UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
                           ________________________

                                 FORM 10-KSB/A
                          __________________________


    ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
       OF 1934
                  For the Fiscal Year Ended DECEMBER 31, 2006

       TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
             For the transition period from __________ to ___________

                      Commission file number:  033-05384

                             FRONTIER ENERGY CORP.
	    ------------------------------------------------------
            (Exact name of Registrant as specified in its charter)


                    NEVADA                             87-0443026
	-------------------------------		-----------------------
	(State or other Jurisdiction of		(IRS Employer I.D. No.)
	Incorporation or Organization)


                              2413 MOROCCO AVENUE
                        NORTH LAS VEGAS, NEVADA  89031
                                (800) 914-1405
	 -------------------------------------------------------------
         (Address and telephone number of principal executive offices)


Indicate by check mark whether registrant (1) has filed all reports required to
be  filed  by Section 13 or 15(d) of the Securities 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    No

Indicate by  check mark if disclosure of delinquent filers pursuant 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.

Revenues for the fiscal year ending December 31, 2006 were $0.

The aggregate market value of the voting stock  held by non-affiliates computed
by reference to the last reported sale price of such  stock  as of December 31,
2006 $637,293.

The number of shares of the issuer's Common Stock outstanding  as  of  December
31, 2006 is 3,886,464.

Transitional Small Business Issuer Format:    Yes     No

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).       YES                  NO
_______________________________________________________________________________



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                             FRONTIER ENERGY CORP.

                                  FORM 10-KSB


                               TABLE OF CONTENTS

                                                                           Page

PART I........................................................................2

         Item 1.    Description of Business...................................2
         Item 2.    Description of Property...................................10
         Item 3.    Legal Proceedings.........................................10
         Item 4.    Submissions of Matters to a Vote of Security Holders......10

PART II.......................................................................11

         Item 5.    Market for Registrant's Common Stock and Related
                    Stockholder Matters.......................................11
         Item 6.    Management's Discussion and Analysis or Plan of Operation 13
         Item 7.    Financial Statements......................................16
         Item 8.    Changes In and Disagreements With Accountants on Accounting
                    and Financial Disclosures.................................30
         Item 8a.   Controls and Procedures...................................30

PART III......................................................................31
         Item 9.    Directors and Executive Officers of the Registrant........31
         Item 10.   Executive Compensation....................................32
         Item 11.   Security Ownership of Certain Beneficial Owners and
                    Management and Related Stockholder Matters ...............33
         Item 12.   Certain Relationships and Related Transactions............34
         Item 13.   Exhibits, Lists and Reports on Form 8-K...................35
         Item 14.   Principal Accountant Fees and Services....................36


</TABLE>

<PAGE>






FORWARD LOOKING STATEMENTS

       This report includes "Forward-Looking Statements" within the meaning  of
Section  27A  of  the Securities Act and Section 21E of the Securities Exchange
Act of 1934.  Any statements  that  express or involve discussions with respect
to  predictions,  expectations,  beliefs,   plans,   projections,   objectives,
assumptions or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected", "anticipates"
or  "does  not anticipate", "plans", "estimates" or "intends", or stating  that
certain actions,  events  or results "may", "could", "should", "would", "might"
or "will" be taken, occur or be achieved) are not statements of historical fact
and may be considered "forward  looking  statements".  We do not guarantee that
the transactions and events described in this  Report  will happen as described
or that any positive trends noted in this Report will continue.  These types of
statements  are  generally  located  in  the  section  entitled   "Management's
Discussion  and  Analysis or Plan of Operation," but may be found elsewhere  in
this Report as well.   Forward-looking  statements  are  based on expectations,
estimates and projections at the time the statements are made  that  involve  a
number of risks and uncertainties which could cause actual results or events to
differ  materially  from those presently anticipated.  Although we believe that
the expectations reflected  in  such forward-looking statements are reasonable,
we  can  give no assurance that such  expectations  will  prove  to  have  been
correct.   You  should  understand  that many important factors, in addition to
those discussed elsewhere in this Report,  could  cause  our  results to differ
materially  from  those  expressed  in  the forward-looking statements.   These
factors  include, without limitation, the  timing  and  extent  of  changes  in
commodity  prices  for  crude  oil,  natural  gas and related products, foreign
currency exchange rates, and interest rates; the timing and impact of liquefied
natural gas imports; the extent and effect of any hedging activities engaged in
by  Frontier Energy Corp.; the extent of Frontier  Energy  Corp.'s  success  in
discovering,  developing, marketing and producing reserves and in acquiring oil
and gas properties;  the  accuracy  of reserve estimates, which by their nature
involve the exercise of professional  judgment  and may therefore be imprecise;
the  availability  and  cost  of  drilling  rigs, experienced  drilling  crews,
materials  and  equipment  used in well completions,  and  tubular  steel;  the
availability, terms and timing  of governmental and other permits and rights of
way;   the  availability  of  pipeline   transportation   capacity;   political
developments around the world; acts of war and terrorism and responses to these
acts; weather;  and  financial  market  conditions.  In  light  of these risks,
uncertainties  and  assumptions,  the  events  anticipated  by Frontier  Energy
Corp.'s forward-looking statements might not occur. You should  not place undue
reliance on these forward-looking statements, which speak only as  of  the date
of  this  Report. Unless legally required, we undertake no obligation to update
publicly  any   forward-looking   statements,   whether  as  a  result  of  new
information, future events or otherwise.

       For further information about these and other  risks,  uncertainties and
factors, please review the disclosure included in this report under the caption
"Risk Factors."






<PAGE>



PART I

ITEM 1.DESCRIPTION OF BUSINESS

OVERVIEW

       Frontier Energy Corp. is an oil and natural gas exploration company that
has recently purchased leases on oil and gas properties in the  United  States.
We intend to develop these properties in a timely manner as our limited capital
resources will allow.

INDUSTRY BACKGROUND

       The United States currently depends on natural gas for approximately 23%
of its total primary energy requirements. But with its commitment to the use of
natural  gas, particularly in the electricity sector, the U.S. now finds itself
with a supply shortage at a time of increased demand.

       The  demand  for  natural  gas  is  further  influenced by the crude oil
market. Although crude oil and natural gas are two separate  commodities, their
prices  have  historically been correlated at irregular intervals.  Strong  oil
prices generally  keep  natural  gas  prices  elevated  because  fuel  oil is a
possible substitute for natural gas. As the price of crude oil increases,  some
industries  switch to natural gas. This is particularly true in the electricity
sector.

       Presently,  the  United  States  relies on three sources for its natural
gas.  Domestic production accounts for 81%  of  supply.  Imports  from  Canada,
mainly  the  western  provinces  of  Alberta, British Columbia and Saskatchewan
provide  an  additional 17%. Imports of  liquefied  natural  gas  make  up  the
remainder.

       Despite rising new natural gas well completions, high drilling rates are
expected to only  modestly  improve U.S. production levels to 24.1 Tcf by 2025.
Many of the wells that have produced  abundant  quantities of natural gas since
the  1980s  and  1990s  are in terminal decline, yielding  rapidly  diminishing
returns. These waning reserves  have  not  become  readily apparent because the
natural gas industry has been bringing new fields online in a frantic effort to
keep production levels from dropping too rapidly. Since nearly half of the U.S.
natural gas supply is coming from wells that have been drilled in the past five
years, this declining trend is likely to continue.

COMPETITION

       The strength of commodity prices has resulted in significantly increased
operating cash flows and has led to increased drilling activity.  This industry
activity  has increased competition for undeveloped lands;  skilled  personnel;
access to drilling  rigs,  service  rigs  and  other  equipment;  and access to
processing  and  gathering  facilities,  all  of  which may cause drilling  and
operating costs to increase.  Some of our competitors  are  larger  than us and
have  substantially  greater  financial  and marketing resources.  In addition,
some  of  our  competitors may be able to secure  products  and  services  from
vendors on more  favorable  terms, offer a greater product selection, and adopt
more aggressive pricing policies than we can.

       Some of the larger and  well  capitalized  companies  that  are actively
exploring  and  producing  in our area include, but not limited to, BP,  Conoco
Phillips, Gibraltar Exploration  Ltd,  Mosaic  Energy Ltd., Northrock Resources
Ltd., and Temple Energy Inc. Each of these companies  has  significant existing
cash  flow,  capital  budgets  and  in-house  expertise  to  continue   seeking
additional oil and gas reserves in the western United States.


<PAGE>  2

GOVERNMENTAL REGULATIONS

       The  oil  and  natural  gas  industry in the United States is subject to
extensive controls and regulations imposed  by various levels of government. We
do  not  expect  that  any  of these controls or regulations  will  affect  our
operations in a manner materially  different  than  they would affect other oil
and gas industry participants of similar size.

       Crude oil and natural gas located in the western  United States is owned
both  by  private landowners and the federal government.  Land  owners  or  the
Bureau of Land  Management  grant  rights  to  explore  for and produce oil and
natural  gas  under leases, licenses and permits with terms  generally  varying
from two years  to  five  years  and  on  conditions  contained in legislation.
Leases, licenses and permits may be continued indefinitely  by  producing under
the  lease, license or permit. Some of the oil and natural gas located  in  the
western  United States is privately owned and rights to explore for and produce
oil and natural  gas  are granted by the mineral owners on negotiated terms and
conditions.

ENVIRONMENTAL REGULATIONS

       The oil and natural gas industry is governed by environmental regulation
under  federal and state  laws,  rules  and  regulations,  which  restrict  and
prohibit the release or emission and regulate the storage and transportation of
various  substances,  produced  or utilized in association with oil and natural
gas industry operations. In addition,  applicable  environmental  laws  require
that  well  and facility sites are abandoned and reclaimed, to the satisfaction
of state authorities,  in  order  to  remediate  these  sites  to  near natural
conditions.  Also,  environmental  laws  may  impose upon "responsible persons"
remediation  obligations  on  property  designated   as  a  contaminated  site.
Responsible persons include persons responsible for the  substance  causing the
contamination, persons who caused the release of the substance and any  present
or  past  owner,  tenant  or other person in possession of the site. Compliance
with  such  legislation  can require  significant  expenditures.  A  breach  of
environmental laws may result  in  the  imposition  of  fines and penalties and
suspension  of  production,  in  addition  to  the  costs  of  abandonment  and
reclamation.

       We  have  established  guidelines  and  management  systems  to   ensure
compliance  with  environmental laws, rules and regulations. We have designated
an individual responsible  for  compliance  whose  responsibility is to monitor
regulatory  requirements  and  their  impact  on  us, to implement  appropriate
compliance  procedures  and  to  cause  our operations to  be  carried  out  in
accordance with applicable environmental  guidelines  and implementing adequate
safety precautions. The existence of these controls cannot,  however, guarantee
total  compliance  with environmental laws, rules and regulations.  We  believe
that we are in material  compliance  with  applicable  environmental  laws  and
regulations.  We  also  believe  that it is reasonably likely that the trend in
environmental  legislation  and  regulation   will   continue  toward  stricter
standards.


<PAGE>  3

PAST ACTIVITIES OF OUR COMPANY

       Re-entering  Exploration  Stage  -  As  described  below,   the  Company
distributed the assets and liabilities of the operating segment of the  Company
on  November  26,  2003.   Subsequent to that date, the Company changed from  a
computer services company to  an  exploration company pursuing interests in the
oil  and  gas industry.  The Company  has  devoted  most  of  its  efforts  ito
establish the new business with raising capital and acquiring mineral leases.

       Up until  November 2003, we were engaged in the sale, repair and support
service of in-warranty  and  out-of-warranty  computer peripheral devices for a
variety of large and small brand name manufacturers  through  our  wholly owned
subsidiary,  Technical  Services  &  Logistics Inc. ("TSLi").  On November  17,
2003, our Board of Directors voted unanimously  to  liquidate  TSLi  through  a
General Assignment benefiting the creditors of TSLi.  On November 26, 2003, the
Company  consummated  a  General  Assignment  Agreement  ("the agreement") that
assign  all   the   assets and liabilities of TSLi to the C.F.  Boham  Company,
Inc., d.b.a. the  Hamer  Group, of Los Angeles, California.  The assignment was
essentially a liquidation  of  TSLi  that  was overseen by the Hamer Group, who
acted as trustee of TSLi's affairs during the liquidation process.

       The decision to liquidate TSLi provided  our Board of Directors with the
opportunity  to  restructure our debts so that we could  continue  as  a  going
concern.  On January  22,  2005,  we acquired a 100% interest in a copper, gold
and platinum mineral prospect (the  "Property").  The  Property  consists of 20
claim units in central British Columbia, Canada approximately 45 miles  east of
Williams  Lake.  The  Property  is  located  in  the central Quesnel Trough and
adjoins the south border of Imperial Metals', Mount  Polley  copper/gold  mine.
Our  business  plan became to explore and develop the potential minerals on the
Property.  In October  2005,  the  Board  of  Directors, based on the estimated
costs and related benefits to be received from the mineral prospect at Williams
Lake, determined it to be in our best interest  to begin exploration of oil and
natural gas properties in the Alberta region of Canada.

EMPLOYEES

       As of October 25, 2007, we had 1 employee, including our Chief Executive
Officer, Chief Operating Officer and Chief Exploration  Officer.   None  of the
employees  are  covered by a collective bargaining agreement and our management
considers relations with our employees to be good.



<PAGE>  4





                                 RISK FACTORS

RISKS SPECIFIC TO OUR COMPANY

WE HAVE A HISTORY OF LOSSES WHICH MAY CONTINUE, WHICH MAY NEGATIVELY IMPACT OUR
ABILITY TO ACHIEVE OUR BUSINESS OBJECTIVES.

       We incurred  net  losses  of approximately $911,386 and $948,000 for the
years ended December 31, 2006 and 2005, respectively. We cannot assure you that
we can achieve or sustain profitability  on  a quarterly or annual basis in the
future. Our operations are subject to the risks and competition inherent in the
establishment of a business enterprise. There  can  be no assurance that future
operations will be profitable. We may not achieve our  business  objectives and
the failure to achieve such goals would have an adverse impact on us.

