----

----

*U.S.        SECURITIES AND EXCHANGE COMMISSION*

*WASHINGTON,        D.C. 20549*

***FORM        10-KSB***

*x*
*        ANNUAL REPORT PUSUANT TO SECTION 13 OR 15(d)*

*OF        THE SECURITIES EXCHANGE ACT OF 1934*

***FOR        THE FISCAL YEAR ENDED DECEMBER 31, 2005***

*(unaudited)*

*or*

*o*
*        TRANSITION REPORT UNDER SECTION 13 OR 15(d)*

*OF        THE SECURITIES EXCHANGE ACT OF 1934 *

*COMMISSION        FILE NO. 0-4686*

***HIKO        BELL MINING & OIL COMPANY***

*(Name        of small business issued in its charter)*

|   | *UTAH*                                      |   | *87-0267432*                                  |   |
|--------|---------------------------------------------|--------|-----------------------------------------------|--------|
|   | *     *            |   | *     *              |   |
|   | *(state                  of incorporation)* |   | *(IRS                  Employer I.D. Number)* |   |

*P.O.        Box 1845, 1635 E. 1500 S. Vernal, UT 84078*

*Phone:        (435) 789-3233   Fax: (325) 789-4560*

*Securities        registered under Section 12(g) of the exchange Act:*

*Common        Stock $0.01 par value*

*(Title        of class)*

*Over-the-Counter        (Pink Sheets)*

*(Name        of each exchange on which registered)*

*Check        whether the issuer (1) filed all reports required to be filed by Section        13 or        15(d) of the Exchange Act during the past 12 months (or for such shorter        period        that the registrant was required to file such reports), and (2) HAS BEEN        SUBJECT        TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS.  Yes *
*x*
*    *
*No        *
*o*

*State        the aggregate market value of the voting and nonvoting common equity held        by        non-affiliates computed by reference to the price at which the common equity        was        sold, or the average bid and asked price of such common equity, as of a        specified date within the past 60 days prior to the date of filing:        $738,585.*

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**ITEM        1: BUSINESS**

*A.  General        Description of Business*

*Hiko        Bell Mining and Oil Company (“registrant”) is a Utah corporation organized in        1942 to mine tungsten for the World War II strategic metals plan on an 80-acre        tract of patented land which the Company still owns, located in northwestern        Box        Elder County, Utah. The principal business of the registrant is exploring        for,        developing and producing oil, gas and minerals, including the acquisition        of        leases, farmouts, mining properties or other valuable mineral lands Registrant’s        current portfolio is more full described in “ITEM 3”hereafter.*

*Registrant’s        source of the properties are state and federal oil and gas leases and fee        (patented) lands, principally in the Rocky Mountain area.*

*Initial        development of an oil and gas or mining prospect originates within the geologic        department. The feasibility of acquiring such land is checked in state land        offices, county court houses, with the Bureau of Land Management and other        governmental agencies. Management then works up the economic viability of        the        project with an Authority for Expenditure (AFE). If the economics are favorable        and the acreage is available, a review is made of the cost of acquisition,        of        geologic and geophysical work, the cost of the drilling or exploration work,        the        cost of completion of “putting into production: and the current and future        market conditions. If all of these varied factors are favorable, the plan        is        then approaches form the standpoint of funding the project.*

*All        of the above operations are conducted by registrant and require various degrees        of skill, knowledge and experience, combined with a high degree of group        effort        and motivation. *

*B.  Competition*

*Registrant        operates in a highly competitive industry where success is dependent upon        the        ability to generate excellent projects, which are financially within the        limits        and range of registrant, to move quickly and decisively and to obtain the        required financing and follow the project through form beginning to end.        Management is fortunate in having a highly motivated staff with more than        75        years of combined industry experience.*

*C.  Patents        and Trademarks*

*Although        registrant has no material patents or trademarks or concessions, it does        have        all of the required business licenses, bonds and permits necessary to carry        out        its various functions.*

----

*D.*
*  *
*Environmental        Regulations*

*In        the course of the development of oil, gas or mining projects, the registrant        works closely with all the appropriate governmental agencies which have        jurisdiction on lands where development is to occur. All guidelines are laid        down by these agencies and are adhered to in the regular course of        business.*

