U. S. Securities and Exchange Commission
                    Washington, D. C.  20549

                          FORM 10-KSB

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

             For the fiscal year ended December 31, 2005


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

     For the transition period from _________________ to __________________

                 Commission File No. 000-51464

                 SOUVALL-PAGE AND COMPANY, INC.
                 ------------------------------
         (Name of Small Business Issuer in its Charter)

           UTAH                                      87-0376691
           ----                                      ----------
(State or Other Jurisdiction of               (I.R.S. Employer I.D. No.)
  Incorporation or organization

                    9005 Cobble Canyon Lane
                       Sandy, Utah 84093
                       -----------------
            (Address of Principal Executive Offices)

         Registrant's Telephone Number:  (801) 942-0555

Securities Registered under Section 12(b) of the Exchange Act:  None.

Securities Registered under Section 12(g) of the Exchange Act:

                  No Par Value Class A Common Stock
                  ---------------------------------

     Check whether the Registrant is not required to file reports pursuant to
Section 13 or 15(d) of the Exchange Act.  [ ]

     Check whether the Registrant (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.

     (1)   Yes X     No            (2)   Yes X    No
              ---      ---                  ---      ---

     Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure
will be contained, to the best of Registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of
this Form 10-KSB or any amendment to this Form 10-KSB.  [ ]

     Indicate by check mark whether the Registrant is a shell company (as
defined by Rule 12b-2 of the Exchange Act).  Yes X    No
                                                 ---    ---

     State Registrant's revenues for its most recent fiscal year: December 31,
2005 - None.

     State the aggregate market value of the common voting stock of the
Registrant held by non-affiliates computed by reference to the price at which
the stock was sold, or the average bid and asked prices of such stock, as of a
specified date within the past 60 days - March 20, 2006 - $609.06.  There
are approximately 60,906 shares of common voting stock of the Registrant held
by non-affiliates.  There has been no "established trading market" for shares
of common stock of the Registrant, so the Registrant has arbitrarily valued
these shares on the basis of $0.01 per share.

                (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
                       DURING THE PAST FIVE YEARS)

     None; not applicable.

     Check whether the Registrant has filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.   Yes     No
                                                                    ---    ---

     None; not applicable.

                (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

     State the number of shares outstanding of each of the Registrant's
classes of common equity, as of the latest practicable date - March 20, 2006,
661,906 shares of common stock.

                  DOCUMENTS INCORPORATED BY REFERENCE
                  -----------------------------------

     A description of "Documents Incorporated by Reference" is contained in
Part III, Item 13.

   Transitional Small Business Issuer Format   Yes  X    No
                                                          ---
<PAGE>
                               PART I

Item 1.  Description of Business.
         ------------------------

                           Business Development

                               Organization

Souvall-Page and Company, Inc. (our "Company," "we," "us," and "our") was
organized pursuant to the laws of the State of Utah on April 28, 1981, under
the name "Black Gold Resources, Inc.", with an authorized capital of $75,000
divided into 75,000,000 shares of common stock of a par value of $0.001 per
share.  Our Company was formed for the primary purpose of engaging in the
business of manufacturing, selling and distributing wood burning stoves, and
any business related thereto.

April 28, 1981, we issued 25,000,000 shares to our founders for cash and
assets.

We offered a minimum of 7,000,000 and a maximum of 25,000,000 shares at $0.01
per share in April of 1981, through an intra-state offering made only to
residents of the State of Utah.  We closed the offering January 15, 1982,
selling 7,269,928 shares for gross proceeds of $72,700.  The founders returned
1,080,682 shares to treasury in accordance with the rules of the intra-state
offering.   The proceeds were used to manufacture, sell and distribute our
wood burning stoves.

Effective February 2, 1988, we changed our name to Souvall-Page and Company,
Inc., and we decreased our authorized capital of 75,000,000 shares of $0.001
par value common stock to 50,000,000 shares of Class A common stock without
par value (the "Common Stock").  All references to Common Stock herein refer
to our Class A Common Stock that is currently the only authorized class of
Common Stock that we are authorized to issue.  This amendment that changed the
name or our outstanding Common Stock to Class A Common Stock did not require
us to redeem or exchange our previously outstanding shares of Common Stock;
there was no change in the voting rights, privileges or preferences of our
outstanding Common Stock as a result of this amendment.  We also effected a 10
for 1 reverse split of the outstanding Common Stock.

On February 2, 1988, we acquired Souvall-Page Marketing Group, Inc. for
12,475,700 shares of our Common Stock.

On August 21, 1998, our Board of Directors authorized the issuance of
31,000,000 shares of our Common Stock that comprised "restricted securities"
as defined in Rule 144 in payment for services rendered to us, as follows:
Todd Ross, 1,000,000 shares; Corie Merrell, 10,000,000 shares; William
Souvall, 5,000,000 shares and Leonard W. Burningham, 15,000,000 shares.

We effected a reverse split of our outstanding shares of Common Stock on
August 27, 1998, on a basis of 1,000 shares for one share, while retaining our
authorized capital and par value, with appropriate adjustments in our stated
capital and capital surplus accounts.

All computations in this Annual Report take into account this reverse split
and the previous reverse split of February 2, 1998.

On September 14, 1998, our Board of Directors authorized the issuance of
600,000 shares of our Common Stock to Chiricahua Investments, LC, a limited
liability company owned by our President, David C. Merrell, in payment of
services rendered.

Copies of our Articles of Incorporation, as amended, and our By-Laws, as
amended, were filed as exhibits to our 10-SB Registration Statement that was
previously filed with the Securities and Exchange Commission and which is
incorporated herein by reference.  See Part III, Item 13.

                      General Business History

We were originally organized for the primary purpose of engaging in the
manufacturing, selling and distributing of wood burning stoves, and any
business related thereto.

On January 18, 1988, we completed an Agreement and Plan of Reorganization with
Souvall-Page Marketing, Inc., a Utah corporation, whereby we changed our name
to Souvall-Page and Company, Inc. and we also changed the business direction
of our Company to pursue the creation of a national and international
marketing network for the commercial-investment real estate community; however
this endeavor was never finalized.

                              Business

Our Company's plan of operation for the next 12 months is to:(i) consider
guidelines of industries in which we may have an interest; (ii) adopt a
business plan regarding engaging in the business of any selected industry;
and (iii) to commence such operations through funding and/or the acquisition
of a "going concern" engaged in any industry selected.  When and if we will
complete an acquisition is presently unknown, and will depend upon various
factors, including but not limited to, funding and its availability; and if
and when any potential acquisition may become available to us on terms
acceptable to us.

Our Company is not currently engaged in any substantive business activity,
except seeking out a business or company to acquire by merger, reorganization
or acquisition, and we have no plans to engage in any particular business.
In our present form, we are deemed to be a vehicle to acquire or merge with
a business or company.  Regardless, the commencement of any business
opportunity will be preceded by the consideration and adoption of a business
plan by our Board of Directors.  We do not intend to restrict our search for
business opportunities to any particular business or industry, and the areas
in which we will seek out business opportunities or acquisitions,
reorganizations or mergers may include, but will not be limited to, the fields
of high technology, manufacturing, natural resources, service, research and
development, communications, transportation, insurance, brokerage, finance and
all medically related fields, among others.  We recognize that the number of
suitable potential business ventures that may be available to us may be
extremely limited, and may be restricted to entities who desire to avoid
what such entities may deem to be the adverse factors related to an initial
public offering ("IPO").  The most prevalent of these factors include
substantial time requirements, legal and accounting costs, the inability to
obtain an underwriter who is willing to publicly offer and sell shares, the
lack of or the inability to obtain the required financial statements for such
an undertaking, limitations on the amount of dilution to public investors in
comparison to the stockholders of any such entities, along with other
conditions or requirements imposed by various federal and state securities
laws, rules and regulations and federal and state agencies that implement such
laws, rules and regulations.  Any of these types of transactions, regardless
of the particular prospect, would require us to issue a substantial number of
shares of our Common Stock, that could amount to as much as 95% of our
outstanding securities following the completion of any such transaction;
accordingly, investments in any such private enterprise, if available, would
be much more favorable than any investment in our Company.

