Dow Jones 9866.99 - 5.4 9:08 pm EST, Friday., November 16, 2001  NASDAQ 1,898.58 -1.99 For info, visit access.smallcapnetwork.com.  S & P 500 1,138.65 - 3.59 To be removed, please click here.  Russell 2000 451.31 + 1.92 VOLUME 01: ISSUE 15   Ray Reaves, President and CEO of FieldPoint Petroleum, is sharpening his pencil and putting on his poker face. Like a crazed bargain hunter heading for the mall just after the Christmas Holiday, Ray is getting ready to go shopping. Just as he has during past cyclical oil price declines, Ray knows he can purchase assets from the behemoths of the US Oil patch at bargain basement prices for the next six months. Companies like Devon Energy (AMEX: DVN) will eliminate producing properties which were profitable at $25 per barrel, but not at $18. Ray runs a lean and mean company which makes money through all the market cycles, and he perceives an upcoming opportunity to enhance his asset base. The editors of the SmallCapDigest feel this stocks is poised for a short term move to at least $2.50, which would represent 31% return on invested capital. Investors with a 12 to 18 month horizon have the potential for a $5 plus with the next cycle of surging oil prices. As oil prices drop, Ray Reaves is getting ready to add assets to FieldPoint. The SmallCap Digest has discovered a growth company in the oil and gas sector that is poised to surge. FieldPoint Petroleum (OTC BB: FPPC) has taken much of the guessing out of investing in this sector. The company has executed and excelled in every market environment. FieldPoint has shown a propensity to maintain profitability and grow revenues at very impressive levels by making the right decisions. The company business is hedged in such a way that it has and will continue to make money regardless of commodity prices. November Focus Company Report: FieldPoint Petroleum (OTC BB: FPPC) Stock Listing: OTC BB: FPPC Estimated Shares Issued and Outstanding: 7.36 million Estimated Public Float: 2.9 Million Closing Price and Volume: $1.90 on 85,700 shares Market Capitalization: $12.5 Million Fiscal 2001 Revenue: $2.6 million est  52 High and Low: $2.28/$1.34 FieldPoint Petroleum Corporation (OTC BB: FPPC) is engaged in the acquisition, operation and development of oil and gas properties, which are located in Oklahoma, Texas and Wyoming. FieldPoint looks to continue expanding in Texas and Wyoming, as well as in other Rocky Mountain and mid-continent states such as Montana, North Dakota and Oklahoma. It is a primary objective of the Company to operate most of the oil and gas properties in which it has an economic interest. Company Analysis FieldPoint is regarded in the industry as a nimble low cost provider. Unlike many of its' competitors, FieldPoint consistently generates positive cash flow, and has a history of acquiring properties far below market prices. Many poorly run oil and gas companies get themselves in a position where they must raise cash to survive. These distress sales allow FieldPoint to purchase these companies' properties at prices where the production from the land pays for the purchase itself. FieldPoint takes advantage of the competition through efficiency. The company's stellar performance in the past has created confidence and tremendous leeway with financiers. FieldPoint has access to capital that will allow for growth while most of its' competitors will experience contraction.  The company's track record speaks for itself.  Below is the revenue growth FieldPoint has experienced in the past three years.  As depicted in the table, revenues grew 78% from '99 to '00, and are on track to grow 59% this year. Growth has been so prolific that the company was recently recognized by the Oil and Gas Journal as one of the Top 200 Independent Oil and Gas Producers in the U.S., and the 8th fastest growing publicly traded Oil and Gas Company in the US. The company currently has 50% of its monthly oil production hedged at $22 per barrel, thereby virtually assuring continued positive cash flow. Existing Properties   Chickasha Field, Grady County, Oklahoma. Giddings Field, Fayette County, Texas. Big Muddy Field, Converse County, Wyoming.  Serbin Lee Field and Bastrop Counties, Texas.  West Allen Field, Pontotoc County, Oklahoma.  Hutt Wilcox Field, McMullen and Atascosa County, Texas.  