FieldPoint Petroleum: In The News...

AUSTIN, Texas, May 15 /PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC - news) today reported record financial results for the first quarter ended March 31, 2000. Total revenue for the first quarter 2000 increased 174% to $361,120 versus $131,658 for the same period in 1999. Net income for the quarter reached $128,082 or $0.02 per share, marking the most profitable quarter in the Company's history, versus a $23,349 loss in the prior year period. These results were driven by steadily increasing production, reduced unit costs and rising oil and gas prices.

Average daily production in the quarter increased to 160 BOE, an increase of 34% from one year ago. Production, which is over 60% oil on a barrel of oil equivalent basis, was comprised of 105 barrels and 358 Mcf per day. Wellhead prices average $26.72 per barrel and $2.30 per Mcf during the quarter, increases of 156% and 85%, respectively, from the 1999 period.

CEO Ray D. Reaves commented, ``The dramatic improvement in the quarter's results are reflective of cost reduction efforts during the last industry downcycle coupled with the timely acquisition of our Oklahoma properties as well as the rebound in oil and gas prices. Furthermore, we continue to seek additional domestic oil and gas properties for acquisition and development. We expect to significantly grow our asset base during the remainder of the year with a nominal increase in general and administrative expense.''

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, 1999.

                         FieldPoint Petroleum Corporation
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                      For The Three Months Ended
                                                March 31,
                                          2000            1999
    REVENUE:                           (unaudited)     (unaudited)
         Oil and gas sales             $ 328,500       $  98,515
         Well operational and
          pumping fees                    32,620          33,143
            Total revenue                361,120         131,658
    COSTS AND EXPENSES:
         Production expense              107,407          28,359
         Depletion and depreciation       39,000          36,000
         General and administrative       81,137          76,661
              Total costs and expenses   227,544         141,020
    OTHER INCOME (EXPENSE):
         Interest income (expense), net  (21,448)        (18,344)
         Miscellaneous                         0             157
            Total other income (expense) (21,448)        (18,187)
    INCOME (LOSS) BEFORE INCOME TAXES    112,128         (27,549)
    INCOME TAX BENEFIT (PROVISION)
     DEFERRED                             15,954           4,200
    NET INCOME (LOSS)                    128,082         (23,349)
    NET INCOME (LOSS) PER SHARE:
       BASIC                           $    0.02       $   (0.01)
       DILUTED                         $    0.02       $   (0.01)
    WEIGHTED AVERAGE SHARES
     OUTSTANDING
       BASIC                           6,340,814       4,661,937
       DILUTED                         6,733,132       4,661,937
     Contact:  Ray D. Reaves, President (512) 250-8692
               Parrish B. Ketchmark  (800) 220-8174

SOURCE: FieldPoint Petroleum Corporation