[As adopted in Release No. 34-32231, April 28, 1993, 58 F.R. 26509]

                     U.S. Securities and Exchange Commission

                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)
       [X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended: March 31, 2005
                  ---------------------------------------------

       [  ]   TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE
                                  EXCHANGE ACT

                        For the transition period from to
            ------------------------------ --------------------------
                        Commission file number 333-102930
              ----------------------------------------------------

                            Silver Star Energy, Inc.
  ----------------------------------------------------------------------------
                     (Exact name of small business issuer as
                            specified in its charter)

                     Nevada                           98-0385312
--------------------------------------------------------------------------------
          (State or other jurisdiction               (IRS Employer
         of incorporation or organization)         Identification No.)

      11300 W. Olympic Boulevard, Suite 800, Los Angeles, California 90064
 -------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (310) 477-2211
                            Issuer's telephone number


                (Former name,  former address and former fiscal year, if changed
since last report.)

         Check whether the issuer (1) filed all reports  required to be filed by
 Section 13 or 15(d) of the  Exchange Act during the past 12 months (or for such
 shorter period that the registrant 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
                   PROCEEDING DURING THE PRECEDING FIVE YEARS

         Check whether the registrant  filed all documents and reports  required
to be  filed  by  Section  12,  13 or  15(d)  of  the  Exchange  Act  after  the
distribution  of securities  under a plan  confirmed by a court.  Yes X  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  practical  date:  March 31, 2005 85,021,035


         Transitional Small Business Disclosure Format (check one).
Yes      ;  No   X
    ----       -----



<PAGE>



                                     PART I

ITEM 1.  FINANCIAL STATEMENTS

                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                                (Unaudited)
                                                                                  March 31,         December 31,
ASSETS                                                                               2005               2004
                                                                              ------------------  -----------------
Current Assets
<S>                                                                           <C>                 <C>
  Cash                                                                        $          228,478  $         138,005
  Accounts Receivable                                                                     28,740                  -
  Prepaid Expense                                                                         30,540             18,825
                                                                              ------------------  -----------------

     Total Current Assets                                                                287,758            156,830
                                                                              ------------------  -----------------

Fixed Assets
  Furniture and Fixtures                                                                   7,751              7,751
  Computers                                                                                6,222              6,222
  Vehicles                                                                                18,316             18,316
   Accumulated Depreciation                                                               (6,631)            (4,809)
                                                                              ------------------  -----------------

     Net Fixed Assets                                                                     25,658             27,480
                                                                              ------------------  -----------------

Other Assets
  Oil and Gas Properties                                                               2,978,495          2,586,353
  Debt Issue Costs, net of amortization of $38,602 and $11,059                           413,899            441,441
                                                                              ------------------  -----------------

     Total Other Assets                                                                3,392,394          3,027,794
                                                                              ------------------  -----------------

     Total Assets                                                             $        3,705,810  $       3,212,104
                                                                              ==================  =================
</TABLE>











                                        3

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                                 BALANCE SHEETS
                                   (Continued)

<TABLE>
<CAPTION>
                                                                                (Unaudited)
                                                                                 March 31,          December 31,
                                                                                   2005                 2004
                                                                            -------------------  ------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
<S>                                                                         <C>                  <C>
  Accounts Payable                                                          $            31,204  $           75,893
  Accrued Liabilities                                                                    18,793               9,725
  Notes Payable                                                                         450,000             450,000
  Due to Related Party                                                                   92,318              92,318
                                                                            -------------------  ------------------

     Total Current Liabilities                                                          592,315             627,936

Convertible Debentures                                                                1,500,000             750,000
Accrued Interest                                                                         14,938               3,904
                                                                            -------------------  ------------------

     Total Liabilities                                                                2,107,253           1,381,840
                                                                            -------------------  ------------------

Stockholders' Equity
  Preferred stock (Par Value $.001), 5,000,000 shares
    authorized. -0- issued at March 31, 2005 and
    December 31, 2004                                                                         -                   -
  Common Stock (Par Value $.001), 300,000,000 shares
    authorized. 85,021,035 issued and outstanding at
    March 31, 2005 and December 31, 2004                                                 85,021              85,021
  Paid in Capital in Excess of Par Value                                              3,056,658           3,056,658
  Retained Deficit                                                                     (128,480)           (128,480)
  Deficit accumulated during the development stage                                   (1,414,642)         (1,182,935)
                                                                            -------------------  ------------------

     Total Stockholders' Equity                                                       1,598,557           1,830,264
                                                                            -------------------  ------------------

     Total Liabilities and Stockholders' Equity                             $         3,705,810  $        3,212,104
                                                                            ===================  ==================
</TABLE>




                             See accompanying notes.

                                        4

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                                                     Deficit
                                                                                                   Accumulated
                                                                                                      Since
                                                                                                   October 28,
                                                                                                       2003
                                                              For the Three Months Ended           Inception of
                                                                       March 31,                   Development
                                                        --------------------------------------
                                                               2005              2004                 Stage
                                                        ------------------  ------------------  ------------------
<S>                                                     <C>                 <C>                 <C>
Revenue                                                 $           28,740  $                -  $           28,740
                                                        ------------------  ------------------  ------------------

Expenses
  Consulting and Management Fees                                    63,045              76,830             358,779
  General and Administrative                                       133,082             102,658             884,340
  Professional Fees                                                 16,675              36,531             127,930
                                                        ------------------  ------------------  ------------------
     Total Expenses                                                212,802             216,019           1,371,049
                                                        ------------------  ------------------  ------------------

Other Income ( Expense)
   Interest Expense                                                (47,645)                  -             (72,333)
                                                        ------------------  ------------------  ------------------

Net Income (Loss)                                       $         (231,707) $         (216,019) $       (1,414,642)
                                                        ==================  ==================  ==================

Income (Loss) per Common Share                          $                -  $                -
                                                        ==================  ==================

Weighted Average Shares Outstanding                             85,021,035         118,183,008
                                                        ==================  ==================
</TABLE>











                             See accompanying notes.

