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 quarterly period ended March 31, 2002

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

                        For the transition period from to

                           Commission File No. 0-29129

                            SOURCE ENERGY CORPORATION
        (Exact name of small business issuer as specified in its charter)

          Utah                                          87-0370820
(State or Other Jurisdiction of                        (IRS  Employer
 Incorporation or Organization)                         Identification No.)

                   3040 Granite Meadow Lane, Sandy Utah 84092
                    (Address of principal executive offices)

                                 (801) 943-5490
                           (Issuer's telephone number)

                                       N/A
      (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 [  ]
<PAGE>

                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 [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

         State the number of shares outstanding of each of the issuer's classes
          of common equity, as of the latest practicable date:
                         404,451 shares of common stock.


                                   FORM 10-QSB
                            SOURCE ENERGY CORPORATION

                                     PART I.
                              Financial Information

Item 1.  Financial Statements

     The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report have been reviewed and are on file with the Company's
auditor, Mantyla McReynolds. In the opinion of management, the Financial
Statement fairly present the financial condition of the Registrant.



<Page>












                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)


                         Condensed Financial Statements

                                 March 31, 2002



























<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                             Condensed Balance Sheet
                                 March 31, 2002
                                   (Unaudited)

                                                      ASSETS

<S>                                                                                             <C>
Current Assets
  Cash and cash equivalents                                                                      $                 50,519
  Accounts receivable                                                                                               2,486
  State tax withheld                                                                                                2,449
                          Total Current Assets                                                                     55,454

Property and Equipment
  Equipment                                                                                                        13,872
  Proved oil and gas properties                                                                                   597,353
                                                                                                    ----------------------
                      Total Property and Equipment                                                                611,225
              Less: Accumulated Depreciation and Depletion                                                       (542,557)
                                                                                                    ----------------------
                       Net Property and Equipment                                                                  68,668
                                                                                                    ----------------------
                              Total Assets                                                       $                124,122
                                                                                                    ======================

                                        LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
 Judgement payable                                                                                                75,000
 Accounts Payable                                                                           $                        306
                                                                                                   ---------------------
                       Total Current Liabilities                                                                  75,306
                                                                                                   ---------------------
                           Total Liabilities                                                                      75,306


Stockholders' Equity
  Capital Stock -- 200,000,000 shares authorized having a
   par value of $.00025 per share; 404,451 issued and
outstanding                                                                                                         101
  Additional Paid-in Capital                                                                                  1,244,954
  Accumulated Deficit                                                                                        (1,196,239)
                                                                                                   ---------------------
                      Total Stockholders' Equity                                                                 48,816
                                                                                                   ---------------------
              Total Liabilities and Stockholders' Equity                                        $               124,122
                                                                                                   =====================
</TABLE>



                                                         2
<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                       Condensed Statements of Operations
               For the Three Months Ended March 31, 2002 and 2001
                                   (Unaudited)


                                                                          Three               Three
                                                                          Months             Months
                                                                          Ended               Ended
                                                                        March 31,           March 31,
                                                                           2002               2001

                                                                    ------------------ -------------------
<S>                                                                             <C>                 <C>
              Revenues from Oil and Gas Activities                              $6,529              $9,127
              Oil and Gas Producing Expense:
                Production costs                                                 3,420               3,456
                Depletion                                                        2,425               2,510
                                                                    ------------------ -------------------
                       Total Oil and Gas Producing Expense                       5,845               5,966


                         Income/(Loss) from Oil and Gas
                                   Activities                                      684               3,161
              Other Income/(Expense):
                General and administrative expense                             (3,160)             (3,048)
                Interest                                                           108                  66
                                                                    ------------------ -------------------
                          Total Other Income/(Expense)                         (3,052)             (2,982)
                                                                    ------------------ -------------------

              Net income/(loss) before income tax                              (2,368)                 179
              Provision for income tax                                            -0-                  -0-
                                                                    ------------------ -------------------

              Net Income/(Loss)                                               $(2,368)                $179
                                                                    ================== ===================


              Income/(Loss) per Share                                           $(0.01)              $0.01
                                                                     ================== ===================

              Weighted Average Shares Outstanding                               404,451             404,451

