UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           FORM 10-KSB

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

       For the fiscal year ended June 30, 2005

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

       Commission file number: 000-31355


                   SUNCREST GLOBAL ENERGY CORP.
          (Name of small business issuer in its charter)

             Nevada                                 81-0438093
   (State of incorporation)           (I.R.S. Employer Identification No.)

#584, 3353 South Main, Salt Lake City, Utah     84115
(Address of principal executive offices)        (Zip code)

Issuer's telephone number: (702) 946-6760

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:  Common Stock

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 [ ]

Check if disclosure of delinquent filers in response to item 405 of Regulation
S-B is not contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [X]

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).   Yes [ ]   No [X]

State issuer's revenue for its most recent fiscal year:  None

The aggregate market value for the voting stock held by non-affiliates cannot
be determined due to the fact the registrant's common stock does not have an
active trading market.

As of September 6, 2005, the registrant had 39,050,000 shares of common stock
outstanding.

Documents incorporated by reference: None

Transitional Small Business Disclosure Format: Yes [ ]  No [X]

<PAGE>

                        TABLE OF CONTENTS

                              PART I
Item 1.   Description of Business............................................3
Item 2.   Description of Property............................................6
Item 3.   Legal Proceedings..................................................6
Item 4.   Submission of Matters to a Vote of Security Holders................6

                             PART II

Item 5.   Market for Common Equity and Related Stockholder Matters...........6
Item 6.   Management's Discussion and Analysis or Plan of Operation..........6
Item 7.   Financial Statements...............................................7
Item 8.   Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure...............................20
Item 8A.  Controls and Procedures...........................................20
Item 8B.  Other Information.................................................20

                             PART III

Item 9.   Directors, Executive Officers, Promoters and Control Persons;
          Compliance with Section 16(a) of the Exchange Act.................20
Item 10.  Executive Compensation............................................21
Item 11.  Security Ownership of Certain Beneficial Owners and Management
          and Related Stockholder Matters...................................21
Item 12.  Certain Relationships and Related Transactions....................22
Item 13.  Exhibits..........................................................22
Item 14.  Principal Accountant Fees and Services............................22
Signatures..................................................................23




In this annual report references to "Suncrest Global," "we," "us," and "our"
refer to Suncrest Global Energy Corp. and its subsidiary.


        SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The Securities and Exchange Commission ("SEC") encourages companies to
disclose forward-looking information so that investors can better understand
future prospects and make informed investment decisions.  This report contains
these types of statements.  Words such as "may," "will," "expect," "believe,"
"anticipate," "estimate," "project," or "continue" or comparable terminology
used in connection with any discussion of future operating results or
financial performance identify forward-looking statements.  You are cautioned
not to place undue reliance on the forward-looking statements, which speak
only as of the date of this report.  All forward-looking statements reflect
our present expectation of future events and are subject to a number of
important factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.


                                2


<PAGE>

                              PART I

ITEM 1. DESCRIPTION OF BUSINESS

Historical Development

Suncrest Global Energy Corp. was incorporated in the state of Nevada on May
22, 1999 as Galaxy Specialties, Inc.  On June 9, 2003 Galaxy Specialties, Inc.
amended its articles of incorporation and changed the company name to Suncrest
Global Energy Corp.  On June 10, 2003 Suncrest Global Energy Corp. entered
into an share exchange agreement whereby Suncrest Global acquired Coyote Oil
Company, Inc. ("Coyote Oil") as a wholly-owned subsidiary.  However, for
accounting purposes the acquisition was treated as a reverse acquisition and
Coyote Oil is the accounting survivor and Suncrest Global is the legal
survivor.  Coyote Oil is a Nevada corporation formed on July 6, 1996 that owns
a proprietary process known as a mini oil refinery.  (See "Our Business" and
"Item 6.  Management's Discussion and Analysis or Plan of Operation," below,
for further details).

Our Business

Our business plan is to develop a manufacturing and marketing plan to sell a
turnkey mini oil refinery or waste oil refinery to prospective customers.  We
have entered into an agreement to sell our mini oil refinery prototype, land
and assets related to the property located in Green River, Utah.  However, the
agreement provides for a closing date of June 2006 and we cannot assure you
that the sale will be consummated.  Therefore, we intend to continue to focus
our efforts on the development of the mini oil refinery proprietary process
and operations.  If the sale is closed, then management believes that we will
rely on the proceeds from the sale of our mini refinery to fund operations and
continue the development of a marketing plan to sell our proprietary process
for mini oil refineries to customers.  If the agreement does not close, then
we anticipate that we will raise funds to continue development of the mini oil
refinery proprietary process.

Management has identified a market segment where we believe our mini refinery
would be beneficial because a full size refinery is not cost effective due to
limited feed stock and limited output volume.  However, we have been unable to
fund the restoration of our mini refinery and further development of the
proprietary process as of the date of this filing and have been forced to
delay our business plans.

      Mini Refinery

Our mini oil refinery proprietary process relies on a scaled down, low cost
refining and recycling process which processes crude oil or can be used to
recycle waste oils.  The mini refinery performs the oil refining process on a
small scale, using a small catalyst cracker.  A catalyst cracker is the
mechanism used to break down hydrogen-carbon atoms in feed stock, like crude
oil and recycled waste oil, and convert the feed stock into higher value
products, such as gasoline and diesel fuel.

We intend to market a turnkey mini refinery or waste oil refinery to
prospective customers.  The mini refinery uses a small, efficient modular plan
and can be built, dismantled and shipped anywhere in the world.  The cost of a
facility similar to our mini refinery prototype is estimated at approximately
$1 million.  This mini refinery, when using waste oil as feed stock, could
produce in excess of 3,000 barrels of product per day.  It can be designed to
use a personal computer based control system and may include a 2,000 volt
power transformer substation, along with a management building, control room,
tank farm, bag-house and quench system.

