**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-KSB/A**

**Amendment      No. 1**

**ZULU      ENERGY CORP. **

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| **Colorado**                                  |   | **20-3281304**                     |
|-----------------------------------------------|--------|------------------------------------|
| State                or other jurisdiction of |   | (I.R.S.                Employer    |
| incorporation                or organization  |   | Identification                No.) |

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**DOCUMENTS      INCORPORATED BY REFERENCE**

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**EXPLANATORY      NOTE**

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**TABLE      OF CONTENTS**

**FORM      10-KSB/A ANNUAL REPORT**

**ZULU      ENERGY CORP.**

| PART                II  |                    | 1                                   |
|-------------------------|-------------------------|-------------------------------------|
|                    |                    |                                |
|                    | ITEM                7.  | FINANCIAL                STATEMENTS | 1 |
|                    |                    |                                |   |
| PART                III |                    | 9                                   |
|                    |                    |                                |
|                    | ITEM                13. | EXHIBITS                            | 9 |
|                    |                    |                                |   |
| SIGNATURES              | 10                      |

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**ITEM      7. **
**FINANCIAL      STATEMENTS**

**Report      of Independent Registered Public Accounting Firm**

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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**ZULU      ENERGY CORP.**

**(AN      EXPLORATION STAGE COMPANY)**

**BALANCE      SHEETS**

**FOR      THE YEARS ENDED JUNE 30, 2007 AND 2006**

|                                                                                                                                                                                                   |   | (Restated)                  |        | (Restated)                  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-------------|-----------------------------|--------|
|                                                                                                                                                                                                   |   | **June                30,** |        | **June                30,** |   |
|                                                                                                                                                                                                   |   | **2007**                    |        | **2006**                    |   |
| **ASSETS**                                                                                                                                                                                             |   |                        |        |                        |   |
|                                                                                                                                                                                                   |   |                        |        |                        |   |
| Cash                                                                                                                                                                                                   |   | **$**                       | **-**       |                        | **$**  | **35,940** |   |
|                                                                                                                                                                                                   |   |                        |        |                        |   |   |   |
| **Total                Assets**                                                                                                                                                                        |   | **$**                       | **-**       |                        | **$**  | **35,940** |   |
|                                                                                                                                                                                                   |   |                        |        |                        |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                                                                                                      |   |                        |        |                        |   |   |   |
|                                                                                                                                                                                                   |   |                        |        |                        |   |   |   |
| **Current                Liabilities:**                                                                                                                                                                |   |                        |        |                        |   |   |   |
| Accounts                payable                                                                                                                                                                        |   |                        | **16,800**  |                        |   | **15,000** |   |
| **Total                Current Liabilities**                                                                                                                                                           |   |                        | **16,800**  |                        |   | **-** |   |
|                                                                                                                                                                                                   |   |                        |        |                        |   |   |   |
| **Stockholders'                Equity (Deficit):**                                                                                                                                                     |   |                        |        |                        |   |   |   |
| Preferred                stock, $.001 par value; authorized 10,000,000, none issued                                                                                                                    |   |                        | **-**       |                        |   | **-** |   |
| Common                stock, $.001 par value; 100,000,000 shares authorized 52,000,000                and                issued and outstanding at June 30, 2007 and 2006,                respectively |   |                        | **52,000**  |                        |   | **52,000** |   |
| Additional                paid in capital                                                                                                                                                              |   |                        | **(13,500** | **)**                       |   | **(13,500** | **)** |
| Deficit                accumulated during the exploration stage                                                                                                                                        |   |                        | **(55,300** | **)**                       |   | **(17,560** | **)** |
|                                                                                                                                                                                                   |   |                        |        |                        |   |   |   |
| **Total                Stockholders' Equity (Deficit)**                                                                                                                                                |   |                        | **(16,800** | **)**                       |   | **20,940** |   |
|                                                                                                                                                                                                   |   |                        |        |                        |   |   |   |
| **Total                Liabilities and Stockholders' Equity (Deficit)**                                                                                                                                |   | **$**                       | **-**       |                        | **$**  | **35,940** |   |