Management intends to consider a number of factors prior to making any
decision as to whether to participate in any specific business endeavor, none
of which may be determinative or provide any assurance of success.  These may
include, but will not be limited to, as applicable, an analysis of the quality
of the particular entity's management personnel; the anticipated acceptability
of any new products or marketing concepts that it may have; the merit of its
technological changes; its present financial condition, projected growth
potential and available technical, financial and managerial resources; its
working capital, history of operations and future prospects; the nature of its
present and expected competition; the quality and experience of its management
services and the depth of its management; its potential for further research,
development or exploration; risk factors specifically related to its business
operations; its potential for growth, expansion and profit; the perceived
public recognition or acceptance of its products, services, trademarks and
name identification; and numerous other factors which are difficult, if not
impossible, to properly or accurately analyze, let alone describe or identify,
without referring to specific objective criteria.

Regardless, the results of operations of any specific entity may not
necessarily be indicative of what may occur in the future, by reason of
changing market strategies, plant or product expansion, changes in product
emphasis, future management personnel and changes in innumerable other
factors.  Further, in the case of a new business venture or one that is in a
research and development mode, the risks will be substantial, and there will
be no objective criteria to examine the effectiveness or the abilities of its
management or its business objectives.  Also, a firm market for its products
or services may yet need to be established, and with no past track record, the
profitability of any such entity will be unproven and cannot be predicted with
any certainty.

Management will attempt to meet personally with management and key
personnel of the entity providing any potential business opportunity afforded
to our Company, visit and inspect material facilities, obtain independent
analysis or verification of information provided and gathered, check
references of management and key personnel and conduct other reasonably
prudent measures calculated to ensure a reasonably thorough review of any
particular business opportunity; however, due to time constraints of
management, these activities may be limited.  See the heading "Business
Experience," Part III, Item 9.

We are unable to predict the time as to when and if we may actually
participate in any specific business endeavor.  Our Company anticipates that
proposed business ventures will be made available to us through personal
contacts of directors, executive officers and principal stockholders,
professional advisors, broker dealers in securities, venture capital
personnel, members of the financial community and others who may present
unsolicited proposals.  In certain cases, we may agree to pay a finder's fee
or to otherwise compensate the persons who submit a potential business
endeavor in which our Company eventually participates.  Such persons
may include our directors, executive officers and beneficial owners of our
securities or their affiliates.  In this event, such fees may become a factor
in negotiations regarding any potential venture and, accordingly, may present
a conflict of interest for such individuals.  Management does not presently
intend to acquire or merge with any business enterprise in which any member
has a prior ownership interest.  Any such payments that are made in Common
Stock may be subject to the Wulff Letter that is discussed below and could not
be sold by any such persons or their transferees unless any such sale was made
pursuant to an effective registration statement that had been filed with the
Securities and Exchange Commission.  The Wulff Letter prohibitions extend to
our "promoters" and "affiliates" and their transferees. See Part I, Item 4,
under the heading "Restrictions on Sales of Certain Restricted Securities."
We believe these definitions will be liberally construed to promote the
purposes of the Wulff Letter as discussed below.

Our Company's directors and executive officers have not used any particular
consultants, advisors or finders on a regular basis.

Although we currently have no plans to do so, depending on the nature and
extent of services rendered, we may compensate members of management in the
future for services that they may perform for our Company.  Because we
currently have extremely limited resources, and we are unlikely to have any
significant resources until we have determined a business or enterprise
to engage in or have completed a merger or acquisition, management expects
that any such compensation would take the form of an issuance of our Company's
Common Stock to these persons; this would have the effect of further diluting
the holdings of our other stockholders.  There are presently no preliminary
agreements or understandings between us and members of management respecting
such compensation. Any such payments that are made in Common Stock will be
subject to the Wulff Letter that is discussed below and could not be sold by
any such persons or their transferees unless any such sale was made pursuant
to an effective registration statement that had been filed with the Securities
and Exchange Commission. See Part I, Item 4.

Substantial fees are often paid in connection with the completion of all
types of acquisitions, reorganizations or mergers, ranging from a small amount
to as much as $400,000.  These fees are usually divided among promoters or
founders, after deduction of legal, accounting and other related expenses, and
it is not unusual for a portion of these fees to be paid to members of
management or to principal stockholders as consideration for their agreement
to retire a portion of the shares of Common Stock owned by them.  Management
may actively negotiate or otherwise consent to the purchase of all or any
portion of their Common Stock as a condition to, or in connection with, a
proposed reorganization, merger or acquisition.  It is not anticipated that
any such opportunity will be afforded to other stockholders or that such other
stockholders will be afforded the opportunity to approve or consent to any
particular stock buy-out transaction.  In the event that any such fees are
paid, they may become a factor in negotiations regarding any potential
acquisition or merger by our Company and, accordingly, may also present a
conflict of interest for such individuals.  We have no present arrangements or
understandings respecting any of these types of fees or opportunities.

None of our directors, executive officers, founders or their affiliates
or associates has had any negotiations with any representatives of the owners
of any business or company regarding the possibility of an acquisition,
reorganization, merger or other business opportunity for our Company; nor are
there any similar arrangements with us.  Any such payments that are made in
Common Stock will be subject to the Wulff Letter that is discussed below and
could not be sold by any such persons or their transferees unless any such
sale was made pursuant to an effective registration statement that had been
filed with the Securities and Exchange Commission. See Part I, Item 4.

                               Risk Factors

In any business venture, there are substantial risks specific to the
particular enterprise which cannot be ascertained until a potential
acquisition, reorganization or merger candidate has been identified; however,
at a minimum, our Company's present and proposed business operations will be
highly speculative and be subject to the same types of risks inherent in any
new or unproven venture, and will include those types of risk factors outlined
below.

Extremely Limited Assets; No Source of Revenue.

Our Company has no assets and has had no profitable operations since
inception.  We will not receive additional revenues until we select an
industry in which to commence business or we complete an acquisition,
reorganization or merger, at the earliest.  We can provide no assurance that
any selected or acquired business will produce any material revenues for our
Company or our stockholders or that any such business will operate on a
profitable basis.

Our Company Is Deemed to Be a "Blank Check" or "Shell Company" Until We Adopt
a Business Plan and Have Reasonably Substantial Operations.

The limited business operations of our Company, as now contemplated, involve
those of a "blank check" or "shell company."  The only activities to be
conducted by our Company are winding down the business and to manage our
current limited assets and to seek out and investigate the commencement or the
acquisition of any viable business opportunity by purchase and exchange for
securities of our Company or pursuant to a reorganization or merger through
which securities of our Company will be issued or exchanged.

Our Company is not currently engaged in any substantive business activity, and
we have no plans to engage in any such activity in the foreseeable future.

When and if we will complete an acquisition is presently unknown, and will
depend upon various factors, including but not limited to, funding and its
availability; and if and when any potential acquisition may become available
to us on terms acceptable to us.

Discretionary Use of Proceeds; "Blank Check" Company.

Because our Company is not currently engaged in any substantive business
activities, as well as management's broad discretion with respect to selecting
a business or industry for commencement of operations or completing an
acquisition of assets, property or business, our Company may be deemed to be a
"blank check" company.  Although management intends to apply any proceeds we
may receive through the issuance of stock or debt to a suitable business
enterprise, subject to the criteria identified above, such proceeds will not
otherwise be designated for any more specific purpose.  Our Company can
provide no assurance that any use or allocation of such proceeds will allow us
to achieve our business objectives.  We will comply with Rule 419 of
Regulation C of the Securities and Exchange Commission if we issue stock or
debt in a public offering, by depositing proceeds promptly into an escrow
account or trust account and that the funds would not be released until we
provide the purchaser with information regarding the business combination and
also receive in writing a confirmation regarding his or her decision to
invest.

Our Company Will Seek Out Business Opportunities.

Management will seek out and investigate business opportunities through
every reasonably available fashion, including personal contacts,
professionals, securities broker dealers, venture capital personnel, members
of the financial community and others who may present unsolicited proposals;
our Company may also advertise our availability as a vehicle to bring a
company to the public market through a "reverse" reorganization or merger.

Absence of Substantive Disclosure Relating to Prospective Acquisitions.

Because our Company has not yet identified any industry or assets, property or
business that we may engage in or acquire, potential investors in our Company
will have virtually no substantive information upon which to base a decision
whether to invest in our Company.  Potential investors would have access to
significantly more information if our Company had already identified a
potential acquisition or if the acquisition target had made an offering of its
securities directly to the public.  Our Company can provide no assurance that
any investment in our Company will not ultimately prove to be less favorable
than such a direct investment.

Unspecified Industry and Acquired Business; Unascertainable Risks.

