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 September 30, 2005

              [ ] 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 Registrant  (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
[ ]

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act). Yes      No  X
                                                   ----    ----

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes      No  X
                                                   ----    ----
<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 Registrant'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

                               September 30, 2005


<PAGE>
<TABLE>
<CAPTION>

                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                             Condensed Balance Sheet
                               September 30, 2005
                                   (Unaudited)

                                            ASSETS

<S>                                                                          <C>
Current Assets
  Cash and cash equivalents                                                    $            159,740
  Accounts receivable                                                                         9,416
  State Tax Withholding                                                                       3,332
                                                                                 ------------------
                   Total Current Assets                                                     172,488

Property and Equipment
  Equipment                                                                                  28,633
  Proved oil and gas properties                                                             597,353
                                                                                 ------------------
               Total Property and Equipment                                                 625,986
       Less: Accumulated Depreciation and Depletion                                        (593,388)
                                                                                 ------------------
                Net Property and Equipment                                                   32,598
                                                                                 ------------------
Deferred Tax Asset                                                                            4,715
                                                                                 ==================
                       Total Assets                                            $            209,801
                                                                                 ==================

                            LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
  Judgement payable                                                                          75,000
                                                                                 ------------------
                 Total Current Liabilities                                                   75,000
                                                                                 ------------------
                     Total Liabilities                                                       75,000

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                                                                    (1,110,254)
                                                                                 ------------------
                Total Stockholders' Equity                                                  134,801
                                                                                 ------------------
        Total Liabilities and Stockholders' Equity                             $            209,801
                                                                                 ==================
</TABLE>


                             See accompanying notes

                                               2

<PAGE>
<TABLE>
<CAPTION>


                                  SOURCE ENERGY CORPORATION
                       Formerly known as Parker Energy Technology, Inc.
                               Condensed Statements of Operations
                For the Three and Nine Months Ended September 30, 2005 and 2004
                                         (Unaudited)


                                               Three         Three          Nine           Nine
                                              Months        Months         Months         Months
                                               Ended         Ended          Ended         Ended
                                             September     September      September     September
                                             30, 2005      30, 2004       30, 2005       30, 2004

                                           ------------- -------------  ------------- --------------
<S>                                        <C>           <C>            <C>           <C>
Revenues from Oil and Gas Activities       $      27,742 $      20,066  $      66,300 $       45,964
Oil and Gas Producing Expense:
  Production costs                                 4,462         4,717         12,849         23,554
  Depletion                                        3,157         3,212          8,423          8,581
                                           ------------- -------------  ------------- --------------
    Total Oil and Gas Producing Expense            7,619         7,929         21,272         32,135

    Income from Oil and Gas Activities            20,123        12,137         45,028         13,829

  General and administrative expense              (4,150)         (913)      (12,681)        (8,005)
                                           ------------- -------------  ------------- --------------
     Net Income from Operations                   15,973        11,224         32,347          5,824
Other Income/(Expense):
  Interest                                           452           294            964            294
 Settlement income - Note 5                                                    25,000
                                           ------------- -------------  ------------- --------------
       Total Other Income/(Expense)                  452           294         25,964            294
                                           ------------- -------------  ------------- --------------

Net income before income tax                      16,425        11,518         58,311          6,118
Provision for income tax                               0             0              0              0
                                           ------------- -------------  ------------- --------------

Net Income                                 $      16,425 $      11,518  $      58,311 $        6,118
                                           ============= =============  ============= ==============


Income per Share                           $        0.04 $        0.03  $        0.14 $         0.02
                                           ============= =============  ============= ==============

Weighted Average Shares Outstanding              404,451      404,451        404,451        404,451
                                           ============= =============  ============= ==============
</TABLE>

                             See accompanying notes
                                       3
<PAGE>
<TABLE>
<CAPTION>


                                      SOURCE ENERGY CORPORATION
                          Formerly known as Parker Energy Technology, Inc.
                                  Condensed Statements of Cash Flows
                   For the Three and Nine Months Ended September 30, 2005 and 2004
                                             (Unaudited)



