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


                                  FORM 10-KSB

(Mark One)

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

           For the Fiscal Year Ended December 31,2007

[ ] 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.
		----------------------------------------------
                (Name of Small Business Issuer in its charter)

             NEVADA                                    87-0443026
---------------------------------	   ---------------------------------
(State or other jurisdiction		   (IRS Employer Identification No.)
of incorporation or organization)


           2413 Morocco Avenue, North Las Vegas, Nevada      89031
	 ----------------------------------------------	   ----------
            (Address of principal executive offices)       (Zip code)

                   Issuer's telephone number: (702) 648-5849


Securities registered under section 12(b) of the Exchange Act:

                                     None

Securities registered under section 12(b) of the Exchange Act:

                                 Common Stock
                               (Title of class)

Check whether the issuer is not required to file reports pursuant to Section 13
or 15(d) of the Exchange Act.  [  ]

Check  whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d)  of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.   Yes [ ]    No [ ]

Check if there  is  no  disclosure of delinquent filers pursuant to Item 405 of
Regulation S-B is contained  in this form, and no disclosure will be contained,
to  the best of registrant's knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.  [X]

Indicate by check mark whether the registrant is a shell company (as defined in
rule 12b-2 of the Exchange Act

                                                             Yes [ ]  No [X]

Revenues for the fiscal year ending December 31, 2007 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 April 1, 2008
$1,155,000.

The number of shares of the issuer's Common Stock outstanding  as  of  April 1,
2008 is 53,300,484

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

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




<PAGE>





                             FRONTIER ENERGY CORP.

                                  FORM 10-KSB


                               TABLE OF CONTENTS

                                                                           Page



       Item 1. Description of Business........................................2
       Item 2. Description of Property........................................9
       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




<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

ITEM 1.DESCRIPTION OF BUSINESS

OVERVIEW

      Frontier Energy Corp. is an oil and natural gas exploration company that
has  a lease  on  an  oil and gas property in the United States.  We intend to
develop  this  property  as  our  limited capital resources will allow  and to
purchase additional oil and gas leases.

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.

<PAGE>	3

      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.

PAST ACTIVITIES OF OUR COMPANY

      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 March 15, 2008, we had 1 employee, our  Chief  Executive  Officer.
Our employee  is  not  covered  by  a  collective  bargaining agreement and our
management considers relations with our employee 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 $2,209,576  and  $911,386 for the
years  ended  December 31, 2007 and 2006, 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  2008.
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 14, 2008, our independent  auditors  stated
that our financial  statements  for  the  year  ended  December  31,  2007 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 a mineral lease with a carrying valued of
$9,814.  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.

<PAGE>	6

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.

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.

<PAGE>	7

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>	8

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:

         -  that  a  broker  or  dealer  approve  a  person's  account for
            transactions in penny stocks; and
         -  the  broker  or  dealer  receives  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.


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.

<PAGE>	9

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, 2007.  In 2006, the Company
purchased at auctions the  oil  and gas rights on one 640 acre section from the
United States Bureau of Land Management.   The property is located in the state
of New Mexico.

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.


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, 2007.

<PAGE>	10



<PAGE>



                                    PART II

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

      Our  common  stock  is  quoted on the "Pink sheets" electronic  over-the-
counter quotation system under the symbol "FRGY".

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

2006          	HIGH 	LOW

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

2007

First Quarter 	0.60	0.14
Second Quarter	0.18	0.02
Third Quarter 	0.03	0.004
Fourth Quarter	0.02	0.002



HOLDERS

      As of April 14, 2008,  we  had approximately  704  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 cash
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.

      RECENT SALES OF UNREGISTERED SECURITIES

      In 2007, the Company did not issue any shares to investors.

      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.

<PAGE>	11

      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
9,858,434 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.



<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 2008.  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.

<PAGE>	13

      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.

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:

<PAGE>	14

      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 December 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 is determined uneconomical,
the amount of such properties is added to the capitalized cost to be amortized.
During the year ended December 31, 2007, amortization was $1,095.

      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, 2007,  none  of
our unproved oil and gas properties were considered impaired.

      Net  operating loss carryforwards.  We have not recognized the benefit in
our financial  statements  with  respect  to  the  approximately $2,620,000 net
operating loss carryforward for federal income tax purposes  as of December 31,
2007.   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.

<PAGE>	15

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.



ITEM 7.     FINANCIAL STATEMENTS



                               TABLE OF CONTENTS

                                                               Page No.

