U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549
                                   FORM 10-QSB

              [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                  FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003

             [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                         COMMISSION FILE NO.  333-37842

                               MOUNTAIN OIL, INC.
            (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS
                                    CHARTER)

             UTAH                                        87-0639343
             ----                                        ----------
       (STATE OR OTHER JURISDICTION OF   (IRS EMPLOYER IDENTIFICATION NO.)
                         INCORPORATION OR ORGANIZATION)


                             3191 NORTH CANYON ROAD
                                 PROVO, UT 84604
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (801) 373-3990
                                 --------------
                           (ISSUER'S TELEPHONE NUMBER)

                                 NOT APPLICABLE
      (FORMER NAME, ADDRESS AND FISCAL YEAR, IF CHANGED SINCE LAST REPORT)

CHECK  WHETHER  THE  ISSUER  (1)  HAS  FILED ALL REPORTS REQUIRED TO BE FILED BY
SECTION  13  OR 15(D) OF THE EXCHANGE ACT DURING THE PRECEDING 12 MONTHS (OR FOR
SUCH  SHORTER PERIOD THAT THE ISSUER WAS REQUIRED TO FILE SUCH REPORTS), AND (2)
HAS  BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES [X] NO [
]

APPLICABLE  ONLY  TO  ISSUERS  INVOLVED  IN  BANKRUPTCY  PROCEEDINGS  DURING THE
PRECEDING  FIVE  YEARS:

CHECK  WHETHER THE REGISTRANT HAS FILED ALL DOCUMENTS AND REPORTS REQUIRED TO BE
FILED  BY  SECTIONS  12,  13,  OR  15(D)  OF  THE EXCHANGE ACT SUBSEQUENT TO THE
DISTRIBUTION  OF  SECURITIES  UNDER A PLAN CONFIRMED BY A COURT. YES [  ] NO [X]

APPLICABLE  ONLY  TO  CORPORATE  ISSUERS:

STATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF COMMON
EQUITY,  AS  OF  JUNE  30,  2003:  2,320,286  SHARES  OF  COMMON  STOCK.

TRANSITIONAL  SMALL  BUSINESS  FORMAT:  YES  [  ]  NO  [X]

DOCUMENTS  INCORPORATED  BY  REFERENCE:  NONE

<PAGE>









                                  FORM 10-QSB
                               MOUNTAIN OIL, INC.

                                      INDEX
                                                                            PAGE

PART  I.     FINANCIAL  INFORMATION

     ITEM  1.  FINANCIAL  STATEMENTS                                           3

     BALANCE  SHEET  AS  OF JUNE 30,  2003 (UNAUDITED)                         3

     STATEMENT  OF  OPERATIONS  FOR  THE  THREE  MONTHS
ENDED  JUNE  30,  2003  AND  2002;  AND  THE  SIX                              4
MONTHS  ENDED  JUNE  30,  2003  AND  2002  (UNAUDITED)

     STATEMENT  OF  CASH  FLOWS  FOR  THE  SIX  MONTHS                         5
ENDED  JUNE  30,  2003  AND  2002  (UNAUDITED)

     NOTES  TO  FINANCIAL  STATEMENTS                                          7

     ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS                         8
OF  FINANCIAL  CONDITION

PART  II.      OTHER  INFORMATION


SIGNATURES                                                                    10

CERTIFICATION  OF  FINANCIAL  STATEMENTS                                      11

CERTIFICATION  PURSUANT  TO  SECTION  906  OF THE SARBANES-OXLEY ACT     EX 99.1
                                                                         EX 99.2



                                        2
<PAGE>

Part  I.  Financial  Information
Item  1.  Financial  Statements
<TABLE>
<CAPTION>



<S>                                                     <C>
                               MOUNTAIN OIL, INC.
                                  Balance Sheet

                                                              June 30, 2003
                                                               (unaudited)
ASSETS
Current assets:

   Cash  . . . . . . . . . . . . . . . . . . . . . . .  $            55,000
      Receivables. . . . . . . . . . . . . . . . . . .                4,000
                                                        --------------------

        Total current assets . . . . . . . . . . . . .               59,000

Property and equipment, net. . . . . . . . . . . . . .              672,000
                                                        --------------------



        Total Assets                                    $           731,000
                                                        ====================


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts Payable . . . . . . . . . . . . . . . . . . .  $                 -
                                                        --------------------

Commitments. . . . . . . . . . . . . . . . . . . . . .                    -

Stockholders' equity:
Preferred stock, no par value, authorized 10,000,000
  shares;  no shares issued or outstanding . . . . . .                    -
Common stock, no par value, 50,000,000 shares
  authorized; 2,320,286 shares  issued and outstanding            2,898,000
Accumulated deficit. . . . . . . . . . . . . . . . . .           (2,167,000)
                                                        --------------------

Total stockholders' equity . . . . . . . . . . . . . .              731,000
                                                        --------------------

Total liabilities and stockholders' equity              $           731,000
                                                        ====================


</TABLE>



See  accompanying  notes  to  financial  statements

                                        3
<PAGE>

<TABLE>
<CAPTION>



<S>                                                        <C>                   <C>                 <C>           <C>
                               MOUNTAIN OIL, INC.
                            Statement of Operations


