FIELDPOINT PETROLEUM CORP (Form: 10QSB/A, Received: 11/16/2000 14:41:06)

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)

PART I
Item 1. Condensed Consolidated Financial Statements

                        FieldPoint Petroleum Corporation
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS
                                     ------
                                                                September 30,   December 31,
                                                                     2000           1999
                                                                 -----------    -----------
CURRENT ASSETS:                                                  (unaudited)
---------------
   Cash                                                          $   426,281    $   117,259
   Trading securities                                                  2,880          2,880
   Accounts receivable:
       Advances                                                        7,500           --
       Oil and gas sales                                             164,467        135,067
       Joint interest billings, less allowance for doubtful
            accounts of $74,192 and $71,192 respectively              73,043         84,906
   Prepaid expenses                                                   54,534          2,535
                                                                 -----------    -----------
                  Total current assets                               728,705        342,647
PROPERTY AND EQUIPMENT:

   Oil and gas properties (successful efforts method):
       Leasehold costs                                             2,613,923      2,396,998
       Lease and well equipment                                      428,022        351,425
   Furniture and equipment                                            32,497         32,280
   Transportation equipment                                           75,974         75,974
   Less accumulated depletion and depreciation                      (793,005)      (675,424)
                                                                 -----------    -----------
                  Net property and equipment                       2,357,411      2,181,253
OTHER ASSETS
                  Total assets                                       218,459         25,981
                                                                 -----------    -----------
                                                                 $ 3,304,575    $ 2,549,881
                                                                 ===========    ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------
CURRENT LIABILITIES:
--------------------
   Current portion of long-term debt                             $   284,817    $   409,132
   Accounts payable and accrued expenses                              43,638        112,339
   Oil and gas revenues payable                                       67,573         49,799
                                                                 -----------    -----------
                  Total current liabilities                          396,028        571,270

LONG-TERM DEBT, net of current portion                               360,348        559,462
DEFERRED INCOME TAXES                                                 44,000         15,954

COMMMITMENTS
STOCKHOLDERS' EQUITY:
   Common stock, $.01 par value, 75,000,000 shares authorized;
       6,995,925 and 6,331,925 shares issued and outstanding,
       respectively                                                   69,959         63,319
   Additional paid-in capital                                      1,904,627      1,177,785
   Treasury stock, 117,500 shares of common stock                     (1,175)        (1,175)
    Retained earnings                                                530,788        163,266
                                                                 -----------    -----------
                  Total stockholders' equity                       2,504,199      1,403,195
                                                                 -----------    -----------
                  Total liabilities and stockholders' equity     $ 3,304,575    $ 2,549,881
                                                                 ===========    ===========

For The Three Months Ended September 30, ------------------- 2000 1999 ----------- ----------- (unaudited) (unaudited) REVENUE: Oil and gas sales $ 383,942 $ 248,677 Well operational and pumping fees 32,219 32,759 Other -- -- ----------- ----------- Total revenue 416,161 281,436 COSTS AND EXPENSES: Production expense 152,131 96,103 Depletion and depreciation 39,000 36,000 General and administrative 55,018 81,246 ----------- ----------- Total costs and expenses 246,149 213,349 OTHER INCOME (EXPENSE): Interest income (expense), net (21,545) (27,933) Miscellaneous 7,897 45 ----------- ----------- Total other income (expense) (13,648) (27,888) ----------- ----------- INCOME BEFORE INCOME TAXES 156,364 40,199 INCOME TAX (PROVISION) (39,160) (6,200) ----------- ----------- NET INCOME 117,204 33,999 BASIC AND DILUTED NET INCOME PER SHARE $ 0.02 $ * ----------- ----------- WEIGHTED AVERAGE SHARES BASIC 6,700,868 5,832,709 =========== =========== WEIGHTED AVERAGE SHARES DILUTED 6,968,793 5,839,888 =========== ===========