                                        5

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                                      Deficit
                                                                                                    Accumulated
                                                                                                       Since
                                                                                                    October 28,
                                                                                                        2003
                                                               For the Three Months Ended           Inception of
                                                                        March 31,                   Development
                                                          -------------------------------------
                                                                2005                2004               Stage
                                                          -----------------  ------------------  ------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:

<S>                                                       <C>                <C>                 <C>
Net Loss                                                  $        (231,707) $         (216,019) $       (1,414,642)
Adjustments used to reconcile net loss to net
  cash provided by (used in) operating activities:
   Depreciation and Amortization                                     29,364                   -              45,232
   Common stock issued for account payable                                -                   -              40,600
(Increase) decrease in other assets & prepaids                      (11,715)            (15,216)            (30,520)
(Increase) decrease in accounts receivable                          (28,740)                                (28,740)
Increase (decrease) in accounts payable                             (44,689)             61,207             111,274
Increase (decrease) in accrued liabilities                           20,102                   -              33,731
                                                          -----------------  ------------------  ------------------
Net cash used in operating activities                              (267,385)           (170,028)         (1,243,065)
                                                          -----------------  ------------------  ------------------

CASH FLOWS FROM INVESTING
ACTIVITIES:
Acquisition/Sale of equipment, net                                        -              (9,347)            (32,289)
Acquisition of oil & gas property interests                        (392,142)         (1,069,093)         (2,978,495)
Proceeds on sale of Netcash (net of cash)                                 -                   -              25,000
                                                          -----------------  ------------------  ------------------
Net cash used by investing activities                              (392,142)         (1,078,440)         (2,985,784)
                                                          -----------------  ------------------  ------------------

CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from convertible debentures                                750,000                   -           1,397,500
Proceeds from loans                                                       -                   -             450,000
Proceeds from shareholder loans                                           -                   -             445,000
Proceeds on sale of common stock                                          -             750,000           2,155,000
                                                          -----------------  ------------------  ------------------
Net Cash Provided by Financing  Activities                          750,000             750,000           4,447,500
                                                          -----------------  ------------------  ------------------
</TABLE>







                                        6

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                      Deficit
                                                                                                    Accumulated
                                                                                                       Since
                                                                                                    October 28,
                                                                                                        2003
                                                               For the Three Months Ended           Inception of
                                                                        March 31,                   Development
                                                          -------------------------------------
                                                                2005                2004               Stage
                                                          -----------------  ------------------  ------------------

Net Increase (Decrease) in
<S>                                                                  <C>               <C>                  <C>
   Cash  and Cash Equivalents                                        90,473            (498,468)            218,651
Cash and Cash Equivalents at
   Beginning of the Period                                          138,005             502,428               9,827
                                                          -----------------  ------------------  ------------------
Cash and Cash Equivalents at
   End of the Period                                      $         228,478  $            3,960  $          228,478
                                                          =================  ==================  ==================

SUPPLEMENTAL DISCLOSURE OF CASH
  FLOW INFORMATION:
Interest                                                  $               -  $                -  $                -
Income Taxes                                              $               -  $                -  $                -
</TABLE>

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: NONE
-----------

















                             See accompanying notes.

                                        7

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

         The accompanying  financial  statements have been prepared on the basis
of accounting principles applicable to a "going concern",  which assume that the
Company  will  continue in  operation  for at least one year and will be able to
realize  its assets  and  discharge  its  liabilities  in the  normal  course of
operations.

         Several conditions and events cast doubt about the Company's ability to
continue as a "going concern".  The Company is a development stage company,  and
has  incurred  net losses of  approximately  $232,000 for the three months ended
March 31,  2005,  losses of  approximately  $216,000  for the three months ended
March 31, 2004, and losses of  approximately  $1,415,000  since inception of the
development stage.

         The  Company's  general  business  strategy  is to acquire  oil and gas
properties either directly or through the acquisition of operating entities. The
continued  operations  of the  Company  and  the  recoverability  of oil and gas
property  acquisition,  exploration and development  costs is dependent upon the
existence of economically recoverable reserves and the ability of the Company to
obtain  necessary  financing to complete the development of those reserves,  and
upon future  profitable  production.  To date,  the  Company  has not  generated
significant  revenues from operations and will require  additional funds to meet
its obligations and the costs of its operations. As a result, significant losses
are anticipated prior to the generation of any revenues. The Company is planning
additional  ongoing  equity  financing by way of private  placements to fund its
obligations and operations.

         The Company's future capital  requirements will depend on many factors,
including  costs of exploration of the  properties,  cash flow from  operations,
costs to complete well  production,  if warranted,  and  competition  and global
market  conditions.  The Company's  anticipated  recurring  operating losses and
growing working capital needs will require that it obtain additional  capital to
operate its business.  Further,  the Company does not have  sufficient  funds on
hand to complete the exploration of the properties.

         The  Company  will  depend  almost  exclusively  on outside  capital to
complete the exploration  and  development of the oil and gas  properties.  Such
outside  capital  will  include  the sale of  additional  stock and may  include
commercial  borrowing.  There can be no assurance that capital will be available
as necessary to meet these continuing  exploration and development  costs or, if
the capital is  available,  that it will be on terms  acceptable to the Company.
The  issuances of  additional  equity  securities by the Company may result in a
significant  dilution  in the  equity  interests  of its  current  stockholders.
Obtaining  commercial  loans,  assuming  those  loans would be  available,  will
increase the Company's  liabilities and future cash commitments.  If the Company
is unable to obtain financing in the amounts and on terms deemed acceptable, the
business and future success may be adversely affected.



                                        8

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN (continued)

         These  financial  statements do not reflect  adjustments  that would be
necessary  if the Company  were unable to continue as a "going  concern".  While
management believes that the actions already taken or planned, will mitigate the
adverse conditions and events which raise doubt about the validity of the "going
concern" assumption used in preparing these financial  statements,  there can be
no assurance that these actions will be successful.

         If the  Company  were unable to  continue  as a "going  concern",  then
substantial adjustments would be necessary to the carrying values of assets, the
reported amounts of its liabilities, the reported revenues and expenses, and the
balance sheet classifications used.

Organization and Basis of Presentation

         Silver Star Energy,  Inc. (the "Company") was incorporated on September
25,  2002 in the State of Nevada and  commenced  operations  on October 3, 2002.
During the year ended  December  31,  2003,  the  Company  changed its name from
Movito Holdings Ltd. to Silver Star Energy Inc.

Nature of Business

         The Company is in the  development  stage of the oil and gas  industry.
The Company's primary objective is to identify,  acquire and develop significant
working interest  percentages in underdeveloped oil and gas projects that do not
meet the  requirements of the larger  producers and developers.  During 2003 and
2004 the Company  acquired  interests in several oil and gas  prospects  and was
setting up the extraction process.

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

         This summary of  accounting  policies  for Silver Star Energy,  Inc. (a
development stage company) is presented to assist in understanding the Company's
financial  statements.  The accounting  policies  conform to generally  accepted
accounting  principles and have been consistently  applied in the preparation of
the financial statements.

         The unaudited  financial  statements as of March 31, 2005,  and for the
three month  period  then ended,  reflect,  in the  opinion of  management,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
fairly  state the  financial  position and results of  operations  for the three
months.  Operating results for interim periods are not necessarily indicative of
the results which can be expected for full years.

