SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10QSB


                  Quarterly Report under Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


For Quarter Ended                                      Commission File Number
December 31, 2000                                             005-59925

                                  US CRUDE LTD.
                     -------------------------------------
                            (New name of Registrant)

                  Nevada                                84-1521101
         ------------------------                    --------------------
         (State of incorporation)                    (I.R.S. Employer
                                                     Identification No.)


                25809-D Business Center Drive, Redlands, CA 92374
         -------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (888) 872-7833


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2)  has  been  subject  to the  filing
requirements for at least the past 90 days.

                            Yes   X      No
                                -----        -----

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

                33,276,603 common shares as of December 31, 2000


<PAGE>



Part I:  FINANCIAL INFORMATION


<TABLE>
<CAPTION>

                                  U S Crude Ltd
                          (A Development Stage Company)
                             Unaudited Balance Sheet

<S>                                                                <C>                     <C>
                                                                Nine Months Ended         Year Ended
                                                                December 31, 2000         March 31, 2000
ASSETS

Current Assets
Cash                                                                $ (124,811)              $ 114,219
Accounts Receivable                                                    500,000                 500,000
Related Party Receivable                                                82,350
                                                                ---------------           -------------
Total Current Assets                                                   457,539                 614,219

Property, Plant & Equipment
Property, Plant & Equipment - Net                                    1,183,969               1,154,523
Less Accumulated Depreciation                                         (183,946)               (120,196)
                                                                ---------------           -------------
Net Property, Plant & Equipment                                      1,000,023               1,034,327

Other Assets
Other Assets - Net                                                   2,319,682               1,847,771
Less Accumulated Amortization                                         (182,723)                (96,801)
                                                                ---------------           -------------
Total Other Assets                                                   2,136,959               1,750,970

                                                                ---------------           -------------
TOTAL ASSETS                                                        $3,594,521              $3,399,516
                                                                ===============           =============


LIABILITIES AND STOCKHOLDER'S EQUITY

Current Liabilities
Accounts Payable                                                           $ -               $ 450,000
Other Payables                                                               -
Note Payable                                                                 -
                                                                ---------------           -------------
Total Current Liabilities                                                    -                 450,000

Long Term Liabilities
Long Term Debt                                                         266,039                 278,662
                                                                ---------------           -------------
Total Long Term Liabilities                                            266,039                 278,662

Stockholder's Equity
Preferred stock, no par value; 5,000,000 shares issued
and outstanding at September 30, 2000                                  100,000                 100,000
Common stock, no par value; 25,000,000 shares authorized
  19,670,626 issued and outstanding at June 30, 2000                 4,980,306               3,797,692

Retained Earnings (Deficit)                                         (1,751,824)             (1,226,838)
                                                                ---------------           -------------
Total Stockholder's Equity                                           3,328,482               2,670,854

                                                                ---------------           -------------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY                          $3,594,521              $3,399,516
                                                                ===============           =============


</TABLE>

                            See accompanying notes.

                                      F-1

<PAGE>

<TABLE>
<CAPTION>


                                  U S CRUDE LTD
                          (A Development Stage Company)
                        Unaudited Statement of Operations

<S>                                             <C>               <C>               <C>               <C>

                                              Nine Months Ended December 31,      Three Months Ended December 31,
                                                  2000              1999              2000              1999
REVENUES
Sales                                             $ 115,922               $ -          $ 61,834               $ -
                                              --------------    --------------    --------------    --------------
TOTAL REVENUES                                      115,922                 -            61,834                 -

COST OF GOODS SOLD
Cost of Sales                                                               -                                   -
Depletion                                            85,922                              31,833
Depreciation                                         63,750                              21,250
                                              --------------    --------------    --------------    --------------
TOTAL COST OF GOODS SOLD                            149,672                 -            53,083                 -

Gross Profit                                        (33,750)                -             8,751                 -

OPERATING COSTS
Administrative & Overhead                           491,252           518,773           294,175           230,184
                                              --------------    --------------    --------------    --------------
TOTAL OPERATING COSTS                               491,252           518,773           294,175           230,184

OTHER INCOME (EXPENSE)
Interest Income                                          15               814                 -               224
Interest Expense                                                            -                                   -
                                              --------------    --------------    --------------    --------------
TOTAL OTHER INCOME (EXPENSE)                             15               814                 -               224

NET INCOME (LOSS)                                $ (524,986)       $ (517,959)       $ (285,424)       $ (229,960)
                                              ==============    ==============    ==============    ==============

Net Loss per Share                                    (0.02)            (0.03)            (0.01)            (0.01)
Weighted Average Common Shares                   26,960,355        19,568,181        26,960,355        19,568,181


</TABLE>


                            See accompanying notes.

