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                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

             (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2003

                                       OR

            ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                   for the transition period from____ to ____

                         Commission file number 1-12108

                              GULFWEST ENERGY INC.
                              --------------------
             (Exact name of Registrant as specified in its charter)

         Texas                                               87-0444770
(State or other jurisdiction                               (IRS Employer
  of incorporation)                                           Identification No.)

480 North Sam Houston Parkway East
         Suite 300
       Houston, Texas                                           77060
(Address of principal executive offices)                     (zip code)

                                 (281) 820-1919
              (Registrant's telephone number, including area code)

Indicate by check mark whether the 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 X NO ____

The  number of shares  outstanding  of each of the  issuer's  classes  of common
stock, as of the latest practicable date, May 14, 2003, was 18,492,541 shares of
Class A Common Stock, $.001 par value.

                              GULFWEST ENERGY INC.

                         FORM 10-Q FOR THE QUARTER ENDED
                                 MARCH 31, 2003

                                                                      Page of
                                                                     Form 10-Q
                                                                     ---------

Part I: Financial Statements

Item 1. Financial Statements
         Consolidated Balance Sheets, March 31, 2003,
           and December 31, 2002                                         3
         Consolidated Statements of Operations-for the three
           months ended March 31, 2003, and 2002                         5
         Consolidated Statements of Cash Flows-for the three
           months ended March 31, 2003, and 2002                         6
         Notes to Consolidated Financial Statements                      7

Item 2.  Management's Discussion and Analysis
           of Financial Condition and Results
           of Operations                                                 9

Item 3.  Quantitative and Qualitative Disclosures about Market Risk      11

Item 4.  Controls and Procedures                                         11

Part II: Other Information

Item 4.  Submission of Matters to a Vote of Security Holders             12

Item 6.  Exhibits and Reports on 8-K                                     12

Signatures                                                               13

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.
------- ---------------------

                              GULFWEST ENERGY INC.
                           CONSOLIDATED BALANCE SHEETS
                      MARCH 31, 2003 AND DECEMBER 31, 2002

                                     ASSETS

                                                                            March 31,             December 31,
                                                                              2003                    2002
                                                                           (Unaudited)              (Audited)
                                                                       --------------------    --------------------
                                                                       --------------------    --------------------

CURRENT ASSETS:
  Cash and cash equivalents                                            $           654,178     $           687,694
  Accounts receivable - trade, net of allowance for doubtful
     accounts of -0- in 2003 and 2002                                            2,050,306               1,361,446
  Prepaid expenses                                                                 249,162                 303,906
                                                                       --------------------    --------------------
          Total current assets                                                   2,953,646               2,353,046
                                                                       --------------------    --------------------

OIL AND GAS PROPERTIES,
  using the successful efforts method of accounting                             57,056,426              56,786,043

OTHER PROPERTY AND EQUIPMENT                                                     2,121,410               2,121,410
  Less accumulated depreciation, depletion,
    and amortization                                                            (9,048,675)             (8,498,497)
                                                                       --------------------    --------------------

  Net oil and gas properties and
      other property and equipment                                              50,129,161              50,408,956
                                                                       --------------------    --------------------

OTHER ASSETS
  Deposits                                                                          37,442                  37,442
  Debt issue cost, net                                                             235,731                 289,497
                                                                       --------------------    --------------------
          Total other assets                                                       273,173                 326,939
                                                                       --------------------    --------------------

TOTAL ASSETS                                                           $        53,355,980     $        53,088,941
                                                                       ====================    ====================

The Notes to Consolidated Financial Statements are an integral part of these statements.
                                       3

                              GULFWEST ENERGY INC.
                           CONSOLIDATED BALANCE SHEETS
                      MARCH 31, 2003 AND DECEMBER 31, 2002

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                               March 31,             December 31,
                                                                                 2003                    2002
                                                                              (Unaudited)              (Audited)
                                                                          --------------------    --------------------
                                                                          --------------------    --------------------

