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

                                   FORM 10-QSB

                                   (Mark One)

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

                For the quarterly period ended December 31, 2005

[ ] 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: 000-30065

             INTREPID TECHNOLOGY & RESOURCES, INC., AND SUBSIDIARIES
             -------------------------------------------------------
             (exact name of registrant as specified in its charter)

IDAHO                                                                 82-0230842

(State or other jurisdiction of                                    (IRS Employer
incorporation or organization)                               Identification No.)


                          501 West Broadway, Suite 200,
                            Idaho Falls, Idaho 82304
                    (Address of principal executive offices)

                                 (208) 529-5337
                           (Issuer's telephone number)

                                      IDAHO
                                      -----

         (State or other jurisdiction of incorporation or organization)
               Registrant's telephone number, including area code:

Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d) of the Exchange Act during the past 12 months (or for such shorter
period  that the registrant was required to file such reports), and (2) has been
subject  to  such  filing  requirements  for  the  past  90  days.

Yes [X]  No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of  the  last  practicable  date:

170,408,769  shares  of common stock, $0.005 par value per share, as of February
14,  2006.

Transitional  Small  Business  Disclosure  Format  (check  one): Yes [ ]  No [X]


<PAGE>
<TABLE>
<CAPTION>
                                  TABLE OF CONTENTS

                           PART I - FINANCIAL INFORMATION
<S>                                                                     <C>
Item      1.     Financial Statements
                 Balance Sheets. . . . . . . . . . . . . . . . . . .     3
                 Statements of Operations. . . . . . . . . . . . . .     4
                 Statements of Cash Flows. . . . . . . . . . . . . .     5
                 Notes to Unaudited Financial Statements . . . . . .     6

Item      2.     Management's Discussion and Analysis. . . . . . . .    10
                 Results of Operations . . . . . . . . . . . . . . .    10
                 Capital Requirements. . . . . . . . . . . . . . . .    11
Item      3.     Controls and Procedures . . . . . . . . . . . . . .    14

                             Part II - OTHER INFORMATION

Item      1.     Legal Proceedings . . . . . . . . . . . . . . . . .    15
Item      2.     Changes in Securities . . . . . . . . . . . . . . .    15
Item      3.     Defaults Upon Senior Securities . . . . . . . . . .    15
Item      4.     Submission of Matters to a Vote of Security Holders    15
Item      5.     Other Information . . . . . . . . . . . . . . . . .    15
Item      6.     Exhibits. . . . . . . . . . . . . . . . . . . . . .    16
                 Signature Page. . . . . . . . . . . . . . . . . . .    17
                 Certifications. . . . . . . . . . . . . . . . . . .    18
</TABLE>


                                        2
<PAGE>
PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
                     INTREPID TECHNOLOGY AND RESOURCES, INC.
                     ---------------------------------------
                           CONSOLIDATED BALANCE SHEETS
                           ---------------------------


                                                      December 31,    June 30,
                                                          2005          2005
                       ASSETS                         (Unaudited)     (Audited)
                       ------                        --------------  -----------
<S>                                                  <C>             <C>

Current assets:
  Cash                                               $      59,664       65,737
  Accounts receivable, net                                  54,384       98,434
  Prepaid expenses                                          47,500       85,639
  Bond offering costs                                       57,542            -
  Other assets                                                 600        1,600
                                                     --------------  -----------

    Total current assets                                   219,690      251,410

Property, plant, and equipment, net                      1,252,084      952,742
                                                     --------------  -----------

    Total assets                                     $   1,471,774    1,204,152
                                                     ==============  ===========

LIABILITIES AND STOCKHOLDERS' DEFICIT
-------------------------------------

Current liabilities:
  Accounts payable                                   $     142,814      148,419
  Accrued expenses                                         233,321      258,627
  Related party notes payable                               60,613       60,613
  Current portion of long-term debt                        501,731      382,948
                                                     --------------  -----------

    Total current liabilities                              938,479      850,607

Long-term debt                                             539,996      830,317
                                                     --------------  -----------

    Total liabilities                                    1,478,475    1,680,924
                                                     --------------  -----------

Commitments and contingencies

Stockholders' deficit:
  Preferred stock, $1 par value; 5,000,000 shares
    authorized, no shares issued and outstanding                 -            -
  Common stock, $.005 par value; 350,000,000 shares
    authorized, 163,108,880 and 137,694,025 shares
    issued and outstanding, respectively                   815,544      688,470
  Additional paid-in capital                             6,184,764    4,998,505
  Stock subscription receivable                            (16,200)     (16,200)
  Accumulated deficit                                   (6,990,809)  (6,147,547)
                                                     --------------  -----------

    Total stockholders' deficit                             (6,701)    (476,772)
                                                     --------------  -----------

    Total liabilities and stockholders' deficit      $   1,471,774    1,204,152
                                                     ==============  ===========
<FN>
The accompanying notes are an integral part of these financial statements
</TABLE>


                                        3
<PAGE>
<TABLE>
<CAPTION>
                                  INTREPID TECHNOLOGY AND RESOURCES, INC.
                                  ---------------------------------------
                              UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                              -----------------------------------------------