**THE      ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL      STATEMENTS**

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**ZULU      ENERGY CORP.**

**(AN      EXPLORATION STAGE COMPANY)**

**STATEMENTS      OF OPERATIONS**

**FOR      THE YEARS ENDED JUNE 30, 2007 AND 2006**

**AND      FOR THE PERIOD MAY 5, 2005 (INCEPTION) THROUGH JUNE 30,      2007**

|                                          |   | **For the year ended ****June 30,2007** |           | **For the year ended ****June 30, 2006** |   | **From May 5, 2005 ****(Date of inception of ****exploration stage) to ****June 30, 2007** |   |
|-----------------------------------------------|--------|------------------------------------------------------------------|----------------|------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                          |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |
| **Revenue:**                                  |   | **$**                                                            | **-**          |                                                                   | **$**  | **-**                                                                                                                                                       |   | **$** | **-** |   |
| **Total                Revenue**              |   |                                                             | **-**          |                                                                   |   | **-**                                                                                                                                                       |   |   | **-** |   |
|                                          |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |   |   |   |
| **Operating                Expenses:**        |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |   |   |   |
| Mineral                exploration costs      |   |                                                             | **-**          |                                                                   |   | **15,500**                                                                                                                                                  |   |   | **15,500** |   |
| General                & administrative   |   |                                                             | **37,740**     |                                                                   |   | **1,060**                                                                                                                                                   |   |   | **39,800** |   |
| **Total                Operating Expenses**   |   |                                                             | **37,740**     |                                                                   |   | **16,560**                                                                                                                                                  |   |   | **55,300** |   |
|                                          |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |   |   |   |
| **NET                LOSS**                   |   | **$**                                                            | **(37,740**    | **)**                                                                  | **$**  | **(16,560**                                                                                                                                                 | **)**  | **$** | **(55,300** | **)** |
|                                          |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |   |   |   |
| **Weighted                Average Shares**    |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |   |   |   |
| **Common                Stock Outstanding**   |   |                                                             | **52,000,000** |                                                                   |   | **3,341,667**                                                                                                                                               |   |   |   |   |
|                                          |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |   |   |   |
| **Net                Loss Per Share**         |   |                                                             |           |                                                                   |   |                                                                                                                                                        |   |   |   |   |
| **(Basic                and Fully Dilutive)** |   |                                                             | **(0.00**      | **)**                                                                  |   | **(0.00**                                                                                                                                                   | **)**  |   |   |   |

**THE      ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL      STATEMENTS**

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**ZULU      ENERGY CORP.**

**(AN      EXPLORATION STAGE COMPANY)**

**STATEMENT      OF SHAREHOLDERS’ EQUITY (Restated)**

**AS      AT JUNE 30, 2007**

|                                                                |   | **Shares ****Issued** |   | **Par Value ****$.001 per ****share** |   | **Share ****Issued** |   | **Par Value ****$.001 per ****share** |       | **Additional ****Paid-In ****Capital** |   | **Deficit ****accumulated ****during the ****exploration ****stage** |   | **Total** |    |
|---------------------------------------------------------------------|--------|----------------------------|--------|-----------------------------------------------------------|--------|---------------------------|--------|-----------------------------------------------------------|------------|--------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|--------|-----------|---------|
|                                                                |   |                       |   |                                                      |   |                      |   |                                                      |       |                                             |   |                                                                                          |   |      |    |
| BALANCE-                May 6, 2005 (inception)                     |   |                       | -      |                                                      | $      | -                         |   |                                                      | -          |                                             | $      | -                                                                                             |   | $         | -       |   | $ | - |   | $ | - |   |
| Issuance                of common stock in exchange for services    |   |                       | -      |                                                      |   | -                         |   |                                                      | 10,000,000 |                                             |   | 10,000                                                                                        |   |      | (9,000  | ) |   | - |   |   | 1,000 |   |
| Net                loss                                             |   |                       | -      |                                                      |   | -                         |   |                                                      | -          |                                             |   | -                                                                                             |   |      | -       |   |   | (1,000 | ) |   | (1,000 | ) |
|                                                                |   |                       |   |                                                      |   |                      |   |                                                      |       |                                             |   |                                                                                          |   |      |    |   |   |   |   |   |   |   |
| BALANCE-                June 30, 2005                               |   |                       | -      |                                                      |   | -                         |   |                                                      | -          |                                             |   | 10,000                                                                                        |   |      | -       |   |   | (9,000 | ) |   | - |   |
|                                                                |   |                       |   |                                                      |   |                      |   |                                                      |       |                                             |   |                                                                                          |   |      |    |   |   |   |   |   |   |   |
| Issuance                of common stock for mineral claims          |   |                       | -      |                                                      |   | -                         |   |                                                      | 5,000,000  |                                             |   | 5,000                                                                                         |   |      | (4,500  | ) |   | - |   |   | 500 |   |
| Issuance                of common stock for cash at $.001 per share |   |                       | -      |                                                      |   | -                         |   |                                                      | 37,000,000 |                                             |   | 37,000                                                                                        |   |      | -       |   |   | - |   |   | 37,000 |   |
| Net                loss                                             |   |                       | -      |                                                      |   | -                         |   |                                                      | -          |                                             |   | -                                                                                             |   |      | -       |   |   | (16,560 | ) |   | (16,560 | ) |
|                                                                |   |                       |   |                                                      |   |                      |   |                                                      |       |                                             |   |                                                                                          |   |      |    |   |   |   |   |   |   |   |
| BALANCE-                June 30, 2006                               |   |                       | -      |                                                      |   | -                         |   |                                                      | 52,000,000 |                                             |   | 52,000                                                                                        |   |      | (13,500 | ) |   | (17,560 | ) |   | 20,940 |   |
|                                                                |   |                       |   |                                                      |   |                      |   |                                                      |       |                                             |   |                                                                                          |   |      |    |   |   |   |   |   |   |   |
| Net                loss                                             |   |                       | -      |                                                      |   | -                         |   |                                                      | -          |                                             |   | -                                                                                             |   |      | -       |   |   | (37,740 | ) |   | (37,740 | ) |
|                                                                |   |                       |   |                                                      |   |                      |   |                                                      |       |                                             |   |                                                                                          |   |      |    |   |   |   |   |   |   |   |
| BALANCE-June                30, 2007                                |   |                       | -      |                                                      |   | -                         |   |                                                      | 52,000,000 |                                             |   | 52,000                                                                                        |   |      | (13,500 | ) |   | (55,300 | ) |   | (16,800 | ) |

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**ZULU      ENERGY CORP.**

**(AN      EXPLORATION STAGE COMPANY)**

**STATEMENTS      OF CASH FLOWS**

**FOR      THE YEARS ENDED JUNJE 30, 2006 AND 2007 **

**AND      FOR THE PERIOD MAY 6, 2005 (INCEPTION) THROUGH JUNE 30,      2007**

|                                                             |   | **For the year ended ****June 30, 2007** |    | **For the year ended ****June 30, 2006** |   | **From May 6, 2005 ****(date of inception) ****to ****June 30, 2007** |   |
|------------------------------------------------------------------|--------|------------------------------------------------------------------------|---------|------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|
| **Cash Flows                Used in Operating Activities:** |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| **Net                Loss by operating activites:**              |   | $                                                                      | (37,740 | )                                                                      | $      | (16,560                                                                                                                 | )      | $ | (55,300 | ) |
| Issuance                of stock for services rendered           |   |                                                                   | -       |                                                                   |   | -                                                                                                                       |   |   | 1,000 |   |
| Issuance                of stock for mineral claims (expensed)   |   |                                                                   | -       |                                                                   |   | 500                                                                                                                     |   |   | 500 |   |
| Increase                in accounts payable                      |   |                                                                   | 1,800   |                                                                   |   | 15,000                                                                                                                  |   |   | 16,800 |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| **Net                Cash Used in Operating Activities**         |   |                                                                   | (35,940 | )                                                                      |   | (1,060                                                                                                                  | )      |   | (37,000 | ) |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| **Cash                Flows from Financing Activities:**         |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| Issuance                of common stock                          |   |                                                                   | -       |                                                                   |   | 37,000                                                                                                                  |   |   | 37,000 |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| **Net                Cash Provided by Financing Activities**     |   |                                                                   | -       |                                                                   |   | 37,000                                                                                                                  |   |   | 37,000 |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| **Net                Increase (Decrease) in Cash**               |   |                                                                   | (35,940 | )                                                                      |   | 35,940                                                                                                                  |   |   | - |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| **Cash                at Beginning of Year**                     |   |                                                                   | -       |                                                                   |   | -                                                                                                                       |   |   | - |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| **Cash                at End of Year**                           |   | $                                                                      | (35,940 | )                                                                      | $      | 35,940                                                                                                                  |   | $ | - |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
|                                                             |   |                                                                   |    |                                                                   |   |                                                                                                                    |   |   |   |   |
| Issuance                of stock for services                    |   | $                                                                      | -       |                                                                   | $      | 1,000                                                                                                                   |   | $ | 1,000 |   |
| Issuance                of stock for mineral claims (expensed)   |   |                                                                   | -       |                                                                   |   | 500                                                                                                                     |   |   | 500 |   |

**THE      ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL      STATEMENTS**

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**ZULU      ENERGY CORP.**

**NOTES      TO FINANCIAL STATEMENTS**

**JUNE      30, 2007 **

**NOTE      1 – NATURE AND PURPOSE OF BUSINESS**

**NOTE      2 – NATURE OF SIGNIFICANT ACCOUNTING POLICIES**

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**NOTE      3 – MINERAL CLAIMS**

**NOTE      4 – COMMON STOCK**

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**NOTE      5 – GOING CONCERN**

**NOTE      6 – SUBSEQUENT EVENTS**

**NOTE      7 – RESTATEMENT ADJUSTMENT**

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|                           |   | As previously reported |   | Restated Amounts  |   | Restatement Adjustment |   |
|--------------------------------|--------|----------------------------------|--------|-----------------------------|--------|-----------------------------|--------|
| Common stock              |   | $                                | 5,200  |                        | $      | 52,000                      |        | $ | 46,800 |   |
| Paid                in capital |   | $                                | 33,300 |                        | $      | (13,500                     | )      | $ | (46,800 | ) |

**ITEM      13.** **EXHIBITS**

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**SIGNATURES**

|   | **ZULU              ENERGY CORP.**                                                                                                                                                 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                               |
|   | By:                                                                                                                                                                                |  */s/                James Hostetler*   |
|   | James Hostetler, Executive Vice President, Secretary, Treasurer, Chief Financial Officer, Principal Accounting Officer |
|   |                                                                                                                                                                               |
|   | Date:              June 2, 2008                                                                                                                                                    |