                                                                       THREE MONTHS ENDED              SIX MONTHS ENDED
                                                                             JUNE 30,                       JUNE 30,
                                                                         2003            2002           2003         2002
                                                                  (UNAUDITED)       (UNAUDITED)      (UNAUDITED)   (UNAUDITED)
                                                                  -----------       -----------      -----------   -----------

Lease revenues. . . . . . . . . . . . . . . . . . . . . .               20,000                   -        24,000            -
                                                           --------------------  ------------------  ------------  -----------

Costs and expenses:
  General and administrative expenses . . . . . . . . . .               14,000              21,000        27,000       54,000
  Depreciation, depletion and amortization expense. . . .               25,000              38,000        46,000       60,000
                                                           --------------------  ------------------  ------------  -----------

    Total operating expenses. . . . . . . . . . . . . . .               39,000              59,000        73,000      114,000
                                                           --------------------  ------------------  ------------  -----------

    Loss from operations. . . . . . . . . . . . . . . . .              (19,000)            (59,000)      (49,000)    (114,000)
                                                           --------------------  ------------------  ------------  -----------

Other income (expense):
  Other income. . . . . . . . . . . . . . . . . . . . . .                    -              10,000             -       13,000
                                                           --------------------  ------------------  ------------  -----------

    Loss before provision for income
    taxes and discontinued operations . . . . . . . . . .              (19,000)            (49,000)      (49,000)    (101,000)

Benefit from income taxes . . . . . . . . . . . . . . . .                    -                   -             -            -
                                                           --------------------  ------------------  ------------  -----------

    Loss from continuing operations . . . . . . . . . . .              (19,000)            (49,000)      (49,000)    (101,000)

Discontinued operations:
  Gain from discontinued oil and gas production activities
  including gain on disposal of $219,000. . . . . . . . .                    -              15,000       204,000       18,000
                                                           --------------------  ------------------  ------------  -----------

    Net income (loss) . . . . . . . . . . . . . . . . . .  $           (19,000)  $         (34,000)  $   155,000   $  (83,000)
                                                           ====================  ==================  ============  ===========
Loss per common share from continuing operations -
   basic and diluted. . . . . . . . . . . . . . . . . . .  $             (0.01)  $           (0.01)  $     (0.02)  $    (0.03)
                                                           ====================  ==================  ============  ===========

Income per common share from discontinued
   Operations - basic and diluted . . . . . . . . . . . .  $                 -   $               -   $      0.08   $        -
                                                           ====================  ==================  ============  ===========

Income (loss) per common share - basic and diluted. . . .  $             (0.01)  $           (0.01)  $     (0.06)  $    (0.03)
                                                           ====================  ==================  ============  ===========

Weighted average number of common shares -
  basic and diluted . . . . . . . . . . . . . . . . . . .            2,315,000           3,123,000     2,583,000    3,116,000
                                                           ====================  ==================  ============  ===========


See accompanying notes to financial statements
</TABLE>


                                        4
<PAGE>
                               MOUNTAIN OIL, INC.
                             STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>



<S>                                               <C>                 <C>

                                                             SIX MONTHS ENDED
                                                                 JUNE 30,
                                                               2003        2002
                                                         (UNAUDITED)  (UNAUDITED)
                                                         -----------  -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss). . . . . . . . . . . . . . .  $         155,000   $ (83,000)
  Adjustments to reconcile net loss to net
   Cash used in operating activities:
   Depreciation and depletion .. . . . . . . . .             50,000      93,000
   Allowance for doubtful accounts.  . . . . . .                  -     (17,000)
                                                           (219,000)     10,000
   Gain on disposal of
   discontinued operations
   Decrease (increase) in:
   Accounts receivable . . . . . . . . . . . . .            (21,000)     30,000
   Prepaid expenses. . . . . . . . . . . . . . .                  -      (2,000)
   Inventory . . . . . . . . . . . . . . . . . .              9,000      (5,000)
   Increase (decrease) in:
   Accounts payable .  . . . . . . . . . . . . .            (15,000)      8,000
   Accrued expenses. . . . . . . . . . . . . . .            (24,000)     28,000
                                                  ------------------  ----------

Net cash (used in) provided. . . . . . . . . . .            (68,000)     52,000
by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES-
Proceeds from disposal of equipment. . . . . . .             34,000           -
Net cash paid in disposal of assets. . . . . . .             (8,000)          -
Purchase of property and equipment . . . . . . .             (7,000)    (75,000)
                                                  ------------------  ----------

Net cash provided by . . . . . . . . . . . . . .             19,000     (75,000)
(used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Decrease in Cash overdraft . . . . . . . . . . .                  -     (66,000)
    Proceeds from issuance of common stock . . .                  -      15,000

Payment on convertible notes . . . . . . . . . .                  -     (23,000)
  Payments on long-term debt . . . . . . . . . .             (2,000)     (5,000)
                                                  ------------------  ----------

Net cash used in . . . . . . . . . . . . . . . .             (2,000)    (79,000)
financing activities

Net change in cash and . . . . . . . . . . . . .            (51,000)   (102,000)
cash equivalents

Cash and cash equivalents. . . . . . . . . . . .  $         106,000   $ 173,000
at beginning of period

Cash and cash equivalents at end of period . . .  $          55,000   $  71,000
                                                  ==================  ==========