                                                         Three Months Ended           Six Months Ended
                                                             December 31,               December 31,
                                                    ---------------------------  --------------------------
                                                        2005           2004          2005          2004
                                                    -------------  ------------  ------------  ------------
<S>                                                 <C>            <C>           <C>           <C>
Revenues, net                                       $    120,299        58,870       261,288       147,773
Costs of revenues                                        129,448        55,380       215,695       138,839
                                                    -------------  ------------  ------------  ------------

    Gross profit                                          (9,149)        3,490        45,593         8,934

Operating expenses:
  General and administrative                             348,436       275,213       677,967       511,600
  Research and development                                25,307             -       132,546             -
                                                    -------------  ------------  ------------  ------------

    Loss from operations                                (382,892)     (271,723)     (764,920)     (502,666)

Other income (expense):
  Interest income                                              -           323             -           993
  Interest expense                                       (27,232)      (11,883)      (78,342)      (15,034)
  Loss on investments                                          -             -             -       (12,744)
                                                    -------------  ------------  ------------  ------------

    Loss before provision for income taxes              (410,124)     (283,283)     (843,262)     (529,451)

Provision for income taxes                                     -             -             -             -
                                                    -------------  ------------  ------------  ------------

    Net loss                                        $   (410,124)     (283,283)     (843,262)     (529,451)
                                                    =============  ============  ============  ============


Net loss per common share - basic and diluted       $          -             -         (0.01)            -
                                                    =============  ============  ============  ============

Weighted average common shares - basic and diluted   156,540,000   124,409,000   149,817,000   119,716,000
                                                    =============  ============  ============  ============
<FN>
The accompanying notes are an integral part of these financial statements
</TABLE>

                                        4
<PAGE>
<TABLE>
<CAPTION>
                       INTREPID TECHNOLOGY AND RESOURCES, INC.
                       ---------------------------------------
                   UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                   -----------------------------------------------
                     Six Months Ended December 31, 2005 and 2004
                     -------------------------------------------


                                                                2005         2004
                                                             -----------  ----------
<S>                                                          <C>          <C>
Cash flows from operating activities:
-------------------------------------
  Net loss                                                   $ (843,262)   (529,451)
  Adjustments to reconcile net loss to net cash provided
    by (used in) operating activities:
    Stock compensation expense                                   85,477      26,590
    Depreciation                                                 27,042       2,737
    Interest expense on debentures                               16,900           -
    (Increase) decrease in:
      Accounts receivable                                        44,050     111,285
      Prepaid expenses                                           38,139     (20,918)
      Bond offering costs                                       (57,542)          -
      Other assets                                                1,000           -
    Increase (decrease) in:
      Accounts payable                                           (2,603)    (47,744)
      Accrued expenses                                           (7,300)     22,540
                                                             -----------  ----------

        Net cash provided by (used in) operating activities    (698,099)   (434,961)
                                                             -----------  ----------

Cash flows from investing activities:
-------------------------------------
  Purchases of property and equipment                          (326,384)   (580,372)
  Proceeds from sale of investment                                    -      17,794
                                                             -----------  ----------

        Net cash used in investing activities                  (326,384)   (562,578)
                                                             -----------  ----------

Cash flows from financing activities:
-------------------------------------
  Proceeds from long-term debt                                  921,033     622,476
  Payments on long-term debt                                   (859,471)    (26,857)
  Issuance of common stock                                    1,012,848     428,832
  Common stock offering costs                                   (56,000)          -
  Payments received from stock subscription receivable                -      35,000
                                                             -----------  ----------

        Net cash provided by financing activities             1,018,410   1,059,451
                                                             -----------  ----------

        Net increase (decrease) in cash                          (6,073)     61,912

Cash, beginning of period                                        65,737     134,856
                                                             -----------  ----------

Cash, end of period                                          $   59,664     196,768
                                                             ===========  ==========
<FN>
The accompanying notes are an integral part of these financial statements
</TABLE>


                                        5
<PAGE>
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------

Basis of Presentation
---------------------

The  accompanying unaudited consolidated financial statements have been prepared
in accordance with United States generally accepted accounting principles ("U.S.
GAAP") for interim financial information and with instructions to Form 10-QSB of
Regulation  S-X.  Accordingly,  they  do  not include all of the information and
footnotes  required  by  U.S.  GAAP  for  complete  financial  statements.  The
preparation  of  the  consolidated  financial statements in conformity with U.S.
GAAP  requires  management  to  make  estimates  and assumptions that affect the
amounts  reported  in  the  consolidated  financial  statements and accompanying
notes. Actual results could differ from estimates. In the opinion of management,
all  adjustments,  which  consist of normal and recurring adjustments, necessary
for  fair  presentation have been included. These financial statements should be
read  in conjunction with the financial statements and notes thereto included in
the  Company's  2005  Annual  Report  on Form 10-KSB for the year ended June 30,
2005,  as  filed  with  the  Securities  and  Exchange  Commission.

Stock-Based Compensation
------------------------

The Company has stock-based employee compensation, which is described more fully
in  Note  12  to  the audited financial statements of the Company as of June 30,
2005.  The  Company  accounts  for  this  compensation under the recognition and
measurement  principles  of  APB  Opinion  25,  "Accounting  for Stock Issued to
Employees",  and  related  Interpretations,  and has adopted the disclosure-only
provisions of SFAS 123, "Accounting for Stock-Based Compensation."  Accordingly,
no  compensation  cost  has  been recognized in the financial statements, as all
options  granted had an exercise price equal to or greater than the market value
of  the underlying common stock on the date of grant.  No new stock options were
granted  during  the  six  months  ended  December  31,  2005.