                                                     Three          Three          Nine           Nine
                                                     Months         Months        Months         Months
                                                     Ended          Ended          Ended         Ended
                                                   September      September      September     September
                                                    30, 2005       30, 2004      30, 2005       30, 2004
                                                 -------------- -------------- ------------- --------------
<S>                                              <C>            <C>             <C>          <C>
Cash Flows From Operating Activities
Net Income/(loss)                                $       16,425 $       11,518        58,311          6,118
Adjustments to reconcile net income to net
cash provided by
 operating activities:
    Depreciation and depletion                            4,248          3,755        11,695         10,209
    (Increase)/decrease in tax refund receivable         (1,304)        (1,492)         (373)           272
    (Increase)/decrease in accounts receivable           (2,655)        (3,297)       (2,226)        (3,945)
    Increase/(decrease) in current liabilities             (524)             0        (9,750)        (2,887)
                                                 -------------- -------------- ------------- --------------
Net Cash Provided by/(Used for) Operating                16,190         10,484        57,657          9,767
Activities
                                                 -------------- -------------- ------------- --------------

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

Net Increase/(Decrease) in Cash                          16,190         10,484        57,657          9,767
Beginning Cash Balance                                  143,550         90,792       102,083         91,509
                                                 -------------- -------------- ------------- --------------
Ending Cash Balance                              $      159,740 $      101,276       159,740        101,276
                                                 ============== ============== ============= ==============

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

                             See accompanying notes
                                       4
<PAGE>

                           SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                          Notes to Financial Statements
                               September 30, 2005
                                   (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.  In the opinion of  management,  the
accompanying interim financial statements contain all adjustments, consisting of
normal recurring  accruals,  necessary for a fair  presentation of our financial
position as of September 30, 2005,  and our results of operations and cash flows
for the three and  nine-month  periods ended  September  30, 2005 and 2004.  The
results of operations for the three and nine-month  periods ended  September 30,
2005 are not necessarily indicative of the results for a full-year period. 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, 2004.

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

                                                   4

<PAGE>

                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                          Notes to Financial Statements
                               September 30, 2005
                                   (Unaudited)

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  canceling  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 2, 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.

Note 4 REVERSE SPLIT OF COMMON SHARES

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

Note 5 CURRENT EVENTS

On December 15, 2004, the Company filed a Form S-4  registration  statement with
the SEC which set forth the terms of an asset purchase agreement with Energytec,
Inc.  ("Energytec"),  a  Nevada  corporation.  Both  parties  were  subsequently
released from the agreement.  In April 2005, the Company  received  $25,000 from
Energytec  to cover the  legal,  professional,  and other  costs  related to the
agreement.

On April 22,  2005  Source  filed a Current  Report on Form 8-K  announcing  the
execution  of a Letter  of Intent  to  acquire  Vista.com,  Inc.,  a  Washington
corporation  ("Vista").  Source Energy and Vista have entered into a non-binding
agreement  regarding the  acquisition  of Vista and have agreed to negotiate the
terms of a definitive  acquisition  agreement.  If a definitive agreement can be
reached, the merger will result in Vista operating as a wholly-owned  subsidiary
of Source Energy.  The new company will be led by the management  team and board
of  directors  from  Vista.  There  is no  assurance  this  transaction  will be
completed.

                                       5

<PAGE>

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

     On or about April 14,  2005 Source and  Energytec,  Inc.  ("Energytec"),  a
Nevada  corporation,  executed a mutual release regarding the termination of the
asset  purchase  agreement as set forth on the  December  15, 2004  Registration
Statement on Form S-4 which had been subsequently withdrawn.

     On April 22, 2005 Source filed a Current  Report on Form 8-K announcing the
execution  of a Letter  of Intent  to  acquire  Vista.com,  Inc.,  a  Washington
corporation  ("Vista").  Source Energy and Vista have entered into a non-binding
agreement  regarding the  acquisition  of Vista and have agreed to negotiate the
terms of a definitive  acquisition  agreement.  If a definitive agreement can be
reached, the merger will result in Vista operating as a wholly-owned  subsidiary
of Source Energy.  The new company will be led by the management  team and board
of  directors  from  Vista.  There  is no  assurance  this  transaction  will be
completed.

