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  NINE  MONTH  PERIOD  ENDED  SEPTEMBER  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  SEPTEMBER  30,  2003:  2,326,786   SHARES  OF  COMMON  STOCK.

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

DOCUMENTS  INCORPORATED  BY  REFERENCE:  NONE



                                        1
<PAGE>


                                  FORM  10-QSB
                               MOUNTAIN  OIL,  INC.

                                      INDEX
                                                                            PAGE

PART  I.     FINANCIAL  INFORMATION

     ITEM  1.  FINANCIAL  STATEMENTS                                           3

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

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

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

     NOTES  TO  FINANCIAL  STATEMENTS                                          7

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

ITEM  3.  CONTROLS  AND  PROCEDURES                                            9

PART  II.      OTHER  INFORMATION


SIGNATURES                                                                    10

CERTIFICATION  OF  FINANCIAL  STATEMENTS                                      11

     31.1 CERTIFICATION OF PRESIDENT AND CHIEF EXECUTIVE OFFICER UNDER
          SECTION 302 OF SARBANES-OXLEY  ACT  OF  2002

     31.2 CERTIFICATION  OF  CHIEF  FINANCIAL  OFFICER  UNDER  SECTION        12
          302  OF SARBANES-OXLEY  ACT  OF  2002

     32   CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002       13



                                        2
<PAGE>

PART  I.  FINANCIAL  INFORMATION
ITEM  1.  FINANCIAL  STATEMENTS
<TABLE>
<CAPTION>



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

                                                              September
                                                              30, 2003
                                                             (UNAUDITED)
                                                        --------------------
ASSETS
Current assets:

   Cash  . . . . . . . . . . . . . . . . . . . . . . .  $            65,000
      Receivables. . . . . . . . . . . . . . . . . . .                4,000
                                                        --------------------

        Total current assets . . . . . . . . . . . . .               69,000

Property and equipment, net. . . . . . . . . . . . . .              647,000
                                                        --------------------

        Total Assets                                    $           716,000
                                                        ====================

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. . . . . . . . . . . . . . . . . .           (2,182,000)
                                                        --------------------

Total stockholders' equity . . . . . . . . . . . . . .              716,000
                                                        --------------------

Total liabilities and stockholders' equity              $           716,000
                                                        ====================

</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              NINE MONTHS ENDED
                                                                             SEPT 30,                       SEPT 30,
                                                                     2003              2002             2003          2002
                                                                  (UNAUDITED)       (UNAUDITED)      (UNAUDITED)   (UNAUDITED)
                                                                  -----------       -----------      -----------   -----------

Lease revenues. . . . . . . . . . . . . . . . . . . . . .            20,000                   -         44,000            -
                                                           --------------------  ------------------  ------------  -----------

Costs and expenses:
  General and administrative expenses . . . . . . . . . .             9,000               13,000        36,000        39,000
  Depreciation, depletion and amortization expense. . . .            26,000               47,000        72,000       121,000
                                                           --------------------  ------------------  ------------  -----------

    Total operating expenses. . . . . . . . . . . . . . .            35,000              60,000        108,000       160,000
                                                           --------------------  ------------------  ------------  -----------

    Loss from operations. . . . . . . . . . . . . . . . .           (15,000)            (60,000)       (64,000)     (160,000)
                                                           --------------------  ------------------  ------------  -----------

Other income (expense):
  Other income. . . . . . . . . . . . . . . . . . . . . .                -                1,000             -         14,000
                                                           --------------------  ------------------  ------------  -----------

    Loss before provision for income
    taxes and discontinued operations . . . . . . . . . .           (15,000)            (59,000)       (64,000)     (146,000)

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

    Loss from continuing operations . . . . . . . . . . .           (15,000)            (59,000)       (64,000)     (146,000)

Discontinued operations:
  Gain from discontinued oil and gas production activities
  including gain on disposal of $219,000. . . . . . . . .                -               14,000        204,000        18,000
                                                           --------------------  ------------------  ------------  -----------