Had compensation cost for the Company's stock option plans been determined based
on  the fair value at the grant date consistent with the provisions of SFAS 123,
the  Company's  net  loss  would  have  been  reduced  to  the pro forma amounts
indicated  below:

<TABLE>
<CAPTION>
                                                              2005       2004
                                                           ----------  ---------
<S>                                                        <C>         <C>
Net loss as reported                                       $(843,262)  (529,451)
Deduct:
    Total stock-based employee compensation expense
    determined under fair value based method for all
    awards, net of related tax effects                             -    (64,205)
                                                           ----------  ---------

Net loss pro forma                                          (843,262)  (593,656)
                                                           ==========  =========

Loss per share:
    Basic and diluted - as reported                        $   (0.01)         -
                                                           ==========  =========
    Basic and diluted - pro forma                          $   (0.01)         -
                                                           ==========  =========
</TABLE>

Principles of Consolidation
---------------------------

The  consolidated  financial  statements  include  the  accounts  of  Intrepid
Technology  and  Resources,  Inc.  and  its  wholly-owned  subsidiaries.  All
significant  intercompany  balances  and  transactions  have  been  eliminated.

Reclassifications
-----------------

Certain  accounts  in  the  2004  unaudited  financial  statements  have  been
reclassified  to  conform  with the presentation in the 2005 unaudited financial
statements.


                                        6
<PAGE>
Note 2 - Going Concern
----------------------

As  of December 31, 2005, the Company has a stockholders deficit, has incurred a
loss,  and  has  negative  cash  flows  from  operations.  These  factors  raise
substantial  doubt  about  the Company's ability to continue as a going concern.

The  Company  has  partially mitigated the Going Concern as a result of entering
into  the  agreement  with Cornell Capital as discussed in the Capital Resources
and  Liquidity  section  below  and Management has engaged an investment banking
firm  to  obtain  bond financing under a State of Idaho approved bond inducement
resolution  to  expand operations and production capabilities.  While activities
continue  on  schedule  for  this bond financing, there can be no full assurance
that  such funds will be available to the Company nor that these efforts will be
successful.


Note 3 - Supplemental Cash Flow Information
-------------------------------------------

Actual  amounts paid for interest and income taxes are approximately as follows:

<TABLE>
<CAPTION>
                                                               2005        2004
                                                              ------      ------
<S>                                                           <C>         <C>
          Interest                                            $5,380       2,120
                                                              ======      ======

          Income taxes                                        $    -           -
                                                              ======      ======
</TABLE>

During the six months ended December 31, 2005, the Company:

     -    Issued 545,128 shares of common stock in exchange for accounts payable
          and  accrued  expenses  of  $21,008.

     -    Issued 4,545,455 shares of common stock in exchange for long-term debt
          of  $250,000.

During  the  six months ended December 31, 2004, the Company issued common stock
in  exchange  for  services,  prepaid  assets  and  debt  of  $541,590.


Note 4 - Standby Equity Distribution Agreement
----------------------------------------------

On  March  10,  2005,  the  Company  entered  into a Standby Equity Distribution
Agreement  (SEDA)  with Cornell Capital Partners, LP (Cornell).  Pursuant to the
SEDA, the Company may, at its discretion, periodically sell to Cornell shares of
common stock for a total purchase price of up to $25 million.  For each share of
common  stock  purchased under the SEDA, Cornell will pay the Company 99% of the
lowest  closing  bid  price of the common stock on the Over-the-Counter Bulletin
Board  or  other  principal market on which the Company's common stock is traded
for the five days immediately following the notice date.  Cornell will retain 5%
of  each  advance  under  the  SEDA.


                                        7
<PAGE>
ITEM 2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION  AND
RESULTS OF OPERATIONS

The  following discussion contains forward-looking statements that involve known
and  unknown  risks  and  uncertainties which may cause actual results in future
periods to differ materially from those indicated herein as a result of a number
of  factors,  including,  but  not  limited  to,  those  set  forth  under Legal
Proceedings, and the discussion below.   When the Company uses words like "may,"
"believes,"  "expects,"  "anticipates," "should," "estimate," "project," "plan,"
their  opposites  and similar expressions, the Company is making forward-looking
statements.  These  expressions  are  most  often used in statements relating to
business  plans,  strategies,  anticipated  benefits  or  projections  about the
anticipated  revenues,  earnings  or  other aspects of our operating results. We
make  these statements in an effort to keep stockholders and the public informed
about  our business and have based them on our current expectations about future
events.  Such statements should be viewed with caution. These statements are not
guarantees  of  future performance or events. As noted elsewhere in this report,
all  phases  of  our  business  are  subject  to  uncertainties, risks and other
influences,  many of which the Company has no control over. Additionally, any of
these  factors,  either  alone  or taken together, could have a material adverse
effect  on  the  Company  and could change whether any forward-looking statement
ultimately  turns  out  to  be  true.  The  Company  undertakes no obligation to
publicly  release  updates  or  revisions  to  these  statements.  The following
discussion  should  be  read  in conjunction with audited consolidated financial
statements  and  the notes filed thereto on Form 10-KSB with the U.S. Securities
and  Exchange  Commission  for  the  year  ending  June  30,  2005.