CURRENT LIABILITIES
  Notes payable                                                           $         5,229,111     $         4,936,088
  Notes payable - related parties                                                   1,290,000               1,290,000
  Current portion of long-term debt                                                32,955,523              33,128,447
  Current portion of long-term debt - related parties                                 197,307                 256,967
  Accounts payable - trade                                                          4,048,552               3,928,477
  Accrued expenses                                                                    440,394                 458,587
                                                                          --------------------    --------------------

    Total current liabilities                                                      44,160,887              43,998,566
                                                                          --------------------    --------------------

NONCURRENT LIABILITIES
  Long-term debt, net of current portion                                              115,223                 126,552
  Long-term debt, related parties                                                                              11,256
                                                                          --------------------    --------------------

    Total noncurrent liabilities                                                      115,223                 137,808
                                                                          --------------------    --------------------

OTHER LIABILITIES
    Derivative instruments                                                          1,110,137               1,128,993
                                                                          --------------------    --------------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
  Preferred stock                                                                         170                     170
  Common stock                                                                         18,493                  18,493
  Additional paid-in capital                                                       28,283,712              28,258,212
  Retained deficit                                                                (20,332,642)            (20,453,301)
                                                                          --------------------    --------------------

         Total stockholders' equity                                                 7,969,733               7,823,574
                                                                          --------------------    --------------------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY                                                      $        53,355,980     $        53,088,941
                                                                          ====================    ====================

The Notes to Consolidated Financial Statements are an integral part of these statements.
                                       4

                              GULFWEST ENERGY INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

                                                                              2003                   2002
                                                                       -------------------    --------------------

OPERATING REVENUES
  Oil and gas sales                                                    $        3,204,863     $        2,526,242
  Well servicing revenues                                                                                 12,122
  Operating overhead and other income                                              45,740                110,509
                                                                       -------------------    --------------------
     Total operating revenues                                                   3,250,603              2,648,873
                                                                       -------------------    --------------------

OPERATING EXPENSES
  Lease operating expenses                                                      1,369,935              1,376,683
  Cost of well servicing operations                                                                       18,561
  Depreciation, depletion and amortization                                        603,944                606,641
  General and administrative                                                      414,041                407,076
                                                                       -------------------    --------------------
     Total operating expenses                                                   2,387,920              2,408,961
                                                                       -------------------    --------------------

INCOME FROM OPERATIONS                                                            862,683                239,912
                                                                       -------------------    --------------------

OTHER INCOME AND EXPENSE
  Interest expense                                                               (760,880)              (691,875)
  Gain on sale of assets                                                                                  11,061
  Unrealized gain (loss) on derivative instruments                                 18,856             (1,494,983)

                                                                       -------------------    --------------------
     Total other income and expense                                              (742,024)            (2,175,797)
                                                                       -------------------    --------------------

INCOME (LOSS) BEFORE INCOME TAXES                                                 120,659             (1,935,885)

INCOME TAXES
                                                                       -------------------    --------------------

NET INCOME (LOSS)                                                                 120,659             (1,935,885)

DIVIDENDS ON PREFERRED STOCK
  (PAID 2003 - 0; 2002 - $28,125)                                                                        (28,125)
                                                                       -------------------    --------------------

NET INCOME (LOSS) AVAILABLE TO COMMON
  SHAREHOLDERS                                                         $          120,659     $       (1,964,010)
                                                                       ===================    ====================

NET INCOME (LOSS) PER COMMON SHARE,
BASIC AND DILUTED                                                      $              .01     $             (.11)
                                                                       ===================    ====================

The Notes to Consolidated Financial Statements are an integral part of these statements.
                                       5

