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

                                   FORM 10-KSB
                           --------------------------

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

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

                        Commission file number: 033-05384

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

                Nevada                              87-0443026
    (State or other Jurisdiction of                (IRS Employer I.D. No.)
    Incorporation or Organization)
                            ------------------------
                               2413 Morocco Avenue
                          North Las Vegas, Nevada 89031
                                 (800) 914-1405
          (Address and telephone number of principal executive offices)
                           ---------------------------

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

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

Revenues for the fiscal year ending December 31, 2006 were ($911,386).

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

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

Transitional Small Business Issuer Format:    Yes     No

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


<PAGE>



                              FRONTIER ENERGY CORP.

                                   FORM 10-KSB


                                TABLE OF CONTENTS

                                                                         Page

PART I........................................................................3

         Item 1.    Description of Business....................................3
         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 recently purchased a lease on an oil and gas property in the United
States. We intend to develop this property in a timely manner 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.

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



<PAGE>

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

Environmental Regulations

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

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

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, 2007, 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>


                                  RISK FACTORS

Risks Specific to Our Company

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

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

         We will require additional funds to sustain and expand our oil and gas
exploration activities. We anticipate that we will require approximately
$1,000,000 to fund our continued operations for the fiscal year 2007. Additional
capital will be required to effectively support the operations and to otherwise
implement our overall business strategy. There can be no assurance that
financing will be available in amounts or on terms acceptable to us, if at all.
The inability to obtain additional capital will restrict our ability to grow and
may reduce our ability to continue to conduct business operations. If we are
unable to obtain additional financing, we will likely be required to curtail our
marketing and exploration plans and possibly cease our operations. Any
additional equity financing may involve substantial dilution to our then
existing shareholders.

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

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

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


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

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

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

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

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

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

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

EVEN IF WE ARE ABLE TO DISCOVER AND GENERATE A GAS WELL, THERE CAN BE NO
ASSURANCE THE WELL WILL BECOME PROFITABLE.
         We have not yet made a discovery of gas or drilled a gas well to
capture any gas. Even if we are able to, a productive well may become uneconomic
in the event water or other deleterious substances are encountered which impair
or prevent the production of oil and/or gas from the well. In addition,
production from any well may be


<PAGE>

 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.

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


<PAGE>

 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:

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

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

o        obtain financial information and investment experience objectives of
          the person; and
o                 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:

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


<PAGE>


         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.

Oil and Gas Properties

         The following is a brief description of the oil and gas properties in
which Frontier held an interest as of December 31, 2006. In 2006, the Company
purchased at auction 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.

<PAGE>




Miscellaneous

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

ITEM 3.  LEGAL PROCEEDINGS

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

         In 2006, the Company was sued by a former consultant

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

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



<PAGE>


                                     PART II

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

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

         For the periods indicated, the following table sets forth the high and
low per share 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.


           2005                                     High ($)             Low ($)
            Fourth Quarter                            1.75                 0.35
            Third Quarter (1)                         8.00                 0.04
            Second Quarter (1)                       80.00                  6.00
            First Quarter  (1)                       32.00                 0.00
            2006
            First Quarter                             1.50                 1.02
            Second Quarter                            1.30                 0.55
            Third Quarter                             1.10                 0.51
            Fourth Quarter                            0.65                 0.15
-------------------------------------------------------------------------------

(1) Prices adjusted to reflect 1:40 stock split effective October 4, 2005 (2)
Prices adjusted to reflect 1:10 stock split effective January 14, 2005

Holders

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

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



<PAGE>


Recent Sales of Unregistered Securities

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

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

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

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

         On January 19, 2005, the Company entered into an Assignment and
Assumption Agreement ("Agreement") with a Company that holds and Option Purchase
Agreement ("Contract") for purchase and sale of property in British Columbia,
Canada. In consideration for the Agreement, the Company issued 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.


EQUITY COMPENSATION PLAN INFORMATION

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

The following table summarizes certain information regarding our equity
compensation plans as of December 31, 2006. The underlying compensation plan has
been previously approved by a vote of the shareholders.
                                    Number of securities

                                     to be issued upon        Weighted-average
                                        exercise of           exercise price of
                                    outstanding options,    outstanding options,
          Plan category            -warrants and rights   -  warrants and rights
Equity compensation plans
approved by shareholders                     -                        -
Equity compensation plans not
approved by shareholders                     -                        -

Total:                                       -                        -


Number of securities
remaining available for
future issuance under
equity compensation  plans

                          3,730,000
                                  -

Total:                    3,730,000



<PAGE>


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

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

IN GENERAL

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

PLAN OF OPERATION

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

Marketing of Production

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

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

Liquidity and Capital Resources

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

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

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

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.

<PAGE>

Critical Accounting Policies

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


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

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

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

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

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

Recent Accounting Pronouncements

         In December 2004, the FASB issued Statement No. 123R, "Share-Based
Payment," which requires companies to recognize in the statement of operations
all share-based payments to employees, including grants of employee stock
options, based on their fair values. Accounting for share-based compensation
transactions using the intrinsic method supplemented by pro forma disclosures
will no longer be permissible. The new statement will be effective for public


<PAGE>


entities in the first interim period for fiscal years beginning after June 15,
2005, and, accordingly, will be adopted by us in the first quarter of calendar
year 2006. The actual impact of adoption of SFAS 123R cannot be fully predicted
at this time because it will depend on levels of share-based payments granted in
the future. The adoption of this new statement will have no effect until
share-based compensation is issued by the Company.

Off Balance Sheet Arrangements

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



<PAGE>


ITEM 7.           FINANCIAL STATEMENTS



                                TABLE OF CONTENTS

Page No.

Report of Independent Registered Public Accounting Firm   1

Consolidated Financial Statements

Consolidated Balance Sheets                               2

Consolidated Statements of Operations                     3

Consolidated Statement of Stockholders' Deficit           4

Consolidated Statements of Cash Flows                     5

Notes to Consolidated Financial Statements                6-13



<PAGE>

To the Board of Directors and Stockholders
Frontier Energy Corp.
(A Development Stage Company)
Las Vegas, Nevada


 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have audited the  accompanying  balance  sheets of Frontier  Energy Corp.  (A
Developmental  Stage  Company) as of December 31, 2006 and 2005, and the related
statements of operations,  stockholders'  deficit,  and cash flows for the years
ended  December  31,  2006  and  2006.  These  financial   statements  are  the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

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

In our opinion,  based on our audit, the financial  statements referred to above
present fairly, in all material respects,  the financial position of the Company
as of December 31, 2006 and 2005 and the results of its  operations and its cash
flows for the years ended  December 31, 2006 and 2005, in  conformity  with U.S.
generally accepted accounting principles.

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


/s/ De Joya Griffith & Company, LLC
De Joya Griffith & Company, LLC
April 12, 2007
Henderson, Nevada





<PAGE>
                             FRONTIER ENERGY CORP.
                           CONSOLIDATED BALANCE SHEETS
                                                     December 31,
                                              2006                2005

ASSETS

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

Fixed assets, net                                   1,094              -
Mineral leases                                     10,905              -
                                          --------------------------------------

Total assets                                  $    35,389    $       244
                                              =================================



LIABILITIES AND STOCKHOLDERS' DEFICIT

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

Total liabilities                                 395,492        242,568

Commitments and contingencies                           -              -

Stockholders' deficit

Common stock subscribed                            26,000              -
Series A preferred stock, $0.001
par value; 1 share
authorized, issued and
outstanding                                             -              -
Series B preferred stock, $0.001
par value; 10,000,000
authorized; and 40,000 and no
shares issued or outstanding                           40              -
Common stock, $0.001 par value;
100,000,000 shares
authorized, 3,886,464 shares
issued and 829,606 outstanding                      3,886            829
Additional paid-in capital                      4,982,210      3,830,950
Common stock issued for future
services on employment agreement                 (386,750)
Accumulated deficit                            (4,985,489)    (4,074,103)
                                                      --------------------------
Total stockholders' deficit                      (360,103)      (242,324)
                                                      --------------------------

Total liabilities and stockholders' deficit   $     35,389            244
                                                      =========================



                 See Accompanying Notes to Financial Statements
<PAGE>


                             FRONTIER ENERGY CORP.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                     For the Years Ended
                     --------------------------------------------
                               December 31, 2006           December 31, 2005
                             ------------------------------------


                                               $ -            $ -


Officer Compensation                       548,150              -
General and administrative                 353,257        867,953
Exploration and development                  9,979
Loss on impairment of mineral claims        80,000
                             ------------------------------------

Total operating expenses                   911,386        947,953
                             ------------------------------------


                                       $  (911,386)   $  (947,953)
                             ====================================



Net loss                               $     (0.39)   $     (2.39)
                             ====================================


Basic and diluted                        2,337,366        396,906
                             ====================================


                 See Accompanying Notes to Financial Statements
<PAGE>
                              FRONTIER ENERGY CORP
                 CONSOLIDATED STATEMENT OF STOCKHOLDERS DEFICIT
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2006

                               Preferred A    Preferred B       Common Stock
                                Shares Amount  Shares  Amount   Shares    Amount
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 the Bindloss 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 s-rvices -      -       -   375,000       375

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






                                                                    Common stock
                                                                    issued for
                                                                    future
                                                                    services on
                                           Additional    Common     Employment
                                      paid in capital     stock     agreement
                                                        agreement



Balance, December 31, 2004                     2,884,517        -              -

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

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

Exercise of stock options                            (16)       -              -

Rounding for reverse split                             -        -

Issuance of shares for consulting services        19,980        -              -

Issuance of shares for finder's fee
related to the Bindloss Agreement                799,500        -              -

Net loss                                               -        -              -

Balance, December 31, 2005                   $ 3,830,950      $ -           $ -

Exercise of stock options for loan                     -        -             -

Exercise of stock options for cash                     -        -             -

Issuance of shares per employment

Agreements                                       713,300        -      (386,750)

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

Issuance of shares for consulting services       103,075        -              -

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

Issuance of Reg S Shares                         184,133        -              -

Common stock subscribed                           26,000

Net loss                                               -        -              -

Balance, December 31, 2006                    $ 4,982,210   $ 26,000  $(386,750)







                                                                      Total
                                                Additional        Stockholders
                                                Deficit              deficit



Balance, December 31, 2004                    (3,126,150)             (241,587)

Issuance of shares in exchange for
mineral claims                                         -                  80,000
Issuance of 16,250 stock options
for settlement of payable                              -                  47,216

Exercise of stock options                              -                       -

Rounding for reverse split                             -                       -

Issuance of shares for consulting services             -                  20,000

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

Net loss                                        (947,953)              (947,953)

Balance, December 31, 2005                    $(4,074,103)             (242,324)

Exercise of stock options for loan                     -                     500

Exercise of stock options for cash                     -                     434

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

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

Issuance of shares for consulting services             -                 103,450

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

Issuance of Reg S Shares                               -                 185,073

Common stock subscribed                                -                  26,000

Net loss                                         911,386)              (911,386)

Balance, December 31, 2006                   $(4,985,489)              (360,103)


                 See Accompanying Notes to Financial Statements

<PAGE>


                             FRONTIER ENERGY CORP.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS



                                                     For the Years Ended
                                            December 31, 2006  December 31, 2005
                                      ---------------  ------------------------

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

Net cash used in operating activities               (245,138)     (27,397)

CASH FLOW INVESTING ACTIVITIES
Purchase of fixed assets                              (1,094)           -
Acquisition of mineral leases                        (10,905)           -
                       --------------------------------------------------

Net cash used in financing activities                (11,999)           -
                                    -------------------------------------

CASH FLOW FINANCING ACTIVITIES
Proceeds from issuance of common stock               185,507            -
Proceeds from subscriptions for common stock          26,000            -
Proceeds from advances                                68,105       26,422
Proceeds from borrowings from related parties            671           70
                                                           -            -
                                    -------------------------------------

Net cash provided by financing activities            280,283       26,492
                                    -------------------------------------

NET CHANGE IN CASH                                    23,146         (905)

CASH AT BEGINNING OF YEAR                                244        1,149
                                    -------------------------------------

CASH AT END OF YEAR                                $  23,390    $     244
                                    =====================================


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          $ -    $  47,216
                                    =====================================
                                                 ========================
Shares issued for mineral claims                         $ -    $  80,000
                                    =====================================


                 See Accompanying Notes to Financial Statements



<PAGE>


                             FRONTIER ENERGY CORP.
                 CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005


NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

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

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

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

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


                                     <PAGE>
                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (continued)

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

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

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

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

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

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

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

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

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

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


<PAGE>
                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005

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

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

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


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

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

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

<PAGE>
                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005

NEW ACCOUNTING PRONOUNCEMENTS

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

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

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

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

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

SFAS No. 158
In September 2006, the FASB issued SFAS No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans" ("SFAS No. 158"). SFAS
No. 158 requires companies to recognize in their statement of financial position
an asset for a plan's overfunded status or a liability for a plan's underfunded
status and to measure a plan's assets and its obligations that determine its
funded status as of the end of the company's fiscal year. Additionally, SFAS No.
158 requires companies to recognize changes in the funded status of a defined
benefit postretirement plan in the year that the changes occur and those changes
will be reported in comprehensive income. The provision of SFAS No.


<PAGE>


                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005

158 that
will require us to recognize the funded status of our postretirement plans, and
the disclosure requirements, will be effective for us as of December 31, 2006.
We do not expect that the adoption of SFAS No. 158 will have a material impact
on our consolidated financial statements.

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

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


NOTE  2  -  MINERAL RIGHTS-

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

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

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

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

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

NOTE  3  -  RELATED  PARTY  TRANSACTIONS-

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

                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005

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

NOTE  4  -  INCOME  TAXES

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

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

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

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

                                                     2006           2005
                                            -------------  -------------
Net operating loss                            $(5,001,000)   $(4,090,000)
Stock based compensation                        2,573,000      1,992,000
                                            -------------  -------------

                                              $ 2,428,000    $ 2,098,000
                                            =============  =============

Deferred tax asset at 35%                     $   850,000    $   734,000
Valuation allowance for deferred tax assets      (850,000)      (734,000)
                                           -------------- --------------

Net deferred tax assets                     $          --  $          --
                                            =============  =============



NOTE  5  -  STOCKHOLDERS'  EQUITY

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

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

Common  Stock  -

During 2004, the Company issued 500 (200,000 pre-split) shares of its common
stock to its President as a result of options that were exercised. The options
were granted as a result of options previously granted and exercised in 2003



<PAGE>


                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005

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. The share certificates for
700,000 shares are being held by the Company. 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.

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

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

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

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

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

Stock Options - In February 2000, the Company's Board of Directors and majority
shareholders approved and adopted the Frontier Energy Corp., fka GT Data
Corporation 2000 Stock Option Plan




<PAGE>

                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005

 ("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.

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

                                   Year  Ended  December  31,
                                     2006              2005

                                       Weighted         Weighted
                                        Average          Average
                             Options         Price   Options    Price

Outstanding, beginning of year   65,000   $   4.00  65,000   $   4.00
Granted                              --      --       --      --
Exercised                            --      --       --      --
Cancelled/Forfeited                  --      --       --      --
                          --------------------------------------

Outstanding, end of year         65,000   $   4.00  65,000   $   4.00
                          ======================================

Exercisable, end of year         65,000   $   4.00  65,000   $   4.00
                          ======================================
Weighted average fair
value of options granted                   $ 1.50        $   1.50
                                               =================


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

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.

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


<PAGE>
                             FRONTIER ENERGY CORP.
                  CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
                           DECEMBER 31, 2006 AND 2005


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


                                      Year  Ended  December  31,
                                       2006                2005

                                       Weighted           Weighted
                                        Average           Average
                            Warrants        Price    Warrants        Price


Outstanding, beginning of year   2,000   $   50.00    2,000   $   50.00
Granted                              -        -          -        -
Exercised                            -        -          -        -
Cancelled/Forfeited                  -        -          -        -
                         ---------------------------------------

Outstanding, end of year         2,000   $   50.00    2,000   $   50.00
                         =======================================

Exercisable, end of year         2,000   $   50.002,000   $   50.00
                         =======================================


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



<PAGE>




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

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

ITEM 8A.          CONTROLS AND PROCEDURES

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

         (b) Changes in internal control over financial reporting. There have
been no changes in our internal control over financial reporting that occurred
during the quarter ended December 31, 2005 that have materially affected or are
reasonably likely to materially affect our internal control over financial
reporting.


ITEM 8A.          OTHER INFORMATION

         None.


<PAGE>


                                    PART III

ITEM 9.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

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

         Name                         Age   Position

         Robert Genesi.............   69    President, Chief Executive Officer,
                                             Principal Financial
                                                 Officer and Director
         Don Huang                    68    Director

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

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

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

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

Robert Genesi, Director, Chief Executive Officer

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

Don Huang, Director

         Mr. Don Huang was elected as a director to fill a vacant seat on the
Company's Board of Directors in October, 2006. Since 2006, Mr. Huang has been
retired. From 2006 to 2006, Mr. Huang was Director of Operations of Unitek,
Inc., a computer peripheral manufacturer. From 2002 to 2004, Mr. Huang was a
director of AMK, Inc., a computer peripheral manufacturer in South Korea. Mr.
Huang received his BS in Electrical Engineering from Seoul National University
and his Masters in computer Science from the University of Tennessee.
<PAGE>

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,
2006 to our Chief Executive Officer.

                           Summary Compensation Table


                                                             Annual Compensation
                                                                  Other Annual
------------------------------------ ----    Year     Salary ($)Compensation ($)

Name and Position
-----------------
Robert Genesi, CEO(1)                         2006       $ 60,000       $ -
                                              2005      $105,000        $ --
                                              2004      $105,000        $ 12,000
--------------
(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>



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

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

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

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

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

                                            Number of
                                        Shares of Common
                                       Stock Beneficially
                                              Owned

------------------------------------                  --------------------------
                                                            Percentage of Shares
------------------------------------                          Beneficially Owned
Name of Beneficial Owner
Robert Genesi (1)                              700,000                 21.0%

------------------------------------
All directors and officers
     (1 person)                              700,000                     21.0%

         -----------
          (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>


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>


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 Herewith



<PAGE>


ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

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


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

Subtotal                $15,000

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

Total                   $15,000

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

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

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

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

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

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






                                   SIGNATURES

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



                                                     FRONTIER ENERGY CORP.


Dated:  April 17, 2007

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







<PAGE>