Cash Equivalents

         For the purpose of  reporting  cash flows,  the Company  considers  all
highly liquid debt  instruments  purchased with maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

                                        9

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

Pervasiveness of Estimates

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Reclassifications

         Certain   reclassifications  have  been  made  in  the  2004  financial
statements to conform with the 2005 presentation.

Concentration of Credit Risk

         The  Company has no  significant  off-balance-sheet  concentrations  of
credit  risk such as foreign  exchange  contracts,  options  contracts  or other
foreign hedging arrangements.

Loss per Share

         Basic  earnings per common share were  computed by dividing net loss by
the weighted  average  number of shares of common stock  outstanding  during the
year. There are no dilutive  outstanding  common stock  equivalents at March 31,
2005 and 2004.

Fixed Assets

         Fixed   assets  are  recorded  at  cost  and   depreciated   using  the
straight-line  method over the estimated  useful lives of the assets which range
from three to seven years.  Fixed assets consisted of the following at March 31,
2005 and December 31, 2004:

<TABLE>
<CAPTION>
                                                          (Unaudited)
                                                           March 31,          December 31,
                                                              2005                2004
                                                       ------------------  ------------------
<S>                                                    <C>                 <C>
Furniture and Fixtures                                 $            7,751  $            7,751
Computers                                                           6,222               6,222
Vehicles                                                           18,316              18,316
Less: Accumulated Depreciation                                     (6,631)             (4,809)
                                                       ------------------  ------------------
Total                                                  $           25,658  $           27,480
                                                       ==================  ==================
</TABLE>

         One-half  year  depreciation  is taken in the  year of  acquisition  on
certain fixed assets.


                                       10

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

         Maintenance  and  repairs are charged to  operations;  betterments  are
capitalized.  The  cost  of  property  sold  or  otherwise  disposed  of and the
accumulated  depreciation  thereon are eliminated  from the property and related
accumulated depreciation accounts, and any resulting gain or loss is credited or
charged to income.

         Total  depreciation  expense for the three  months ended March 31, 2005
and 2004 was $1,822 and $0, respectively.

Intangibles

         The  Company has adopted the  provisions  of the  Financial  Accounting
Standards  Board ("FASB")  Statement No. 142,  "Goodwill and Intangible  Assets"
("SFAS 142").  Under SFAS 142,  goodwill and intangible  assets with  indefinite
lives will no longer be amortized  and will be tested for  impairment  annually.
The  determination  of any  impairment  would  include a comparison of estimated
future operating cash flows  anticipated  during the remaining life with the net
carrying  value of the asset as well as a  comparison  of the fair  value to the
book value of the Company or the  reporting  unit to which the  goodwill  can be
attributed.

Oil and Gas Properties

         The Company  follows the full cost method of accounting for its oil and
gas  operations  whereby all costs related to the  acquisition  of petroleum and
natural  gas  interests  are  capitalized.  Such  costs  include  land and lease
acquisition  costs,   annual  carrying  charges  of  non-producing   properties,
geological and geophysical costs, costs of drilling and equipping productive and
non- productive  wells, and direct  exploration  salaries and related  benefits.
Proceeds from the disposal of oil and gas properties are recorded as a reduction
of the related  capitalized  costs without  recognition of a gain or loss unless
the  disposal  would  result in a change of 20 percent or more in the  depletion
rate. The Company  operates in two cost centers,  being Canada and the U.S.A. To
date the  Company has not  established  any proven  recoverable  reserves on its
properties.

         Depletion and depreciation of the capitalized  costs are computed using
the unit-of-production  method based on the estimated proven reserves of oil and
gas determined by independent consultants.

         Estimated future removal and site  restoration  costs are provided over
the life of proven reserves on a unit-of-production  basis. Costs, which include
the  cost of  production  equipment  removal  and  environmental  clean-up,  are
estimated  each  period  by  management  based on  current  regulations,  costs,
technology and industry  standards.  The charge is included in the provision for
depletion and depreciation and the actual  restoration  expenditures are charged
to the accumulated provision amounts as incurred.


                                       11

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

         The Company applies a ceiling test to capitalized  costs to ensure that
such costs do not exceed estimated future net revenues from production of proven
reserves  at year end market  prices  less  future  production,  administrative,
financing,  site  restoration,  and  income  tax costs plus the lower of cost or
estimated  market  value  of  unproved  properties.  If  capitalized  costs  are
determined to exceed  estimated  future net  revenues,  a write-down of carrying
value is charged to depletion in the period.

Fair Value of Financial Instruments

         In accordance  with the  requirements  of SFAS No. 107, the Company has
determined the estimated  fair value of financial  instruments  using  available
market information and appropriate  valuation  methodologies.  The fair value of
financial  instruments  classified as current assets or liabilities  approximate
carrying value due to the short-term maturity of the instruments.

Foreign currency transactions

         The financial  statements  are presented in United States  dollars.  In
accordance  with Statement of Financial  Accounting  Standards No. 52,  "Foreign
Currency  Translation",  foreign denominated monetary assets and liabilities are
translated  to their United  States dollar  equivalents  using foreign  exchange
rates that  prevailed  at the balance  sheet  date.  Revenue  and  expenses  are
translated at average  rates of exchange  during the year.  Related  translation
adjustments  are  reported  as a separate  component  of  stockholders'  equity,
whereas  gains or  losses  resulting  from  foreign  currency  transactions  are
included in results of operations.

Stock-based compensation

         In December  2002,  the  Financial  Accounting  Standards  Board issued
Financial Accounting Standard No. 148, "ACCOUNTING FOR STOCK-BASED  COMPENSATION
-  TRANSITION  AND  DISCLOSURE"  ("SFAS No.  148"),  an  amendment  of Financial
Accounting  Standard No. 123 "ACCOUNTING FOR STOCK- BASED  COMPENSATION"  ("SFAS
No. 123"). The purpose of SFAS No. 148 is to: (1) provide alternative methods of
transition for an entity that voluntarily changes to the fair value based method
of accounting for stock-based  employee  compensation,  (2) amend the disclosure
provisions  to require  prominent  disclosure  about the effects on reported net
income of an entity's  accounting  policy  decisions with respect to stock-based
employee compensation, and (3) to require disclosure of those effects in interim
financial information.  The disclosure provisions of SFAS No. 148 were effective
for the Company commencing December 31, 2002.

         The  Company  has   elected  to  account   for   stock-based   employee
compensation  arrangements  in  accordance  with the  provisions  of  Accounting
Principles  Board Opinion No. 25,  "ACCOUNTING  FOR STOCK ISSUED TO  EMPLOYEES",
("APB No.  25") and comply  with the  disclosure  provisions  of SFAS No. 123 as
amended by SFAS No. 148 as described above. In addition, in accordance with SFAS
No. 123 the  Company  applies  the fair  value  method  using the  Black-Scholes
option-pricing model

                                       12

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

in accounting for options granted to consultants. Under APB No. 25, compensation
expense is  recognized  based on the  difference,  if any,  on the date of grant
between  the  estimated  fair  value of the  Company's  stock and the  amount an
employee  must pay to acquire  the  stock.  Compensation  expense is  recognized
immediately  for past services and pro-rata for future services over the option-
vesting period.