     Except as otherwise  discussed  above and under the Section Reports on Form
8-K  hereinafter,  the following  discussion is as of the date of this Quarterly
Report ended September 30, 2005. See Current Reports on Form 8-K below.

     Resources  have not been  sufficient to embark on new drilling  activity on
our existing  lease or to acquire and develop any other oil and gas  properties.
Consequently,  we intend to seek  additional  debt or equity  financing over the
next  year  to  fund  expansion  of our  operations.  However,  there  can be no
assurance that  additional  funding will be available or, if available,  that it
will be  available on  acceptable  terms or in required  amounts.  If we do find
financing,  there  is no  assurance  that  we  will  succeed  in  expanding  our
operations or remain profitable.

     For the three months ended  September 30, 2005, the Company  received total
revenues of $27,742, an increase from $20,066 in the previous year. For the nine
months  September 30, 2005, the Company  received total revenues of $66,300,  an
increase  from  $45,964 in the  previous  year.  The causes of this  increase in
revenues  include an average per barrel price  increase of 46% and a decrease in
barrel sales volume of 2%.

     Total general and administrative costs and expenses increased for the three
month period of $913 in 2004 to $4,150 in 2005.  For the nine month period total
general and  administrative  costs and expenses increased from $8,005 in 2004 to
$12,681 in 2005.

     Production  costs  decreased from $4,717 in 2004 to $4,462 in 2005. For the
nine months ended  production costs decreased from $23,554 in 2004 to $12,849 in
2005  attributable  to costs incurred in the prior year  associated with the re-
working of the Company's oil well.

     For the three months ended  September  30, 2005,  the Company  realized net
income of $16,425 ($0.04 per share) compared to net income of $11,518 ($0.03 per
share) for the same period of the  preceding  year.  For the nine  months  ended
September 30, 2005, the Company realized net income of $58,311 ($0.14 per share)
compared  to net income of $6,118  ($0.02 per share) for the same  period of the
preceding  year.  The  increase  is  attributable  to $32,347  net  income  from
operations and $25,000 resulting from the settlement agreement with Energytec as
described herein above.

     When operations result in net income,  the Company offsets a portion of the
valuation  allowance  to account  for the  current  year  income  tax  benefits.
Management based their  evaluation on benefits  recognized the past three years,
and an estimate of the  company's  future  profitability,  based on oil reserves
remaining.
<PAGE>

Liquidity
---------

     The  Company  estimates  that  it  will be  able  to  adequately  fund  the
above-referenced  development  and production  plans,  with the exception of the
acquisition of additional  properties,  for the next 12 months. Sources of funds
for the  Company  will be revenue  from  operations,  private  placement  of the
Company's unregistered and restricted  securities,  and loans. At this time, the
Company  is in contact  with  several  funding  sources.  However,  this plan of
operation is based upon many variables and estimates, all of which may change or
prove to be other than or different from information relied upon.

     The  Company's  liabilities  are short term.  They are comprised of nominal
trade  obligations  and the liability to the  Company's  president of $75,000 as
outlined in  Company's  Annual  Report on Form  10-KSB.  At the present time the
Company's  president  has not made demand for payment of the  outstanding  debt.
Should such demand be made  during the next twelve  months,  the Company has the
resources  to  satisfy  the  debt  in its  entirety.  Operating  cash  would  be
diminished accordingly,  but additional cash flows from operations are estimated
to be sufficient for current operations even after retiring all of the Company's
debts.



                           PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

     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
$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 responded to the SEC opposing the complaint.
On April 22,  2003 the Court  required  the SEC to show cause as to why the case
should  not be  dismissed  for  failure to  prosecute.  The SEC failed to file a
responsive  pleading and on June 3, 2003 the Court  dismissed  this case without
prejudice for failure to prosecute the action.