*E.  Financial        Information about Foreign and Domestic Operations and Export        Sales*

*All        sales are domestic and are located within the western United States. For        financial information regarding this geographic area see ITEM 2 (B) during        this        reporting period.*

*F.  Number        of Employees*

*The        number of full-time employees of registrant averages three (3) during this        reporting period.*

*G.  Business        Done and Intended to be Done by Registrant*

*Registrant        is primarily in the oil, gas and mining business. The Company works up and        develops oil and gas exploration projects for development. Most of the        registrant’s mining projects have been developed on company-owned property. Oil        and gas exploration in the United States, onshore, has been at a low ebb        during        the past four years, due in part to the drastic decrease in oil and gas prices.        This has now turned around, with oil recently maintaining a price of around        $60.00 per barrel from a low of $25.00 several years ago. The price paid        per        thousand cubic feet of natural gas has risen to $5.15 per MDF in the Uintah        Basin. The company made an agreement to sell its working interest in the        Dirty        Devil 22-27 for funding that was sufficient to pay its share of the cost        of the        new 22X-27. Further exploration work will be done on the company’s placer gold        claims, now that the price of gold has risen to over $420 per        ounce.*

*During        the fourth quarter of 2005, Registrant’s management was involved in preparing        for a Special Meeting of the Shareholders of the company. A newsletter was        prepared that stated the date, the time and the place of the meeting to be        held        on the 14th of January, 2006 at the Little America Hotel in Salt Lake City,        Utah        at the hour of 10:30 A.M. Craig Caldwell, James Caldwell, Robert E. Covington        requesting to be retained on the Board of Directors for one year, and services        of a certified auditor for the corporation were listed on the        proxy.*

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**ITEM        2: PROPERTIES**

*A.  Mining        Properties*

*UTAH:        Box Elder County: Registrant owns 80 acres of patented land located in the        Grouse Creek Mountains of Northwestern Utah in Box Elder County. This property        was the basis for the founding of strategic Minerals, Inc., the original        name of        the Company prior to the time when the name was changed to Hiko Bell Mining        & Oil Company. The Company was founded in 1942. Registrant’s company was        incorporated in 1942 for the specific purpose of mining ore to assist the        World        War II effort in the production of armor resistant steel used in ships and        military tanks for the war effort.*

*Geologic        investigations of the area have shown the property to have a high potential        value from mineral production of gold and silver. Registrant intends to do        a        physical sampling of the property in the spring and early summer of        2006.*

*UTAH:        Uintah County: Registrant owns 10 placer mining claims located along the        Green        River in northeastern Utah, 8 miles northeast of the town of Jensen. The        claims        are accessible year-round by a gravel road that is maintained by Uintah county.        The gold content of the gravels ranges from .05 to .08 ounce per ton. The        gravels on the property have been calculated to contain 2.5 million ounces        of        gold in the 20 million cubic yards of material. The ore also contains an        estimated 2.5 million ounces of silver. Engineering data indicates that the        average value of the ore, screened to a minus 1⁄4” is $121.46 per ton, using the        price of gold at $380 per ounce. The cost of mining, concentrating and refining,        using that parameter, is estimated to be $32.25/ton. This would give the        operation a Net profit of $89.20/ton, before taxes. Based on a 2500 ton per        day        operation, utilizing 300 working days per year, annual pre-tax revenue could        be        around $40,000,000. Estimated plant and equipment costs are        $8,360,000.*

*The        economic feasibility of the project should be preceded with a bench scale        model        to determine the economic viability of a large-scale operation. The efficiency        of the four gold recovery process will be the determining factor as to whether        or not the project will be economically viable, a factor yet to be determined.        Technical and environmental studies will have to be conducted. The plans        will        have to be submitted to the Bureau of Land Management, the State of Utah        Geological Survey, the state Office of Water Quality and other appropriate        governmental agencies for approval, before mining operations can be undertaken.         The time frame for this work is estimated to be one year at an estimated        cost of $350,000, including Federal and State environmental bonding.*