Report of Independent Registered Public Accounting Firm         F-1

Consolidated Financial Statements

   Consolidated Balance Sheets                                  F-2

   Consolidated Statements of Operations                        F-3

   Consolidated Statement of Stockholders' Deficit        F-4 - F-5

   Consolidated Statements of Cash Flows                        F-6

Notes to Consolidated Financial Statements                F-7 - F-16



<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 sheets of Frontier
Energy Corp.  as  of  December  31, 2007 and 2006, 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., as of December  31,  2007  and  2006,  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 2.
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 14, 2008













                                      F-1



<PAGE>


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

<TABLE>
<CAPTION>

<S> <C> <C>
                                                                                    December 31,
									     --------------------------
                                                                                2007            2006
									     -----------    -----------
          ASSETS

Current assets
   Cash                                                                      $       131    $    23,390
   Receivables, net of allowance for doubtful accounts of $76,696                      -              -
									     -----------    -----------
      Total current assets                                                           131         23,390
									     -----------    -----------
   Fixed assets, net of $219 accumulated depreciation                                875          1,094
   Mineral leases, net of $1,091 accumulated amortization                          9,814         10,905
									     -----------    -----------
Total assets                                                                 $    10,820    $    35,389
									     ===========    ===========

          LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
   Accounts payable and accrued liabilities                                  $   332,458     $  267,724
   Loans payable                                                                 192,322        127,322
   Due to related parties                                                              -            446
									     -----------    -----------
      Total current liabilities                                                  524,780        395,492
									     -----------    -----------
      Total liabilities                                                          524,780        395,492


Stockholders' deficit

   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 80,000 and 40,000 shares issued or outstanding                  80             40
   Common stock, $0.001 par value; 100,000,000 shares
      authorized, 41,256,464 and 3,886,464 shares issued and outstanding          41,256          3,886
   Additional paid-in capital                                                  6,631,034      4,982,210
   Common stock subscribed                                                        38,485         26,000
   Common stock issued for future services on employment agreement               (29,750)      (386,750)
   Accumulated deficit prior to reentering exploration stage                  (3,042,536)    (3,042,536)
   Accumulated deficit after reentering exploration stage                     (4,152,529)    (1,942,953)
									     -----------    -----------
      Total stockholders' deficit                                               (513,960)      (360,103)
									     -----------    -----------
Total liabilities and stockholders' deficit                                  $    10,820    $    35,389
									     ===========    ===========
</TABLE>

                See Accompanying Notes to Financial Statements
                                      F-2



<PAGE>


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

<TABLE>
<CAPTION>

<S>  <C>     <C>
                                                                                        Cumulative After
                                                                                        Reentering
                                                    For the Years Ended           	Exploration
                                           --------------------------------------       Stage through
                                           December 31, 2007	December 31, 2006	December 31, 2007
					   -----------------	-----------------	-----------------

Revenue                                    $               -    $               -       $		-
Operating expenses
    Officer Compensation                             405,000              548,150                 953,150
    General and administrative                     1,740,009              353,257               3,044,833
    Exploration and development                       59,500                9,979                  69,479
    Loss on impairment of mineral claims                   -                    -                  80,000
					   -----------------	-----------------	-----------------
           Total operating expenses                2,204,509              911,386               4,147,462
					   -----------------	-----------------	-----------------
           Net operating loss                     (2,204,509)            (911,386)             (4,147,462)

Interest expense                                       5,067                    -                   5,067
					   -----------------	-----------------	-----------------
Net loss                                   $      (2,209,576)   $        (911,386)      $      (4,152,529)
					   =================	=================	=================
Earnings (loss) per common share - basic
and diluted:

    Net loss                               $	       (0.14) 	 $          (0.49)
					   =================	=================
Weighted average common shares
outstanding -
    Basic and diluted                             15,446,765            1,875,654
					   =================	=================
</TABLE>




                See Accompanying Notes to Financial Statements
                                      F-3



<PAGE>


                             FRONTIER ENERGY CORP.
                       (AN EXPLORATION STAGE ENTERPRISE)
                CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

<TABLE>
<CAPTION>

<S>		<C>			<C>



				     Preferred A		     Preferred B		      Common Stock
				Shares		Amt		Shares		Amt		Shares		Amt
				------		---		------		---		----------	-------
Balance,
December 31, 2003	             1 		$ - 		     - 		$ - 		     9,341 	$     9

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

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

Shares issued for
settlement of lawsuit									               238 	      0

Shares issued for
compensation of
stock price decrease
									                	       500 	      1

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

Shares issued for
private placement
memorandum									            	    10,500 	     11

Shares issued for
private placement
memorandum
									              		     8,750 	      9

Shares issued for
private placement
memorandum
									             		     4,500 	      5

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

Net loss	               	     - 		  - 		     - 		  - 		         - 	      -
				------		---		------		---		----------	-------
Balance,
December 31, 2004	             1 		  - 		     - 		  - 		    46,310 	     46

Issuance of shares
in exchange for
mineral claims											   246,461	    246

Issuance of 16,250 stock
options for settlement
of payable

Exercise of stock options									    16,250 	     16

Rounding for reverse split									       585

Issuance of shares for
consulting services									            20,000 	     20

Issuance of shares for
finder's fee related to
mineral rights  agreement									   500,000 	    500