Our proprietary process and mini refinery differ from major refineries in a
number of ways.  Some of the unique features of the proprietary process and
mini refinery are:

..   Feed stock volume:  The mini refinery can be designed to process between
    500 and 5,000 barrels of feed stock per day.  This allows units to be
    installed in areas which do not justify construction of a larger
    refinery.


                                3

<PAGE>

..   Portability:  The mini refinery plant can be manufactured on steel skids,
    allowing the site to be built on one location, with the capability of
    being dismantled and moved to another location.  This feature ensures the
    continued usefulness and value of the equipment in the event of feed stock
    exhaustion or unavailability.

..   Type of Feed Stock:  The mini refinery is designed to use various feed
    stocks, which may also be combined, including: conventional crude oil,
    automotive and industrial waste oils, oils extracted from petroleum based
    waste products, and/or oils produced from the processing of used tires and
    plastic products.  Our proprietary process is also tolerant of silica,
    making slop oil a feed stock source.  Typically, a larger refinery cannot
    use these types of waste oils because they will contaminate and shut down
    the catalytic cracker unit.  These feedstock capabilities can provide new
    opportunities for recycling of waste.

..   Catalyst:  A catalyst is a substance which aids a chemical reaction
    without entering the reaction itself.  Catalyst costs are substantially
    reduced due to the ability of our proprietary process to use expended
    catalyst sold by larger refineries.  The efficiency of expended catalyst
    is slightly below optimum levels, but is compensated for by a substantial
    discount in cost.  New catalyst can cost $2,000 per ton compared to
    expended catalyst resold by larger refineries which can be purchased for
    $100 per ton.  Concerns about catalyst poisoning of our system are reduced
    because down time is usually one day for a mini refinery compared to 8 to
    10 days with large cracking units.

..   Minimal Emissions:  Emissions of nitrogen oxide, sulphur oxide, carbon
    monoxide, and particulates usually are well within United States
    government guidelines.  Nitrogen oxide and sulphur oxide are produced
    mainly as furnace emissions.  These emissions are reduced once the plant
    processes are in full operation due to process integration.  Carbon
    monoxide is processed through a regenerator which is run at a temperature
    calculated to convert the carbon monoxide to carbon dioxide.  Minimal
    waste water or waste products are produced by the process.

..   Manpower Requirements:  The direct operation of the plant requires three
    operators during the day, two operators for swing shift and two operators
    at night.  In addition, one individual must staff the laboratory and a
    welder and electrician/instrument specialist and a mechanic are required
    to service the pumps and equipment.

..   Low Energy Consumption: Our proprietary process, once started, allows the
    facility to operate on limited energy consumption, thus lowering the cost
    of production.

..   Small Footprint:  The mini refinery requires only 3 to 7 acres for
    operation.

..   End Products:  Approximately 75% to 90% of the product produced at a mini
    refinery will be gasoline and diesel fuel. Due to the catalytic cracker
    process, the gasoline produced is a high octane product, increasing
    marketability and price of the overall gasoline output when blended with
    other distillation process products.  Other products, which comprise
    approximately 10% to 15% of the total output, include liquid petroleum gas
    which can be further separated into butane, propane and fuel gas.  Bottom
    oil and heavy fuel oil from the distillation process can be further
    processed through the catalytic cracker to allow the further breakdown of
    these heavy oils into their lighter fractions.  The above percentages can
    vary with the mixture of feed stock types and process implementation.


      Market

We intend to develop a marketing plan to sell mini refineries in the United
States and internationally.  There are domestic and international markets
appropriate for this type of refinery because scaled down operations of a mini


                                4

<PAGE>


refinery allow locating plants in areas previously thought to be uneconomical
or unprofitable due to lack of sufficient raw material for profitable plant
volume output or prohibitive transportation costs.  Our mini refinery
proprietary process may use feed stock such as waste oils, oils from pyrolytic
processes, coal tar gas oils, oils from used tires, and plastics.  The lower
output volume of a mini refinery allows the refinery to draw its feed stock
from a relatively small area.  If the feed stock supplies are exhausted, the
portability and small plant size allows the economical movement of the mini
refinery to another location.

A potential market for mini refineries in the United States is Indian
reservations. Many of the 500 Indian reservations in the United States have
crude oil or access to crude oil.  The mini refinery could use the crude oil
to create fuel products that could be used and sold on the reservation.  Also,
some of the mini refinery products could be used to generate power for the
reservation or the power could be transferred into the power grid of the
utility industry.

The worldwide market for the mini refinery is primarily found in lesser
developed countries that refine crude oil.  A number of these countries have
crude oil as a resource yet lack the refining capacity.  We believe our mini
refinery offers a means for these countries to generate their own fuels and
power for a relatively low cost.

      Competition

We compete against larger companies who sell mini oil refineries around the
world.  IOR Energy Pty. Ltd., REDD Engineering and Construction, Inc., REOTEK
Company, Inc., and Chemex, Inc. are competitors that manufacture and sell mini
refineries.  Their mini refineries typically are built with modular components
to allow for mobility and, depending on the specific model, may process from
1,000 to 1,000,000 barrels of product per day.  These companies have
established manufacturing and marketing programs and have greater financial
resources than we have.  We may be unable to compete with these established
companies.

      Patents, Trademarks, and Licenses

We do not own or license any patents or trademarks.  We rely on a proprietary
process for our mini refinery process.

      Government Regulation

A mini refinery is subject to federal, state and local health and
environmental laws and regulations governing the discharge of pollutants into
the air and water, and the generation, treatment, storage, transportation and
disposal of solid and hazardous waste and materials.  Our mini refinery can be
designed to comply with the strict United States environmental laws.
Generally, the operation of a mini refinery in the United States would be
subject to the:
      .   Clean Air Act
      .   Clean Water Act
      .   Resource Conservation and Recovery Act (related to certain hazardous
          and nonhazardous wastes)
      .   Comprehensive Environmental Response, Compensation and Liability Act
          (related to liability imposed on cleaning up environmental wastes)

When the land and mini refinery were transferred to Coyote Oil in 1999 the
Utah Department of Environmental Quality required a clean up of the site.  We
completed the tank cleaning in July 2003 and had another estimated $1,000 of
clean up remaining.

      Employees

We do not have any employees and management does not anticipate a need to
engage any full-time employees until we launch a marketing plan for our mini
refinery proprietary process.


                                5

<PAGE>


Available information

Suncrest Global does not maintain a public internet website; however, we are
an electronic filer and our annual, quarterly and current reports may be
accessed through the SEC's website at: http://www.sec.gov/.


                 ITEM 2: DESCRIPTION OF PROPERTY

We own approximately 40 acres of land and the mini oil refinery located on
that land in Green River, Utah.


                    ITEM 3.  LEGAL PROCEEDINGS

We are not a party to any legal proceedings or threatened proceedings as of
the date of this filing.


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

We did not submit a matter to a vote of our security holders during the fourth
quarter of our 2005 fiscal year.


                             PART II


ITEM 5.  MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

On July 21, 2005, the National Association of Securities Dealers (the "NASD")
cleared our common stock for an unpriced quotation on the OTC Bulletin Board
under the symbol "SUGE."  Supplemental information will be required to be
filed with the NASD prior to the appearance of a priced quotation, a bid
and/or offering price, on that system.

As of September 6, 2005, we had approximately 98 stockholders of record who
hold our common stock.

We have not declared dividends on our common stock and do not anticipate
paying dividends on our common stock in the foreseeable future.


Recent Sales of Unregistered Securities

We have not issued any unregistered shares of common stock during the fourth
quarter of our 2005 fiscal year.


Issuer Purchases of Equity Securities

None.


ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

We are a development stage company, have not recorded revenues in the past two
fiscal years, and have suffered losses since our inception.  Our auditors have
expressed doubt that we can continue as a going concern if we do not obtain
financing.  As of June 30, 2005, we had total assets of $473,211 and total
liabilities of $310,733.  Total operating expenses were $9,910 for the year
ended June 30, 2005.  During the year ended June 30, 2004 we incurred total
operating expenses of $67,821, with $46,269 related to engineering and
consulting expenses for the clean up and restoration of our mini refinery
prototype.  Historically we have relied on loans from third parties to fund
our operating expenses, resulting in notes payable of $188,697.

Management anticipates that the sale of our mini refinery in 2006 will provide
proceeds for the five years after the closing that we may use for further
development of our proprietary process and marketing plan.  For the short term


                                6

<PAGE>


we likely will rely on loans or advances from other parties to fund our
operations.  We may repay these loans and advancements with cash, if
available, or we may convert them into common stock.

Additional capital may also be provided by private placements of our common
stock.  We expect that any private placement of stock will be issued pursuant
to exemptions provided by federal and state securities laws.  The purchasers
and manner of issuance will be determined according to our financial needs and
the available exemptions.  We also note that if we issue more shares of our
common stock our shareholders may experience dilution in the value per share
of their common stock.



Off-balance Sheet Arrangements

None.


                  ITEM 7.  FINANCIAL STATEMENTS





                                7



<PAGE>







                   Suncrest Global Energy Corp.
               (Formerly Galaxy Specialties, Inc.)
                  (a Development Stage Company)
                       Financial Statements
                          June 30, 2005








                                8



<PAGE>



                             CONTENTS


Independent Auditor's Report................................................3

Balance Sheets..............................................................4

Statements of Operations ...................................................5

Statements of Stockholders' Equity..........................................6

Statements of Cash Flows....................................................7

Notes to the Financial Statements ..........................................8




                                9

<PAGE>



   Chisholm,
     Bierwolf &                                 533 West 2600 South, Suite 250
       Nilson, LLC                                       Bountiful, Utah 84010
                                                         Office (801) 292-8756
Certified Public Accountants                                Fax (801) 292-8809

______________________________________________________________________________





     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors and Stockholders
of Suncrest Global Energy Corp.:

We have audited the accompanying balance sheets of Suncrest Global Energy
Corp. (a development stage company) as of June 30, 2005 and 2004 and the
related statements of operations, stockholders' equity and cash flows for the
years ended June 30, 2005 and 2004 and from inception, July 9, 1996 through
June 30, 2005.  These financial statements are the responsibility of the
Company's management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Suncrest Global Energy Corp.
(a development stage company) as of June 30, 2005 and 2004 and the results of
its operations and cash flows for the years ended June 30, 2005 and 2004 and
from inception, July 9, 1996, through June 30, 2005 in conformity with
generally accepted accounting principles in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  The Company has suffered recurring
losses from operations which raises substantial doubt about its ability to
continue as a going concern.  Management's plans in regard to these matters
are described in Note 2.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.