                              GULFWEST ENERGY INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

                                                                                     2003                   2002
                                                                              -------------------    --------------------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                                           $          120,659     $        (1,935,885)
  Adjustments to reconcile net income (loss) to net cash
    provided by (used in) operating activities:
            Depreciation, depletion, and amortization                                    603,944                 606,641
            Warrants issued and charged to operations                                     25,500
            Gain on sale of assets                                                                               (11,061)
            Unrealized (gain) loss on derivative instruments                             (18,856)              1,494,983
            (Increase) decrease in accounts receivable - trade, net                     (688,860)               (121,624)
            (Increase) decrease in prepaid expenses                                       54,744                (197,608)
            Increase in accounts payable and accrued expenses                            101,882                 743,772
                                                                              -------------------    --------------------
               Cash provided by operating activities                                     199,013                 579,218
                                                                              -------------------    --------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
            Proceeds from sale of property and equipment                                                         668,247
            Purchase of property and equipment                                          (270,383)               (712,025)
                                                                              -------------------    --------------------
                Net cash used in investing activities                                   (270,383)                (43,778
                                                                              -------------------    --------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
            Payments on debt                                                            (262,146)             (1,126,856)
            Proceeds from debt issuance                                                  300,000                 461,918
            Dividends paid                                                                                       (28,125)
                                                                              -------------------    --------------------
                Net cash provided by (used in) financing activities                       37,854                (693,063)
                                                                              -------------------    --------------------

DECREASE IN CASH AND CASH EQUIVALENTS                                                    (33,516)               (157,623)

CASH AND CASH EQUIVALENTS, beginning of period                                           687,694                 689,030
                                                                              -------------------    --------------------

CASH AND CASH EQUIVALENTS, end of period                                      $          654,178     $           531,407
                                                                              ===================    ====================

CASH PAID FOR INTEREST                                                        $          548,641     $           688,856
                                                                              ===================    ====================

The Notes to Consolidated Financial Statements are an integral part of these statements.
                                       6

                      GULFWEST ENERGY INC. AND SUBSIDIARIES
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

1.   During interim periods,  we follow the accounting policies set forth in our
     Annual  Report  on  Form  10-K  filed  with  the  Securities  and  Exchange
     Commission. Users of financial information produced for interim periods are
     encouraged  to refer to the  footnotes  contained in the Annual Report when
     reviewing interim financial results.

2.   The  accompanying   financial   statements  include  the  Company  and  its
     wholly-owned  subsidiaries:  RigWest Well Service, Inc. formed September 5,
     1996;  GulfWest  Texas Company  formed  September  23, 1996;  DutchWest Oil
     Company formed July 28, 1997;  Southeast Texas Oil and Gas Company,  L.L.C.
     acquired  September 1, 1998;  SETEX Oil and Gas Company  formed  August 11,
     1998;  GulfWest Oil and Gas Company  formed  February 8, 1999; LTW Pipeline
     Co. formed April 19, 1999; GulfWest  Development Company formed November 9,
     2000;  and,  GulfWest Oil and Gas Company  (Louisiana)  LLC formed July 31,
     2001. All material  intercompany  transactions  and balances are eliminated
     upon consolidation.

3.   In management's  opinion,  the accompanying  interim  financial  statements
     contain  all  material  adjustments,  consisting  only of normal  recurring
     adjustments  necessary  to present  fairly  the  financial  condition,  the
     results of operations,  and the cash flows of GulfWest  Energy Inc. for the
     interim periods.

4.   Non-cash Investing and Financing Activities

     During the three month period ended March 31, 2002, we acquired  $48,224 of
     other   property  and   equipment   through   notes  payable  to  financial
     institutions.  We also  acquired  $182,742 of oil  producing  properties in
     exchange of accounts receivable from a related party.

5.   As a  result  of a  financing  agreement  with an  energy  lender,  we were
     required to enter into an oil and gas hedging agreement with the lender. It
     has  been  determined  this  agreement  meets  the  definition  of SFAS 133
     "Accounting  for  Derivative  Instruments  and Hedging  Activities"  and is
     accounted for as a derivative instrument.

     We entered into the  agreement,  commencing in May 2000, to hedge a portion
     of our oil and gas sales for the period of May 2000 through April 2004. The
     agreement  calls for initial volumes of 7,900 barrels of oil and 52,400 Mcf
     of gas per month,  declining monthly  thereafter.  We entered into a second
     agreement with the energy lender,  commencing  September  2001, to hedge an
     additional  portion of our oil and gas sales for the  periods of  September
     2001  through  July  2004  and  September   2001  through   December  2002,
     respectively.  The agreement calls for initial volumes of 15,000 barrels of
     oil and 50,000 Mmbtu of gas per month,  declining monthly thereafter.  As a
     result of these agreements, we realized a reduction in revenues of $560,378
     for the three-month period ended March 31, 2003 and an increase in revenues
     of $251,200  for the  three-month  period  ended March 31,  2002,  which is
     included in oil and gas sales.

     The estimated  change in fair value of the derivatives is reported in Other
     Income and Expense as unrealized (gain) loss on derivative instruments. The
     estimated  fair value of the  derivatives  is reported in Other  Assets (or
     Other Liabilities) as derivative instruments.
                                       7

6.   Stock Based Compensation

     In October 1995, SFAS No. 123, "Stock Based  Compensation,"  (SFAS 123) was
     issued.  This  statement  requires  that we choose  between  two  different
     methods of accounting for stock options and warrants. The statement defines
     a fair-value-based  method of accounting for stock options and warrants but
     allows an entity to continue to measure compensation cost for stock options
     and warrants  using the  accounting  prescribed  by APB Opinion No. 25 (APB
     25),  "Accounting  for  Stock  Issued  to  Employees."  Use of  the  APB 25
     accounting  method  results in no  compensation  cost being  recognized  if
     options are granted at an exercise price at the current market value of the
     stock or higher.  We will continue to use the intrinsic  value method under
     APB 25 but are  required by SFAS 123 to make pro forma  disclosures  of net
     income (loss) and earnings (loss) per share as if the fair value method had
     been applied in its 2003 and 2002 financial statements.

     There  were  no  options  or  warrants   issued  as  stock-based   employee
     compensation in the three month period ended March 31, 2003 and 2002.

7.   As shown in the financial  statements,  we had a working capital deficiency
     of  $41,207,200  at March  31,  2003  and  $41,645,520  for the year  ended
     December 31, 2003. This and other conditions raise  substantial doubt about
     our ability to continue as a going concern.

                                       8

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS
        ------------------------------------------------------------------------

Overview
--------

     We are engaged  primarily in the  acquisition,  development,  exploitation,
exploration  and  production  of crude  oil and  natural  gas.  Our  focus is on
increasing production from our existing properties through further exploitation,
development and exploration,  and on acquiring additional interests in crude oil
and natural gas  properties.  Our gross  revenues are derived from the following
sources:

     1.   Oil and gas  sales  that are  proceeds  from the sale of crude oil and
          natural gas production to midstream purchasers;

     2.   Operating  overhead  and other income that  consists of earnings  from
          operating  crude oil and  natural  gas  properties  for other  working
          interest owners, and marketing and transporting natural gas. This also
          includes earnings from other miscellaneous activities.

     3.   Well  servicing  revenues that are earnings from the operation of well
          servicing equipment under contract to third party operators.

Results of Operations
---------------------

     The factors which most  significantly  affect our results of operations are
(1) the sales price of crude oil and natural  gas,  (2) the level of total sales
volumes of crude oil and natural gas, (3) depletion and  depreciation of oil and
gas property costs and related equipment, (4) the level of and interest rates on
borrowings and, (5) the level and success of new acquisitions and development of
existing properties.

Comparative results of operations for the periods indicated are discussed below.

Three-Month  Period  Ended March 31, 2003  compared to Three Month  Period Ended
March 31, 2002.

Revenues

     Oil and Gas Sales.  Revenues from the sale of crude oil and natural gas for
the first quarter  increased 27% from  $2,526,200 in 2002 to $3,204,900 in 2003.
This was due to a  significant  increase in oil and gas prices,  which  offset a
decrease in volume.

     Operating  Overhead  and  Other  Income.  Revenues  from  these  activities
decreased  59% from  $110,500 in 2002 to $45,700 in 2003,  due  primarily to the
expiration of a natural gas marketing contract.