Controls and Procedures.

     An  evaluation   was  performed   under  the   supervision   and  with  the
participation  of  the  Company's   management,   including  the  President  and
Treasurer,  regarding  the  effectiveness  of the  design and  operation  of the
Company's  disclosure  controls and procedures  within 90 days before the filing
date  of  this  quarterly  report.  Based  on  that  evaluation,  the  Company's
management,  including the President and Treasurer, concluded that the Company's
disclosure   controls  and  procedures  were  effective.   There  have  been  no
significant  changes in the Company's internal controls or in other factors that
could significantly affect internal controls subsequent to their evaluation.

     Management has reviewed the current  controls and procedures and determined
that given the  relatively low number of financial  transactions  and production
reporting  systems  in place  that  the  current  method  of  accountability  is
effective.  Management  has confirmed  with the  Company's  auditor that neither
party  has   identified  any  areas  for   material   improvement   in  ensuring
accountability.

     As of the end of the period  covered by this Quarterly  Report,  we carried
out an  evaluation,  under the  supervision  and with the  participation  of our
President  and  Secretary/Treasurer,  of the  effectiveness  of the  design  and
operation of our disclosure  controls and procedures.  Based on this evaluation,
our President and Chief Financial Officer concluded that our disclosure controls
and procedures are effectively  designed to ensure that information  required to
be  disclosed or filed by us is recorded,  processed or  summarized,  within the
time  periods  specified  in the rules and  regulations  of the  Securities  and
Exchange  Commission.  It  should  be noted  that the  design  of any  system of
controls  is based in part upon  certain  assumptions  about the  likelihood  of
future  events,  and there can be no  assurance  that any design will succeed in
achieving its stated goals under all potential future conditions,  regardless of
how remote. In addition, we reviewed our internal controls,  and there have been
no significant  changes in our internal  controls or in other factors that could
significantly  affect  those  controls  subsequent  to the  date of  their  last
evaluation.
<PAGE>

Exhibits and Reports On Form 8-K

EXHIBITS:

EX 31.1 Certification of Craig Carpenter,  the Company's President,  pursuant to
        section 302 of the Sarbanes-Oxley Act of 2002

EX 31.2 Certification of Kathleen L. Morrison, the Company's Secretary, pursuant
        to section 302 of the Sarbanes-Oxley Act of 2002

EX 32   Certification  of Craig  Carpenter  and Kathleen  Morrison  pursuant to
        section 906 of the Sarbanes-Oxley Act of 2002


REPORTS ON FORM 8-K:

     Current  Report  on Form 8-K as  filed  with the  Securities  and  Exchange
Commission on April 22, 2005 and is incorporated herein by this reference.

     The following is an excerpt from the Item 99.1 disclosure  contained in the
in Current Report on Form 8-K:

     Source Energy Corporation  announced the execution of a Letter of Intent to
acquire Vista.com,  Inc., a Washington  corporation  ("Vista").

     Source Energy and Vista have entered into a non-binding agreement regarding
the  acquisition of Vista and have agreed to negotiate the terms of a definitive
acquisition  agreement.  Pending  the  approval  of the  definitive  acquisition
agreement  by the  Boards  of  Directors  of Source  Energy  and Vista and Vista
shareholder approval for the transaction,  Source Energy will acquire Vista in a
merger,  by exchanging one share of Source Energy common stock for each share of
Vista  common  stock  outstanding  at the time of the merger and assuming all of
Vista's  outstanding  options,   warrants  and  convertible  securities.

     Upon  completion  of the  merger,  Vista  will  operate  as a  wholly-owned
subsidiary of Source Energy.  The new company will be led by the management team
and board of directors from Vista.  There is no assurance this  transaction will
be completed.


<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: 10-14-05                             /S/ CRAIG CARPENTER
                                           Craig Carpenter, President



Date: 10-14-05                             /S/ KATHLEEN L. MORRISON
                                           Kathleen L. Morrison, Secretary