[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: September 30, 2004
                -------------------------------------------------

       [  ]   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 ----- 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: September 30, 2004 84,502,641


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



<PAGE>



                                     PART I

ITEM 1.  FINANCIAL STATEMENTS

                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                                September 30,       December 31,
                                                                              ------------------  -----------------
ASSETS                                                                               2004               2003
                                                                              ------------------  -----------------
Current Assets
<S>                                                                           <C>                 <C>
  Cash                                                                        $            5,571  $         502,428
  Prepaid Expense                                                                         13,440             40,000
                                                                              ------------------  -----------------

     Total Current Assets                                                                 19,011            542,428
                                                                              ------------------  -----------------

Fixed Assets
  Furniture and Fixtures                                                                   6,847                  -
  Computers                                                                                4,845                  -
  Vehicles                                                                                18,316                  -
  Accumulated Depreciation                                                                (3,355)                 -
                                                                              ------------------  -----------------

     Net Fixed Assets                                                                     26,653                  -
                                                                              ------------------  -----------------

Other Assets
  Oil and Gas Properties                                                               2,152,366            405,000
                                                                              ------------------  -----------------

     Total Assets                                                             $        2,198,030  $         947,428
                                                                              ==================  =================
</TABLE>












                                        3

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                                 BALANCE SHEETS
                                   (Continued)
<TABLE>
<CAPTION>

                                                                               September 30,        December 31,
                                                                            -------------------  ------------------
                                                                                   2004                 2003
                                                                            -------------------  ------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
<S>                                                                         <C>                  <C>
  Accounts Payable                                                          $           165,886  $           45,113
  Notes Payable                                                                         251,830                   -
  Due to Related Party                                                                        -             445,000
                                                                            -------------------  ------------------

     Total Current Liabilities                                                          417,716             490,113
                                                                            -------------------  ------------------

Stockholders' Equity
  Preferred stock (Par Value $.001), 5,000,000 shares
    authorized. -0- issued at September 30, 2004 and
    December 31, 2003                                                                         -                   -
  Common Stock (Par Value $.001), 300,000,000 shares
    authorized.  84,502,641  issued and  outstanding  at September  30, 2004 and
    154,578,624 issued and outstanding
    at December 31, 2003                                                                 84,503             154,579
  Treasury Stock                                                                              -              (3,500)
  Paid in Capital in Excess of Par Value                                              2,691,576                   -
  Share Subscriptions Received                                                                -             500,000
  Retained Deficit                                                                     (128,480)           (128,480)
  Deficit accumulated during the exploration state                                     (867,285)            (65,284)
                                                                            -------------------  ------------------

     Total Stockholders' Equity                                                       1,780,314             457,315
                                                                            -------------------  ------------------

     Total Liabilities and Stockholders' Equity                             $         2,198,030  $          947,428
                                                                            ===================  ==================
</TABLE>









                             See accompanying notes.

                                        4

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                                                                           Deficit
                                                                                                                         Accumulated
                                                                                                                           Since
                                                                                                                        October 28,
                                                                                                                            2003
                                                        For the Three Months              For the Nine Months           Inception of
                                                         Ended September 30,              Ended September 30,           Exploration
                                                  ------------------------------    ------------------------------
                                                       2004             2003             2004              2003           State
                                                  -------------    -------------    -------------    -------------    -------------
<S>                                               <C>              <C>              <C>              <C>              <C>
Revenue                                           $        --      $        --      $        --      $        --      $        --
                                                  -------------    -------------    -------------    -------------    -------------

Expenses
  Consulting and Management Fees                         40,905             --            163,671             --            220,110
  General and Administrative                            133,866             --            552,326             --            557,146
  Professional Fees                                      29,571            4,075           84,174           21,667           88,199
                                                  -------------    -------------    -------------    -------------    -------------
     Total Expenses                                     204,342            4,075          800,171           21,667          865,455

Other Income (Expense)
   Interest Expense                                      (1,830)            --             (1,830)            --             (1,830)
                                                  -------------    -------------    -------------    -------------    -------------

Net Income (Loss) from continuing operations           (206,172)          (4,075)        (802,001)         (21,667)        (867,285)

Discontinued Operations
   Income (Loss) from discontinued operations              --                561             --            (14,737)            --
                                                  -------------    -------------    -------------    -------------    -------------