Net loss	               	     - 		  - 		     - 		  - 		         - 	      -
				------		---		------		---		----------	-------
Balance,
December 31, 2005	             1 		  - 		     - 		  - 		   829,606 	    829

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

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

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

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

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

Common stock subscribed

Net loss	               	     - 		  - 		     - 		  - 		         - 	      -
				------		---		------		---		----------	-------
Balance,
December 31, 2006	             1 		  - 		40,000 		 40 		 3,886,464 	  3,886

Issuance of shares for
consulting services	             - 		  - 		     - 		  - 		37,270,000 	 37,270

Issuance of 150,000
stock options for services	     - 		  - 		     - 		  - 		         - 	      -

Issuance of 40,000
stock options for cash	             - 		  - 		40,000 		 40 		         - 	      -

Exercise of Options	             - 		  - 		     - 		  - 		   100,000 	    100

Current period expense
related to employment agreement	     -		  -		     -		  -			 -	      -

Common stock subscribed	             - 		  - 		     - 		  - 		         - 	      -

Net loss	               	     - 		  - 		     - 		  - 		         - 	      -
				------		---		------		---		----------	-------
Balance,
December 31, 2007	             1 		$ - 		80,000 		$80 		41,256,464 	$41,256
				======		===		======		===		==========	=======



</TABLE>

                See Accompanying Notes to Financial Statements
                                      F-4


                             FRONTIER ENERGY CORP.
                       (AN EXPLORATION STAGE ENTERPRISE)
                CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT
				  (CONTINUED)

<TABLE>
<CAPTION>

<S>		<C>			<C>
									Common
									Stock		Accumulated	Accumulated
									Issued For	Deficit		Deficit
									Future		Prior to	After
					Additional	Common		Services on	Reentering	Reentering	Total
					Paid-in		Stock		Employment	Exploration	Exploration	Stockholders'
					Capital		Subscribed	Agreement	Stage		Stage		Deficit
					----------	----------	-----------	-----------	-----------	------------

Balance, December 31, 2003	        $2,169,462 	$        -	$         -	$(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		    39,999 		 - 		  - 		  - 		  - 	      40,000

Shares issued to satisfy Company
debts to its President and a former
officer					   456,951 		 - 		  - 		  - 		  - 	     456,961

Shares issued for settlement of
lawsuit	              			     5,000 		 - 		  - 		  - 		  - 	       5,000

Shares issued for compensation of
stock price decrease			       (20)		 - 		  - 		  - 		  - 		 (20)

Reversal of shares issued in error	        20 		 - 		  - 		  - 		  - 		  20

Shares issued for private placement
memorandum	            		    31,490 		 - 		  - 		  - 		  - 	      31,500

Shares issued for private placement
memorandum				    26,241 		 - 		  - 		  - 		  - 	      26,250

Shares issued for private placement
memorandum				    13,496 		 - 		  - 		  - 		  - 	      13,500

Shares issued to satisfy payables
to third parties			   141,879 		 - 		  - 		  - 		   - 	      141,881

Net loss	                     		 - 		 - 		  - 		  - 	     (83,614)	      (83,614)
					----------	----------	-----------	-----------	 -----------	 ------------
Balance,
December 31, 2004	       		 2,884,517 		 - 		  - 	 (3,042,536)	     (83,614)	     (241,587)

Issuance of shares in exchange for
mineral claims	            		    79,754 		 - 		  - 		  - 		   - 	       80,000

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

Exercise of stock options	               (16)		 - 		  - 		  - 		   - 		    -

Rounding for reverse split			  		 - 		  - 		  - 		   -

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

Issuance of shares for finder's fee
related to mineral rights  agreement	   799,500 		 - 		  - 		  - 		   - 	      800,000

Net loss	                     		 - 		 - 		  - 		  - 	    (947,953)	     (947,953)
					----------	----------	-----------	-----------	 -----------	 ------------
Balance,
December 31, 2005			 3,830,950 		 - 		  -      (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	          		   713,300 		 - 	   (386,750)		  - 		   - 	      327,250

Compensation paid with 254,167 shares
of common stock				   110,392 		 - 		  - 		  - 		   - 	      110,500

Issuance of shares for consulting
services	          		   103,075 		 - 		  - 		  - 		   - 	      103,450

Issuance of shares to Director
containing 1,000 votes per share	    40,360 		 - 		  - 		  - 		   - 	       40,400

Issuance of Reg S Shares	           184,133 		 - 		  - 		  - 		   - 	      185,073

Common stock subscribed			    		    26,000 		  - 		  - 		   - 	       26,000

Net loss	                     		- 		 - 		  - 		  - 	    (911,386)	     (911,386)
					----------	----------	-----------	-----------	 -----------	 ------------
Balance,
December 31, 2006			4,982,210 	    26,000 	   (386,750)	 (3,042,536)	  (1,942,953)	     (360,103)