RESULTS OF OPERATIONS
---------------------

REVENUE

Revenue  for  the  quarter  ended  December 31, 2005, increased 104% to $120,299
compared  to  $58,870 for the same period of 2004.    Revenue for the six months
ended  December 31, 2005, increased 77% to $261,288 compared to $147,773 for the
same  six months ended December 31, 2004.   This increase for both the three and
six  months  ended December 31, 2005 was mainly the result of increased sales of
contracted "work for others" over the corresponding periods of one year ago. The
Company  intends  to continue to pursue opportunities for outside contracting at
the Idaho National Laboratory and other government and private facilities to the
extent  that  these  opportunities  do  not significantly interfere with and the
Company's  shift  to designing and building of biogas facilities.  The Company's
current  principal focus is on the Biogas fuels facility, for which revenue will
be  minimal  until  the  facility  comes on line and is producing biofuels.  For
biofuels  facilities  that  the  Company  designs,  constructs  and operates for
others,  it is anticipated that revenue will be recognized more rapidly, as such
services  are  provided.

In  both  three  month  periods ending December 31, 2005 and 2004, the Company's
primary  customers  were Idaho National Laboratory ("INL") at Idaho Falls, Idaho
and  Oak  Ridge Associated Universities (ORAU).  INL and ORAU both provided more
than  ten  percent  of  the  total  revenue  recognized  by the Company in those
periods.

DIRECT OPERATING COSTS

Direct  operating  costs for the three months ending December 31, 2005 and 2004,
were  $129,448  and $55,380 respectively, representing a 134% increase.  For the
six  months  ended  December  31,  2005 direct operating costs also increased to
$215,695  from  $138,839  in 2004.  The increase is due to the increased general
and  administrative,  research  and  development  costs  associated with ongoing
research  and  optimization  activities at the Company's Whitesides Biogas Plant
and  design  and  construction  activities  at its West Point Biogas Plant.  The
Company continues its efforts to reduce direct costs by using less subcontracted
services,  eliminating  certain  rental fees, making better use of supplies, and
exercising  better  management  of  direct  payroll  costs.

GROSS PROFIT

The  Company  had  a gross loss of $9,149 in the quarter ended December 31, 2005
compared  to  a  profit  of  $3,490  for the same quarter in 2004.   For the six
months  ended  December  31,  2005  the  Company  had  a gross profit of $45,593
compared  to  $8,934  for the same period in 2004.  The overall increased profit
for the six months ending December 31, 2005 is due to increased revenue from the
sales  of  outside  contracted  work,  but  the  net  loss  for  the  quarter is


                                        8
<PAGE>
reflective  of  the  major shift of resources into construction and operation of
the  Company-owned  Whitesides  Biogas  Plant  and  the  design  and preliminary
development  of  the  Company-owned  West  Point  Biogas  Plant.

SELLING GENERAL AND ADMINISTRATIVE EXPENSES

For  the  three  months  ended  December  31,  2005,  general and administrative
expenses  were $348,436 compared to $275,213 for the same quarter ended December
31, 2004.  This 27% increase was the result of increased administrative expenses
beyond those required for the previous engineering services work, adding expense
as  the  Company  increased efforts in expanding the Biogas operations.  For the
six months ended December 31, 2005, general and administrative expenses likewise
increased 33% for the same reasons to $677,967 compared to $511,600 for the same
period  of  2004.

INTEREST REVENUE

For  the  three  and six months ended December 31, 2005, the Company received no
interest  income  on  investment capital.  The Company received $323 and $993 of
interest  income  on  investment  capital for the corresponding periods in 2004.

INTEREST EXPENSE

For  the  three months ended December 31, 2005, the Company had interest expense
of  $27,232  compared  to  $11,883 for the same period ending December 31, 2004.
For  the  six months ended December 31, 2005 the Company had interest expense of
$78,342  compared  to $15,034 for the same period ending December 31, 2004.  The
interest expense was for interest paid on the term loan, debentures and interest
accrued on notes payable to others and to officers and employees of the Company.
With  the  anticipated bond offering to finance the first two biogas facilities,
interest  expense  is  likely  to  increase  in  future  periods.

NET LOSS

For  the  three  months  ended  December 31, 2005, the Company had a net loss of
$410,124  compared  to a net loss of $283,283 for the same period ended December
31, 2004.  For the six months ended December 31, 2005 the Company had a net loss
of  $843,262  compared  to  a  net  loss  of  $529,451 for the same period ended
December  31,  2004.  In  2004,  the  loss  was  due  to  a  significant drop in
engineering  contract revenue, while the transition to the biofuels business was
starting up.  For 2005, the transition to the new biofuels business accelerated,
but  revenue  will not be received until the first facility is online and biogas
can  be  delivered  to  the  customer.


MANAGEMENT'S PLAN OF OPERATION
------------------------------

Providing  engineering  and  technical  services  has been the primary source of
revenue,  and  hence  the  primary  business  focuses,  in the past. The Company
expects  to  continue  providing such services in the future, but with decreased
emphasis.  In  fiscal  year  2006,  the  Company  will  continue its emphasis on
becoming  a  significant  producer  and  distributor  of  biogas  products  and
facilities.  The  following  discussion  provides an overview of our progress in
making  the  transition from being primarily a provider of engineering services.

