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, 2001

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

                        For the transition period from to

                           Commission File No. 0-29129

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

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

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

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

                                       N/A
      (Former name, address and fiscal year, if changed since last report)

     Check whether the issuer (1) has filed all reports required to be filed by
     Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
     for such shorter period that the issuer was required to file such reports),
     and (2) has been subject to such filing requirements for the past 90 days.
     Yes [ X ] No [  ]
<PAGE>

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                                   PROCEEDINGS
                        DURING THE PRECEDING FIVE YEARS:


     Check whether the registrant  has filed all documents and reports  required
     to be filed by Sections 12, 13, or 15(d) of the Exchange Act  subsequent to
     the  distribution of securities  under a plan confirmed by a court. Yes [ ]
     No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

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


                                   FORM 10-QSB
                            SOURCE ENERGY CORPORATION

                                     PART I.
                              Financial Information

Item 1.  Financial Statements

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



<Page>












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


                         Condensed Financial Statements

                              September 30, 2001







<PAGE>
<TABLE>
<CAPTION>


                           SOURCE ENERGY CORPORATION
              (Formerly known as Parker Energy Technology, Inc.)
                            Condensed Balance Sheet
                              September 30, 2001
                                 (Unaudited)

                                    ASSETS


<S>                                                               <C>
Current Assets
  Cash and cash equivalents                                       $         50,856
  Accounts receivable                                                        2,683
                                                                    ---------------
              Total Current Assets                                          53,539

Property and Equipment
  Equipment                                                                 13,872
  Proved oil and gas properties                                            597,353
                                                                    ---------------
          Total Property and Equipment                                     611,225
  Less: Accumulated Depreciation and Depletion                            (534,033)
                                                                    ---------------
           Net Property and Equipment                                       77,192
                                                                    ---------------
                  Total Assets                                    $        130,731
                                                                    ===============

                     LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
 Judgement payable                                                          75,000
 Accounts Payable                                               $              416
                                                                   ---------------
            Total Current Liabilities                                       75,416
                                                                   ---------------
                Total Liabilities                                           75,416


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                                                  (1,189,740)
                                                                   ---------------
           Total Stockholders' Equity                                      55,315
                                                                   ---------------
   Total Liabilities and Stockholders' Equity                    $        130,731
                                                                   ===============
</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, 2001 and 2000
                                 (Unaudited)


                                      Three       Three        Nine        Nine
                                      Months      Months      Months      Months
                                      Ended       Ended        Ended      Ended
                                    September   September    September  September
                                     30, 2001    30, 2000    30, 2001    30, 2000

                                    ---------- ------------ ----------- ----------
<S>                                    <C>           <C>         <C>        <C>
Revenues from Oil and Gas Activities   $10,919       13,513      31,820     43,028
Oil and Gas Producing Expense:
  Production costs                       4,579        3,390      11,276     10,327
  Depletion                              2,439        3,918       7,479     11,754
                                    ---------- ------------ ----------- ----------
Total Oil and Gas Producing Expense      7,018        7,308      18,755     22,081


  Income/(Loss) from Oil and Gas
            Activities                   3,901        6,205      13,065     20,947
Other Income/(Expense):
  General and administrative expense     (675)      (8,660)     (4,555)   (14,983)
  Judgment expense                         -0-          -0-         -0-   (90,039)
  Franchise tax refund                   7,605                    7,605
  Interest                                 150           41         277         61
                                    ---------- ------------ ----------- ----------
   Total Other Income/(Expense)          7,080      (8,619)       3,327  (104,961)
                                    ---------- ------------ ----------- ----------

Net income/(loss) before income tax     10,981      (2,414)      16,392   (84,014)
Provision for income tax                  -0-           -0-       (100)      (447)
                                    ---------- ------------ ----------- ----------

Net Income/(Loss)                       10,981      (2,414)      16,292   (84,461)
                                    ========== ============ =========== ==========


Income/(Loss) per Share                   0.03      (0.01)         0.02     (0.21)
                                    ========== ============ =========== ==========

Weighted Average Shares                404,451      404,451     404,451    404,451
Outstanding
                                    ========== ============ =========== ==========

</TABLE>



<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, 2001 and 2000
                                    (Unaudited)



                                              Three      Three       Nine        Nine
                                             Months      Months     Months      Months
                                              Ended      Ended       Ended      Ended
                                            September  September   September  September
                                            30, 2001    30, 2000   30, 2001    30, 2000

                                           ----------- ---------- ----------- ----------

<S>                                        <C>            <C>          <C>       <C>
Cash Flows From Operating Activities
Net Income/(loss)                          $    10,981    (2,414)      16,292    (84,461)
Adjustments to reconcile net income to net cash
provided by
 operating activities:
    Depreciation and depletion                  2,739       3,918       8,380     11,754
    Stock issued for debt                         -0-                     -0-     15,604
    (Increase)/decrease in accounts receivable     279      2,878       2,991      1,398
    Increase/(decrease) in current liabilities      15         86        (30)     75,272
                                           ----------- ---------- ----------- ----------
Net Cash Provided by/(Used for) Operating       14,014      4,468      27,633     19,567
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                 14,014      4,468      27,633     19,567
Beginning Cash Balance                          36,842     25,812      23,223     10,713
                                           ----------- ---------- ----------- ----------

Ending Cash Balance                             50,856     30,280      50,856     30,280
                                           =========== ========== =========== ==========


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

</TABLE>



                                         3

<PAGE>



                              SOURCE ENERGY CORPORATION
                 (Formerly known as Parker Energy Technology, Inc.)
                            Notes to Financial Statements
                                 September 30, 2001
                                     (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, 2000.


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



                                          4

<PAGE>


                              SOURCE ENERGY CORPORATION
                 (Formerly known as Parker Energy Technology, Inc.)
                            Notes to Financial Statements
                                 September 30, 2001
                                     (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      OTHER LEGAL MATTER

          On September 22, 2000, the Securities and Exchange  Commission ("SEC")
          filed a complaint in the United States District  Court,  naming Source
          Energy Corporation and Timothy R. Kraft, a former officer and director
          of the Company, as defendants.

          The SEC has  included  the Company in its lawsuit  against Mr.  Kraft,
          apparently  because press  releases were issued with its name on them.
          Under these  circumstances,  the Company is reviewing  its options for
          filing  an  answer  to the  complaint  filed by the SEC and  defending
          itself against the allegations of the SEC.




                                          5

<PAGE>


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

     See the  Company's  10-KSB for the year ended  December 31, 2000,  as filed
with Securities and Exchange Commission.


                           PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

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

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

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

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

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

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

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


Exhibits and Reports On Form 8-K

EXHIBITS:  None

REPORTS ON FORM 8-K:  None

<Page>


                                   Signatures

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

                                        SOURCE ENERGY CORPORATION


Date: 11-13-01                          By: /S/ CRAIG CARPENTER
                                           Craig Carpenter, President