Issuance of shares for
consulting services	         	1,596,039 		 - 		  - 		  - 		   - 	    1,633,309

Issuance of 150,000 stock
options for services	            	   27,925 		 - 		  - 		  - 		   - 	       27,925

Issuance of 40,000 stock
options for cash	             	    9,960 		 - 		  - 		  - 		   - 	       10,000

Exercise of Options	            	   14,900 		 - 		  - 		  - 		   - 	       15,000

Current period expense related
to employment agreement				- 		 - 	    357,000 		  - 		   - 	      357,000

Common stock subscribed	                        - 	    12,485 		  - 		  - 		   - 	       12,485

Net loss	                     		- 		 - 		  - 		  - 	  (2,209,576)	   (2,209,576)
					----------	----------	-----------	-----------	 -----------	 ------------
Balance,
December 31, 2007		        $6,631,034 	$   38,485 	$   (29,750)	$(3,042,536)	 $(4,152,529)	 $   (513,960)
				        ==========	==========	===========	===========	 ===========	 ============


</TABLE>
                See Accompanying Notes to Financial Statements
                                      F-5

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

<TABLE>
<CAPTION>

<S>			<C>		<C>
                                                                                        		Cumulative After
                                                                                        		Reentering
                                                    		  For the Years Ended           	Exploration
                                           		--------------------------------------       	Stage through
                                           		December 31, 2007	December 31, 2006	December 31, 2007
					   		-----------------	-----------------	-----------------
CASH FLOWS FROM OPERATING ACTIVITIES
   Net loss                                             $      (2,209,576)      $        (911,386)      $      (4,152,529)
   Adjustments to reconcile loss
      to net cash used in operating activities:
         Depreciation and amortization expense                      1,310                       -                   1,310
         Stock issued as finders fee for mineral                        -                       -                 800,000
         rights agreement
         Loss on impairment of mineral claims                           -                       -                  80,000
         Stock based expenses                                   2,018,234                 581,600               2,686,084
   Changes in operating assets and liabilities:
         Accounts payable and accrued liabilities                  64,734                  84,648                 104,088
					   		-----------------	-----------------	-----------------
   Net cash used in operating activities                         (125,298)               (245,138)               (481,047)

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                          25,000                 185,507                 255,507
   Proceeds from subscriptions for common stock                    12,485                  26,000                  38,485
   Proceeds from borrowings from notes payable                     65,000                  68,105                 192,527
   Proceeds from borrowings from related parties                     (446)                    671                   2,295
					   		-----------------	-----------------	-----------------
   Net cash provided by financing activities                      102,039                 280,283                 488,814
					   		-----------------	-----------------	-----------------
NET CHANGE IN CASH                                                (23,259)                 23,146                  (4,232)

CASH AT BEGINNING OF YEAR                                          23,390                     244                   4,363
					   		-----------------	-----------------	-----------------
CASH AT END OF YEAR                                     $             131        $         23,390       $	      131
							=================	=================	=================
SUPPLEMENTAL INFORMATION
      Interest Paid                                     $       	-        $     		-       $		-
							=================	=================	=================
      Income Taxes Paid                                 $       	-        $     		-       $		-
							=================	=================	=================
Non-cash activities:
      Shares issued pursuant to farm-in agreement       $       	-        $     		-       $	  800,000
							=================	=================	=================
      Shares issued in settlement of accounts payable   $       	-        $     		-       $	  188,096
							=================	=================	=================
      Shares issued for mineral claims                  $       	-        $     		-       $	   80,000
							=================	=================	=================
      Shares issued for settlement of lawsuit           $       	-        $     		-       $	    6,000
							=================	=================	=================
      Shares issued in settlement of debts to related   $       	-        $     		-       $	  462,961
      parties
							=================	=================	=================

</TABLE>
<PAGE>

                See Accompanying Notes to Financial Statements
                                      F-6





                             FRONTIER ENERGY CORP.
                       (AN EXPLORATION STAGE ENTERPRISE)
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          DECEMBER 31, 2007 AND 2006

NOTE  1  -  HISTORY AND ORGANIZATION

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,  and
precious  metals  industry.   The  Company  has  devoted most of its efforts to
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.

                                      F-7

NOTE  1  -  HISTORY AND ORGANIZATION (CONTINUED)

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.
Accordingly,   the   Company  has reflected  all  activities  related  to  TSLi
operations   as  discontinued  operations   in   the   accompanying   financial
statements.

As   a  result   of   the  discontinued  operations  of  TSLi  activities,  the
Company's  sole   activity   as   of   December   31, 2007 and 2006 is pursuing
interest in the oil and gas and precious metals industry.

