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, 2000

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

                        For the transition period from to

                           Commission File No. 0-29129

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

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

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

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

                7412 Rosalind Circle, Salt Lake City, Utah 84121
          (Former name, address and fiscal year, if changed since last
                                     report)

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

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


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

                      APPLICABLE ONLY TO CORPORATE ISSUERS:
         State the number of shares outstanding of each of the issuer's
          classes of common equity, as of the latest practicable date:
                         329,451 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  were  prepared  by  management  and  commence  on the
following page,  together with related Notes. In the opinion of management,  the
Financial  Statement  fairly present the financial  condition of the Registrant.

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

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

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

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

                           PART II. OTHER INFORMATION

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: August 10, 2000                   By: Craig Carpenter, President

                                2





<PAGE>









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


                         Condensed Financial Statements

                                  June 30, 2000






























<PAGE>
<TABLE>
<CAPTION>


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

                                                      ASSETS

<S>                                                                                             <C>
Current Assets
  Cash and cash equivalents                                                                      $                 25,812
  Accounts receivable                                                                                               6,563
                                                                                                    ----------------------
                          Total Current Assets                                                                     32,375

Property and Equipment
  Equipment                                                                                                         5,476
  Proved oil and gas properties                                                                                   597,353
                                                                                                    ----------------------
                      Total Property and Equipment                                                                602,829
              Less: Accumulated Depreciation and Depletion                                                       (518,618)
                                                                                                    ----------------------
                       Net Property and Equipment                                                                  84,211
                                                                                                    ----------------------
                              Total Assets                                                       $                116,586
                                                                                                    ======================

                                       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
 Judgement payable                                                                                                75,000
 Taxes Payable                                                                              $                        284
                                                                                                   ---------------------
                       Total Current Liabilities                                                                  75,284
                                                                                                   ---------------------
                           Total Liabilities                                                                      75,284


Stockholders' Equity
  Capital Stock -- 200,000,000 shares authorized having a
   par value of $.00025 per share; 404,451 issued and
outstanding                                                                                                         101
  Additional Paid-in Capital                                                                                  1,243,454
  Accumulated Deficit                                                                                        (1,202,253)
                                                                                                   ---------------------
                      Total Stockholders' Equity                                                                 41,302
                                                                                                   ---------------------
              Total Liabilities and Stockholders' Equity                                        $               116,586
                                                                                                   =====================
</TABLE>



                                        2

<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                       Condensed Statements of Operations
            For the Three and Six Months Ended June 30, 2000 and 1999
                                   (Unaudited)


                                                         Three             Three             Six               Six
                                                         Months            Months           Months           Months
                                                         Ended             Ended            Ended             Ended
                                                        June 30,          June 30,         June 30,         June 30,
                                                          2000              1999             2000             1999

                                                    ----------------  ---------------- ----------------  ---------------
<S>                                                 <C>                          <C>             <C>              <C>
Revenues from Oil and Gas Activities                $        14,910              7,116           29,515           11,810
Oil and Gas Producing Expense:
  Production costs                                            3,701              1,708            6,938            3,901
  Depletion                                                   3,918              2,388            7,836            3,956
                                                    ----------------  ---------------- ----------------  ---------------
        Total Oil and Gas Producing Expense                    7,619             4,096           14,774            7,857


          Income/(Loss) from Oil and Gas
                    Activities                                 7,291             3,020           14,741            3,953
Other Income/(Expense):
  General and administrative expense                         (6,003)             (884)          (6,322)          (3,456)
  Judgment expense                                               -0-               -0-         (90,039)              -0-
  Interest                                                       14                  2               20                4
                                                    ----------------  ---------------- ----------------  ---------------
           Total Other Income/(Expense)                      (5,989)            ( 882)         (96,341)          (3,452)
                                                    ----------------  ---------------- ----------------  ---------------

Net income/(loss) before income tax                           1,302              2,138         (81,600)              501
Provision for income tax                                        447                -0-              447              -0-
                                                    ----------------  ---------------- ----------------  ---------------

Net Income/(Loss)                                   $           855              2,138         (82,047)              501
                                                    ================  ================ ================  ===============


Income/(Loss) per Share                             $            .01              .01             (.20)              .01
                                                    ================  ================ ================  ===============

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 June 30, 2000 and 1999
                                   (Unaudited)