----

*B.  Utah        Oil and Gas Properties*

*UTAH:        Duchesne County: Registrant owns mineral interests within the Duchesne City        and        in the Indian Canyon area. These mineral rights are presently not        leased.*

*UTAH:        Uintah County: Coyote Basin Area: Registrant has overriding royalties in        two oil        and gas leases that are presently operated by Houston Exploration Co. Two        Uinta        formation gas wells are located on the leases. It is probable the gas        development drilling on this acreage will begin during 2006. The leases are        “held by production”(HBP).*

*UTAH:        Uintah County: Asphalt Ridge Area: Registrant has mineral interests in the        Asphalt Ridge area west of Vernal, Utah. The mineral interest is not presently        leased.*

*UTAH:        Uintah Basin: Registrant owns producing royalties under wells operated by        El        Paso Natural Gas and by Devon energy. These wells are located in the        Bluebell-Altamont oilfield. New drilling and exploration development wells        on        lands under registrant’s royalties will add new reserves of gas and oil to Hiko        Bell’s inventory in the future.*

*UTAH:        Uintah County: Registrant had a Working Interest in a field in western Uintah        County, Utah, which it sold to Newfield Exploration Company. *

*NEVADA:        In December, Registrant filed on approximately 26,000 acres of federal oil        and        gas leases in Clark, Nye, and Elko Counties of eastern Nevada.*

*The        discovery of the Wolverine King’s Ranch oilfield in Sevier County, Utah has        created a high interest among geologists, landsmen and oil companies in the        “hinge line” overthrust belt of western Utah and eastern Nevada. The recently        accepted revisions of structural geology have been revised through drilling        and        seismic work to open up a new interpretation of oil and gas exploration.        The        acceptance of plate tectonic by the earth scientist, combined with the use        of        thermal maturity of source rocks have led to the basic discoveries of oil        and        gas in Wyoming, Utah and Nevada. Registrant’s exploration division has been        conducting geologic studies of four prospects on their acreage portfolio.        Management has been in discussion with an investor group on a possible million        dollar exploration and development program on the Nevada        leases.*

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**ITEM        3: LEGAL PROCEDURES**

*None*

**ITEM        4: SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS**

*None*

**ITEM        5: MARKET FOR REGISTRANT’S COMMON STOCK AND RELATED SECURITY        HOLDERS**

| *YEAR*                       |   | *FIRST* |   | *SECOND* |   | *THIRD* |   | *FOURTH* |   |
|------------------------------|--------|---------|--------|----------|--------|---------|--------|----------|--------|
|                         |   |    |   |     |   |    |   |     |   |
| *2001                  High* |   |    | *.01*  |     |   | *.01*   |   |     | *.01*  |   |   | *.01* |   |
| *2001                  Low*  |   |    | *.005* |     |   | *.005*  |   |     | *.005* |   |   | *.005* |   |
|                         |   |    |   |     |   |    |   |     |   |   |   |   |   |
| *2002                  High* |   |    | *.01*  |     |   | *.01*   |   |     | *.01*  |   |   | *.01* |   |
| *2002                  Low*  |   |    | *.005* |     |   | *.005*  |   |     | *.005* |   |   | *.005* |   |
|                         |   |    |   |     |   |    |   |     |   |   |   |   |   |
| *2003                  High* |   |    | *.01*  |     |   | *.01*   |   |     | *.02*  |   |   | *.05* |   |
| *2003                  Low*  |   |    | *.005* |     |   | *.005*  |   |     | *.01*  |   |   | *.02* |   |
|                         |   |    |   |     |   |    |   |     |   |   |   |   |   |
| *2004                  High* |   |    | *.03*  |     |   | *.03*   |   |     | *.035* |   |   | *.03* |   |
| *2004                  Low*  |   |    | *.02*  |     |   | *.02*   |   |     | *.03*  |   |   | *.02* |   |
|                         |   |    |   |     |   |    |   |     |   |   |   |   |   |
| *2005                  High* |   |    | *.05*  |     |   | *.05*   |   |     | *.07*  |   |   | *.07* |   |
| *2005                  Low*  |   |    | *.04*  |     |   | *.04*   |   |     | *.04*  |   |   | *.04* |   |