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.  As of December 31, 2005, the
Company had fully impaired  the  $80,000  interest,  see  Note  2  for  further
discussions.

NOTE  2  -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Going   concern  -  The Company incurred a net loss of approximately $2,210,000
and $911,000 for the years ended December 31, 2007 and 2006, respectively.  The
Company's liabilities exceed its assets (net of prepaid stock compensation)  by
approximately   $514,000   as   of   December  31,  2007.  The  Company's  sole
operations  have been limited to pursuing  interests  in  the  oil and gas, and
precious metals industry with no 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.



                                      F-8

NOTE  2  -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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,  2007  and  2006,  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,  2007,  the  Company  has  available net  operating  loss
carryovers  of  approximately $2,620,000 that will expire  in  various  periods
through 2027. 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,  2006  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
employee compensation  expense related to stock options was $ - and $ - for the
years ended December 31,  2007  and  2006, respectively. During the years ended
December 31, 2007, and 2006, there was  no  share-based  employee  compensation
expense related to stock options recognized under the intrinsic value method in
accordance with APB 25.




                                      F-9

NOTE  2  -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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.   However, the  Company  cancelled  two
certificates totaling 1,300,000 shares with a value totaling $1,326,000 leaving
net  common  stock   totaling  700,000  shares  and  value  of  $714,000.   The
compensation is being  expensed on a monthly basis as the shares vest.  Payroll
taxes are being accrued  on  the  vested  shares.  The Company has recorded the
issued shares as a prepaid expense and accrued  the  vested  shares against the
prepaid  monthly.   As  of  December  31,  2007 and 2006, the Company  recorded
$357,000  and  $327,250, respectively, as an expense  related  to  the  portion
vested during those  periods, with a remaining prepaid of $29,759 and $386,750,
respectively.  The Company  also  issued shares to terminated officers totaling
108,000  shares of common stock with  a  total  value  of  $110,500  which  was
expensed in 2005.

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.

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 3  -  NEW ACCOUNTING PRONOUNCEMENTS

In February 2007, the Financial Accounting Standards  Board issued Statement of
Financial Accounting Standards No. 159, "The Fair Value  Option  for  Financial
Assets and Financial Liabilities - Including an amendment of FASB Statement No.
115" (hereinafter "SFAS No. 159"). This statement permits entities to choose to
measure  many financial instruments and certain other items at fair value.  The
objective  is  to  improve  financial  reporting by providing entities with the
opportunity to mitigate volatility in reported  earnings  caused  by  measuring
related  assets  and  liabilities  differently  without having to apply complex
hedge accounting provisions. This statement is expected  to  expand  the use of
fair  value  measurement,  which  is  consistent  with  the  Board's  long-term
measurement objectives for accounting for financial instruments. This statement
is  effective as of the beginning of an entity's first fiscal year that  begins
after November 15, 2007, although earlier adoption is permitted. Management has
not determined  the  effect  that  adopting  this  statement  would have on the
Company's financial condition or results of operations.


SFAS  141(R)  -  In  December  2007,  the  FASB  issued  SFAS 141(R), "Business
Combinations." This Statement replaces SFAS 141, "Business  Combinations,"  and
requires an acquirer to recognize the assets acquired, the liabilities assumed,
including   those   arising  from  contractual  contingencies,  any  contingent
consideration,  and  any   noncontrolling  interest  in  the  acquiree  at  the
acquisition date, measured at  their  fair values as of that date, with limited
exceptions specified in the statement.  SFAS  141(R) also requires the acquirer
in a business combination achieved in stages (sometimes  referred  to as a step
acquisition) to recognize the identifiable assets and liabilities, as  well  as
the  noncontrolling interest in the acquiree, at the full amounts of their fair
values  (or  other  amounts  determined  in  accordance  with  SFAS 141(R)). In
addition, SFAS 141(R)'s requirement to measure the noncontrolling  interest  in
the acquiree at fair value will result in recognizing the goodwill attributable
to  the  noncontrolling  interest  in  addition  to  that  attributable  to the
acquirer.  SFAS  141(R) amends SFAS No. 109, "Accounting for Income Taxes,"  to
require the acquirer  to  recognize  changes  in the amount of its deferred tax
benefits  that  are recognizable because of a business  combination  either  in
income from continuing  operations in the period of the combination or directly
in contributed capital, depending on the circumstances.

                                      F-10

NOTE 3  -  NEW ACCOUNTING PRONOUNCEMENTS (CONTINUED)

It also amends SFAS 142,  "Goodwill  and  Other  Intangible  Assets," to, among
other  things, provide guidance on the impairment testing of acquired  research
and development  intangible  assets and assets that the acquirer intends not to
use.

SFAS  141(R) applies prospectively  to  business  combinations  for  which  the
acquisition  date  is  on  or after the beginning of the first annual reporting
period beginning on or after  December 15, 2008.  Management has not determined
the effect that adopting this statement  would  have on the Company's financial
condition or results of operations.