    Net income (loss) . . . . . . . . . . . . . . . . . .  $        (15,000)     $      (45,000)     $ 140,000   $  (128,000)
                                                           ====================  ==================  ============  ===========
Loss per common share from continuing operations -
   basic and diluted. . . . . . . . . . . . . . . . . . .  $          (0.01)     $        (0.02)     $     .03  $      (0.05)
                                                           ====================  ==================  ============  ===========

Income per common share from discontinued
   Operations - basic and diluted . . . . . . . . . . . .  $              -      $         0.01      $    0.08   $      0.01
                                                           ====================  ==================  ============  ===========

Income (loss) per common share - basic and diluted. . . .  $           (0.01)    $        (0.01)     $    0.06  $      (0.04)
                                                           ====================  ==================  ============  ===========

Weighted average number of common shares -
  basic and diluted . . . . . . . . . . . . . . . . . . .          2,320,000          3,123,000      2,497,000     3,118,000
                                                           ====================  ==================  ============  ===========


See accompanying notes to financial statements
</TABLE>


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

<TABLE>
<CAPTION>



<S>                                               <C>                 <C>

                                                            NINE MONTHS ENDED
                                                               SEPTEMBER 30,
                                                             2003        2002
                                                         (UNAUDITED)  (UNAUDITED)
                                                         -----------  -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss). . . . . . . . . . . . . . .  $        140,000   $ (128,000)
  Adjustments to reconcile net loss to net
   Cash used in operating activities:
   Depreciation and depletion .. . . . . . . . .            75,000      148,000
   Allowance for doubtful accounts.  . . . . . .                -       (17,000)
                                                          (219,000)          -
   Gain on disposal of
   discontinued operations
   Decrease (increase) in:
   Accounts receivable . . . . . . . . . . . . .           (21,000)      (2,000)
   Prepaid expenses. . . . . . . . . . . . . . .                -            -
   Inventory . . . . . . . . . . . . . . . . . .             9,000       (5,000)
   Increase (decrease) in:
   Accounts payable .  . . . . . . . . . . . . .           (15,000)      36,000
   Accrued expenses. . . . . . . . . . . . . . .           (27,000)      63,000
                                                  ------------------  ----------

Net cash (used in) provided. . . . . . . . . . .           (58,000)      95,000
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)    (123,000)
                                                  ------------------  ----------

Net cash provided by . . . . . . . . . . . . . .            19,000     (123,000)
(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)      (7,000)
                                                  ------------------  ----------

Net cash used in . . . . . . . . . . . . . . . .            (2,000)     (81,000)
financing activities

Net change in cash and . . . . . . . . . . . . .           (41,000)    (109,000)
cash equivalents

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

Cash and cash equivalents at end of period . . .  $         65,000    $  64,000
                                                  ==================  ==========

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  NINE  MONTHS  ENDED  SEPTEMBER  30,  2003  AND  2002  THE  COMPANY
PAID
APPROXIMATELY  $-  AND  $9,000  IN  INTEREST,  RESPECTIVELY,  AND PAID NO INCOME
TAXES.


                                        6
<PAGE>

                               MOUNTAIN  OIL,  INC.
                          NOTES  TO  FINANCIAL  STATEMENTS

                           PERIODS  ENDED  SEPTEMBER  30,  2003

NOTE  1  -  ORGANIZATION  AND  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

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  LESSOR  OF  ITS  GAS AND OIL PROPERTIES AND RELATED
PROPERTY  AND  EQUIPMENT

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 SEPTEMBER 30, 2003 AND THE RESULTS
OF  OPERATIONS  FOR  THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
AND  CASH  FLOWS  FOR  THE  NINE  MONTHS  ENDED SEPTEMBER 30, 2003 AND 2002. THE
RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 ARE
NOT  NECESSARILY  INDICATIVE  OF THE RESULTS TO BE EXPECTED FOR THE ENTIRE YEAR.

