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 September 30, 2004

[   ]       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         (State or other jurisdiction of incorporation or organization)

84-0811034 (I.R.S. Employer 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 November 10, 2004, the number of shares outstanding of the Registrant's $.01 par value Common Stock was 7,680,175.

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

	September 30,	December 31,
	2004	2003
CURRENT ASSETS:	(unaudited)
Cash and cash equivalents	$      403,407	$        1,395,100
Short-term investments	570,887	67,428
Trading securities	37,600	-
Accounts receivable:
Oil and gas sales	391,316	260,043
Joint interest billings, less allowance for doubtful         accounts of $99,192 each period	91,393	72,530
Prepaid expenses	30,035	22,535
Total current assets	1,524,638	1,817,636
PROPERTY AND EQUIPMENT:
Oil and gas properties (successful efforts method):
Proved leasehold costs	5,467,130	5,188,060
Lease and well equipment	1,382,643	1,004,939
Asset Retirement Obligation	364,144	-
Furniture and equipment	51,482	51,482
Transportation equipment	158,254	158,254
Less accumulated depletion and depreciation	(2,500,496)	(2,108,914)
Net property and equipment	4,923,157	4,293,821
LONG-TERM JOINT INTEREST BILLING RECEIVABLE	65,184	65,184
OTHER ASSETS	14,297	4,297
Total assets	$      6,527,276	$      6,180,938
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$      1,580,742	$       266,324
Accounts payable and accrued expenses	119,861	200,827
Oil and gas revenues payable	47,564	60,898
Income Tax Payable	10,000	-
Total current liabilities	1,758,167	528,049
LONG-TERM DEBT, net of current portion	-	1,491,802
DEFERRED INCOME TAXES	245,000	125,000
ASSET RETIREMENT OBLIGATION	515,267	496,685
COMMITMENTS
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value, 75,000,000 shares authorized;
7,680,175 and 7,580,175 shares issued, respectively	76,801	75,801
Additional paid-in capital	2,647,887	2,583,887
Treasury stock, 160,000 shares, at cost	(18,600)	(18,600)
Retained earnings	1,302,754	898,314
Total stockholders' equity	4,008,842	3,539,402
Total liabilities and stockholders' equity	$     6,527,276	$      6,180,938

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For The Three Months Ended
	September 30,
	2004	2003
REVENUE:	(unaudited)	(unaudited)
Oil and gas sales	$      866,856	$       559,058
Well operational and pumping fees	29,968	29,968
Total revenue	896,824	589,026
COSTS AND EXPENSES:
Exploration Expense	-	83,182
Production expense	357,333	295,472
Depletion and depreciation	135,000	102,000
General and administrative	100,957	139,281
Total costs and expenses	593,290	619,935
OTHER INCOME (EXPENSE):
Interest income (expense), net	(21,893)	(18,795)
Investment Income	2,813	-
Gain on Derivative	5,000	-
Miscellaneous	341	-
Total other income (expense)	(13,739)	(18,795)
INCOME BEFORE INCOME TAXES	289,795	(49,704)
INCOME TAX (PROVISION) BENEFIT	(54,000)	18,000
NET INCOME	235,795	(31,704)
NET INCOME PER SHARE
BASIC	$             0.03	$           (0.01)
DILUTED	$             0.03	$           (0.01)
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC	7,520,175	7,580,175
DILUTED	7,678,541	7,580,175

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For The Nine Months Ended
	September 30,
	2004	2003
REVENUE:	(unaudited)	(unaudited)
Oil and gas sales	$        2,058,970	$     1,756,494
Well operational and pumping fees	89,904	89,904
Total revenue	2,148,874	1,846,398
COSTS AND EXPENSES:
Exploration Expense	-	83,182
Production expense	883,183	841,737
Depletion and depreciation	391,000	316,000
General and administrative	313,535	337,057
Total costs and expenses	1,587,718	1,577,976
OTHER INCOME (EXPENSE):
Interest income (expense)	(64,483)	(39,825)
Investment Income	13,459	-
Miscellaneous	9,308	-
Gain on Derivative	5,000	(5,184)
Total other income (expense)	(36,716)	(45,009)
INCOME BEFORE INCOME TAXES	524,440	223,413
INCOME TAX (PROVISION) CURRENT	-	(6,000)
INCOME TAX BENEFIT(PROVISION) DEFERRED	(120,000)	(87,000)
NET INCOME BEFORE CUMULATIVE EFFECT      OF A CHANGE IN ACCOUNTING PRINCIPLE	404,440	130,413
CUMULATIVE EFFECT	-	(16,606)
NET INCOME	404,440	113,807
NET INCOME PER SHARE
BASIC	$                0.05	$              0.02
DILUTED	$                0.05	$              0.02
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC	7,484,278	7,580,175
DILUTED	7,666,005	7,580,175

See accompanying notes to these consolidated financial statements.

FieldPoint Petroleum Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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	September 30,
	2004	2003
	(unaudited)	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$      404,440	$         113,807
Adjustments to reconcile to net cash
provided by operating activities:
Depletion and depreciation	391,000	316,000
Deferred income taxes	120,000	87,000
Cumulative effect of accounting change	-	16,606
Accretion expense	18,582	18,582
Changes in assets and liabilities:
Accounts receivable	(150,136)	4,209
Prepaid expenses and other assets	(17,500)	(32,000)
Accounts payable and accrued expenses	(70,967)	(246,520)
Oil and gas revenues payable	(13,333)	13,550
Purchase of Trading Securities	(37,600)
Other	582	-
Net cash provided by operating activities	645,068	291,234
CASH FLOWS FROM INVESTING ACTIVITIES: