U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB\A2

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

                For the quarterly period ended September 30, 2004

              [ ] 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 [  ]

                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

                               September 30, 2004



























<PAGE>
<TABLE>
<CAPTION>


                                             SOURCE ENERGY CORPORATION
                                 Formerly known as Parker Energy Technology, Inc.
                                              Condensed Balance Sheet
                                                September 30, 2004
                                                    (Unaudited)

                                                      ASSETS

Current Assets
<S>                                                                                             <C>
  Cash and cash equivalents                                                                     $                101,276
  Accounts receivable                                                                                              7,303
  State Tax Withholding                                                                                            2,199
                                                                                                   ---------------------
                         Total Current Assets                                                                    110,778

Property and Equipment
  Equipment                                                                                                       15,951
  Proved oil and gas properties                                                                                  597,353
                                                                                                   ---------------------
                     Total Property and Equipment                                                                613,304
             Less: Accumulated Depreciation and Depletion                                                       (577,062)
                                                                                                   ---------------------
                      Net Property and Equipment                                                                  36,242
                                                                                                   ---------------------
Deferred Tax Asset                                                                                                 6,987
                                                                                                   =====================
                             Total Assets                                                       $                154,007
                                                                                                   =====================

                                        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                                                                                         (1,166,048)
                                                                                                   ---------------------
                      Total Stockholders' Equity                                                                  79,007
                                                                                                   ---------------------
              Total Liabilities and Stockholders' Equity                                        $                154,007
                                                                                                   =====================
</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, 2004 and 2003
                                   (Unaudited)



                                                         Three             Three             Nine              Nine
                                                         Months            Months           Months            Months
                                                         Ended             Ended             Ended             Ended
                                                       September         September         September         September
                                                        30, 2004          30, 2003         30, 2004          30, 2003
                                                    ----------------  ---------------- ----------------- -----------------
<S>                                                 <C>                         <C>               <C>               <C>
Revenues from Oil and Gas Activities                $         20,066            14,858            45,964            36,814
Oil and Gas Producing Expense:
  Production costs                                             4,717             3,784            23,554            11,462
  Depletion                                                    3,212             3,754             8,581             8,994
                                                    ----------------  ---------------- ----------------- -----------------
        Total Oil and Gas Producing Expense                    7,929             7,538            32,135            20,456


        Income from Oil and Gas Activities                    12,137             7,320            13,829            16,358

  General and administrative expense                            (913)           (1,292)          (8,005)           (5,910)
                                                    ----------------  ---------------- ----------------- -----------------
     Net Income from Operations                               11,224             6,028             5,824            10,448
Other Income/(Expense):
  Interest                                                       294               139               294               471
                                                    ----------------  ---------------- ----------------- -----------------
           Total Other Income/(Expense)                          294               139               294               471
                                                    ----------------  ---------------- ----------------- -----------------

Net income before income tax                                  11,518             6,167             6,118            10,919
Provision for income tax                                           0                 0                 0                 0
                                                    ----------------  ---------------- ----------------- -----------------

Net Income                                          $         11,518             6,167             6,118            10,919
                                                    ================  ================ ================= =================


Income per Share                                    $           0.03              0.02            0.02              0.03
                                                    ================  ================ ================= =================

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


                             See accompanying notes

                                        3

<PAGE>
<TABLE>
<CAPTION>



                                                 SOURCE ENERGY CORPORATION
                                     Formerly known as Parker Energy Technology, Inc.
                                                  Statements of Cash Flows
                              For the Three Months and Nine Ended September 30, 2004 and 2003
                                                        (Unaudited)



                                                                  Three             Three             Nine              Nine
                                                                 Months            Months            Months            Months
                                                                  Ended             Ended            Ended             Ended
                                                                September         September        September         September
                                                                30, 2004          30, 2003          30, 2004          30, 2003

                                                            ----------------- ----------------- ----------------  ----------------
Cash Flows From Operating Activities
<S>                                                         <C>                               <C>              <C>               <C>
Net Income/(loss)                                           $               0                 0                0                 0
Adjustments to reconcile net income to net
cash provided by
 operating activities:
    Depreciation and depletion                                          3,755             4,376           10,209            10,859
    (Increase)/decrease in tax refund receivable                       (1,492)             (663)             272               296
    (Increase)/decrease in accounts receivable                         (3,297)           (2,107)          (3,945)           (4,176)
    Increase/(decrease) in current liabilities                              0               386           (2,887)            1,186
                                                            ----------------- ----------------- ----------------  ----------------
Net Cash Provided by/(Used for) Operating                            (1,034)             1,992             3,649             8,166
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                                        (1,034)            1,992            3,649             8,166
Beginning Cash Balance                                                 90,792            76,757           91,509            65,831
                                                            ----------------- ----------------- ----------------  ----------------

Ending Cash Balance                                         $          89,758            78,749           95,158            73,997
                                                            ================= ================= ================  ================


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, 2004
                                   (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, 2003.

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.

     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.  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 the case without prejudice for failure to prosecute the
     action.

Note 4            REVERSE SPLIT OF COMMON SHARES

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




                                        5



<PAGE>

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

     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 and nine month periods ended  September 30, 2004, the Company
received  total  revenues of $20,066 and  $45,964 an increase  from  $14,858 and
$36,814 for the same  respective  period of the previous  year.  The increase in
revenues  resulted  from an average per barrel  price  increase of 20% an annual
barrel sales volume decrease of 3%.

     Depletion  decreased  from $3,754 for the three months ended  September 30,
2003 to $3,212 in 2004 and  decreased  from  $8,994 to $8,581 for the nine month
periods  ended  September  30, 2003 and 2004.  The  decrease was a result of the
decrease  in  annual  barrel  volume of 3%.  The  Company  calculates  depletion
utilizing the units of production method.

     Total general and administrative  costs and expenses decreased slightly for
the three month  period of $1,292 in 2003 to $913 in 2004 while  increasing  for
the nine  months  ended  September  30,  2004 at $8,005 from $5,910 for the same
period in 2003.  This  increase was primarily  due to  non-recurring  legal fees
insured during 2004.

     Production  costs for the three months ended  September 30, 2004  increased
from  $3,784 in 2003 to $4,717 in 2004.  For the nine  months  ended  production
costs  increased  from  $11,462  to  $23,554  attributable  to  increased  costs
associated with the operation and repair of the rods and tubing of the Company's
oil well.

     For the three  and nine  months  ended  September  30,  2004,  the  Company
realized  net income of $11,518  ($0.03 per share) and $6,118  ($0.02 per share)
compared to net income of $6,167 ($0.02 per share) and $10,919 ($0.03 per share)
for the same periods of the preceding year.

     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.

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.

     For additional  information  see the Company's  amended 10-KSB for the year
ended December 31, 2003, as filed with Securities and Exchange Commission.



                           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.

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:  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: 3-8-05                           /S/ CRAIG CARPENTER
                                           Craig Carpenter, President



Date: 3-8-05                           /S/ KATHLEEN L. MORRISON
                                          Kathleen L. Morrison, Secretary