/s/ Chisholm, Bierwolf & Nilson

Chisholm, Bierwolf & Nilson
Bountiful, Utah
September 26, 2005



                                10
<PAGE>



                   SUNCREST GLOBAL ENERGY CORP.
               (Formerly Galaxy Specialties, Inc.)
                  (A Development Stage Company)
                          Balance Sheets

                              ASSETS


                                                     June 30,       June 30,
                                                       2005           2004
                                                   ------------- -------------

Current Assets
  Cash                                             $      8,981  $      9,390
  Restricted Cash                                             -             -
                                                   ------------- -------------

    Total Current Assets                                  8,981         9,390


Property, Plant and Equipment, net                      464,230       464,230
                                                   ------------- -------------

    Total Assets                                   $    473,211  $    473,620
                                                   ============= =============


               LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
  Accounts Payable                                 $     43,700  $     44,099
  Accrued Expenses                                       68,336        49,416
  Advance Sale Deposit                                   10,000             -
  Notes Payable                                         188,697       188,697
                                                   ------------- -------------

    Total Current Liabilities                           310,733       282,212
                                                   ------------- -------------

    Total Liabilities                                   310,733       282,212
                                                   ------------- -------------

STOCKHOLDERS' EQUITY
  Preferred Stock, Authorized 5,000,00 Shares,
    $.01 Par Value, Issued and Outstanding
    0 Shares                                                  -             -
  Common Stock, Authorized 70,000,000 Shares,
    $.001 par Value, Issue and Outstanding
    39,050,000 Shares                                    39,050        39,050
  Additional Paid-in Capital                            461,380       461,380
  Deficit Accumulated During the Development Stage     (337,952)     (309,022)
                                                   ------------- -------------

    Total Stockholders' Equity                          162,478       191,408
                                                   ------------- -------------

    Total Liabilities and Stockholders' Equity     $    473,211  $    473,620
                                                   ============= =============



The accompanying notes are an integral part of these financial statements.

                                11


<PAGE>




                   Suncest Global Energy Corp.
               (Formerly Galaxy Specialties, Inc.)
                  (A Development Stage Company)
              Consolidated Statements of Operations


                                                                 From
                                       For the Years Ended       Inception on
                                               June 30,          July 9, 1996
                                     --------------------------- to June 30,
                                          2005          2004     2005
                                     ------------- ------------- -------------

REVENUES                             $          -  $          -  $          -

Cost of Sales                                   -             -             -
                                     ------------- ------------- -------------

Gross Profit (Loss)                             -             -             -
                                     ------------- ------------- -------------
OPERATING EXPENSES
  Engineering & Consulting                      -        46,269        46,269
  General & Administrative                  9,910        21,552       222,647
                                     ------------- ------------- -------------

     Total Operating Expenses               9,910        67,821       268,916
                                     ------------- ------------- -------------

     Net Operating Income (Loss)           (9,910)      (67,821)     (268,916)

Other Income (Expense)
  Interest Expense                        (19,020)      (18,645)      (68,236)
                                     ------------- ------------- -------------
    Total Other Income (Expense)          (19,020)      (18,645)      (68,236)

Income Tax Expense                              -          (100)         (800)
                                     ------------- ------------- -------------

Net Income (Loss)                    $    (28,930) $    (86,566) $   (337,952)
                                     ============= ============= =============

NET LOSS PER SHARE                   $          -  $          -  $      (0.02)
                                     ============= ============= =============
WEIGHTED AVERAGE SHARES
  OUTSTANDING                          39,050,000    38,590,984    18,557,383
                                     ============= ============= =============




The accompanying notes are an integral part of these financial statements.

                                12

<PAGE>
<TABLE>
<CAPTION>


                           Suncrest Global Energy Corp.
                       (Formerly Galaxy Specialties, Inc.)
                          (A Development Stage Company)
            Consolidated Statements of Stockholders' Equity (Deficit)




                                                                                       Deficit
                                                                                       Accumulated
                             Preferred Stock          Common Stock       Additional    During the
                          --------------------- ------------------------ Paid-in       Development
                            Shares     Amount      Shares       Amount   Capital       Stage
                          ---------- ---------- ------------- ---------- ------------- -------------

                       <c>        <c>        <c>           <c>        <c>           <c>

Balance at Inception
 on July 9, 1996                  -  $       -             -  $       -  $          -  $          -

July, 1996 stock issued
 cash at $.001 per share          -          -     6,800,000      6,800             -             -

Net loss for the year
 ended December 31, 1996          -          -             -          -             -             -
                          ---------- ---------- ------------- ---------- ------------- -------------
Balance at
 December 31, 1996                -          -     6,800,000      6,800             -             -

Net loss for the year
 ended December 31, 1997          -          -             -          -             -       (35,986)
                          ---------- ---------- ------------- ---------- ------------- -------------
Balance at
 December 31, 1997                -          -     6,800,000      6,800             -       (35,986)

Net loss for the year
 ended December 31, 1998          -          -             -          -             -        (9,624)
                          ---------- ---------- ------------- ---------- ------------- -------------
Balance at
 December 31, 1998                -          -     6,800,000      6,800             -       (45,610)

March 1999 - Assets
 contributed by
 shareholder                      -          -             -          -       498,430             -

Net loss for the year
 ended December 31, 1999          -          -             -          -             -       (14,754)
                          ---------- ---------- ------------- ---------- ------------- -------------
Balance at
 December 31, 1999                -          -     6,800,000      6,800       498,430       (60,364)

May 2000 - Stock issued
 for notes payable at
 $.001 per share                  -          -    13,200,000     13,200             -             -

Net loss for the year
 ended December 31, 2000          -          -             -          -             -       (94,683)
                          ---------- ---------- ------------- ---------- ------------- -------------
Balance at
 December 31, 2000                -          -    20,000,000     20,000       498,430      (155,047)

Net loss for the year
 ended December 31, 2001          -          -             -          -             -       (24,949)
                          ---------- ---------- ------------- ---------- ------------- -------------
Balance at
 December 31, 2001                -          -    20,000,000     20,000       498,430      (179,996)

Net income (loss)
 for the year ended
 December 31, 2002                -          -             -          -             -       (32,644)
                          ---------- ---------- ------------- ---------- ------------- -------------
Balance at
 December 31, 2002                -          -     2,000,000     20,000       498,430      (212,640)
                          ---------- ---------- ------------- ---------- ------------- -------------



    The accompanying notes are an integral part of these financial statements.

