================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

[ X ]    Quarterly Report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

         For the period ended September 30, 2005.

[    ]   Transition Report pursuant to 13 or 15(d) of the Securities Exchange
         Act of 1934

         For the transition period                    to
                                   ------------------    -----------------------

                  Commission File Number   333-124632
                                           ----------



                                  SHEPARD INC.
 ------------------------------------------------------------------------------
        (Exact name of small Business Issuer as specified in its charter)


             Nevada                                      Applied For
------------------------------                ---------------------------------
(State or other jurisdiction of               (IRS Employer Identification No.)
incorporation or organization)


470 Granville Street. Suite 318
Vancouver, British Columbia, Canada                       V6C 1V5
---------------------------------------       ----------------------------------
(Address of principal executive offices)           (Postal or Zip Code)


Issuer's telephone number, including area  code:       604-719-8129
                                                      --------------

                                      None
--------------------------------------------------------------------------------
   (Former name, former address and former fiscal year, if changed since last
                                    report)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Securities  Exchange  Act of 1934  during the  preceding  12
months (or for such  shorter  period  that the issuer was  required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days [ ] Yes [ X ] No


State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest  practicable date:  5,570,000 Shares of $0.001 par value
Common Stock outstanding as of November 15, 2005.

<page>



                                  SHEPARD INC.
                         (An Exploration Stage Company)


                              FINANCIAL STATEMENTS


                               SEPTEMBER 30, 2005
                                   (Unaudited)
                            (Stated in U.S. Dollars)



<page>

                                  SHEPARD INC.
                         (An Exploration Stage Company)

                                  BALANCE SHEET
                                   (Unaudited)
                            (Stated in U.S. Dollars)

<table>
<caption>
-------------------------------------------------------------------------------------------------------------------
                                                                                 SEPTEMBER 30        DECEMBER 31
                                                                                     2005               2004
----------------------------------------------------------------------------- ------------------- ------------------

                                                                             <c>                  <c>

ASSETS

Current
     Cash and cash equivalents                                                $          26,674   $      34,939
===================================================================================================================

LIABILITIES

Current
     Accounts payable and accrued liabilities                                 $           2,131   $       4,633
                                                                              -------------------------------------


SHAREHOLDERS' EQUITY

Share Capital
     Authorized:
        75,000,000 common shares with a par value of $0.001

     Issued:
          5,570,000 common shares                                                         5,570           5,570

     Additional paid-in capital                                                          29,430          29,430

Deficit Accumulated During The Exploration Stage                                        (10,457)         (4,694)
                                                                              --------------------------------------
                                                                                         24,543          30,306
                                                                              --------------------------------------

                                                                              $          26,674   $      34,939
====================================================================================================================
</table>










                             See accompanying notes

<page>

                                  SHEPARD INC.
                         (An Exploration Stage Company)

                             STATEMENT OF OPERATIONS
                                   (Unaudited)
                            (Stated in U.S. Dollars)

<table>
<caption>
                                                                                                      Cumulative
                                   For the Three Months             For the Nine Months             from Inception,
                                    Ended September 30,             Ended September 30,              March 9, 2004
                                    2005           2004             2005             2004        to September 30, 2005
                              ------------------------------------------------------------------

                            <c>              <c>                   <c>         <c>                 <c>
Expenses:
   Exploration expenses         $       -      $    2,053           $     -      $      2,053        $     2,053
   Office and sundry                  858              30                 940              43              1,365
   Professional fees                   38               -               4,203              -               6,419
   Regulatory fees                      -               -                 620              -                 620
                              --------------   -------------       -------------  -----------         -----------
                                      896           2,083               5,763           2,096             10,457
                              --------------   -------------       -------------  ------------        -----------
Loss for the Period                  (896)         (2,083)             (5,763)         (2,096)           (10,457)
                              -------------    -------------       -------------  -----------         -----------

Loss per Share                  $   (0.00)     $    (0.00)         $    (0.00)   $      (0.00)
                              =============    =============       =============  ===========

Weighted average
outstanding                     5,570,000       3,659,130           5,570,000       1,819,634
shares                        =============    =============       ============   ===========
</table>





                             See accompanying notes

<page>

                                  SHEPARD INC.
                         (An Exploration Stage Company)

                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
                            (Stated in U.S. Dollars)

<table>
<caption>
----------------------------------------------------------------------------------------------------------------------
                                                                                                        PERIOD FROM
                                                                                                         INCEPTION
                                                                                                          MARCH 9
                                                                         NINE MONTHS ENDED                2004 TO
                                                                           SEPTEMBER 30                SEPTEMBER 30
                                                                      2005               2004              2005
----------------------------------------------------------------------------------------------------------------------

                                                               <c>                <c>               <c>
Cash Flows From Operating Activities
     Loss for the period                                        $         (5,763)  $        (2,096)  $      (10,457)

     Changes in non-cash working capital items
         Accounts payable and accrued liabilities                         (2,502)             2,053           2,131
                                                                -------------------------------------------------------
                                                                          (8,265)              (43)          (8,326)
                                                                -------------------------------------------------------

Cash Flows From Financing Activity
     Issue of share capital                                                    -             35,000          35,000
                                                                -------------------------------------------------------

Increase (Decrease) In Cash And Cash Equivalents During The
  Period                                                                  (8,265)            34,957          27,264

Cash And Cash Equivalents, Beginning Of Period
                                                                          34,939                  -               -
                                                                -------------------------------------------------------

Cash And Cash Equivalents, End Of Period                        $         26,674   $        34,957   $        26,674
=======================================================================================================================

Supplementary Disclosure Of Cash Flow Information
     Cash paid for:
         Interest                                               $        -         $         -       $           -
         Income taxes                                           $        -         $         -       $           -
=======================================================================================================================
</table>






                             See accompanying notes

<page>

                                  SHEPARD, INC.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2005
                                   (Unaudited)
                            (Stated in U.S. Dollars)


1.   NATURE AND CONTINUANCE OF OPERATIONS

     Organization

     The Company was incorporated in the State of Nevada, U.S.A., on March 9,
     2004.

     Exploration Stage Activities

     The Company has been in the  exploration  stage since its formation and has
     not yet  realized  any revenues  from its planned  operations.  The Company
     commenced its  exploration  stage  activities  by acquiring an  exploration
     prospect in the mining sector.

     Going Concern

     The  accompanying  financial  statements  have been  prepared  assuming the
     Company will continue as a going concern.

     As shown in the accompanying financial statements, the Company has incurred
     a net loss of $10,457  for the period  from  inception,  March 9, 2004,  to
     September 30, 2005 and has no sales. The future of the Company is dependent
     upon its ability to obtain financing and upon future profitable  operations
     from the  development  of its mineral  property  interests.  Management has
     plans to seek  additional  capital  through a private  placement and public
     offering of its common stock.  The financial  statements do not include any
     adjustments  relating to the  recoverability and classification of recorded
     assets,  or the amounts of and  classification of liabilities that might be
     necessary in the event the Company cannot continue in existence.


2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a)       Basis of Presentation

         The  accompanying  unaudited  interim  financial  statements  have been
         prepared by the Company  pursuant to the rules and  regulations  of the
         United States Securities and Exchange  Commission.  Certain information
         and  disclosures  normally  included  in  annual  financial  statements
         prepared in accordance with accounting principles generally accepted in
         the United States of America have been condensed or omitted pursuant to
         such  rules  and  regulations.   In  the  opinion  of  management,  all
         adjustments and disclosures  necessary for a fair presentation of these
         financial  statements have been included.  Such adjustments  consist of
         normal recurring adjustments. These interim financial statements should
         be read in  conjunction  with the audited  financial  statements of the
         Company for the fiscal period ended December 31, 2004.

<page>

                                  SHEPARD, INC.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2005
                                   (Unaudited)
                            (Stated in U.S. Dollars)



2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     b)  Use of Estimates and Assumptions

         The  preparation  of  financial  statements  in  conformity  with  U.S.
         generally accepted  accounting  principles  requires management to make
         estimates and  assumptions  that affect the reported  amounts of assets
         and liabilities and disclosure of contingent  assets and liabilities at
         the  date of the  financial  statements  and the  reported  amounts  of
         revenues and expenses during the reporting period. Actual results could
         differ from those estimates.

     c)  Cash and Cash Equivalents

         Cash and cash  equivalents  consist of all cash balances and all highly
         liquid investments purchased with a maturity of three months or less.

     d)  Exploration Activities

         The  Company   expenses  all  costs  related  to  the  maintenance  and
         exploration  of  mineral  claims  in which it has  secured  exploration
         rights prior to establishment of proven and probable reserves. To date,
         the Company  has not  established  the  commercial  feasibility  of its
         exploration prospects, therefore, all costs are being expensed.

     e)  Foreign Currency Translation

         The Company's  functional  currency is the U.S.  dollar.  Transactions
         in foreign currency are translated into U.S. dollars as follows:

         i)    monetary items at the rate prevailing at the balance sheet date;
         ii)   non-monetary items at the historical exchange rate;
         iii)  revenue and expense at the average rate in effect during the
               applicable accounting period.

         Gains or losses on foreign  currency  transactions  are included in the
         statement of operations.

<page>

                                  SHEPARD, INC.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2005
                                   (Unaudited)
                            (Stated in U.S. Dollars)



2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     f)  Fair Value of Financial Instruments

         The carrying value of cash and cash  equivalents,  and accounts payable
         and accrued  liabilities  approximates  their fair value because of the
         short maturity of these  instruments.  The Company's  operations are in
         Canada and virtually all of its assets and  liabilities are giving rise
         to  significant  exposure  to market  risks  from  changes  in  foreign
         currency  rates.  The Company's  financial risk is the risk that arises
         from   fluctuations  in  foreign  exchange  rates  and  the  degree  of
         volatility  of  these  rates.  Currently,  the  Company  does  not  use
         derivative instruments to reduce its exposure to foreign currency risk.

     g)  Income Taxes

         Deferred  taxes are provided on an asset and liability  method  whereby
         deferred tax assets are recognized for taxable  temporary  differences,
         and  operating  loss,  tax  credit   carryforwards   and  deferred  tax
         liabilities  are  recognized  for  deductible  temporary   differences.
         Temporary  differences are the differences between the reported amounts
         of assets and liabilities and their tax bases.

     h)  Basic and Diluted Net Loss Per Share

         The Company  computes  net loss per share in  accordance  with SFAS No.
         128, "Earnings per Share".  SFAS No. 128 requires  presentation of both
         basic and  diluted  earnings  per share (EPS) on the face of the income
         statement.  Basic EPS is  computed by dividing  net loss  available  to
         common   shareholders   by  the  weighted   average  number  of  shares
         outstanding  during the period.  Diluted  EPS  reflects  the  potential
         dilution  that could occur if  securities  or other  contracts to issue
         common stock were exercised or converted into common stock. The Company
         has no potentially issuable common stock at September 30, 2005.

<page>


                                  SHEPARD, INC.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2005
                                   (Unaudited)
                            (Stated in U.S. Dollars)



2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     i)  Stock Based Compensation

         The Company accounts for stock based employee compensation arrangements
         in  accordance  with the  provisions  of  Accounting  Principles  Board
         Opinion No. 25 - "Accounting  for Stock Issued to  Employees"  (APB No.
         25) and  complies  with  the  disclosure  provisions  of  Statement  of
         Financial  Accounting  Standards No. 123 - "Accounting  for Stock Based
         Compensation" (SFAS No. 123). Under APB No. 25, compensation expense is
         recognized  based  on the  difference,  if any,  on the  date of  grant
         between the estimated fair value of the Company's  stock and the amount
         an  employee  must pay to acquire  the stock.  Compensation  expense is
         recognized  immediately  for past  services  and  rateably  for  future
         services over the option vesting period.

     j)  Comprehensive Loss

         SFAS No. 130, "Reporting  Comprehensive  Income," establishes standards
         for the reporting and display of comprehensive  loss and its components
         in the financial statements.  As at September 30, 2005, the Company has
         no items that represent a comprehensive  loss and,  therefore,  has not
         included a schedule of comprehensive loss in the financial statements.

     k)  New Accounting Standards

         Management  does not  believe  that any  recently  issued,  but not yet
         effective,  accounting  standards,  if currently adopted,  could have a
         material effect on the accompanying financial statements.


3.   MINERAL PROSPECT

     Pursuant to an agreement (the "Agreement")  dated June 9, 2004, the Company
     has acquired a 100% interest,  subject to a 2.5% production  royalty,  in a
     mineral prospect  located in the Northwest  Territories,  Canada,  for cash
     consideration  of  $2,053.  Since  the  Company  has  not  established  the
     commercial  feasibility of the mineral claims,  the acquisition  costs have
     been expensed.


4.   COMMON STOCK

     At September 30, 2005, there were no outstanding stock options or warrants.

<page>

Forward-Looking Statements

This Form 10-QSB includes "forward-looking statements" within the meaning of the
"safe-harbor"  provisions  of the Private  Securities  Litigation  Reform Act of
1995.  Such statements are based on management's  current  expectations  and are
subject to a number of factors and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements.

All statements  other than  historical  facts  included in this Form,  including
without  limitation,   statements  under  "Plan  of  Operation",  regarding  our
financial  position,  business strategy,  and plans and objectives of management
for the future operations, are forward-looking statements.

Although we believe  that the  expectations  reflected  in such  forward-looking
statements are reasonable,  it can give no assurance that such expectations will
prove to have been correct. Important factors that could cause actual results to
differ materially from our expectations  include, but are not limited to, market
conditions, competition and the ability to successfully complete financing.

Item 2. Plan of Operation

Our plan of operation for the next twelve months is to complete the  recommended
phase  one and two  exploration  programs  on the  CB-1  claim  consisting  of a
geological study of the claim,  geophysical test surveys and geological mapping.
We anticipate that these exploration programs will cost approximately $5,000 and
$20,000  respectively.  The  anticipated  budget for the phase one program is as
follows:

         Geological Study by Geologist             $ 3,500
         Report writing/consulting                 $ 1,500

         Total                                     $ 5,000

The anticipated budget for the phase two program is as follows:

         Geophysical survey                        $16,000
         Follow-up Mapping                         $ 1,500
         Report writing/consulting                 $ 1,500
         Operating Supplies                        $ 1,000

         Total                                     $20,000

To date, we have not commenced exploration on the CB-1 claims.

The program  should take  approximately  up to a one month to complete.  We will
then undertake the phase two work program.  This program will take approximately
two months to complete.

Although we do not have any verbal or written agreement  regarding the retention
of any qualified engineer or geologist for this exploration program, Mr. William
Timmins,  the author of the geology  report on the CB-1 claim has indicated that
he is willing to oversee the exploration programs on the property.

As well, we anticipate  spending an additional  $15,000 on administrative  fees,
including  fees  payable  in  connection  with the  filing of this  registration
statement and complying with  reporting  obligations.  We anticipate  that these
expenses will include the following:

<page>

Transfer Agent fees                                         $1,000
Accounting and auditing fees and expenses                   $5,000
Legal fees and expenses                                     $5,000
Edgar filing fees                                           $1,500
General office costs                                        $2,500

Total expenditures over the next 12 months are therefore expected to be $40,000.

While we have enough  funds to complete the phase I  exploration  program on the
CB-1 claim,  we will require  additional  funding in order to cover  anticipated
administrative  expenses and phase II exploration  program costs.  We anticipate
that additional funding will be in the form of equity financing from the sale of
our common stock or from  director  loans.  We do not have any  arrangements  in
place for any future equity financing or loans.

Results Of Operations From Inception Through September 30, 2005

We have not  earned  any  revenues  from our  incorporation  on March 9, 2004 to
September 30, 2005. We do not anticipate  earning  revenues unless we enter into
commercial  production  on the  CB-1  claim,  which  is  doubtful.  We have  not
commenced  the  exploration  stage of our  business and can provide no assurance
that we will  discover  economic  mineralization  on the CB-1 claim,  or if such
minerals are discovered, that we will enter into commercial production.

We incurred  operating expenses in the amount of $10,457 for the period from our
inception on March 9, 2004 to September 30, 2005. These operating  expenses were
comprised of professional fees of $6,419, exploration expenses of $2,053, office
and sundry expenses of $1,365, and regulatory fees of $620.

We have not attained  profitable  operations  and are dependent  upon  obtaining
financing  to pursue  exploration  activities.  For these  reasons our  auditors
believe  that there is  substantial  doubt that we will be able to continue as a
going concern.

Item 3 Controls and Procedures

Evaluation of Disclosure Controls

We evaluated the  effectiveness of our disclosure  controls and procedures as of
September 30, 2005.  This  evaluation  was conducted by Michael Eyre,  our chief
executive officer and Glen Macdonald, our principal accounting officer.

Disclosure  controls  are  controls  and other  procedures  that are designed to
ensure that  information that we are required to disclose in the reports we file
pursuant  to  the  Securities  Exchange  Act of  1934  is  recorded,  processed,
summarized and reported.

Limitations on the Effective of Controls

Our  management  does not expect that our  disclosure  controls or our  internal
controls over  financial  reporting  will prevent all error and fraud. A control
system, no matter how well conceived and operated,  can provide only reasonable,
but no absolute,  assurance  that the  objectives  of a control  system are met.
Further, any control system reflects limitations on resources,  and the benefits
of a control system must be considered  relative to its costs. These limitations
also include the realities that judgments in  decision-making  can be faulty and
that  breakdowns  can occur  because of simple  error or mistake.  Additionally,

<page>

controls  can be  circumvented  by the  individual  acts  of  some  persons,  by
collusion of two or more people or by management override of a control. A design
of a control  system is also  based upon  certain  assumptions  about  potential
future conditions;  over time, controls may become inadequate because of changes
in conditions,  or the degree of compliance  with the policies or procedures may
deteriorate.  Because of the inherent  limitations in a  cost-effective  control
system, misstatements due to error or fraud may occur and may not be detected.

Conclusions

Based upon their  evaluation of our controls,  Michael Eyre, our chief executive
officer and Glen Macdonald,  our principal  accounting  officer,  have concluded
that,  subject to the  limitations  noted  above,  the  disclosure  controls are
effective providing  reasonable  assurance that material information relating to
us is made known to  management  on a timely  basis  during the period  when our
reports are being prepared.  There were no changes in our internal controls that
occurred  during  the  quarter  covered  by this  report  that  have  materially
affected, or are reasonably likely to materially affect our internal controls.

PART II- OTHER INFORMATION

Item 1. Legal Proceedings

The Company is not a party to any pending  legal  proceeding.  Management is not
aware of any threatened litigation, claims or assessments.

Item 2. Changes in Securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Security Holders

None.

Item 5. Other Information

None.

Item 6. Exhibits and Report on Form 8-K

 31.1     Certification pursuant to 18 U.S.C. Section 1350, as adopted
          pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 31.2     Certification pursuant to 18 U.S.C. Section 1350, as adopted
          pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 32.1     Certification pursuant to 18 U.S.C. Section 1350, as adopted
          pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 32.2     Certification pursuant to 18 U.S.C. Section 1350, as adopted
          pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

We did not file any current reports on Form 8-K during the period.

<page>


SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

November 15, 2005


Shepard Inc.


/s/ Michael Eyre
------------------------------
Michael Eyre, President