FieldPoint Petroleum Provides Drilling Update

PLANS MOVE FORWARD FOR WELLS IN LEA COUNTY, NEW MEXICO

AUSTIN, Texas, November 16, 2010 - FieldPoint Petroleum Corporation (NYSE Amex: FPP) announced today that it
has received and delivered on a cash call from Cimarex Energy Co., (NYSE:
XEC) to prepay approximately $975,000 in net drilling costs. This represents
FieldPoint's share of the first proposed well under an operating agreement
with Cimarex to drill two wells that will target the Bone Spring formation in
township 19 section 15, in Lea County, New Mexico. The proposal includes
drilling two horizontal wells and if successful there is the possibility to
drill an additional well in section 15.

Ray Reaves, President and CEO of FieldPoint stated, "The Company also
recently received an offer from Cimarex to purchase a 2 year term assignment
of our leasehold interest in this property. The FieldPoint Board of Directors
has voted against accepting this offer, further expressing its confidence in
drilling on this site. The Board also restated its high regard for Cimarex
and belief that they are the right partner for us on this project. FieldPoint
intends to do its part to maintain a long and profitable relationship with
Cimarex."

Total cost for each well is estimated to be approximately $4,477,000. The
well proposed is to be drilled vertically to a depth of approximately 9,500
feet to the Bone Spring formation and laterally in a westerly direction
within the formation to the bottom hole location. Total measured depth of the
well is proposed to be approximately 14,000 plus feet. The time that drilling
will begin is totally at the discretion of Cimarex, but FieldPoint is hopeful
that drilling will begin within approximately 60 days.

FieldPoint is aware of at least one horizontal well within approximately
5-10 miles of the subject area that came in producing 400 to 800 barrels of
oil per day, but this is not an indication of what the proposed wells will
produce.

FieldPoint will own a 43.75% working interest in the proposed wells.
Cimarex will own 37.5% and other partners will own the remaining 18.75%.

About FieldPoint Petroleum Corp. www.fppcorp.com

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

This press release may contain projections 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 statements reflect the company's current views with
respect to future events and financial performance. However, no assurances
can be given, that these events will occur or that such projections will be
achieved and 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