SFAS  160  -  In  December  2007,  the  FASB issued SFAS  160,  "Noncontrolling
Interests in Consolidated Financial Statements."  SFAS  160  amends  Accounting
Research   Bulletin  51,  "Consolidated  Financial  Statements,"  to  establish
accounting and  reporting  standards  for  the  noncontrolling  interest  in  a
subsidiary  and for the deconsolidation of a subsidiary. It also clarifies that
a noncontrolling  interest  in  a  subsidiary  is  an ownership interest in the
consolidated  entity  that  should be reported as equity  in  the  consolidated
financial statements. SFAS 160  also  changes  the  way the consolidated income
statement is presented by requiring consolidated net  income  to be reported at
amounts  that  include  the  amounts  attributable to both the parent  and  the
noncontrolling  interest. It also requires  disclosure,  on  the  face  of  the
consolidated statement  of  income,  of  the amounts of consolidated net income
attributable  to  the  parent  and  to the noncontrolling  interest.  SFAS  160
requires that a parent recognize a gain or loss in net income when a subsidiary
is  deconsolidated  and  requires  expanded  disclosures  in  the  consolidated
financial  statements  that  clearly  identify   and  distinguish  between  the
interests of the parent owners and the interests of  the  noncontrolling owners
of a subsidiary. SFAS 160 is effective for fiscal periods,  and interim periods
within those fiscal years, beginning on or after December 15, 2008.  Management
has not determined the effect that adopting this statement would  have  on  the
Company's financial condition or results of operations.

NOTE  4  -  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.   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 1097855 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.  Accumulated  amortization  at December 31, 2007 and
2006 was $1,091 and $0, respectively.


                                     F-11

NOTE  5  -  RELATED  PARTY  TRANSACTIONS

Due to Related Parties - Due to related parties at December  31,  2007 and 2006
totaling  $0 and $446, 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  6  -  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, 2007 and 2006, the Company had a net operating loss  carry
forward  of  approximately  $2,620,000 and $2,428,000 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
$2,620,000,  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,  2007  and  2006 the significant components of the  Company's
deferred tax assets are approximately as follows:

                                                    2007            2006
						-----------	-----------

      Net operating loss                   	$(7,211,000)	$(5,001,000)

               Stock based compensation    	  4,591,000   	  2,573,000
						-----------	-----------
                                          	$ 2,620,000  	$ 2,428,000
						===========	===========

      Deferred tax asset at 35%            	$   917,000     $   850,000

      Valuation allowance for deferred
	tax assets				   (917,000)	   (850,000)
						-----------	-----------
       Net deferred tax assets            	$        -- 	$        --
						===========	===========


NOTE  7  -  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, 2007, the Company has 1
share of Preferred  A  issued  and  outstanding.



                                     F-12



<PAGE>


NOTE  7  -  STOCKHOLDERS'  EQUITY (CONTINUED)

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.

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

During 2007, the Company issued 40,000 shares of Preferred B stock for $10,000.
As  of  December  31,  2007 and 2006,  80,000  and 40,000 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.

                                     F-13

NOTE  7  -  STOCKHOLDERS'  EQUITY (CONTINUED)

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 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 $185,073.

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.

During 2007, consultants to the Company were compensated with 37,270,000 shares
in  exchange  for services.  Valuation of the shares  were  determined  by  the
average price per share that reflects the weighted-average closing price of the
Company during a five days prior to the measurement date.  The Company incurred
consulting expense related to the issuance of shares of $1,633,309.

On March 15, 2007,  the  Company  issued  150,000  options to acquire shares at
$0.15 per share.  On March 29, 2007, 100,000 options  were  exercised  at $0.15
for $15,000.

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.

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.




                                     F-14

NOTE  7  -  STOCKHOLDERS'  EQUITY (CONTINUED)

      The  following is a status of the stock options outstanding at December
31, 2007 and 2006 and  the  changes  during  the  two  years  then  ended:


                                               Years Ended December  31,
					 -------------------------------------
                                                  2007		  2006
					 -----------------   -----------------
                                              Weighted		  Weighted
                                               Average		  Average
                                          Options    Price   Options	Price
					 --------    -----   ---------  ------

Outstanding, beginning of year             65,000    $4.00      65,000  $ 4.00
    Granted                               150,000     0.15     934,000   0.001
    Exercised                            (100,000)    0.15    (934,000)  0.001
    Cancelled/Forfeited                        --      --           --      --
					 --------    -----   ---------  ------
Outstanding, end of year                  115,000    $2.33      65,000  $ 4.00
					 ========    =====   =========	======
Exercisable, end of year                  115,000    $2.33      65,000  $ 4.00
					 ========    =====   =========	======
Weighted average fair
    value of options granted                         $2.33              $ 4.00
                           			     =====		======


115,000  of  the  outstanding  options  at  December  31,  2007 have an average
exercise price $2.33 per share and average remaining contractual  life  of  3.5
years.  The  115,000 and 65,000 options  were exercisable during 2007 and 2006,
respectively.

