U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-QSB
[X] Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly
Period Ended March 31, 20023
[ ] Transition Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from __________ to _________
Commission file number: 0-9435
FieldPoint
Petroleum Corporation
(Exact name of small business issuer as specified in its charter)
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1703 Edelweiss Drive
(Address of principal executive offices) (Zip Code)
(512)
250-8692
(Issuer's telephone number)
Check whether the issuer (1) filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the past 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
As of April 30, 2002, the number of shares
outstanding of the Registrant's $.01 par value Common Stock was 7,5830,175.
Transitional Small Business Disclosure Format (Check one):
Yes No X
PART I
Item 1. Condensed Consolidated Financial Statements
|
March 31, |
December 31, |
|
|
200 |
200 |
|
CURRENT ASSETS: |
(unaudited) |
|
|
Cash |
$
341,705 |
$
|
|
|
|
|
|
|
|
|
|
Accounts receivable: |
|
|
|
|
|
|
|
Oil and gas sales |
249,857 |
2 |
|
Joint interest billings, less allowance for doubtful accounts of $99,192 and $ |
|
|
|
Prepaid expenses and other current assets |
2,535 |
|
|
Total
current assets |
659,507 |
|
|
|
|
|
|
PROPERTY AND EQUIPMENT: |
|
|
|
Oil and gas properties
(successful efforts method): |
|
|
|
Leasehold costs |
4,714,388 |
4, |
|
Lease and well equipment |
964 |
|
|
Asset
retirement obligation |
364,144 |
- |
|
Furniture and equipment |
|
35,082 |
|
Transportation equipment |
|
102,274 |
|
Less accumulated depletion and
depreciation |
|
(1, |
|
Net
property and equipment |
4,469,551 |
4, |
|
|
|
|
|
|
|
65, |
|
OTHER ASSETS |
4,297 |
|
|
Total assets |
$
5,198,539 |
$
|
|
|
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||
CURRENT LIABILITIES: |
|
|
|
Current portion of long-term debt |
$ |
$
|
|
Accounts payable and accrued
expenses |
|
|
|
Oil and gas revenues payable |
|
|
|
Total
current liabilities |
1, |
|
|
|
|
|
|
LONG-TERM DEBT, net of current portion |
|
|
|
DEFERRED INCOME TAXES |
102,000 |
59 |
|
ASSET RETIREMENT
OBLIGATION |
478,103 |
- |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
Common stock, $.01 par value, 75,000,000 shares authorized; |
|
||
7,580,175 shares
issued and outstanding, |
|
||
respectively |
75,801 |
75,801 |
|
Additional paid-in
capital |
2,583,887 |
2,583,887 |
|
Treasury stock, 1 |
|
|
|
Retained earnings |
795,381 |
|
|
Total
stockholders’ equity |
3,436,469 |
3, |
|
Total
liabilities and stockholders’ equity |
$
5,198,539 |
$
|
|
See accompanying
notes to these consolidated financial statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
For The Three Months Ended |
|
|
March 31, |
|
|
2003 |
2002 |
REVENUE: |
(unaudited) |
(unaudited) |
Oil and gas sales |
$
598,058 |
$
499,396 |
Well operational and pumping fees |
29,968 |
34,789
|
Total
revenue |
628,026 |
534,185 |
|
|
|
COSTS
AND EXPENSES: |
|
|
Production expense |
300,535 |
275,086 |
Depletion and depreciation |
102,000 |
155,362 |
General and administrative |
|
146,476 |
Total
costs and expenses |
498,600 |
576,924 |
|
|
|
OTHER
INCOME (EXPENSE): |
|
|
Interest income (expense), net |
(9,768) |
(24,237) |
|
|
|
Realized
derivative loss |
- |
(23,053) |
Total
other income (expense) |
|
(47,290) |
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES AND CUMULATIVE EFFECT |
119,658 |
( |
|
|
|
INCOME TAX (PROVISION)
CURRENT |
(6,000) |
- |
INCOME
TAX (PROVISION) BENEFIT
DEFERRED |
(43,000)
|
35,000 |
|
|
|
INCOME (LOSS) BEFORE
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE |
70,658 |
(55,029) |
|
|
|
CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE |
16,606 |
- |
|
|
|
NET
INCOME (LOSS) |
|
( |
|
|
|
NET
INCOME (LOSS) PER SHARE BEFORE ACCOUNTING CHANGE |
|
|
BASIC |
$ |
$ (0.01) |
DILUTED |
$
|
$ (0.01)<span style='mso-prop-change:wendy_willcox 20030913T1 |