See accompanying notes to financial statements.
</TABLE>


                                        5
<PAGE>

SUPPLEMENTAL  NON-CASH  DISCLOSURE

IN  MARCH  2003,  THE  COMPANY  DISPOSED  OF CERTAIN ASSETS AND ASSIGNED CERTAIN
LIABILITIES  OF MOUNTAIN OIL, INC, TO A COMPANY CONTROLLED BY FORMER SIGNIFICANT
SHAREHOLDERS  OF  MOUNTAIN  OIL,  INC.  THE  DISPOSITION  IS  ACCOUNTED  FOR  AS
DISCONTINUED  OPERATIONS  AS THE COMPANY WILL NOT CONTINUE TO OPERATE IN OIL AND
GAS  PRODUCING  ACTIVITIES.  THE  GAIN  REALIZED  FOR THE DISPOSITION OF THE NET
LIABILITIES  WAS  AS  FOLLOWS:

<TABLE>
<CAPTION>


<S>                                                   <C>
LESS:CASH  PAID  IN  DISPOSAL. . . . . . . . . . . .  $  (8,000)
     RECEIVABLES . . . . . . . . . . . . . . . . . .    (74,000)
     INVENTORY . . . . . . . . . . . . . . . . . . .    (46,000)
     PREPAID  EXPENSES . . . . . . . . . . . . . . .     (3,000)
     GAS  AND  OIL  PROPERTY . . . . . . . . . . . .   (272,000)
     EQUIPMENT  AND  VEHICLES. . . . . . . . . . . .    (36,000)
ADD: COMMON  STOCK  ACQUIRED  (802,463  SHARES) . . .   201,000
     ACCOUNTS  PAYABLE  AND  ACCRUED  EXPENSES . . .    407,000
     RELATED  PARTY  NOTES  PAYABLE. . . . . . . . .     13,000
     LONG-TERM  DEBT . . . . . . . . . . . . . . . .     37,000
                                                       ---------

GAIN  ON  DISPOSITION  OF  DISCONTINUED  OPERATIONS.  $ 219,000
                                                      ==========
</TABLE>


DURING  THE  SIX  MONTHS  ENDED  JUNE  30,  2003  AND  2002  THE  COMPANY  PAID
APPROXIMATELY  $1,000  AND  $4,000 IN INTEREST, RESPECTIVELY, AND PAID NO INCOME
TAXES.


                                        6
<PAGE>

                               MOUNTAIN OIL, INC.
                          NOTES TO FINANCIAL STATEMENTS

                           PERIODS ENDED JUNE 30, 2003

NOTE  1  -  ORGANIZATION  AND  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

A)     ORGANIZATION:  THE  COMPANY  IS INCORPORATED  UNDER THE LAWS OF THE STATE
OF  UTAH AND HAS SUBSTANTIALLY DISCONTINUED ITS GAS AND OIL PRODUCING ACTIVITIES
AND  IS  CURRENTLY  OPERATING  AS  A  LESSER  OF  ITS GAS AND OIL PROPERTIES AND
PROPERTY  AND  EQUIPMENT
B)     UNAUDITED  FINANCIAL  INFORMATION:  THE  UNAUDITED  FINANCIAL  STATEMENTS
INCLUDE  THE ACCOUNTS OF THE COMPANY AND INCLUDE ALL ADJUSTMENTS  (CONSISTING OF
NORMAL  RECURRING  ITEMS),  WHICH  ARE,  IN  THE  OPINION  OF  THE  MANAGEMENT,
NECESSARY  TO  PRESENT  FAIRLY  THE  FINANCIAL  POSITION AS OF JUNE 30, 2003 AND
THE  RESULTS  OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 AND
2002  AND  CASH  FLOWS  FOR  THE  SIX  MONTHS ENDED JUNE 30,  2003 AND 2002. THE
RESULTS  OF  OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 ARE NOT
NECESSARILY  INDICATIVE  OF  THE  RESULTS  TO  BE  EXPECTED FOR THE ENTIRE YEAR.
C)     EARNINGS  PER  SHARE:  THE COMPUTATION OF BASIC EARNINGS PER COMMON SHARE
IS BASED ON THE WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DURING THE PERIOD.

THE  COMPUTATION  OF  DILUTED EARNINGS PER COMMON SHARE IS BASED ON THE WEIGHTED
AVERAGE  NUMBER  OF  SHARES  OUTSTANDING DURING THE PERIOD PLUS THE COMMON STOCK
EQUIVALENTS  WHICH  WOULD  ARISE FROM THE EXERCISE OF STOCK OPTIONS AND WARRANTS
OUTSTANDING  USING  THE  TREASURY  STOCK METHOD AND THE AVERAGE MARKET PRICE PER
SHARE  DURING THE PERIOD.  OPTIONS TO PURCHASE 100,000 SHARES OF COMMON STOCK AT
PRICES  RANGING  FROM $1.00 TO $2.25 PER SHARE WERE OUTSTANDING AT JUNE 30, 2003
AND  2002.  OPTIONS  TO PURCHASE SHARES OF COMMON STOCK WERE NOT INCLUDED IN THE
DILUTED  LOSS  PER  SHARE  CALCULATION  BECAUSE  THE  EFFECT  WOULD  HAVE  BEEN
ANTI-DILUTIVE.

