FieldPoint Petroleum: In The News...

AUSTIN, Texas, November 20 /PRNewswire

FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC) (the "Company") announced today that for the third quarter ended September 30, 2001, the Company reported a 51% increase in quarterly revenues to $629,104 resulting in net income of $68,133 or $0.01 per share, versus revenues of $416,161 and net income of $117,204 or $0.02 per share in the 2000 comparable quarter.

In the third quarter of 2001, cash flow from operations increased to $202,133 ($0.03 per diluted share) compared to $195,364 ($0.02 per diluted share) for the same period in 2000.

Results for Nine Months

During the nine-month period ended September 30, 2001, the Company's revenues increased 64% to $1,893,729 with net income of $307,951, or $0.04 per share, versus revenues of $1,150,168 and net income of $367,522 or $0.05 per share in the 2000 comparable period. The slight decline in net income for the nine-month period resulted from a depletion charge taken during the period related to the Grady County acquisition.

For the first nine-months of 2001, cash flow from operations increased to $717,845 ($0.09 per diluted share) compared to $512,568 ($0.07 per diluted share) for the same period in 2000.

Record Levels of Production

FieldPoint reported record levels of oil and gas production for the nine-month period ended September 30, 2001. During the period, the Company's total oil and gas production, on a barrel of oil equivalent basis, increased by 55% to 73,492 barrels compared to 47,392 barrels for the same period in 2000. Production for the period was comprised of 59,352 barrels of oil and 84.8 thousand cubic feet of gas. Average oil sales prices decreased 6% to $25.84 for the period as compared to $27.51 for the previous period. Average gas sales prices increased 36% to $3.50 for the period as compared to $2.58 for the previous period.

Commenting on both the Company's financial performance and production levels, Ray D. Reaves, FieldPoint's President stated, ``The financial and operating outlook for FieldPoint 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        9 Months Ended
                                 09/30/01   09/30/00   09/30/01    09/30/00
    Revenues:
      Oil and gas sales         $599,110   $383,942   $1,803,496   $669,342
      Well operational/pumping    29,994     32,219       90,233     96,884
        Total                   $629,104   $416,161   $1,893,729 $1,150,168
    Cost and Expenses:
      Production expense         258,246    152,131      654,565    378,644
      Depletion and depreciation 112,000     39,000      324,894    117,000
      General and administrative 115,718     55,018      371,356    204,297
        Total                   $485,964   $246,149   $1,350,815   $699,941
    Other Income (Expense):
      Interest income (expense)
       net                       (25,181)   (21,545)     (79,627)   (62,669)
      Miscellaneous                1,014      7,897       19,249      8,010
      Derivative Loss            (13,840)       ---      (39,947)       ---
        Total                    (38,007)   (13,648)    (100,325)   (54,659)
    Income (Loss)
     Before Income Taxes        $105,133   $156,364     $442,589   $244,763
    Income Tax    Current       ($15,000)       ---     ($49,638)       ---
      (Provision) Deferred     ($ 22,000)  ($39,160)    ($85,000) $ (28,046)
    Net Income (Loss)            $68,133   $117,204     $307,951   $367,522
    Earnings (Loss) Per Share      $0.01      $0.02        $0.04      $0.05
    Selected balance sheet data                  September 30, December 31,
                                                     2001           2000
      Total Assets                                $4,860,215     $4,550,807
      Total Liabilities                           $1,412,582     $1,892,715
      Total Shareholders Equity                   $3,447,633     $2,658,092