IMPAIRMENT  OF  LONG-LIVED ASSETS: THE COMPANY REVIEWS ITS LONG-LIVED ASSETS FOR
IMPAIRMENT  WHEN EVENTS OR CHANGES IN CIRCUMSTANCES INDICATE THAT THE BOOK VALUE
OF AN ASSET MAY NOT BE RECOVERABLE. THE COMPANY EVALUATES, AT EACH BALANCE SHEET
DATE,  WHETHER  EVENTS  AND  CIRCUMSTANCES HAVE OCCURRED WHICH INDICATE POSSIBLE
IMPAIRMENT.  THE  COMPANY USES AN ESTIMATE OF FUTURE UNDISCOUNTED NET CASH FLOWS
OF  THE  RELATED  ASSET  OR GROUP OF ASSETS OVER THE ESTIMATED REMAINING LIFE IN
MEASURING  WHETHER  THE  ASSETS  ARE  RECOVERABLE


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 SEPTEMBER 30,
2003  AND  2002.

STOCK-BASED COMPENSATION: THE COMPANY HAS ADOPTED THE DISCLOSURE-ONLY PROVISIONS
OF  STATEMENT  OF  FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 123, ACCOUNTING FOR
STOCK-BASED  COMPENSATION. ACCORDINGLY, NO COMPENSATION COST HAS BEEN RECOGNIZED
IN  THE  FINANCIAL  STATEMENTS  FOR EMPLOYEES, EXCEPT WHEN THE EXERCISE PRICE IS
BELOW  THE  MARKET  PRICE OF THE STOCK ON THE DATE OF GRANT. THE COMPANY DID NOT
GRANT  ANY  STOCK  BASED COMPENSATION DURING THE PERIOD ENDED SEPTEMBER 30, 2003
AND  2002.


NOTE  2  -  GOING  CONCERN

THE  ACCOMPANYING  FINANCIAL  STATEMENTS  HAVE  BEEN  PREPARED ASSUMING THAT THE
COMPANY  WILL CONTINUE AS A GOING CONCERN. AS OF SEPTEMBER 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 SEPTEMBER 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>




RECENT  ACCOUNTING  PRONOUNCEMENTS
IN  JUNE  2001,  THE  FINANCIAL  ACCOUNTING  STANDARDS BOARD ISSUED STATEMENT OF
FINANCIAL  ACCOUNTING  STANDARDS  NO.  143,  "ACCOUNTING  FOR  ASSET  RETIREMENT
OBLIGATIONS".  THIS  STATEMENT  ADDRESSES FINANCIAL ACCOUNTING AND REPORTING FOR
OBLIGATIONS ASSOCIATED WITH THE RETIREMENT OF TANGIBLE LONG-LIVED ASSETS AND THE
ASSOCIATED  ASSET  RETIREMENT  COSTS.  THIS STATEMENT IS EFFECTIVE FOR FINANCIAL
STATEMENTS ISSUED FOR FISCAL YEARS BEGINNING AFTER JUNE 15, 2002. THIS STATEMENT
ADDRESSES  FINANCIAL  ACCOUNTING  AND  REPORTING  FOR THE DISPOSAL OF LONG-LIVED
ASSETS.  MANAGEMENT  IS  ASSESSING  IF  THE  IMPACT  OF  SFAS  143  WILL  HAVE A
SIGNIFICANT  IMPACT  ON  THE  FINANCIAL POSITION OR RESULTS OF OPERATIONS OF THE
COMPANY.