To date, our Company has not identified any particular industry or
business in which to concentrate our potential interests.  Accordingly,
prospective investors currently have no basis to evaluate the comparative
risks and merits of investing in the industry or business in which our Company
may acquire.  To the extent that our Company may acquire a business in a high
risk industry, our Company will become subject to those risks.  Similarly, if
our Company acquires a financially unstable business or a business that is in
the early stages of development, our Company will become subject to the
numerous risks to which such businesses are subject.  Although management
intends to consider the risks inherent in any industry and business in which
we may become involved, there can be no assurance that we will correctly
assess such risks.

Uncertain Structure of Acquisition.

Management has had no preliminary contact or discussions regarding, and
there are no present plans, proposals or arrangements to engage in or acquire
any specific business, assets, property or business.  Accordingly, it is
unclear whether such an acquisition would take the form of an exchange of
capital stock, a merger or an asset acquisition.  However, because our Company
has virtually no resources as of the date of this Annual Report, management
expects that any such acquisition would take the form of an exchange of
capital stock.

Auditor's "Going Concern" Opinion.

The Independent Auditor's Reports issued in connection with the audited
financial statements of our Company for the calendar year ended December 31,
2005 and 2004, express "substantial doubt about our ability to continue as a
going concern," due to our Company's status as a start up and our lack of
profitable operations.  See the Index to Financial Statements, Part II, Item 7
of this Annual Report.

Losses Associated With Startup.

Our Company has not had a profitable operating history.  We cannot guarantee
that we will become profitable.

Federal and State Restrictions on "Blank Check" or "Shell Companies."
---------------------------------------------------------------------

     Federal Restrictions.
     ---------------------

Recent amendments to Form 8-K by the Securities and Exchange Commission
regarding "shell" companies and transactions with "shell" companies require
the filing of all information about an acquired company that would have been
required to have been filed had any such company filed a Form 10 or 10-SB
Registration Statement with the Securities and Exchange Commission, along with
required audited, interim and proforma financial statements, within four
business days of the closing of any such transaction. These new regulations
also deny the use of Form S-8 for the registration of securities of a shell
company, and limit the use of this Form to a reorganized "shell company" until
the expiration of 60 days from when any such entity is no longer considered
to be a "shell company."  This prohibition could further restrict
opportunities for us to acquire companies that may already have stock option
plans in place that cover numerous employees.  In such an instance, there may
be no exemption from registration for the issuance of securities in any
business combination to these employees, thereby necessitating the filing of a
registration statement with the Securities and Exchange Commission to complete
any such reorganization, and incurring the time and expense costs normally
avoided by reverse reorganizations.

The Wulff Letter, as discussed below under Part II, Item 5, under the heading
"Restrictions on Sales Certain Restricted Securities," can restrict the free
tradeability of certain shares issued to our promoters or founders or
affiliates in any transaction with us to resales pursuant to an effective
registration statement filed with the Securities and Exchange Commission.  We
would expect the definition of these applicable persons to be liberally
construed to promote the findings set out in the Wulff Letter.  Chiricahua
Investment's shares of Common Stock in our Company are subject to resale under
a Registration Agreement that is discussed below under this heading; David C.
Merrell, our President and a director, beneficially owns Chiricahua
Investments.

If we publicly offer any securities as a condition to the closing of any
acquisition, merger or reorganization while we are a "blank check" or shell
company, we will have to fully comply with Rule 419 of the Securities and
Exchange Commission and deposit all funds in escrow pending advice about the
proposed transaction to our stockholders fully disclosing all information
required by Regulation 14 of the Securities and Exchange Commission and
seeking the vote and agreement of investment of those stockholders to whom
such securities were offered; if no response is received from these
stockholders within 45 days thereafter or if any elect not to invest following
advice about the proposed transaction, all funds held in escrow must be
promptly returned to any such stockholder.  All securities issued in any such
offering will likewise be deposited in escrow, pending satisfaction of the
foregoing conditions.  The foregoing is only a brief summary of Rule 419.  We
do not anticipate making any public offerings of our securities that would
come within the context of an offering described in Rule 419.

All of these laws, rules and regulations could severely restrict us from
completing the acquisition of any business or any merger or reorganization for
the following reasons, among others:

     * The time and expense in complying with any of the foregoing could be
       prohibitive and eliminate the reasons for a reverse reorganization.

     * Management or others who own or are to receive shares that may be
       covered by the Wulff Letter may demand registration rights for these
       shares, and the acquisition candidate may refuse to grant them by
       reason of the time, cost and expense; or because the filing of any such
       registration statement may be integrated with planned financing options
       that could prohibit or interfere with such options or such registration
       statement.

     * Demands for cash in lieu of securities could be too high a cost of
       dilution to the acquisition candidate, especially when taking into
       account the dilution that results from the shareholdings that are
       retained by our shareholders.

     * These costs and expenses, if agreed upon, would no doubt further dilute
       our shareholders, as any acquisition candidate may not be willing to
       leave as many shares with our shareholders in any such transaction.

     * An acquisition candidate may demand that outstanding Wulff Letter
       shares be cancelled, and the holders of these shares could refuse to do
       so without just compensation, including our current sole director.

     * Finder's and parties who may introduce acquisition candidates would no
       doubt be unwilling to introduce any such candidates to us if shares
       issued to them came within the Wulff Letter interpretations and no
       registration rights were granted, which would substantially restrict
       our ability to attract such potential candidates.

     State Restrictions.
     -------------------

A total of 36 states prohibit or substantially restrict the registration and
sale of "blank check" or "shell" companies within their borders.
Additionally, 36 states use "merit review powers" to exclude securities
offerings from their borders in an effort to screen out offerings of highly
dubious quality.  See paragraph 8221, NASAA Reports, CCH Topical Law Reports,
1990.  We intend to comply fully with all state securities laws, and plan to
take the steps necessary to ensure that any future offering of our securities
is limited to those states in which such offerings are allowed.  However,
while we have no substantive business operations and are deemed to be a "blank
check" or "shell company," these legal restrictions may have a material
adverse impact on our ability to raise capital, because potential purchasers
of our securities must be residents of states that permit the purchase of such
securities.  These restrictions may also limit or prohibit stockholders from
reselling shares of Common Stock within the borders of regulating states.

By regulation or policy statement, eight states (Idaho, Maryland, Missouri,
Nevada, New Mexico, Pennsylvania, Utah and Washington), some of which are
included in the group of 36 states mentioned above, place various restrictions
on the sale or resale of equity securities of "blank check" or "shell"
companies. These restrictions include, but are not limited to, heightened
disclosure requirements, exclusion from "manual listing" registration
exemptions for secondary trading privileges and outright prohibition of public
offerings of such companies.

In most jurisdictions, "blank check" and "shell" companies are not eligible
for participation in the Small Corporate Offering Registration ("SCOR")
program, which permits an issuer to notify the Securities and Exchange
Commission of certain offerings registered in such states by filing a Form D
under Regulation D of the Securities and Exchange Commission.  All states
(with the exception of Alabama, Delaware, Florida, Hawaii, Minnesota, Nebraska
and New York) have adopted some form of SCOR.  States participating in the
SCOR program also allow applications for registration of securities by
qualification via filing of a Form U-7 with the states' securities
commissions. Nevertheless, our Company does not anticipate making any SCOR
offering or other public offering in the foreseeable future, even in any
jurisdiction where it may be eligible for participation in SCOR, despite our
status as a "blank check" or "shell company."

The net effect of the above-referenced laws, rules and regulations will be to
place significant restrictions on our ability to register, offer and sell
and/or to develop a secondary market for shares of our Common Stock in
virtually every jurisdiction in the United States.  These restrictions should
cease once and if we acquire a venture by purchase, reorganization or merger,
so long as the business operations succeeded to involve sufficient activities
of a specific nature.

Management to Devote Insignificant Time to Activities of Our Company.

Members of our Company's management are not required to devote their full
time to the affairs of our Company.  Because of their time commitments, as
well as the fact that our Company has no business operations, the members of
management currently devote one hour a week to the activities of our Company,
until such time as our Company has identified a suitable acquisition target.

No Market for Common Stock; No Market for Shares.

Although our Company intends to submit for quotation of our Common Stock on
the OTC Bulletin Board of the NASD before any selection of a business
opportunity or a merger or acquisition transaction, and to seek a
broker-dealer to act as market-maker for our securities (without the use of
any consultant), there is currently no market for such shares, there have been
no discussions with any broker-dealer or any other person in this regard, and
no market maker has been identified; there can be no assurance that such a
market will ever develop or be maintained.  Any market price for shares of
Common Stock of our Company is likely to be very volatile, and numerous
factors beyond the control of our Company may have a significant effect.  In
addition, the stock markets generally have experienced, and continue to
experience, extreme price and volume fluctuations which have affected the
market price of many small capital companies and which have often been
unrelated to the operating performance of these companies.  These broad market
fluctuations, as well as general economic and political conditions, may
adversely affect the market price of our Company's Common Stock in any market
that may develop.  Sales of "restricted securities" under Rule 144 may also
have an adverse effect on any market that may develop.  See Part I, Item 4.

The shares of Chiricahua Investments are subject to a Registration Agreement
which was filed as Exhibit 99 to our original 10-SB Registration Statement
filed with the Securities and Exchange Commission on July 29, 2005.  Also,
Chiricahua Investments will not be able to sell these shares of our Common
Stock using Rule 144 exemptions.

Risks of "Penny Stock."

Our Company's Common Stock may be deemed to be "penny stock" as that term
is defined in Rule 3a51-1 of the Securities and Exchange Commission.  Penny
stocks are stocks (I) with a price of less than five dollars per share;
(ii) that are not traded on a "recognized" national exchange; (iii) whose
prices are not quoted on the NASDAQ automated quotation system (NASDAQ- listed
stocks must still meet requirement (I) above); or (iv) in issuers with net
tangible assets less than $2,000,000 (if the issuer has been in continuous
operation for at least three years) or $5,000,000 (if in continuous operation
for less than three years), or with average revenues of less than $6,000,000
for the last three years.

Section 15(g) of the Exchange Act and Rule 15g-2 of the Securities and
Exchange Commission require broker- dealers dealing in penny stocks to provide
potential investors with a document disclosing the risks of penny stocks and
to obtain a manually signed and dated written receipt of the document before
effecting any transaction in a penny stock for the investor's account.
Potential investors in our Company's Common Stock are urged to obtain and read
such disclosure carefully before purchasing any shares that are deemed to be
"penny stock."

Moreover, Rule 15g-9 of the Securities and Exchange Commission requires
broker-dealers in penny stocks to approve the account of any investor
for transactions in such stocks before selling any penny stock to that
investor.  This procedure requires the broker-dealer to (I) obtain from the
investor information concerning his or her financial situation, investment
experience and investment objectives; (ii) reasonably determine, based on that
information, that transactions in penny stocks are suitable for the investor
and that the investor has sufficient knowledge and experience as to be
reasonably capable of evaluating the risks of penny stock transactions; (iii)
provide the investor with a written statement setting forth the basis on which
the broker-dealer made the determination in (ii) above; and (iv) receive a
signed and dated copy of such statement from the investor, confirming that it
accurately reflects the investor's financial situation, investment experience
and investment objectives.  Compliance with these requirements may make it
more difficult for investors in our Company's Common Stock to resell their
shares to third parties or to otherwise dispose of them.

There Has Been No "Established Public Market" for Our Company's Common Stock
Since Inception.

At such time as our Company identifies a business opportunity or completes a
merger or acquisition transaction, if at all, we may attempt to qualify for
quotation on either NASDAQ or a national securities exchange.  However, at
least initially, any trading in our Common Stock will most likely be conducted
in the over-the-counter market in the "pink sheets" or the OTC Bulletin Board
of the NASD.  Management intends to submit our securities for quotations on a
national medium as soon as is reasonably practicable.

Our Articles of Incorporation Provide that Our Company's Board of Directors
Can Redeem All of Our Common Stock Upon Any Redemption Date Set by the Board
of Directors.

Our Articles of Incorporation contain a provision that authorizes our Board of
Directors to redeem all of our shares of Common Stock in whole or part upon
any redemption date set by our Board of Directors.  Effective December 19,
2005, our Board of Directors unanimously resolved not to effect any
redemptions under this provision without the approval of all of the
shareholders of our Company because the Articles of Incorporation do not
contain any method of fairly effecting any such redemption.  During the first
quarter of 2006, the Board of Directors intends to seek advice of counsel
about amending and/or restating our Articles of Incorporation, while removing
this provision and updating them in accordance with the Utah Revised Business
Corporation Act, which was adopted subsequent to the filing of our current
Articles of Incorporation.  A copy of the Unanimous Consent of our directors
was filed as an Exhibit to our Registration Statement.  See Part III, Item 13.

        Principal Products or Services and Their Markets.

None; not applicable.

        Distribution Methods of the Products or Services.

None; not applicable.

     Status of any Publicly Announced New Product or Service.

None; not applicable.

                 Competitive Business Conditions.

Management believes that there are literally thousands of "blank check" or
"shell" companies engaged in endeavors similar to those engaged in by our
Company; many of these companies have substantial current assets and cash
reserves.  Competitors also include thousands of other publicly-held companies
whose business operations have proven unsuccessful, and whose only viable
business opportunity is that of providing a publicly-held vehicle through
which a private entity may have access to the public capital markets.  There
is no reasonable way to predict the competitive position of our Company or any
other entity in the strata of these endeavors; however, our Company, having
limited assets and cash reserves, will no doubt be at a competitive
disadvantage in competing with entities which have recently completed IPO's,
have significant cash resources and have recent operating histories when
compared with the complete lack of any substantive operations by our Company
for the past several years.

Sources and Availability of Raw Materials and Names of Principal Suppliers.

None; not applicable.

           Dependence on One or a Few Major Customers.

None; not applicable.

Patents, Trademarks, Licenses, Franchises, Concessions, Royalty Agreements or
                         Labor Contracts.

None; not applicable.

Need for any Governmental Approval of Principal Products or Services.

Because our Company currently produces no products or services, we are not
presently subject to any governmental regulation in this regard.  However, in
the event that our Company engages in a merger or acquisition transaction with
an entity that engages in such activities, we will become subject to all
governmental approval requirements to which the merged or acquired entity is
subject.

     Effect of Existing or Probable Governmental Regulations on Business.

The integrated disclosure system for small business issuers adopted by the
Securities and Exchange Commission in Release No.  34-30968 and effective as
of August 13, 1992, substantially modified the information and financial
requirements of a "Small Business Issuer," defined to be an issuer that has
revenues of less than $25 million; is a U.S.  or Canadian issuer; is not an
investment company; and if a majority-owned subsidiary, the parent is also a
small business issuer; provided, however, an entity is not a small business
issuer if it has a public float (the aggregate market value of the issuer's
outstanding securities held by non- affiliates) of $25 million or more.

The Securities and Exchange Commission, state securities commissions
and the North American Securities Administrators Association, Inc.  ("NASAA")
have expressed an interest in adopting policies that will streamline the
registration process and make it easier for a small business issuer to have
access to the public capital markets.  The present laws, rules and regulations
designed to promote availability to the small business issuer of these capital
markets and similar laws, rules and regulations that may be adopted in the
future will substantially limit the demand for "blank check" companies like
our Company, and may make the use of these companies obsolete.

We are also subject to the Sarbanes-Oxley Act of 2002.  This Act creates a
strong and independent accounting oversight board to oversee the conduct of
auditors of public companies and strengthens auditor independence.  It also
requires steps to enhance the direct responsibility of senior members of
management for financial reporting and for the quality of financial
disclosures made by public companies; establishes clear statutory rules to
limit, and to expose to public view, possible conflicts of interest affecting
securities analysts; creates guidelines for audit committee members'
appointment, compensation and oversight of the work of public companies'
auditors; prohibits certain insider trading during pension bund blackout
periods; and establishes a federal crime of securities fraud, among other
provisions.

Section 14(a) of the Exchange Act requires all companies with securities
registered pursuant to Section 12(g) of the Exchange Act to comply with the
rules and regulations of the Securities and Exchange Commission regarding
proxy solicitations, as outlined in Regulation 14A.  Matters submitted to
stockholders of our Company at a special or annual meeting thereof or pursuant
to a written consent will require our Company to provide our stockholders with
the information outlined in Schedules 14A or 14C of Regulation 14; preliminary
copies of this information must be submitted to the Securities and Exchange
Commission at least 10 days prior to the date that definitive copies of this
information are forwarded to our stockholders.

We are also required to file annual reports on Form 10-KSB and quarterly
reports on Form 10-QSB with the Securities Exchange Commission on a regular
basis, and will be required to timely disclose certain material events (e.g.,
changes in corporate control; acquisitions or dispositions of a significant
amount of assets other than in the ordinary course of business; and
bankruptcy) in a Current Report on Form 8-K12G3.