                                      F-2

<PAGE>


<TABLE>
<CAPTION>


                                  U S CRUDE LTD
                          (A Development Stage Company)
                        UNAUDITED STATEMENT OF CASH FLOWS


<S>                                                   <C>            <C>             <C>               <C>
                                                      Nine Months Ended December 31, Three Months Ended December 31,

                                                         2000            1999           2000             1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss                                               $ (524,986)    $ (517,959)     $ (285,424)       $(229,960)

Adjustments to reconcile net loss to
cash used in operating activities:
Depreciation                                               63,750         63,750          21,250           21,250
Depletion                                                  85,922              -          31,833                -
(Increase) Decrease in current assets                     (82,350)             -         (78,000)               -
Increase (Decrease) in current liabilities               (450,000)             -               -                -
(Increase) Decrease in other assets                      (471,911)      (488,448)       (184,818)         (59,262)
                                                      ------------    -----------    ------------    -------------

NET CASH PROVIDED (USED) BY                            (1,379,575)      (942,657)       (495,159)        (267,972)
OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES
(Purchase) Sale of property and equipment                 (29,446)       (53,419)        (24,146)            (249)
Increase (Decrease) in notes payable                      (12,623)       309,000          (3,155)          (6,511)
Capital received                                        1,182,614        524,512         400,000          291,863
                                                      ------------    -----------    ------------    -------------
NET CASH FLOWS FROM INVESTING ACTIVITIES                1,140,545        780,093         372,699          285,102

NET INCREASE (DECREASE) IN CASH                          (239,030)      (162,564)       (122,460)          17,130

CASH AT BEGINNING OF PERIOD                               114,219        265,675          (2,351)          85,981

CASH AT END OF PERIOD                                  $ (124,811)      $103,111      $ (124,811)       $ 103,111
                                                      ============    ===========    ============    =============

</TABLE>

                            See accompanying notes.

                                      F-3

<PAGE>

<TABLE>
<CAPTION>


                                  U S CRUDE LTD
                          (A DEVELOPMENT STAGE COMPANY)
             UNAUDITED STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
             For the Period from March 31, 1998 to December 31, 2000
<S>                          <C>               <C>                <C>              <C>              <C>              <C>
                                                                                                    Accumulated      Total
                                    Common Stock                      Preferred Stock
                               Shares           Amount            Shares          Amount            Deficit
                             ----------        ---------         ---------       ---------        -----------       ----------

Balance - March 31, 1998        7,122,260        $1,507,806        1,000,000        $ 100,000        $ (253,178)      $1,354,628

Shares issued for cash            731,751          373,804                                                               373,804

Purchase of U S Thermo Tech     3,738,000          847,232                                                               847,232

Net Loss for year                       -                -                 -                          (310,037)         (310,037)
                               ----------        ---------         ---------         ---------       -----------       ----------
Balance - March 31, 1999       11,592,011        2,728,842         1,000,000          100,000         (563,215)        2,265,627
                               ----------        ---------         ---------         ---------       -----------       ----------
Shares issued for cash          6,976,170          742,308                                                               742,308

Shares issued in exchange for   1,000,000          400,000                                                               400,000
lowering debt

Net Loss for year                                                                                      (663,623)        (663,623)
                               ----------        ---------         ---------         ---------       -----------       ----------
Balance - March 31, 2000       19,568,181        3,871,150         1,000,000          100,000        (1,226,838)       2,744,312
                               ----------        ---------         ---------         ---------       -----------       ----------
Shares issued for cash          1,907,122           85,908                                                                85,908

Shares issued for debt          1,000,000          450,000                                                               450,000

Shares issued for cash          2,653,857          173,248                                                               173,248

Shares issued for cash          8,187,443          400,000                                                               400,000

Net Loss for period                                                                                    (524,986)        (524,986)

Balance - September 30, 2000   33,316,603       $4,980,306         1,000,000        $ 100,000        (1,751,824)      $3,328,482
                              ===========       ==========        ===========       ==========       ==========       ===========

</TABLE>


                            See accompanying notes.

