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U. S. Securities and Exchange Commission

Washington, D. C. 20549

FORM 10-QSB



|x | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------

For the quarterly period ended September 30, 2007



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE EXCHANGE ACT
|- | ----------------------------------------------------------------------

For the transition period from  to
.

Commission
File No. 0-9458

Eagle Exploration Company

(Exact name of registrant as specified in its character)



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Colorado                                                       |  | 84-0804143                          
|(State or other jurisdiction of incorporation or organization) |  | (IRS Employer Identification Number)

1801 Broadway, Suite 1010, Denver, Colorado 80202

(Address and zip code of principal executive offices)

Registrants telephone number, including area code: (303) 296-3677

Indicated by check
mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 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 ̈.

Indicate the number of shares outstanding of each of the
issuers classes of common equity, as of the latest practicable date:



|             |  |                 
|------------ |  | ----------------
|Class        |  | Number of Shares
|Common stock |  | 3,072,836       

Transitional Small Business Disclosure format: (Check one)    Yes ̈No  x.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



|           |  |                                                                                                                     |  |     
|---------- |  | ------------------------------------------------------------------------------------------------------------------- |  | ----
|           |  |                                                                                                                     |  | Page
|PART I     |  | FINANCIAL INFORMATION                                                                                               |  |     
|           |  |                                                                                                                    
|Item 1     |  | Condensed Consolidated Balance Sheets  September 30, 2007 (unaudited), and March 31, 2007                          |  | 2   
|           |  |                                                                                                                    
|           |  | Unaudited Condensed Consolidated Statements of Operations  Three and Six Months Ended September 30, 2007, and 2006 |  | 3   
|           |  |                                                                                                                    
|           |  | Unaudited Condensed Consolidated Statements of Cash Flows  Six Months Ended September 30, 2007, and 2006           |  | 4   
|           |  |                                                                                                                    
|           |  | Notes to Unaudited Condensed Consolidated Financial Statements                                                      |  | 5   
|           |  |                                                                                                                    
|Item 2     |  | Managements Discussion and Analysis of Financial Condition and Results of Operations                               |  | 6   
|           |  |                                                                                                                    
|Item 3     |  | Controls and Procedures                                                                                             |  | 7   
|           |  |                                                                                                                    
|PART II    |  | OTHER INFORMATION                                                                                                   |  | 8   
|           |  |                                                                                                                    
|Item 6     |  | Exhibits and Reports on Form 8-K                                                                                    |  | 8   
|           | 
|SIGNATURES |  | 9                                                                                                                  