IF WE ARE UNABLE TO OBTAIN ADDITIONAL FUNDING OUR BUSINESS OPERATIONS  WILL  BE
HARMED  AND IF WE DO OBTAIN ADDITIONAL FINANCING OUR THEN EXISTING SHAREHOLDERS
MAY SUFFER SUBSTANTIAL DILUTION.

       We  will  require additional funds to sustain and expand our oil and gas
exploration activities.  We  anticipate  that  we  will  require  approximately
$1,000,000  to  fund  our  continued  operations  for  the  fiscal  year  2006.
Additional  capital  will be required to effectively support the operations and
to otherwise implement our overall business strategy. There can be no assurance
that financing will be available in amounts or on terms acceptable to us, if at
all. The inability to  obtain  additional  capital will restrict our ability to
grow and may reduce our ability to continue  to conduct business operations. If
we are unable to obtain additional financing,  we  will  likely  be required to
curtail our marketing and exploration plans and possibly cease our  operations.
Any  additional  equity financing may involve substantial dilution to our  then
existing shareholders.

OUR INDEPENDENT AUDITORS  HAVE EXPRESSED SUBSTANTIAL DOUBT ABOUT OUR ABILITY TO
CONTINUE AS A GOING CONCERN,  WHICH  MAY  HINDER  OUR  ABILITY TO OBTAIN FUTURE
FINANCING.

       In  their report dated April 12, 2007, our independent  auditors  stated
that our financial  statements  for  the  year  ended  December  31,  2006 were
prepared  assuming  that  we would continue as a going concern. Our ability  to
continue as a going concern  is an issue raised as a result of recurring losses
from operations and working capital  deficiency.  We continue to experience net
operating losses. Our ability to continue as a going  concern is subject to our
ability to obtain necessary funding from outside sources,  including  obtaining
additional  funding  from  the  sale  of  our securities and loans from certain
stockholders.  Our continued net operating loss  increases  the  difficulty  in
meeting such goals  and there can be no assurances that such methods will prove
successful.

<PAGE>  5

WE HAVE A LIMITED OPERATING  HISTORY AND IF WE ARE NOT SUCCESSFUL IN CONTINUING
TO GROW OUR BUSINESS, THEN WE  MAY HAVE TO SCALE BACK OR EVEN CEASE OUR ONGOING
BUSINESS OPERATIONS.

       We have no history of revenues  from  oil and gas operations and have no
significant tangible assets.  We own mineral leases valued at $10,905.  We have
yet to generate positive earnings and there can  be  no  assurance that we will
ever operate profitably. Our company has a limited operating  history  and must
be  considered in the development stage. Our success is significantly dependent
on a  successful  acquisition, drilling, completion and production program. Our
operations will be  subject to all the risks inherent in the establishment of a
developing enterprise  and  the  uncertainties  arising  from  the absence of a
significant operating history. We may be unable to locate recoverable  reserves
or operate on a profitable basis. We are in the development stage and potential
investors   should  be  aware  of  the  difficulties  normally  encountered  by
enterprises in  the  development stage. If our business plan is not successful,
and we are not able to  operate  profitably,  investors may lose some or all of
their investment in our company.

OUR INTERESTS IN THE PRODUCTION SHARING CONTRACTS  INVOLVE  HIGHLY  SPECULATIVE
EXPLORATION   OPPORTUNITIES  THAT  INVOLVE  MATERIAL  RISKS  THAT  WE  WILL  BE
UNSUCCESSFUL

       Our working  interests  that comprise our portfolio should be considered
to be highly speculative exploration  opportunities  that will involve material
risks.  None of the working interests in which we have  an  interest  have  any
proven reserves  and  are  not  producing any quantities of oil or natural gas.
Exploratory drilling activities are  subject  to many risks, including the risk
that no commercially productive reservoirs will be encountered. There can be no
assurance that wells drilled in any of our land  portfolio  in which we have an
interest or by any venture in which we may acquire an interest  in  the  future
will  be  productive  or  that we will receive any return or recover all or any
portion of our investment.  Drilling  for  oil and gas may involve unprofitable
efforts, not only from dry wells, but from wells that are productive but do not
produce sufficient net revenues to return a  profit  after  drilling, operating
and other costs. The cost of drilling, completing and operating  wells is often
uncertain.  Drilling  operations  may  be curtailed, delayed or canceled  as  a
result of numerous factors, many of which  are  beyond  the operator's control,
including  economic  conditions, mechanical problems, title  problems,  weather
conditions, compliance  with  governmental requirements and shortages or delays
of equipment and services. Drilling  activities  on  land  in  which we hold an
interest may not be successful and, if unsuccessful, such failure  may  have  a
material  adverse  effect  on  our  future  results of operations and financial
condition.

IF  WE  ARE  UNABLE  TO  SUCCESSFULLY RECRUIT QUALIFIED  MANAGERIAL  AND  FIELD
PERSONNEL HAVING EXPERIENCE  IN  OIL AND GAS EXPLORATION, WE MAY NOT BE ABLE TO
CONTINUE OUR OPERATIONS.

       In  order  to  successfully  implement   and  manage  our  business  and
acquisition plans, we will be dependent upon, among  other things, successfully
recruiting qualified managerial and field personnel having  experience  in  the
oil  and  gas  exploration  business.  Competition for qualified individuals is
intense. There can be no assurance that  we  will  be able to find, attract and
retain existing employees or that we will be able to  find,  attract and retain
qualified personnel on acceptable terms.


<PAGE>  6

AS OUR PROPERTIES ARE IN THE EXPLORATION AND DEVELOPMENT STAGE, THERE CAN BE NO
ASSURANCE THAT WE WILL ESTABLISH COMMERCIAL DISCOVERIES ON OUR PROPERTIES.

       Exploration for economic reserves of oil and gas is subject  to a number
of risk factors. Few properties that are explored are ultimately developed into
producing  oil  and/or  gas  wells.  Our properties are in the exploration  and
development stage only and are without  proven  reserves of oil and gas. We may
not establish commercial discoveries on any of our properties.

THE POTENTIAL PROFITABILITY OF OIL AND GAS VENTURES DEPENDS UPON FACTORS BEYOND
THE CONTROL OF OUR COMPANY.

       The potential profitability of oil and gas  properties is dependent upon
many factors beyond our control. For instance, world prices and markets for oil
and gas are unpredictable, highly volatile, potentially subject to governmental
fixing, pegging, controls, or any combination of these  and  other factors, and
respond to changes in domestic, international, political, social,  and economic
environments.   Additionally,   due  to  worldwide  economic  uncertainty,  the
availability and cost of funds for  production  and  other expenses have become
increasingly  difficult, if not impossible, to project.  In  addition,  adverse
weather conditions  can  also  hinder  drilling  operations.  These changes and
events may materially affect our financial performance. These factors cannot be
accurately  predicted  and the combination of these factors may result  in  our
company not receiving an adequate return on invested capital.




EVEN IF WE ARE ABLE TO DISCOVER  AND  GENERATE  A  GAS  WELL,  THERE  CAN BE NO
ASSURANCE THE WELL WILL BECOME PROFITABLE.

       We have not yet made a discovery of gas or drilled a gas well to capture
any gas. Even if we are able to, a productive well may become uneconomic in the
event  water  or  other deleterious substances are encountered which impair  or
prevent the production of oil and/or gas from the well. In addition, production
from any well may be  unmarketable  if  it  is  impregnated with water or other
deleterious substances. In addition, the marketability of oil and gas which may
be acquired or discovered will be affected by numerous  factors,  including the
proximity  and  capacity  of  oil  and  gas pipelines and processing equipment,
market  fluctuations  of  prices,  taxes,  royalties,  land  tenure,  allowable
production and environmental protection, all  of  which could result in greater
expenses than revenue generated by the well.

COMPETITION IN THE OIL AND GAS INDUSTRY IS HIGHLY COMPETITIVE AND THERE IS NO
ASSURANCE THAT WE WILL BE SUCCESSFUL IN ACQUIRING THE LEASES.

       The  oil  and  gas industry is intensely competitive.  We  compete  with
numerous individuals and companies, including many major oil and gas companies,
which have substantially greater technical, financial and operational resources
and staffs. Accordingly,  there  is  a high degree of competition for desirable
oil and gas leases, suitable properties  for  drilling operations and necessary
drilling equipment, as well as for access to funds.  We  cannot  predict if the
necessary funds can be raised or that any projected work will be completed. Our
budget  anticipates our acquisition of additional land the Alberta  area.  This
acreage may not become available or if it is available for leasing, that we may
not be successful in acquiring the leases.

RISKS SPECIFIC TO OUR INDUSTRY

THE MARKETABILITY  OF  NATURAL  RESOURCES  WILL BE AFFECTED BY NUMEROUS FACTORS
BEYOND OUR CONTROL WHICH MAY RESULT IN US NOT  RECEIVING  AN ADEQUATE RETURN ON
INVESTED CAPITAL TO BE PROFITABLE OR VIABLE.

       The  marketability  of  natural  resources  which  may  be  acquired  or
discovered by us will be affected by numerous factors beyond our control. These
factors  include  market  fluctuations  in oil and gas pricing and demand,  the
proximity and capacity of natural resource  markets  and  processing equipment,
governmental  regulations,  land  tenure, land use, regulation  concerning  the
importing  and  exporting  of  oil  and   gas   and   environmental  protection
regulations. The exact effect of these factors cannot be  accurately predicted,
but the combination of these factors may result in us not receiving an adequate
return on invested capital to be profitable or viable.

OIL AND GAS OPERATIONS ARE SUBJECT TO COMPREHENSIVE REGULATION  WHICH MAY CAUSE
SUBSTANTIAL  DELAYS  OR REQUIRE CAPITAL OUTLAYS IN EXCESS OF THOSE  ANTICIPATED
CAUSING AN ADVERSE EFFECT ON OUR COMPANY.

       Oil and gas operations  are  subject  to  federal, state, and local laws
relating  to  the  protection  of  the environment, including  laws  regulating
removal of natural resources from the  ground  and  the  discharge of materials
into  the  environment.  Oil  and gas operations are also subject  to  federal,
state, and local laws and regulations  which seek to maintain health and safety
standards by regulating the design and use  of  drilling methods and equipment.
Various permits from government bodies are required  for drilling operations to
be  conducted; no assurance can be given that such permits  will  be  received.
Environmental  standards imposed by federal, state, or local authorities may be
changed  and any  such  changes  may  have  material  adverse  effects  on  our
activities. Moreover, compliance with such laws may cause substantial delays or
require capital outlays in excess of those anticipated, thus causing an adverse
effect on  us.  Additionally,  we  may be subject to liability for pollution or
other environmental damages. To date  we  have  not  been required to spend any
material amount on compliance with environmental regulations.  However,  we may
be  required  to  do  so in future and this may affect our ability to expand or
maintain our operations.



<PAGE>  7

EXPLORATION AND PRODUCTION  ACTIVITIES  ARE  SUBJECT  TO  CERTAIN ENVIRONMENTAL
REGULATIONS WHICH MAY PREVENT OR DELAY THE COMMENCEMENT OR  CONTINUANCE  OF OUR
OPERATIONS.

       In  general,  our  exploration  and production activities are subject to
certain federal, state and local laws and regulations relating to environmental
quality and pollution control. Such laws  and regulations increase the costs of
these activities and may prevent or delay the  commencement or continuance of a
given  operation. Compliance with these laws and  regulations  has  not  had  a
material effect on our operations or financial condition to date. Specifically,
we are subject  to  legislation regarding emissions into the environment, water
discharges and storage  and  disposition  of  hazardous  wastes.  In  addition,
legislation  has  been  enacted  which  requires well and facility sites to  be
abandoned and reclaimed to the satisfaction of state authorities. However, such
laws and regulations are frequently changed  and  we  are unable to predict the
ultimate  cost  of  compliance.  Generally, environmental requirements  do  not
appear to affect us any differently  or  to  any  greater or lesser extent than
other companies in the industry. We believe that our  operations comply, in all
material respects, with all applicable environmental regulations. Our operating
partners maintain insurance coverage customary to the industry; however, we are
not fully insured against all possible environmental risks.

EXPLORATORY DRILLING INVOLVES MANY RISKS AND WE MAY BECOME LIABLE FOR POLLUTION
OR OTHER LIABILITIES WHICH MAY HAVE AN ADVERSE EFFECT ON OUR FINANCIAL
POSITION.

       Drilling  operations generally involve a high degree  of  risk.  Hazards
such as unusual or  unexpected  geological  formations,  power  outages,  labor
disruptions, blow-outs, sour gas leakage, fire, inability to obtain suitable or
adequate  machinery,  equipment  or labor, and other risks are involved. We may
become subject to liability for pollution  or  hazards  against which it cannot
adequately  insure  or  which  it may elect not to insure. Incurring  any  such
liability may have a material adverse  effect  on  our  financial  position and
results from operations.

THE EXPLORATION FOR AND DEVELOPMENT OF OIL AND NATURAL GAS RESERVES  DEPENDS ON
ACCESS TO AREAS WHERE OPERATIONS ARE TO BE CONDUCTED.

       Seasonal  weather  variations,  including  freeze-up and break-up affect
access in certain circumstances.  Natural gas is used  principally as a heating
fuel  and  for power generation.  Accordingly, seasonal variations  in  weather
patterns  affect   the   demand  for  natural  gas.   Depending  on  prevailing
conditions, the prices received  for  sales of natural gas are generally higher
in winter than summer months, while prices  are generally higher in summer than
spring  and  fall months.  A decrease in natural  gas  or  oil  prices  due  to
seasonal variations  may  have  a  material  adverse effect on our results from
operations.

RISKS RELATED TO OUR SECURITIES

OUR COMMON STOCK IS SUBJECT TO THE "PENNY STOCK" RULES OF THE SEC AND THE
TRADING MARKET IN OUR SECURITIES IS LIMITED, WHICH MAKES TRANSACTIONS IN OUR
STOCK CUMBERSOME AND MAY REDUCE THE VALUE OF AN INVESTMENT IN OUR STOCK.

       The Securities and Exchange Commission  has  adopted  Rule  15g-9  which
establishes the definition of a "penny stock," for the purposes relevant to us,
as any equity security that has a market price of less than $5.00 per share  or
with  an  exercise  price  of  less  than  $5.00  per share, subject to certain
exceptions.  For any transaction involving a penny stock,  unless  exempt,  the
rules require:


<PAGE>  8

          - that  a  broker  or  dealer  approve  a  person's account for
             transactions in penny stocks; and
          - the  broker  or  dealer receive from the investor  a  written
             agreement  to the transaction,  setting  forth  the  identity  and
             quantity of the penny stock to be purchased.