Costs and Expenses

     Lease Operating  Expenses.  Lease operating expenses decreased less than 1%
from $1,376,700 in 2002 to $1,369,900 in 2003.

     Depreciation,  Depletion  and  Amortization  (DD and A). DD and A increased
less than 1% from $606,600 in 2002 to $603,900 in 2003.

     General  and  Administrative  (G  and  A)  Expenses.  Our G and A  expenses
increased 2% from $407,100 in 2002 to $414,000 in 2003.

                                       9

     Interest  Expense.  Interest expense increased 10% from $691,900 in 2002 to
$760,900  in 2003,  primarily  due to  increased  debt for  funding  of  capital
development projects.

Financial Condition and Capital Resources
-----------------------------------------

     At March 31, 2003, our current  liabilities  exceeded our current assets by
$41,207,200,  as almost  all of our debt in this  quarter is now  classified  as
short term. To address this, we are currently negotiating with various financial
institutions  to  refinance  our  debt,  as well as  provide  funds for our $6.4
million capital  development plan for 2003. As part of our financing  effort, on
February 28, 2003, we entered into an agreement with our major lender to buy-out
its loan,  which has a current  balance of $27.9 million,  for a cash payment of
$20 million.  The agreement  expires on May 29, 2003 and should we not close the
transaction  by that date, we will,  within thirty days,  issue to the lender $1
million of preferred stock convertible to common stock at $1.00 per share.

     During the first quarter of 2003, we had net income of $120,700 compared to
a net loss of $1,964,000 for the period in 2002. We sold 61,209 barrels of crude
oil and 317,547 Mcf of natural gas  compared to 78,360  barrels of crude oil and
357,519 Mcf of natural gas in the first  quarter of 2002.  Revenue for crude oil
sales for the quarter was  $1,501,723 in 2003 compared to $1,520,289 in 2002 and
for natural gas sales was $1,703,140 in 2003 compared to $1,005,953 in 2002. Oil
and  natural  gas  sales  volumes  were  lower  due to the  natural  decline  of
production in a few fields, and the lack of funding for development  activity to
increase production.

                                       10

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
-------  ----------------------------------------------------------

     The following  market rate  disclosures  should be read in conjunction with
the quantitative  disclosures  about market risk contained in the Company's 2002
annual  report  on  Form  10-K,  as  well as  with  the  consolidated  financial
statements and notes thereto included in this quarterly report on Form 10-Q.

     All of the  Company's  financial  instruments  are for purposes  other than
trading. The Company only enters derivative financial instruments in conjunction
with its oil and gas hedging activities.

     Hypothetical  changes in interest rates and prices chosen for the following
stimulated   sensitivity  effects  are  considered  to  be  reasonably  possible
near-term changes generally based on consideration of past fluctuations for each
risk  category.  It is not  possible to  accurately  predict  future  changes in
interest rates and product prices.  Accordingly,  these hypothetical changes may
not be an indicator of probable future fluctuations.

Interest Rate Risk

     The Company is exposed to interest rate risk on debt with variable interest
rates. At March 31, 2003, the Company carried variable rate debt of $37,425,617.
Assuming  a one  percentage  point  change  at March 31,  2003 on the  Company's
variable rate debt, the annual pretax income would change by $374,256.

Commodity Price Risk

     The Company hedges a portion of its price risks associated with its oil and
natural gas sales which are  classified as derivative  instruments.  As of March
31,  2003,  these  derivative  instruments'  liabilities  had a  fair  value  of
$1,110,137.  A hypothetical change in oil and gas prices could have an effect on
oil and gas futures  prices,  which are used to  estimate  the fair value of our
derivative instrument.  However, it is not practicable to estimate the resultant
change, in any, in the fair value of our derivative instrument.