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

PART I  FINANCIAL INFORMATION



|Item 1 | 
|------ | 

Condensed Consolidated Balance Sheets



|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------- | ---------- | - | ------------- | - | ---------- | -
|                                                                                                                                                       |  | September 30,2007 |            |   | March 31,2007 |  
|                                                                                                                                                       |  | (Unaudited)       |            |   |               |  
|Assets                                                                                                                                                 |  |                   |            |   |               |   |            |  
|Current assets                                                                                                                                         |  |                   |            |   |               |   |            |  
|Cash and cash equivalents                                                                                                                              |  | $                 | 494,522    |   |               | $ | 550,460    |  
|Marketable securities                                                                                                                                  |  |                   | 43,840     |   |               |   | 90,335     |  
|Accounts receivable                                                                                                                                    |  |                   | 5,900      |   |               |   | 5,978      |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Total current assets                                                                                                                                   |  |                   | 544,262    |   |               |   | 646,773    |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Office furniture, equipment and other, net of accumulated depreciation of $217,791 and $215,953 at September 30, 2007 and March 31,
2007, respectively |  |                   | 21,438     |   |               |   | 23,276     |  
|Equity investment in LLC                                                                                                                               |  |                   | 690,656    |   |               |   | 678,033    |  
|Other assets                                                                                                                                           |  |                   | 24,250     |   |               |   | 24,250     |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Total non-current assets                                                                                                                               |  |                   | 736,344    |   |               |   | 725,559    |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Total assets                                                                                                                                           |  | $                 | 1,280,606  |   |               | $ | 1,372,332  |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Liabilities and Stockholders Equity                                                                                                                   |  |                   |            |   |               |   |            |  
|Current liabilities                                                                                                                                    |  |                   |            |   |               |   |            |  
|Accounts payable                                                                                                                                       |  | $                 | 2,738      |   |               | $ | 2,738      |  
|Deposits, deferred revenue and other                                                                                                                   |  |                   |           |   |               |   | 2,048      |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Total current liabilities                                                                                                                              |  |                   | 2,738      |   |               |   | 4,786      |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Stockholders equity                                                                                                                                   |  |                   |            |   |               |   |            |  
|Common stock, no par value; authorized 10,000,000 shares; 3,072,836 shares issued and outstanding                                                      |  |                   | 6,632,998  |   |               |   | 6,632,998  |  
|Accumulated deficit                                                                                                                                    |  |                   | (5,348,970 | ) |               |   | (5,296,413 | )
|Unrealized holding gain on investments available for sale                                                                                              |  |                   | (6,160     | ) |               |   | 30,961     |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Total stockholders equity                                                                                                                             |  |                   | 1,277,868  |   |               |   | 1,367,546  |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  
|Total liabilities and stockholders equity                                                                                                             |  | $                 | 1,280,606  |   |               | $ | 1,372,332  |  
|                                                                                                                                                       |  |                   |            |   |               |   |            |  

See notes to unaudited condensed consolidated financial statements.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations



|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|------------------------------------------------------------ |  | --------------------------------------------- | --------- | - | -------------------------------------------- | - | --------- | ----------------------------------------- |  | - | ----------------------------------------- | - |  | - | --------- | -
|                                                             |  | For the Three Months Ended September 30, 2007 |           |   | For the Three Months EndedSeptember 30, 2006 |   |           | For the SixMonths EndedSeptember 30, 2007 |  |   | For the SixMonths EndedSeptember 30, 2006 |  
|Revenue                                                      |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Oil and gas                                                  |  | $                                             | 12,448    |   |                                              | $ | 14,665    |                                           |  | $ | 25,000                                    |   |  | $ | 26,871    |  
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Total revenue                                                |  |                                               | 12,448    |   |                                              |   | 14,665    |                                           |  |   | 25,000                                    |   |  |   | 26,871    |  
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Expenses                                                     |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Depreciation                                                 |  |                                               | 919       |   |                                              |   | 919       |                                           |  |   | 1,838                                     |   |  |   | 1,827     |  
|General and administrative expense                           |  |                                               | 56,405    |   |                                              |   | 60,757    |                                           |  |   | 101,001                                   |   |  |   | 114,198   |  
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Total expense                                                |  |                                               | 57,324    |   |                                              |   | 61,676    |                                           |  |   | 102,839                                   |   |  |   | 116,025   |  
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Loss from operations                                         |  |                                               | (44,876   | ) |                                              |   | (47,011   | )                                         |  |   | (77,839                                   | ) |  |   | (89,154   | )
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Other income (expense)                                       |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Interest and dividend income                                 |  |                                               | 6,319     |   |                                              |   | 8,476     |                                           |  |   | 11,532                                    |   |  |   | 15,887    |  
|Income earned on sold investments                            |  |                                               |          |   |                                              |   |          |                                           |  |   | 39,376                                    |   |  |   |          |  
|Equity in losses in LLC                                      |  |                                               | (12,893   | ) |                                              |   |          |                                           |  |   | (25,626                                   | ) |  |   | (17,391   | )
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Total other income (expense)                                 |  |                                               | (6,574    | ) |                                              |   | 8,476     |                                           |  |   | 25,282                                    |   |  |   | (1,504    | )
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Net loss before other comprehensive loss                     |  |                                               | (51,450   | ) |                                              |   | (38,535   | )                                         |  |   | (52,557                                   | ) |  |   | (90,658   | )
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Other comprehensive income (loss)                            |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Unrealized gain (loss) arising during period                 |  |                                               | (2,280    | ) |                                              |   | (245      | )                                         |  |   | 2,255                                     |   |  |   | (12,953   | )
|Reclass adjustment                                           |  |                                               |          |   |                                              |   |          |                                           |  |   | (39,376                                   | ) |  |   |          |  
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Comprehensive loss                                           |  | $                                             | (53,730   | ) |                                              | $ | (38,780   | )                                         |  | $ | (89,678                                   | ) |  | $ | (103,611  | )
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Basic and diluted weighted average common shares outstanding |  |                                               | 3,072,836 |   |                                              |   | 3,072,836 |                                           |  |   | 3,072,836                                 |   |  |   | 3,072,836 |  
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  
|Basic and diluted loss per common share                      |  | $                                             | (0.02     | ) |                                              | $ | (0.013    | )                                         |  | $ | (0.019                                    | ) |  | $ | (0.034    | )
|                                                             |  |                                               |           |   |                                              |   |           |                                           |  |   |                                           |   |  |   |           |  