       In order to approve a person's account for transactions in penny stocks,
the broker or dealer must:

          - obtain   financial   information  and  investment  experience
             objectives of the person; and
          - make  a reasonable determination  that  the  transactions  in
             penny stocks  are  suitable  for  that  person  and the person has
             sufficient  knowledge and experience in financial  matters  to  be
             capable of evaluating the risks of transactions in penny stocks.

       The broker or dealer  must  also  deliver, prior to any transaction in a
penny stock, a disclosure schedule prescribed by the Commission relating to the
penny stock market, which, in highlight form:

          - sets forth the basis on  which  the broker or dealer made the
             suitability determination; and
          - that  the  broker  or  dealer  received   a  signed,  written
             agreement from the investor prior to the transaction.

       Generally,  brokers  may  be  less  willing  to execute transactions  in
securities subject to the "penny stock" rules. This may  make it more difficult
for investors to dispose of our common stock and cause a decline  in the market
value of our stock.

       Disclosure  also  has to be made about the risks of investing  in  penny
stocks  in  both public offerings  and  in  secondary  trading  and  about  the
commissions  payable   to   both   the   broker-dealer   and   the   registered
representative,  current  quotations  for  the  securities  and  the rights and
remedies   available   to  an  investor  in  cases  of  fraud  in  penny  stock
transactions. Finally, monthly  statements  have  to  be sent disclosing recent
price information for the penny stock held in the account  and  information  on
the limited market in penny stocks.

FUTURE SALES OF SHARES MAY ADVERSELY IMPACT THE VALUE OF OUR STOCK.

       We  will seek to raise additional capital through the sale of our common
stock.  Future  sales  of  our common stock could cause the market price of our
common stock to decline.

IF A MARKET WERE TO DEVELOP  FOR  OUR  SHARES,  THE  SHARE PRICES MAY BE HIGHLY
VOLATILE.

       The  market  prices  of  equity  securities  of  small   companies  have
experienced extreme price volatility in recent years not necessarily related to
the   individual   performance   of   specific   companies.   Factors  such  as
announcements  by  us,  or  our  competitors concerning  products,  technology,
governmental  regulatory  actions, other  events  affecting  tanning  companies
generally and general market  conditions  may  have a significant impact on the
market price of our shares and could cause it to fluctuate substantially.

POSSIBLE ISSUANCE OF ADDITIONAL SHARES MAY IMPACT THE PRICE OF OUR STOCK SHOULD
A PUBLIC TRADING MARKET EVER DEVELOP.

       Our Certificate of Incorporation authorizes  the issuance of 100,000,000
shares of common stock.  Our Board of Directors has the  power  to issue any or
all  of  such additional common stock without stockholder approval.   Investors
should be  aware  that  any  stock issuances might result in a reduction of the
book value or market price, if  any,  of the then outstanding common stock.  If
we  were  to  issue  additional  common  stock,   such   issuance  will  reduce
proportionate ownership and voting power of the other stockholders.   Also, any
new issuance of common stock may result in a change of control.



<PAGE>  9

ITEM 2.DESCRIPTION OF PROPERTY

       We  do  not own or lease any real property. An office is maintained  for
the Company at the present time at 2413 Morocco Avenue, North Las Vegas, Nevada
89031. This office  is  provided  as  an  accommodation  to  the Company by the
president of the Company.

OIL AND GAS PROPERTIES

       The  following is a brief description of the oil and gas  properties  in
which Frontier held an interest as of December 31, 2006

Exploratory and Development Wells Drilled

       Frontier  did  not  participate  in the drilling of any wells during the
last three fiscal years.

Miscellaneous

       Frontier is not obligated to provide  quantities  of  oil  or gas in the
future  under  existing  contracts  or agreements.  Frontier has not filed  any
reports containing oil or gas reserve  estimates  with  any  federal or foreign
governmental authority or agency within the past 12 months.

ITEM 3.LEGAL PROCEEDINGS

       We are not a party to any pending legal proceeding or litigation, except
as described in the following paragraph.  In addition, none of  our property is
the  subject  of  a  pending  legal proceeding.  We are not aware of any  legal
proceedings  against  the  Company   or   our   property  contemplated  by  any
governmental authority.

       In 2006, the company was sued by a former consultant

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

       No matters were submitted to a vote of security  holders during the last
quarter of the fiscal year ended December 31, 2006.







<PAGE>  10



PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS

       Our common stock is quoted on the OTC Bulletin Board  under  the  symbol
"FRGY".

       For  the periods indicated, the following table sets forth the high  and
low per share  intra-day  sales  prices  for  our  common  stock.  These prices
represent   inter-dealer   quotations   without  retail  markup,  markdown,  or
commission and may not necessarily represent actual transactions.

 2005                High ($)    Low ($)
 ----		   ----------  ----------
 Fourth Quarter    $     1.75  $     0.35
 Third Quarter (1) $     8.00  $     0.04
 Second Quarter(1) $    80.00  $     6.00
 First Quarter (1) $    32.00  $    10.00

 2006
 ----
 Fourth Quarter    $     1.50  $     1.02
 Third Quarter     $     1.30  $     0.55
 Second Quarter    $     1.10  $     0.51
 First Quarter     $     0.65  $     0.15

_____________________

       (1)  Prices adjusted to reflect 1:40  stock  split  effective October 4,
            2005

       (2)  Prices adjusted to reflect 1:10 stock split effective  January  14,
            2005

HOLDERS

       As  of  April  1,  2007,  we had approximately 634 holders of our common
stock. The number of record holders  includes beneficial owners of common stock
whose shares are held in the names of  various  security  brokers, dealers, and
registered  clearing  agencies.   The  transfer  agent of our common  stock  is
Standard Registrar and Transfer Company, Inc., 12528  South  1840 East, Draper,
Utah 84020.

       On October 4, 2005, the Company declared a stock dividend  of  one share
of  common stock for each forty shares of common stock outstanding. On December
14, 2004,  the  Company  declared a stock dividend of one share of common stock
for each ten shares of common  stock  outstanding.  We  have  not  declared any
dividends  since  inception,  and have no present intention of paying any  cash
dividends on our shares in the  foreseeable  future.  The payment of dividends,
if any, in the future, rests within the discretion  of  our  Board of Directors
and   will   depend,  among  other  things,  upon  our  earnings,  our  capital
requirements and our financial condition, as well as other relevant factors.


<PAGE>  11


RECENT SALES OF UNREGISTERED SECURITIES

       In 2006, the Company issued 939,858 shares of restricted common stock to
an offshore investor pursuant to Regulation S for net proceeds of $185,073.

       In July 2006, the company issued its Chief Executive Officer, Mr.
Genesi, 700,000 shares of restricted common stock in connection with his
employment agreement.

       On October  12,  2005, the Company issued 5,000,000 restricted shares to
Jeffery A. Cocks which 500,000  shares  is  considered  as  a  finder's fee and
4,500,000  shares  as a fee for securing future financing totaling  $2,000,000.
The Bindloss Agreement  contained  an  upset provision that stated in the event
that Angels or Mr. Cocks were unable to  finance $1,000,000 in 90 days from the
signing of this agreement (at terms acceptable  to the Board of Directors), the
Company will acquire 4,500,000 of the Payment Shares in exchange for the mutual
release of this Agreement by all parties.  In the  event  that  Angels  and Mr.
Cocks  were  unable  to  finance  less  than $2,000,000 within 90 days from the
signing of this Agreement, the Company will  have the right to cancel 2,500,000
of the total Payment Shares.  On March 10, 2006,  based  on the non performance
of  the  agreement,  the  Company  cancelled 4,500,000 of the 5,000,000  shares
issued per the agreement.

       On July 22, 2005, the Company issued 16,250 shares in consideration for
$46,000 of debt that was cancelled.

       On  January  19,  2005,  the Company  entered  into  an  Assignment  and
Assumption  Agreement ("Agreement")  with  a  Company  that  holds  and  Option
Purchase Agreement  ("Contract")  for  purchase and sale of property in British
Columbia,  Canada.  In consideration for  the  Agreement,  the  Company  issued
246,461 (9,858,434  pre-split)  shares  of  common  stock  valued at $80,000 or
$4,000 per claim.  The stock is considered restricted securities  as defined by
the Securities Act of 1933, as amended.



EQUITY COMPENSATION PLAN INFORMATION

In 2006, the Company issued 600,000 shares in the exercise of stock options.

The following table summarizes certain information regarding our equity
compensation plans as of December 31, 2006. The underlying compensation plan
has been previously approved by a vote of the shareholders.
<TABLE>
<CAPTION>
		                   	      NUMBER OF SECURITIES                                      NUMBER OF SECURITIES
                                                TO BE ISSUED UPON            WEIGHTED-AVERAGE          REMAINING AVAILABLE FOR
                                                   EXERCISE OF              EXERCISE PRICE OF           FUTURE ISSUANCE UNDER
                                               OUTSTANDING OPTIONS,   OUTSTANDING OPTIONS, WARRANTS      EQUITY COMPENSATION
       PLAN CATEGORY                           WARRANTS AND RIGHTS              AND RIGHTS                      PLANS
----------------------------		      --------------------    -----------------------------    -----------------------
<S>                                          <C> <C>                  <C> <C>                            <C> <C>
Equity compensation plans 		                -                           -                         3,730,000
approved by shareholders
Equity compensation plans              			-                           -                             -
not approved by shareholders
					      --------------------    -----------------------------    -----------------------
Total:                                                  -                           -                         3,730,000
					      ====================    =============================    =======================
</TABLE>

<PAGE>  12



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

       The  following discussion of our plan of operation, financial  condition
and results of  operations  should  be  read  in conjunction with the Company's
consolidated  financial  statements,  and  notes  thereto,  included  elsewhere
herein.  This discussion contains forward-looking statements that involve risks
and  uncertainties.   Our  actual  results  may  differ materially  from  those
anticipated in these forward-looking statements as  a result of various factors
including, but not limited to, those discussed in this Annual Report.

IN GENERAL

       Frontier Energy Corp. has recently purchased one oil lease property that
we believe is capable of producing oil revenue.  Our ability to emerge from the
exploration stage with respect to any planned principal  business  activity  is
dependent  upon  our  efforts to raise additional equity financing and generate
significant revenue.

PLAN OF OPERATION

       The Company has  purchased  one  oil  lease  on  property located in the
western United States and we are currently attempting to raise sufficient funds
to  exploit this lease and purchase other leases.  We can  give  no  assurances
that  the  Company  will  be able to exploit its existing lease or purchase any
additional leases.

MARKETING OF PRODUCTION

       Each oil and gas property  in  which we have an interest in will have an
operator  who  will be responsible for marketing  production.  In  our  current
project, we are  not  subject to any contractual restrictions that require that
non-operators such as us  consent  to  the  terms  and  conditions of any sales
contract before it is entered into.

       Any non-operator who chooses to do so may negotiate  and  enter  into  a
sales contract with third parties for the sale of its share of oil and/or gas.

LIQUIDITY AND CAPITAL RESOURCES

       We  have  not  generated  sufficient  operating revenue or had access to
sufficient  capital to implement our business plan.  Since  our  revenues  from
operations alone  are  not  likely to provide sufficient capital to allow us to
implement our acquisition and merger plans in the near future, we must secure a
source of additional capital.

       We currently have very  limited  operating  funds,  and  we will require
additional cash to maintain our operations for the next twelve months. Based on
the  cash  we  currently  have,  we  will  likely need additional financing  to
continue operations beyond June 2007. We have  been  dependent  on  loans  from
certain  stockholders  to  continue  operations.   Thus, our success is greatly
dependent upon our ability to raise additional capital.  In  the  event that we
obtain  only  modest  amounts of additional capital to fund our operations,  we
will be forced to seek such additional capital or discontinue operations.

       We believe that  we  will  require  an additional $1,000,000 to fund our
currently  anticipated requirements for ongoing  operations  for  our  existing
business for  the  next twelve-month period. We currently intend to satisfy our
long-term liquidity  requirements  from  cash  flow  from operations and to the
extent such funds are insufficient, we must raise additional  funds  to sustain
operations.


<PAGE>  13

VARIABLES AND TRENDS

       We  have  no  operating  history  with  respect  to  oil and natural gas
exploration.   In  the event we are able to obtain the necessary  financing  to
move forward with our  business  plan,  we  expect  our  expenses  to  increase
significantly  as  we  grow  our  business  with  the acquisition of additional
property or through acquisitions.  Accordingly, the comparison of the financial
data for the periods presented may not be a meaningful  indicator of our future
performance and must be considered in light of our operating history.

CRITICAL ACCOUNTING POLICIES

       We  prepare  our  financial  statements  in conformity  with  accounting
principals generally accepted in the United States.   As  such, we are required
to  make  certain  estimates,  judgments  and assumptions that we  believe  are
reasonable based upon the information available  to  us.   These  estimates and
assumptions affect the reported amounts of assets and liabilities at  the  date
of  the  financial statements and the reported amounts of revenues and expenses
during the  periods  presented.   The  significant  accounting policies that we
believe are the most critical to aid in fully understanding  and evaluating our
reported financial results include the following:


       Full  Cost Method.  We utilize the full cost method to account  for  our
investment in  oil  and  gas properties. Accordingly, all costs associated with
acquisition, exploration and  development  of  oil  and gas reserves, including
such costs as leasehold acquisition costs, interest costs  relating to unproved
properties, geological expenditures and direct internal costs  are  capitalized
into the full cost pool. As of March 31, 2007, we had no properties with proven
reserves.  When  we  obtain  proven  oil  and  gas reserves, capitalized costs,
including  estimated  future  costs  to  develop  the  reserves  and  estimated
abandonment costs, net of salvage, will be depleted  on the units-of-production
method using estimates of proved reserves. Investments  in  unproved properties
and major development projects including capitalized interest,  if any, are not
amortized until proved reserves associated with the projects can be determined.
If  the  future exploration of unproved properties are determined uneconomical,
the amount  of  such  properties  are  added  to  the  capitalized  cost  to be
amortized.  As  of  December  31,  2006, all of our oil and gas properties were
unproved and were excluded from amortization.

