FIELDPOINT PETROLEUM CORPORATION
AUDIT COMMITTEE OF THE BOARD OF DIRECTORS
The role of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities by:
o Serving as an independent and objective party to monitor the Corporation's financial reporting process and
internal control system.
o Reviewing and appraising the audit efforts of the Corporation's independent accountants.
o Providing an open avenue of communication among the independent accountants, financial and senior
management and the Board of Directors.
The Audit Committee shall consist of two or more directors as determined by the Board, each of whom shall be
independent directors, and free from any relationship that, in the opinion of the Board, would interfere with the
exercise of his or her independent judgement as a member of the Committee. In determining whether any director
is independent, the Board shall take into consideration the requirements of the principal exchange or system on
which the Corporation's common stock is traded. Directors, who are affiliates of the Company, or officers or
employees of the Company or of its subsidiaries, will not be considered independent
All members of the Committee must be able to read and understand fundamental financial statements, including a
corporation's balance sheet, income statement, and cash flow statement or become able to do so within a
reasonable period of time after his or her appointment to the Committee, and at least one member of the
Committee is to have past employment experience in finance or accounting, requisite professional certification in
accounting, or any other comparable experience or background which results in the member's financial
sophistication, including being or having been a chief executive officer, chief financial officer or other senior officer
with financial oversight responsibilities.1
The members of the Committee are to be elected by the Board and shall serve until t