FieldPoint Petroleum: In The News...

FieldPoint Petroleum Corporation Reports Third Quarter and Nine Month Financial Results

AUSTIN, Nov. 14 /PR Newswire

FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC) announced today that for the third quarter ended September 30, 2000, the Company had record revenues of $416,161, pre-tax income of $156,364, and after-tax net income of $117,204, or $0.02 per share, versus revenues of $281,436 and net income of $33,999 in the 1999 comparable quarter.

During the nine month period ended September 30, 2000, the Company had record revenues of $1,150,168 and record net income of $367,522 or $0.06 per share, versus revenues of $592,808 and net income of $20,173 in the 1999 comparable period.

FieldPoint's President and CEO, Ray D. Reaves, commented that ``Our revenues and earnings continue at record levels due to increased production and strong commodity prices. As a result of these factors, during the month of October, the Company accelerated the repayment of debt with available cash on hand, resulting in approximately $20,000 a month in additional cash.'' Reaves further commented ``that at no time in the Company's history has it been in such a favorable financial position which will help foster the Company's growth plan.''

Reaves further added ``Consistent with our strategy of growing through acquisition, the Company is currently anticipating increased production as a result of our redevelopment efforts in the Hutt (Wilcox) Field. Unfortunately, due to heavy rain in the area, our efforts are slightly behind schedule and thus the results are anticipated within two/three weeks.''

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
                         (unaudited, except 12/31/99)
                                   3 Months Ended            9 Months Ended
                               09/30/00    09/30/99      09/30/00    09/30/99
    Revenues:
     Oil and gas sales         $383,942    $248,677    $1,053,284    $494,100
     Well operational/pumping    32,219      32,759        96,884      98,708
        Total                  $416,161    $281,436    $1,150,168    $592,808
    Cost and Expenses:
     Production expense         152,131      96,103       378,644     183,415
     Depletion and depreciation  39,000      36,000       117,000     108,000
     General and administrative  55,018      81,246       204,297     245,558
        Total                  $246,150    $213,349      $699,941    $536,979
    Other Income (Expense):
     Interest expense, net      (21,545)    (27,933)      (62,669)    (58,368)
     Miscellaneous                7,897          45         8,010      24,706
        Total                   (13,648)    (27,888)      (54,659)    (33,662)
    Income (Loss)
     Before Income Taxes       $156,364     $40,199      $395,568     $22,173
    Income Tax
     Benefit (Provision)       ($39,160)    ($6,200)     ($28,046)    ($2,000)
    Net Income (Loss)          $117,204     $33,999      $367,522     $20,173
    Earnings (Loss) Per Share    $0.02      $   ---         $0.06     $   ---
                                               September 30,   December 31,
                                                  2000            1999
    Selected balance sheet data
      Cash & Equivalents                       $ 426,281       $ 117,259
      Total Assets                            $3,304,575      $2,549,881
      Total Liabilities                        $ 800,376      $1,146,686
      Total Shareholders Equity               $2,504,199      $1,403,195