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FieldPoint Petroleum: In The News...

Corporate Update
FieldPoint Petroleum Corporation Announces New Director 02/22/02
FieldPoint Petroleum Corporation Reports Third Quarter and Nine-Month Financial Results on Record Levels of Oil and Natural Gas Production 11/20/01
FieldPoint Petroleum Corporation Expands Oklahoma Operations With Ona West Acquisition 10/22/01
FieldPoint Petroleum Corporation Reports Second Quarter and Six-Month Financial Results on Record Levels of Oil and Natural Gas Production 08/15/01
FieldPoint Petroleum Corporation Reports Year-End 2000 Proved Reserves And Production 04/03/01
FieldPoint Petroleum Corporation Reports Fourth Quarter and 2000 Year-End Financial Results 03/07/01
FieldPoint Petroleum Corporation Announces 85% Production Increase 01/22/01
FieldPoint Petroleum Corporation Acquires Interest in Property; Boosts Production and Earnings Prospects 12/19/00
FieldPoint Petroleum Corporation Reports Third Quarter and Nine Month Financial Results 11/14/00
FieldPoint Petroleum Corporation Announces Acquisition of 33% Interest in Hutt (Wilcox Field) 10/02/00
FieldPoint Petroleum Corporation Reports Second Quarter and Six-Month Financial Results 07/25/00
FieldPoint Petroleum Reports Record First Quarter Revenue and a 648% Increase In First Quarter Profits 05/15/00
Standard & Poor's Approves FPPC for Listing In Market Access Program 03/14/00
FPPC Year-End Reserves and Production Increase 02/15/00
FieldPoint Petroleum Completes $1.1 Million Stock Placement 10/14/99
Announces New Board of Director 09/08/99
July 1, 1999 proved oil and gas reserves increased 489% 08/19/99
Additional Oklahoma Acquisitions 7/08/99
Completes $1.2 Million Acquisition 6/21/99
Additional Purchases from Pontotoc 05/05/99
Pontotoc Production Acquisition 1/8/99
Oil & Gas Investor feature 12/14/98
Fred Bowman Property Acquisition 2/24/98
BPI Acquisition 01/02/98
Other Sources
Monday May 15, 7:32 am Eastern Time                      Company Press Release

FieldPoint Petroleum Reports Record First Quarter Revenue and a 648% Increase In First Quarter Profits

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

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, including its Annual Report on Form 10-KSB for the year ended December 31, 1999.

                         FieldPoint Petroleum Corporation
                                      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
         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
         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)
     DEFERRED                             15,954           4,200
    NET INCOME (LOSS)                    128,082         (23,349)
       BASIC                           $    0.02       $   (0.01)
       DILUTED                         $    0.02       $   (0.01)
       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