       The capitalized costs included  in  the  full cost pool are subject to a
"ceiling  test",  which  limits such costs to the aggregate  of  the  estimated
present value, using an estimated  discount  rate,  of  the future net revenues
from  proved reserves, based on current economic and operating  conditions  and
the estimated  value  of  unproven properties. As at December 31, 2006, none of
our unproved oil and gas properties were considered impaired.

<PAGE>  14

       Net operating loss carryforwards.  We have not recognized the benefit in
our financial statements with  respect  to  the  approximately  $3,170,000  net
operating  loss carryforward for federal income tax purposes as of December 31,
2005.  This  benefit  was  not  recognized  due to the possibility that the net
operating  loss  carryforward  would  not  be utilized,  for  various  reasons,
including the potential that we might not have  sufficient  profits  to use the
carryforward or that the carryforward may be limited as a result of changes  in
our  equity ownership.  We intend to use this carryforward to offset our future
taxable  income.  If we were to use any of this net operating loss carryforward
to reduce  our  future  taxable income and the Internal Revenue Service were to
then successfully assert  that  our  carryforward is subject to limitation as a
result of certain capital transactions,  we  may  be  liable  for  back  taxes,
interest and, possibly, penalties prospectively.

       Impairment of Long Lived Assets.  We assess the impairment of long-lived
assets  on  an  ongoing  basis  and whenever events or changes in circumstances
indicate that the carrying value  may not be recoverable based upon an estimate
of future undiscounted cash flows.   Factors  we consider that could trigger an
impairment  review  include  the  following:  (i) significant  underperformance
relative  to expected historical or projected future  operating  results;  (ii)
significant  changes  in  the  manner  of our use of the acquired assets or the
strategy  for  our overall business; (iii)  significant  negative  industry  or
economic trends;  (iv)  significant  decline in our stock price for a sustained
period; and (v) our market capitalization relative to net book value.

       When we determine that the carrying  value  of  any long-lived asset may
not  be  recoverable  based  upon  the existence of one or more  of  the  above
indicators of impairment, we measure impairment based on the difference between
an  asset's  carrying  value  and an estimate  of  fair  value,  which  may  be
determined based upon quotes or  a  projected  discounted  cash  flow,  using a
discount rate determined by our management to be commensurate with our cost  of
capital and the risk inherent in our current business model, and other measures
of fair value.

RECENT ACCOUNTING PRONOUNCEMENTS

       In  December 2004,  the  FASB  issued  Statement  No. 123R, "Share-Based
Payment," which requires companies to recognize in the statement  of operations
all  share-based  payments  to  employees,  including grants of employee  stock
options, based on their fair values. Accounting  for  share-based  compensation
transactions  using  the intrinsic method supplemented by pro forma disclosures
will no longer be permissible.  The  new statement will be effective for public
entities in the first interim period for  fiscal years beginning after June 15,
2005, and, accordingly, will be adopted by  us in the first quarter of calendar
year  2006.    The  actual impact of adoption of  SFAS  123R  cannot  be  fully
predicted at this time because it will depend on levels of share-based payments
granted in the future.  The  adoption of this new statement will have no effect
until share-based compensation is issued by the Company.

OFF BALANCE SHEET ARRANGEMENTS

       We have no off-balance  sheet  arrangements  that have or are reasonably
likely to have a current or future effect on our financial  condition,  changes
in financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that are material to investors.



<PAGE>  15

ITEM 7.      FINANCIAL STATEMENTS

       The financial statements required to be filed hereunder are set forth on
pages F-1 through F-13 and are incorporated herein by this reference.













                               TABLE OF CONTENTS

                                                               Page No.

Report of Independent Registered Public Accounting Firm           1

Consolidated Financial Statements

   Consolidated Balance Sheet                                     2

   Consolidated Statements of Operations                          3

   Consolidated Statement of Stockholders' Deficit                4

   Consolidated Statements of Cash Flows                          5

Notes to Consolidated Financial Statements                     6-13





<PAGE> 16















            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To the Stockholders and Board of Directors
Frontier Energy Corp.
Las Vegas, Nevada

We  have audited the accompanying consolidated balance sheet of Frontier Energy
Corp.  (an  Exploration Stage Enterprise) as of December 31, 2006 and 2005, and
the related consolidated  statements  of  operations, stockholders' deficit and
cash  flows  for  the years then ended.  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 audit.

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

In our opinion, the consolidated financial statements referred to above present
fairly,  in  all  material respects, the financial position of Frontier  Energy
Corp., (an Exploration  Stage Enterprise) as of December 31, 2006 and 2005, and
the results of its operations  and  cash  flows  for  the  years  then ended in
conformity  with accounting principles generally accepted in the United  States
of America.

The accompanying  consolidated financial statements have been prepared assuming
that the Company will  continue  as a going concern.  As discussed in Note 1 to
the consolidated financial statements,  the  Company  has  suffered  losses and
current liabilities exceed current assets, all of which raise substantial doubt
about  its  ability  to  continue  as  a going concern.  Management's plans  in
regards  to  these matters are also described  in  Note  1.   The  consolidated
financial statements  do not include any adjustments that might result from the
outcome of this uncertainty.


/s/ De Joya Griffith & Associates
De Joya Griffith & Associates
Henderson, Nevada
April 16, 2007

<PAGE>  17


<TABLE>
<CAPTION>


<S>				<C>		<C>



				FRONTIER ENERGY CORP.
			 (AN EXPLORATION STAGE ENTERPRISE)
			    CONSOLIDATED BALANCE SHEETS



								 December 31,
							------------------------------
							     2006	     2005
							--------------	--------------
ASSETS

Current assets
   Cash			 				$	23,390 	$	   244
   Receivables, net of allowance for
     doubtful accounts of $76,696			 	     -   	     -
							--------------	--------------
	Total current assets		 			23,390 		   244

   Fixed assets, net 			 			 1,094 		     -
   Mineral leases			 			10,905 		     -
							--------------	--------------
Total assets				 		$	35,389 	$	   244
							==============	==============


LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
   Accounts payable and accrued liabilities		$      267,724  $      183,076
   Loans payable					       127,322 		59,217
   Due to related parties				 	   446 	   	   275
							--------------	--------------
	Total current liabilities		 	       395,492         242,568
							--------------	--------------
	Total liabilities				       395,492         242,568
							===============	==============
Commitments and contingencies				 	     - 	     	     -

Stockholders' deficit

   Common stock subscribed			 		26,000 	    	     -
   Series A preferred stock, $0.001 par value;
     1 share authorized, issued and outstanding		 	     - 	     	     -
   Series B preferred stock, $0.001 par value;
     10,000,000	authorized; and 40,000 and no
     shares issued or outstanding		 		    40 	    	     -
   Common stock, $0.001 par value; 100,000,000
     shares authorized, 3,886,464 shares issued
     and 829,606 outstanding		 			 3,886 	  	   829
   Additional paid-in capital			 	     4,982,210       3,830,950
   Common stock issued for future services on
     employment agreement				      (386,750)
   Accumulated deficit prior to reentering
     exploration stage					    (3,042,536)     (3,042,536)
   Accumulated deficit from inception of reentering
     development stage December 31, 2005		    (1,942,953)     (1,031,567)
							--------------	--------------
	Total stockholders' deficit			      (360,103)       (242,324)
							--------------	--------------
Total liabilities and stockholders' deficit		$       35,389	$	   244
							============== 	==============

			See Accompanying Notes to Financial Statements
						2

</TABLE>
<PAGE>  18



<TABLE>
<CAPTION>

<S>			<C>				<C>


						FRONTIER ENERGY CORP.
					  (AN EXPLORATION STAGE ENTERPRISE)
					CONSOLIDATED STATEMENTS OF OPERATIONS







													Cumulative Since
													   Reentering
													Exploration Stage
								   For the Years Ended			  December 2003
							-----------------------------------------	     through
							December 31, 2006	December 31, 2005	December 31, 2006
							-----------------	-----------------	-----------------

Revenue							$		-   	$		-	$		-

Operating expenses
   Officer Compensation		 				  548,150 		 	-   	 	  548,150
   General and administrative		 			  353,257 		  867,953 	    	1,304,824
   Exploration and development		 			    9,979 		    9,979
   Loss on impairment of mineral claims				   80,000 	 	   80,000
							-----------------	-----------------	-----------------
	Total operating expenses	 			  911,386 		  947,953 		1,942,953
							-----------------	-----------------	-----------------

Net loss			 			$	 (911,386)	$	 (947,953)	$      (1,942,953)
							=================	=================	=================
Earnings (loss) per common share -
  basic and diluted:

   Net loss		 				$	    (0.49)	$	    (2.39)
							=================	=================
Weighted average common shares outstanding -
   Basic and diluted		 				1,875,654 		  396,906
							=================	=================


				     See Accompanying Notes to Financial Statements
							    3

</TABLE>
<PAGE>  19

<TABLE>
<CAPTION>

<S>			<C>				<C>



						 FRONTIER ENERGY CORP.
					  (AN EXPLORATION STAGE ENTERPRISE)
					CONSOLIDATED STATEMENTS OF CASH FLOWS




													Cumulative Since
													   Reentering
													Exploration Stage
								   For the Years Ended			  December 2003
							-----------------------------------------	     through
							December 31, 2006	December 31, 2005	December 31, 2006
							-----------------	-----------------	-----------------


CASH FLOWS FROM OPERATING ACTIVITIES
   Net loss						$	 (911,386)	$	 (947,953)	$      (1,942,953)
   Adjustments to reconcile loss
     to net cash used in operating activities:
	Stock issued as finders fee for
	   farming agreement			 		  			  800,000 		  800,000
	Loss on impairment of mineral claims			 			   80,000		   80,000
	Stock based expenses	 				  581,600 		   20,000 		  667,850
   Changes in operating assets and liabilities:
	Receivables					 		- 		 	- 		 	-
	Prepaid expenses				 		- 		 	- 		 	-
	Accounts payable and accrued liabilities	 	   84,648 		   20,556 		   39,354
							-----------------	-----------------	-----------------
   Net cash used in operating activities			 (245,138)		  (27,397)		 (355,749)

CASH FLOW INVESTING ACTIVITIES
   Purchase of fixed assets			 		   (1,094)		 	- 		   (1,094)
   Acquisition of mineral leases			 	  (10,905)		 	- 		  (10,905)
							-----------------	-----------------	-----------------
	Net cash used in financing activities 			  (11,999)		 	- 		  (11,999)
							-----------------	-----------------	-----------------
CASH FLOW FINANCING ACTIVITIES
   Proceeds from issuance of common stock			  185,507 		 	- 		  230,507
   Proceeds from subscriptions for common stock			   26,000 		 	- 		   26,000
   Proceeds from borrowings from notes payable			   68,105 		   26,422 		  127,527
   Proceeds from borrowings from related parties		      671 		       70 		    2,741
				 					- 		 	- 		 	-
							-----------------	-----------------	-----------------
   Net cash provided by financing activities			  280,283 		   26,492 		  386,775
							-----------------	-----------------	-----------------
NET CHANGE IN CASH				 		   23,146 		     (905)		   19,027

CASH AT BEGINNING OF YEAR				 	      244 		    1,149 		    4,363
							-----------------	-----------------	-----------------
CASH AT END OF YEAR				 	$	   23,390 	$	      244	$	   23,390
							=================	=================	=================
SUPPLEMENTAL INFORMATION
   Interest Paid		 			$		- 	$		- 	$		-
							=================	=================	=================
   Income Taxes Paid					$		- 	$		- 	$		-
							=================	=================	=================
Non-cash activities:
   Shares issued pursuant to farm-in agreement		$		-   	$	  800,000 	$	  800,000
							=================	=================	=================
   Shares issued in settlement of accounts payable	$		-   	$	   47,216 	$	  188,096
							=================	=================	=================
   Shares issued for mineral claims		 	$		-   	$	   80,000 	$	   80,000
							=================	=================	=================
   Shares issued for settlement of lawsuit		$		-   	$		-   	$	    6,000
							=================	=================	=================
   Shares issued in settlement of debts to
     related parties		 			$		-   	$		-   	$	  462,961
							=================	=================	=================


					See Accompanying Notes to Financial Statements
							       5


</TABLE>

<PAGE>  20
<TABLE>
<CAPTION>

<S>				<C>				<C>		<C>

							      FRONTIER ENERGY CORP.
							(AN EXPLORATION STAGE ENTERPRISE)
						  CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT
						   FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005


					     Preferred A	   Preferred B		     Common Stock
					   ---------------	----------------	----------------------		   Additional
					   Shares   Amount	Shares	  Amount	Shares		Amount		Paid-in Capital
					   ------   ------	------	  ------	--------	------		---------------

Balance, December 31, 2003			1 	 - 	     - 	       - 	   9,341 	     9 		      2,169,462

Re-pricing of stock options from
   $0.20 to $0.10 resulting in the
     issuance of an additional
   400,000 shares of common stock		- 	 - 	     - 	       - 	   1,000 	     1 		 	 39,999

Shares issued to satisfy Company
   debts to its President and a
   former officer		 		- 	 - 	     - 	       - 	   9,575 	    10 		 	456,951

Shares issued for settlement of
   lawsuit										     238 	     0 		 	  5,000

Shares issued for compensation of
   stock price decrease									     500 	     1 		 	    (20)

Reversal of shares issued in error							    (500)	    (1)			     20

Shares issued for private placement
   memorandum										  10,500 	    11 		 	 31,490

Shares issued for private placement
   memorandum										   8,750 	     9 		 	 26,241

Shares issued for private placement
   memorandum										   4,500 	     5 		 	 13,496

Shares issued to satisfy payables to
   third parties									   2,406 	     2 		 	141,879

Net loss			 		- 	 - 	     - 	       - 	       - 	     - 			      -
					   ------   ------	------	  ------	--------	------		---------------
Balance, December 31, 2004			1 	 - 	     - 	       - 	  46,310 	    46 		      2,884,517
					   ======   ======	======	  ======	========	======		===============
Issuance of shares in exchange for
   mineral claims									 246,461	   246 		 	 79,754

