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, 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

                               March 31, 2001








<PAGE>
<TABLE>
<CAPTION>

                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                             Condensed Balance Sheet
                                 March 31, 2000
                                   (Unaudited)

                                     ASSETS

<S>                                                                                              <C>
Current Assets
  Cash and cash equivalents                                                                      $                 29,073
  Accounts receivable                                                                                               2,814
                                                                                                    ----------------------
                          Total Current Assets                                                                     31,887

Property and Equipment
  Equipment                                                                                                        13,872
  Proved oil and gas properties                                                                                   597,353
                                                                                                    ----------------------
                      Total Property and Equipment                                                                611,225
              Less: Accumulated Depreciation and Depletion                                                       (528,464)
                                                                                                    ----------------------
                       Net Property and Equipment                                                                  82,761
                                                                                                    ----------------------
                              Total Assets                                                       $                114,648
                                                                                                    ======================

                                       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current Liabilities
 Judgement payable                                                                                                75,000
 Accounts Payable                                                                           $                        446
                                                                                                   ---------------------
                       Total Current Liabilities                                                                  75,446
                                                                                                   ---------------------
                           Total Liabilities                                                                      75,446


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                                                                                        (1,205,853)
                                                                                                   ---------------------
                      Total Stockholders' Equity                                                                 39,202
                                                                                                   ---------------------
              Total Liabilities and Stockholders' Equity                                        $               114,648
                                                                                                   =====================


</TABLE>

                                                         2

<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                       Condensed Statements of Operations
               For the Three Months Ended March 31, 2001 and 2000
                                   (Unaudited)


                                                         Three             Three
                                                         Months            Months
                                                         Ended             Ended
                                                         March             March
                                                        31, 2000          31, 2000

                                                    ----------------  ----------------
<S>                                                 <C>                          <C>
Revenues from Oil and Gas Activities                $         9,127             14,605
Oil and Gas Producing Expense:
  Production costs                                            3,456              3,237
  Depletion                                                   2,510              3,918
                                                    ----------------  ----------------
        Total Oil and Gas Producing Expense                   5,966              7,155


          Income/(Loss) from Oil and Gas
                    Activities                                 3,161             7,450
 Other Income/(Expense):
  General and administrative expense                         (3,048)              (320)
  Judgment expense                                               -0-           (90,039)
  Interest                                                       66                  7
                                                    ----------------  ----------------
           Total Other Income/(Expense)                      (2,982)           (90,352)
                                                    ----------------  ----------------
Net income/(loss) before income tax                             179            (82,902)
Provision for income tax                                        -0-                -0-
                                                    ----------------  ----------------

Net Income/(Loss)                                   $           179            (82,902)
                                                    ================  ================


Income/(Loss) per Share                             $           .01               (.81)
                                                    ================  ================

Weighted Average Shares Outstanding                          404,451           102,225
                                                    ================  ================

</TABLE>


                                                             3
<PAGE>
<TABLE>
<CAPTION>


                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                            Statements of Cash Flows
         For the Three Months Ended March 31, 2001 and 2000
                                   (Unaudited)



                                                                Three             Three
                                                                Months            Months
                                                                Ended             Ended
                                                                March             March
                                                               31, 2001          31, 2000

                                                           ----------------  ----------------
<S>                                                       <C>                    <C>
Cash Flows From Operating Activities
Net Income/(loss)                                          $           179           (82,902)
Adjustments to reconcile net income to net
cash provided by
 operating activities:
    Depreciation and depletion                                       3,918              3,918
    (Increase)/decrease in accounts receivable                       2,860             (9,521)
    Increase/(decrease) in current liabilities                         -0-             90,039
                                                           ----------------  ----------------
Net Cash Provided by/(Used for) Operating                            6,957              1,534
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                                       5,850             1,534
Beginning Cash Balance                                               23,223            10,713
                                                           ----------------  ----------------

Ending Cash Balance                                        $         29,073            12,247
                                                           ================  ================


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

</TABLE>


                                        4
<PAGE>

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

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

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

                                        5


<PAGE>


                            SOURCE ENERGY CORPORATION
                Formerly known as Parker Energy Technology, Inc.
                          Notes to Financial Statements
                                 March 31, 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 in question.


Note 4            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.


                                        6




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: MAY 10, 2001                      By:/S/ CRAIG CARPENTER
                                           Craig Carpenter, President