**ITEM        6: SELECTED FINANCIAL DATA FOR THE YEAR ENDING DECEMBER        31**

|                          |   | *2005* |      | *2004* |   | *2003*    |   | *2002* |      | *2001* |   | *2000*    |   |
|-------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
| *Operating*                   |   |   |      |   |   |      |   |   |      |   |   |      |   |
| *Revenue*                     |   |   | *93,260*  |   |   | *5,704*   |   |   | *42,621*  |   |   | *20,875*  |   |   | *22,757* |   |   | *9,170* |   |
| *Net                  income* |   |   |      |   |   |      |   |   |      |   |   |      |   |   |   |   |   |   |   |
| *(Loss)*                      |   |   | *(73,128* | *)*    |   | *(46,544* | *)*    |   | *(81,986* | *)*    |   | *(3,639*  | *)*    |   | *(5,268* | *)* |   | *(15,705* | *)* |
| *Earning*                     |   |   |      |   |   |      |   |   |      |   |   |      |   |   |   |   |   |   |   |
| *(Loss)*                      |   |   | *(.0008*  | *)*    |   | *(.00184* | *)*    |   | *(.00012* | *)*    |   | *(.00025* | *)*    |   | *(.00023* | *)* |   | *(.00015* | *)* |
| *Total*                       |   |   |      |   |   |      |   |   |      |   |   |      |   |   |   |   |   |   |   |
| *Assets*                      |   | *$*    | *738,585* |   | *$*    | *711,347* |   | *$*    | *567,077* |   | *$*    | *740,389* |   | *$* | *726,452* |   | *$* | *740,657* |   |

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**ITEM        7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF STATEMENT OF OPERATIONS**

*In        2003, Hiko Bell’s Board of Directors was actively involved in a search for the        funding it needed to rework the 22-27 well, a program estimated at $200,000.        In        the third quarter of 2003, an agreement was reached with Curton Capital Corp.        of        Dallas, Texas, whereby they would be assigned a 50% interest in the well,        the        400 acre lease and the inventory. The funds were used for the reworking of        the        well.*

*Registrants        filed a new offset location staked on the same drill pad and filed a Notice        of        Location and had it approved by the Bureau of Land Management. Curton Capital        Corp. was sent an Authority for Expenditures (AFE) for the estimated cost        of the        drilling and completion of the new Dirty Devil 22-27X. Under the terms and        agreement of the Operating Agreement and COPUS Accounting schedule, Curton        Capital Corp. was obligated to advance its 50% of these costs, in advance        within        15 days of receipt of the AFE, but no executed copies of the AFE and no cash        advances for Curton Capital’s share of the cost of the program were received by        the registrant. Because the primary terms of SL-071725-C, the lease had passed,        the lease wis in the HBP STATUS (Hold by Production). The well had been shut-in        since 1988, the Bureau of Land Management was informing the registrant to        get        the well back into production or under the law they would cancel the lease.        Technically after a well has been plugged a new well has to be drilled and        completed that is capable of gas or oil production within 90 days after the        plugging of the HBP well.*

*Therefore,        registrant and Curton Capital were in danger of having the lease cancelled.        Curton Capital was informed of the problem. In the Second Quarter of 2004,        Curton Capital assigned all of its interest in the lease to Thurston Energy,        LLC, a Glenview, Illinois LLC Company.*

*In        the Fourth Quarter of 2005 Thurston Energy made an offer to acquire Registrant’s        interest in SL-071725-C well. The Board of Directors accepted the offer in        December 2005.*

*Thurston        Energy Settlement:*

*Note:  As        a part of the closing agreement with Thurston Energy, the $55,000 advanced        to        Ralph Curton, d.b.a. Curton Capital, was forgiven and the Hiko Bell accounts        receivable of $114,475 was also written off.*

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**ITEM        8: FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA **

*Consolidated        Balance Sheet for the year ended*

*December        31, 2005 and 2004 (unaudited)*

*Statement        of Operation and Retained earning*

*for        the year ended December 31, 2005 and 2004 (unaudited)*

*Notes        to financial statements (unaudited)*

***HIKO        BELL***
***MINING & OIL COMPANY***

*Consolidated        Balance Sheet*

*Unaudited*

| *For                  the year ended December 31*                  |   | *2005* |                     | *2004* |   |
|--------------------------------------------------------------------|--------|--------|--------------------------|--------|--------|
|                                                               |   |   |                     |   |   |
| *Current                  Assets*                                  |   |   |                     |   |   |   |   |
| *Cash*                                                             |   | *$*    | *235,555*                |   | *$*    | *9,048* |   |
| *Current                  receivables less allowance for bad debt* |   | *$*    | *26,955*                 |   | *$*    | *114,475* |   |
| *Investments*                                                      |   | *$*    | *94,000*                 |   | *$*    | *209,592* |   |
| *Other                  Assets*                                    |   |   | *-                  0 -* |   | *$*    | *52,054* |   |
| *Totals*                                                           |   | *$*    | *356,510*                |   | *$*    | *385,169* |   |
|                                                               |   |   |                     |   |   |   |   |
| *Properties,                  Building & Equipment*            |   |   |                     |   |   |   |   |
| *Assigned                  Non-producing Leases*                   |   | *$*    | *6,690*                  |   | *$*    | *6,690* |   |
| *Assigned                  Producing Leases*                       |   | *$*    | *21,875*                 |   | *$*    | *21,875* |   |
| *Producing                  Gas & Oil Properties*              |   |   | *-                  0 -* |   | *$*    | *188,944* |   |
| *Non-producing                  Gas & Oil Leases*              |   | *$*    | *25,618*                 |   | *$*    | *49,162* |   |
| *Working                  Interest*                                |   | *$*    | *49,162*                 |   | *$*    | *21,383* |   |
| *Mining                  Property*                                 |   | *$*    | *278,730*                |   | *$*    | *38,120* |   |
| *Totals*                                                           |   | *$*    | *382,075*                |   | *$*    | *326,174* |   |
|                                                               |   |   |                     |   |   |   |   |
| *TOTAL                  ASSETS*                                    |   | *$*    | *738,585*                |   | *$*    | *711,343* |   |

----

***HIKO        BELL***
***MINING & OIL COMPANY***

*Consolidated        Balance Sheet (continued)*

*Unaudited*

| *For                  the year ended December 31*          |   | *2005* |                     | *2004* |   |
|------------------------------------------------------------|--------|--------|--------------------------|--------|--------|
|                                                       |   |   |                     |   |   |
| *Current                  Liabilities*                     |   |   |                     |   |   |
| *Accounts                  payable*                        |   | *$*    | *13,555*                 |   | *$*    | *13,652* |   |
| *Property                  and other taxes*                |   |   | *-                  0 -* |   |   | *-                  0 -* |   |
| *Royalty                  Payments*                        |   |   | *-                  0 -* |   | *$*    | *12,034* |   |
| *Notes                  Payable*                           |   |   | *-                  0 -* |   | *$*    | *86,200* |   |
| *Related                  Parties*                         |   |   | *-                  0 -* |   | *$*    | *4,693* |   |
| *Totals*                                                   |   | *$*    | *13,555*                 |   | *$*    | *116,579* |   |
|                                                       |   |   |                     |   |   |   |   |
| *Stockholder’s                  Equity*              |   |   |                     |   |   |   |   |
| *Common                  Stock, 25,000,000*                |   |   |                     |   |   |   |   |
| *Authorized                  $.01 par value*               |   | *$*    | *248,872*                |   | *$*    | *248,872* |   |
| *Capital                  paid in excess of par value*     |   | *$*    | *3,430,469*              |   | *$*    | *3,258,560* |   |
|                                                       |   |   |                     |   |   |   |   |
| *Retained                  Earning (deficit)*              |   |   | *($2,985,796*            | *)*    |   | *($2,912,668* | *)* |
|                                                       |   |   |                     |   |   |   |   |
| *Total                  Liability and Stockholders Equity* |   | *$*    | *738,585*                |   | *$*    | *711,343* |   |