ITEM 4.  CONTROLS AND PROCEDURES
-------  -----------------------

     Based on an evaluation of the Company's  disclosure controls and procedures
performed by the Company's  management within 90 days of the filing date of this
report,  the  Company's  Chief  Executive  Officer and Chief  Financial  Officer
believe that the Company has appropriate  disclosure  controls and procedures to
ensure that information  required to be disclosed by the Company in its periodic
reports is recorded, processed,  summarized and reported within the time periods
specified in the rules and forms of the Securities and Exchange Commission.

     Since the date of such evaluation,  there have been no significant  changes
in the Company's internal controls or in other factors that could  significantly
affect  these  controls,   including  any  corrective  actions  with  regard  to
significant deficiencies and material weaknesses.

                                       11

PART II.  OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
-------  ----------------------------------------------------

          No matter was submitted to a vote of our security  holders  during the
     first quarter.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.
-------  ---------------------------------

         (a)      Exhibits -

                  Number   Description
                  ------   -----------

                  *3.1     Articles of Incorporation of the Registrant and
                             Amendments thereto.

                  *3.2     Bylaws of the Registrant.

                  #10.1    GulfWest Oil Company 1994 Stock Option and
                             Compensation  Plan, amended and restated as of
                             April 15, 1998 and approved by the shareholders on
                             May 28, 1998.
                  ---------------

                  *        Previously filed with the Company's Registration
                             Statement (on Form S-1, Reg. No. 33-53526),
                             filed with the Commission on October 21, 1992.
                  #        Previously  filed with the  Company's  Definitive
                             Proxy  Statement  dated  April 24,  1998,  filed
                             with the Commission on April 24, 1998.

         (b)      Form 8-K -
                          None.

                                       12

                                   SIGNATURES

Pursuant to the requirements of Securities  Exchange Act of 1934, the registrant
has duly  caused  this  report  to be signed  on its  behalf by the  undersigned
thereunto duly authorized.

                                           GULFWEST ENERGY INC.
                                              (Registrant)

Date:  May 13, 2003                         By: /s/ Thomas R. Kaetzer
                                               ---------------------------------
                                               Thomas R. Kaetzer
                                               President

Date:  May 13, 2003                         By: /s/ Jim C. Bigham
                                               ---------------------------------
                                               Jim C. Bigham
                                               Executive Vice President
                                                  and Secretary

Date:  May 13, 2003                         By: /s/ Richard L. Creel
                                               ---------------------------------
                                               Richard L. Creel
                                               Vice President of Finance

                                       13

                                                            CERTIFICATIONS

I, Thomas R. Kaetzer, certify that:

     1.   I have reviewed this amended quarterly report on Form 10-Q of GulfWest
          Energy Inc.;

     2.   Based on my  knowledge,  this  quarterly  report  does not contain any
          untrue  statement of a material  fact or omit to state a material fact
          necessary to make the statements  made, in light of the  circumstances
          under which such  statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge,  the financial statements,  and other financial
          information  included in this quarterly report,  fairly present in all
          material respects the financial  condition,  results of operations and
          cash flows of the registrant as of, and for, the periods  presented in
          this quarterly report;

     4.   The registrant's  other certifying  officers and I are responsible for
          establishing  and maintaining  disclosure  controls and procedures (as
          defined in Exchange  Act Rules  13a-14 and 15d-14) for the  registrant
          and have:

          a)   designed such  disclosure  controls and procedures to ensure that
               material  information  relating to the registrant,  including its
               consolidated  subsidiaries,  is made known to us by others within
               those  entities,  particularly  during  the  period in which this
               quarterly report is being prepared;

          b)   evaluated  the  effectiveness  of  the  registrant's   disclosure
               controls and  procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented  in this  quarterly  report our  conclusions  about the
               effectiveness of the disclosure  controls and procedures based on
               our evaluation as of the Evaluation Date.