         The Company accounts for equity  instruments issued in exchange for the
receipt of goods or services from other than  employees in accordance  with SFAS
No. 123 and the  conclusions  reached by the Emerging Issues Task Force in Issue
No.  96-18,  "ACCOUNTING  FOR EQUITY  INSTRUMENTS  THAT ARE ISSUED TO OTHER THAN
EMPLOYEES FOR ACQUIRING OR IN CONJUNCTION WITH SELLING GOODS OR SERVICES" ("EITF
96-18").  Costs  are  measured  at  the  estimated  fair  market  value  of  the
consideration  received or the  estimated  fair value of the equity  instruments
issued,  whichever is more reliably measurable.  The value of equity instruments
issued for  consideration  other than  employee  services is  determined  on the
earlier of a performance commitment or completion of performance by the provider
of goods or services as defined by EITF 96-18.

         The Company has also adopted the provisions of the Financial Accounting
Standards  Board  Interpretation  No.44,  "ACCOUNTING  FOR CERTAIN  TRANSACTIONS
INVOLVING STOCK  COMPENSATION - AN  INTERPRETATION  OF APB OPINION NO. 25" ("FIN
44"),  which provides  guidance as to certain  applications of APB 25. FIN 44 is
generally  effective July 1, 2000 with the exception of certain events occurring
after December 15, 1998.

Income taxes

         The  Company  follows the  liability  method of  accounting  for income
taxes.  Under this method,  future tax assets and liabilities are recognized for
the future tax  consequences  attributable to differences  between the financial
statement  carrying  amounts  of  existing  assets  and  liabilities  and  their
respective tax balances.  Future tax assets and  liabilities  are measured using
enacted or  substantially  enacted  tax rates  expected  to apply to the taxable
income in the years in which those  differences  are expected to be recovered or
settled.  The effect on future tax  assets  and  liabilities  of a change in tax
rates is  recognized in income in the period that includes the date of enactment
or substantive enactment.  As at December 31, 2004 the Company had net operating
loss carryforwards;  however,  due to the uncertainty of realization the Company
has provided a full  valuation  allowance for the deferred tax assets  resulting
from these loss carryforwards.

Recent accounting pronouncements

         In April 2003, the Financial Accounting Standards Board issued SFAS No.
149,  "AMENDMENT  OF  STATEMENT  133  ON  DERIVATIVE   INSTRUMENTS  AND  HEDGING
ACTIVITIES", which clarifies financial


                                       13

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

accounting  and  reporting  for  derivative   instruments,   including   certain
derivative  instruments  embedded in other contracts and for hedging  activities
under  SFAS  No.  133,  "ACCOUNTING  FOR  DERIVATIVE   INSTRUMENTS  AND  HEDGING
ACTIVITIES".  SFAS No. 149 is effective for  contracts  entered into or modified
after June 30,  2003 and for  hedging  relationships  designated  after June 30,
2003. The adoption of SFAS 149 does not affect the Company's  financial position
or results of operations.

         In May 2003, SFAS 150,  "ACCOUNTING FOR CERTAIN  FINANCIAL  INSTRUMENTS
WITH CHARACTERISTICS OF BOTH LIABILITIES AND EQUITY", was issued. This Statement
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with  characteristics  of both liabilities and equity. It
requires that an issuer classify a financial instrument that is within its scope
as a liability (or an asset in some  circumstances).  Many of those  instruments
were previously classified as equity. Generally, a financial instrument, whether
in the form of shares or otherwise,  that is mandatorily  redeemable,  i.e. that
embodies  an  unconditional  obligation  requiring  the  issuer  to redeem it by
transferring its shares or assets at a specified or determinable date (or dates)
or upon an event that is certain to occur, must be classified as a liability (or
asset in some  circumstances).  In some cases,  a financial  instrument  that is
conditionally  redeemable  may  also be  subject  to the  same  treatment.  This
Statement does not apply to features that are embedded in a financial instrument
that is not a derivative (as defined) in its entirety. For public entities, this
Statement is effective for financial  instruments entered into or modified after
May 31, 2003.  The adoption of SFAS 150 does not affect the Company's  financial
position or results of operations.

         In November 2004, the FASB issued  Statement No. 151,  INVENTORY COSTS,
to amend the  guidance  in  Chapter 4,  INVENTORY  PRICING,  of FASB  Accounting
Research  Bulletin  No. 43,  RESTATEMENT  AND  REVISION OF  ACCOUNTING  RESEARCH
BULLETINS,  which will  become  effective  for the  Company in fiscal year 2006.
Statement  151 clarifies the  accounting  for abnormal  amounts of idle facility
expense, freight, handling costs, and wasted material (spoilage).  The Statement
requires that those items be recognized as current-period charges. Additionally,
Statement 151 requires that allocation of fixed production overhead to the costs
of conversion be based on the normal capacity of the production facilities.  The
adoption of SFAS 151 will not affect the Company's financial position or results
of operations.

         In  December  2004,  FASB  issued  Statement  No. 123 (R),  SHARE-BASED
PAYMENT,  which  establishes  accounting  standards for transactions in which an
entity receives employee services in exchange for (a) equity  instruments of the
entity  or (b)  liabilities  that are  based on the fair  value of the  entity's
equity instruments or that may be settled by the issuance of equity instruments.
Effective in the third quarter of 2005, SFAS 123(R) will require us to recognize
the grant-date fair value of stock options and equity based compensation  issued
to employees in the statement of  operations.  The statement  also requires that
such transactions be accounted for using the  fair-value-based  method,  thereby
eliminating  use of the  intrinsic  value  method of  accounting  in APB No. 25,
ACCOUNTING FOR


                                       14

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

STOCK  ISSUED  TO  EMPLOYEES,  which  was  permitted  under  Statement  123,  as
originally  issued.  We currently are evaluating the impact of Statement 123 (R)
on our financial condition and results of operations.

NOTE 3 - DEVELOPMENT STAGE COMPANY

         The Company has not commenced its intended principal  operations and as
is common with a company in the development stage of oil and gas extraction, the
Company has had recurring losses. Continuation of the Company as a going concern
is dependent  upon  obtaining the  additional  working  capital  necessary to be
successful  in its  planned  activity,  and the  management  of the  Company has
developed a strategy,  which it believes will accomplish this objective  through
additional equity funding and long term financing, which will enable the Company
to operate for the coming year.