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***HIKO        BELL***
***MINING & OIL COMPANY***

*Statement        of Operations and Retained Earnings*

*Unaudited*

| *For                  the year ended December 31* |   | *2005* |                     | *2004* |   |
|---------------------------------------------------|--------|--------|--------------------------|--------|--------|
|                                              |   |   |                     |   |   |
| *Income*                                          |   |   |                     |   |   |
| *Consulting                  Income*              |   |   | *-                  0 -* |   | *$*    | *4,725* |   |
| *Sale                  of Working Interest*       |   | *$*    | *73,785*                 |   |   | *-                  0 -* |   |
| *Capital                  Gains*                  |   | *$*    | *71,020*                 |   |   |   |   |
| *Production                  Income*              |   | *$*    | *982*                    |   | *$*    | *1,039* |   |
|                                              |   |   |                     |   |   |   |   |
| *Total*                                           |   | *$*    | *145,787*                |   | *$*    | *5,764* |   |
|                                              |   |   |                     |   |   |   |   |
| *Expense*                                         |   |   |                     |   |   |   |   |
| *Operating                  Costs*                |   | *$*    | *218,915*                |   | *$*    | *52,308* |   |
| *Depreciation                  & Depletion*   |   |   | *-                  0 -* |   |   | *-                  0 -* |   |
| *Interest*                                        |   |   | *-                  0 -* |   |   | *-                  0 -* |   |
|                                              |   |   |                     |   |   |   |   |
| *Total*                                           |   | *$*    | *218,915*                |   | *$*    | *52,308* |   |
|                                              |   |   |                     |   |   |   |   |
| *Income                  (loss) before taxes*     |   |   | *($73,128*               | *)*    |   | *($46,544* | *)* |
| *Net                  Income (loss)*              |   |   | *($73,128*               | *)*    |   | *($46,544* | *)* |
| *Retained                  Earnings (deficit)*    |   |   | *($2,985,796*            | *)*    |   | *($2,912,668* | *)* |
|                                              |   |   |                     |   |   |   |   |
| *Income                  (loss) per share*        |   |   | *(.0008*                 | *)*    |   | *(.00184* | *)* |

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**ITEM        9: DISAGREEMENT OF ACCOUNTING AND FINANCIAL        DISCLOSURES**

*None*

**ITEM        10: DIRECTORS AND EXECUTIVE OFFICERS**

*A        and        B*

| *Name                  and Address*     | *Title*                                     | *Office                  Term*                      |
|-----------------------------------------|---------------------------------------------|-----------------------------------------------------|
|                                    |                                        |                                                |
| *Craig                  Caldwell*       | *Chief                  Executive Officer,* | *Until                  next stockholders meeting.* |
| *1273                  South 1500 East* | *President                  and*            | *Director                  since 1964*              |
| *Vernal,                  UT 84078*     | *Director*                                  |                                                |
|                                    |                                        |                                                |
| *James                  C. Caldwell*    | *Vice                  President*           | *Until                  next stockholders meeting.* |
| *1835                  North 1500 East* | *Director*                                  | *Director                  since 1986*              |
| *Vernal,                  UT 84078*     |                                        |                                                |
|                                    |                                        |                                                |
| *Robert                  E. Covington*  | *Secretary/Treasurer*                       | *Until                  next stockholders meeting.* |
| *1273                  South 1500 East* | *Director*                                  | *Sec./Treas.                  since 1964*           |
| *Vernal,                  UT 84078*     |                                        |                                                |
|                                    |                                        |                                                |

*None        of the above was selected pursuant to any arrangements or understanding between        him and any other person.*

*C.  Identification        of certain Significant Employees*

*None*

*D.  Resume        of Experience*

*The        professional work experience of the three officers of registrant have a combined        total, in the oil, gas and mining business of more than 70        years.*

*Craig        Caldwell, Chief Executive Officer, President and Director, has been in the        oil        and gas business since 1952. He started in leasing and trading minerals and        leases, then in the actual business of drilling, completing and producing        gas        and oil wells. Craig is highly experienced in making deals, in farmouts,        and in        joint-venture wells, and programs of lease and mineral acquisitions. His        ability        to engineer a project from its inception to completion is outstanding.*

