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, 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 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

                                 March 31, 2005


<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                             Condensed Balance Sheet
                                 March 31, 2005
                                   (Unaudited)

                                                      ASSETS

<S>                                                                            <C>
Current Assets
  Cash and cash equivalents ................................................   $   103,076
  Accounts receivable ......................................................        12,750
  State tax withheld .......................................................         3,589
                                                                               -----------
                          Total Current Assets .............................       119,415

Property and Equipment
  Equipment ................................................................        28,633
  Proved oil and gas properties ............................................       597,353
                                                                               -----------
                      Total Property and Equipment .........................       625,986
              Less: Accumulated Depreciation and Depletion .................      (585,215)
                                                                               -----------
                       Net Property and Equipment ..........................        40,771
                                                                               -----------
Deferred Tax Asset .........................................................         4,716
                                                                               -----------
                              Total Assets .................................   $   164,902
                                                                               ===========

                                        LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
 Other Current Liability - Related Party....................................        75,000
 Accounts Payable .......................................................... $       6,828
                                                                               -----------
                       Total Current Liabilities ...........................        81,828
                                                                               -----------
                           Total Liabilities ...............................        81,828

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 ......................................................    (1,161,981)
                                                                               -----------
                      Total Stockholders' Equity ...........................        83,074
                                                                               -----------
              Total Liabilities and Stockholders' Equity ...................   $   164,902
                                                                               ===========
</TABLE>

            See accompanying notes to condensed financial statements

                                        1

<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                       Condensed Statements of Operations
               For the Three Months Ended March 31, 2005 and 2004
                                   (Unaudited)


                                             Three Months    Three Months
                                                 Ended           Ended
                                            March 31, 2005   March 31, 2004
                                             -------------  ------------
<S>                                             <C>          <C>
Revenues from Oil and Gas Activities ........   $  17,668    $   8,072
Oil and Gas Producing Expense:
  Production costs ..........................       3,855       15,430
  Depletion .................................       2,431        1,768
                                                ---------    ---------
          Total Oil and Gas Producing Expense       6,286       17,198

Income/(Loss) from Oil and Gas ..............      11,382       (9,126)
Activities
Other Income/(Expense):
  General and administrative expense ........      (4,865)      (3,543)
  Interest ..................................          67         --
                                                ---------    ---------
             Total Other Income/(Expense) ...      (4,798)      (3,543)
                                                ---------    ---------

Net income/(loss) before income tax .........       6,584      (12,669)
Provision for income tax ....................         -0-          -0-
                                                ---------    ---------

Net Income/(Loss) ...........................   $   6,584    $ (12,669)
                                                =========    =========


   Income/(Loss) per Share ..................   $    0.02    $   (0.03)
                                                =========    =========
   Weighted Average Shares Outstanding ......     404,451      404,451
                                                =========    =========


</TABLE>



            See accompanying notes to condensed financial statements


                                        2
<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                       Condensed Statements of Cash Flows
               For the Three Months Ended March 31, 2005 and 2004
                                   (Unaudited)


                                                                                         Three Months   Three Months
                                                                                            Ended          Ended
                                                                                        March 31, 2005  March 31, 2004
                                                                                            ---------    ---------
<S>                                                                                       <C>           <C>
Cash Flows From Operating Activities
Net Income/(loss) .......................................................................   $   6,584    $ (12,669)
Adjustments to reconcile net income to net cash
provided by operating activities:
    Depreciation and depletion ..........................................................       3,522        2,311
    (Increase)/decrease in accounts receivable ..........................................      (5,560)        (505)
    (Increase)/decrease in tax refund receivable ........................................        (630)        (212)
    Increase/(decrease) in current liabilities ..........................................      (2,923)      (2,887)
                                                                                            ---------    ---------
Net Cash Provided by/(Used for) Operating ...............................................         993      (13,962)
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 .........................................................         993      (13,962)
Beginning Cash Balance ..................................................................     102,083       91,508
                                                                                            ---------    ---------

Ending Cash Balance .....................................................................   $ 103,076    $  77,546
                                                                                            =========    =========


Supplemental Disclosure of Cash Flow Information:
  Cash paid during the period for income taxes ..........................................         -0-          -0-
  Cash paid during the period for interest ..............................................         -0-          -0-



</TABLE>





            See accompanying notes to condensed financial statements

                                        3
<PAGE>



                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                          Notes to Financial Statements
                                 March 31, 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 March 31, 2005, and our results of operations
          and cash flows for the  three-month  periods  ended March 31, 2005 and
          2004. The results of operations for the three-month period ended March
          31, 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
          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.


                                        4
<PAGE>

                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                          Notes to Financial Statements
                                 March 31, 2005
                                   (Unaudited)

Note 4    REVERSE SPLIT OF COMMON SHARES

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


Note 5    SUBSEQUENT EVENT

          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.













                                                         5

<PAGE>


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

     On or about April 14, 2005 Source Energy 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.

     Except  as  otherwise  discussed  under  the  Section  Reports  on Form 8-K
hereinafter, the following discussion is as of the date of this Quarterly Report
ended March 31, 2005.  See Reports on 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 March 31,  2005,  the Company  received  total
revenues of $17,668, an increase from $8,072 in the previous year. The causes of
this  increase in revenues  include an average per barrel price  increase of 59%
and an increase in barrel sales volume of 38%.

     Total general and administrative  costs and expenses increased slightly for
the three month  period of $3,543 in 2004 to $4,865 in 2005.

     Production costs decreased from $15,430 in 2004 to $3,855 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 March 31, 2005, the Company  realized net income
of $6,584 ($0.02 per share)  compared to net loss of $(12,669)  ($0.03 per share
loss) for the same period 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.



                           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:

     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.   Vista
presently has outstanding  approximately  10,550,000  shares of common stock and
2,800,000 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.  Other  executive  management  positions and
members of the board of directors may be designated  prior to the closing of the
transaction. If the parties enter into the definitive acquisition agreement, the
merger will be subject to the  completion of due  diligence and other  customary
closing conditions. 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: 5-2-05                               /S/ CRAIG CARPENTER
                                           Craig Carpenter, President



Date: 5-2-05                               /S/ KATHLEEN L. MORRISON
                                           Kathleen L. Morrison, Secretary