Issuance of 16,250 stock options

   for settlement of payable													 47,216

Exercise of stock options								  16,250 	    16 		 	    (16)

Rounding for reverse split								     585

Issuance of shares for
   consulting services									  20,000 	    20 		 	 19,980

Issuance of shares for finder's fee

   related to the Bindloss Agreement							 500,000 	   500 		 	799,500

Net loss			 		- 	 - 	     - 	       - 	       - 	     - 			      -
					   ------   ------	------	  ------	--------	------		---------------
Balance, December 31, 2005			1   $	 - 	     - 	  $    - 	 829,606 	$  829 		$     3,830,950

Exercise of stock options for loan		- 	 - 	     - 	       - 	 500,000 	   500 		 	      -

Exercise of stock options for cash		- 	 - 	     - 	       - 	 434,000 	   434 		 	      -

Issuance of shares per employment
   agreements	 				- 	 - 	     - 	       - 	 700,000 	   700 		 	713,300

Compensation paid with 254,167
   shares of common stock		 	- 	 - 	     - 	       - 	 108,000 	   108 		 	110,392

Issuance of shares for
   consulting services			 	- 	 - 	     - 	       - 	 375,000 	   375 			103,075

Issuance of shares to Director
   containing 1,000 votes per share	 	- 	 - 	40,000 	      40 	       - 	     - 		 	 40,360

Issuance of Reg S Shares			- 	 - 	     - 	       - 	 939,858 	   940 		 	184,133

Common stock subscribed

Net loss			 		- 	 - 	     - 	       - 	       - 	     -	 		      -
					   ------   ------	------	  ------       ---------	------		---------------
Balance, December 31, 2006			1   $    - 	40,000 	  $   40       3,886,464 	$3,886 		$     4,982,210
					   ======   ======	======	  ======       =========	======		===============


						See Accompanying Notes to Financial Statements
								       4




</TABLE>

<PAGE>  21


<TABLE>
<CAPTION>

<S>				<C>				<C>		<C>

							      FRONTIER ENERGY CORP.
							(AN EXPLORATION STAGE ENTERPRISE)
						  CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT
						   FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
								   (CONTINUED)



														 Accumlated
												Accumulated	   Deficit
									  Common Stock		 Deficit	    After
									Issued for Future	 Prior to	 Reentering
									   Services on 		Reentering	 Exploration		    Total
						     Common		    Employment		Exploration	  Stage on		Stockholders'
						Stock Subscribed	    Agreement		   Stage	Dec. 31, 2003		   Defiict
						----------------	-----------------	-----------	-------------		------------

Balance, December 31, 2003						       			 (3,042,536)		    -  		    (873,065)

Re-pricing of stock options from
   $0.20 to $0.10 resulting in the
   issuance of an additional
   400,000 shares of common stock						 			  - 		    - 		      40,000

Shares issued to satisfy Company
   debts to its President and a
   former officer						 				 	  - 	 	    - 		     456,961

Shares issued for settlement of lawsuit											 		       5,000

Shares issued for compensation of
   stock price decrease										 						 (20)

Reversal of shares issued in error											 			  20

Shares issued for private placement
   memorandum										 						      31,500

Shares issued for private placement
   memorandum										 						      26,250

Shares issued for private placement
   memorandum										 						      13,500

Shares issued to satisfy payables to
   third parties															     141,881

Net loss			 			       - 		 	- 		  - 	      (83,614)		     (83,614)
						----------------	-----------------	-----------	-------------		------------
Balance, December 31, 2004			 	       - 		 	- 	 (3,042,536)	      (83,614)		    (241,587)
						================	=================	===========	=============		============
Issuance of shares in exchange for
   mineral claims		 			       - 		 	- 						      80,000

Issuance of 16,250 stock options
   for settlement of payable		 		       - 		 	- 						      47,216

Exercise of stock options			 	       -	 		- 						 	   -

Rounding for reverse split			 	       - 		 	-

Issuance of shares for
   consulting services					       - 		 	- 						      20,000

Issuance of shares for finder's fee
   related to the Bindloss Agreement		 	       - 		 	- 						     800,000

Net loss			 			       - 		 	- 		  - 	     (947,953)		    (947,953)
						----------------	-----------------	-----------	-------------		------------
Balance, December 31, 2005			$	       - 	$		- 	$(3,042,536)	$  (1,031,567)		$   (242,324)
						================	=================	===========	=============		============
Exercise of stock options for loan			       - 		 	- 						 	 500

Exercise of stock options for cash			       - 		 	- 						 	 434

Issuance of shares per employment
   agreements	 					       - 		 (386,750)						     327,250

Compensation paid with 254,167
   shares of common stock		 		       - 		 	- 						     110,500

Issuance of shares for
   consulting services			 		       - 		 	- 						     103,450

Issuance of shares to Director
   containing 1,000 votes per share	 		       - 		 	- 						      40,400

Issuance of Reg S Shares			 	       - 		 	- 						     185,073

Common stock subscribed			 		  26,000 								 	      26,000

Net loss			 			       - 		 	- 		  - 	     (911,386)		    (911,386)
						----------------	-----------------	-----------	-------------		------------
Balance, December 31, 2006			$	  26,000 	$	 (386,750)	$(3,042,536)	$  (1,942,953)		$   (360,103)
						================	=================	===========	=============		============



						See Accompanying Notes to Financial Statements
								       5

</TABLE>
<PAGE>  22

<PAGE>
                             FRONTIER ENERGY CORP.
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               DECEMBER 31, 2006




NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

Re-entering Exploration Stage - As described below, the Company distributed the
assets and liabilities  of the operating segment of the Company on November 26,
2003.  Subsequent to that  date,  the  Company changed from a computer services
company  to  an exploration company pursuing  interests  in  the  oil  and  gas
industry.  The  Company  has  devoted most of its efforts ito establish the new
business with raising capital and acquiring mineral leases.

Organization History -  Frontier  Energy  Corp., (the "Company") was originally
incorporated on  April  14,  1998  according  to  the  laws  of  Colorado.  The
Company  was reincorporated  according  to  the  laws  of  Delaware on February
17, 2000.  On February  27, 2001, World Internetworks,  Inc.  ("WINS")  entered
into  an Agreement and  Plan  of  Reorganization  and  Merger  (the  "Plan   of
Merger")  with  GTD Acquisition,  Inc.  ("Newco")  and GT Data Corporation ("GT
Data").  On  March  20,  2001,   and  pursuant  to a Certificate filed with the
Nevada Secretary of State, the  WINS   effected  a 1 for 2 reverse split of all
the outstanding shares of its common stock, options  and  warrants. Immediately
following  the  reverse  split WINS had  250,000,000  shares   authorized   and
355,206 shares issued and  outstanding.  Outstanding  options and warrants were
11,225  and 40,750 respectively, after the  reverse   split.   On   March   22,
2001,  the  Plan  of  Merger became effective (the "Merger"). Under the Merger,
Newco merged with and into  GT Data, with GT Data as the  surviving  subsidiary
of  the  Company.  On  December  3,  2001, the Company changed  its  name  from
WINS  to  GT Data Corporation. Pursuant  to  the  Plan  of  Merger,  all of the
384,420  outstanding preferred B and common shares of GT Data  were   exchanged
for  shares   of   WINS   1 for 1 on a post-split basis and 37,500 shares  were
issued  to  Fairway Capital  Partners,  LLC,  a  finder, in connection with the
transaction. All of the outstanding shares of Newco  were converted into shares
of GT Data as the surviving corporation, with WINS as  the sole holder of those
shares.  The transaction was regarded as a reverse merger  whereby  GT Data was
considered   to   be   the  accounting acquirer as it retained control of  WINS
after  the  Merger.  Pursuant   to  the Plan of Merger, certain shareholders of
GT Data  agreed  to  surrender  358,297   shares   of  common  stock  prior  to
the  consummation   of   the   Merger.    Prior  to the merger,  the  WINS  had
insignificant business  activity.  The  accounting   for   the   acquisition is
identical  to  that  resulting  from a reverse acquisition, except goodwill  or
other  intangible assets are  not   recorded.   Accordingly,   these  financial
statements are the historical financial  statements  of  GT  Data.

Up until November 2003, the Company was engaged in the sale, repair and support
service   of  in-warranty  and  out-of-warranty computer peripheral devices for
a variety   of   large   and  small brand name manufacturers through its wholly
owned
subsidiary, Technical Services  &  Logistics  Inc.  ("TSLi").   On November 17,
2003,  the   Company's  Board of Directors voted unanimously to liquidate  TSLi
through a General   Assignment  benefiting  the creditors of TSLi.  On November
26, 2003, the
Company  consummated  a  General Assignment Agreement  ("the  agreement")  that
assign all  the  assets and  liabilities  of  TSLi  to  the C.F. Boham Company,
Inc., d.b.a. the  Hamer  Group, of Los Angeles, California.   The assignment is
essentially a
liquidation   of   TSLi  that  was overseen by the Hamer Group,  who  acted  as
trustee of  TSLi's  affairs  during  the  liquidation  process.

Pursuant  to the terms of the agreement,  the  Company  agreed  to  immediately
assign all of  TSLi's assets and liabilities, and forward all books and records
relating to  TSLi,   to   the  Hamer Group.  The assignment constitutes a grant
deed to all real
property   owned   by  TSLi and effectively  transfers  title  of  TSLi's  real
property to  the  Hamer  Group.  In  addition,  the  agreement  transfers legal
title and possession  of   all   assets   and  liabilities of TSLi to the Hamer
Group and also gave  the  Hamer Group sole authority,  and  responsibility,  to
sell  the assets of TSLi  and  distribute  any available funds to the creditors
of TSLi.  In effect, the  agreement  gives  total  and complete control of TSLi
to the  Hamer  Group  to  oversee  the liquidation process.  The agreement also
stated that the Hamer Group shall pay itself, from the gross proceeds of sales,
collections, operations, and any  and   all  other sources, a minimum of thirty
thousand  dollars  ($30,000)  plus reasonable  administrative   expenses.   The
agreement also stated that the  Hamer  Group is entitled to pay its agents, and
any other professionals and individuals  employed  on  its  behalf, for any and
all  services  and  expenses incurred during  the   liquidation  of  TSLi.   In
addition, the Hamer Group  is  entitled  to  a 15% fee on gross recoveries from
collections  on  preferences  or  lawsuits  and  a reasonable  fee,   including
expenses,  for  the  collection  thereof.  In the  event  that  an  involuntary
proceeding    is  filed,  the  Hamer  Group  may  pay  its  counsel,  or  other
professionals,   out  of  liquidated  recoveries  of  TSLi's  estate.  Per  the
agreement,  all  aforementioned   amounts   are   to be determined at the sole,
but reasonable, discretion of the Hamer Group, and  judgment  shall include but
not be limited  to  monthly administrative charges.  The Company  has accounted
for  this  assignment  of  TSLi  as discontinued operations in accordance  with
Statement of  Financial  Accounting  Standards  ("SFAS")  No.  144,  see Note 2
for additional  discussion.    Accordingly,   the   Company  has  reflected all
activities related to
TSLi    operations    as    discontinued   operations   in   the   accompanying
financial statements.


<PAGE>  23
                             FRONTIER ENERGY CORP.
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               DECEMBER 31, 2006


NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (continued)

As   a   result   of   the discontinued  operations  of  TSLi  activities,  the
Company's sole  activity   as   of   December  31, 2006 and 2005 is maintaining
its corporate affairs.

On July 27, 2005, the Company authorized a name change to Frontier Energy Corp.
and  changed the authorized shares to 100,000,000  shares  with  par  value  of
$0.001 per share.  The Company also approved a 1-for -40 reverse stock split of
its  common   stock.   Accordingly,  the  accompanying  consolidated  Financial
Statements have  been  retroactively adjusted as if the reverse stock split had
occurred at the Company's inception.

The Company formed FEC Holdings,  Corp  ("FEC").  as  a  Canadian subsidiary to
facilitate  the  proposed  merger  with Sol-Terra Energy, Inc.  (see  Note  5).
During the proposed merger negotiations,  FEC  incurred some exploration costs,
primarily connected to the Angels Exploration Fund,  Inc.  outlined  in Note 5.
After  the  termination of the Sol-Terra Energy, Inc. merger negotiations,  FEC
ceased operations in 2006.

On January 19,  2005,  the  Company  entered  into an Assignment and Assumption
Agreement ("Agreement") with a Company that holds and Option Purchase Agreement
("Contract") for purchase and sale of property in British Columbia, Canada.
In consideration for the Agreement, the Company  issued 246,461 (9,858,434 pre-
split) shares of common stock valued at $80,000.00.

Going  concern  -  The Company incurred a net loss  of  approximately  $911,000
and $948,000 for the years ended December 31, 2006 and 2005, respectively.  The
Company's liabilities exceed its assets (net of prepaid stock compensation)  by
approximately   $372,000   as   of   December  31,  2006.  The  Company's  sole
operations   has   been   discontinued   with  no  other  source  of  operating
revenues. These  factors  create substantial  doubt about the Company's ability
to  continue  as   a   going  concern.  The  Company's   management   plans  to
continue as a going concern  revolves  around  its  ability  to  develop and/or
acquire new business operations,   as  well  as,  raise  necessary  capital  to
maintain the corporate affairs  of  the  Company.

The  ability of the Company to continue  as  a  going  concern  is dependent on
securing  additional sources of capital and the success of the Company's  plan.
The financial statements do not include any adjustments that might be necessary
if the  Company is unable to continue as a going  concern.

Use  of  estimates   -  The  preparation  of financial statements in conformity
with  accounting   principles  generally  accepted   in   the   United   States
requires management  to make estimates and assumptions that affect the reported
amounts of assets  and   liabilities   and  disclosure of contingent assets and
liabilities  at  the   date  of  the  financial  statements  and  the  reported
amounts of revenue and expenses  during  the periods presented.  Actual results
could differ from those estimates.

Principles  of consolidation  -  The  consolidated financial statements include
the  accounts   of   the  Company  and  its  wholly   owned  subsidiaries.  All
significant  intercompany  accounts and transactions have  been  eliminated  in
consolidation.

