FieldPoint Petroleum: In The News...

AUSTIN, Texas, July 25 /PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC - news) announced today that for the second quarter ended June 30, 2000, the Company had revenues of $372,887 and net income of $122,238, or $0.02 per share, versus revenues of $179,714 and net income of $9,523 in the 1999 comparable quarter.

During the six-month period ended June 30, 2000, the Company had revenues of $734,007 and net income of $250,320, or $0.04 per share, versus revenues of $311,372 and a net loss of ($13,826) in the 1999 comparable period.

Ray D. Reaves, President and CEO commented that ``Our revenues have increased in excess of 100% for both the second quarter and six-month periods as compared to the previous periods. Additionally, our earnings have grown dramatically from the previous periods. As a result, the Company's financial position continues to strengthen and our ability to continue to grow our asset base through acquisition and further development is enhanced when appropriate opportunities become available.''

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.

                        Selected Financial Information
                                      3 Months Ended         6 Months Ended
                                  06/30/00    06/30/99    06/30/00    06/30/99
    Revenues:
       Oil and gas sales          $340,842    $146,908    $669,342   $245,423
       Well operational/pumping     32,045      32,806      64,665     65,949
         Total                    $372,887    $179,714    $734,007   $311,372
    Cost and Expenses:
       Production expense          119,105      58,953     226,512     87,312
       Depletion and depreciation   39,000      36,000      78,000     72,000
       General and administrative   62,585      87,651     l43,722    l64,312
         Total                    $220,690    $182,604    $448,234   $323,624
    Other Income (Expense):
       Interest expense, net       (19,676)    (12,091)    (41,124)   (30,435)
       Miscellaneous                   114      24,504         114     24,661
         Total                     (19,562)     12,413     (41,010)    (5,774)
    Income (Loss)
       Before Income Taxes        $132,635    $  9,523    $244,763   ($18,026)
    Income Tax
       Benefit (Expense)          $(10,397)   $    ---    $  5,557   $  4,200
    Net Income (Loss)             $122,238    $  9,523    $250,320   ($13,826)
    Earnings (Loss) Per Share     $   0.02    $    ---    $   0.04   $    ---
    Selected balance sheet data            June 30,         June 30,
                                             2000             1999
       Total Assets                       $2,855,481       $2,322,553
       Total Liabilities                   $ 932,966       $1,388,590
       Total Shareholders Equity          $1,922,515       $  933,963
     Contact:  Ray D. Reaves, President  (512) 250-8692
               Parrish B. Ketchmark      (800) 220-8174
    Web site:  http://www.fppcorp.com