Net Income (Loss)                                 $    (206,172)   $      (3,514)   $    (802,001)   $     (36,404)   $    (867,285)
                                                  =============    =============    =============    =============    =============

Income (Loss) per Common Share
   Continuing Operations                          $        --      $        --      $       (0.01)   $        --
   Discontinued Operations                        $        --      $        --      $        --      $        --
                                                  -------------    -------------    -------------    -------------
   Net Income (Loss)                              $        --      $        --      $       (0.01)   $        --
                                                  =============    =============    =============    =============

Weighted Average Shares Outstanding                  84,143,945      154,578,624       94,252,550      154,578,624
                                                  =============    =============    =============    =============
</TABLE>

                             See accompanying notes.

                                        5

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                                                                      Deficit
                                                                                                    Accumulated
                                                                                                       Since
                                                                                                    October 28,
                                                                                                        2003
                                                                   For the Nine Months              Inception of
                                                                   Ended September 30,              Exploration
                                                          -------------------------------------
                                                                2004                2003               State
                                                          -----------------  ------------------  ------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:

<S>                                                       <C>                <C>                 <C>
Net Loss                                                  $        (802,001) $          (36,404) $         (867,285)
Adjustments used to reconcile net loss to net
  cash provided by (used in) operating activities:
   Depreciation                                                       3,355                   -               3,355
   Non-Cash Management Fees                                               -               4,500                   -
   Common stock issued for accounts payable                          25,000                   -              25,000
   Net (Income) Loss from
     Discontinued Operations                                              -              14,737                   -
(Increase) decrease in other assets & prepaids                       26,560               1,570             (13,420)
Increase (decrease) in accounts payable
   and accrued expenses                                             122,603               8,394             155,468
                                                          -----------------  ------------------  ------------------
Net cash used by continuing operations                             (624,483)             (7,203)           (696,882)
Net cash used by discontinued operations                                  -             (14,737)                  -
                                                          -----------------  ------------------  ------------------
Net cash used in operating activities                              (624,483)            (21,940)           (696,882)
                                                          -----------------  ------------------  ------------------

CASH FLOWS FROM INVESTING
ACTIVITIES:
Acquisition/Sale of equipment, net                                  (30,008)                  -             (30,008)
Acquisition of oil & gas property interests                      (1,747,366)                  -          (2,152,366)
Proceeds on sale of Netcash (net of cash)                                 -                   -              25,000
                                                          -----------------  ------------------  ------------------
Net cash used by continuing operations                           (1,777,374)                  -          (2,157,374)
Net cash used by discontinued operations                                  -              (5,816)                  -
                                                          -----------------  ------------------  ------------------
Net cash used by investing activities                            (1,777,374)             (5,816)         (2,157,374)
                                                          -----------------  ------------------  ------------------

CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from loans payable                                         250,000                   -             250,000
Proceeds from shareholder loans                                           -                   -             445,000
Proceeds on sale of common stock                                  1,655,000                   -           2,155,000
                                                          -----------------  ------------------  ------------------
Net Cash Provided by Financing  Activities                        1,905,000                   -           2,850,000
                                                          -----------------  ------------------  ------------------
</TABLE>


                                        6

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                            STATEMENTS OF CASH FLOWS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                      Deficit
                                                                                                    Accumulated
                                                                                                       Since
                                                                                                    October 28,
                                                                                                        2003
                                                                   For the Nine Months              Inception of
                                                                   Ended September 30,              Exploration
                                                          -------------------------------------
                                                                2004                2003               State
                                                          -----------------  ------------------  ------------------

<S>                                                       <C>                <C>                 <C>
Effect of exchange rate changes                                           -              (2,400)                  -

Net Increase (Decrease) in
   Cash  and Cash Equivalents                                      (496,857)            (30,156)             (4,256)
Cash and Cash Equivalents at
   Beginning of the Period                                          502,428              39,983               9,827
                                                          -----------------  ------------------  ------------------
Cash and Cash Equivalents at
   End of the Period                                      $           5,571  $            9,827  $            5,571
                                                          =================  ==================  ==================

SUPPLEMENTAL DISCLOSURE OF CASH
  FLOW INFORMATION:
Interest                                                  $               -  $                -  $                -
Income Taxes                                              $               -  $                -  $                -

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: NONE
-----------
</TABLE>















                             See accompanying notes.