If we are acquired by a non-"reporting issuer" under the Exchange Act, we will
be subject to the "back-door registration" requirements of the Securities and
Exchange Commission that will require us to file a Current Report on Form
8-K12G3 that will include all information about such non-"reporting issuer" as
would have been required to be filed by that entity had it filed a Form 10 or
Form 10-SB Registration Statement with the Securities and Exchange Commission.
The Securities and Exchange Commission proposed on April 13, 2004, that any
acquisition that will result in our Company no longer being a "blank check" or
"blind pool" company will require us to include all information about the
acquired company as would have been required to be filed by that entity had it
filed a Form 10 or Form 10-SB Registration Statement with the Securities and
Exchange Commission.

                    Research and Development.

None; not applicable.

     Cost and Effects of Compliance with Environmental Laws.

None; not applicable.  However, environmental laws, rules and regulations may
have an adverse effect on any business venture viewed by our Company as an
attractive acquisition, reorganization or merger candidate, and these factors
may further limit the number of potential candidates available to our Company
for acquisition, reorganization or merger.

                       Number of Employees.

None.

Item 2.  Description of Property.
---------------------------------

Our Company has no assets, property or business; our principal executive
office address and telephone number are the office address and telephone
number of David C. Merrell, who is a beneficial shareholder, our President and
a director, and are provided at no cost.

Item 3.  Legal Proceedings.
---------------------------

Our Company is not a party to any pending legal proceeding and, to the
knowledge of management; no federal, state or local governmental agency is
presently contemplating any proceeding against our Company.  No director,
executive officer or affiliate of our Company or owner of record or
beneficially of more than five percent of our Company's Common Stock is a
party adverse to our Company or has a material interest adverse to our Company
in any proceeding.

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

No matter was submitted to a vote of our Company's security holders during the
fourth quarter of the period covered by this Annual Report or during the
previous two fiscal years.

                         PART II

Item 5.  Market for Common Equity, Related Stockholder Matters and Small
Business Issuer Purchases of Equity Securities.
-----------------------------------------------

        Market Prices and Bid Information for Common Stock

There has never been any "established trading market" for shares of Common
Stock of our Company.  Our Company intends to submit for listing on the OTC
Bulletin Board of the NASD.  No assurance can be given that any market for our
Company's Common Stock will develop or be maintained.  For any market that
develops for our Company's Common Stock, the sale of "restricted securities"
(Common Stock) pursuant to Rule 144 of the Securities and Exchange Commission
by members of management or any other person to whom any such securities may
be issued in the future may have a substantial adverse impact on any such
public market.  Present members of management have already satisfied the one
year holding period of Rule 144 for public sales of their respective holdings
in our Company in accordance with Rule 144; however, it is the position of the
Securities and Exchange Commission that the shares of Common Stock held by
management cannot be sold under Rule 144 or Section 4(1) of the Securities Act
of 1933, as amended (the "Securities Act").  See the captions "Recent Sales of
Unregistered Securities" and "Restrictions on Sale of Certain Restricted
Securities," Part I, Item 4, below.

A minimum holding period of one year is required for resales under Rule 144,
along with other pertinent provisions, including publicly available
information concerning our Company; the continued timely filing by our Company
of all reports required to be filed by us with the Securities and Exchange
Commission; limitations on the volume of "restricted securities" which can be
sold in any ninety (90) day period; the requirement of unsolicited broker's
transactions; and the filing of a Notice of Sale on Form 144.

The shares of Chiricahua Investments that are beneficially owned by David C.
Merrell, our President and a director, are subject to a Registration Agreement
which was filed as Exhibit 99 to our original 10-SB Registration Statement
filed with the Securities and Exchange Commission on July 29, 2005.  Also,
Chiricahua Investments will not be able to sell these shares of Common Stock
using Rule 144 exemptions.

                                  Holders

The number of record holders of our Company's securities as of the date of
this Annual Report is approximately 174.

                                 Dividends

Our Company has not declared any cash dividends with respect to our common
stock, and does not intend to declare dividends in the foreseeable future.
The future dividend policy of our Company cannot be ascertained with any
certainty, and if and until our Company completes any acquisition,
reorganization or merger, no such policy will be formulated.  There are no
material restrictions limiting, or that are likely to limit, our Company's
ability to pay dividends on our securities.

                      Resales of "Restricted Securities"


                              Common Stock

                                       Date        Number of    Aggregate
     Name                            Acquired       Shares    Consideration
     ----                            --------       ------    -------------
Todd Ross                            8/21/98         1,000      Services
Corie Merrell                        8/21/98        10,000      Services
William Souvall                      8/21/98         5,000      Services
Leonard W. Burningham                8/21/98        15,000      Services
Chiricahua Investments, LC           9/14/98       600,000      Services

We issued all of these securities to persons who were either "accredited
investors," or "sophisticated investors" who, by reason of education, business
acumen, experience or other factors, were fully capable of evaluating the
risks and merits of an investment in our Company; and each had prior access to
all material information about us.  We believe that the offer and sale of
these securities were exempt from the registration requirements of the
Securities Act, pursuant to Sections 4(2) and 4(6) thereof, and Rule 506 of
Regulation D of the Securities and Exchange Commission and from various
similar state exemptions.

The shares beneficially owned by Mr. Merrell (Chiricahua Investments, LC's
shares) are subject to a Registration Agreement which was filed as Exhibit 99
to our original 10-SB Registration Statement filed with the Securities and
Exchange Commission on July 29, 2005.  Also, neither Mr. Merrell nor
Chiricahua will not be able to sell these shares of Common Stock using Rule
144 exemptions.

            Restrictions on Sales of Certain "Restricted Securities"

Generally, "restricted securities" can be resold under Rule 144 once they have
been held for at least one year (subparagraph (d) thereof), provided that the
issuer of the securities satisfies the "current public information"
requirements (subparagraph (c)) of the Rule; no more than 1% of the
outstanding securities of the issuer are sold in any three month period
(subparagraph (e)); the seller does not arrange or solicit the solicitation of
buyers for the securities in anticipation of or in connection with the sale
transactions or does not make any payment to anyone in connection with the
sales transactions except the broker dealer who executes the trade or trades
in these securities (subparagraph (f)); the shares are sold in "broker's
transactions" only (subparagraph (g)); the seller files a Notice on Form 144
with the Securities and Exchange Commission at or prior to the sales
transactions (subparagraph (h)); and the seller has a bona fide intent to sell
the securities within a reasonable time of the filing.  Once two years have
lapsed, assuming the holder of the securities is not an "affiliate" of the
issuer, unlimited sales can be made without further compliance with the terms
and provisions of Rule 144.  All "restricted securities" of the Company have
been held for in excess of one year.

In January, 2000, Richard K. Wulff, the Chief of the Securities and Exchange
Commission's Office of Small Business, wrote a letter to Ken Worm, the
Assistant Director of the OTC Compliance Unit of NASD Regulation, Inc. Many
members of the securities community have come to refer to that letter as the
"Wulff Letter."

The Wulff Letter was written in response to a request for guidance from Mr.
Worm.  In his request, Mr. Worm had referred to several situations in which
non-affiliate stockholders of "blank check" issuers had sought to treat their
shares as "free-trading" or unrestricted securities.  As defined in the Wulff
Letter, a "blank check" company is "a development stage company that has no
specific business plan or purpose or has indicated its business plan is to
engage in a merger or acquisition with an unidentified company or companies,
or other entity or person."

Citing the concerns of the United States Congress and the Securities and
Exchange Commission over potential fraud and market manipulations involving
"blank check" companies, the Wulff Letter stated that affiliates of blank
check issuers, as well as transferees of their securities, are "underwriters"
with respect to such securities.  Accordingly, transactions in these
companies' securities by promoters, affiliates or their transferees do not
fall within the scope of the Rule 144 "safe harbor" resales for securities
that have been beneficially owned for at least one year and that satisfy
informational and certain other requirements of the Rule, or the Section 4(1)
exemption from registration for resales under the Securities Act, that exempts
sales by persons other than "an issuer, underwriter or a dealer."   As a
result, it is the position of the Securities and Exchange Commission that
these securities may be resold by these persons only pursuant to registration
under the Securities Act.  According to the Wulff Letter, this restriction
would continue to apply even after the blank check company completes a merger
or acquisition transaction with an operating entity.

Mr. Merrell has agreed as the beneficial owner of Chiricahua Investments not
to publicly resell his securities (in any private sale, the purchaser would be
required to acknowledge the following restrictions) without registration under
the Securities Act; or the receipt of a "no action" letter from the Securities
and Exchange Commission indicating that registration is not required and that
there is an available exemption from registration under the Securities Act for
the resale of these securities; or there is a declaratory judgment by a
federal or state court indicating that registration is not required for resale
of these securities and that there is an available exemption from registration
under the Securities Act for the resale of these securities.  A copy of the
Registration Agreement signed by Mr. Merrell on behalf of Chiricahua
Investments with us was filed as an Exhibit to our 10-SB Registration
Statement.  See Part III, Item 13.