                                        13

</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                           Suncrest Global Energy Corp.
                       (Formerly Galaxy Specialties, Inc.)
                          (A Development Stage Company)
            Consolidated Statements of Stockholders' Equity (Deficit)




                                                                                       Deficit
                                                                                       Accumulated
                             Preferred Stock          Common Stock       Additional    During the
                          --------------------- ------------------------ Paid-in       Development
                            Shares     Amount      Shares       Amount   Capital       Stage
                          ---------- ---------- ------------- ---------- ------------- -------------

                       <c>        <c>        <c>           <c>        <c>           <c>

Balance at
 December 31, 2002                -          -     2,000,000     20,000       498,430      (212,640)

June 2003 - Reverse
 acquisition adjustment           -          -    18,050,000     18,050       (46,050)            -

Net income (loss) for
 the six months ended
 June 30, 2003                    -          -             -          -             -        (9,816)
                          ---------- ---------- ------------- ---------- ------------- -------------

Balance at June 30, 2003          -          -    38,050,000     38,050       452,380      (222,456)

December 2003 - Shares
 issued for services
 at $0.01 per share               -          -     1,000,000      1,000         9,000             -

Net income (loss)
 for the year ended
 June 30, 2004                    -          -             -          -             -       (86,566)
                          ---------- ---------- ------------- ---------- ------------- -------------

Balance at June 30, 2004          -          -    39,050,000     39,050       461,380      (309,022)

Net income (loss)
 for the year ended
 June 30, 2005                    -          -             -          -             -       (28,930)
                          ---------- ---------- ------------- ---------- ------------- -------------

Balance at June 30, 2005          -  $       -    39,050,000  $  39,050  $    461,380  $   (337,952)
                          ========== ========== ============= ========== ============= =============



    The accompanying notes are an integral part of these financial statements.

                                        14
</TABLE>
<PAGE>
<TABLE>
<CAPTION>








                   SUNCREST GLOBAL ENERGY CORP.
               (Formerly Galaxy Specialties, Inc.)
                  (A Development Stage Company)
              Consolidated Statements of Cash Flows



                                                                         From
                                               For the Years Ended       Inception on
                                                       June 30,          July 9, 1996
                                             --------------------------- Through
                                                  2005          2004     June 30, 2005
                                             ------------- ------------- -------------

                                          <c>           <c>           <c>
Cash Flows from Operating Activities:
 Net Income (Loss)                           $    (28,930) $    (86,566) $   (337,952)
 Adjustments to Reconcile net Loss
   to Net Cash Provided by Operations:
   Stock Issued for Services                            -        10,000        10,000
 Change in Operating Assets and Liabilities:
   (Increase) Decrease in:
    Accounts Receivable                                 -             -             -
    Inventory                                           -             -             -
    Increase (Decrease) in:
    Accounts Payable & Accrued Expenses            18,521        18,731        84,035
                                             ------------- ------------- -------------
 Net Cash Provided (Used) by
 Operating Activities                             (10,409)      (57,835)     (243,917)
                                             ------------- ------------- -------------
Cash Flows from Investing Activities:
 Advance Sale Deposit                              10,000             -        10,000
                                             ------------- ------------- -------------
 Net Cash Provided (Used) by
 Investing Activities                              10,000             -        10,000
                                             ------------- ------------- -------------
Cash Flows from Financing Activities:
 Proceeds from Issuance of Common Stock                 -             -         6,800
 Proceeds from Notes Payable                            -        27,000       281,098
 Principal Payments on Notes Payable                    -             -       (45,000)
                                             ------------- ------------- -------------
 Net Cash Provided (Used) by
 Financing Activities                                   -        27,000       242,898
                                             ------------- ------------- -------------

Increase (Decrease) in Cash                          (409)      (30,835)        8,981

Cash and Cash Equivalents at
 Beginning of Period                                9,390        40,225             -
                                             ------------- ------------- -------------

Cash and Cash Equivalents at End of Period   $      8,981  $      9,390  $      8,981
                                             ============= ============= =============

Supplemental Cash Flow Information:

 Cash Paid For:
   Interest                                  $          -  $          -  $          -
   Income Taxes                              $          -  $          -  $        800

 Non-Cash Investing and Financing Activities:
   Assets Contributed by Shareholder         $          -  $          -  $    498,430
   Stock Issued for Notes Payable            $          -  $          -  $     13,200
   Stock Issued for Services                 $          -  $     10,000  $     10,000




The accompanying notes are an integral part of these financial statements.

                                15



</TABLE>
<PAGE>



                  Suncrest Global Energy Corp.
               (Formerly Galaxy Specialties, Inc.)
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                          June 30, 2005


NOTE 1 - Summary of Significant Accounting Policies

     a.  Organization

     Suncrest Global Energy Corp. (the Company), (formerly Galaxy Specialties,
Inc.), a Nevada Corporation, was incorporated on May 22, 2000.  The Company is
currently in the development stage as defined in Financial Accounting
Standards Board No. 7.  It has been concentrating all of it efforts on
restoring its mini oil refinery located in Green River, UT which was acquired
in the acquisition of Coyote Oil Company, Inc.  See below for the details of
the acquisition.