NOTE 4 - OIL AND GAS PROPERTIES

         The Company  entered into  agreements  to acquire  interests in various
unproven oil and gas properties as follows:

Alberta Prospects, Canada

         In October 2003, the Company  entered into two agreements  with 1048136
Alberta Ltd.  Pursuant to these  agreements,  the Company  acquired the right to
participate  and earn an interest in two oil and gas exploration and development
projects  located in the province of Alberta,  Canada known  respectively as the
Evi prospect and the Verdigris  prospect.  In February 2004, the Company entered
into  two  agreements  with  1048136  Alberta  Ltd.  to  acquire  the  right  to
participate  and earn an interest in two additional oil and gas  exploration and
development  projects  located in the  province of Alberta  known as the Joarcam
prospect  and the  Buffalo  Lake  prospect.  1048136  Alberta  Ltd. is a private
Alberta company (see Note 6).

         Pursuant  to the  agreements,  the  Company  shall  advance  funds,  as
required, in connection with the drilling, testing,  completion,  capping and/or
abandonment of up to three wells on each of the properties. Once the Company has
completed its funding obligation,  it will have earned the following interest in
each prospect:


         Evi Prospect                                               66.67%
         Verdigris Prospect                                         66.67%
         Joarcam Prospect                                           70.00%
         Buffalo Lake Prospect                                      70.00%



                                       15

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 4 - OIL AND GAS PROPERTIES (continued)

         In the event the Company  does not provide the funds as  required,  the
Company will retain no interest in the prospects.

         During the year ended  December 31, 2004,  the Company paid  $1,283,149
towards the exploration and development of the oil and gas prospects in Alberta.
During the three months ended March 31, 2005, the Company paid $375,279  towards
the exploration and development of the oil and gas prospects in Alberta.  All of
these costs have been capitalized.

California Prospects, U.S.A.

         On December 5, 2003,  the Company  entered  into two option  agreements
with Archer  Exploration,  Inc. (Archer) to acquire Archer's interest in certain
unproven oil and gas prospects located in the State of California, U.S.A., known
as North Franklin Prospect and Winter Pinchout Prospect.

         To  earn an  assignment  of 100% of  Archer's  interests  in the  North
Franklin Prospect, being a 100% working interest (76% net revenue interest), the
Company  made an initial  cash payment of $85,000 and is required to pay $15,000
at spud of the initial test well and $25,000 at  completion  of the initial test
well.  In  addition,  the  Company is  responsible  for all  expenses  for lease
extensions and rental of existing leases  (including a 20% fee),  acquisition of
any  additional  leases  (including  a 20% fee) and  costs  in  connection  with
drilling and completion of the initial test well.

         Pursuant to the agreement,  Archer retains a 2.5% overriding royalty, a
5% working  interest  through the  completion  of the initial  test well and the
right to participate in a 5% working interest.

         The Company has an agreement to farm-out a 35% working  interest in the
North Franklin Project to Fidelis Energy,  Inc. (see Note 6). Under the terms of
the  agreement,  Fidelis  will  contribute  $500,000  towards the  drilling  and
completion  of the  Archer-Whitney  #1 well and  participate  as a full  working
interest partner on all further costs including drilling of any additional wells
on the project.

         To earn an  assignment  of 100% of  Archer's  interests  in the  Winter
Pinchout Prospect, being a 100% working interest (76% net revenue interest), the
Company  made an initial cash payment of $100,000 and is required to pay $15,000
at spud of the  initial  test  well of the first  three  prospects  drilled  and
$25,000 at  completion  of the initial test well of each  prospect  drilled.  In
addition,  the Company is responsible for all expenses for acquisition of leases
acquired  (including  a 20% fee),  acquisition  and  analysis  of seismic  data,
drilling and completion of the initial test well on the first  prospect  drilled
and a monthly management fee in the amount of $10,000 commencing January 2004.



                                       16

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 4 - OIL AND GAS PROPERTIES (continued)

         Pursuant to the agreement,  Archer retains a 2.5% overriding royalty, a
5% working  interest  through the  completion  of the initial  test well and the
right to participate in a 10% working interest.

         In August 2004, the Company  executed  acquisition  and joint operating
agreements on five natural gas propects in California  with Archer  Exploration,
Inc. Pursuant to the agreements, the Company has acquired a 7.5% carried working
interest  on four  of the  prospects  and has  acquired  a 25%  carried  working
interest in the fifth  prospect.  The Company is carried on all costs related to
the prospect through the licensing,  permitting,  drilling and completion of the
first well on each project. In the event of a successful gas well being drilled,
the Company,  following  testing and  completion,  would be responsible  for the
working interest costs of well tie-in and pipeline.  The Company would also be a
working interest participant on any additional gas wells drilled.

         During the year ended December 31, 2003,  the Company  incurred a total
of $405,000 in  acquisition  and  exploration  costs  relating to the California
prospects. During the year ended December 31, 2004, the Company incurred a total
of $898,204 in acquisition,  exploration  and development  costs relating to the
California prospects.  During the three months ended March 31, 2005, the Company
incurred a total of $16,863 in acquisition,  exploration  and development  costs
relating to the California  prospects.  As of March 31, 2005, total  capitalized
costs for the California prospects was $1,320,067.

NOTE 5 - COMMON STOCK

         On November  20,  2003,  the  Company  restructured  its share  capital
whereby the total common shares  presently  issued and  outstanding  was forward
split on a 1 (old) to 12 (new)  basis.  Effective  January  5, 2004 the  Company
restructured  its share capital whereby the total common shares presently issued
and outstanding was forward split on a 1 (old) to 2 (new) basis.  All references
to common stock,  common shares  outstanding,  average  numbers of common shares
outstanding  and per share amounts in these  Financial  Statements  and Notes to
Financial  Statements  prior to the  effective  date of the forward stock splits
have been  restated  to reflect  the 12:1 and the 2:1 common  stock  splits on a
retroactive basis.

         On December  5, 2003,  the Company  received  $500,000 in  subscription
proceeds  from a director and officer for the purchase of 444,444  common shares
of the company's  stock pursuant to a Regulation S Private  Placement  Financing
which was  announced on November 25, 2003 and whereby the Company plans to issue
up to  3,555,556  common  shares of its capital  stock.  During the three months
ended March 31, 2004,  the Company  received  subscription  proceeds of $750,000
pursuant to the Private Placement Financing. During the three months ended March
31, 2004,  1,112,102  shares were issued in  accordance  with the  $1,250,000 in
subscription proceeds received.


                                       17

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 5 - COMMON STOCK (continued)

         On March 23,  2004,  the Company  entered  into an  agreement  with two
shareholders  for the  shareholders  to surrender  for  cancellation  24,600,000
regulation 144 restricted shares of the Company's common stock.