These restrictions will also apply to "promoters" and "founders" and their and
Mr. Merrell's or Chiricahua Investments' transferees or any securities of
persons who may be deemed to be our "affiliates," too.  We believe the Wulff
Letter will be liberally construed to promote its purposes as discussed herein
and therein. The full text of the Wulff Letter can be examined in the CCH
Federal Securities Law Reporter, 1999-2000 Decisions, Paragraph No. 77,681,
issued under the name "NASD Regulation, Inc."

Use of Proceeds of Registered Securities.
-----------------------------------------

There were no proceeds received during the calendar year ended December 31,
2005, for the sale of registered securities.

     Securities Authorized for Issuance under Equity Compensation Plans.
     -------------------------------------------------------------------

We have no equity compensation plans.

     Purchases of Company Equity Securities.
     ---------------------------------------

There were no purchases of our equity securities by us or any affiliated
purchasers during the calendar year ended December 31, 2005.

Item 6.  Management's Discussion and Analysis or Plan of Operation.
-------------------------------------------------------------------

                             Plan of Operation

Our Company's plan of operation for the next 12 months is to:(i)consider
guidelines of industries in which our Company may have an interest;(ii) adopt
a business plan regarding engaging in the business of any selected industry;
and (iii) to commence such operations by attempting to raise the necessary
funding and/or the acquisition of a "going concern" engaged in any industry
selected.

During the next 12 months, our Company's only foreseeable cash requirements
will relate to maintaining our Company in good standing or the payment of
expenses associated with legal fees, accounting fees and reviewing or
investigating any potential business venture, which may be advanced by
management or principal stockholders as loans to our Company.  Because we have
not determined any business or industry in which our operations will be
commenced, and we have not identified any prospective venture as of the date
of this Annual Report, it is impossible to predict the amount of any such
loan.  Any such loan will be on terms no less favorable to our Company than
would be available from a commercial lender in an arm's length transaction.
As of the date of this Annual Report, our Company has not actively begun to
seek any such venture.  No advance or loan from any affiliate will be required
to be repaid as a condition to any agreement with future acquisition partners.

When and if an acquisition is made is presently unknown, and will depend upon
various factors, including but not limited to, funding and its availability;
and if and when any potential acquisition may become available to us at terms
acceptable to us.  The estimated costs associated with investigating a
potential business venture would be mainly for conducting due diligence and
the cost of the legal and accounting fees associated with the legal process of
the investigation and could range from between $5,000 to $25,000, which David
C. Merrell, our President and a director, has verbally agreed to loan our
Company.  No terms have been agreed upon, in the event that any such loan is
required, but it is anticipated that the loan amount would be payable, without
interest, if and when funds became available for that purpose; repayment of
any such loan would probably not be made until our Company completed an
acquisition, merger or reorganization with a company that was a going concern.

                           Results of Operations

Our Company has generated no profit since inception.  Our Company generated a
net loss of ($12,507) for the year ended December 31, 2005, and ($1,118) for
the year ended December 31, 2004.  Cumulative losses total ($92,591) since re-
entering the development stage.  Primarily all of these losses are the result
of attorney's fees and accounting fees.

                                 Liquidity

During fiscal 2005, advances were loaned by a principal stockholder in the
amount of $8,177; and during fiscal 2004, advances by a principal stockholder
totaled $488.  This aggregate amount of $18,362 outstanding as of December
31, 2005, is unsecured, non-interest bearing and is due on demand.

Also, certain officers and directors of our Company, or entities controlled by
them, paid expenses on behalf of our Company in the amount of $3,699 during
1998, which was accounted for as a capital contribution.


Item 7.  Financial Statements.
------------------------------

                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]

                        FINANCIAL STATEMENTS

                         DECEMBER 31, 2005
<PAGE>
                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]




                              CONTENTS

                                                                     PAGE

      Reports of Independent Registered Public Accounting Firm       F-1


      Balance Sheet, December 31, 2005                               F-2


      Statements of Operations, for the years ended
        December 31, 2005 and 2004 and from the
        re-entering of development stage on June 23,
        1997 through December 31, 2005                               F-3


      Statement of Stockholders' Equity (Deficit), from
        the re-entering of development stage on
        June 23, 1997 through December 31, 2005                F-4 - F-5


      Statements of Cash Flows, for the years ended
        December 31, 2005 and 2004 and from the
        re-entering of development stage on June 23,
        1997 through December 31, 2005                               F-6


      Notes to Financial Statements                            F-7 - F-9
<PAGE>
Child, Van Wagoner & Bradshaw, PLLC [letterhead]


     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Officers and Directors
Souvall-Page and Company, Inc.
Salt Lake City, Utah

We have audited the accompanying balance sheet of Souvall-Page and Company,
Inc. (a Utah development stage company) as of December 31, 2005, and the
related statements of operations, stockholders' deficit, and cash flows for
the year ended December 31, 2005.  These financial statements are the
responsibility of the Company's management.  Our responsibility is to express
an opinion on these financial statements based on our audit.

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

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Souvall-Page and Company,
Inc. as of December 31, 2005, and the results of its operations,
stockholders' deficit, and its cash flows for the year ended December
31, 2005, in  conformity with accounting principles generally accepted
in the United States of America.

The accompanying financial statements referred to above have been prepared
assuming that the Company will continue as a going concern.  As discussed in
Note 5 to the financial statements, the Company is in the development stage,
and has no established source of revenue to sustain operations. These factors
raise substantial doubt that the Company will be able to continue as a going
concern. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

                                    /s/ Child, Van Wagoner & Bradshaw, PLLC
                                           Certified Public Accountants
Salt Lake City, Utah
March 18, 2006
<PAGE>


     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



Board of Directors
SOUVALL-PAGE AND COMPANY, INC.
Salt Lake City, Utah

We have audited the accompanying statements of operations, stockholders'
equity (deficit) and cash flows Souvall-Page and Company Inc. [a development
stage company] for the year ended December 31, 2004 and for the period from
the re-entering of development stage on June 23, 1997 through December 31,
2004. These financial statements are the responsibility of the Company's
management.  Our responsibility is to express an opinion on these financial
statements based on our audit.

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

In our opinion, the financial statements audited by us present fairly, in all
material respects, the results of operations and cash flows of Souvall-Page
and Company, Inc. for the year ended December 31, 2004 and for the period from
the re-entering of development stage on June 23, 1997 through December 31,
2004, in conformity with accounting principles generally accepted in the
United States of America.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern.  As discussed in Note 5 to the financial
statements, the Company has no on-going operations and has current liabilities
in excess of current assets.  These factors raise substantial doubt about the
ability of the Company to continue as a going concern.  Management's plans in
regards to these matters are also described in Note 5.  The financial
statements do not include any adjustments that might result from the outcome
of these uncertainties.


/s/Pritchett, Siler & Hardy, P.C.

PRITCHETT, SILER, & HARDY, P.C.

Salt Lake City, Utah
May 15, 2005

<PAGE>                         F-1
                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]

                            BALANCE SHEET

                               ASSETS


                                                                December 31,
                                                                    2005
                                                                ___________
CURRENT ASSETS:
  Cash                                                          $         -
                                                                ___________
Total Current Assets
                                                                          -
                                                                ___________
                                                                $         -
                                                                ___________


          LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES:
  Accounts payable                                              $    7,430
  Related party advances                                            18,362
                                                                __________
        Total Current Liabilities                                   25,792
                                                                __________

STOCKHOLDERS' EQUITY (DEFICIT):
  Class A Common stock, no par value,
   50,000,000 shares authorized,
   661,906 shares issued and
   outstanding                                                     365,261
  Additional Paid-in Capital                                         3,699
  Retained (Deficit)                                              (302,161)
  Deficit accumulated during the
   development stage                                               (92,591)
                                                                __________
        Total Stockholders' Equity (Deficit)                       (25,792)
                                                                __________
                                                                $        -
                                                                __________


The accompanying notes are an integral part of these financial statements.
                                 F-2
<PAGE>
                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]

                      STATEMENTS OF OPERATIONS

                                                                From the
                                                             re-entering of
                                            For the         Development Stage
                                           Year Ended           on June 23,
                                          December 31,        1997, Through
                              ____________________________     December 31,
                                        2005       2004            2005
                              _____________  _____________    _____________
REVENUE                       $           -  $           -    $           -
                              _____________  _____________    _____________

EXPENSES:
  General and administrative         12,507          1,118           92,591
                              _____________  _____________    _____________

LOSS FROM OPERATIONS                (12,507)        (1,118)         (92,591)

CURRENT TAX EXPENSE                       -              -                -

DEFERRED TAX EXPENSE                      -              -                -
                              _____________  _____________    _____________
NET LOSS                      $     (12,507) $      (1,118)   $     (92,591)
                              _____________  _____________    _____________

LOSS PER COMMON SHARE         $        (.02) $        (.00)
                              _____________  _____________




The accompanying notes are an integral part of these financial statements.

