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)

Colorado 84-0811034

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)

1703 Edelweiss Drive

Cedar Park, Texas 78613

(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

FieldPoint Petroleum Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

		March 31,	December 31,
		20023	20012
CURRENT ASSETS:		(unaudited)
Cash		$ 341,705	$ 351402,277460
Trading Securities		-	2,880
Derivatives		-	23,053
Accounts receivable:
Due from Stockholder		,	7,500
Oil and gas sales		249,857	28345,198907
Joint interest billings, less allowance for doubtful accounts of $99,192 and $4399,75192, respectively3 each period		65,410	3869,974275
Prepaid expenses and other current assets		2,535	102,535
Total current assets		659,507	809720,417177
PROPERTY AND EQUIPMENT:
Oil and gas properties (successful efforts method):
Leasehold costs		4,714,388	4,809677,276423
Lease and well equipment		964,,190	1,058942,777238
Asset retirement obligation		364,144	-
Furniture and equipment		35,082	35,082
Transportation equipment		136,274	102,274
Less accumulated depletion and depreciation		(1,744,527)	(1,334728,353105)
Net property and equipment		4,469,551	4,671028,056912
LONG-TERM JOINT INTEREST BILLING RECEIVABLE		65,184,	65,400184
OTHER ASSETS		4,297	134,297
Total assets		$ 5,198,539	$ 54,680818,170570
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$ 728,643		$ 551831,914723
Accounts payable and accrued expenses	367,752		160473,138935
Oil and gas revenues payable	79,649		4963,716508
Total current liabilities	1, 176,044		1,376169,768166
LONG-TERM DEBT, net of current portion	, 5,923		1,239,874 7,897
DEFERRED INCOME TAXES	102,000		59 147,000
ASSET RETIREMENT OBLIGATIONCOMMMITMENT	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, 1160,000 shares of common stock	(18,1600)		( (18,6100)
Retained earnings	795,381		877412,940419
Total stockholders’ equity	3,436,469		3,531382,528507
Total liabilities and stockholders’ equity	$ 5,198,539		$ 54,680818,170570

See accompanying notes to these consolidated financial statements

FieldPoint Petroleum Corporation

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	96,065	146,476
Total costs and expenses	498,600	576,924
OTHER INCOME (EXPENSE):
Interest income (expense), net	(9,768)	(24,237)
Miscellaneous	-	-
Realized derivative loss	- (,)	(23,053)
Total other income (expense)	(9,768)	(47,290)
INCOME (LOSS) BEFORE INCOME TAXES AND CUMULATIVE EFFECT	119,658	( 90,029)
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)	54,052	( 55,029)
NET INCOME (LOSS) PER SHARE BEFORE ACCOUNTING CHANGE
BASIC	$ (0.01)	$ (0.01)
DILUTED	$ (0.01)	$ (0.01)<span style='mso-prop-change:wendy_willcox 20030913T1