NOTE  2  -  GOING  CONCERN

THE  ACCOMPANYING  FINANCIAL  STATEMENTS  HAVE  BEEN  PREPARED ASSUMING THAT THE
COMPANY WILL CONTINUE AS A GOING CONCERN. AS OF JUNE 30, 2003,  THE  COMPANY HAD
NEGATIVE  CASH  FLOWS  FROM  OPERATIONS  AND HAS  INCURRED SUBSTANTIAL OPERATING
LOSSES.  THESE  CONDITIONS  RAISE  SUBSTANTIAL  DOUBT  ABOUT  THE ABILITY OF THE
COMPANY  TO CONTINUE AS A GOING CONCERN. THE FINANCIAL STATEMENTS DO NOT INCLUDE
ANY  ADJUSTMENTS  THAT  MIGHT  RESULT  FROM  THE OUTCOME OF THESE UNCERTAINTIES.
MANAGEMENT  HAS  RESTRUCTURED  THE  COMPANY'S OPERATIONS, BY SELLING OFF CERTAIN
ASSETS  AND  LEASING  OTHERS.  MOUNTAIN OIL WILL FOCUS ON LEASING ITS EQUIPMENT,
REAL  ESTATE,  AND  WELLS  WITH  THE  INTENTION  OF REDUCING OPERATING COSTS AND
OVERHEAD.  IF  THE  COMPANY  IS  UNABLE  TO OBTAIN PROFITABLE OPERATIONS IT WILL
REQUIRE  ADDITIONAL DEBT OR EQUITY FINANCING. THERE CAN BE NO ASSURANCE THAT THE
COMPANY  WILL  BE  SUCCESSFUL  IN ITS EFFORTS TO SECURE DEBT OR EQUITY FINANCING
SHOULD  THE  NEED  ARISE.

NOTE  3  -  DISCONTINUED  OPERATIONS

THE COMPANY ENTERED INTO AN AGREEMENT IN WHICH IT SOLD EQUIPMENT AND OIL AND GAS
WELL PROPERTIES AND ASSIGNED SUBSTANTIALLY ALL OF ITS LIABILITIES.  IN ADDITION,
THE  COMPANY  LEASED  THE  REMAINING OF ITS OIL AND GAS RELATED ASSETS AND OTHER
PROPERTY  TO A COMPANY CONTROLLED BY FORMER OFFICERS/SHAREHOLDERS WITH AN OPTION
TO PURCHASE THOSE ASSETS IN APRIL 2004. THE COMPANY HAS EFFECTIVELY DISCONTINUED
ITS  OIL AND GAS PRODUCING ACTIVITIES.  THEREFORE ALL OPERATIONS RELATING TO OIL
AND  GAS  PRODUCING ACTIVITIES FOR THE PERIODS ENDED JUNE 30, 2003 AND 2002 HAVE
BEEN  PRESENTED  AS  DISCONTINUED  OPERATIONS IN THE STATEMENT OF OPERATIONS.  A
GAIN  WAS RECOGNIZED ON THE DISPOSITION OF THE RELATED ASSETS AND LIABILITIES AS
FOLLOWS:
                                        7
<PAGE>

<TABLE>
<CAPTION>


<S>                                                   <C>
LESS:CASH  PAID  IN  DISPOSAL. . . . . . . . . . . .  $  (8,000)
     RECEIVABLES . . . . . . . . . . . . . . . . . .    (74,000)
     INVENTORY . . . . . . . . . . . . . . . . . . .    (46,000)
     PREPAID  EXPENSES . . . . . . . . . . . . . . .     (3,000)
     GAS  AND  OIL  PROPERTY . . . . . . . . . . . .   (272,000)
     EQUIPMENT  AND  VEHICLES. . . . . . . . . . . .    (36,000)
ADD: COMMON  STOCK  ACQUIRED  (802,463  SHARES) . . .   201,000
     ACCOUNTS  PAYABLE  AND  ACCRUED  EXPENSES . . .    407,000
     RELATED  PARTY  NOTES  PAYABLE. . . . . . . . .     13,000
     LONG-TERM  DEBT . . . . . . . . . . . . . . . .     37,000
                                                       --------

GAIN  ON  DISPOSITION  OF  DISCONTINUED  OPERATIONS.  $ 219,000
                                                      =========
</TABLE>



ITEM  2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF
OPERATION

RESULTS  OF  OPERATIONS  -  SIX  MONTHS  ENDED  JUNE  30,  2003  AND  2002

ON  MARCH  1,  2003,  MOUNTAIN OIL (MOLI) ENTERED INTO AN AGREEMENT WITH A NEWLY
FORMED COMPANY, MOUNTAIN OIL AND GAS (MOG).  MOG IS OWNED IN PART BY FORMER MOLI
SHAREHOLDERS,  WHICH  INCLUDE  DANIEL  SAM  AND  CRAIG  PHILLIPS, WHO ARE FORMER
OFFICERS  AND DIRECTORS IN MOUNTAIN OIL.  THE AGREEMENT BETWEEN MOUNTAIN OIL AND
MOG EFFECTIVELY SOLD SOME OF MOUNTAIN OIL'S OIL AND GAS PROPERTIES AND OPERATING
EQUIPMENT,  AND  LEASED  MOUNTAIN OILS OTHER WELLS, PROPERTY AND EQUIPMENT FOR A
PERIOD  OF  ONE  YEAR  FOR  $6,500  PER  MONTH.  MOG  HAS THE RIGHT TO LEASE THE
PROPERTIES  AND EQUIPMENT FROM MOUNTAIN OIL FOR ONE YEAR AND ALSO HAS THE OPTION
TO  PURCHASE  CERTAIN  OF  MOUNTAIN  OIL'S  EQUIPMENT,  REAL  ESTATE,  AND  WELL
PROPERTIES  FOR  $650,000  DURING THE TERM OF THE LEASE, WHICH ENDS ON APRIL 24,
2004.  THIS  AGREEMENT  IS NOW EFFECTIVE SINCE ALL TERMS HAVE BEEN SUBSTANTIALLY
FULFILLED  BY  BOTH  PARTIES.  THIS  AGREEMENT  EFFECTIVELY  DISCONTINUED  THE
COMPANY'S  OIL  AND  GAS  PRODUCING  ACTIVITIES.