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  2007, the Company granted 150,000 options to the Officer of the Company
for consulting  services  and  for  repayment  of  a  loan.  These options were
exercised  at  grant  date.   The options were valued using  the  Black-Scholes
option-pricing model, which values  options  based  on  the  stock price at the
grant  date, the expected life of the option, the estimated volatility  of  the
stock, the expected dividend payments, and the risk-free interest rate over the
expected  life  of  the option.  The assumptions used were a risk free interest
rate of 4.5%, expected  volatility  of  283%,  dividend  yield  of  0%,  and an
expected life of 18 months.

Warrants - From  time to time, the Company issues  warrants pursuant to various
consulting  agreements.   There were no warrants granted  during  fiscal  years
ended 2007 and 2006.



                                     F-15



<PAGE>



NOTE  7  -  STOCKHOLDERS'  EQUITY (CONTINUED)


The  following  represents  a  summary  of  warrants  outstanding for the years
ended December  31,  2007  and  2006:


                                               Years Ended December  31,
					 -------------------------------------
                                                  2007		  2006
					 -----------------   -----------------
                                              Weighted		  Weighted
                                               Average		  Average
                                         Warrants    Price   Warrants	Price
					 --------   ------   ---------  ------

Outstanding, beginning of year              2,000   $50.00       2,000  $50.00
   Granted                                      -        -           -       -
   Exercised                                    -        -           -       -
   Cancelled/Forfeited                     (2,000)   50.00           -       -
					 --------   ------   ---------  ------
Outstanding, end of year                        -   $    -       2,000  $50.00
					 ========   ======   =========  ======
Exercisable, end of year                        -   $    -       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 expired at December 31, 2007.


                                     F-16


NOTE  8  -  SUBSEQUENT EVENTS

In January 2008, the  Company  issued  a  total  of  6,100,000  shares  to  its
directors in exchange for conversion of debt.

In  February 2008,  the  Company  issued  5,000,000  shares  in  exchange   for
conversion of debt and 1,000,000 shares for services rendered.
<PAGE>


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

None.

ITEM 8A(T).  CONTROLS AND PROCEDURES

Internal control over financial reporting refers to the process designed by, or
under  the  supervision  of,  our  Chief  Executive Officer and Chief Financial
Officer,  and  effected  by  our  Board  of  Directors,  management  and  other
personnel,  to  provide  reasonable  assurance  regarding  the  reliability  of
financial reporting and the preparation of financial  statements  for  external
purposes  in  accordance  with  generally  accepted  accounting principles, and
includes those policies and procedures that:

*  Pertain to the maintenance of records that in reasonable  detail  accurately
   and fairly reflect the transactions and dispositions of our assets;

*  Provide reasonable assurance that transactions are recorded as necessary  to
   permit  preparation  of  financial statements in accordance  with  generally
   accepted  accounting  principles, and that our receipts and expenditures are
   being  made  only  in  accordance with authorization of  our  management and
   directors; and

*  Provide reasonable assurance regarding prevention  or  timely  detection  of
   unauthorized  acquisitions, use or disposition of our assets that could have
   a material effect on the financial statements.


Internal  control over financial reporting cannot provide absolute assurance of
achieving financial  reporting objectives because of its inherent limitations.
It is a process that involves  human diligence and compliance and is subject to
lapses in judgment and breakdowns  resulting  from human failures.  It also can
be circumvented by collusion or improper management override.

Because of such limitations, there is a risk that  material  misstatements  may
not  be  prevented  or  detected  on  a  timely  basis by internal control over
financial reporting.  However, these inherent limitations are known features of
the FINANCIAL REPORTING PROCESS.  THEREFORE, IT IS  POSSIBLE TO DESIGN INTO THE
PROCESS  CERTAIN  SAFEGUARDS  TO  REDUCE,  THOUGHT NOT ELIMINATE,  THIS  RISK.
MANAGEMENT IS RESPONSIBLE FOR ESTABLISHING AND  MAINTAINING  ADEQUATE  INTERNAL
CONTROL  OVER  OUR  FINANCIAL  REPORTING.  TO  AVOID SEGREGATION OF DUTY DUE TO
MANAGEMENT ACCOUNTING SIZE, MANAGEMENT HAD ENGAGED  AN OUTSIDE CPA TO ASSIST IN
THE FINANCIAL REPORTING.

