FieldPoint Petroleum Corporation Announces Another Stock Buy-Back

AUSTIN, Texas, August 16, 2010 - FieldPoint Petroleum Corporation (NYSE Amex: FPP) announced today that
its Board of Directors has authorized the Company to continue the repurchase
of shares of its Common Stock at a cost not to exceed US$250,000. Stock
purchases may be made in open market or privately-negotiated transactions, if
and when management determines to effect purchases. Repurchases shall occur
subject to prevailing market conditions and will be funded from available
cash. Repurchases will also be subject to compliance with applicable federal
securities laws, including Rule 10b-18 under the Securities Exchange Act of
1934, as amended.

About FieldPoint Petroleum Corp. www.fppcorp.com

FieldPoint Petroleum Corporation is engaged in oil and natural gas
exploration, production and acquisition, primarily in Louisiana, New Mexico,
Oklahoma, Texas and Wyoming.

This press release may contain projection and other forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Act of 1934, as amended. Any
such projections or statement reflect the company's current views with
respect to future events and financial performance. No assurances can be
given, however, that these events will occur or that such projections will be
achieved and that actual results could differ materially from those
projected. A discussion of important factors that could cause actual results
to differ from those projected, such as decreases in oil and gas prices and
unexpected decreases in oil and gas production is included in the company's
periodic reports filed with the Securities and Exchange Commission (at
www.sec.gov).

Ray D. Reaves, President, +1-512-250-8692, fppc at ix.netcom.com