MOUNTAIN  OIL  RETAINED  ITS  FOUR  MOST  PRODUCTIVE WELLS, OFFICE BUILDING, AND
SURROUNDING  ACREAGE IN BALLARD, UTAH, AND THE FOLLOWING ROLLING EQUIPMENT: 1972
MACK TRUCK, 1972 HOT OIL TRUCK, 1982 GMC PUMP TRUCK, 1990 CHEMICAL TRAILER, 1956
WILSON  SWAB  RIG,  AND  ITS  1961  CARDWELL  WORKOVER  RIG.

IN  EXCHANGE FOR THE CONSIDERATION ABOVE, 802,463 COMMON SHARES WERE SURRENDERED
FROM  FORMER  SHAREHOLDERS, WHICH MAINLY CAME FROM SHARES HELD BY CRAIG PHILLIPS
AND  DANIEL  SAM.  MOUNTAIN  OIL  ALSO  ASSIGNED TO MOG SUBSTANTIALLY ALL OF ITS
LIABILITIES  AND  DEBT  RELATED  TO  ITS  PROPERTY  AND  GAS  AND OIL PRODUCTION
OPERATIONS.  MOUNTAIN  OIL  ALSO  IS TO RECEIVE 10% OF THE OUTSTANDING SHARES OF
MOG  AS  OF  APRIL  1,  2003.  BECAUSE  OF  THIS 10% OWNERSHIP IN MOG, ALL LEASE
REVENUES  ARE  DISCLOSED  AS  RELATED  PARTY  REVENUES.

CRAIG  PHILLIPS AND DANIEL SAM HAVE RESIGNED FROM THE BOARD OF DIRECTORS AND ARE
NO  LONGER  OFFICERS  OF  MOUNTAIN OIL.  JOSEPH OLLIVIER HAS BECOME PRESIDENT OF
MOUNTAIN  OIL  AND  LYNN  STRATFORD HAS BEEN ADDED TO THE BOARD OF DIRECTORS AND
ALSO  BECOME  THE  SECRETARY,  TREASURER,  AND  CHIEF  FINANCIAL  OFFICER OF THE
CORPORATION.  HARRY  PETERSON  CONTINUES  AS  A  DIRECTOR.

IF  MOG  IS UNABLE TO PURCHASE THE LEASED PROPERTIES AND EQUIPMENT FROM MOUNTAIN
OIL  FOR  THE OPTION PRICE OF  $650,000 ON OR BEFORE APRIL 24, 2004, OR DEFAULTS
ON  THE  MONTHLY LEASE PAYMENTS; THE COMPANY'S PLAN IS TO RE-EVALUATE WHETHER OR
NOT  TO  LEASE  OR  SELL  ITS  ASSETS  TO OTHER INTERESTED OIL AND GAS CONCERNS.

LEASE REVENUE FOR THE SIX MONTHS ENDED JUNE 30, 2003 WAS $24,000 AND  $0 FOR THE
SIX  MONTHS  ENDED  JUNE  30,  2002.  RESULTS  OF  OPERATIONS  FROM  OIL AND GAS
PRODUCING  ACTIVITIES  HAVE  BEEN  INCLUDED  IN  DISCONTINUED OPERATIONS FOR THE
PERIODS  ENDING  JUNE 30, 2003 AND 2002  FOR THE SIX MONTHS ENDED JUNE 30, 2003,
WE  REALIZED  A  LOSS  FROM  DISCONTINUED  OPERATIONS  OF  $15,000 NETTED WITH A
CORRESPONDING  GAIN  ON  THE  DISPOSAL OF DISCONTINUED OPERATIONS OF $219,000 AS
COMPARED  TO  INCOME  FROM DISCONTINUED OPERATIONS OF $18,000 FOR THE SIX MONTHS
ENDED  JUNE 2002.  DURING 2003, IN ORDER TO IMPROVE OUR CASH FLOW, WE DETERMINED
TO  FOCUS  OUR  OPERATING  EFFORTS  ON  LEASING THE WELLS TO ANOTHER OIL AND GAS
COMPANY.  SUCH  EFFORTS HAVE IMPROVED OUR CASH FLOW AND REDUCED OUR NET LOSS BUT
HAVE  RESULTED  IN  A  SIGNIFICANT  DECREASE  IN  REVENUE.