         During the three  months  ended June 30,  2004,  the  Company  received
subscription  proceeds of $630,000 pursuant to the Private Placement  Financing.
During the three  months  ended June 30,  2004,  661,915  shares  were issued in
accordance with the $630,000 in subscription proceeds received.

         On June 30, 2004, the Company received share  subscription  proceeds of
$275,000 for 500,000  shares of restricted  common stock pursuant to the Private
Placement  Financing  announced on November  25,  2003.  During the three months
ended  September 30, 2004,  500,000  shares were issued in  accordance  with the
$275,000 in subscription proceeds received.

         On August 18, 2004,  the Company issued  250,000  restricted  shares of
common stock for $25,000 in accounts payable.

         On October 18, 2004, the Company issued  156,000  restricted  shares of
common stock for consulting expense of $15,600.

         On November 23, 2004, the Company issued 362,394 shares of common stock
for debt issue  costs of  $350,000  associated  with the  Company's  issuance of
convertible debt.

         As of December  31,  2004,  the Company has not adopted a stock  option
plan  or  granted  any  stock  options  and  accordingly  has not  recorded  any
stock-based compensation.

Treasury Stock

         On  December  18,  2003,  upon the  resignation  of an  officer  of the
Company,  48,000,000 common shares were returned to Treasury,  for consideration
of $3,500. The shares were cancelled on January 23, 2004.

NOTE 6- RELATED PARTY TRANSACTIONS

         Pursuant to consulting  agreements  dated November 15, 2003 the Company
agreed to pay $5,500 per month to the CFO and director of the Company and $7,000
per month to the President and director of the Company.



                                       18

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 6- RELATED PARTY TRANSACTIONS (continued)

         During 2003 and 2004,  the Company  entered  into  several  acquisition
agreements  with  1048136  Alberta  Ltd.  (see Note 4).  The  Company's  current
president,  Robert  McIntosh,  was a director of 1048136  Alberta  Ltd.  and had
resigned  from that  position  prior to his  involvement  with the Company.  Sak
Narwal, a shareholder of the Company, was also a director of 1048136 Alberta Ltd
and Scott  Marshall,  the majority  shareholder of 1048136  Alberta Ltd., is the
spouse of Naomi Patricia  Johnston,  owner of a 11.76%  interest in the Company.
Despite the  existence of these related  parties,  the  consideration  exchanged
under the  Agreements  described  above was negotiated at "arms length," and the
directors  and  executive  officers of the Company used criteria used in similar
uncompleted  proposals  involving  the Company in comparison to those of 1048136
Alberta Ltd.

         At December 31, 2004, the Company owed $92,318 to 1048136  Alberta Ltd.
for expenses related to corporate development.

         The Company has a "working  interest"  relationship  with joint venture
partner Fidelis Energy Inc. (FDEI: OTC: BB) (see Note 4). Both companies have an
interest in the North  Franklin  gas  project in  Sacramento,  California.  More
recently  in  January  2005  Fidelis  entered  into an  agreement  to acquire an
interest in 2 oil wells at the Joarcam Project  located in Alberta  Canada.  The
Company is earning a 70% working interest in the entire Joarcam Project. Fidelis
has also entered into an agreement for the first right of refusal to acquire the
remaining  30% working  interest on all future  drilling  locations  at Joarcam.
Silver Star and Fidelis will  collectively have acquired a 100% working interest
at Joarcam.

         In  addition,  Silver Star and Fidelis  management  work closely in the
evaluation of other potential, jointly feasible exploration prospects. Also, the
two companies share a common origin in that certain  beneficial  shareholders of
both companies have contributed to their formation.

NOTE 7 - INCOME TAXES

         As of December 31, 2004, the Company has incurred  operating  losses of
approximately  $1,212,000  which, if utilized,  will expire through 2024. Future
tax benefits which may arise as a result of these losses and resource deductions
have not been recognized in these financial statements,  as their realization is
determined not likely to occur.

NOTE 8 - LEASE COMMITMENT

         On February 20, 2004,  the Company  entered into a lease  agreement for
approximately  900 square feet of office space at 1701 Westwind Drive,  #119, in
Bakersfield,  California. The lease expires February 28, 2005 and continues on a
month to month after that date. The lease payments are $1,040 per month.

                                       19

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 8 - LEASE COMMITMENT (continued)

         The minimum  future lease payments under these leases for the next five
years are:


          Year Ended December 31,
-------------------------------------------
         2005                                             $        2,080
         2006                                                          -
         2007                                                          -
         2008                                                          -
         2009                                                          -
                                                          --------------
         Total minimum future lease payments              $        2,080
                                                          ==============

NOTE 9 - NOTES PAYABLE

         During the year ended  December  31,  2004,  the Company  received  the
following short-term loans:

<TABLE>
<CAPTION>

                                                                          (Unaudited)
                                                                             March 31,         December 31,
                                                                               2005                2004
                                                                         -----------------   -----------------
<S>                                                                      <C>                 <C>
Note payable with interest at 8% due August 24, 2005                     $         150,000   $         150,000
Note payable with interest at 8% due September 2, 2005                             100,000             100,000
Note payable with interest at 8% due October 12, 2005                               50,000              50,000
Note payable with interest at 8% due October 27, 2005                               50,000              50,000
Note payable with interest at 8% due November 5, 2005                              100,000             100,000
                                                                         -----------------   -----------------

     Total Notes Payable                                                 $         450,000   $         450,000
                                                                         =================   =================
</TABLE>

         As of March 31, 2005 and December 31, 2004,  accrued  interest on these
loans was $18,793 and $9,725, respectively. For the three months ended March 31,
2005 and 2004,  interest  expense  charged  to these  loans was  $9,068  and $0,
respectively.

NOTE 10 - CONVERTIBLE DEBENTURES

         On November 23, 2004, the Company sold $750,000 in secured  convertible
debentures  to  Cornell  Capital  Partners,  L.P.  (Cornell).   The  convertible
debentures  carry an interest rate of 5% per annum.  Principal and interest will
be due on November 23, 2007. At any time,  Cornell is entitled to convert all or
any part of the principal amount of the debenture,  plus accrued interest,  into
shares of the  Company's  common  stock.  On November 23, 2007, at the Company's
option, the entire principal amount and all accrued interest shall be either (a)
paid to Cornell or (b)  converted  to common  stock.  For the three months ended
March 31, 2005 and 2004, interest expense charged to the convertible  debentures
was $9,424 and $0, respectively.