                                        7

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

         This summary of  accounting  policies for Silver Star Energy,  Inc. (an
exploration state 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 September 30, 2004 and for the
three and nine months 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 and
nine  months.   Operating  results  for  interim  periods  are  not  necessarily
indicative of the results which can be expected for full years.

         These  financial  statements  have been  prepared  in  accordance  with
generally  accepted  accounting  principles in the United States of America with
the on-going  assumption  applicable to a going concern which  contemplates  the
realization of assets and the satisfaction of liabilities and commitments in the
normal course of business.  The Company is an exploration  state company and its
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



                                        8

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

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

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.

         Given the Company's limited operating  history,  lack of sales, and its
operating  losses,  there can be no assurance that it will be able to achieve or
maintain profitability. Accordingly, these factors raise substantial doubt about
the Company's ability to continue as a going concern.

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's  initial  business  was that of  managing  ATM  machines
through its wholly owned subsidiary  657333 B.C. Ltd., doing business as Netcash
("Netcash"). On October 28, 2003 the Company closed an agreement whereby it sold
100% of the shares in the Common Stock of Netcash  inclusive of all its tangible
and intangible  assets and liabilities  associated with the Company's  Automated
Teller Machines management operations for consideration of $25,000.

         During 2003 the Company executed four agreements to earn an interest in
four  separate  oil and gas  properties,  two in Alberta,  Canada and two in the
State of California, U.S.A.

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

         This summary of  accounting  policies  for Silver Star Energy,  Inc. 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.





                                        9

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

Principles of Consolidation

         The  consolidated  financial  statements  include  the  accounts of the
Company and its 100% owned  subsidiary,  657333  B.C.  Ltd.,  doing  business as
Netcash,  from its  incorporation on October 29, 2002 to its sale on October 28,
2003. All significant  intercompany balances and transactions were eliminated on
consolidation.

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.

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  2003  financial
statements to conform with the 2004 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.









                                       10

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

Loss per Share

         The  reconciliations  of the numerators and  denominators  of the basic
loss per share computations are as follows:

<TABLE>
<CAPTION>
                                                                                                     Per-Share
                                                                Loss               Shares              Amount

                                                                For the three months ended September 30, 2004
BASIC INCOME (LOSS) PER SHARE
<S>                                                       <C>                        <C>         <C>
   Continuing Operations                                  $        (206,172)         84,143,945  $                   -
   Discontinued Operations                                                           84,143,945
                                                          -----------------  ------------------  ------------------
Loss available to common shareholders                     $        (206,172)         84,143,945  $                   -
                                                          =================  ==================  ==================

                                                                For the three months ended September 30, 2003
BASIC INCOME (LOSS) PER SHARE
   Continuing Operations                                  $          (4,075)        154,578,624  $                   -
   Discontinued Operations                                $             561         154,578,624  $                   -
                                                          -----------------  ------------------  ------------------
Loss available to common shareholders                     $          (3,514)        154,578,624  $                   -
                                                          =================  ==================  ==================

                                                                For the nine months ended September 30, 2004
BASIC INCOME (LOSS) PER SHARE
   Continuing Operations                                  $        (802,001)         94,252,550  $           (0.01)
   Discontinued Operations                                                           94,252,550  $                   -
                                                          -----------------  ------------------  ------------------
Loss available to common shareholders                     $        (802,001)         94,252,550  $           (0.01)
                                                          =================  ==================  ==================

                                                                For the nine months ended September 30, 2003
BASIC INCOME (LOSS) PER SHARE
   Continuing Operations                                  $         (21,667)        154,578,624  $                   -
   Discontinued Operations                                $         (14,737)        154,578,624  $                   -
                                                          -----------------  ------------------  ------------------
Loss available to common shareholders                     $         (36,404)        154,578,624  $                   -
                                                          =================  ==================  ==================
</TABLE>

         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.  Diluted  loss per  common  share  for the  three  and nine  months  ended
September 30, 2004 and 2003 are not presented as it would be anti-dilutive.



                                       11

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

Fixed Assets

         Fixed  assets are stated at cost.  Depreciation  and  amortization  are
computed using the following  rates over the estimated  economic useful lives of
the related assets:

         Computer equipment                          3-5 years
         Furniture and fixtures                      5-7 years
         Office equipment                            3-7 years
         Vehicles                                    5-7 years

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

         Upon sale or other disposition of property and equipment,  the cost and
related  accumulated  depreciation or amortization are removed from the accounts
and any gain or loss is included in the determination of income or loss.