                                                                      Three           Three             Six             Six
                                                                     Months           Months          Months          Months
                                                                      Ended           Ended            Ended           Ended
                                                                    June 30,         June 30,        June 30,        June 30,
                                                                      2000             1999            2000            1999

                                                                 --------------- ---------------- --------------- ---------------
<S>                                                              <C>                    <C>           <C>             <C>
Cash Flows From Operating Activities
Net Income/(loss)                                                $          855            2,138         (82,047)             501
Adjustments to reconcile net income to net cash
provided by
 operating activities:
    Depreciation and depletion                                            3,918              -0-            7,836           1,568
    Stock issued for debt                                                15,604                            15,604
    (Increase)/decrease in accounts receivable                            8,042           (2,268)         (1,479)         (2,268)
    Increase/(decrease) in current liabilities                          (14,855)              -0-          75,185             -0-
                                                                 --------------- ---------------- --------------- ---------------
Net Cash Provided by/(Used for) Operating                                13,564             (130)          15,099           (199)
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                                           13,564            (130)          15,099           (199)
Beginning Cash Balance                                                    12,248            2,120          10,713           2,189
                                                                 --------------- ---------------- --------------- ---------------

Ending Cash Balance                                              $       25,812             1,990          25,812           1,990
                                                                 =============== ================ =============== ===============


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




                                                             3

<PAGE>

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

Note 1            PRELIMINARY NOTE

     The  accompanying  condensed  consolidated  financial  statements have been
     prepared  without  audit,  pursuant  to the  rules and  regulations  of the
     Securities and Exchange  Commission.  Certain  information  and disclosures
     normally  included in  financial  statements  prepared in  accordance  with
     generally accepted accounting principles have been condensed or omitted. It
     is  suggested  that  these  condensed  financial   statements  be  read  in
     conjunction with the financial statements and notes thereto included in the
     Company's Annual Audit for the year ended December 31, 1999.


Note 2            ORGANIZATION

     The  Company  was  originally  incorporated  under the name Exit,  Inc.  in
     accordance with the laws of the State of Utah on January 30, 1981. In April
     of 1984,  the Company  changed its name to Parker Energy  Technology,  Inc.
     From its inception until May 20, 1997, the Company had been in the business
     of oil  and gas  exploration  and  production  activities.  Currently,  the
     Company has one producing well,  located in Grand County,  Utah. On May 20,
     1997, the Company  effected a reverse split of its outstanding  shares from
     81,637,100 to 1,632,742.  Simultaneous thereto, the Company entered into an
     agreement  with an individual to engage in the business of distillate  fuel
     systems  process plants and changed its name to Source Energy  Corporation.
     On March 10, 2000 a U.S.  district  court judge  rescinded the May 20, 1997
     agreement and ordered that the Company be returned,  as nearly as possible,
     to its  status  prior to  consummation  of said  agreement.  This  included
     cancelling 12,305,800 shares of common stock issued in the transaction.


Note 3            JUDGEMENT

     On March 10, 2000, a U.S.  district court judge  rescinded the May 20, 1997
     agreement  referenced  in Note 2, and ordered that the Company be returned,
     as  nearly  as  possible,  to its  status  prior  to  consummation  of said
     agreement.  The Court further ordered that the Company pay the plaintiff in
     the legal action his  attorneys  fees in the amount of $15,039 and an award
     of $75,000 to  compensate  him for the benefit  conferred on Source  Energy
     Corporation  shareholders in prosecuting this action. The plaintiff in this
     case  was  returned  by  the  Court  to the  presidency  of  Source  Energy
     Corporation, a position



                                        4

<PAGE>

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

Note 3            JUDGEMENT (cont.)

     he held prior to the May 20, 1997 agreement.

     The Court also ordered that the other  defendants in the case,  T.R. Kraft,
     and Point Source Energy Corporation, an Oregon corporation, to pay an award
     to the Company in the amount of  $225,000.  The Company  does not intend to
     record this amount as a  receivable  on its books  because the  defendants'
     whereabouts are unknown and ability to collect from them is questionable.

Note 4            REVERSE SPLIT OF COMMON SHARES

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

Note 5            ACQUISITION/MERGER

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

Note 6            STOCK ISSUED FOR DEBT

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


                                        5