The  fundamental  aspects  of  the  Company's  business  model  are:

     -    Utilize  cutting  edge, but established, technology for the production
          of  biogas  from  large  animal  operations
     -    Utilize  off-the-shelf  equipment  for  clean-up of the biogas to meet
          pipeline-quality  specifications  and  produce  liquid  products
     -    Maintain  equity  positions  on  all  biogas  projects
     -    Begin  operations  in  known  territory (Idaho), and expand into other
          western  states  as  resources  allow
     -    Maximize the utilization of our public company status in the financing
          of  our  projects
     -    Market  biogas  products to local gas utilities, industrial users, and
          transportation  users
     -    Team  with experienced companies for the marketing and distribution of
          biogas  products


                                        9
<PAGE>
DEVELOPMENT PLAN

Over  the  next four years, the Company plans to place 250,000 head of dairy and
beef  cattle  into  biogas  production.  The  Company will design, construct and
operate these facilities consistent with the business model parameters described
above.

The  centerpiece  of  this  development  plan  is  an  exclusive  geographic and
case-by-case  national  use  and marketing agreement for a proprietary anaerobic
digestion  technology  with  several  distinct and unique operational advantages
when  applied  in  agricultural  settings  and  that  has  a  successful 5+ year
operational  history  with  both  cow  and  swine  waste.

Our  goal  is  to  become  the  premier fully integrated biogas developer in the
United  States.  Our  approach  is  to  use  superior technology and know-how to
convert manure waste from dairy and feedlot operations into high BTU biogas that
can  be  further processed to produce (1) pipeline quality gas for sale to a gas
utility; (2) combustion gas to fuel boilers for processing materials; (3) liquid
natural  gas  for transportation fuel, peaking, and/or remote community service;
and,  eventually,  (4)  hydrogen  to  energize fuel cells for transportation and
distributed  or non-distributed energy sources.  Our range of services includes:

          -    designing,  building,  and  operating  biofuels  facilities
          -    performing  value-added  processing  of  raw  biogas and residual
               products  of  digestion  for  various  applications
          -    marketing,  transportation  and  sales  of  processed  gas

ITR  currently  has an operational biogas production plant in Rupert, Idaho that
processes  manure  waste  from  1000 cows.  This plant is a commercial prototype
facility  that can be employed to demonstrate the economic viability of the four
product  lines  listed above.  It has been designed and built with a 4x scale-up
capacity  to  accommodate planned expansion of the dairy on which it is located.
Expansion  of  the  plant will parallel expansion of the dairy and within a year
will  accommodate  4500  cows.  The  primary  current  focus  at the plant is on
producing clean gas for sale to a local gas utility and for providing combustion
gas  for  heating  water  for  dairy  operations.  Efforts  are also underway to
demonstrate  use  of  biogas to provide process heat for a small-scale biodiesel
facility  with  the  objective  of  allowing  for penetration into the biodiesel
market.

The  Development  Plan  involves  discrete  projects  that will ultimately bring
250,000  Magic  Valley  dairy  cows under production to create the "Magic Valley
Biogas  Field"  in  the  Magic  Valley  area  of south-central Idaho.  The first
project will provide facilities and infrastructure to process manure from 50,000
dairy  cows  and  will  be  executed  in  two  distinct  phases:

     Phase  I  consists  of  10,500 cows located on 2 different dairies and
     establishes  the  west anchor point to the Magic Valley Westside field
     as  well  as  expands  the Rupert plant to full capacity. Construction
     began  in  CY  2005  and  will  be  complete  in  CY  2006.

     Phase  II  consists  of  40,000  cows located on 3-5 different dairies
     (depending  on outcomes of individual dairymen's current consolidation
     and  expansion  plans).  Design  will  be  initiated  in  CY  2006 and
     construction  is  anticipated  to  begin  in  CY-2007.

This project will be debt financed through the sale of bonds.  Capital cost will
be  approximately  $35  million,  the first phase of which will be just over $10
million.  These  funds will provide for anaerobic digester plants constructed at
participating  dairies,  gas  conditioning clean-up equipment for processing the
raw  biogas  to  pipeline quality standards, and a supporting gas line gathering
system  to  transport  the  clean gas to the gas utility distribution system.  A
majority  of the costs (approximately 70%) is for construction of the digesters.

This  project  will provide over 1 billion cubic feet of biogas annually, which,
in  turn,  will  yield  over  1 million mcf of clean gas for sale to a local gas
utility.


                                       10
<PAGE>
ADDITIONAL INFORMATION

The  Company  also  plans  to  increase  sales  and  expand  its engineering and
scientific  services  base via new customer contracts. Revenue generated will be
used  to  meet  cash flow requirements with any excess being used to support and
develop  the  Company's  biofuels  production  initiatives.

At  the  present  time the Company does not anticipate paying dividends, cash or
otherwise, on it's Common Stock in the foreseeable future. Future dividends will
depend on earnings, if any, of the Company, its financial requirements and other
factors.  The  Company's  main focus is now in the biofuels market, specifically
the production of biogas. The Company has made two acquisitions for the vertical
integration  of the business and the ability to have a ready available access to
sell  the gas production into the market place. The Company believes that it has
also  taken  the  proper  steps  to sell certain assets including the mining and
mineral  rights of the Garnett mine in Montana to provide working capital to see
the  production  through  to  completion. The Company is currently seeking other
investment capital to support the existing and ongoing operations of the Company
and  these  projects.