         Expenditures  for  maintenance  and  repairs  are charged to expense as
incurred.  Major overhauls and betterments are capitalized and depreciated  over
their estimated economic useful lives.

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.

                                       12

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

         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.

         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.





                                       13

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

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 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.

                                       14

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)

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, 2003 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  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.


                                       15

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 3 - OIL AND GAS PROPERTIES

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

Alberta Prospects, Canada

         Pursuant to two agreements  dated October 29, 2003 with 1048136 Alberta
Ltd., 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  known  respectively  as the Evi  prospect and the  Verdigris  prospect.
1048136  Alberta  Ltd.  is a private  Alberta  company.  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 significant  shareholder of the Company, is 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 12.07%  interest in
the Company.  Pursuant to the two  agreements  with 1048136  Alberta  Ltd.,  the
Company must advance,  commencing  February 1, 2004, a total of  $2,000,000  and
$1,500,000  respectively  on the Evi and Verdigris  prospects in connection with
the drilling,  testing,  completion,  capping and/or  abandonment of up to three
wells on each of the properties.

         In order to earn a 66.7%  interest in the Evi and  Verdigris  prospects
the Company must fund drilling programs totaling $3,500,000 as follows:


                 Date Due
-------------------------------------------
         February 1, 2004                                 $      1,000,000
         March 1, 2004                                           1,000,000
         April 1, 2004                                           1,000,000
         May 1, 2004                                               500,000
                                                          ----------------
         Total                                            $      3,500,000
                                                          ================

         The Company received an Authority for Expenditure (AFE) with respect to
one of the Alberta  properties  on  December 1, 2003,  in the amount of $463,264
which was paid on January 28, 2004.

         During the nine months ended  September  30, 2004,  the Company paid an
additional  $409,898  towards the  exploration and development of one of the oil
and gas prospects in Alberta. These costs have been capitalized.

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

                                       16

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 3 - OIL AND GAS PROPERTIES (continued)

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
unproved oil and gas prospects  located in the State of  California,  U.S.A.  To
earn an assignment of 100% of Archer's  interests in these  agreements,  being a
100% working interest (76% net revenue interest), the Company:

North Franklin Prospect:

         a) made a 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. During the year ended December
31, 2003 the Company incurred a total of $85,000 in acquisition costs which have
been capitalized.

         During the nine months ended  September 30, 2004, the Company  incurred
$371,829  in  exploration   and  development   costs.   These  costs  have  been
capitalized.

         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. 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.

Winter Pinchout Prospect:

         b) made a 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. During the year
ended December 31, 2003 the Company  incurred a total of $320,000 in acquisition
and exploration costs which have been capitalized.

         During the nine months ended  September 30, 2004, the Company  incurred
$502,375  in  exploration   and  development   costs.   These  costs  have  been
capitalized.

                                       17

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 3 - 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.

NOTE 4 - NETCASH PURCHASE AGREEMENT

         By agreement  dated October 22, 2002 between the  Company's  subsidiary
Netcash and Netcash  Services Inc.  (NSI),  Netcash  acquired a 100% interest in
four Service and Management Contracts with retail locations'  operations and one
Processing Contract with a cash transaction  processor for four automated teller
machines  (ATM's) as well as the exclusive right to use the trade name "Netcash"
in exchange for (a) 48,000,000  (2,000,000  restricted  pre-forward  24:1 split)
common shares of the Company valued at $2,000; and (b) the commitment to provide
a loan with no fixed terms of repayment of up to $15,000.

         Effective  October 28, 2003 the Company  sold 100% of the shares in the
Common Stock of Netcash, inclusive of all its tangible and intangible assets and
liabilities  associated with the Company's  Automated Teller Machines management
operations,  with a net book value of $8,257,  to an arms length third party for
$25,000, resulting in a gain on sale of Netcash of $16,743.

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  (222,222
pre-forward  2:1 split)  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  (1,777,778  pre-
forward 2:1) common shares of its capital  stock at $1.13 per share.  During the
three months ended March 31, 2004, the Company received subscription proceeds of
$750,000 pursuant to the Private Placement  Financing  announced on November 25,
2003. 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.


