,550,807        $2,549,881
      Total Liabilities                     $1,892,715        $1,146,686
      Total Shareholders Equity             $2,658,092        $1,403,195