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, 2003

              [ ] 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  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, 2003

<PAGE>
<TABLE>
<CAPTION>


                                             SOURCE ENERGY CORPORATION
                                 Formerly known as Parker Energy Technology, Inc.
                                              Condensed Balance Sheet
                                             September 30, 2003
                                                    (Unaudited)
<S>                                                                                            <C>

                                                      ASSETS

Current Assets
  Cash and cash equivalents                                                                      $                84,917
  Accounts receivable                                                                                              7,324
  State Tax Withholding                                                                                            1,697
                                                                                                    --------------------
                          Total Current Assets                                                                    93,938

Property and Equipment
  Equipment                                                                                                       15,951
  Proved oil and gas properties                                                                                  597,353
                                                                                                    --------------------
                      Total Property and Equipment                                                               613,304
              Less: Accumulated Depreciation and Depletion                                                      (563,954)
                                                                                                    --------------------
                       Net Property and Equipment                                                                 49,350
                                                                                                    --------------------
                              Total Assets                                                       $               143,288
                                                                                                    ====================

                                       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
  Judgement payable                                                                                               75,000
  Taxes Payable                                                                             $                      1,540
                                                                                                   ---------------------
                       Total Current Liabilities                                                                  76,540
                                                                                                   ---------------------
                           Total Liabilities                                                                      76,540

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                                                                                         (1,178,307)
                                                                                                   ---------------------
                      Total Stockholders' Equity                                                                  66,748
                                                                                                   ---------------------
              Total Liabilities and Stockholders' Equity                                        $                143,288
                                                                                                   =====================


                                              See accompanying notes

</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, 2003 and 2002
                                                    (Unaudited)

<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                         Three             Three            Nine            Nine
                                                         Months            Months           Months          Months
                                                         Ended             Ended            Ended           Ended
                                                     September 30,     September 30,     September 30,   September 30,
                                                          2003              2002             2003            2003

                                                    ----------------  ---------------- ---------------- ----------------
Revenues from Oil and Gas Activities                $         14,858  $          8,941           36,814           27,589
Oil and Gas Producing Expense:
  Production costs                                             3,784             3,951           11,462           11,153
  Depletion                                                    3,754             2,395            8,994            8,378
                                                    ----------------  ---------------- ---------------- ----------------
        Total Oil and Gas Producing Expense                    7,538             6,346           20,456           19,531

          Income/(Loss) from Oil and Gas
                    Activities                                 7,320             2,595           16,358            8,058
Other Income/(Expense):
  General and administrative expense                          (1,292)             (796)         (5,910)          (4,700)
  Interest                                                       139               171             471              505
                                                    ----------------  ---------------- ---------------- ----------------
           Total Other Income/(Expense)                       (1,153)             (625)          (5,439)          (4,195)
                                                    ----------------  ---------------- ---------------- ----------------

Net income/(loss) before income tax                            6,167             1,970           10,919            3,863
Provision for income tax                                           0                 0                0                0
                                                    ----------------  ---------------- ---------------- ----------------

Net Income/(Loss)                                   $          6,167  $          1,970           10,919            3,863
                                                    ================  ================ ================ ================


Income/(Loss) per Share                             $           0.02              0.01             0.02             0.01
                                                    ================  ================ ================ ================

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

                                                  See accompanying notes

                                                             3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                 SOURCE ENERGY CORPORATION
                                     Formerly known as Parker Energy Technology, Inc.
                                                  Statements of Cash Flows
                                 For the Three and Nine Months Ended September 30, 2003 and 2002
                                                        (Unaudited)

<S>                                                             <C>              <C>                 <C>             <C>


                                                                      Three           Three            Nine            Nine
                                                                     Months           Months          Months          Months
                                                                      Ended           Ended            Ended           Ended
                                                                  September 30,    September 30,   September 30,   September 30,
                                                                      2003             2002            2003            2002

                                                                 --------------- ---------------- --------------- ---------------
Cash Flows From Operating Activities
Net Income/(loss)                                                $         6,167 $          1,970          10,919           3,863
Adjustments to reconcile net income to net cash
provided by
 operating activities:
    Depreciation and depletion                                             4,376            2,820          10,859           9,651
    (Increase)/decrease in tax refund receivable                            (663)            (465)            296             656
    (Increase)/decrease in accounts receivable                            (2,106)          (2,246)         (4,175)           (989)
    Increase/(decrease) in current liabilities                               386             (123)          1,186            (120)
                                                                 --------------- ---------------- --------------- ---------------
Net Cash Provided by/(Used for) Operating                                  8,160            6,448          19,085          15,039
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                                            8,159            6,448          19,085          15,039
Beginning Cash Balance                                                    76,757           57,629          65,831          49,038
                                                                 --------------- ---------------- --------------- ---------------

Ending Cash Balance                                              $        84,917 $         64,077          84,917          64,077
                                                                 =============== ================ =============== ===============


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


                                                  See accompanying notes


                                                             4
</TABLE>
<PAGE>

                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                          Notes to Financial Statements
                               September 30, 2003
                                   (Unaudited)


Note 1            PRELIMINARY NOTE

     The accompanying  condensed 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,
2002.