                                       18

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

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.

         As of December  31,  2003,  the Company has not adopted a stock  option
plan  or  granted  any  stock  options  and  accordingly  has not  recorded  any
stock-based compensation.

         During the three  months  ended June 30,  2004,  the  Company  received
subscription  proceeds of $630,000 pursuant to the Private  Placement  Financing
announced  on November  25,  2003.  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 shares of common stock
for $25,000 in accounts payable.

Treasury Stock

         On  December  18,  2003,  upon the  resignation  of an  officer  of the
Company,  48,000,000  (2,000,000  pre-forward  24:1  split)  common  shares were
returned to Treasury,  for consideration of $3,500. The shares were cancelled on
January 23, 2004.

NOTE 6- RELATED PARTY TRANSACTIONS

         The  $445,000  amount due to a related  party at December  31, 2003 was
comprised  of  advances  from a  director  of  the  Company  and  is  unsecured,
non-interest bearing and has no fixed terms of repayment.  On February 20, 2004,
this debt was forgiven in its entirety and recorded as paid-in capital.

         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.




                                       19

<PAGE>



                            SILVER STAR ENERGY, INC.
                         (An Exploration State Company)
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (continued)

NOTE 7 - INCOME TAXES

         As of December 31, 2003, the Company has incurred  operating  losses of
approximately  $87,000 which, if utilized,  will expire through 2022. 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 - COMMITMENTS

         By  agreement  dated  November  20, 2003 the Company  engaged a private
company,  to provide public relations and communications  services for one year,
for the fee of $15,000 per month, commencing December 2003.

NOTE 9 - NOTES PAYABLE

         On August 24,  2004,  the Company  received a loan of $150,000  with an
interest  rate of 8%. The loan is due on August 24, 2005.  On September 2, 2004,
the Company  received a loan of $100,000  with an interest rate of 8%. This loan
is due on September 2, 2005.

NOTE 10 - DISCONTINUED OPERATIONS

         On October 28, 2003,  657333 B.C. Ltd.,  doing  business as Netcash,  a
wholly owned subsidiary of the Company,  was sold, and is no longer a subsidiary
of the Company.

         Operating results of this discontinued operation for the three and nine
months  ended  September  30,  2004  and  2003  are  shown   separately  in  the
accompanying consolidated statement of operations.  The operating statements for
the three and nine months ended September 30, 2003 have been restated to conform
with  the  current  year's  presentation  and are  also  shown  separately.  The
operating results of this  discontinued  operation for the three and nine months
ended September 30, 2004 and 2003 consist of:

<TABLE>
<CAPTION>

                                           For the three months ended              For the nine months ended
                                                  September 30,                          September 30,
                                      -------------------------------------  --------------------------------------
                                            2004                2003                2004                2003
                                      -----------------   -----------------  ------------------  ------------------

<S>                                   <C>                 <C>                <C>                 <C>
Sales                                 $               -   $           6,126  $                -  $           13,887
Operating Expenses                                    -              (5,565)                  -             (28,624)
                                      -----------------   -----------------  ------------------  ------------------
Net Income (Loss)                     $               -   $             561  $                -  $          (14,737)
                                      =================   =================  ==================  ==================
</TABLE>


                                       20

<PAGE>




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, 2003.

PLAN OF OPERATIONS

CALIFORNIA

         During the third quarter it has been determined  that A.O.F.  (absolute
open flow rates at the sand face) rate on the  "Archer-Whitney #1" well to be in
excess of 12 million  cubic  feet per day.  The  recent  flow test gas  analysis
returned a B.T.U. content of 940 and reservoir engineers report that Silver Star
can expect excellent deliverability under producing conditions.  Silver Star has
discovered a new gas reservoir and production  rates will be  established  after
the  well is  tied-in  to  pipeline.  The  Company  executed  an  Authority  for
Expenditure  (A.F.E.)  for the  Company's  working  interest  share of the North
Franklin Project pipeline cost.  Silver Star advanced the payment in full to the
operator  totaling  $150,000 for the Company's 40% working interest share of the
North Franklin  pipeline cost. Silver Star advanced funds in full for additional
acreage that has been added to the Area of Mutual Interest (A.M.I.)  surrounding
North  Franklin  covering 400 acres.  The North  Franklin  Project land holdings
under lease now totals  approximately  1,800  acres.  These new leases cover the
pipeline  route  as  well as  expand  the  coverage  of the  underlying  Winters
formation adding to the potential reserves of the North Franklin gas reservoir.