                                 F-3
<PAGE>
                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]

             STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)

            FROM THE RE-ENTERING OF DEVELOPMENT STAGE ON

               JUNE 23, 1997 THROUGH DECEMBER 31, 2005


                                                                     Deficit
                                                                   Accumulated
                               Common Stock    Additional          During the
                          ____________________ Paid-in    Retained Development
                           Shares      Amount  Capital    (Deficit)   Stage
                          __________ _________ __________ _________ _________
BALANCE, June 23, 1997        15,595 $ 302,161 $        - $(302,161)$       -

Issued 31,000 shares of
common stock for services
rendered valued at $3,100,
or $.10 per share, August
1997                          31,000     3,100          -         -         -

Net loss for the period
ended December 31, 1997            -         -          -         -    (3,100)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 1997    46,595   305,261          -  (302,161)   (3,100)

Capital contribution               -         -      3,699         -         -

Issued 15,311 shares of
common stock for fractional
shares in conjunction with
reverse split, September
1998                          15,311         -          -         -         -

Issued 600,000 shares of
common stock for services
rendered valued at $60,000,
or $.10 per share,
September 1998               600,000    60,000          -         -         -

Net loss for the year ended
December 31, 1998                  -         -          -         -   (65,799)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 1998   661,906   365,261      3,699  (302,161)  (68,899)

Net loss for the year ended
December 31, 1999                  -         -          -         -    (6,189)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 1999   661,906   365,261      3,699  (302,161)  (75,088)

Net loss for the year ended
December 31, 2000                  -         -          -         -      (520)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 2000   661,906   365,261      3,699  (302,161)  (75,608)

Net loss for the year ended
December 31, 2001                  -         -          -         -      (343)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 2001   661,906   365,261      3,699  (302,161)  (75,951)

Net loss for the year ended
December 31, 2002                  -         -          -         -    (2,755)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 2002   661,906   365,261      3,699  (302,161)  (78,706)

Net loss for the year ended
December 31, 2003                  -         -          -         -      (260)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 2003   661,906   365,261      3,699  (302,161)  (78,966)

Net loss for the year ended
December 31, 2004                  -         -          -         -    (1,118)
                          __________ _________ __________ _________ _________
BALANCE, December 31, 2004   661,906   365,261      3,699  (302,161)  (80,084)
                          __________ _________ __________ _________ _________


                             [Continued]

                                 F-4

<PAGE>
                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]

             STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)

            FROM THE RE-ENTERING OF DEVELOPMENT STAGE ON

               JUNE 23, 1997 THROUGH DECEMBER 31, 2005


                             [Continued]

                                                                     Deficit
                                                                   Accumulated
                               Common Stock    Additional          During the
                          ____________________ Paid-in    Retained Development
                           Shares      Amount  Capital    (Deficit)   Stage
                          __________ _________ __________ _________ _________
Net loss for the year ended
December 31, 2005                  -         -          -         -   (12,507)
                          __________ _________ __________ _________ _________

BALANCE, December 31, 2005   661,906 $ 365,261 $    3,699 $(302,161)$ (92,591)
                          __________ _________ __________ _________ _________

The accompanying notes are an integral part of these financial statements.

                               F-5
<PAGE>
                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]

                      STATEMENTS OF CASH FLOWS

                                                                From the
                                                             re-entering of
                                            For the         Development Stage
                                           Year Ended           on June 23,
                                          December 31,        1997, Through
                              ____________________________     December 31,
                                        2005       2004            2005
                              _____________  _____________    _____________
Cash Flows From Operating Activities:
  Net loss                    $    (12,507) $      (1,118)   $     (92,591)
  Adjustments to reconcile net
  loss to net cash used by
  operating activities:
    Stock issued for services             -              -           63,100
    Change in assets and liabilities:
      Increase in accounts payable    4,330            630            7,430
                                ___________    ___________    _____________
        Net Cash (Used) by
        Operating Activities         (8,177)          (488)         (22,061)
                                ___________    ___________    _____________

Cash Flows From Investing Activities:

        Net Cash (Used) by
        Investing Activities              -              -                -
                                ___________    ___________    _____________

Cash Flows From Financing Activities:
  Capital contributions                   -              -            3,699
  Related party advances              8,177            488           18,362
                                ___________    ___________    _____________
        Net Cash Provided by
        Financing Activities          8,177            488           22,061
                                ___________    ___________    _____________

Net Increase (Decrease) in Cash           -              -                -

Cash at Beginning of Year                 -              -                -
                                ___________    ___________    _____________

Cash at End of Year             $         -    $         -    $           -
                                ___________    ___________    _____________

Supplemental Disclosures of Cash Flow Information:
  Cash paid during the periods for:
    Interest                    $         -    $         -    $           -
    Income taxes                $         -    $         -    $           -

Supplemental Schedule of Non-cash Investing and Financing Activities:
  From the re-entering of development stage on June 23, 1997 through December
  31, 2005:
     In September 1998, the Company issued 600,000 shares of common stock for
     services rendered valued at $60,000.

     In August 1997, the Company issued 31,000 shares of common stock for
     services rendered in the amount of $3,100.



The accompanying notes are an integral part of these financial statements.

                                 F-6
<PAGE>
                   SOUVALL-PAGE AND COMPANY, INC.
                    [A Development Stage Company]

                    NOTES TO FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization - Souvall-Page and Company, Inc. ("the Company") was
     organized under the laws of the State of Utah on April 28, 1981 as Black
     Gold Resources, Inc.  The Company went through a reorganization and
     change in control in 1987 and changed its name to Souvall-Page and
     Company, Inc.  The Company was engaged in various projects.  The Company
     had entered into several business acquisitions with subsidiaries and
     held various limited partnership interests.  The operations of the
     Company were not successful and the Company discontinued the majority of
     its operations by 1988.  In 1990, the Company had its corporate charters
     canceled by the State of Utah.  In 1997 and 1998, the Company issued
     common stock which resulted in a change in control.  The Company is
     considered to have re-entered into a new development stage on June 23,
     1997.  In 1998, the Company was also reinstated with the State of Utah.
     The Company presently has no on-going operations but is pursuing
     suitable business opportunities or acquisitions.  Any acquisition
     transaction with an operating company will likely be structured similar
     to a reverse acquisition in which a controlling interest in the Company
     will be acquired by the successor operation.  In such a transaction, the
     shareholders of the Company will likely own a minority interest in the
     combined company after the acquisition, and present management of the
     Company will likely resign and be replaced by the principals of the
     operating company.

     Development Stage - The Company is considered a development stage
     company as defined in Statement of Financial Accounting Standards No. 7.

     Cash and Cash Equivalents - The Company considers all highly liquid debt
     investments purchased with a maturity of three months or less to be cash
     equivalents.

     Loss Per Share - The computation of loss per share is based on the
     weighted average number of shares outstanding during the period
     presented in accordance with SFAS No. 128 [See Note 6].

     Accounting Estimates - The preparation of financial statements in
     conformity with generally accepted accounting principles in the United
     States of America requires management to make estimates and assumptions
     that effect the reported amounts of assets and liabilities, the
     disclosures of contingent assets and liabilities at the date of the
     financial statements, and the reported amounts of revenues and expenses
     during the reporting period.  Actual results could differ from those
     estimated by management.

     Recently Enacted Accounting Standards - 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", SFAS No. 123 (revised 2004), "Share-Based Payment",
     SFAS No. 154, "Accounting Changes and Error Corrections - a replacement
     of APB Opinion No. 20 and FASB Statement No. 3", and SFAS No. 155,
     "Accounting for Certain Hybrid Financial Instruments   an amendment of
     FASB Statements No. 133 and 140", were recently issued.  SFAS No. 151,
     152, 153, 123 (revised 2004), 154 and 155 have no current applicability
     to the Company or their effect on the financial statements would not
     have been significant.