Management  has  used the framework set forth in the report  entitled  Internal
Control  - Integrated  Framework  published  by  the  Committee  of  Sponsoring
Organizations  of  the  Treadway  Commission,  known  as  COSO, to evaluate the
effectiveness  of  our internal control over financial reporting.   Based  upon
this assessment, management  has  concluded  that  our  internal  control  over
financial  reporting  was  effective  as of and for the year ended December 31,
2007 with the following exceptions:


*  AS A PART OF OUR YEAR END REVIEW OF OUR DISCLOSURE CONTROLS AND  PROCEDURES,
   WE  DETERMINED  THAT   SEVERAL   OF  OUR   PROCEDURES   REQUIRE   ADDITIONAL
   DOCUMENTATION;   NO  SUFFICIENT   TESTING   WHERE  CONDUCTED   AND   FURTHER
   SEGREGATION OF DUTIES NEEDS TO BE PUT IN PLACE.  IT IS OUR BELIEF THAT THOSE
   CONTROL PROCEDURES  ARE BEING  PERFORMED,  HOWEVER  DOCUMENTATION  OF  THEIR
   EXECUTION IS NOT AVAILABLE.  WE  ARE IMPLEMENTING  ADDITIONAL  DOCUMENTATION
   PROCEDURES IN ORDER TO ADDRESS THIS WEAKNESS.


Management  has  concluded  that other than as described  above,  our  internal
control over financial reporting  was  effective  as  of and for the year ended
December 31, 2007.

The Company is not an "accelerated filer" for the 2007  fiscal  year because it
is  qualified  as  a  "small  business  issuer". Hence, under current law,  the
internal controls certification and attestation  requirements of Section 404 of
the Sarbanes-Oxley act will not apply to the Company.  This  Annual  report  on
Form  10-KSB  does  not  include an attestation report of our registered public
accounting    firm    regarding     internal     control     over     financial
reporting.  Management's   report   was  not  subject  to  attestation  by  our
registered public accounting firm pursuant to temporary rules of the Securities
Exchange Commission that permit us to  provide only management's report in this
Annual Report on Form 10-KSB.





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
Sam Aiello        46 	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:

<PAGE>	31

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.

SAM AIELLO, DIRECTOR

      Mr. Sam Aiello was elected as a director  to  fill  a  vacant seat on the
Company's  Board of Directors in November 2007.  Mr. Aiello has  more  than  20
years of experience as an entrepreneur in business development and is a 13-year
veteran in the  real estate industry.  Mr. Aiello brings a wealth of experience
and  contacts with  respect  to  funding  and  adding  shareholder  value.   In
addition, Mr. Aiello has been instrumental in raising capital for many emerging
growth,  private  and  public  companies,  including  those  in the Oil and Gas
sector.


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, 2006
(no  Forms  5  having  been  furnished  with  respect to such year) and written
representations 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,  except that Mr. Genesi failed to file a Form  4  and  Mr.  Huang
failed to file a Form 3.

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.

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, 2007 to our Chief Executive Officer.

SUMMARY COMPENSATION TABLE
                          SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>

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

                                   	     ANNUAL COMPENSATION
				------------------------------------------------------------
NAME AND POSITION    YEAR	SALARY ($) STOCK AWARDS		OTHER ANNUAL COMPENSATION ($)
Robert Genesi, CEO(1)2007	$ 60,000   $345,000		$       --
		     2006	$ 60,000   $488,150	       	$       --
                     2005	$105,000   $     --          	$  	--

</TABLE>
______________
(1)Includes housing and car allowance.

EMPLOYMENT CONTRACTS

       On  July  17, 2006, the Company entered  into  an  amended  and  revised
employment agreement  with  Robert  Genesi whereby Mr. Genesi will serve as the
CEO of the Company. The term ("Term")  of  employment  is  from July 1, 2006 to
June 30, 2011, which may be extended upon the mutual agreement  of the parties.
Mr.  Genesi  will  be  paid  an annual salary of $60,000. 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.

<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,
2008, 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, 2008.  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
                          SHARES OF COMMON STOCK	PERCENTAGE OF SHARES
NAME OF BENEFICIAL OWNER  BENEFICIALLY OWNED		BENEFICIALLY OWNED
------------------------  ----------------------	--------------------
Robert Genesi (1)         700,000                                21.0%
                          700,000
All directors and officers                                       21.0%
   (1 person)


      ___________
      (1) The address of our officer 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 July 15, 2006 between the 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 with the registrant's Form 10-KSB for the year ended December 31,
2006.
      **    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,  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,  2007  and  December 31, 20075, respectively and fees billed  for
other services rendered during those periods.



                     	FISCAL 2007	FISCAL 2006

Audit Fees(1)
Audit-Related Fees(2)	$15,000         $15,000
Tax Fees(3)          	$     -        	      -

Subtotal             	      -               -

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

Total                	      -               -


(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.





<PAGE>	36




                                  SIGNATURES

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



                                    FRONTIER ENERGY CORP.


Dated:  April 15, 2008

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