         The North Franklin Project and the underlying newly discovered  Winters
gas  reservoir  contains  the  "Archer-Whitney  # 1"  well.  Once  connected  to
pipeline, Silver Star will be in a cash flow positive situation and a commercial
gas  producer.  A contract is in place with a natural gas purchaser and pipeline
construction will be completed in Q4. Once a connection and tie-in is completed,
the well will be evaluated as to I.P.R.'s  (Initial  Production  Rates).  Silver
Star is optimistic that gas flow rates will be similar to area analog gas fields
and that 5,000  mcf/day is a realistic  target.  Silver Star  continues  to work
closely  with the  operator  and the  generators  of the play as to future  well
locations,  reserve  estimations  and overall  reservoir  engineering as we move
closer to the  commencement  of commercial gas  production.  Silver Star Energy,
Inc.  continues  to  aggressively  develop  the North  Franklin  Gas  Project by
constructing  pipeline and tie-in of the  "Archer-Whitney  #1" natural gas well.
This well has made Silver Star a near-term  commercial gas producer in the state
of  California.   The  pipeline  construction  included  a  route  survey,  site
facilities construction and laying of the pipe.

         Silver Star  announced  that the Company has executed  acquisition  and
joint  operating  agreements  on five (5) natural gas  prospects in  California.
Silver  Star has joined in an  exploration  project on these  prospects  located
throughout the Sacramento Basin.  Silver Star is a 7.5% carried working interest
on four of the prospects and has acquired a 25% carried working  interest in the
fifth.  Silver Star,  under the terms of the  agreements is carried  through the
drilling and  completion  of the first well on each of the five  prospects.  The
cumulative  potential natural gas reserves in the five newly acquired  prospects
are in excess of 100 Bcf. Gas. Each separate gas play has been chosen as

                                       21

<PAGE>



a moderate  risk,  high  probability  of success  gas target  with good  quality
seismic  anomalies  in known  gas  producing  formations.  There  is 3D  Seismic
information,  good  geological  control and analog fields spread  throughout the
basin. The drilling of the first prospect is targeted in Q4 (weather  dependent)
at  which  time,  when the  well is  spudded,  more  information  regarding  the
specifics  of each play will be made  available  due to the intense  competition
between gas  exploration  and  development  companies all competing for the best
quality prospects in the Sacramento Basin. As the prices of natural gas continue
to rise as seen in gas  futures  trading  above the $7.00  per mcf  range,  high
quality gas prospects are of a competitive nature.

         Silver Star 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,  Silver Star would
then, following testing and completion,  be responsible for the working interest
costs of well  tie-in  and  pipeline.  Silver  Star would also then be a working
interest participant on any additional gas wells drilled.

ALBERTA

         Also during the third  quarter we announced  details of the  completion
program at the Evi  Project  "7-11"  well  located in  Alberta.  The  completion
program was designed to test potential oil- bearing zones that were indicated by
the presence of oil on logs. Following  perforation of the casing,  testing of a
7.0 metre section of the Slave Point Formation commenced.  Testing has concluded
that  the  "7-11"  well  was  completed  as an oil  well  and  that the well has
established  that the Slave Point is oil bearing at this location.  Log analysis
indicates  that the oil  reservoir  in this well is better than in a nearby well
that  produced  over 100,000  barrels of oil to-date and is still  producing and
this nearby well required fracture stimulation to be a commercial producer.  The
swab testing on the "7- 11" well  indicated  that the Silver Star's well was not
producing at commercial  rates under the well's  current state of completion and
that the well requires  fracture  stimulation of the formation.  Silver Star and
Transaction Oil and Gas Ventures have prepared a "fracture  stimulation" program
at Evi and  plan  on  implementation  of it  during  Q4 2004 or Q1 2005  weather
dependant.

         Silver Star received  notification that the Alberta  Government granted
the Company on EVI lands SE 1/4  11-87-11W5M  that surround and include the 7-11
well a  "continue  indefinitely"  pursuant  to  Section  15 of the P & NG Tenure
Regulation.  This means the well and lands are "held by  production" to the base
of the Slave  Point  formation.  Silver  Star's  newly  granted  status  and the
validation by Alberta  Energy shows that  production now holds the EVI lease for
Silver Star in perpetuity.