See notes to unaudited condensed consolidated financial statements.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Cash Flows



|                                                                            |  |                                        |         |   |      |   |          |  
|--------------------------------------------------------------------------- |  | -------------------------------------- | ------- | - | ---- | - | -------- | -
|                                                                            |  | For the Six Months Ended
September 30, |        
|                                                                            |  | 2007                                   |         |   | 2006 |  
|Cash flows from operating activities                                        |  |                                        |         |   |      |   |          |  
|Net loss                                                                    |  | $                                      | (52,557 | ) |      | $ | (90,658  | )
|                                                                            |  |                                        |         |   |      |   |          |  
|Adjustments to reconcile net loss to net cash used in operating activities: |  |                                        |         |   |      |   |          |  
|Depreciation                                                                |  |                                        | 1,838   |   |      |   | 1,827    |  
|Equity in losses in LLC                                                     |  |                                        | 25,625  |   |      |   | 17,391   |  
|Gain on sale of investment                                                  |  |                                        | (39,375 | ) |      |   |          |  
|Change in assets and liabilities:                                           |  |                                        |         |   |      |   |          |  
|Accounts receivable                                                         |  |                                        | 79      |   |      |   | (1,068   | )
|Accounts payable                                                            |  |                                        | (2,048  | ) |      |   |         |  
|                                                                            |  |                                        |         |   |      |   |          |  
|                                                                            |  |                                        | (13,881 | ) |      |   | 18,150   |  
|                                                                            |  |                                        |         |   |      |   |          |  
|Net cash flows used in operating activities                                 |  |                                        | (66,438 | ) |      |   | (72,508  | )
|                                                                            |  |                                        |         |   |      |   |          |  
|Cash flows from investing activities                                        |  |                                        |         |   |      |   |          |  
|Payment of contribution to equity investment in LLC                         |  |                                        | (38,250 | ) |      |   | (46,250  | )
|Proceeds from the sale for investments available-for-sale                   |  |                                        | 48,750  |   |      |   | 3,253    |  
|                                                                            |  |                                        |         |   |      |   |          |  
|Net cash flows used in investing activities                                 |  |                                        | 10,500  |   |      |   | (42,997  | )
|                                                                            |  |                                        |         |   |      |   |          |  
|Net decrease in cash and cash equivalents                                   |  |                                        | (55,938 | ) |      |   | (115,505 | )
|Cash and cash equivalents, beginning of year                                |  |                                        | 550,460 |   |      |   | 750,843  |  
|                                                                            |  |                                        |         |   |      |   |          |  
|Cash and cash equivalents, end of quarter                                   |  | $                                      | 494,522 |   |      | $ | 635,338  |  
|                                                                            |  |                                        |         |   |      |   |          |  

Supplemental disclosure of cash flow information:

The change in unrealized (loss) gain on investments available-for-sale for the six months ended September 30, 2007 and September 30, 2006 was
$2,255 and $(12,953), respectively.