                                      F-4

<PAGE>

                          U.S. CRUDE LTD. & SUBSIDIARY
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS


NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT POLICIES:
         ---------------------------------------------
U.S. CRUDE LTD. & SUBSIDIARY  ("The Company),  was incorporated in California on
May  22,  1996.  It is in  the  development  stage,  (as  defined  by  Financial
Accounting  Standards Board Statement No. 7). The Company's  primary business is
to utilize its proprietary  portable steam generator technology to stimulate oil
production in marginally producing wells across America. The Company on July 27,
1998 entered into a merger with U.S.  Thermo-Tech,  Inc. U.S.  Thermo- Tech Inc.
was  incorporated  on May 8,  1997 and is also in the  development  stage.  U.S.
Thermo-Tech,  Inc.'s primary  business is to utilize its patent pending  thermal
gas injector  system (the  "TM-98") to rekindle  marginally  producing oil wells
across  America.  This  merger was  accounted  for using the pooling of interest
method of  accounting.  This  method  combines  the income  statements  from the
beginning of the year of acquisition.

Since inception,  the Company's  efforts have been devoted to the development of
its oil technology,  producing it's oil and gas wells and raising  capital.  The
Company began oil production in January of 1999. Accordingly,  the Company is in
the development stage and the accompanying  financial statements represent those
of a development stage  enterprise.  As such the Company as of December 31, 2000
has incurred net operating  losses since  inception of  $1,226,538  and does not
have sufficient  working capital to fund its planned  operations during the next
twelve  months.  Although  sufficient  funds are  available  to meet general and
administrative  expenses,  additional  funding  will be required to complete the
Company's expansion plans. These circumstances raise substantial doubt about the
Company's ability to continue as a going concern. In order to meet the Company's
continued  financial  needs,  management of the Company intends to raise working
capital through the sale of common stock or other financings.

The  Company  has  also  acquired  a 49%  interest  in 54  oil  producing  wells
encompassing 960 acres in the state of Oklahoma. The wells were acquired through
a  joint  venture  with a  company  called  Crude  Oil  Recovery,  a  California
Corporation.  All revenue  produced  through this venture has been returned back
into oil producing property to build up the infrastructure of the property.  The
acquired oil property has an estimated 2.7 million barrels of proven reserves.

The Company currently has 26 different lease contracts outstanding. These leases
cover 8,700  acres of land and over 300 oil and  natural  gas wells.  All of the
leases are  perpetual  leases  (meaning  they last until the oil and natural gas
dry's up and the wells  are  abandoned).

The Company has received exclusive rights to develop,  market,  sell and utilize
the TM-96, TM-98 as well as three other innovative steam qenerating technologies
from Wave technology Inc. The Company issued Wave technology 3,160,000 shares of
the Company's common stock and 1,000,000 shares of the Company's Preferred stock
in return for the rights.

CASH AND CASH EQUIVALENTS
The Company  considers  all highly liquid  investments  with a maturity of three
months or less at the date of purchase to be cash equivalents.

                                       F-6

<PAGE>


PROPERTY AND EQUIPMENT AND DEPRECIATION
Property  and  equipment  are  carried at cost.  Maintenance,  repairs and minor
renewals  are  expensed as  incurred.  When  assets are  retired,  or  otherwise
disposed of, the related costs and accumulated depreciation are removed from the
respective  accounts  and any gain or loss on  disposition  is  reflected in the
statement of operations.

Depreciation is calculated using the straight-line method, for the Machinery and
Equipment and ACRS for the Truck, over the following estimated useful lives;

                  Machinery and equipment                            7 years
                  Truck                                              5 years



RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In March of 1995, the Financial  Accounting  Standards Board issued standard No.
121,  "Accounting for the Impairment of Long-Lived  Assets and Long-Lived Assets
to be disposed  of".  The Company has adopted  standard No. 121 as of January 1,
1996.  The effect on the financial  statements of adopting  standard No. 121 was
not material.

In October 1995, the Financial  Accounting  Standards  Board issued standard No.
123,  "Accounting  for Stock-Based  Compensation".  The accounting or disclosure
requirements  of this statement are effective for the Company's  fiscal year-end
1996  financial  statements.  The  Company has  adopted  standard  No. 123 as of
January 1, 1996. The effect on the financial statements of adopting standard No.
123 was not material.

In February  1997 SFAS No 128.  "Earnings  per share" was issued  effective  for
periods  ending after  December 15,  1997.  There is no impact on the  Company's
financial statements from adoption of SFAS No. 128.

