FieldPoint Petroleum, which is engaged in the acquisition, operation and development of oil and natural gas properties, has reported a net income of $588,553, or $0.07 per diluted share, for the second quarter ended June 30, 2008, a 232% increase, compared to $177,181, or $0.02 per diluted share, for the same period of 2007.

Total revenues were $2 million for the second quarter ended June 30, 2008, compared to $995,061 for the same period of 2007.

The company reported a net income of $938,402, or $0.11 per diluted share, for the six-month period ended June 30, 2008, compared to $311,407, or $0.04 per diluted share, for the same period of 2007. Total revenues were $3.5 million for the six-month period ended June 30, 2008, compared to $1.89 million for the same period of 2007.

Ray Reaves, president and CEO of FieldPoint, said: Whereas this increase in revenue and earnings is primarily attributable to higher oil and natural gas prices, I am pleased to announce that our overall barrels of oil equivalent production was also up 9% for the quarter ended June 30, 2008 as compared to the same period in 2007.