FieldPoint Petroleum: In The News...

FieldPoint Petroleum Corporation Reports Second Quarter and Six-Month Financial Results on Record Levels of Oil and Natural Gas Production

AUSTIN, Texas, August 15 /PR Newswire

FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC) announced today that for the second quarter ended June 30, 2001, the Company reported an 87% increase in quarterly revenues to $696,691 resulting in net income of $201,248 or $0.03 per share, versus revenues of $372,887 and net income of $122,238 or $0.02 per share in the 2000 comparable quarter.

In the second quarter of 2001, cash flow from operations increased to $322,248 ($0.04 per diluted share) compared to $171,635 ($0.02 per diluted share) for the same period in 2000.

Results for Six Months

During the six-month period ended June 30, 2001, the Company's revenues increased 72% to $1,264,625 with net income of $239,818, or $0.03 per share, versus revenues of $734,007 and net income of $250,320 or $0.04 per share in the 2000 comparable period. The slight decline in net income for the six- month period resulted from a depletion charge taken during the first quarter of 2001 related to the Grady, County acquisition.

For the first six-months of 2001, cash flow from operations increased to $550,350 ($0.07 per diluted share) compared to $322,763 ($0.05 per diluted share) for the same period in 2000.

Record Levels of Production

FieldPoint reported record levels of oil and gas production for the six- month period ended June 31, 2001. During the period, the Company's total oil and gas production, on a barrel of oil equivalent basis, increased by 52% to 47,477 barrels compared to 31,134 barrels for the same period in 2000. Production for the period was comprised of 38,547 barrels of oil and 53.6 thousand cubic feet of gas. Average oil sales prices decreased 2% to $26.30 for the period as compared to $26.78 for the previous period. Average gas sales prices increased 81% to $4.17 for the period as compared to $2.30 for the previous period.

Commenting on both the Company's financial performance and production levels, Ray D. Reaves, FieldPoint's President stated, ``Our ongoing efforts to significantly grow the business are clearly evident as indicated by today's news. However, it is imperative that we continue to build upon our current success. As such, we are presently reviewing various additional acquisition targets that will allow us to economically expand our production levels and enhance our financial performance.''

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, 2000.

                       FieldPoint Petroleum Corporation
                        Selected Financial Information
                                 (Unaudited)
                                    3 Months Ended         6 Months Ended
                                 06/30/01    6/30/00    06/30/01   06/30/00
    Revenues:
      Oil and gas sales          $666,697   $340,842  $1,204,386   $669,342
      Well operational/pumping     29,994     32,045      60,239     64,665
         Total                   $696,691   $372,887  $1,264,625   $734,007
    Cost and Expenses:
      Production expense          223,449    119,105     396,319    226,512
      Depletion and depreciation   96,000     39,000     212,894     78,000
      General and administrative  118,684     62,585     255,638    143,722
        Total                    $438,133   $220,690    $864,851   $448,234
    Other Income (Expense):
      Interest income (expense)
       net                        (23,291)   (19,676)    (54,446)   (41,124)
      Miscellaneous                17,088        114      18,235        ---
      Hedging Loss                (39,947)       ---     (39,947)       ---
      Gain on Derivative           13,840        ---      13,840        ---
        Total                     (32,310)   (19,562)    (62,318)   (41,010)
    Income (Loss)
      Before Income Taxes        $226,248   $132,635    $337,456   $244,763
    Income Tax
      (Provision) Deferred      ($ 25,000)  ($10,397)   ($97,638)  $  5,557
    Net Income (Loss)            $201,248   $122,238    $239,818   $250,320
    Earnings (Loss) Per Share       $0.03      $0.02       $0.03      $0.04
    Selected balance sheet data     June 30,    December 31,
                                     2001          2000
      Total Assets                $4,966,208    $4,550,807
      Total Liabilities           $1,734,958    $1,892,715
      Total Shareholders Equity   $3,231,250    $2,658,092