                                       20

<PAGE>



                            SILVER STAR ENERGY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 10 - CONVERTIBLE DEBENTURES (continued)

         As part of the  purchase of the  debentures,  Cornell was also issued a
Warrant to purchase  750,000 shares of the Company's  common stock.  The Warrant
will expire on November 23, 2009. The exercise price of the warrant shall be one
hundred twenty  percent (120%) of the closing bid price of the Company's  common
stock on the exercise date or as subsequently adjusted.

         On November 23, 2004,  the Company paid $102,500 in cash for debt issue
costs. The Company also issued 362,394 shares of common stock valued at $350,000
for debt issue costs.  Total debt issue costs of $452,500 have been  capitalized
in financial  statements.  These debt issue costs are being amortized over three
years.  As of March 31, 2005 and December 31, 2004,  debt issue costs of $38,602
and $11,059 have been amortized and recorded as interest  expense.  At March 31,
2005 and  December 31, 2004,  net debt issue costs were  $413,899 and  $441,441,
respectively.

         On March 10, 2005,  the Company  executed a  Convertible  Debenture for
$550,000.  The note is due and  payable in full on or before  March 10, 2006 and
carries an  interest  rate of 5% per annum.  The notes are  convertible,  at the
discretion  of the  holder,  into  shares of common  stock of the  Company  at a
conversion  price of $1.00 per share.  As of March 31,  2005,  the  Company  had
received the full $550,000 from the  convertible  debenture.  On March 30, 2005,
the Company executed a Convertible  Debenture for $200,000.  The note is due and
payable in full on or before  March 10, 2006 and carries an interest  rate of 5%
per annum.  The notes are  convertible,  at the  discretion of the holder,  into
shares of common stock of the Company at a conversion  price of $1.00 per share.
As of March 31,  2005,  the  Company had  received  the full  $200,000  from the
convertible  debenture.  As of March 31, 2005, interest expense charged to these
convertible debentures was $1,610.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

GENERAL  - This  discussion  should  be read in  conjunction  with  Management's
Discussion and Analysis of Financial  Condition and Results of Operations in the
Company's annual report on Form 10-KSB for the year ended December 31, 2004.

PLAN OF OPERATIONS

JOARCAM:

         On January 18th the Company  announced that drilling of the "13-27" oil
well at the Joarcam Project,  Alberta Canada has commenced. The objective of the
well is the Viking  formation and the well is planned to a depth of 1,020 metres
(3,347 feet) and that drilling and well  completion is  anticipated to take 7-10
days.  Silver Star had previously  anticipated to begin drilling by year-end but
has experienced a short delay due to limited rig availability, owing to the high
prices of oil and gas in  Alberta  this  winter,  which has  resulted  in fierce
province-wide  competition  for  drilling  equipment.  The  overall  development
strategy at Joarcam could see up to 16 well locations ultimately drilled,

                                       21

<PAGE>



with 10 wells in 2005. With success at Joarcam, it is anticipated that the field
could produce 500 barrels of oil per day (bbls/d) if fully developed.

         On January 24th, the Company announced that pipe was run at the "13-27"
well  following  the  drilling to a depth of 1,020  metres  (3,347  feet) due to
positive oil indications on logs in the objective Viking Formation.  The "13-27"
well location directly offsets the "16-28-47-20W4M" well that initially produced
at rates of approximately 75 barrels per day. Following a successful perforation
resulting in oil flow at the "13-27" well,  the Company moved forward to put the
well into  production.  A pump-jack  was installed at the well location and tank
facilities were  constructed.  A several week evaluation of the daily flow rates
of oil  from the well  began.  The  Company  has  also  executed  an AFE for the
drilling of the next Joarcam location,  this being the "5-22". The well site was
surveyed,  permitted and site preparation planning began.  Transaction Oil & Gas
Ventures that operates the project for Silver Star is now calling for a drilling
rig. Silver Star advanced funds of $274,500.00 USD in full for the D.N.A.  costs
of the well.

         At the 13-27, the production rates were estimated to have the potential
to exceed the  original  estimates  of 75 barrels  per day.  Silver Star and the
operator  made a comparison  between the logs of the 13-27 and adjacent well and
had determined  that the 5.2 metre (17.1)  interval at the "13-27" well appeared
to be cleaner sand and thus may be more productive  than the offsetting  "16-28"
well.  Third party  analysis of the swab report  indicated,  "That the well will
begin pumping at a rate exceeding 75 barrels oil per day."

         On April 4, 2005,  a subsequent  event but  relating to the  production
from Q1,  the  Company  announced  the March  production  for the 13-27  well at
Joarcam.  The well commenced  commercial oil production on March 1, 2005 and the
Company  has  received  production  results  for the  first 29 days.  Total  oil
produced and shipped for sale was 1414 barrels with an average daily  production
rate of 49 barrels per day.

         The  swab  test  analysis  of the  well  during  the  completion  phase
indicated  that the  production  rate should exceed the original  estimate of 75
barrels per day. The I.P.R.'s (Initial Production Rates) are being evaluated and
production  has, over many days in the month,  exceeded a rate of 60 barrels per
day.  The Company and  operator  are  analyzing  the results and will  determine
whether a larger  down-hole  pump may be required to increase  the flow rates of
the well.  Total fluid  measured  during the testing  period  indicates the well
should perform better. However, during this current period of Government imposed
road bans,  equipment to perform this operation cannot be moved to the well site
until spring breakup is complete.

         Using current  "West  Edmonton  Light"  pricing for Joarcam light crude
oil,  Silver  Star has now  projected  that the well has  generated  $80,600  in
revenue or $967,000  per year and will  payout its entire cost in 7 months.  The
long-life reserves in the Viking allow wells to be in commercial  production for
20 years.  Currently,  the 38-degree API light oil at Joarcam has been priced at
over  $57.00USD  per  barrel.  The  prospect  lands are  located  about 25 miles
southeast of Edmonton, Alberta and there is year round access to the property.

NORTH FRANKLIN:

         On January 31st, Silver Star updated  shareholders as to the process of
permitting the North

                                       22

<PAGE>



Franklin  pipeline  project.  Silver  Star was  informed  by the  office  of the
Congressional  Representative  from the Third District of California that he has
had  confirmation  from the office of the Secretary of the Interior and the U.S.
Fish and Wildlife that the final  government  permit  covering the easement over
the last 177' of pipeline will be posted in the Federal  Register on February 2,
2005. On February 2nd, the easement Permit required prior to tie-in of the North
Franklin  Gas Field was posted to the Federal  Register.  The  Federal  Register
states  that any public  comments  on the permit are to be  received by March 3,
2005. The Company was in regular  contact with the  Congressman's  office of the
3rd  District of  California  and with the Fish and Wildlife  service  office in
Sacramento  since late December,  and hoped to be able to tie-in the pipeline as
soon  as  possible.   The  previous  comment  period  at  the  local  level  was
accomplished and ended December 26, 2004.