     On June 5, 2000, the Company merged with Hystar Aerospace Marketing
Corporation of Montana, Inc. (Hystar).  Hystar's business plan was to lease,
sell and market certain technology.  The technology proved to be prohibitive
and further activity ceased.  Hystar never commenced operations.

     On June 10, 2003, Galaxy Specialties, Inc. (Galaxy) entered into a share
exchange agreement with Coyote Oil Company, Inc. (Coyote), a private Nevada
corporation.  Pursuant to the agreement, Galaxy exchanged 20,000,000 shares of
common stock for all of the outstanding common stock of Coyote and changed its
name to Suncrest Global Energy Corp.  The management of Galaxy resigned and
was replaced by the management of Coyote.  The acquisition has been recorded
as a reverse acquisition whereby Coyote is the accounting survivor and the
Company is the legal survivor, therefore, the historical financial statements
presented are those of Coyote.

     b.  Accounting Method

     The Company recognizes income and expense on the accrual basis of
accounting.

     c.  Cash and Cash Equivalents

     The Company considers all highly liquid investments with maturities of
three months or less to be cash equivalents.

     d.  Property, Plant and Equipment

     Property, Plant and Equipment consists of the following at June 30, 2005
and 2004:

                                              2005          2004
                                         -------------- -------------

     Property and Plant                  $     464,230  $    464,230
     Accumulated Depreciation                        -             -
                                         -------------- -------------
     Total Property, Plant and Equipment $     464,230  $    464,230
                                         ============== =============



                                16

<PAGE>

                  Suncrest Global Energy Corp.
               (Formerly Galaxy Specialties, Inc.)
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                          June 30, 2005


NOTE 1 - Summary of Significant Accounting Policies (Continued)

     d.  Property, Plant and Equipment (Continued)

     The Provision for depreciation is calculated using the straight-line
method over the estimated useful lives of the assets.  Since the assets have
not been placed in service as of June 30, 2005, no depreciation expense has
been recognized for the year ended  June 30, 2005 and 2004 and from inception
on July 9, 1996 thru June 30, 2005.

     In accordance with Financial Accounting Standards Board Statement No.
144, the Company records impairment of long-lived assets to be held and used
or to be disposed of when indicators of impairment are present and the
undiscounted cash flows estimated to be generated by those assets are less
than the carrying amount.  As of June 30, 2005, no impairments have been
recognized.

     e.  Provision for income Taxes

     No provision for income taxes has been recorded due to net operating loss
carryforwards totaling approximately $337,952 that will be offset against
future taxable income.  These NOL carryforwards begin to expire in the year
2016.

     Deferred tax assets and valuation account is as follows at June 30, 2005
and 2004:

     Deferred tax asset:
                                                 2005        2004
                                           ------------- -------------
        NOL carryforward                   $     94,660  $     86,566
        Valuation allowance                     (94,660)      (86,566)
                                           ------------- -------------
            Total                          $          -  $          -
                                           ============= =============

     f.  Earnings (loss) Per Share

     The computation of earnings (loss) per share of common stock is based on
the weighted average number of shares outstanding at the date of the financial
statements.  Fully dilutive earnings per share has not been presented because
it equals primary earnings per share.


                                 For the Year  For the Year  From Inception
                                    Ended         Ended      on July 9, 1996
                                   June 30,      June 30,    thru June 30,
                                     2005          2004      2005
                                 ------------- ------------- ---------------
     Income (loss) Numerator     $    (28,930) $    (86,566) $     (337,952)
     Shares (Denominator)          39,050,000    38,590,984      18,557,383
                                 ------------- ------------- ---------------
     Per Share Amount            $      (0.00) $      (0.00) $        (0.02)
                                 ============= ============= ===============



                                17

<PAGE>



                  Suncrest Global Energy Corp.
               (Formerly Galaxy Specialties, Inc.)
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                          June 30, 2005

NOTE 1 - Summary of Significant Accounting Policies (Continued)

     g.  Preferred Stock

     Each share of preferred stock is convertible into 10 shares of common
stock.

     h.  Use of Estimates in the Preparation of Financial Statements

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

     i.  Financial Instruments

     The recorded amounts for financial instruments, including cash
equivalents, receivables, investments, accounts payable and accrued expenses,
and long-term debt approximate their market values as of June 30, 2005.  The
Company has no investments in derivative financial instruments.

NOTE 2 - Going Concern

     The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern.  The Company is in the
development stage and has no operations and is dependent upon financing to
continue operations.  The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.   Management
anticipates that funds received from the sale of the refinery as discussed in
Note 4 will provide adequate funding for operations during the coming year.

NOTE 3 - Notes Payable

     Notes Payable is detailed as follows at June 30, 2005 and 2004:


                                                           2005       2004
                                                       ----------- -----------
       Notes payable to an individual, bears interest
        at 10%, unsecured, payable upon demand         $   47,000  $   47,000

       Notes payable to a company, matures December,
        2003, bears interest at 10%, principal due at
        maturity, secured by oil refinery, convertible
        into common stock at a rate established by
        the Board                                         141,697     141,697
                                                       ----------- -----------

       Total Notes Payable                             $  188,697  $  188,697
                                                       =========== ===========




                                18

<PAGE>

                  Suncrest Global Energy Corp.
               (Formerly Galaxy Specialties, Inc.)
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                          June 30, 2005


NOTE 4 - Subsequent Events

     On June 3, 2005, the Company entered into an agreement to sell the land
and refinery in Green River to an unrelated corporation for a price of
$500,000.  The Company has received deposits in the amount of $50,000 ($10,000
as of June 30, 2005 and $40,000 subsequent to June 30, 2005).  The Company
anticipates closing the transaction in early 2006.