                                                                     ================== ===================

</TABLE>


                                                             3

<PAGE>
<TABLE>
<CAPTION>



                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                            Statements of Cash Flows
               For the Three Months Ended March 31, 2002 and 2001
                                   (Unaudited)



                                                                       Three               Three
                                                                       Months             Months
                                                                       Ended               Ended
                                                                     March 31,           March 31,
                                                                        2002               2001

                                                                 ------------------  -----------------
<S>                                                                <C>                <C>
Cash Flows From Operating Activities
Net Income/(loss)                                                          $(2,369)               $179
Adjustments to reconcile net income to net cash
provided by operating activities:
    Depreciation and depletion                                               2,849               2,810
    (Increase)/decrease in accounts receivable                               1,340               2,860
    (Increase)/decrease in tax refund receivable                              (349)                -0-
    Increase/(decrease) in current liabilities                                  10                 -0-
                                                                 ------------------  -----------------
Net Cash Provided by/(Used for) Operating                                    1,481               5,849
Activities
                                                                 ------------------  -----------------

Cash Flows From Financing Activities
  Proceeds from issuance of shares                                             -0-                 -0-
                                                                 ------------------  -----------------
Net Cash Provided by Financing Activities                                      -0-                 -0-
                                                                 ------------------  -----------------

Net Increase/(Decrease) in Cash                                               1,481              5,849
Beginning Cash Balance                                                       49,038             23,223
                                                                 ------------------  -----------------

Ending Cash Balance                                                         $50,519            $29,072
                                                                 ==================  =================


Supplemental Disclosure of Cash Flow
Information:
  Cash paid during the year for income taxes                                    -0-               -0-

</TABLE>



                                                             4

<PAGE>


                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                          Notes to Financial Statements
                                 March 31, 2002
                                   (Unaudited)

Note 1            PRELIMINARY NOTE

The accompanying  condensed consolidated financial statements have been prepared
without  audit,  pursuant to the rules and  regulations  of the  Securities  and
Exchange  Commission.  Certain information and disclosures  normally included in
financial  statements  prepared in accordance with generally accepted accounting
principles have been condensed or omitted.  It is suggested that these condensed
financial  statements be read in conjunction  with the financial  statements and
notes thereto included in the Company's Annual Audit for the year ended December
31, 2001.


Note 2            ORGANIZATION

The Company was originally  incorporated under the name Exit, Inc. in accordance
with the laws of the State of Utah on January 30,  1981.  In April of 1984,  the
Company  changed its name to Parker Energy  Technology,  Inc. From its inception
until  May  20,  1997,  the  Company  had  been in the  business  of oil and gas
exploration and production activities.  Currently, the Company has one producing
well,  located in Grand County,  Utah. On May 20, 1997,  the Company  effected a
reverse  split  of  its   outstanding   shares  from  81,637,100  to  1,632,742.
Simultaneous  thereto,  the Company entered into an agreement with an individual
to engage in the business of distillate  fuel systems process plants and changed
its name to Source Energy  Corporation.  On March 10, 2000 a U.S. district court
judge  rescinded  the May 20, 1997  agreement  and  ordered  that the Company be
returned,  as nearly as possible,  to its status prior to  consummation  of said
agreement.  This included cancelling 12,305,800 shares of common stock issued in
the transaction.


Note 3            LEGAL MATTERS

On March 10,  2000,  a U.S.  district  court  judge  rescinded  the May 20, 1997
agreement  referenced  in Note 1, and ordered that the Company be  returned,  as
nearly as possible,  to its status prior to consummation of said agreement.  The
Court further ordered that the Company pay the plaintiff in the legal action his
attorneys  fees in the amount of $15,039  and an award of $75,000 to  compensate
him for the benefit  conferred  on Source  Energy  Corporation  shareholders  in
prosecuting this action. The plaintiff in this case was returned by the Court to
the presidency of Source Energy Corporation, a position he held prior to the May
20, 1997 agreement.


                                                              5

<PAGE>


                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                          Notes to Financial Statements
                                 March 31, 2002
                                   (Unaudited)

The Court also ordered that the other  defendants in the case, T.R.  Kraft,  and
Point Source Energy Corporation,  an Oregon corporation,  to pay an award to the
Company in the amount of  $225,000.  The Company  does not intend to record this
amount as a receivable  on its books  because the  defendants'  whereabouts  are
unknown and ability to collect from them is in question.