RESEARCH AND DEVELOPMENT OF OIL PROPERTIES
The Company follows the full cost method to account for its oil and gas research
and Development  costs. Under this method, all costs incurred which are directly
related to Research and  development of its oil properties are  capitalized  and
subject  to  depletion.  Depletable  costs  also  include  estimates  of  future
development costs of proven reserves.

NET LOSS PER SHARE
Net loss per share is  calculated  using the weighted  average  number of shares
outstanding during the periods  presented.  The Company had stock equivalents at
March 31,  2000 which are listed in note 6. These stock  equivalents  effect the
earnings per share.

ESTIMATES USED IN FINANCIAL STATEMENT PRESENTATION
The presentation of financial  statements in conformity with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the reported  amounts of assets and  liabilities  and the  disclosure  of
contingent  assets and  liabilities at the date of the financial  statements and
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual results could differ from those estimates.

                                       F-7


<PAGE>


DEPLETION
Because of the  difficulty  in  estimating  the  Depletable  oil reserves in the
ground the Company has adopted the percentage depletion method. This method uses
a flat percentage to deplete the capitalized costs of research, drilling and oil
production.  This  method is limited to 100% of the  taxable  income  before the
depletion allowance.

REVENUE RECOGNITION
The  Company is on an accrual  basis:  thus all sales are booked when earned and
all  expenses are  expensed  when  incurred.  The Company  only  recently  began
drilling  and selling oil so the majority of the sales came from a one time sale
of a TM-96 machine for $500,000 or interest income.

NOTE 2 - INCOME TAXES:
         ------------
Deferred taxes relate to differences between the basis of assets and liabilities
for financial and tax reporting  purposes.  Deferred tax assets and  liabilities
represent the future tax consequences of those differences, which will either be
taxable or deductible  when the assets and liabilities are recovered or settled.
Deferred taxes also are  recognized for net operating  losses that are available
to offset future taxable income.  Deferred tax assets are reduced by a valuation
allowance  if it is more  likely than not that some or all of the  deferred  tax
assets will not be realized.

NOTE  3  -  STOCKHOLDERS' EQUITY:
            --------------------

The Company is authorized to issue up to 75,000,000  shares of common stock,  no
par value.  Each  holder of common  stock is entitled to one vote for each Share
held on all  mattes  properly  submitted  to the  shareholders  for their  vote.
Cumulative voting is not authorized.  At December 31, 2000, 19,670,626 shares of
common stock are outstanding.

The Company is authorized to issue up to 5,000,000 shares of Preferred Stock, no
par value.  At March 31, 2000 100,000  shares of preferred  shares were owned by
Wave Tech Inc. These  Preferred  shares have super voting rights of 10 votes per
each share.

As  previously  discussed in note 1, The Company  merged with U.S.  Thermo-Tech,
Inc. on July 27, 1998.  In this Merger the remaining  Company  (U.S.  Crude Ltd.
issued a half  share of its  stock  for each  share of U.S.  Thermal-Tech,  Inc.
share.  The result was that 3,738,000 shares of the company's shock is now owned
by U.S. Thermo-Tech Inc. (now a 100% owned subsidiary).


                                       F-8


<PAGE>


NOTE 4 - STOCK OPTION PLAN:
         -----------------

The Company currently has approximately 3,300,000 outstanding option to purchase
the Company's common stock. Of these  outstanding  shares 2,650,000 are owned by
directors  and officers of the company and the  remaining  988,000  options were
granted to various  individuals for work they did on behalf of the company.  The
options  owned by the directors and officers were issued on January 01, 1997 and
can be  exchanged  for one  share of  common  stock  at a dollar a share.  These
options must be exercised by December 31, 2006.  The  breakdown of the shares is
as follows:

          Anthony Miller-President                   750,000  options
          Catherine Njie--Secretary                  250,000  options
          Thomas Meeks-Director                    1,000,000  options
          Thomas Hobson-Director                     650,000  options
          Others                                     988,000  options


NOTE 5 - LEASES:
         ------
The Company leases office space in Redlands,  California.  The lease term is for
three years, with an annual renewal option for one-year periods. The company has
no lease deposit and The current office rent is $3700 a month.

The Company currently has 26 different lease contracts outstanding. These leases
cover 8,700 acres of land and 300 oil and natural gas wells.  These  leases cost
approximately $340,000 to acquire and are almost completely paid for. All of the
leases are  perpetual  leases  (meaning  they last until the oil and natural gas
dry's  up and the  wells  are  abandoned.  The cost of these  leases  have  been
capitalized under prepaid oil production costs.