NOTE 5 - Recent Pronouncements

     In November 2004, the FASB issued SFAS No. 151, Inventory Costs - an
amendment of ARB No. 43, Chapter 4.  This Statement amends the guidance in ARB
No. 43, Chapter 4 Inventory Pricing.  SFAS No. 151 clarifies the accounting
for abnormal amounts of idle facility expense, freight, handling costs, and
wasted material ( spoilage).  SFAS No. 149 is effective for inventory costs
incurred during fiscal years beginning after June 15, 2005.  The adoption of
SFAS No. 151 will not have an impact on the Company's financial statements.

     In December 2004, the FASB issued SFAS No. 152, Amendment of FASB
Statement No. 66, Accounting for Sales of Real Estate, which references the
financial accounting and reporting guidance for real estate time-sharing
transactions that is provided in AICPA Statement of Position.  This Statement
also amends FASB Statement No. 67, Accounting for Costs and Initial Rental
Operations of Real Estate Projects, to state that the guidance for incidental
operations and costs incurred to sell real estate projects does not apply to
real estate time-sharing transactions. SFAS No. 152 is effective for financial
statements for fiscal years beginning after June 15, 2005.  The adoption of
SFAS no. 152 will not have an impact on the Company's financial statements.

     In December 2004, the FASB issued SFAS No. 153, Amendment of APB Opinion
No. 29, Accounting for Nonmonetary Transactions, which is based on the
principle that exchanges of nonmonetary assets should be measured based on the
fair value of the assets exchanged.  SFAS No. 153 is effective for nonmonetary
exchanges occurring in fiscal periods beginning after June 15, 2005.  This
adoption of SFAS No. 153 will not have any impact on the Company's financial
statements.

     In December 2004, the FASBN issued SFAS No. 123 (revised), Accounting for
Stock-Based Compensation, which establishes standards for the accounting for
transactions in which an entity exchanges its equity instruments for goods or
services.  It also addresses transactions in which an entity incurs
liabilities in exchange for goods or services that are based on the fair value
of the entity's equity instruments or that may be settled by the issuance of
those equity instruments.  This Statement focuses primarily on accounting for
transactions in which an entity obtains employee services in share-based
payment transactions.  This adoption of SFAS No. 123 (revised) did not have
any impact on the Company's financial statements.



                                19

<PAGE>



      ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
             ON ACCOUNTING AND FINANCIAL DISCLOSURE

In our Current Report on Form 8-K, filed February 13, 2004, we reported that
our independent auditors, Chisholm & Associates, Certified Public Accountants,
resigned as our independent auditors and that we engaged Chisholm, Bierwolf &
Nilson, LLC as our independent auditors.


                ITEM 8A.  CONTROLS AND PROCEDURES

Our President, who acts in the capacity of principal executive officer and
principal financial officer, has evaluated the effectiveness of our disclosure
controls and procedures as of the end of the period covered by this report.
Based on that evaluation, he concluded that our disclosure controls and
procedures were effective.

Our President also determined that there were no changes made in our internal
controls over financial reporting during the fourth quarter of 2005 that have
materially affected, or are reasonably likely to materially affect our
internal control over financial reporting.


                   ITEM 8B.  OTHER INFORMATION

None.


                             PART III


ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

Directors and Executive Officers

Our executive officers and directors and their respective ages, positions,
term of office and biographical information are set forth below.  Our bylaws
require two directors to serve for a term of one year or until they are
replaced by a qualified director.  Our executive officers are chosen by our
Board of Directors and serve at its discretion.  There are no existing family
relationships between or among any of our executive officers or directors.

Name             Age  Position Held                         Director Since
-----            ---- -------------                         --------------
John W. Peters   53   President and Director                June 9, 2003
April L. Marino  31   Secretary/Treasurer and Director      June 5, 2000

John W. Peters   Mr. Peters has been involved with Coyote Oil since its
inception in 1996 and has served as President of that company since June 15,
2001.  Since July 1999 Mr. Peters has been the manager of Development
Specialties, Inc. a property development and management company.  He is a
director of Bingham Canyon Corporation,  Earth Products and Technologies,
Inc., Skinovation Pharmaceutical Incorporated and Cancer Capital Corp.,
reporting companies.  Mr. Peters studied business administration at Long Beach
Community College and California Polytechnic State University in San Louis
Obispo, California

April L. Marino   Ms. Marino is employed as a administrative assistant by
First Equity Holdings Corp.  She has been an employee of that company since
December 1997.  She is a director of Pinecrest Services, Inc. and Libra
Alliance Corporation, reporting companies.

Audit Committee Financial Expert

Because we have minimal operations we do not have an audit committee serving
at this time and, accordingly, we do not have an audit committee financial
expert serving on an audit committee.


                                20

<PAGE>



Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires our directors,
executive officers and persons who own more than five percent of a registered
class of our equity securities, to file with the Securities and Exchange
Commission initial reports of ownership and reports of changes in ownership of
common stock and our other equity securities.  Officers, directors and greater
than ten-percent beneficial owners are required by SEC regulations to furnish
us with copies of all Section 16(a) reports they file.  Based upon our records
and representations to us that no Forms 5 were required, we believe no filings
were required to be filed during our 2005 fiscal year.