CAPITAL RESOURCES AND LIQUIDITY

As  the  Company  expands  into  the  biofuels business, it will face continuing
challenges  to  finance this growth. This is particularly true of Phase I of the
Magic Valley development projects described above. To obtain the funds necessary
to  complete  these  capital  assets, the Company is in the process of obtaining
bond  financing.  It  is anticipated that approximately $10 million will be made
available  for  these design and construction efforts. This debt will be payable
over  a  15  year  period,  starting  after the anticipated commencement of full
operations at these two facilities. Management believes that these funds will be
adequate  to  complete  these  facilities.

In  addition  to  the capital expenditures for these first facilities, financing
resources  are  needed  to  support operations.  The Company has made reasonable
efforts  to meet cash flow demands from ongoing operations but the Company still
may  not  always  be  able to obtain funds under the Standby Equity Distribution
Agreement  (SEDA)  or obtain sufficient amounts to satisfy the Company's working
capital or other capital needs.  The Company finished the quarter ended December
31,2005 with cash available of $59,664 compared to $65,737 at June 30, 2005  The
Company  believes  that  it will be necessary to continue to supplement the cash
flow  from  operations  with  the  use  of  outside resources such as investment
capital  by issuance of debenture notes and stock.  The Company plans to use any
additional  funding  to  assist  in  the  Biogas  production  facility  that  is
considered  construction  in  progress,  a  component  of  Property,  plant  and
equipment,  net,  on  the  balance  sheet.

As  of  December  31, 2005, the Company had negative working capital of $718,789
compared  to  a  deficit  of $599,197 as of June 30, 2005.  The current ratio at
December  31,  2005  was:  0.23:1  and  0.30:1 at June 30, 2005.  This increased
deficit  is  due primarily to long-term debt related to construction expenses on
the  WestPoint  Biogas  Plant.

On November 30, 2005, the Company signed an unsecured Promissory Note with Zions
First  National  Bank  in  the amount of $100,000.  The note has a fixed rate of
8.00% and matures on March 5, 2006.  A portion of the proceeds of this note were
used  to pay off the Company's existing US Bank term loan balance of $91,338.52.
As  of December 31, 2005, the Promissory Note was in good standing.  The Company
also  signed  Promissory  Notes  in  the amount of $75,000 each with two private
individuals  on  October  31,  2005.  These  8%  APR  notes  are  secured by the
equipment  owned  by the Company at its Whitesides Biogas Facility and mature on
March  1,  2006.  In  addition,  the  Company has shareholder notes payable from
certain  officers, employees or directors. The notes are unsecured demand notes.
It  is  not anticipated by the Company that the notes will be called in the next
year.  The  following  are shareholder creditors to the company: Mr. Kenoyer has
made two loans to the company and as of December 31, 2005, the total balance due
him  was $25,911.  The first loan accrues interest at the rate of 10 percent and
has a balance of $438.  The second accrues interest at the rate of 7 percent and
has a balance of $24,373.  Mr. Dustin has also made two loans to the company and
as  of December 31, 2005, the total balance due him was $49,509.  The first loan
accrues  interest  at  the rate of 10 percent and has a balance of $16,835.  The
second  accrues  interest at the rate of 7 percent and has a balance of $32,118.

During  the  six  months  ended  December 31, 2005, the Company used net cash of
$698,099  for  operating  activities,  compared  to $434,962 of net cash used in
operating  activities  for  the  2004  period.  The  increase  of  cash  used by


                                       11
<PAGE>
operating  activities  is  mainly  the  result  of  increased  general  and
administrative  and  research  and development expenses, and bond offering costs
for  construction  projects.

During  the  six  months  ended  December 31, 2005, the Company used $326,384 in
investing  activities,  primarily  in  adding  equipment  for the initial biogas
generating  facility,  compared  to  $562,578  used  in the year earlier period.

During  the  six  months  ended December 31, 2005, financing activities provided
$1,018,410  in net cash, consisting of $1,012,848 net of costs from the issuance
of  common  stock,  plus  $921,033  additional long-term debt, offset in part by
payments  on long-term debt of $859,471.  In the comparable period for 2004, the
Company  had  $1,059,451  of  net  cash  provided by financing activities, which
consisted  of  $428,832  in  proceeds  from  stock sales and $622,476 additional
long-term  debt,  offset  in  part  by  $26,857  payments  on  long-term  debt.


Debenture  Debt
---------------

The Company issued convertible debentures to Cornell Capital Partners, LP in the
original  principal  amount  of  $750,000  in  October 2004.  The debentures are
convertible at the holder's option any time up to maturity at a fixed conversion
price  of  $.055  per  share.  The  debentures  are secured by the assets of the
Company.  The  debentures  have  a three-year term and accrue interest at 5% per
year.   At  maturity,  October  14,  2007,  if  not  repaid, the debentures will
automatically convert into shares of common stock at a fixed conversion price of
$.055  per  share.  As  of  December 31, 2005 $250,000 of the debenture has been
converted.