         On March  7th  Silver  Star  reported  that the  operator  of the North
Franklin  Project had  informed  the Company  that the final  government  permit
allowing for the completion of  construction  of the North Franklin gas pipeline
has been received from the "U.S. Fish and Wildlife  Service".  The permit covers
the easement over the final 177' of the gas pipeline.  The Company has also been
informed that the final  construction  of the tie-in of pipeline  could commence
and a tie-in crew was being organized for the job.  Silver Star  anticipated the
tie-in to be completed  shortly,  following which gas production will occur from
the  "Archer-Whitney  #1" well. The operator  subsequently  informed the Company
that the tie-in operations of the  "Archer-Whitney #1" well did commenced with a
crew is onsite for the underground  boring  operation of  approximately  20 feet
underground,  connecting  the last 177 foot  section of the  pipeline to the gas
well.

         On March  18th,  Silver  Star was  pleased to finally  report  that the
pipeline  at  the  North  Franklin  Project  had  been  finished  and  that  the
"Archer-Whitney  #1" gas well was now  tied-in  and would be put  online  and on
March 21st, natural gas production began from the  "Archer-Whitney #1" gas well.
The well was put on production and began flowing gas into the gas buyers system.
A gas sales  contract is in place with a natural gas  purchaser  and Silver Star
will begin to receive  revenue as of March 21, 2005. The operator of the project
had choked down and metered the flow at an initial  rate of 2.0MMcf and would be
increasing the flow in small  increments  until the pressures from the reservoir
stabilize at an  acceptable  rate that will not damage the casing or  productive
sand layer.  It is critical  for the field  health to inhibit a simple open flow
and to choke down pressures to prevent gas reservoir  "coning" and drawing water
into the sands by the outgoing  gas. The Company has always  expected  excellent
deliverability  from the well and is optimistic that ultimately,  gas flow rates
will be similar to area analog gas fields and that 5,000  mcf/day is a realistic
flow rate target.  The production rate will now be evaluated and assessed by the
Company, partners and operator as to optimal numbers for the well and reservoir.

         Robert  McIntosh,  President  of  Silver  Star  stated  "the  inaugural
production at North Franklin is a tremendous accomplishment for the Company. Now
that the well is finally  online it comes at a time when gas prices  continue to
rise due to high demand and Silver Star is positioned to take advantage of these
natural  gas  prices.  The  Company  has plans for  drilling 5 more wells on the
leases and the second well is scheduled  to begin  drilling  immediately  on the
lease when the conditions allow us to mobilize drilling equipment".


                                       23

<PAGE>



SUBSEQUENT EVENTS:

         On April 1st,  the  Company  advanced  funds to the  operator  of North
Franklin for the drilling of the second well,  named  "Archer-Wildlands"  in the
amount of $152,000  representing Silver Star's 40% working interest D.N.A. costs
pursuant to an executed A.F.E. (Authority for Expenditure). The spud date of the
well has not been finalized but the Company  anticipates  drilling in late April
or May 2005.

ITEM 3.  CONTROLS AND PROCEDURES

         The Company's Chief Executive  Officer and Chief Financial  Officer are
responsible for establishing and maintaining  disclosure controls and procedures
for the Company.

         (a) Evaluation of Disclosure Controls and Procedures

         As of the end of the period covered by this report, the Company carried
out an  evaluation,  under the  supervision  and with the  participation  of the
Company's management, including the Company's President, of the effectiveness of
the design and operation of the  Company's  disclosure  controls and  procedures
pursuant to Rule 13a-15 under the  Securities  Exchange Act of 1934,  as amended
(the  "Exchange  Act").  Based  upon the  evaluation,  the  Company's  President
concluded that, as of the end of the period, the Company's  disclosure  controls
and  procedures  were effective in timely  alerting him to material  information
relating to the Company  required to be included in the reports that the Company
files and submits pursuant to the Exchange Act.

         (b) Changes in Internal Controls

         Based on his evaluation as of March 31, 2005, there were no significant
changes in the Company's  internal  controls over financial  reporting or in any
other areas that could  significantly  affect the  Company's  internal  controls
subsequent to the date of his most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         There are no legal proceedings pending or threatened against us.

ITEM 2.  CHANGES IN SECURITIES

    None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     None.


                                       24

<PAGE>



ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     None.

ITEM 5.  OTHER INFORMATION

     None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

Exhibit
Number          Title of Document

10.1     Robert McIntosh's  Consulting  Agreement dated November 15, 2003, filed
         on April 21, 2004 on Form 10KSB/A.

10.2     David Naylor's  Consulting  Agreement dated November 15, 2003, filed on
         April 21, 2004 on Form 10KSB/A.

10.3     Robert  McIntosh's  Loan Agreement  dated  December 31, 2003,  filed on
         April 21, 2004 on Form 10KSB/A.

10.4     Agreement  dated  October 21, 2003  between the Company and Adil Dinani
         disposing  of 657333 BC Ltd.  (Netcash),  filed on November 13, 2003 on
         Form 8-K.

10.5     Agreement  dated  October  29,  2003  between  the  Company and 1048136
         Alberta,  Ltd.  respecting  the  acquisition  of the  Evi  oil  and gas
         prospect, filed on November 13, 2003 on Form 8-K.

10.6     Agreement  dated  October  29,  2003  between  the  Company and 1048136
         Alberta,  Ltd.  respecting the acquisition of the Verdigris oil and gas
         prospect,  filed on November 13, 2003 on Form 8-K.

10.7     Agreement  dated  December  5, 2003  between  the  Company  and  Archer
         Exploration,  Inc.  respecting the North Franklin oil and gas prospect,
         filed on December 23, 2003 on Form 8-K.

10.8     Agreement  dated  December  5, 2003  between  the  Company  and  Archer
         Exploration,  Inc.  respecting the Winter Pinchout oil and gas project,
         filed on December 23, 2003 on Form 8-K.

31.1     Certification  Pursuant  to Section  302 of the  Sarbanes-Oxley  Act of
         2002.

31.2     Certification  Pursuant  to Section  302 of the  Sarbanes-Oxley  Act of
         2002.

32.1     Certification  Pursuant  to Section  906 of the  Sarbanes-Oxley  Act of
         2002.

32.2     Certification  Pursuant  to Section  906 of the  Sarbanes-Oxley  Act of
         2002.

(b) Reports on Form 8-K filed.

         None.

                                       25

<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.


                            Silver Star Energy, Inc.
                                  (Registrant)

DATE:       May 6, 2005


By:  /s/ Robert McIntosh
Robert McIntosh
President, CEO & Director
(Principal Executive Officer)


By:  /s/ David Naylor
David Naylor
Treasurer, Director
(Principal Financial Officer)





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