IN  APRIL  2002,  THE  FINANCIAL  ACCOUNTING  STANDARDS  BOARD  ("FASB")  ISSUED
STATEMENT  OF  FINANCIAL  ACCOUNTING  STANDARDS ("SFAS") NO. 145, "RESCISSION OF
FASB  STATEMENTS  NO. 4, 44,  AND  64,  AMENDMENT  OF FASB STATEMENT NO. 13, AND
TECHNICAL  CORRECTIONS."  THIS STATEMENT REQUIRES THE CLASSIFICATION OF GAINS OR
LOSSES  FROM  THE  EXTINGUISHMENT  OF  DEBT  TO  MEET THE CRITERIA OF ACCOUNTING
PRINCIPLES  BOARD  OPINION NO. 30 BEFORE THEY CAN BE CLASSIFIED AS EXTRAORDINARY
IN  THE INCOME STATEMENT. AS A RESULT, COMPANIES THAT USE DEBT EXTINGUISHMENT AS
PART  OF  THEIR  RISK  MANAGEMENT  CANNOT  CLASSIFY  THE  GAIN OR LOSS FROM THAT
EXTINGUISHMENT  AS  EXTRAORDINARY.  THE  STATEMENT  ALSO REQUIRES SALE-LEASEBACK
ACCOUNTING FOR CERTAIN LEASE MODIFICATIONS THAT HAVE ECONOMIC EFFECTS SIMILAR TO
SALE-LEASEBACK  TRANSACTIONS.  THE  ADOPTION  OF  SFAS  NO.  145  DID NOT HAVE A
MATERIAL  IMPACT  ON  THE  COMPANY'S  FINANCIAL  POSITION  OR  OPERATIONS.

IN  JUNE  2002,  THE  FASB ISSUED SFAS NO. 146, "ACCOUNTING FOR COSTS ASSOCIATED
WITH EXIT OR DISPOSAL ACTIVITIES." THIS STANDARD, WHICH IS EFFECTIVE FOR EXIT OR
DISPOSAL  ACTIVITIES INITIATED AFTER DECEMBER 31, 2002, PROVIDES NEW GUIDANCE ON
THE  RECOGNITION,  MEASUREMENT  AND  REPORTING  OF  COSTS  ASSOCIATED WITH THESE
ACTIVITIES.  THE  STANDARD REQUIRES COMPANIES TO RECOGNIZE COSTS ASSOCIATED WITH
EXIT  OR  DISPOSAL ACTIVITIES WHEN THEY ARE INCURRED RATHER THAN AT THE DATE THE
COMPANY COMMITS TO AN EXIT OR DISPOSAL PLAN. THE ADOPTION OF SFAS NO. 146 BY THE
COMPANY  IS  NOT  EXPECTED  TO HAVE A MATERIAL IMPACT ON THE COMPANY'S FINANCIAL
POSITION  OR  FUTURE  OPERATIONS.


IN  JANUARY  2003,  THE  FASB  ISSUED  INTERPRETATION  NO. 46, "CONSOLIDATION OF
VARIABLE  INTEREST  ETHICS"  (FIN  NO.  46),  WHICH  ADDRESSES  CONSOLIDATION BY
BUSINESS  ENTERPRISES  OF  VARIABLE  INTEREST ENTITIES. FIN NO. 46 CLARIFIES THE
APPLICATION  OF  ACCOUNTING  RESEARCH  BULLETIN  NO. 51, "CONSOLIDATED FINANCIAL
STATEMENTS",  TO  CERTAIN  ENTITIES  IN  WHICH  EQUITY INVESTORS DO NOT HAVE THE
CHARACTERISTICS  OF  A  CONTROLLING FINANCIAL INTEREST OR DO NOT HAVE SUFFICIENT
EQUITY  AT  RISK  FOR  THE  ENTITY  TO FINANCE ITS ACTIVITIES WITHOUT ADDITIONAL
SUBORDINATED  FINANCIAL  SUPPORT  FROM  OTHER  PARTIES.  FIN  NO.  46  APPLIES
IMMEDIATELY TO VARIABLE INTEREST ENTITIES CREATED AFTER JANUARY 31, 2003, AND TO
VARIABLE INTEREST ENTITIES IN WHICH AN ENTERPRISE OBTAINS AN INTEREST AFTER THAT
DATE. IT APPLIES IN THE FIRST FISCAL YEAR OR INTERIM PERIOD BEGINNING AFTER JUNE
15,  2003, TO VARIABLE INTEREST ENTITIES IN WHICH AN ENTERPRISE HOLDS A VARIABLE
INTEREST  THAT  IT  ACQUIRED  BEFORE  FEBRUARY  1, 2003. IN THE EVENT A VARIABLE
INTEREST  ENTITY  IS IDENTIFIED THIS PRONOUNCEMENT MAY HAVE A MATERIAL IMPACT ON
ITS  FINANCIAL  CONDITION  OR  RESULTS  OF  OPERATIONS.