On September 22, 2000, the Securities  and Exchange  Commission  ("SEC") filed a
complaint in the United States District Court, naming Source Energy Corporation,
with  the  intent  of  disqualifying   the  Company  from  the  availability  of
Regulations  A and D.  The  Company  has  responded  to  the  SEC  opposing  the
complaint.  As of the  completion  of  these  financial  statements,  no  formal
resolution has been reached.

Note 4            REVERSE SPLIT OF COMMON SHARES

The Company effected a 1 for 40 reverse split,  which became effective April 10,
2000.




                                                              6

<PAGE>

Item 2. Management's Discussion and Analysis of Financial
Condition or Plan of Operation

     See the  Company's  10-KSB for the year ended  December 31, 2001,  as filed
with Securities and Exchange Commission.


                           PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

     On or about  April 4,  2001,  Source  requested  that  the  Securities  and
Exchange Commission ("SEC") waive the disqualifications from the availability of
Regulation A and D as they may be  applicable  to Source so that the  Commission
may proceed for an entry of Permanent  Injunction  against  Source in accordance
with Source's  Consent to Injunction  without further delay. The Company has not
received any response from the SEC.

     On  September  22,  2000,  the SEC filed a complaint  in the United  States
District  Court,  case no. 2:00CV 0757B,  naming Source and Timothy R. Kraft,  a
former officer and director of Source, as defendants.

     On May 20, 1997, Source entered into an agreement with Timothy R. Kraft and
Point  Source  Energy  ("Point") to engage in the  business of  distillate  fuel
systems  process  plants,   and  in  connection  with  that  transaction  issued
12,305,800 shares of common stock.

     Subsequently,  Craig Carpenter, a former officer and director of Source and
a stockholder, filed a shareholder derivative suit in the United States District
Court,  District of Utah, case no.  2:99CV0332K,  against Mr. Kraft,  Point, and
Source  alleging that Kraft and Point  committed  fraud to induce  plaintiffs to
enter into the original transaction ("Carpenter Suit").

     On March 10, 2000 the  District  Court  issued a judgment  and order in the
Carpenter Suit rescinding the May 20, 1997 transaction. The judgment states that
Source be returned,  as nearly as possible,  to its status prior to consummation
of said transaction.  This included canceling  12,305,800 shares of common stock
issued in the transaction to Kraft by Source, reinstating Craig Carpenter, Helen
G.  Carpenter,  and Kathy Morrison as officers and directors of Source,  and the
return of 182,852  shares of Common  Stock from Kraft to  Carpenter,  which were
originally  sold directly by Carpenter to Kraft.  Craig Carpenter was granted an
award against  Source in the amount of $75,000 to compensate him for the benefit
he conferred on the  stockholders  of Source by  prosecuting  the action against
Kraft and  Point.  Source was  awarded  damages  against  Kraft in the amount of
$75,000.

     During his tenure as an officer and  director of Source,  Mr.  Kraft issued
two press  releases  that the SEC  alleges  are false  and  misleading.  The SEC
further  alleges  that the press  releases  were issued by Kraft in an effort to
manipulate  the public  market  price for Source  common  stock in  violation of
Section 10(b) of the Securities  Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.  The SEC is seeking an order  enjoining  Source from violating these
provisions of the Securities Exchange Act of 1934 in the future.

     In the course of the Carpenter Suit, Mr. Carpenter  informed the SEC of the
conduct of Mr. Kraft, and regularly kept the SEC informed of the progress of the
case and his efforts to remove Mr. Kraft.  Although  Source received no monetary
or other benefit from Mr. Kraft's alleged fraud,  Mr. Kraft was removed from any
position of control over Source by order of the District  Court in the Carpenter
Suit, Mr. Carpenter was reinstated as an officer and director, and Mr. Carpenter
cooperated  fully with the SEC in providing to it  information  on the Carpenter
Suit, the SEC still included Source in its lawsuit against Mr. Kraft  apparently
because the press releases were issued with Source's name on them.


Exhibits and Reports On Form 8-K

EXHIBITS:  None

REPORTS ON FORM 8-K:  None

<Page>


                                   Signatures

     In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.

                                        SOURCE ENERGY CORPORATION


Date: 5/21/02                              /S/ CRAIG CARPENTER
                                           Craig Carpenter, President