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**Exhibit      List**

| Exhibit      |   |                                                                                                                                                                                                                                              |
|--------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number  |   | Description                                                                                                                                                                                                                                  |
|         |   |                                                                                                                                                                                                                                              |
| 2.1          |   | Stock                  Exchange Agreement and Plan of Reorganization among Zulu Energy                  Corp,                  Nyati Mauritius Limited and LMA Hughes LLLP dated December 19,                  20071                              |
|         |   |                                                                                                                                                                                                                                              |
| 3.1          |   | Articles                  of Incorporation2                                                                                                                                                                                                  |
|         |   |                                                                                                                                                                                                                                              |
| 3.2          |   | Articles                  of Amendment7                                                                                                                                                                                                           |
|         |   |                                                                                                                                                                                                                                              |
| 3.3          |   | Statement                  of Correction7                                                                                                                                                                                                         |
|         |   |                                                                                                                                                                                                                                              |
| 3.4          |   | Form                  of Amended and Restated Articles of Incorporation4†                                                                                                                                                                   |
|         |   |                                                                                                                                                                                                                                              |
| 3.5          |   | Amended                  and Restated Bylaws5                                                                                                                                                                                                     |
|         |   |                                                                                                                                                                                                                                              |
| 10.2         |   | Stock                  Purchase Agreement between Zulu Energy Corp. and Swansi Holdings                  Corp.                  dated as of December 19, 20071                                                                                    |
|         |   |                                                                                                                                                                                                                                              |
| 10.3         |   | Tax                  Indemnification Letter Agreement between Zulu Energy Corp. and                  LMA Hughes                  LLLP dated December 19, 20071                                                                                    |
|         |   |                                                                                                                                                                                                                                              |
| 10.4         |   | Employment                  Agreement, dated effective March 1, 2008, by and between Zulu Energy                  Corp.                  and Paul Stroud4                                                                                         |
|         |   |                                                                                                                                                                                                                                              |
| 10.5         |   | Employment                  Agreement, dated effective March 1, 2008, by and between Zulu Energy                  Corp.                  and James Hostetler3                                                                                     |
|         |   |                                                                                                                                                                                                                                              |
| 10.6         |   | Employment                  Agreement, dated effective March 1, 2008, by and between Zulu Energy                  Corp.                  and Kevin Reeves3                                                                                        |
|         |   |                                                                                                                                                                                                                                              |
| 10.7         |   | Form                  of Option Holder Letter Agreement3                                                                                                                                                                                          |
|         |   |                                                                                                                                                                                                                                              |
| 10.8         |   | Letter                  Agreement dated April 25, 2008 between Zulu Energy Corp. and Swansi                  Holdings Corp.3                                                                                                                      |
|         |   |                                                                                                                                                                                                                                              |
| 10.9         |   | Zulu                  Energy Corp. 2008 Equity Incentive Plan3†                                                                                                                                                                             |
|         |   |                                                                                                                                                                                                                                              |
| 10.10        |   | Form                  of Restricted Stock Agreement5                                                                                                                                                                                              |
|         |   |                                                                                                                                                                                                                                              |
| 10.11        |   | Form                  of Stock Option Agreement5                                                                                                                                                                                                  |
|         |   |                                                                                                                                                                                                                                              |
| 10.12        |   | Form                  of Common Stock Purchase Warrant6                                                                                                                                                                                           |
|         |   |                                                                                                                                                                                                                                              |
| 10.13        |   | Form                  of Subscription Agreement6                                                                                                                                                                                                  |
|         |   |                                                                                                                                                                                                                                              |
| 10.14        |   | Form                  of Registration Rights Agreement6                                                                                                                                                                                           |
|         |   |                                                                                                                                                                                                                                              |
| 10.15        |   | Employment                  Agreement, dated effective May 15, 2008, by and between Zulu Energy                  Corp.                  and David Weisgerber8** **                                                                           |
|         |   |                                                                                                                                                                                                                                              |
| 10.16        |   | Employment                  Agreement, dated effective May 21, 2008, by and between Zulu Energy                  Corp.                  and David Weisgerber8                                                                                     |
|         |   |                                                                                                                                                                                                                                              |
| 31.1*        |   | Certification                  of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002                                                                                                              |
|         |   |                                                                                                                                                                                                                                              |
| 31.2*        |   | Certification                  of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002                                                                                                              |
|         |   |                                                                                                                                                                                                                                              |
| 32.1*        |   | Certification                  of Chief Executive Officer and Chief Financial Officer pursuant                  to 18                  U.S.C. Section 1350, as adopted pursuant to Section 906 of the                  Sarbanes-Oxley Act of 2002 |

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| 1. | Incorporated                by reference to the Company’s Current Report on Form 8-K filed with the                Commission on December 27, 2007, File No.                000-52272. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Incorporated                by reference to the Company’s Registration Statement on Form SB-2 filed                with the Commission on September 1, 2006, File No. 333-137076. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Incorporated                by reference to the Company’s Current Report on Form 8-K filed with the                Commission on April 21, 2008, File No.                000-52272. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Incorporated                by reference to the Company’s Annual Report on Form 10-KSB/A filed with                the Commission on April 29, 2008, File No. 000-52272. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Incorporated                by reference to the Company’s Current Report on Form 8-K filed with the                Commission on May 2, 2008, File No.                000-52272. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Incorporated                by reference to the Company’s Current Report on Form 8-K filed with the                Commission on May 9, 2008, File No.                000-52272. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Incorporated                by reference to the Company’s Quarterly Report on Form 10-Q filed with the                Commission on May 20, 2008, File No.                000-52272. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Incorporated                by reference to the Company’s Current Report on Form 8-K filed with the                Commission on May 28, 2008, File No.                000-52272. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | Filed                herewith. |
|---|--------------------------------|

| † | The                form of Amended and Restated Articles of Incorporation and 2008 Equity                Incentive Plan were approved by the Board of Directors of Zulu Energy                Corp. on April 28, 2008 and will be presented to shareholders for                approval                as part of the 2008 Annual Meeting of Shareholders. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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