Standby  Equity  Distribution  Agreement.
----------------------------------------

The  Company  has  a  Standby  Equity Distribution Agreement (SEDA) with Cornell
Capital  Partners  LP.  Under  this agreement, the Company has issued 22,517,955
shares,  plus  an initial issuance of $500,000 worth of the Company's stock as a
commitment fee for this commitment.  Under this agreement, the Company may issue
stock  worth up to $25,000,000, through March 2007.  As of December 31, 2005, an
additional  $23,000,000  was  potentially available under this agreement.  It is
the  Company's  intent to utilize this relationship only to the extent necessary
to  finance the transition of the Company's operations to the biofuels business.

Seasonal  Changes - The Company's operating revenue is generally not affected by
-----------------
seasonal changes.

RECENT ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards ("SFAS") No. 151, "Inventory Costs -
an  amendment  of  ARB  No.  43,  Chapter 4", SFAS No. 152, "Accounting for Real
Estate  Time-Sharing  Transactions  - an amendment of FASB Statements No. 66 and
67",  SFAS  No.  153,  "Exchanges  of  Nonmonetary  Assets - an amendment of APB
Opinion  No 29", and SFAS No. 154, "Accounting Changes and Error Corrections - a
replacement  of  APB  Opinion  No.  20  and FASB Statement No. 3", were recently
issued.  SFAS  No  151,  152,  153, and 154 have no current applicability to the
Company  or  their  effect  on  the  financial  statements  would  not have been
significant.

In December 2004, the FASB issued SFAS 123 (revised 2004), "Accounting for Stock
Based  Compensation."  This statement supersedes APB Opinion No. 25, "Accounting
for  Stock  Issued  to Employees."  This revised statement establishes standards
for  the  accounting  of  transactions  in  which an entity exchanges its equity
instruments  for  goods  and  services,  including the grant of stock options to
employees and directors.  The Statement is effective for periods beginning after
June 15, 2005, and will require the Company to recognize compensation cost based
on  the grant date fair value of the equity instruments its awards.  The Company
currently  accounts  for those instruments under the recognition and measurement
principles  of  APB  Opinion 25, including the disclosure-only provisions of the
original  SFAS  123.  Accordingly,  no  compensation  cost  from  issuing equity
instruments  has  been  recognized  in  the Company's financial statements.  The
Company  estimates  that  the  required adoption of SFAS 123 (R) will not have a
negative  impact  on  its  consolidated  financial  statements.


RISK FACTORS


                                       12
<PAGE>
The  Company's  current  and  primary  focus is obtaining permits and developing
favorable  properties  for  alternative  and  renewable  energy  production, and
providing the associated engineering design and construction management services
required  to  support  the construction and operation of related facilities, and
cannot  provide  any  guarantees of profitability at this time. The Company will
continue  to expand its engineering services base, "work for others" to generate
additional  revenue  to  augment  working capital requirements in support of its
alternative  and  renewable  energy  efforts.  The  realization  of  profits  is
dependent  upon  successful  execution  of  new  business  opportunities and the
development  of  prototype  digester  models  and implementation of the digester
project  for  renewable  energy.  The  Company is dependent upon inducing larger
companies  or  private  investors  to  purchase  these  "turn-key"  alternative
renewable  energy  generation  and  production  facilities.  These projects when
developed  and depending on their success will be the future of the Company. The
Company  may  not  be  successful  in  these  efforts.

Our  operating  results  are  difficult  to predict in advance and may fluctuate
significantly,  and  a  failure  to  meet  the  expectations  of analysts or our
stockholders  would  likely  result in a substantial decline in our stock price.

Factors that are likely to cause our results to fluctuate include the following:

-  the  amount  and  timing  of our operating expenses and capital expenditures;
-  the  success  or  failure  of  the  alternative  energy and biofuels projects
currently  underway;
-  the  timing,  rescheduling  or  cancellation  of  engineering customer's work
orders;
-  our  ability to specify, develop, complete, introduce and market biofuels and
bring  them  to  volume  production  in  a  timely  manner;
-  the  rate  of adoption and acceptance of new industry standards in our target
markets;
-  any  other  unforeseen  activities  or  issues.

There  is  a  limited  public  market  for our common stock. Our common stock is
listed  on  the OTC Bulletin Board, and there is a limited volume of sales, thus
providing a limited liquidity into the market for our shares. As a result of the
foregoing,  stockholders  may  be  unable  to  liquidate  their  shares.

We  are subject to various risks associated with the development of the biofuels
and  alternative  energy market place and if we do not succeed our business will
be  adversely  affected.

Our  performance will largely depend on our ability to develop and implement the
anaerobic digester and generate energy and gas to sell.  We intend to respond to
technological advances and emerging industry standards and practices on a timely
and  cost-effective  basis however, we cannot predict if we will be effective or
succeed  in  the development of the biofuels and alternative energy markets.  If
we  are  unable, for technical, legal, financial or other reasons, to adapt in a
timely  manner  to  develop  and  operate  in the biofuels market, our business,
results  of  operations  and  financial  condition could be materially adversely
affected.

If  we  need additional financing, we may not be able to raise further financing
or  it  may only be available on terms unfavorable to us or to our stockholders.