     5.   The registrant's other certifying officers and I have disclosed, based
          on our most recent  evaluation,  to the registrant's  auditors and the
          audit  committee  of  registrant's  board  of  directors  (or  persons
          performing the equivalent functions):

          a)   all  significant  deficiencies  in the  design  or  operation  of
               internal  controls which could adversely  affect the registrant's
               ability to record,  process,  summarize and report financial data
               and have  identified for the  registrant's  auditors any material
               weaknesses in internal controls; and

          b)   any fraud,  whether or not material,  that involves management or
               other employees who have a significant  role in the  registrant's
               internal controls; and
                                       i

     6.   The  registrant's  other  certifying  officers and I have indicated in
          this  quarterly  report  whether  there  were  significant  changes in
          internal controls or in other factors that could significantly  affect
          internal   controls   subsequent  to  the  date  of  our  most  recent
          evaluation,   including   any   corrective   actions  with  regard  to
          significant deficiencies and material weaknesses.

Date: May 13, 2003

                                      /s/ Thomas R. Kaetzer
                                      -----------------------------------
                                          Thomas R. Kaetzer
                                          President and Chief Executive Officer

                                       ii

                                 CERTIFICATIONS

I, Richard L. Creel, certify that:

     1.   I have reviewed this amended quarterly report on Form 10-Q of GulfWest
          Energy Inc.;

     2.   Based on my  knowledge,  this  quarterly  report  does not contain any
          untrue  statement of a material  fact or omit to state a material fact
          necessary to make the statements  made, in light of the  circumstances
          under which such  statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge,  the financial statements,  and other financial
          information  included in this quarterly report,  fairly present in all
          material respects the financial  condition,  results of operations and
          cash flows of the registrant as of, and for, the periods  presented in
          this quarterly report;

     4.   The registrant's  other certifying  officers and I are responsible for
          establishing  and maintaining  disclosure  controls and procedures (as
          defined in Exchange  Act Rules  13a-14 and 15d-14) for the  registrant
          and have:

          a)   designed such  disclosure  controls and procedures to ensure that
               material  information  relating to the registrant,  including its
               consolidated  subsidiaries,  is made known to us by others within
               those  entities,  particularly  during  the  period in which this
               quarterly report is being prepared;

          b)   evaluated  the  effectiveness  of  the  registrant's   disclosure
               controls and  procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented  in this  quarterly  report our  conclusions  about the
               effectiveness of the disclosure  controls and procedures based on
               our evaluation as of the Evaluation Date.

     5.   The registrant's other certifying officers and I have disclosed, based
          on our most recent  evaluation,  to the registrant's  auditors and the
          audit  committee  of  registrant's  board  of  directors  (or  persons
          performing the equivalent functions):

          a)   all  significant  deficiencies  in the  design  or  operation  of
               internal  controls which could adversely  affect the registrant's
               ability to record,  process,  summarize and report financial data
               and have  identified for the  registrant's  auditors any material
               weaknesses in internal controls; and

          b)   any fraud,  whether or not material,  that involves management or
               other employees who have a significant  role in the  registrant's
               internal controls; and
                                       i

          6.   The registrant's  other certifying  officers and I have indicated
               in this quarterly report whether there were  significant  changes
               in internal controls or in other factors that could significantly
               affect  internal  controls  subsequent  to the  date of our  most
               recent  evaluation,  including any corrective actions with regard
               to significant deficiencies and material weaknesses.

Date: May 13, 2003

                                          /s/  Richard L. Creel
                                          -----------------------------------
                                               Richard L. Creel
                                               Vice President of Finance

                                       ii

May 13, 2003

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:  Certification Required Under Section 906 of Sarbanes-Oxley Act of 2002

In  connection  with the  accompanying  report on Form 10-Q for the period ended
March 31, 2003,  and filed with the  Securities  and Exchange  Commission on the
date hereof (the "Report"), We, Thomas R. Kaetzer, President and CEO of GulfWest
Energy Inc. (the "Company"),  and Richard L. Creel, Vice President of Finance of
the Company hereby certify that:

     1.   The report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     2.   The  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Company.

GulfWest Energy Inc.

/s/ Thomas R. Kaetzer
------------------------------------
By: Thomas R. Kaetzer
President and Chief Executive Officer

/s/ Richard L. Creel
------------------------------------
By: Richard L. Creel
Vice President of Finance
```