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  spolit  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 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.

     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 in a 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 has  responded  to the SEC  opposing  the
complaint.  As of the  completion  of  these  financial  statements,  no  formal
resolution has been reached.

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

     See the  Company's  10-KSB for the year ended  December 31, 2002,  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.

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:  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: 10-31-03                             By/S/ Craig Carpenter
                                           Craig Carpenter, President



Date: 10/31/03                             By/S/ Kathleen L. Morrison
                                           Kathleen L. Morrison, Secretary



<PAGE>
                           CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I, Craig Carpenter, President and Director of Source Energy Corporation,
certify that:

     1. I have  reviewed this  Quarterly  Report on Form 10-QSB of Source Energy
Corporation.

     2. Based on my knowledge, this Quarterly Report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this Quarterly
Report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this Quarterly  Report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
Registrant as of, and for, the periods presented in this Quarterly Report;

     4. The  Registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

          a) designed  such  disclosure  controls and  procedures to ensure that
     material information relating to the Registrant, including its consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  Quarterly  Report is being
     prepared;

          b) evaluated the effectiveness of the Registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date of this
     Quarterly Report (the "Evaluation Date"); and

          c)  presented  in this  Quarterly  Report  our  conclusions  about the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

     5. The Registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the Registrant's auditors and the audit committee
of  Registrant's  board of  directors  (or  persons  performing  the  equivalent
function);

          a) all significant deficiencies in the design or operation of internal
     controls which could adversely affect the  Registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     Registrant's auditors any material weaknesses in internal controls; and

          b) any fraud,  whether or not material,  that  involves  management or
     other employees who have a significant  role in the  Registrant's  internal
     controls; and

     6. The Registrant's  other certifying  officer and I have indicated in this
Quarterly  Report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.



Dated:10-31-03                     Signature:  By/S/ Craig Carpenter
                                               ---------------------------
                                               Craig Carpenter
                                               President and Director
<PAGE>
                   CERTIFICATION PURSUANT TO
         SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I,  Kathleen  L.   Morrison,   Secretary  and  Director  of  Source  Energy
Corporation, certify that:

     1. I have  reviewed this  Quarterly  Report on Form 10-QSB of Source Energy
Corporation.

     2. Based on my knowledge, this Quarterly Report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this Quarterly
Report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this Quarterly  Report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
Registrant as of, and for, the periods presented in this Quarterly Report;

     4. The  Registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

          a) designed  such  disclosure  controls and  procedures to ensure that
     material information relating to the Registrant, including its consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  Quarterly  Report is being
     prepared;

          b) evaluated the effectiveness of the Registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date of this
     Quarterly Report (the "Evaluation Date"); and

          c)  presented  in this  Quarterly  Report  our  conclusions  about the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

     5. The Registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the Registrant's auditors and the audit committee
of  Registrant's  board of  directors  (or  persons  performing  the  equivalent
function);

          a) all significant deficiencies in the design or operation of internal
     controls which could adversely affect the  Registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     Registrant's auditors any material weaknesses in internal controls; and

          b) any fraud,  whether or not material,  that  involves  management or
     other employees who have a significant  role in the  Registrant's  internal
     controls; and

     6. The Registrant's  other certifying  officer and I have indicated in this
Quarterly  Report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.



Dated:  10-31-03                   Signature:  By/S/Kathleen L. Morrison
                                               ---------------------
                                               Kathleen L. Morrison
                                               Secretary and Director
<PAGE>


                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



     In connection with the Quarterly report of Source Energy Corporation,  (the
"Company") on Form 10-QSB for the quarterly  period ended September 30, 2003, as
filed with the  Securities  and Exchange  Commission  on the date  hereof,  (the
"Report"), I(We), Craig Carpenter, President and Director and Kathleen Morrison,
Secretary and Director of the Company,  certify,  pursuant to 18 U.S.C.  Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that:

     (1) The Report fully  complies  with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934, and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Company.



By/S/ Craig Carpenter
---------------------
Craig Carpenter
President and Director
Dated this 31st day of October, 2003




By/S/ Kathleen L. Morrison
--------------------------
Kathleen L. Morrison
Secretary and Director
Dated this 31st day of October, 2003.