Property   and   equipment   -    Fixed   assets   are   stated  at  cost  less
accumulated  depreciation.   Depreciation    is  provided  principally  on  the
straight-line method over the estimated useful  lives  of the assets, which are
generally 5 to 7 years. The  amounts  of  depreciation provided  are sufficient
to charge the cost of the related  assets  to  operations  over their estimated
useful lives.  The cost of repairs  and  maintenance  is  charged to expense as
incurred.    Expenditures   for  property   betterments   and   renewals    are
capitalized.  Upon  sale  or   other disposition  of  a  depreciable  property,
cost and accumulated depreciation  are  removed   from   the  accounts  and any
gain or loss is reflected in other income.

The   Company   periodically   evaluates   whether  events  and   circumstances
have occurred  that may warrant revision of  the estimated useful life of fixed
assets  or   whether  the  remaining  balance  of   fixed   assets   should  be
evaluated for  possible   impairment.   The   Company  uses  an estimate of the
related  undiscounted cash  flows  over  the  remaining  life   of   the  fixed
assets in measuring their recoverability.

Comprehensive   income   -   In  June  1998, the Financial Accounting Standards
Board  ("FASB")  issued  SFAS  No. 130, "Reporting  Comprehensive  Income"  was
issued.  SFAS No. 130  establishes  standards  for the reporting and display of
comprehensive income  and its components  in  the  financial statements.  As of
December  31,  2005  and   2004,  the  Company  has  no  items  that  represent
comprehensive income and, therefore,   has   not   included   a   schedule   of
Comprehensive  Income  in  the accompanying  financial  statements.

Income  taxes  -  The  Company accounts for its income taxes in accordance with
SFAS No.  109 "Accounting  for  Income  Taxes,"   which requires recognition of
deferred tax assets and liabilities for future  tax  consequences  attributable
to   differences   between   the  financial statement   carrying   amounts   of
existing  assets  and  liabilities  and  their respective  tax  bases  and  tax
credit  carryforwards.  Deferred tax  assets  and  liabilities   are   measured
using enacted tax rates expected to apply to taxable income  in  the  years  in
which those  temporary  differences  are expected to be recovered  or  settled.
The  effect on deferred tax assets and liabilities of a change  in tax rates is
recognized in operations in the period that includes the enactment  date.

As  of  December  31,  2006,  the  Company has  available  net  operating  loss
carryovers of  approximately  $2,428,000   that  will expire in various periods
through  2026.  Such   losses   may   not  be  fully  deductible   due  to  the
significant amounts of non-cash  service  costs.  The Company has established a
valuation  allowance  for  the   full  tax   benefit   of  the  operating  loss
carryovers due to the uncertainty regarding  realization.


Stock-based   compensation  -  The   Company   applied   Accounting  Principles
Board ("APB")   Opinion   No.  25  through December 31, 2005. Effective January
1,  2006,  the Company adopted  SFAS  123(R)  using  the  modified  prospective
transition  method,   which   requires   the  measurement  and  recognition  of
compensation expense for all share-based payment  awards  made to the Company's
employees  and  directors  including  stock  options under the New  Plan.   The
Company's  financial  statements   reflect  the  effect   of  SFAS  123(R).  In
accordance  with  the  modified  prospective transition method,  the  Company's
financial statements for prior periods  have  not been restated to reflect, and
do  not  include, the impact of SFAS 123(R). Share-based  compensation  expense
recognized  is  based on the value of the portion of share-based payment awards
that  is  ultimately   expected   to  vest.  Share-based  compensation  expense
recognized in the Company's Statements  of  Operations  during  the  year ended
December 31, 2006 included compensation expense for share-based payment  awards
granted  prior  to,  but  not  yet vested, as of December 31, 2005 based on the
grant date fair value estimated  in accordance with the pro forma provisions of
SFAS 123 and compensation expense  for  the  share-based payment awards granted
subsequent to December 31, 2005 based on the grant date fair value estimated in
accordance with the provisions of SFAS 123(R). In conjunction with the adoption
of  SFAS  123(R), the Company elected to attribute  the  value  of  share-based
compensation   to  expense  using  the  straight-line  attribution. Share-based
compensation expense  related  to  stock  options was $ - and $ - for the years
ended December 31, 2006 and 2005, respectively. During the years ended December
31, 2006, and 2005, there was no share-based  compensation  expense  related to
stock  options  recognized under the intrinsic value method in accordance  with
APB 25.



Upon adoption of  SFAS  123(R),  the  Company  elected to value its share-based
payment awards granted after January 1, 2006 using  the  Black-Scholes  option-
pricing model, which was previously used for its pro-forma information required
under SFAS 123. The Black-Scholes model was developed for use in estimating the
fair  value  of  traded options that have no vesting restrictions and are fully
transferable.  The   Black-Scholes   model   requires   the  input  of  certain
assumptions. The Company's options have characteristics significantly different
from  those  of traded options, and changes in the assumptions  can  materially
affect the fair value estimates.


The Company issued  2,000,000  shares for stock compensation to officers of the
Company on February 17, 2006.  The employment agreements vest the shares over a
24 month period beginning with the  date of issue.  Valuation of $2,040,000 was
based upon the weighted average stock  price  of  $1.02  for the 5 trading days
preceding the issuance of the shares.  The compensation is  being expensed on a
monthly  basis  as  the  shares vest.  Payroll taxes are being accrued  on  the
vested  shares.  The Company  incurred  stock  based  compensation  expense  of
$437,750  for the year ended December 31, 2006.  The Company has cancelled  two
certificates  totaling  1,300,000  shares  with value totaling $1,326,000.  The
Company issued  shares to the terminated officers for the vested 108,000 shares
instead of the certificates for the full amount.   The  third officer holds his
700,000  restricted  share certificate, valued at $714,000.   The  Company  has
recorded the issued shares  as  a prepaid expense and accrued the vested shares
against the prepaid monthly.  As  of  December  31,  2006,  the  Company vested
320,833  shares valued at $327,250, with a remaining prepaid of 379,167  shares
valued at $386,750.

Net  income  (loss)  per  common share - The Company computes net income (loss)
per share  in  accordance   with   SFAS   No.  128,  "Earnings  per  Share" and
SEC Staff Accounting  Bulletin  ("SAB")  No.  98.  Under the provisions of SFAS
No. 128 and SAB  No.  98,  basic  net  loss  per  share is computed by dividing
the net loss available  to  common stockholders  for the period by the weighted
average  number of  shares  of  common  stock outstanding  during  the  period.
The calculation  of  diluted  net  loss  per share gives effect to common stock
equivalents, however,  potential   common   shares   are   excluded   if  their
effect  is  antidilutive.


<PAGE>  24

NEW ACCOUNTING PRONOUNCEMENTS

EITF Issue No. 06-3
In  June  2006, the Emerging Issues Task Force ("EITF") reached a consensus  on
EITF Issue  No. 06-3,  "How  Taxes  Collected  from  Customers  and Remitted to
Governmental Authorities Should Be Presented in the Income Statement  (That Is,
Gross  versus  Net  Presentation)"  ("EITF 06-3"). EITF 06-3 provides that  the
presentation of taxes assessed by a governmental  authority  that  is  directly
imposed  on a revenue-producing transaction between a seller and a customer  on
either a gross  basis  (included  in  revenues  and  costs)  or  on a net basis
(excluded  from  revenues)  is  an  accounting  policy decision that should  be
disclosed.  The  provisions  of  EITF  06-3  will be effective  for  us  as  of
January 1, 2007. We do not expect that the adoption  of  EITF  06-3 will have a
material impact on our consolidated financial statements.

FASB Interpretation No. 48
In  July  2006, the FASB issued FIN 48, "Accounting for Uncertainty  in  Income
Taxes-an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48 clarifies
the recognition  threshold  and  measurement  of  a tax position taken on a tax
return. FIN 48 is effective for fiscal years beginning after December 15, 2006.
FIN 48 also requires expanded disclosure with respect  to  the  uncertainty  in
income  taxes.   We are currently evaluating the requirements of FIN 48 and the
impact this interpretation may have on our financial statements.

SAB No. 107
In September 2006,  the  SEC  Staff  issued  SEC  Staff Accounting Bulletin 107
"Implementation Guidance for FASB 123 (R)."  The staff   believes  the guidance
in  the SAB will assist issuers in their initial implementation  of   Statement
123R  and  enhance  the  information  received  by investors and other users of
financial  statements,  thereby  assisting  them in making investment and other
decisions.   This  SAB  includes   interpretive guidance related to share-based
payment transactions with non-employees,   the  transition  from  nonpublic  to
public entity status, valuation methods (including assumptions such as expected
volatility   and  expected   term),   the   accounting   for certain redeemable
financials  instruments  issued  under  share-based  payment arrangements,  the
classification   of   compensation  expense,   non-GAAP   financial   measures,
first-time  adoption of  Statement  123R  in an interim period,  capitalization
of  compensation  cost  related  to share-based   payment   arrangements,   the
accounting for income tax effects  of  share-based  payment  arrangements  upon
adoption of Statement 123R and disclosures  of  MD&A  subsequent to adoption of
Statement 123R.

SAB No. 108
In  September  2006,  the SEC Staff issued Staff Accounting  Bulletin  No. 108,
"Considering  the  Effects   of   Prior  Year  Misstatements  when  Quantifying
Misstatements in the Current Year Financial  Statements"  ("SAB  No. 108"). SAB
No. 108  requires  the  use  of  two  alternative  approaches in quantitatively
evaluating  materiality  of  misstatements. If the misstatement  as  quantified
under either approach is material to the current year financial statements, the
misstatement must be corrected.  If  the  effect  of  correcting the prior year
misstatements, if any, in the current year income statement  is  material,  the
prior  year  financial  statements should be corrected. In the year of adoption
(fiscal years ending after November 15, 2006 or calendar year 2006 for us), the
misstatements may be corrected  as  an  accounting  change by adjusting opening
retained  earnings  rather  than  being  included  in the current  year  income
statement. We are currently evaluating the requirements  of SAB No. 108 and the
impact it may have on our consolidated financial statements.

SFAS No. 157
In  September  2006,  the  FASB issued SFAS No. 157, "Fair Value  Measurements"
(SFAS 157). SFAS 157 provides  guidance  for using fair value to measure assets
and liabilities. SFAS 157 addresses the requests  from  investors  for expanded
disclosure  about  the extent to which companies measure assets and liabilities
at fair value, the information  used  to  measure  fair value and the effect of
fair value measurements on earnings. SFAS 157 applies  whenever other standards
require (or permit) assets or liabilities to be measured  at  fair  value,  and
does  not  expand  the  use of fair value in any new circumstances. SFAS 157 is
effective for financial statements  issued  for  fiscal  years  beginning after
November  15, 2007 and will be adopted by the Company in the first  quarter  of
fiscal year  2009.  The  Company is unable at this time to determine the effect
that its adoption of SFAS  157  will  have  on  its  results  of operations and
financial condition.


<PAGE>  25

SFAS No. 158
In  September  2006,  the FASB issued SFAS No. 158, "Employers' Accounting  for
Defined Benefit Pension  and Other Postretirement Plans" ("SFAS No. 158"). SFAS
No. 158  requires companies  to  recognize  in  their  statement  of  financial
position an  asset  for  a plan's overfunded status or a liability for a plan's
underfunded status and to  measure  a  plan's  assets  and its obligations that
determine  its  funded  status  as  of  the end of the company's  fiscal  year.
Additionally,  SFAS No. 158 requires companies  to  recognize  changes  in  the
funded status of  a  defined  benefit  postretirement plan in the year that the
changes occur and those changes will be  reported  in comprehensive income. The
provision of SFAS No. 158 that will require us to recognize  the  funded status
of our postretirement plans, and the disclosure requirements, will be effective
for  us  as  of December 31, 2006. We do not expect that the adoption  of  SFAS
No. 158 will have a material impact on our consolidated financial statements.

SFAS No. 123(R)-5
FSP FAS  123(R)-5   was   issued   on   October   10,  2006.  The FSP  provides
that  instruments   that were  originally  issued  as   employee   compensation
and then modified, and that modification is made to the terms of the instrument
solely to reflect an  equity   restructuring   that   occurs  when the  holders
are no longer employees, then no change in the recognition  or  the measurement
(due  to  a change in  classification)  of those  instruments  will  result  if
both of the  following  conditions  are  met: (a). There is no increase in fair
value of the award (or the ratio of intrinsic   value  to the exercise price of
the  award  is  preserved,   that  is,  the  holder  is  made  whole),  or  the
antidilution provision is not added to the terms of the award in  contemplation
of an equity  restructuring;  and (b). All holders of the same class  of equity
instruments  (for example, stock options) are treated in the same manner.   The
provisions in  this  FSP  shall  be  applied  in  the  first  reporting  period
beginning  after  the  date  the  FSP is posted to the FASB website.   We  will
evaluate   whether  the  adoption  will  have  any  impact  on  your  financial
statements.

Reclassification  -   The   financial   statements  for  2006  reflect  certain
reclassifications,  which  have  nominal   effect   on  net  income, to conform
to classifications  in  the  current  year.


NOTE  2  -  MINERAL RIGHTS-

On  January  19,  2005, the Company entered into an Assignment  and  Assumption
Agreement ("Agreement") with a Company that holds and Option Purchase Agreement
("Contract") for purchase and sale of property in British Columbia, Canada.  In
consideration for the  Agreement,  the  Company  issued 246,461 (9,858,434 pre-
split) shares of common stock valued at $80,000.00.    On   January   22, 2005,
the  registrant  acquired  the  100%  interest  in a copper, gold and  platinum
mineral  prospect  (the "Property").  The Property  consists of 20 claim  units
in central British Columbia, Canada approximately 45  miles  east  of  Williams
Lake.   The  Property  is  located  in  the  central Quesnel Trough and adjoins
the  south  border  of Imperial Metals', Mount Polley copper/gold mine.  Due to
the Company's  change  of  business  direction  and  decision  to not renew the
required  annual  2006  fees  for  maintaining  these  claims, the Company  has
recorded an $80,000 loss on impairment of mineral claims in 2005.