SUBSEQUENT EVENTS

         Silver Star has also  designed and  engineered a multi-well  program at
the Joarcam  lands,  southeast  of Edmonton.  The  comprehensive  drilling  plan
designed by Silver Star and  Transaction  Oil and Gas  Ventures,  the  operator,
include four  locations.  The "13-27"  location  was recently  added and will be
drilled  based on  information  gathered  from a new  producer on a  neighboring
lease.  The "13-27" will directly offset  Enermark's new  "16-28-47-20W4M"  well
that has produced in the first 26 days at a rate of 74 barrels per day with only
a 37% water cut.  Transaction  Oil and Gas  Ventures  engineered  four  drilling
locations. The four locations are designated "13-27", "13-22", "5-27" and

                                       22

<PAGE>



"5-22".  The four locations are now at a varied status of surveying,  permitting
and licensing. Site preparation of the first location will be commencing shortly
and  Silver  Star  anticipates  the  spud of the  first  well  dependant  on rig
availability.

         Currently,  the 38 degree API light oil at Joarcam  has been  priced at
over $66.00 CDN per barrel. The project is a low risk development  property with
oil at a shallow depth and with a short payback period and long life reserves in
the "Viking C" pool adjacent to the established Joarcam Viking pool, the largest
Viking hydrocarbon accumulation in Alberta, Canada.

         The four wells now planned for Joarcam with the addition of the "13-27"
location  are part of an overall  development  strategy  that could see up to 16
well locations ultimately be drilled. With success at Joarcam, it is anticipated
that the field  could  produce  500  barrels  of oil per day  (bbls/d)  if fully
developed.  Oil wells at Joarcam  demonstrate  very shallow decline curves.  The
prospect  lands are located  about 25 miles  southeast of Edmonton,  Alberta and
there is year round access to the property.

         At the time of writing, the Company was preparing to begin the drilling
of the 5-27 oil well that is offset by 100 metres to a new  producer  across the
lease  boundary.  Silver Star expects a similar  production  rate between  60-65
barrels per day of top  quality  light crude from the well and plans to complete
this venture prior to the end of October.

         The natural gas pipeline  construction and tie-in of the Archer-Whitney
#1 gas well at the North  Franklin  Project is nearing  completion.  Silver Star
anticipates the well to be tied-in during  November,  2004.  Once finished,  the
tie-in of the  Archer-Whiney  #1 well will mark the  commencement of production.
Silver Star will  announce  immediately  when the well is tied-in and update gas
flow  rates  when  they  are  made   available.   The  current  gas  price  from
PG&E-Citygate at time of writing is $6.75 and prices are expected to rise during
the fall and winter.

ITEM 3.  CONTROLS AND PROCEDURES

         The Company's Chief Executive  Officer and Chief Financial Officer have
concluded,  based on an evaluation  conducted within 90 days prior to the filing
date of this  Quarterly  Report on Form 10-QSB,  that the  Company's  disclosure
controls and  procedures  have  functioned  effectively  so as to provide  those
officers the information necessary to evaluate whether:

         (i) this Quarterly  Report on Form 10-QSB contains any untrue statement
         of a material fact or omits to state a material fact  necessary to make
         the  statements  made, in light of the  circumstances  under which such
         statements were made, not misleading with respect to the period covered
         by this Quarterly Report on Form 10-QSB, and

         (ii) the financial statements, and other financial information included
         in this Quarterly Report on Form 10-QSB, fairly present in all material
         respects the financial condition,  results of operations and cash flows
         of the Company as of, and for, the periods  presented in this Quarterly
         Report on Form 10-QSB.

         There  have  been no  significant  changes  in the  Company's  internal
controls or in other factors since the date of the Chief Executive Officer's and
Chief Financial Officer's evaluation that could

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<PAGE>



significantly  affect these internal controls,  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

         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 shares of common stock
for $25,000 in accounts payable.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     None.

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.


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<PAGE>



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.


























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<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:       November 3, 2004


By:  /s/ Robert McIntosh
Robert McIntosh
President, CEO & Director

By:  /s/ David Naylor
David Naylor
Treasurer, Director































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