FieldPoint currently currently has ownership interest in 338 productive wells located in three states, Texas, Oklahoma, and Wyoming. FieldPoint intends to continue expansion in Texas and Wyoming, as well as in other Rocky Mountain and mid-continent states such as Montana, North Dakota and Oklahoma. Management is constantly keeping an eagle's eye on potential properties that will increase FieldPoint's asset base. Plans For Growth As depicted in the bar charts, growth in both production and reserves has grown consistently since 1997. In 1996, FieldPoint had $1 million in booked assets from which they derived $640,000 in revenue and $115,000 in net income. The average price of oil in 1996 was approximately $18-$20 per barrel. In 1997, prior to going public, FieldPoint's results were slightly improved as the price of oil per barrel increased to an average of $19-$21, but their asset base held steady. At the end of 2000, FieldPoint completed another acquisition that boosted assets to $4.5 million, and through the third quarter assets stood at $4.8 million. In the meantime, revenues have jumped from $1.6 last year and are projected at $2.5 million this year. As a low cost producer, FieldPoint successfully increases production and lowers operational expenses every time they make an acquisition. Over the course of the next 36-48 months the company hopes to accumulate over $50 million in assets. Past performance would indicate this is not an unrealistic goal. That is a tenfold increase from where the company's assets are today. For investors, the market capitalization of the company should reflect the increase in assets. A $50 million dollar asset base would value the company at approximately $42 million dollars or $5.75 per share. That is an annualized gain of over 57% over a four year period.  Market Conditions A dispute between OPEC which produces about 40% of the world's oil and non-OPEC oil producing countries have pushed prices to their lowest levels since mid-1999. Oil markets opened lower Thursday after the Organization of Petroleum Exporting Countries decided Wednesday not to cut its output quotas unless non-OPEC producers agree to go along. Russian Prime Minister Mikhail Kasyanov is quoted by the Financial Times as saying "We are not going to at any time reduce production on a big scale; it's impossible".  With oil prices taking a nosedive, many poorly run and poorly funded oil and gas companies will be feeling the squeeze. Lower oil prices will deal a blow to the oil and gas industry, resulting in less investment, reduced production and ultimately more volatility as supply and demand fluctuate. This means FieldPoint will be privy to some very attractive opportunities to purchase land at very favorable prices.  However, oil prices may not stay depressed next year. OPEC says it will cut output on Jan. 1 only if non-OPEC producers act. So far, Oman and Mexico have pledged output cuts -- of 50,000 barrels a day and 100,000 barrels a day, respectively -- and Norway, the world's third largest exporter, is still considering whether to contribute. But all three countries say they will only reduce production if Russia pledges to cut its output by some 300,000 barrels a day. Conclusion FieldPoint is currently trading at $1.90 but in the near term has the potential to reach $2.50 due to the sizable opportunities the company currently has to expand it's asset base at rock bottom prices. We expect the stock to reach this target in the next 30 days. A target of $2.50 would mean a 31% short term profit. This doesn't match the company's growth rate but it is certainly respectable, and much higher on an annualized basis.  Growing companies need to reinvest in themselves. The challenge is to make money while growing. FieldPoint applies the cardinal rule of business: MAKE MONEY. CEO Ray Reaves has demonstrated an uncanny ability to propel growth while running a profitable business. The goal of the company is to increase its' asset base while maintaining profitability and providing shareholders a return on their money.  Over the course of the next 36-48 months the company expects to have over $50 million in assets. That is a tenfold increase from where the company's assets are today. If the company's past performance is any indication, it is an obtainable goal. For for investors, the market capitalization of the company should reflect the increase in assets. A $50 million dollar asset base would value the company at approximately $42 million dollars or $5.75 per share. That is an annualized gain of over 57% over a four year period.  FieldPoint is structured to take full advantage of volatility because the company thrives on outsmarting its' competitors. The company is a growth stock that has the full confidence of its' financiers.  This access to capital allows the company to increase its' assets while benefiting when the market rebounds.  Investors looking for a well run oil and gas company that exhibits outstanding growth should own FieldPoint Petroleum Corporation (OTC BB: FPPC) in the risk end of their portfolio.   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. SmallCap Digest is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features for the publication and circulation of the SmallCap Digest or representation on SmallCapNetwork.net.  Likewise, this newsletter is owned by TGR Group, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication. Click Here to view our compensation on every company we have ever covered, or visit the following web address:  http://access.smallcapnetwork.com/compensation_disclosure.html for our full compensation disclosure and http://access.smallcapnetwork.com/short_term_alerts.html for Trading Alerts compensation and disclosure. 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