On  October  12,  2005,  the  Company  entered  into an agreement  with  Angels
Exploration  Fund,  Inc. (Angel's).  The October 12  agreement  agreed  to  pay
5,000,000 in restricted  shares  for  the  funding of test wells on property in
Alberta, Canada.  An additional 100,000 restricted  shares  are  deliverable if
the  first test well is taken to completion.  If Angel's is unable  to  provide
$1,000,000 in financing costs within 90 days of the agreement, 4,500,000 of the
shares will be cancelled.  If Angel's is unable to provide $2,000,000 within 90
days of  the  agreement, the Company will have the right to cancel 2,500,000 of
the shares.   Under  the  agreement,  the  Company  acquired  an eighty percent
working interest from Angels undivided 100 percent working interest, subject to
a 10 percent gross overriding royalty.

On  October  25,  2005, the Company and Angel's entered into an agreement  with
1097855 Alberta, Ltd.  to  drill  test  wells on property that 1097855 Alberta,
Ltd. has title interest.  Development is  to  begin  prior  to  July  30, 2006.
Under  the  agreement, the Company could earn a ninety percent working interest
from the undivided 100 percent working interest that 1097885 Alberta Ltd. owns,
subject to a 15 percent gross overriding royalty.

On March 31,  2006,  no  additional  exploration  had  been  performed  on  the
agreements and the Company agreed to cancel the agreements.

In  December  2006,  the  Company  paid $10,905 to lease 640 acres in the Rocky
Mountain range for a 10 year term.   The Company will amortize the costs of the
lease over the lease life.

NOTE  3  -  RELATED  PARTY  TRANSACTIONS-

Due to Related Parties - Due to related  parties at December 31,  2006 and 2005
totaling   $446 and $275, respectively consist   of  working  capital  advances
from  the Company's  stockholders.   The  advances  are  non-interest  bearing,
unsecured and due on demand.

During  2006  the  President  of the company received 40,000 shares of Series B
preferred stock for services.   Each  Series  B  preferred share has the voting
rights of 1,000 shares of common stock.  Valuation  of  $40,400  was based upon
the weighted average stock price of $1.01 for the 5 trading days preceding  the
issuance of the shares.

NOTE  4  -  INCOME  TAXES

The   Company   did  not  record  any  current or deferred income tax provision
or benefit  for  any  of  the  periods  presented  due to continuing net losses
and nominal  differences.

The  Company  has  provided  a  full  valuation  allowance  on the deferred tax
asset, consisting  primarily  of net operating losses, because  of  uncertainty
regarding its realizability.

As  of  December 31, 2006 and 2005, the Company had a net operating loss  carry
forward  of  approximately  $4,824,000 and $4,090,000 respectively for  federal
income  tax  purposes  to offset future taxable  income,  if  any.  Utilization
of the net operating  loss  carry  forward,  which   will   expire  in  various
periods through 2026, may be subject to certain limitations   under Section 382
of the Internal Revenue Code of 1986, as amended, and  other limitations  under
state  and  foreign  tax  laws.   To  the extent that net operating  losses  of
approximately   $4,824,000,  when  realized,   relate  to  stock  options   and
warrants, the resulting benefits will be credited to stockholders' equity.

Deferred   income   taxes   reflect   the   net   tax   effects   of  temporary
differences  between   the   carrying  amounts  of  assets and liabilities  for
financial reporting purposes and the amounts used for  income tax purposes.  As
of  December  31,  2006 and 2005 the significant components  of  the  Company's
deferred tax assets are approximately as follows:

<PAGE>  26

                                             2006           2005
					 -----------	-----------
Net operating loss                       $(5,001,000)	$(4,090,000)
Stock based compensation                   2,573,000   	  1,992,000
					 -----------	-----------
                                         $ 2,428,000  	$ 2,098,000
					 ===========	===========
Deferred tax asset at 35%                $   850,000   	$   734,000
Valuation allowance for deferred
	tax assets			    (850,000) 	   (734,000)
					 -----------	-----------
       Net deferred tax assets           $        -- 	$        --
					 ===========	===========


NOTE  5  -  STOCKHOLDERS'  EQUITY

Preferred  Stock  -   The   Company's  articles  of  incorporation authorize up
to 27,000,000 shares of $0.001  par  value preferred stock. Shares of preferred
stock may  be  issued  in  one  or more  classes  or series at such time as the
Board of
Directors  determine.  During  fiscal  2000, the Board  of Directors designated
1 share  of Series A preferred stock ("Preferred A"). Each share of Preferred A
is convertible  into  common stock at a rate of $10.00 per  share,  subject  to
future  adjustments,  as  defined.  As  of December 31, 2005, the Company has 1
share of Preferred  A  issued  and  outstanding.

During  fiscal   2000,  the Board of Directors had designated 10,000,000 shares
of Series  B 7% convertible  preferred  stock ("Preferred B"). Each Preferred B
share has  a  liquidation preference of $10.00 per share plus accrued dividends
and is
convertible   at anytime into such number  of  fully  paid  and  non-assessable
shares of  common   stock   as   is   determined   by  dividing $10.00 plus the
amount of any accrued  and  unpaid  dividends by the conversion price of $10.00
at the time of conversion,  subject  to  future adjustments,  as  defined.  The
Preferred  B  shares  are  automatically converted in the event of an effective
registration statement  filing   or   and   affirmative   vote of the preferred
holders  voting  as a separate class.  As  of  December  31,   2006  and  2005,
40,000 and no shares, respectively, of Preferred B were issued or outstanding.

Common  Stock  -

During  2004, the  Company  issued 500 (200,000 pre-split) shares of its common
stock  to its President  as a  result  of  options  that  were  exercised.  The
options were granted as a result of options previously granted and exercised in
2003 with an exercise price  of  $0.20.  The  Company had elected  to  re-price
those previously granted and  exercised  options  from  $0.20  to  $0.10  which
resulted  in the additional issuance  of  options  for  500 (200,000 pre-split)
shares of common  stock.   The  re-pricing  and  additional  issuance  of  such
options has resulted in an expense to Company of approximately   $20,000  which
has  been  reflected  in  2005.

On July 27, 2005, the Company authorized a name change to Frontier Energy Corp.
and  changed  the  authorized  shares  to 100,000,000 shares with par value  of
$0.001 per share.  The Company also approved a 1-for -40 reverse stock split of
its  common  stock.   Accordingly,  the  accompanying   consolidated  Financial
Statements have been retroactively adjusted as if the reverse  stock  split had
occurred at the Company's inception.

Pursuant to the upset provision in the Angel's Agreement that was signed by the
Company  on  October 12, 2005, the Company cancelled 4,500,000 of the 5,000,000
shares issued to Mr. Jeffrey A. Cocks in March 2006.  The remaining shares were
accounted for by the Company as a finder's fee for the agreement.

During 2006, Consultants  to  the  Company exercised options to acquire 500,000
shares of common stock at par value.   The consultants paid for the exercise by
reducing accounts payable owed by the Company.

During  2006, The Company issued 2,000,000  shares  for  stock  compensation to
officers  of the Company on February 17, 2006.  The employment agreements  vest
the shares  over a 24 month period beginning with the date of issue.  Valuation
was based upon the weighted average stock price of $1.02 for the 5 trading days
preceding the  issuance of the shares.  The compensation is being expenses on a
monthly basis as  the  shares  vest.   For  the  year  ended December 31, 2006,
428,837  shares of stock under the employment agreements  have  vested  to  the
officers, at an expense of $437,750.

On April 5, 2006, the Registrant's Board of Directors terminated the employment
contracts  of  Jeffery  Cocks  as  the Registrant's Chief Operating Officer and
Kevin Tattersall as the Registrant's  Chief Exploration Officer. The Registrant
has not appointed successors to either  position.   The  Registrant  terminated
these  contracts  as  part  of  a  re-evaluation  of  the  Registrant's  entire
management team and overhead expenses and should not be construed as a negative
judgment   on  Messrs.  Cocks  and  Tattersall.   Pursuant  to  the  agreement,
termination of employment without cause obligates the Company to pay two months
of the officers'  salaries,  totaling $8,000 to each officer.  Two certificates
for 1,300,000 shares were returned  to  the  transfer agent and cancelled.  New
certificates for the vested shares were issued by the Company upon cancellation
of the original certificates.  Each officer received new certificates of 54,000
vested shares valued at $55,250

The share certificate for 700,000 shares issued to the remaining officer of the
Company  is  being held by the Company.  .  The  shares  for  the  officer  are
considered contingently  issuable  shares, and thus are included in EPS only as
they are vested over the two year vesting  period.   The  unvested  shares  are
reported  as  "Common stock issued for future services on employment agreement"
as a contra equity account on the balance sheet.

In February  2006, the Registrant commenced an offering under Regulation S (the
"Offering"), solely to non-US persons located outside of the United States.  On
April 5, 2006,  before  accepting  any subscriptions or funds from investors in
the Offering, the Registrant cancelled the Offering and requested the return of
all offering materials

On April 5, 2006, the Company issued  50,000,000 shares of common stock to Sol-
Terra Energy, Inc. in exchange for all  of  Sol-Terra's assets, which include a
substantial interest in gas-bearing property in Alberta.   The Company has held
the  stock  certificate pending valuation of the  assets  and  closing  of  the
transaction.   The  Company  will record the transaction upon completion of the
asset valuation.  Due to the Company's  possession  of  the  certificate, it is
deemed un-issued and not outstanding.  On October 16, 2006, failing  to receive
an  appraisal for the assets of Sol-Terra, the Company cancelled the 50,000,000
share certificate and terminated the April 5, 2006 agreement.

On May 31, 2006, the Company issued 40,000 shares of Class A preferred stock to
the Chairman,  Robert  Genesi  in  exchange  for  his services.   The preferred
shares carry voting rights of 1,000 votes per share.

On July 6, 2006, the Registrant commenced an offering  under  Regulation S (the
"Offering"),  solely  to  non-US persons located outside of the United  States.
Terms of the agreement were  to raise up to $2,000,000 by sale of common shares
at a per share purchase price  equal  to  40%  of the previous day's last trade
price,  as traced on the Other the Counter Bulletin  Board.   The  sales  agent
received  10%  of  the  proceeds.  Through  December  31,2006, the Company sold
939,858 shares for net $185,573.

On  July  28,  2006,  309,000 options were exercised at $0.001  for  $309.   On
September 5, 2006, 50,000  options  were  exercised  at  $0.001  for  $50.   On
September 13, 2006, 75,000 options were exercised at $0.001 for $75.

Stock   Options  -  In  February  2000,  the  Company's  Board of Directors and
majority shareholders approved and adopted the Frontier Energy  Corp.,  fka  GT
Data  Corporation  2000  Stock  Option  Plan ("the  2000  plan"). As amended, a
total of 333,333 shares of common stock are  reserved  for  issuance  under the
2000 plan. The exercise price for each option  shall  be  equal to 100% to 110%
of the fair market value of the common stock on  the date of grant, as defined.
The 2000 plan shall terminate ten years after its  adoption  by  the  Board  of
Directors  and  may  be terminated by the Board of Directors   on  any  earlier
date,  as  defined.


<PAGE>  27

In    March    2001,    the   Company's   Board   of   Directors  and  majority
shareholders approved  and   adopted  the  Frontier  Energy  Corp., fka GT Data
Corporation  2001 Stock Option Plan ("the 2001 plan").  A  total  of  4,500,000
shares of common  stock  are  reserved for issuance under  the  2001  plan. The
exercise price for each option  shall be no less than 100%  to 110% of the fair
market value of the common stock  on the date of grant, as  defined.  The  2001
plan shall terminate ten years after  its  adoption by the Board  of  Directors
and  may  be  terminated  by the Board of Directors  on  any earlier  date,  as
defined.

The   following is a status of the stock options outstanding  at  December  31,
2006 and 2005 and  the  changes  during  the  two  years  then  ended:


                                           Year Ended December  31,
				    --------------------------------------
                                   	  2006			2005
				    -----------------	  ----------------
                                        Weighted	      Weighted
                                         Average	       Average
                                    Options    Price      Options   Price
				    -------    ------	  -------   ------

Outstanding, beginning of year       65,000    $ 4.00      65,000   $ 4.00
    Granted                         934,000	0.001	       --	--
    Exercised                      (934,000)	0.001	       --	--
    Cancelled/Forfeited                  --        --          --       --
				    -------    ------	  -------   ------
Outstanding, end of year             65,000    $ 4.00      65,000   $ 4.00
				    =======    ======	  =======   ======
Exercisable, end of year             65,000    $ 4.00      65,000   $ 4.00
				    =======    ======	  =======   ======
Weighted average fair
    value of options granted                   $ 1.50               $ 1.50
                                               ======		    ======


<PAGE>  28

65,000  of  the  outstanding  options at December 31, 2005 have exercise prices
$4.00  per  share  average remaining contractual life of 5 years. All 65,000 of
these  options  were exercisable during 2005 and 2006.

Had   compensation   costs   for   the   Company's   2003  options  granted  to
employees  been  determined  under  SFAS  123, the minimum value of each option
would have  been estimated using the Black-Scholes  option pricing model on the
date  of grant  using  the  following  assumptions:  (i)   no  dividend  yield,
(ii) average volatility  ranging from 366% to 470%, (iii) weighted average risk
free interest  rate   of  approximately  4%  and  (iv)  average expected useful
life of 3 years.

During 2004, the re-priced  options  for  10,000  (400,000 pre-split) shares of
common  stock which were issued during 2003 from $0.20  to  $0.10  (pre-reverse
stock split) per share.  As a result of this re-pricing, the Company issued the
10,000 (400,000  pre-split) shares to two individuals: (1) the President of the
Company; and (2) shareholder  of  the  Company.  The Company recorded a $40,000
expense related to this re-pricing and subsequent issuance of common stock.

During 2006, the company granted options  to the Officer of the Company and for
consulting services and for repayment of a  loan.  These options were exercised
at the grant date.

Warrants   -   From   time to time, the Company  issues  warrants  pursuant  to
various consulting agreements.   There  were  no warrants granted during fiscal
years ended 2006 and 2005.