IN NOVEMBER 2002, THE FASB ISSUED INTERPRETATION NO. 45, "GUARANTOR'S ACCOUNTING
AND  DISCLOSURE  REQUIREMENTS  FOR  GUARANTEES, INCLUDING INDIRECT GUARANTEES OF
INDEBTEDNESS  OF OTHERS" (FIN NO. 45). FIN NO. 45 REQUIRES CERTAIN GUARANTEES TO
BE  RECORDED AT FAIR VALUE, WHICH IS DIFFERENT FROM CURRENT PRACTICE TO RECORD A
LIABILITY  ONLY WHEN A LOSS IS PROBABLE AND REASONABLY ESTIMABLE, AS THOSE TERMS
ARE  DEFINED IN FASB STATEMENT NO. 5, "ACCOUNTING FOR CONTINGENCIES". FIN NO. 45
ALSO  REQUIRES THE COMPANY TO MAKE SIGNIFICANT NEW DISCLOSURES ABOUT GUARANTEES.
THE  DISCLOSURE  REQUIREMENTS OF FIN NO. 45 ARE EFFECTIVE FOR THE COMPANY IN THE
FIRST  QUARTER OF FISCAL YEAR 2003. FIN NO. 45'S INITIAL RECOGNITION AND INITIAL
MEASUREMENT  PROVISIONS  ARE  APPLICABLE  ON  A  PROSPECTIVE BASIS TO GUARANTEES
ISSUED  OR  MODIFIED  AFTER DECEMBER 31, 2002. THE COMPANY'S PREVIOUS ACCOUNTING
FOR GUARANTEES ISSUED PRIOR TO THE DATE OF THE INITIAL APPLICATION OF FIN NO. 45
WILL  NOT  BE  REVISED  OR RESTATED TO REFLECT THE PROVISIONS OF FIN NO. 45. THE
COMPANY  DOES NOT EXPECT THE ADOPTION OF FIN NO. 45 TO HAVE A MATERIAL IMPACT ON
ITS  CONSOLIDATED  FINANCIAL  POSITION,  RESULTS  OF  OPERATIONS  OR CASH FLOWS.

IN  APRIL  2003,  THE  FASB  ISSUED SFAS NO. 149, "AMENDMENT OF STATEMENT 133 ON
DERIVATIVE  INSTRUMENTS  AND  HEDGING  ACTIVITIES."  SFAS  NO.  149  AMENDS  AND
CLARIFIES  FINANCIAL  ACCOUNTING  AND  REPORTING  FOR  DERIVATIVE  INSTRUMENTS,
INCLUDING  CERTAIN  DERIVATIVE  INSTRUMENTS  EMBEDDED  IN  OTHER  CONTRACTS
(COLLECTIVELY  REFERRED TO AS DERIVATIVES) AND FOR HEDGING ACTIVITIES UNDER SFAS
NO.  133,  "ACCOUNTING  FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES". THIS
STATEMENT  IS  EFFECTIVE  FOR  CONTRACTS ENTERED INTO OR MODIFIED AFTER JUNE 30,
2003,  WITH  CERTAIN  EXCEPTIONS, AND FOR HEDGING RELATIONSHIPS DESIGNATED AFTER
JUNE 30, 2003, WITH CERTAIN EXCEPTIONS, AND FOR HEDGING RELATIONSHIPS DESIGNATED
AFTER  JUNE  30,  2003.  MANAGEMENT  IS CURRENTLY EVALUATING THE EFFECT THAT THE
ADOPTION  OF  SFAS  NO. 149  MAY  HAVE, BUT BELIEVES IT WILL NOT HAVE A MATERIAL
EFFECT  ON  ITS  RESULTS  OF  OPERATIONS  AND  FINANCIAL  POSITION.

