FieldPoint Petroleum Corporation Announces Update on Stock Buy-Back

810,000 shares purchased to date

AUSTIN, Texas, November 24, 2010 - FieldPoint Petroleum Corporation (NYSE Amex: FPP) announced today that it
will continue to buy back its shares in accordance with a plan approved by
its Board of Directors earlier this year. Under this plan, management is
authorized to make stock purchases in open market or privately-negotiated
transactions, subject to prevailing market conditions. All purchases are
funded from available cash.

Ray Reaves, President and CEO stated, "As of today, FieldPoint has
repurchased a total of 810,000 shares held in treasury at an aggregate cost
of approximately $1,509,541, or an average cost of approximately $1.86 per
share. Management is currently authorized to commit to an additional $140,000
in purchases without further board approval. We will look to market
conditions beyond that point to determine whether or not to request a
continuation from the Board."

All stock repurchases are 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 of FieldPoint Petroleum Corporation, +1-512-250-8692, fppc at ix.netcom.com