The   following  represents a summary of warrants  outstanding  for  the  years
ended December  31,  2006  and  2005:

                                            Year Ended December  31,
				    --------------------------------------
                                   	  2006			2005
				    -----------------	  ----------------
                                        Weighted	      Weighted
                                         Average	       Average
                                    Warrants   Price      Warrants   Price
				    --------   ------	  --------   ------
Outstanding, beginning of year         2,000   $50.00        2,000   $50.00
   Granted                                 -        -            -        -
   Exercised                               -        -            -        -
   Cancelled/Forfeited                     -        -            -        -
				    --------   ------	  --------   ------
Outstanding, end of year               2,000   $50.00        2,000   $50.00
				    ========   ======	  ========   ======
Exercisable, end of year               2,000   $50.00        2,000   $50.00
				    ========   ======	  ========   ======

All   of   the warrants outstanding at December 31, 2006 have an exercise price
of $50.00  per  share  and a weighted average remaining contractual life of 0.5
years.  All  of  the  warrants  are  exercisable  at  December  31,  2006.


<PAGE>  29


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

       The auditor  for  the  Company  prior  to  March  7, 2006, was De Joya &
Company.  The Company was notified that De Joya & Company  decided  to withdraw
from  the  Public  Company  Auditing  Oversight  Board  and  will  no longer be
performing public company audits. On March 7, 2006, the Company engaged De Joya
Griffith  &  Company, LLC as its independent registered public accounting  firm
to audit the Company's  financial  statements.   The  prior  auditor  De Joya &
Company  audited  the Company's financial statements for the fiscal year  ended
December 31, 2004 and  2003.  This  firm's report on these financial statements
was  modified as to uncertainty that the  Company  will  continue  as  a  going
concern;  other  than this, the accountant's report on the financial statements
for the period neither contained an adverse opinion or a disclaimer of opinion,
nor was qualified  or  modified  as  to uncertainty, audit scope, or accounting
principles.

ITEM 8A.     CONTROLS AND PROCEDURES

       (a)  Evaluation  of  disclosure  controls  and  procedures.   Under  the
supervision and with the participation of  our senior management, including our
chief  executive  officer  and principal financial  officer,  we  conducted  an
evaluation of the effectiveness  of  the design and operation of our disclosure
controls and procedures, as defined in  Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended,  as  of  the  end  of  the  period
covered  by  this  Annual  Report  (the  "Evaluation  Date").   Based  on  this
evaluation,  our  chief  executive  officer concluded as of the Evaluation Date
that  our  disclosure  controls and procedures  were  effective  and  that  the
information relating to Frontier Energy, including our consolidated subsidiary,
required to be disclosed  in  our  Securities  and  Exchange Commission ("SEC")
reports  (i) is recorded, processed, summarized and reported  within  the  time
periods specified  in  SEC  rules  and  forms,  and  (ii)  is  accumulated  and
communicated  to  our  management,  including  our  chief executive officer, as
appropriate to allow timely decisions regarding required disclosure.

       (b) Changes in internal control over financial  reporting.   There  have
been  no changes in our internal control over financial reporting that occurred
during  the  year  ended December 31, 2006 that have materially affected or are
reasonably likely to  materially  affect  our  internal  control over financial
reporting.


ITEM 8A.     OTHER INFORMATION

       None.






<PAGE>  30



PART III

ITEM 9.DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

       The  names of our executive officers and directors,  their  ages  as  of
April 15, 2007, and the positions currently held by each are as follows:


NAME                AGE	POSITION
----		    ---	--------
Robert Genesi	    69 	President, Chief Executive Officer, Principal Financial
                        Officer and Director
Don Huang              	Director


       The terms of each of the directors expires at the next annual meeting of
the stockholders,  the  date  for  which  has  not  been  set  by  the Board of
Directors.  The officers serve at the pleasure of the Board of Directors.

       All  directors hold office until the next annual meeting of stockholders
and until their  successors  have  been  duly elected and qualified.  Directors
will  be  elected at the annual meetings to  serve  for  one-year  terms.   The
Company does  not  know  of  any  agreements  with  respect  to the election of
directors.  The Company has not compensated its directors for  service  on  the
Board  of  Directors  of  Frontier  or any of its subsidiaries or any committee
thereof.   Any  non-employee  director  of  Frontier  or  its  subsidiaries  is
reimbursed for expenses incurred for attendance  at  meetings  of  the Board of
Directors  and  any  committee  of  the  Board  of  Directors, although no such
committee  has  been  established.   Each  executive  officer  of  Frontier  is
appointed by and serves at the discretion of the Board of Directors.

       None of the officers or directors of Frontier is currently an officer or
director of a company required to file reports with the Securities and Exchange
Commission, other than Frontier.

       The business experience of each of the persons listed  above  during the
past five years is as follows:

ROBERT GENESI, DIRECTOR, CHIEF EXECUTIVE OFFICER

       Mr.  Genesi has in excess of 25 years of operating experience in  senior
and  corporate  level  positions  with  a variety of major technology firms and
holds five patent designs. Prior to co-founding  Frontier  Energy  Corporation,
Mr. Genesi served as the President and CEO of IData Corporation, a company that
develops  superior  linear storage products for the fastest growing segment  of
the storage business.   Mr.  Genesi  served  as  the  President  and CEO of DAS
Devices  from  1997-1998  and  raised  over  $54,000,000 in financings for  the
company  in  addition  to  selling the head manufacturing  company  to  Applied
Magnetics Corporation.  From 1994 to 1996, Mr. Genesi was the President and CEO
of Rexon Corporation.  During  his  tenure  at  Rexon,  Mr.  Genesi was able to
successfully  sell the company to Legacy - Canada.   Mr. Genesi  was  President
and COO or Read-Rite  Corporation  from  1987  to  1993.   Mr.  Genesi has been
involved  in  many  different  areas  during  his career, including production,
finance, marketing, and human resources. Mr. Genesi is an engineer by training.


DON HUANG, DIRECTOR

       [INSERT BIO FOR DON]


SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE.

       Based  solely  upon  a  review of Forms 3 and  4  (there  have  been  no
amendments) furnished to the Company  during  the  year ended December 31, 2005
(no  Forms  5  having  been furnished with respect to such  year)  and  written
representation furnished  to  the Company as provided in paragraph (b)(2)(i) of
Item 405 of Form 10-KSB, there  are  no persons who need to be identified under
this  Item as having failed to file on  a  timely  basis  reports  required  by
Section  16(a)  of  the  Securities Exchange Act of 1934 during the most recent
fiscal year.

CODE OF ETHICS

       We adopted the Frontier  Energy  Corp.  Code  of  Ethics for the CEO and
Senior Financial Officers (the "finance code of ethics"), a code of ethics that
applies  to  our  Chief  Executive  Officer,  Chief  Operating  Officer,  Chief
Exploration Officer, Principal Financial Officer, controller and  other finance
organization  employees.  A copy of the finance code of ethics may be  obtained
from the Company,  free  of  charge,  upon  written  request  delivered  to the
Company's  Investor  Relations  Department,  c/o  Frontier  Energy  Corp., 2413
Morocco  Avenue,  North  Las  Vegas,  Nevada  89031  If we make any substantive
amendments to the finance code of ethics  or  grant  any  waiver, including any
implicit  waiver,  from  a  provision of the code to any of our  executives  or
employees, we will disclose the  nature of such amendment or waiver in a report
on Form 8-K.

<PAGE>  31

ITEM 10.     EXECUTIVE COMPENSATION

       The following table shows the  cash  compensation paid by us, as well as
certain other compensation paid or accrued, during  the  period  ended December
31, 2005 to our Chief Executive Officer.

                    SUMMARY COMPENSATION TABLE


                                     ANNUAL COMPENSATION
			      ---------------------------------
                                       		OTHER ANNUAL
NAME AND POSITION    	YEAR  SALARY($)		COMPENSATION ($)
-----------------	----  --------		---------------
Robert Genesi, CEO(1)	2005  $      -       	$             -
                     	2004         -                        -
                     	2003  $105,000          $ 	 12,000

______________
(1)Includes housing and car allowance.

EMPLOYMENT CONTRACTS

       On  February 17, 2006, the Company entered into an employment  agreement
with Robert Genesi whereby Mr. Genesi will serve as the CEO of the Company. The
term ("Term")  of  employment is from February 15, 2006 through March 31, 2008.
The Term may be extended  beyond  March  31, 2008, upon the mutual agreement of
the parties and may be terminated prior to  March 31, 2008, upon the occurrence
of certain conditions. Mr. Genesi will be paid  an annual salary of $48,000. He
will also receive 700,000 common shares of the Company  which will vest monthly
over  24  months. The shares are also subject to a lock agreement  pursuant  to
which none of the shares may be sold prior to February 17, 2008.

DIRECTORS' COMPENSATION

       Currently  there  is  no  compensation  package for our board.  While we
expect to create a compensation package for our  board  members during the next
12   months,   we   do  not  currently  have  any  preliminary  agreements   or
understandings with respect to such compensation packages.

       We currently do  not  have  any employee stock option or other incentive
plans.


<PAGE>  32

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

       The following table presents  information  known  to us, as of March 15,
2007, relating to the beneficial ownership of common stock by:

          *  each person who is known by us to be the beneficial holder of more
          than 5% of our outstanding common stock;
          *  each of our named executive officers and directors; and
          *  our directors and executive officers as a group.

       We  believe  that all persons named in the table have  sole  voting  and
investment power with  respect to all shares beneficially owned by them, except
as noted.

       Percentage ownership in the following table is based on 3,329,578 shares
of common stock outstanding as of March 15, 2006.  A person is deemed to be the
beneficial owner of securities  that  can  be acquired by that person within 60
days from the date of this Annual Report upon the exercise of options, warrants
or convertible securities.  Each beneficial  owner's  percentage  ownership  is
determined  by  dividing the number of shares beneficially owned by that person
by the base number  of  outstanding  shares,  increased  to  reflect the shares
underlying options, warrants or other convertible securities included  in  that
person's holdings, but not those underlying shares held by any other person.

                          NUMBER OF			PERCENTAGE
                          SHARES OF COMMON 		OF SHARES
NAME OF 		  STOCK BENEFICIALLY		BENEFICIALLY
BENEFICIAL OWNER	  OWNED				OWNED
----------------	  ------------------		------------

Robert Genesi (1)              	     700,000                   21.0%

All directors and officers 	   2,500,000                   75.0%
   (3 persons)

___________
(1) The  address  of each of our officers listed in the table is in care
    of Frontier Energy  Corp.,  2413  Morocco  Avenue,  North Las Vegas,
    Nevada  89031


<PAGE>  33



ITEM 12.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

       Our President and another former officer of the Company accepted 383,000
shares in lieu of outstanding debt totaling $456,961 during 2004.


<PAGE>  34



ITEM 13.     EXHIBITS, LISTS AND REPORTS ON FORM 8-K

EXHIBITS AND FINANCIAL STATEMENTS.

(A)    Financial Statements and Schedules

       See "Index to Financial Statements"

(B)    Exhibits


EXHIBIT
NUMBER		DESCRIPTION
-------		-----------
 10.7           Employment Agreement dated February 17, 2006 between Company and
		Robert Genesi.*

 31.1           Certification of Chief Executive Officer pursuant to Section 302
		of the Sarbanes-Oxley Act of 2002.*

 32.1           Certification of Chief Executive  Officer  and  Chief  Financial
		Officers pursuant to Section 906 of the  Sarbanes-Oxley  Act  of
		2002.*
__________
*     Filed Herewith







<PAGE>  35



ITEM 14.     PRINCIPAL ACCOUNTANT FEES AND SERVICES

       The  Company's  Board  of  Directors  reviews  and  approves  audit  and
permissible  non-audit  services  performed by its independent accountants,  as
well as the fees charged for such services.  In its review of non-audit service
fees and its appointment of De Joya,  Griffith  & Company, LLC as the Company's
independent  accountants,  the  Board  of  Directors  considered   whether  the
provision of such services is compatible with maintaining independence.  All of
the services provided and fees charged by De Joya and Company in 2004   and  De
Joya,  Griffith  and  Company, LLC were approved by the Board of Directors. The
following table presents  fees  for  audit  services  rendered  by  De Joya and
Company  and  De Joya Griffith & Company, LLC for the audits of the our  annual
financial statements  for  the  years  ended December 31, 2006 and December 31,
2005, respectively and fees billed for other  services  rendered  during  those
periods.



                     		FISCAL 2006               FISCAL 2005
				-----------		  -----------
Audit Fees(1)        		$    15,000			    0
Audit-Related Fees(2)			  -                         -
Tax Fees(3)          			  -                         -
				-----------		  -----------
Subtotal             		$    15,000			    0

All other Fees(4)    		        -0-                       -0-

Total                		$    15,000			    0
				===========		  ===========

(1)    Audit Fees - Audit fees billed to the Company for auditing the Company's
annual financial statements and reviewing the financial statements included  in
the Company's Quarterly Reports on Form 10-QSB.

(2)    Audit-Related  Fees - There were no other fees billed by during the last
two  fiscal years for assurance  and  related  services  that  were  reasonably
related  to  the  performance of the audit or review of the Company's financial
statements and not reported under "Audit Fees" above.

(3)    Tax Fees - There  were  no  tax  fees  billed during the last two fiscal
years for professional services.

(4)    All Other Fees - There were no other fees  billed by during the last two
fiscal years for products and services provided.

Pre-approval of Audit and Non-Audit Services of Independent Auditor

       The Board of Director's policy is to pre-approve all audit and non-audit
services  provided  by the independent auditors.  These  services  may  include
audit services, audit-related  services, tax services and other services.  Pre-
approval is generally provided for  up  to  12  months  from  the  date of pre-
approval  and  any  pre-approval  is  detailed as to the particular service  or
category  of  services.   The  Board  of Directors  may  delegate  pre-approval
authority  to  one  or  more of its members  when  expedition  of  services  is
necessary.  The Board of  Directors  has  determined that the provision of non-
audit  services  by  De  Joya  Griffith  &  Company,  LLC  is  compatible  with
maintaining its independence.






                                  SIGNATURES

       In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant caused this report to be  signed  on  its  behalf  by  the
undersigned, thereunto duly authorized.



                                        FRONTIER ENERGY CORP.

Dated:  April 2, 2008

                                        By:   /S/  Robert Genesi
					------------------------
                                        Name: Robert Genesi
                                        Title:President, CEO, Principal
                                        Financial Officer
                                        and Director



















<PAGE>  36