NOTE 6 - RELATED PARTY TRANSACTIONS:
         --------------------------
In 1999 & 1998 the company paid  approximately  $1,000,000 to Wave  Technologies
Inc. for the purchase of a portable  thermos gas injector  system (the  "TM-98")
and a portable  steam  generator  (the  "TM-96).  The  company  entered  into an
agreement with Wave  Technology  Inc. to purchase this equipment  along with the
exclusive  rights to develop,  market,  sell and  utilize  these  machines.  The
company agreed to pay Wave Technology Inc. $1,000,000 for the Equipment and gave
them another  3,160,000 shares of common stock and 1,000,000 shares of Preferred
stock for the  exclusive  licensing  rights to  develop,  sell and  utilize  the
equipment as well as other oil recovery technologies.  Wave Technology currently
owns 4,910,000  shares of common stock and 1,000,000  shares of Preferred stock.
This represents  approximately  43% of the outstanding  Common stock and 100% of
the outstanding Preferred stock of the Company.

Wave Technology Inc. is 100% owned by Tom Meek's wife. He is also a director and
executive  officer of U.S. Crude LTD. Other directors and executive  officers of
U.S. Crude LTD own  approximately  2.3% of the outstanding  Common stock of U.S.
Crude LTD. This means that the directors  and executive  officers of U.S.  Crude
LTD. own as a group approximately 45% of the Company.


                                       F-9

<PAGE>


NOTE 7 - NOTE PAYABLE:
         ------------
In March of 1999 the company received  $450,000 from an investor.  In return for
this money this  investor  received  500,000  shares at ten cents a share and an
option to purchase another 1,000,0000  shares.  This option was for one year. In
March of 2000 in exchange for relieving  this  $400,000 Note the company  issued
the note holder 1,000,000 shares of common stock. This note included interest at
8%. 11 monthly  interest  only  payments of $3,000 were made on this note during
the year ended March 31, 2000.  This note was retired  with 1 million  shares of
stock.

NOTE 8 - NOTE PAYABLE-KERN COUNTY OIL LEASE:
         ----------------------------------
During  the  prior  year the  Company  purchased  an oil  lease in Kern  County,
California.  This lease is a perpetual lease. The cost of the lease was $240,000
and is to be paid off from proceeds from oil production. This note does not bear
any  interest.  The Company did not start  production of oil on this lease until
May of 2000.

NOTE 9 - NOTE PAYABLE ASSOCIATES BANK:
         ----------------------------
In  April  of  1999  the  Company  purchased  a  large  compressor  for $84,000.
Approximately  $32,000 was paid as a down  payment and a 33 month note was taken
out to pay the remaining  balance.


<PAGE>

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS

RESULTS OF OPERATIONS

For the nine months ended December 31, 2000, the Company experienced $149,672 in
depletion and depreciation expenses compared to $0 for the period ended December
31, 1999. For the comparable periods the  Administrative  expenses were $491,252
as compared to $518,773. The resulting net losses for each period were: December
31, 2000 was ($524,986) and December 31, 1999 was ($517,959).

For the quarter  ended  December  31, 2000 the  Company  experienced  $53,083 in
depletion and depreciation expenses compared to $0 for the period ended December
31, 1999. For the comparable periods the Admininstratinve expenses were $294,175
as compared to $230,184. The resulting net losses for each period were: December
31, 2000 ($285,424) and December 31, 1999 was ($229,960).


LIQUIDITY AND CAPITAL RESOURCES

The Company had ($124,811 in cash and $582,350 in  receivables at the end of the
period.  The Company  had $0 in current  liabilities  and  $266,039 in long term
liabilities at the end of the period.  The Company exchanged $450,000 in current
debt for 1,000,000  shares of common stock. The Company will be forced to either
borrow  or make  private  placements  of  stock  in  order  to in  order to fund
operations.  No assurance  exists as to the ability to achieve  loans or to make
private placements of stock.

<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1.           LEGAL PROCEEDINGS

                  None

ITEM 2.           CHANGES IN SECURITIES

                  None

ITEM 3.           DEFAULT UPON SENIOR SECURITIES

                  None

ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                  None

ITEM 5.           OTHER INFORMATION

                  None

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

                    None

<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

Date: April 11, 2001


                                     US CRUDE LTD.


                                     /s/ Anthony Miller
                                     -------------------------------------------
                                     Anthony Miller, President