Code of Ethics

Due to the fact that we have only two officers and directors and minimal
operations, we have not adopted a Code of Ethics for our principal executive
and financial officers.  Our Board will revisit this issue in the future to
determine if adoption of a Code of Ethics is appropriate.  In the meantime,
our management intends to promote honest and ethical conduct, full and fair
disclosure in our reports to the SEC, and compliance with applicable
governmental laws and regulations.


                 ITEM 10.  EXECUTIVE COMPENSATION

Our named executive officers have not received any cash compensation, bonuses,
stock appreciation rights, long term compensation, stock awards or long-term
incentive rights from us during the past three fiscal years.  John W. Peters,
who acted in a capacity similar to Chief Executive Officer during the past
fiscal year, did not receive any compensation during fiscal year 2005.

We do not have any standard arrangement for compensation of our directors for
any services provided as director, including services for committee
participation or for special assignments.  In addition, we have not entered
into employment contracts with our executive officers and their compensation,
if any, will be determined at the discretion of our Board of Directors.


ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
                 AND RELATED STOCKHOLDER MATTERS


Securities Under Equity Compensation Plans

We do not have any securities authorized for issuance under any equity
compensation plans.


Certain Beneficial Owners

The following table lists the beneficial ownership by our management and each
person or group known by us to own beneficially more than 5% of our common
stock.  Beneficial ownership is determined in accordance with the rules of the
SEC and generally includes voting or investment power with respect to the
securities.  Except as indicated by footnote, the persons named in the table
below have sole voting power and investment power with respect to all shares
of common stock shown as beneficially owned by them.  The percentage of
beneficial ownership is based on 39,050,000 shares of common stock outstanding
as of September 6, 2005.


                    CERTAIN BENEFICIAL OWNERS
                     ------------------------

Name and address of                       Amount and nature         Percentage
beneficial owner       Title of class     of beneficial ownership   of class
--------------------   ----------------   -----------------------   ---------
VIP Worldnet, Inc.         Common             15,036,621 (1)         38.5%
154 E.  Ford Avenue
Salt Lake City, Utah
84115


                                21
<PAGE>


 (1)   VIP Worldnet, Inc. holds 15,000,000 shares and its directors and
       officers beneficially own the following shares of our common stock:
       Joanne Clinger, President, owns 28,597 shares and Wayne Reichman,
       Secretary, owns 8,024 shares.


                            MANAGEMENT
                            ----------

Name and Address of                       Amount and nature         Percentage
Beneficial Owner          Title of class  of beneficial ownership   of class
------------------------  --------------  -----------------------   ----------
John W. Peters                Common              7,500,200           19.2%
2554 West 4985 South
Taylorsville, UT 84118

April L. Marino               Common                    400      Less than 1%
#584, 3353 S. Main Street,
Salt Lake City, UT 84115

All directors and executive   Common              7,500,600            19.2%
officers as a group

(2) Represents 7,500,000 common shares owned by Mr. Peters and 200 shares
    owned by his spouse.




     ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

We have not entered into or proposed any transactions during the last two
years in which a director, executive officer or more than 5% shareholder had a
material direct or indirect interest.


                        ITEM 13. EXHIBITS

Exhibits

2.1   Agreement and Plan of Reorganization between Suncrest Global and Coyote
      Oil, dated June 10, 2003 (Incorporated by reference to exhibit 2.1 of
      Form 8-K, as amended, filed June 16, 2003)
3.1   Restated Articles of Incorporation (Incorporated by reference to exhibit
      3.1 of Form 10-KSB, filed October 15, 2003)
3.2   Restated bylaws of Suncrest Global (Incorporated by reference to exhibit
      3.2 of Form 10-KSB, filed October 15, 2003)
31.1  Principal Executive Officer Certification
31.2  Principal Financial Officer Certification
32.1  Section 1350 Certification


         ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

Accountant Fees

The following table presents the aggregate fees billed for each of the last
two fiscal years by our principal accountants, Chisholm, Bierwolf and Nilson,
LLC and Chisholm & Associates, in connection with the audit of our financial
statements and other professional services rendered by those firms.


                                22

<PAGE>

                                               2005         2004
                                             --------     --------
            Audit fees                       $ 7,785      $ 7,260
            Audit-related fees                     0            0
            Tax fees                               0            0
            All other fees                   $   285      $     0


Audit fees represent the professional services rendered for the audit of our
annual financial statements and the review of our financial statements
included in quarterly reports, along with services normally provided by the
accountant in connection with statutory and regulatory filings or engagements.
Audit-related fees represent professional services rendered for assurance and
related services by the principal accountant that are reasonably related to
the performance of the audit or review of our financial statements that are
not reported under audit fees.

Tax fees represent professional services rendered by the principal accountant
for tax compliance, tax advise, and tax planning.  All other fees represent
fees billed for products and services provided by the principal accountant,
other than the services reported for the other categories.

Audit Committee Pre-approval Policies

We do not have an audit committee currently serving, and as a result, our
board of directors performs the duties of an audit committee.  Our board of
directors will evaluate and approve in advance, the scope and cost of the
engagement of an auditor before the auditor renders audit and non-audit
services.  We do not rely on pre-approval policies and procedures.


                            SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

                                  SUNCREST GLOBAL ENERGY CORP.


                                   /s/ John W. Peters
Date: September 27, 2005      By: _______________________________________
                                  John W. Peters, President



In accordance with the Exchange Act this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.



                                   /s/ John W. Peters
Date: September 27, 2005      By: __________________________________________
                                  John W. Peters
                                  President, Principal Executive Officer,
                                  Principal Financial and Accounting Officer
                                  and Director



                                   /s/ April L. Marino
Date: September 27, 2005      By: __________________________________________
                                  April L. Marino, Secretary/Treasurer
                                  and Director


                                23