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, 2000

              [ ] 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)

                7412 Rosalind Circle, Salt Lake City, Utah 84121
      (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.

     Incorporated  herein are the  Company's  financials  for the  period  ended
September 30, 2000:

Unaudited Balance Sheet at September 30, 2000
Unaudited Statements of Operations for the Three and Nine Months Ended
  September 30, 2000 and 1999
Unaudited Statements of Cash Flows for the Three and Nine Months Ended
  September 30, 2000 and 1999

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

     Incorporated herein by this reference is the discussion of the registrant's
business and plan of operation under Item 2 of the current report on Form 8-K of
the registrant  filed with the  Securities and Exchange  Commission on April 17,
2000.


                           PART II. OTHER INFORMATION

Item 1.         Legal Proceedings.

Item 1.     Legal Proceedings

     On September 22, 2000, the Securities and Exchange Commission ("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.  Under these
circumstances,  Source is  reviewing  its  options  for  filing an answer to the
complaint  filed by the SEC and defending  itself against the allegations of the
SEC.


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: NOVEMBER 13, 2000                 By: /S/ CRAIG CARPENTER







<PAGE>












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


                         Condensed Financial Statements

                               September 30, 2000








<PAGE>
<TABLE>
<CAPTION>

                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                             Condensed Balance Sheet
                               September 30, 2000
                                   (Unaudited)

                                     ASSETS

<S>                                                                                              <C>
Current Assets
  Cash and cash equivalents                                                                      $                 30,280
  Accounts receivable                                                                                               3,685
                                                                                                    ----------------------
                          Total Current Assets                                                                     33,965

Property and Equipment
  Equipment                                                                                                         5,476
  Proved oil and gas properties                                                                                   597,353
                                                                                                    ----------------------
                      Total Property and Equipment                                                                602,829
              Less: Accumulated Depreciation and Depletion                                                       (522,535)
                                                                                                    ----------------------
                       Net Property and Equipment                                                                  80,294
                                                                                                    ----------------------
                              Total Assets                                                       $                114,259
                                                                                                    ======================

                                       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
 Judgement payable                                                                                                75,000
 Accounts Payable                                                                           $                        371
                                                                                                   ---------------------
                       Total Current Liabilities                                                                  75,371
                                                                                                   ---------------------
                           Total Liabilities                                                                      75,371


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                                                                                  1,243,454
  Accumulated Deficit                                                                                        (1,204,667)
                                                                                                   ---------------------
                      Total Stockholders' Equity                                                                 38,888
                                                                                                   ---------------------
              Total Liabilities and Stockholders' Equity                                        $               114,259
                                                                                                   =====================


</TABLE>

                                                         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, 2000 and 1999
                                                    (Unaudited)


                                                         Three             Three             Nine             Nine
                                                         Months            Months           Months           Months
                                                         Ended             Ended            Ended             Ended
                                                       September         September        September         September
                                                        30, 2000          30, 1999         30, 2000         30, 1999

                                                    ----------------  ---------------- ----------------  ---------------
<S>                                                 <C>                          <C>             <C>              <C>
Revenues from Oil and Gas Activities                $        13,513              6,687           43,028           11,381
Oil and Gas Producing Expense:
  Production costs                                            3,390              1,734           10,327            3,927
  Depletion                                                   3,918              3,583           11,754            5,151
                                                    ----------------  ---------------- ----------------  ---------------
        Total Oil and Gas Producing Expense                   7,308              5,317           22,081            9,078


          Income/(Loss) from Oil and Gas
                    Activities                                 6,205             1,370           20,947            2,303
 Other Income/(Expense):
  General and administrative expense                         (8,660)              (30)         (14,983)          (2,733)
  Judgment expense                                               -0-               -0-         (90,039)              -0-
  Interest                                                       41                -0-               61                3
                                                    ----------------  ---------------- ----------------  ---------------
           Total Other Income/(Expense)                      (8,619)             ( 30)        (104,961)          (2,730)
                                                    ----------------  ---------------- ----------------  ---------------
Net income/(loss) before income tax                          (2,414)             1,340         (84,014)            (427)
Provision for income tax                                        -0-                -0-              447              -0-
                                                    ----------------  ---------------- ----------------  ---------------

Net Income/(Loss)                                   $        (2,414)             1,340         (84,461)            (427)
                                                    ================  ================ ================  ===============


Income/(Loss) per Share                             $          (.01)               .01           (.021)            (.01)
                                                    ================  ================ ================  ===============

Weighted Average Shares Outstanding                          404,451           404,451         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 and Six Ended September 30, 2000 and 1999
                                   (Unaudited)



                                                                Three             Three              Nine              Nine
                                                                Months            Months            Months            Months
                                                                Ended             Ended             Ended             Ended
                                                              September         September         September         September
                                                               30, 2000          30, 1999          30, 2000          30, 1999

                                                           ----------------  ----------------  ----------------  ----------------
<S>                                                       <C>                    <C>             <C>              <C>
Cash Flows From Operating Activities
Net Income/(loss)                                          $        (2,414)            1,340           (84,461)             (427)
Adjustments to reconcile net income to net
cash provided by
 operating activities:
    Depreciation and depletion                                       3,918               -0-             11,754             5,152
    Stock issued for debt                                              -0-                               15,604
    (Increase)/decrease in accounts receivable                       2,878              3,584             1,398               -0-
    Increase/(decrease) in current liabilities                          86                -0-            75,272               -0-
                                                           ----------------  ----------------  ----------------  ----------------
Net Cash Provided by/(Used for) Operating                            4,468             4,924             19,567             4,725
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                                       4,468             4,924            19,567             4,725
Beginning Cash Balance                                               25,812             1,990            10,713             2,189
                                                           ----------------  ----------------  ----------------  ----------------

Ending Cash Balance                                        $        30,280              6,914            30,280             6,914
                                                           ================  ================  ================  ================


Supplemental Disclosure of Cash Flow
Information:
  Cash paid during the year for income taxes                           $-0-              -0-               447                -0-

</TABLE>


                                                             4

<PAGE>

                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                          Notes to Financial Statements
                               September 30, 2000
                                   (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, 1999.


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            JUDGEMENT

          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



                                        5


<PAGE>

                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                          Notes to Financial Statements
                               September 30, 2000
                                   (Unaudited)

Note 3            JUDGEMENT (cont.)

          he held prior to the May 20, 1997 agreement.

          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 questionable.

Note 4            REVERSE SPLIT OF COMMON SHARES

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

Note 5            ACQUISITION/MERGER

          On  April  13,  2000,   the  Company   acquired   Newven   Acquisition
          Corporation,  A  Nevada  Corporation  ("Newven"),  as a  wholly  owned
          subsidiary through a stock for stock exchange.  Immediately  following
          the  exchange,  the Company and Newven  entered  into a Plan of Merger
          pursuant to which Newven was merged with the Company.  All of Newven's
          outstanding stock (500,000 shares) were exchanged for 25,000 shares of
          the Company's restricted common stock.  Newven's assets at the time of
          the merger were $565 in cash; there were no liabilities.

Note 6            STOCK ISSUED FOR DEBT

          On April 13, 2000, the Company issued 200,000 shares to its President,
          who is  also a  shareholder,  in  exchange  for a  debt  reduction  of
          $15,039.





                                        6