IN  MAY  2003,  THE  FASB ISSUED SFAS NO. 150, "ACCOUNTING FOR CERTAIN FINANCIAL
INSTRUMENTS  WITH  CHARACTERISTICS  OF  BOTH  LIABILITIES  AND EQUITY." THIS NEW
STATEMENT  CHANGES  THE ACCOUNTING FOR CERTAIN FINANCIAL INSTRUMENTS THAT, UNDER
PREVIOUS  GUIDANCE,  ISSUERS  COULD  ACCOUNT  FOR  AS  EQUITY OR CLASSIFICATIONS
BETWEEN  LIABILITIES  AND  EQUITY IN A SECTION THAT HAS BEEN KNOWN AS "MEZZANINE
CAPITAL."  IT  REQUIRES  THAT  THOSE  CERTAIN  INSTRUMENTS  BE  CLASSIFIED  AS
LIABILITIES IN BALANCE SHEETS. MOST OF THE GUIDANCE IN SFAS 150 IS EFFECTIVE FOR
ALL  FINANCIAL  INSTRUMENTS  ENTERED  INTO  OR  MODIFIED  AFTER  MAY  31,  2003.
MANAGEMENT  ANTICIPATES  THAT  THE  ADOPTION OF SFAS NO. 150 MAY HAVE A MATERIAL
IMPACT  ON  THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS IF IN THE FUTURE THE
COMPANY  ISSUES  MANDATORILY  REDEEMABLE  PREFERRED  STOCK  OR  COMMON.


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

RESULTS  OF  OPERATIONS  -  NINE  MONTHS  ENDED  SEPTEMBER  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 NINE MONTHS ENDED SEPTEMBER 30, 2003 WAS $44,000 AND  $0
FOR  THE
NINE  MONTHS  ENDED  SEPTEMBER  30,  2002.  RESULTS  OF  OPERATIONS  FROM  OIL
AND  GAS
PRODUCING  ACTIVITIES  HAVE  BEEN  INCLUDED  IN  DISCONTINUED OPERATIONS FOR THE
PERIODS  ENDING  SEPTEMBER  30,  2003  AND  2002.  FOR  THE  NINE  MONTHS  ENDED
SEPTEMBER  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 NINE
MONTHS
ENDED  SEPTEMBER  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 8% TO $36,000 FROM $39,000 FOR THE
NINE  MONTHS  ENDED  SEPTEMBER 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  41%  TO  $72,000  FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2003,  FROM  $121,000  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
$268,000  INCREASE  IN THE NET INCOME (PRIMARILY ATTRIBUTABLE TO THE GAIN ON THE
DISPOSITION  OF  NET ASSETS OF DISCONTINUED OPERATION) COMPARED TO SEPTEMBER 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  $64,000 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 RESULTED IN
NET  INCOME  OF  $140,000  AS COMPARED TO A LOSS OF $128,000 FOR THE NINE MONTHS
ENDED  SEPTEMBER  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 NINE MONTHS ENDED SEPTEMBER 30,
2003  WE  USED  CASH  FLOW FROM OPERATING ACTIVITIES OF $58,000 AS COMPARED TO A
CASH  FLOW  PROVIDED  BY  OPERATING  ACTIVITIES OF $95,000 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 NINE MONTHS
ENDED  SEPTEMBER  30, 2003. DURING THE SAME PERIOD IN 2002, WE USED $81,000 FROM
FINANCING  ACTIVITIES.

AT  SEPTEMBER  30,  2003,  WE  HAD  WORKING  CAPITAL OF $69,000 AS COMPARED TO A
WORKING  CAPITAL DEFICIT OF $180,000 AT SEPTEMBER 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  3.  CONTROLS  AND  PROCEDURES

     (A)  EVALUATION  OF  DISCLOSURE  CONTROLS  AND  PROCEDURES

     BASED  ON  THEIR EVALUATIONS AS SEPTEMBER 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:  OCTOBER  25,  2003                             BY:  /S/  JOSEPH  OLLIVIER
                                                         -----------------------
                                                                       PRESIDENT

DATE:  OCTOBER  25,  2003                              BY:  /S/  LYNN  STRATFORD
                                                          ----------------------
                                                                             CFO

                                       10
<PAGE>