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*Robert        E. “Bud” Covington is a graduate of the University of Colorado (Class of 1947)        with a BA in geology. He did postgraduate work at the Colorado School of        Mines        in 1948. Since that time he has worked for Phillips Petroleum, Carter Oil        Company (Exxon) and many other independents both in the oil and gas business        and        the mining division. He has written many articles on the geology of the Uinta        Basin that have been published in geologic guidebooks of the Rocky Mountain        area, especially on bituminous sands, gilsonite and other hydrocarbons that        are        unique to the Uinta Basin. *

*Harvey        Bryant was elected to the Board of Directors in June 2002. James C. Caldwell,        who had been Vice president since 1986, resigned to permit Mr. Bryant to        be a        Board Member. Mr. Bryant, after serving 18 months as President, resigned        the        Fourth Quarter of 2003.*

*James        C. Caldwell, who was reelected to the office upon Mr. Bryant’s resignation has        over 13 years experience in the oil business and is an experienced operator        of        heavy oil field equipment and in oil field location building.*

*E.  Involvement        in Certain Legal Proceedings.*

*None*

**ITEM        11: MANAGEMENT’S REMUNERATION AND TRANSACTIONS**

*No        officer of the Company has received remuneration, salary, stock or other        benefits during 2005 or during the last 16 years, except for the        following:*

*On        December 12, 2004, at a Regular Meeting of the Board of Directors of Hiko        Bell        Mining and Oil Company, the Board authorized the issuance of the following        shares of Treasury Stock, with the certificates to be stamped and registered        with the “Restricted” Notation, to the officers of the Company for their unpaid        work for the previous 14 years:*

| *Craig                  Caldwell, President*                | *950,000                  shares* |
|-------------------------------------------------------------|-----------------------------------|
| *James                  C. Caldwell, Vice President*        | *750,000                  shares* |
| *Robert                  E, Covington, Secretary-Treasurer* | *950,000                  shares* |

*In        addition, the Board authorized the Company to pay the following sums, if        and        when the cash is available, effective as of January 1, 2005:*

| *Craig                  Caldwell, President and CEO* | *$75,000* |
|------------------------------------------------------|-----------|
| *James                  C. Caldwell, Vice President* | *$25,000* |
| *Robert                  E. Covington*               | *$50,000* |

*Securities        or property, insurance or reimbursement of expenses: None*

*Aggregate        of contingent form of remuneration: None*

----

*Registrant        has no retirement plans or other employee benefit plans.*

*There        are no existing plans or arrangements regarding future remuneration payments        to        officers, directors or significant employees.*

**ITEM        12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS.**

*The        following information is set forth with respect to any person or group who        is        known to registrant to be beneficial owner of more than five (5) percent        of the        registrant’s voting stock:*

| *Title                  or Class* | *Name                  & Address*     | *Amount                  Owned* | *Percent                  of Class* |
|-----------------------------------|-------------------------------------------|---------------------------------|-------------------------------------|
| *Common*                          | *J.                  William Powell, Jr.* | *2,908,900*                     | *13.09*                             |
|                              | *166                  Bay Court*          |                            |                                |
|                              | *Cross                  River, NY 10518*  |                            |                                |
|                              |                                      |                            |                                |
| *Common*                          | *Craig                  Caldwell*         | *2,230,000*                     | *9.00%*                             |
|                              | *1273                  South 1500 East*   |                            |                                |
|                              | *Vernal,                  UT 84078*       |                            |                                |
|                              |                                      |                            |                                |
| *Common*                          | *James                  C. Caldwell*      | *2,092,036*                     | *8.00%*                             |
|                              | *1835                  North 1500 East*   |                            |                                |
|                              | *Vernal,                  UT 84078*       |                            |                                |
|                              |                                      |                            |                                |
| *Common*                          | *Robert                  E. Covington*    | *2,485,265*                     | *10.00%*                            |
|                              | *1273                  South 1500 East*   |                            |                                |
|                              | *Vernal,                  UT 84078*       |                            |                                |

