Dow Jones 9,911 - 64.56 6:08 pm EST, Tues, November 20, 2001  NASDAQ 1,884.88 -49.54 For info, visit access.smallcapnetwork.com.  S & P 500 1,144.22 - 6.75 To be removed, please click here.  Russell 2000    455.14 -2.59 VOLUME 01: ISSUE 16   Field Point Petroleum Announces 3rd Quarter Results SmallCap Digest has decided to increase our near term target to $3.00 per share based on 3rd Quarter results and an imminent rebound of the beaten down oil and gas sector.  This represents a 50% increase from Monday's closing price of $2.00 and 55% from when we recommended the company at $1.90 per share.  We have upped the near term target due to the company's continued success and resiliency in the past nine months.  In addition the sector is poised for a rebound in 2002 when production will be cut and prices trend north.  A quick look at a chart of FieldPoint as compared to the Oil Index tells the whole story. Both FieldPoint and the Oil Index are camped on their support levels for 2001. Note that FieldPoint ran up to its all time high of $2.80 about six months prior the spring 2001 oil index highs. Oil and oil service stocks are rebounding strongly right now on announcements of production cutbacks from Norway and Mexico.  FieldPoint Petroleum (OTC BB: FPPC) reported third quarter and nine month financial results today.  Someone forgot to tell CEO Ray Reaves that his company is not suppose to be flourishing when the oil and gas sector has been taking a beating .  Then again, if you had followed FieldPoint Petroleum in the past you would know that growth and profitability are the company's trademarks. Considering the dismal year for the oil and gas industry, FieldPoint's results prove that well run companies survive and flourish in any market environment. With revenues up 64% and positive cash flow up 40% for the first nine months of 2001, FieldPoint's growth is rapidly outpacing the competition, and therefore the stock could appreciate rapidly as oil prices climb back up. The SmallCap Digest issued a focus report on FieldPoint last week.  If you missed the focus report make sure you review this company by clicking here .  For investors looking to diversify their portfolios it is critical to make sure that investing in different sized companies is just as important as investing in different sectors. This is why we decided to present a profitable growth company in a very conservative sector. Although FieldPoint is in the Microcap arena, the company has exhibited qualities that point towards future success. We were impressed with FieldPoint before this quarter's numbers came out but we are now even more bullish.  Why you ask?  As the old saying goes, "It's all in the numbers baby".  Here are some highlights in today's announcement that investors need to pay close attention to: Quarterly revenue increased 51% versus same period last year. Nine month revenues increased 64% versus the same period last year. Nine month cash flow from operations increased 40% over the same period last year. Oil and gas production increased by 55% for the nine months versus same period last year. FieldPoint's results are impressive. It is important to understand the numbers.  FieldPoint was able to increase business and grow like gangbusters in a time when everyone is struggling.  If the company can perform in such a negative market what will happen when prices return to their historical levels?  Oil and gas price increases is a certainty but the big question is the timing.  When will oil be $25 a barrel and gas at $10 (mcf). Everyone wants to know and if you have the answer please share it with all of us. For those of us that do not have a crystal ball their are certain rules to investing that will allow for greater success.  Investors should own companies that execute and perform well in any environment. Owning quality companies will help alleviate much of the guessing involved with market timing and grants the investor a piece of mind.  FieldPoint is a quality company that has remained relatively unknown to the investing   However, performance speaks louder than words.  FieldPoint will continue to make money, grow revenues, increase cash flows, and make smart business decisions. At the rate that the company is growing it may not be to long before FieldPoint loses its anonymity. Here is the complete text of the news release for your review: Tuesday November 20, 3:00 pm Eastern Time Press Release SOURCE: FieldPoint Petroleum Corporation FieldPoint Petroleum Corporation Reports Third Quarter and Nine-Month Financial Results on Record Levels of Oil and Natural Gas Production AUSTIN, Texas, Nov. 20 /PRNewswire/ -- FieldPoint Petroleum Corporation (OTC Bulletin Board: FPPC - news) 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 SOURCE: FieldPoint Petroleum Corporation   D I S C L A I M E R : The SmallCap Digest is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. 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