See notes to unaudited condensed consolidated financial statements.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements

Opinion of Management

1. The financial
information furnished reflects all adjustments consisting of normal, recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position at September 30, 2007, and
March 31, 2007, and of the condensed consolidated statements of operations and condensed consolidated statements of cash flows for the three and six months ended September 30, 2007, and 2006. The results of operations and statements of
cash flows for the periods presented are not necessarily indicative of those to be expected for the entire year.

2. The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted
account principles. For further information refer to the audited consolidated financial statements and notes thereto for the year ended March 31, 2007, included in the Companys 10-KSB filed with the Securities and Exchange Commission on
June 29, 2007.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES



|Item 2: | Managements Discussion and Analysis of Financial Condition and Results of Operation
|------- | ------------------------------------------------------------------------------------

Financial Condition, Liquidity and Capital Resources

The Companys cash at September 30,
2007 was $494,522 as compared to cash for the year ended March 31, 2007 of $550,460. This decrease in cash of $55,938 was primarily due to a contribution to the equity investment loss for the period.

Stockholders equity decreased from $1,367,546 at March 31, 2007 to $1,277,868 at September 30, 2007 or $89,678. The Company incurred an
unrealized gain on investments available-for-sale for the period ended September 30, 2007 of $2,255 and a net loss before other comprehensive income of $52,557.

Results of Operations

For the Six Months Ended September 30, 2007 Compared to the Six Months Ended
September 30, 2006.

For the six months ended September 30, 2007, the Companys total oil and gas revenue was $25,000 as
compared to $26,871 for the six months ended September 30, 2006. Other income including interest and dividend income was $11,532 for the period ended September 30, 2007 and $15,887 for the period ended September 30, 2006.

Total expense for the six months ended September 30, 2007 was $102,839 as compared to $116,025 for the six months ended September 30, 2006.
Unrealized gain on investments available-for-sale for the period ended September 30, 2007 was $2,255 and for the period ended September 30, 2006 the Company had an unrealized loss on investments available-for-sale of $12,953. This resulted
in a comprehensive loss of $89,678 and $103,611 for the period ended September 30, 2007 and 2006, respectively.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES



|Item 3: | Controls and Procedures
|------- | -----------------------

As of the end of the period covered
by this report, the Company conducted an evaluation, under the supervision and with the participation of the principal executive officer and principal financial officer, of the Companys disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Exchange Act). Based on this evaluation, the principal executive officer and principal financial officer concluded that the Companys disclosure controls and
procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities
and Exchange Commission rules and forms. There was no change in the Companys internal control over financial reporting during the Companys most recently completed fiscal quarter that has materially affected or is reasonably likely to
materially affect the Companys internal control over financial reporting.

In connection with the audit of the year ended March 31, 2007, there
were no Reportable Events within the meaning of Item 304(a)(1)(v) of Regulation S-K. However, there is a lack of segregation of duties that is considered to be a weakness in the Registrants internal controls relating to the
adequacy of staffing and size of the accounting and finance department.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

PART II  OTHER INFORMATION



|Item 6. | Exhibits
|------- | --------

(a) Exhibits



|             |  |                                                                                                                                                                  
|------------ |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 31.1 |  | Certification of President and Chief Financial Officer Pursuant to 18 USC Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002     
|             | 
|Exhibit 31.2 |  | Certification of Secretary and Vice President of Operations Pursuant to 18 USC Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002
|             | 
|Exhibit 32.1 |  | Certification of President and Chief Financial Officer Pursuant to 18 USC Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002     
|             | 
|Exhibit 32.2 |  | Certification of Secretary and Vice President of Operations Pursuant to 18 USC Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002

(b) No reports on Form 8-K have been filed during the quarter ended September 30, 2007.



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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



EAGLE EXPLORATION COMPANY(Registrant)By:

/s/ Raymond N. JoeckelRaymond N. JoeckelPresident and Chief Financial OfficerBy:

/s/ Paul M. JoeckelPaul M. JoeckelSecretary and Vice President Operations


Date: November 14, 2007



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