                                        8
<PAGE>

GENERAL  AND ADMINISTRATIVE EXPENSES FROM CONTINUING OPERATIONS, WHICH CONSISTED
PRIMARILY  OF  PROFESSIONAL  FEES, DECREASED 41% TO $27,000 FROM $54,000 FOR THE
SIX  MONTHS  ENDED  JUNE  30,  2003  AND  2002,  RESPECTIVELY.  THIS DECREASE IS
ATTRIBUTABLE  PRIMARILY  TO  OUR AGREEMENT WITH MOG AND DISCONTINUED OPERATIONS.
DEPRECIATION,  DEPLETION  AND  AMORTIZATION  EXPENSES  RELATED  TO  CONTINUING
OPERATIONS DECREASED 23% TO $46,000 FOR THE SIX MONTHS ENDED JUNE 30, 2003, FROM
$60,000  FOR THE SAME PERIOD IN 2002.  THE SIGNIFICANT DECREASE IN DEPRECIATION,
DEPLETION  AND AMORTIZATION WAS A DIRECT RESULT OF THE DECREASE IN PRODUCTION AS
DISCUSSED ABOVE AND THE NEW LEASE AGREEMENT ENTERED INTO ON MARCH 1, 2003. THESE
DECREASES  ARE  ATTRIBUTABLE  TO THE COMPANY'S GENERAL DECLINE IN OPERATIONS AND
THE SALE AND LEASING OF ASSETS.  MOUNTAIN OIL'S CHANGE IN OPERATIONS AND RESULTS
OF DISCONTINUING ITS GAS AND OIL ACTIVITIES   RESULTED IN A $238,000 INCREASE IN
THE  NET  INCOME  (PRIMARILY  ATTRIBUTABLE TO THE GAIN ON THE DISPOSITION OF NET
ASSETS  OF  DISCONTINUED  OPERATION)  COMPARED  TO  JUNE  30,  2002.


AS  PREVIOUSLY  MENTIONED, IN MARCH 2003, THE COMPANY DISPOSED OF CERTAIN ASSETS
AND ASSIGNED CERTAIN LIABILITIES OF MOUNTAIN OIL, INC.  MOG, WHICH IS CONTROLLED
BY FORMER SHAREHOLDERS OF MOUNTAIN OIL, INC. WERE SOLD THESE ASSETS AND ASSIGNED
CERTAIN  LIABILITIES. MOUNTAIN OIL REALIZED A GAIN FROM DISCONTINUED OPERATIONS,
WHICH  RESULTED PRIMARILY FROM THE NET LIABILITIES DISPOSED OF TO MOG. THIS GAIN
FROM  DISCONTINUED  OPERATIONS  OF $204,000 COMBINED WITH A LOSS FROM CONTINUING
OPERATIONS  OF  $49,000  FOR  THE SIX MONTHS ENDED JUNE 30, 2003 RESULTED IN NET
INCOME  OF  $155,000  AS  COMPARED TO A LOSS OF $83,000 FOR THE SIX MONTHS ENDED
JUNE  30,  2002.

LIQUIDITY  AND  CAPITAL  RESOURCES

AS NOTED ABOVE, DURING 2003 WE HAVE DISCONTINUED OIL AND GAS OPERATIONS IN ORDER
TO  SUSTAIN THE COMPANY THROUGH CASH FLOW GENERATED FROM LEASING ITS FOUR WELLS,
REAL  ESTATE,  AND ROLLING EQUIPMENT.  DURING THE SIX MONTHS ENDED JUNE 30, 2003
WE  USED  CASH  FLOW  FROM OPERATING ACTIVITIES OF $68,000 AS COMPARED TO A CASH
FLOW PROVIDED BY OPERATING ACTIVITIES OF $52,000 IN THE SAME PERIOD IN 2002.  WE
PLAN  TO  CONTINUE TO FOCUS ON LEASING OUR WELLS UNTIL OUR AGREEMENT WITH MOG IS
FULFILLED  OR  TERMINATED.  AT  THAT  TIME  MOUNTAIN  OIL  WILL  EITHER SELL ITS
EQUIPMENT,  REAL ESTATE, AND WELLS TO MOG OR RE-EVALUATE WHETHER OR NOT TO LEASE
OR  SELL  ITS  ASSETS  TO  OTHER  INTERESTED  OIL  AND  GAS  CONCERNS.

AS  A RESULT OF ONGOING PAYMENTS OF LONG-TERM DEBT WHICH MOG ASSUMED AT MARCH 1,
2003, WE USED CASH IN FINANCING ACTIVITIES OF $2,000 DURING THE SIX MONTHS ENDED
JUNE  30,  2003.  DURING THE SAME PERIOD IN 2002, WE USED $79,000 FROM FINANCING
ACTIVITIES.

AT  JUNE  30,  2003,  WE HAD WORKING CAPITAL OF $59,000 AS COMPARED TO A WORKING
CAPITAL  DEFICIT  OF  $141,000  AT  JUNE 30, 2002.  THIS INCREASE IN OUR WORKING
CAPITAL  IS PRINCIPALLY DUE TO THE DISPOSAL OF NET LIABILITIES FROM DISCONTINUED
OPERATIONS.

MOUNTAIN  OIL HAS REDUCED OPERATING COSTS THROUGH THE REDUCTION OF PERSONNEL AND
OPERATIONS  AND IS NOW FOCUSING ON LEASING ITS WELLS, EQUIPMENT AND REAL ESTATE.
IF THE COMPANY IS UNABLE TO OPERATE PROFITABLY IT MAY REQUIRE ADDITIONAL DEBT OR
EQUITY FINANCING WITHIN THE NEXT TWELVE MONTHS. IF MOUNTAIN OIL IS SUCCESSFUL IN
IMPROVING  CASH  FLOW  DURING  THIS  PERIOD  WE  BELIEVE  THAT MOUNTAIN OIL WILL
GENERATE  SUFFICIENT  REVENUES  INTERNALLY  TO  COVER  ITS  OPERATING  EXPENSES.

