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, 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 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, 2003

<PAGE>
<TABLE>
<CAPTION>


                                             SOURCE ENERGY CORPORATION
                                (Formerly known as Parker Energy Technology, Inc.)
                                              Condensed Balance Sheet
                                                  March 31, 2003
                                                    (Unaudited)
<S>                                                                                              <C>

                                                      ASSETS

Current Assets
  Cash and cash equivalents                                                                      $                 69,671
  Accounts receivable                                                                                               3,571
  State tax withheld                                                                                                2,445
                          Total Current Assets                                                                     75,687

Property and Equipment
  Equipment                                                                                                        15,951
  Proved oil and gas properties                                                                                   597,353
                                                                                                    ----------------------
                      Total Property and Equipment                                                                613,304
              Less: Accumulated Depreciation and Depletion                                                       (556,040)
                                                                                                    ----------------------
                       Net Property and Equipment                                                                  57,264
                                                                                                    ----------------------
                              Total Assets                                                       $                132,951
                                                                                                    ======================

                                        LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
 Judgement payable                                                                                                75,000
 Accounts Payable                                                                           $                      1,197
                                                                                                   ---------------------
                       Total Current Liabilities                                                                  76,197
                                                                                                   ---------------------
                           Total Liabilities                                                                      76,197


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                                                                                        (1,188,301)
                                                                                                   ---------------------
                      Total Stockholders' Equity                                                                 56,754
                                                                                                   ---------------------
              Total Liabilities and Stockholders' Equity                                        $               132,951
                                                                                                   =====================



                                                         2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                             SOURCE ENERGY CORPORATION
                                 (Formerly known as Parker Energy Technology, Inc.)
                                          Condensed Statements of Operations
                                 For the Three Months Ended March 31, 2003 and 2002
                                                    (Unaudited)
<S>                                                                <C>                 <C>


                                                                          Three               Three
                                                                          Months             Months
                                                                          Ended               Ended
                                                                        March 31,           March 31,
                                                                           2003               2002

                                                                    ------------------ -------------------
              Revenues from Oil and Gas Activities                             $10,653              $6,529
              Oil and Gas Producing Expense:
                Production costs                                                 4,820               3,420
                Depletion                                                        2,324               2,425
                                                                    ------------------ -------------------
                       Total Oil and Gas Producing Expense                       7,144               5,845


                         Income/(Loss) from Oil and Gas
                                   Activities                                    3,509                 684
              Other Income/(Expense):
                General and administrative expense                             (2,750)             (3,160)
                Interest                                                           166                 108
                                                                    ------------------ -------------------
                          Total Other Income/(Expense)                         (2,584)             (3,052)
                                                                    ------------------ -------------------

              Net income/(loss) before income tax                                 925              (2,368)
              Provision for income tax                                            -0-                 -0-
                                                                    ------------------ -------------------

              Net Income/(Loss)                                                   $925            $(2,368)
                                                                    ================== ===================


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

               Weighted Average Shares Outstanding                              404,451             404,451

                                                                     ================== ===================


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


                                           SOURCE ENERGY CORPORATION
                              (Formerly known as Parker Energy Technology, Inc.)
                                            Statements of Cash Flows
                              For the Three Months Ended March 31, 2003 and 2002
                                                 (Unaudited)
<S>                                                              <C>                <C>



                                                                       Three               Three
                                                                       Months             Months
                                                                       Ended               Ended
                                                                     March 31,           March 31,
                                                                        2003               2002

                                                                 ------------------  -----------------
Cash Flows From Operating Activities
Net Income/(loss)                                                              $925           $(2,369)
Adjustments to reconcile net income to net cash
provided by operating activities:
    Depreciation and depletion                                                2,945              2,849
    (Increase)/decrease in accounts receivable                                (422)              1,340
    (Increase)/decrease in tax refund receivable                              (451)              (349)
    Increase/(decrease) in current liabilities                                  843                 10
                                                                 ------------------  -----------------
Net Cash Provided by/(Used for) Operating                                     3,840              1,481
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                                               3,840              1,481
Beginning Cash Balance                                                       65,831             49,038
                                                                 ------------------  -----------------

Ending Cash Balance                                                         $69,671            $50,519
                                                                 ==================  =================


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




                                                      4
</TABLE>
<PAGE>

                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                          Notes to Financial Statements
                                 March 31, 2003
                                   (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, 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 split of its outstanding shares from 81,637,100 to 1,632,742.
Simultaneous  thereto,  the Company entered into an agreement with an individual
to engage in the business of distillate  fuel systems process plants and changed
its name to Source Energy  Corporation.  On March 10, 2000 a U.S. district court
judge  rescinded  the May 20, 1997  agreement  and  ordered  that the Company be
returned,  as nearly as possible,  to its status prior to  consummation  of said
agreement.  This included cancelling 12,305,800 shares of common stock issued in
the transaction.


Note 3            LEGAL MATTERS

     On March 10, 2000, a U.S.  district court judge  rescinded the May 20, 1997
agreement  referenced  in Note 1, and ordered that the Company be  returned,  as
nearly as possible,  to its status prior to consummation of said agreement.  The
Court further ordered that the Company pay the plaintiff in the legal action his
attorneys  fees in the amount of $15,039  and an award of $75,000 to  compensate
him for the benefit  conferred  on Source  Energy  Corporation  shareholders  in
prosecuting this action. The plaintiff in this case was returned by the Court to
the presidency of Source Energy Corporation, a position he held prior to the May
20, 1997 agreement.


                                                              5
<PAGE>

                            SOURCE ENERGY CORPORATION
               (Formerly known as Parker Energy Technology, Inc.)
                          Notes to Financial Statements
                                 March 31, 2003
                                   (Unaudited)

     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 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.








                                                              6

<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:5-6-03                                By/S/ Craig Carpenter
                                           Craig Carpenter, President



Date:  5-6-03                              By/S/ Kathleen Morrison
                                           Kathleen 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:  5-6-03                     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 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:  5-6-03                     Signature:  By/S/ Kathleen Morrison
                                               ---------------------
                                               Kathleen 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 March 31,  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 6th day of May, 2003.




By/S/Kathleen Morrison
Kathleen Morrison
Secretary and Director
Dated this 6th day of May, 2003.