For The Nine Months Ended September 30, ------------------- 2000 1999 ----------- ----------- (unaudited) (unaudited) REVENUE: Oil and gas sales $ 1,053,284 $ 494,100 Well operational and pumping fees 96,884 98,708 ----------- ----------- Total revenue 1,150,168 592,808 COSTS AND EXPENSES: Production expense 378,644 183,415 Depletion and depreciation 117,000 108,000 General and administrative 204,297 245,558 ----------- ----------- Total costs and expenses 699,941 536,973 OTHER INCOME (EXPENSE): Interest income (expense), net (62,669) (58,368) Miscellaneous 8,010 24,706 ----------- ----------- Total other income (expense) (54,659) (33,662) ----------- ----------- INCOME BEFORE INCOME TAXES 395,568 22,173 INCOME TAX (PROVISION) (28,046) (2,000) ----------- ----------- NET AND COMPREHENSIVE INCOME 367,522 20,173 BASIC NET INCOME PER SHARE $ 0.06 $ * DILUTED NET INCOME PER SHARE $ 0.05 $ * ----------- ----------- WEIGHTED AVERAGE SHARES BASIC 6,478,932 5,717,076 =========== =========== WEIGHTED AVERAGE SHARES DILUTED 7,072,948 6,089,363 =========== ===========

FieldPoint Petroleum Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS September 30, ------------------- 2000 1999 ----------- ----------- (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 367,522 $ 20,173 Adjustments to reconcile to net cash Provided by operating activities: Depletion and depreciation 117,000 108,000 Stock Compensation to Consultant 13,000 41,450 Deferred Income Taxes 28,046 -- Changes in assets and liabilities: Accounts receivable (25,037) (104,478) Taxes recoverable 48,000 Prepaid expenses and other assets 3,104 (11,250) Accounts payable and accrued expenses (68,701) (50,600) Oil and gas revenues payable 17,774 (3,038) Payable to related party -- (13,800) ----------- ----------- Net cash provided (used) by operating activities 452,708 34,457 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas properties (293,522) (1,218,335) Purchase of furniture and equipment (217) (348) Decrease in earnest money deposit -- 40,000 ----------- ----------- Net cash used by investing activities (293,739) (1,178,683) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term debt -- 1,110,000 Repayments of long-term debt (323,429) (734,855) Proceeds from exercise of stock options & warrants, Net of fees 473,482 46,000 Proceeds from sales of common stock, net of offering fees -- 931,019 Proceeds from sale of treasury stock -- 50,905 ----------- ----------- Net cash provided by financing activities 150,053 1,403,069 ----------- ----------- NET INCREASE IN CASH 309,022 258,843 CASH, beginning of the period 117,259 1,375 ----------- ----------- CASH, end of the period $ 426,281 $ 260,218 =========== =========== SUPPLEMENTAL INFORMATION: Cash paid during the period for interest $ 63,817 $ 59,202 =========== =========== Cash paid during the period for income taxes -- -- =========== ===========

Date: November 14, 2000 By: /s/ Ray Reaves -------------------------------------------- Ray Reaves, Treasurer, Chief Financial Officer


PERIOD TYPE	3 MOS
FISCAL YEAR END	DEC 31 2000
PERIOD START	JAN 01 2000
PERIOD END	SEP 30 2000
EXCHANGE RATE	1
CASH	426,301
SECURITIES	2,880
RECEIVABLES	245,010
ALLOWANCES	74,192
INVENTORY	0
CURRENT ASSETS	728,725
PP&E	3,150,416
DEPRECIATION	(793,005)
TOTAL ASSETS	3,304,575
CURRENT LIABILITIES	396,028
BONDS	0
PREFERRED MANDATORY	0
PREFERRED	0
COMMON	69,959
OTHER SE	2,434,240
TOTAL LIABILITY AND EQUITY	3,304,575
SALES	383,942
TOTAL REVENUES	416,161
CGS	152,131
TOTAL COSTS	246,150
OTHER EXPENSES	(7,897)
LOSS PROVISION	0
INTEREST EXPENSE	21,545
INCOME PRETAX	156,364
INCOME TAX	39,160
INCOME CONTINUING	117,204
DISCONTINUED	0
EXTRAORDINARY	0
CHANGES	0
NET INCOME	117,204
EPS BASIC	.02
EPS DILUTED	.02