ITEM  4.  CONTROLS  AND  PROCEDURES

     (A)  EVALUATION  OF  DISCLOSURE  CONTROLS  AND  PROCEDURES

     BASED  ON  THEIR  EVALUATIONS  AS  JUNE  30,  2003, THE PRINCIPAL EXECUTIVE
OFFICER  AND  PRINCIPAL FINANCIAL OFFICER OF THE COMPANY HAVE CONCLUDED THAT THE
COMPANY'S  DISCLOSURE CONTROLS AND PROCEDURES (AS DEFINED IN RULES 13A-14(C) AND
15D-14(C)  UNDER  THE  SECURITIES  EXCHANGE  ACT)  ARE  EFFECTIVE TO ENSURE THAT
INFORMATION  REQUIRED TO BE DISCLOSED BY THE COMPANY IN REPORTS THAT THE COMPANY
FILES  OR  SUBMITS  UNDER  THE  SECURITIES  EXCHANGE ACT IS RECORDED, PROCESSED,
SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE RULES AND FORMS
OF  THE  SEC.

                                       9
<PAGE>
     (B)  CHANGES  IN  INTERNAL  CONTROLS

     THERE  WERE NO SIGNIFICANT CHANGES IN THE COMPANY'S INTERNAL CONTROLS OR IN
OTHER FACTORS THAT COULD SIGNIFICANTLY AFFECT THESE INTERNAL CONTROLS SUBSEQUENT
TO  THE  DATE  OF THEIR MOST RECENT EVALUATION, INCLUDING ANY CORRECTIVE ACTIONS
WITH  REGARD  TO  SIGNIFICANT  DEFICIENCIES  AND  MATERIAL  WEAKNESSES.

FORWARD-LOOKING  STATEMENTS

THIS  FORM  10-QSB INCLUDES, WITHOUT   LIMITATION, CERTAIN STATEMENTS CONTAINING
THE  WORDS  "BELIEVES",  "ANTICIPATES",  "ESTIMATES",  AND  WORDS  OF  A SIMILAR
NATURE,  CONSTITUTE  "FORWARD-LOOKING  STATEMENTS"  WITHIN  THE  MEANING  OF THE
PRIVATE  SECURITIES  LITIGATION  REFORM  ACT  OF 1995. THIS ACT PROVIDES A "SAFE
HARBOR"  FOR  FORWARD-LOOKING  STATEMENTS  TO  ENCOURAGE  COMPANIES  TO  PROVIDE
PROSPECTIVE  INFORMATION  ABOUT  THEMSELVES  SO  LONG  AS  THEY  IDENTIFY  THESE
STATEMENTS  AS FORWARD  LOOKING AND PROVIDE  MEANINGFUL,  CAUTIONARY  STATEMENTS
IDENTIFYING IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER FROM THE
PROJECTED RESULTS.  ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT MADE
IN  THIS  FORM 10-QSB ARE FORWARD-LOOKING.  IN PARTICULAR, THE STATEMENTS HEREIN
REGARDING  INDUSTRY  PROSPECTS  AND  FUTURE  RESULTS  OF OPERATIONS OR FINANCIAL
POSITION  ARE  FORWARD-LOOKING  STATEMENTS.  FORWARD-LOOKING  STATEMENTS REFLECT
MANAGEMENT'S  CURRENT  EXPECTATIONS AND ARE INHERENTLY UNCERTAIN.  THE COMPANY'S
ACTUAL  RESULTS  MAY  DIFFER  SIGNIFICANTLY  FROM  MANAGEMENT'S  EXPECTATIONS.

  PART  II.  OTHER  INFORMATION

ITEM  1.  MOUNTAIN OIL HELD ITS ANNUAL MEETING OF SHAREHOLDERS ON MAY 7, IN SALT
LAKE  CITY,  UTAH.  THE SHAREHOLDERS RE-ELECTED JOSEPH OLLIVIER, LYNN STRATFORD,
AND  HARRY  PETERSON  AS  DIRECTORS.

ITEM  2.  EXHIBITS  AND  REPORTS  N  FORM  8-K:
THE  FOLLOWING  EXHIBITS  ARE  FILED  HEREWITH:

NUMBER      DESCRIPTION                                  LOCATION
------      CHANGES  IN  CONTROL  OF  REGISTRANT         8-K FILED 4/22/03
------      ACQUISITION  OR  DISPOSITION  OF  ASSETS     8-K FILED 4/22/03


SIGNATURES

     IN  ACCORDANCE  WITH THE EXCHANGE ACT, THE REGISTRANT CAUSED THIS REPORT TO
BE  SIGNED  ON  ITS  BEHALF  BY  THE  UNDERSIGNED  THEREUNTO  DULY  AUTHORIZED.

                             MOUNTAIN  OIL,  INC.