Available  cash  resources may not be sufficient to meet our anticipated working
capital and capital expenditure requirements, if the anaerobic digester does not
produce  revenue  for  at  least  12  months.  It  may become necessary to raise
additional  funds  to respond to business contingencies, which could include the
need  to:

-  fund  additional  project  expansion  for  the  biofuels  production;
-  fund  additional  marketing  expenditures;
-  develop  additional  alternative  energy  projects  or  enhance  the WOBF gas
products;
-  enhance  our  operating  infrastructure;
-  hire  additional  personnel;
-  acquire  other  complementary  businesses  or  technologies.

If  we raise additional funds through the issuance of equity or convertible debt
securities,  the  percentage ownership of our stockholders would be reduced, and
these  newly  issued  securities  might  have  rights, preferences or privileges
senior  to  those  of  existing  stockholders. Additional financing might not be
available  on  terms  favorable  to  us,  or  at all. If adequate funds were not
available  or  were  not  available on acceptable terms, our ability to fund our


                                       13
<PAGE>
operations,  take  advantage  of unanticipated opportunities, develop or enhance
our  products  or  otherwise  respond  to  competitive  pressures  would  be
significantly  limited.

ITEM 3.  CONTROLS  AND  PROCEDURES

(a)     Under  the  supervision  and  with  the participation of our management,
including  our  principal  executive officer and principal financial officer, we
conducted  an evaluation of our disclosure controls and procedures, as such term
is defined under Rule 13a-14(c) promulgated under the Securities Exchange Act of
1934,  as  amended  (the "Exchange Act"), as of the end of the period covered by
this  report.  Based  on  this  evaluation,  our principal executive officer and
principal financial officer concluded that enhancements could be made to improve
our  disclosure  controls and procedures to provide more effective alerting on a
timely  basis  to  material  information  relating to our Company (including its
consolidated  subsidiaries)  required  to  be  included  in our reports filed or
submitted  under the Exchange Act.   Accordingly, management has implemented and
continues  to  implement  procedural  changes  to  improve  internal  controls.

(b)     These  changes  (including corrective actions with regard to significant
deficiencies  or  material  weaknesses)  in our internal controls over financial
reporting are not considered so significant as to be materially affected or that
could  materially  affect  these  internal  controls  over  financial reporting.

                                       14
<PAGE>
                            PART II OTHER INFORMATION
                            -------------------------

ITEM 1.  LEGAL PROCEEDINGS.

None

ITEM 2.  CHANGES IN SECURITIES.

None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

None

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

The  Company held its Annual Meeting of Stockholders on December 2, 2005. On the
record  date  of October 7, 2005, there were 151,809,530 shares of common voting
stock.  At  the  meeting,  Jacob  D. Dustin, Dennis D. Keiser, William R. Myers,
Michael W. Parker, D. Lynn Smith, and Steven Whitesides were elected to serve as
directors of the Company for the next year, and the appointment of Jones Simkins
PC  as  independent  auditors  for  the  year ending June 30, 2006 was ratified.

The  voting  on  such  items  was  as  follows:

Election  of  Directors

<TABLE>
<CAPTION>
DIRECTOR'S NAME             FOR           AGAINST       WITHHELD AUTHORITY
------------------       ----------       -------       ------------------
<S>                      <C>              <C>           <C>
Dennis D. Keiser         20,414,142       361,915              29,417
Jacob D. Dustin          16,780,951       423,563               9,574
Michael F. LaFleur       12,375,107       520,986              71,685
William R. Myers         14,474,384       580,947              65,185
D. Lynn Smith            15,148,697       493,447              56,335
Steven Whitesides        18,652,372       364,934              14,339
John W. Brockage          9,323,704       730,897             144,168
Michael W. Parker        19,472,818       547,512             121,985
</TABLE>


(2)  Ratify  Appointment  of  Independent  Auditors  of  Jones  Simkins  PC.

<TABLE>
<CAPTION>
         FOR           AGAINST       WITHHELD AUTHORITY
     -----------       -------       ------------------
<S>                    <C>           <C>

     130,495,970          0               940,711
</TABLE>

Approximately 87% of the total voting shares were voted.


ITEM 5.  OTHER INFORMATION.

None

ITEM 6.  EXHIBITS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Exhibit                                Description                              Incorporated by Reference from
  No.                                                                                    Registrant's
--------------------------------------------------------------------------------------------------------------
<S>      <C>                                                                    <C>
  31.1   Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer  March 10, 2005
--------------------------------------------------------------------------------------------------------------
  31.2   Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
         by Vice-President, Secretary and Treasurer                             March 10, 2005
--------------------------------------------------------------------------------------------------------------
   32    Certification pursuant to 18 U.S.C. SECTION 1350 by Chairman and
         Chief Executive Officer and Vice-President, Secretary and Treasurer    March 10, 2005
--------------------------------------------------------------------------------------------------------------
</TABLE>


                                       15
<PAGE>
                                   SIGNATURES
                                   ----------

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

                                   INTREPID TECHNOLOGY & RESOURCES, INC.
                                                (Registrant)


Date: February 14, 2006            By:  /s/ Dr. Dennis D. Keiser,
                                        -------------------------
                                        Chief Executive Officer & President
                                        -----------------------------------
                                        & Acting Chief Financial Officer
                                        --------------------------------

Date: February 14, 2006            By:  /s/ Dr. Jacob D. Dustin,
                                        ------------------------
                                        Vice President, Secretary, and Treasurer
                                        ----------------------------------------


                                       16