*B.  Security        Ownership of Management*

| *Common* | *Craig                  Caldwell*      | *2,230,000* | *9.00%*  |
|----------|----------------------------------------|-------------|----------|
|     |                                   |        |     |
| *Common* | *James                  C. Caldwell*   | *2,092,036* | *8.00%*  |
|     |                                   |        |     |
| *Common* | *Robert                  E. Covington* | *2,485,265* | *10.00%* |

*C.  Changes        in Control*

*There        are no arrangements known to registrant, including pledges by any person        or        securities, the operation of which may, at a subsequent date, result in a        change        of control of registrant.*

----

**ITEM        13: **
**TRANSACTIONS        WITH MANAGEMENT AND OTHERS**

*None*

**ITEM        14: EXHIBITS, FINANCIAL STATEMENTS AND REPORTS**

*Form        10-KSB*

*A.  Financial        statements included in this filing: 12/31/2005*

*B.  Financial        statement schedules in this filing:*

*“Standardized        Measures of Discounted Future Net Cash Flow Relating to Proved, Recoverable        Oil        and gas reserves.” *

| *Natural                  Gas*                            | *MMCF                  Gross*  | *Hiko                  Bell Share* |   |
|-----------------------------------------------------------|--------------------------------|------------------------------------|--------|
| *Dirty                  Devil 22-27*                      | *(2.7                  BCFG)** | *(1.35                  BCFG)**    |   |
| **                  Loss from Sale of Lease (12/10/2005)* |                           |                               |   |

*C.  Reports        on Form 10-K : None*

*Additional        Information: *

*Registrant        transfers its own stock.*

| *Business                  Address:* | *1635                  East 1500 South* |
|--------------------------------------|-----------------------------------------|

|   | *Vernal,                  UT 84078* |
|--------|-------------------------------------|

| *Mailing                  Address:* | *P.O.                  Box 1845* |
|-------------------------------------|----------------------------------|

|   | *Vernal,                  UT 84078* |
|--------|-------------------------------------|

|   | *Phone:  (435)                  789-3233* |
|--------|-----------------------------------------------------|

|   | *Fax:  (435)                  789-4560* |
|--------|---------------------------------------------------|

| *Corporate                  Counsel:* | *Huntsman                  Evans Christiansen &Lofgran* |
|---------------------------------------|-------------------------------------------------------------|

|   | *10421                  Jordan Gateway, Ste 550* |
|--------|--------------------------------------------------|

|   | *South                  Jordan, UT 84095* |
|--------|-------------------------------------------|

|   | *Phone:  (801)                  576-2660* |
|--------|-----------------------------------------------------|

----

***SIGNATURES***

*In        accordance with Section 13 or 15(d) of the Exchange Act, the Registrant caused        this report to be signed on its behalf by the undersigned, thereunto duly        authorize.*

|                                    |   | *HIKO                  BELL MINING & OIL COMPANY*      |           |
|-----------------------------------------|--------|------------------------------------------------------------|----------------|
|                                    |   |                                                       |           |   |
|                                    |   |                                                       |           |   |
| *Date:                  March 31, 2006* |   | *by*                                                       | *  * |   |
|                                    |   | *Craig                  Caldwell, Chief Executive Officer* |           |
|                                    |   | *President*                                                |           |

*In        accordance with the Exchange Act, this report has been signed below by the        following persons on behalf of the registrant and in the capacities and on        the        dates indicated.*

| *Date:                  March 31, 2006* |   | *by*                                                       | * * |   |
|-----------------------------------------|--------|------------------------------------------------------------|----------|--------|
|                                    |   | *Craig                  Caldwell, Chief Executive Officer* |     |
|                                    |   | *President                  and Director*                  |     |
|                                    |   |                                                       |     |   |
|                                    |   |                                                       |     |   |
| *Date:                  March 31, 2006* |   | *by*                                                       |     |   |
|                                    |   | *Robert                  E. Covington,*                    |     |
|                                    |   | *Secretary-Treasurer                  and Director*        |     |

----