DATE:  AUGUST  13,  2003          BY:  /S/  JOSEPH  OLLIVIER
                                     -----------------------
                                     PRESIDENT

DATE:  AUGUST  13,  2003          BY:  /S/  LYNN  STRATFORD
                                     ----------------------
                                     CFO

                                       10
<PAGE>
CERTIFICATION

WE,  JOSEPH  OLLIVIER  (PRESIDENT)  AND  LYNN  STRATFORD  (CFO)  CERTIFY  THAT:

1.     WE HAVE REVIEWED THIS ANNUAL REPORT ON FORM 10-QSB OF MOUNTAIN OIL, INC.;

2.     BASED  ON  OUR  KNOWLEDGE, THIS ANNUAL REPORT DOES NOT CONTAIN ANY UNTRUE
STATEMENT  OF A MATERIAL FACT OR OMIT TO STATE A MATERIAL FACT NECESSARY TO MAKE
THE  STATEMENTS  MADE, IN LIGHT OF THE CIRCUMSTANCES UNDER WHICH SUCH STATEMENTS
WERE  MADE,  NOT  MISLEADING  WITH  RESPECT TO THE PERIOD COVERED BY THIS ANNUAL
REPORT;

3.     BASED  ON  OUR  KNOWLEDGE,  THE FINANCIAL STATEMENTS, AND OTHER FINANCIAL
INFORMATION  INCLUDED  IN  THIS  ANNUAL  REPORT,  FAIRLY PRESENT IN ALL MATERIAL
RESPECTS  THE  FINANCIAL  CONDITION, RESULTS OF OPERATIONS AND CASH FLOWS OF THE
REGISTRANT  AS  OF,  AND  FOR,  THE  PERIODS  PRESENTED  IN  THIS ANNUAL REPORT;

4.     WE  AND  THE  REGISTRANT'S  OTHER CERTIFYING OFFICERS ARE RESPONSIBLE FOR
ESTABLISHING  AND  MAINTAINING DISCLOSURE CONTROLS AND PROCEDURES (AS DEFINED IN
EXCHANGE  ACT  RULES  13A-14  AND  15D-14)  FOR  THE  REGISTRANT  AND  HAVE:

A)     DESIGNED  SUCH DISCLOSURE CONTROLS AND PROCEDURES TO ENSURE THAT MATERIAL
INFORMATION RELATING TO THE REGISTRANT, INCLUDING ITS CONSOLIDATED SUBSIDIARIES,
IS  MADE  KNOWN  TO  US BY OTHERS WITHIN THOSE ENTITIES, PARTICULARLY DURING THE
PERIOD  IN  WHICH  THIS  ANNUAL  REPORT  IS  BEING  PREPARED;

B)     EVALUATED  THE  EFFECTIVENESS OF THE REGISTRANT'S DISCLOSURE CONTROLS AND
PROCEDURES  AS  OF A DATE WITHIN 90 DAYS PRIOR TO THE FILING DATE OF THIS ANNUAL
REPORT  (THE  "EVALUATION  DATE");  AND

C)     PRESENTED  IN  THIS ANNUAL REPORT OUR CONCLUSIONS ABOUT THE EFFECTIVENESS
OF  THE  DISCLOSURE  CONTROLS  AND  PROCEDURES BASED ON OUR EVALUATION AS OF THE
EVALUATION  DATE;

5.     WE  AND  THE REGISTRANT'S OTHER CERTIFYING OFFICERS HAVE DISCLOSED, BASED
ON  OUR  MOST  RECENT  EVALUATION,  TO  THE  REGISTRANT'S AUDITORS AND THE AUDIT
COMMITTEE  OF  REGISTRANT'S  BOARD  OF  DIRECTORS  (OR  PERSONS  PERFORMING  THE
EQUIVALENT  FUNCTIONS):

A)     ALL  SIGNIFICANT  DEFICIENCIES  IN  THE  DESIGN  OR OPERATION OF INTERNAL
CONTROLS  WHICH  COULD  ADVERSELY  AFFECT  THE  REGISTRANT'S  ABILITY TO RECORD,
PROCESS,  SUMMARIZE  AND  REPORT  FINANCIAL  DATA  AND  HAVE  IDENTIFIED FOR THE
REGISTRANT'S  AUDITORS  ANY  MATERIAL  WEAKNESSES  IN  INTERNAL  CONTROLS;  AND


B)     ANY  FRAUD,  WHETHER  OR  NOT MATERIAL, THAT INVOLVES MANAGEMENT OR OTHER
EMPLOYEES WHO HAVE A SIGNIFICANT ROLE IN THE REGISTRANT'S INTERNAL CONTROLS; AND

6.     WE  AND THE REGISTRANT'S OTHER CERTIFYING OFFICERS HAVE INDICATED IN THIS
ANNUAL  REPORT WHETHER THERE WERE SIGNIFICANT CHANGES IN INTERNAL CONTROLS OR IN
OTHER  FACTORS  THAT  COULD SIGNIFICANTLY AFFECT INTERNAL CONTROLS SUBSEQUENT TO
THE  DATE  OF  OUR MOST RECENT EVALUATION, INCLUDING ANY CORRECTIVE ACTIONS WITH
REGARD  TO  SIGNIFICANT  DEFICIENCIES  AND  MATERIAL  WEAKNESSES.



DATE:  AUGUST  13,  2003          BY:  /S/  JOSEPH  OLLIVIER
                                     -----------------------
                                     PRESIDENT

DATE:  AUGUST  13,  2003          BY:  /S/  LYNN  STRATFORD
                                     ----------------------
                                     CFO


                                       11
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