                               F-7
<PAGE>
                  SOUVALL-PAGE AND COMPANY, INC.
                  [A Development Stage Company]

                  NOTES TO FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

     Restatement - In September 1998, the Company effected a 1,000-for-1
     reverse stock split.  The financial statements have been restated, for
     all periods presented, to reflect the stock split [See Note 2].

     Reclassification - The financial statements for years prior to December
     31, 2005 have been reclassified to conform to the headings and
     classifications used in the December 31, 2005 financial statements.

NOTE 2 - CAPITAL STOCK

     Common Stock - The Company has authorized 50,000,000 shares of Class A
     common stock with no par value.

     In August 1997, the Company issued 31,000 shares of its previously
     authorized but unissued common stock for consulting services of $3,100.
     The stock issuance resulted in a change of control of the Company.  The
     former officers and directors resigned and new officers and directors
     were appointed.

     In September 1998, the Company effected a 1,000-for-1 reverse stock
     split.  No shareholder was to be reduced to less than 100 shares;
     therefore, an additional 15,311 shares were issued in conjunction with
     the reverse split.  The financial statements have been restated, for all
     periods presented, to reflect this stock split.

     In September 1998, the Company issued 600,000 shares of its previously
     authorized, but unissued common stock for services valued at $60,000.

NOTE 3 - INCOME TAXES

     The Company accounts for income taxes in accordance with Statement of
     Financial Accounting Standards No. 109 "Accounting for Income Taxes".
     SFAS No. 109 requires the Company to provide a net deferred tax
     asset/liability equal to the expected future tax benefit/expense of
     temporary reporting differences between book and tax accounting methods
     and any available operating loss or tax credit carryforwards.  At
     December 31, 2005 and 2004, respectively, the Company has available
     unused operating loss carryforwards of approximately $92,600 and
     $80,100, which may be applied against future taxable income and which
     expire in various years through 2025.

     The amount of and ultimate realization of the benefits from the
     operating loss carryforwards for income tax purposes is dependent, in
     part, upon the tax laws in effect, the future earnings of the Company
     and other future events, the effects of which cannot be determined.
     Because of the uncertainty surrounding the realization of the loss
     carryforwards, the Company has established a valuation allowance equal
     to the tax effect of the loss carryforwards and, therefore, no deferred
     tax asset has been recognized for the loss carryforwards.  The net
     deferred tax assets are approximately $13,900 and $12,000 as of December
     31, 2005 and 2004, respectively, with an offsetting valuation allowance
     of the same amount resulting in a change in the valuation allowance of
     approximately $1,900 during the year ended December 31, 2005.

                               F-8
<PAGE>
                  SOUVALL-PAGE AND COMPANY, INC.
                  [A Development Stage Company]

                  NOTES TO FINANCIAL STATEMENTS

NOTE 4 - RELATED PARTY TRANSACTIONS

     Advances - An officer/shareholder of the Company has paid expenses
     totaling $18,362 on behalf of the Company.  The advances are due on
     demand and bear no interest.

     Capital Contributions - Certain officers and directors of the Company,
     or entities controlled by them, paid expenses on behalf of the Company
     in the amount of $3,699 during 1998.  These have been accounted for as
     contributions to capital.

     Management Compensation - During the years ended December 31, 2005, and
     2004, the Company did not pay any compensation to its officers and
     directors.

     Office Space - The Company has not had a need to rent office space.  An
     officer/shareholder of the Company is allowing the Company to use his
     home as a mailing address, as needed, at no expense to the Company.

NOTE 5 - GOING CONCERN

     The accompanying financial statements have been prepared in conformity
     with generally accepted accounting principles in the United States of
     America, which contemplate continuation of the Company as a going
     concern.  However, the Company has no on-going operations and has
     current liabilities in excess of current assets.  These factors raise
     substantial doubt about the ability of the Company to continue as a
     going concern.  In this regard, management is proposing to raise any
     necessary additional funds not provided by operations through loans or
     through sales of its common stock or through a possible business
     combination with another company.  There is no assurance that the
     Company will be successful in raising this additional capital or in
     establishing profitable operations.  The financial statements do not
     include any adjustments that might result from the outcome of these
     uncertainties.

NOTE 6 - LOSS PER SHARE

     The following data shows the amounts used in computing loss per share:



                                                  For the
                                                Year Ended
                                               December 31,
                                             _____________________
                                              2005     2004
                                             ______________________

     Loss available to common shareholders
     (numerator)                             $(12,507)   $ (1,118)
                                              ___________________

     Weighted average number of common
     shares outstanding used in loss per share
     during the period (denominator)          661,906     661,906
                                            ______________________


  Dilutive loss per share was not presented, as the Company had no common
  equivalent shares for all periods presented that would effect the
  computation of diluted loss per share.

                               F-9
<PAGE>
Item 8.  Changes In and Disagreements With Accountants on Accounting
and Financial Disclosure.
-------------------------

Pritchett Siler & Hardy, Certified Public Accountants, of Salt Lake City,
Utah ("Pritchett Siler & Hardy"), audited our financial statements for the
previous two calendar years ended December 31, 2004 and 2003.  These financial
statements accompanied our 10-SB Registration Statement, as amended, which was
previously filed with the Securities and Exchange Commission and which is
incorporated herein by reference.  See Part III, Item 13.

Our Board of Directors dismissed Pritchett Siler & Hardy on March 8, 2006.

There were no disagreements between us and Pritchett Siler & Hardy, during our
two most recent calendar years, or the interim period to March 8, 2006,
whether resolved or not resolved, on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or procedure
which, if not resolved, would have caused Pritchett Siler & Hardy  to make
reference to the subject matter of the disagreement in connection with its
reports.

The reports of Pritchett Siler & Hardy did not contain any adverse opinion or
disclaimer of opinion, and, were not qualified or modified as to uncertainty,
audit scope or accounting principles, with the exception of a qualification
about the Company's ability to continue as a "going concern," by reason of the
Company's lack of current operations and the fact that its liabilities
substantially exceed its assets.

On March 8, 2006, our Board of Directors unanimously resolved to engage Child,
Van Wagoner & Bradshaw, PLLC, Certified Public Accountants, of Salt Lake City,
Utah ("Child, Van Wagoner & Bradshaw"), to serve as our new independent
auditors.

During our two most recent calendar years and since then, we have not
consulted Child, Van Wagoner & Bradshaw regarding the application of
accounting principles to a specified transaction, either completed or
proposes; or the type of audit opinion that might be rendered on our financial
statements or any other financial presentation whatsoever.

See our 8-K and our 8-KA-1 Current Reports that were filed with the Securities
and Exchange Commission regarding this change of auditors and which are
incorporated herein by reference.  See Part III, Item 13.

Item 8(a).  Controls and Procedures.
------------------------------------

As of the end of the period covered by this Annual Report, we carried out an
evaluation, under the supervision and with the participation of our President
and Secretary/Treasurer, of the effectiveness of the design and operation of
our disclosure controls and procedures.  Based on this evaluation, our
President and Chief Financial Officer concluded that our disclosure controls
and procedures are effectively designed to ensure that information required to
be disclosed or filed by us is recorded, processed or summarized, within the
time periods specified in the rules and regulations of the Securities and
Exchange Commission.  It should be noted that the design of any system of
controls is based in part upon certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions, regardless
of how remote.  In addition, we reviewed our internal controls, and there have
been no significant changes in our internal controls or in other factors that
could significantly affect those controls subsequent to the date of their last
evaluation.

Item 8(b).  Other Information.
------------------------------

See Item 8(a), above.

                             PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
Compliance with Section 16(a) of the Exchange Act.
--------------------------------------------------

            Identification of Directors and Executive Officers

The following table sets forth the names of all current directors and
executive officers of our Company.  These persons will serve until the next
annual meeting of the stockholders or until their successors are elected or
appointed and qualified, or their prior resignation or termination.

Name                  Held       Designation   or Resignation
----                  ----       -----------   --------------

David C. Merrell      President,      6/97           *
                      Director        6/97           *

Todd D. Ross          Secretary,      6/97           *
                      Treasurer,      6/97           *
                      Director        6/97           *

          * These persons presently serve in the capacities indicated.

                            Business Experience

David C. Merrell, Director and President. Mr. Merrell is 46 years of age,
since 1989, he has been the owner of DCM Finance, a Salt Lake City based
finance company which makes and brokers real estate loans.  Mr. Merrell
received his Bachelor of Science degree in Economics from the University of
Utah in 1981.

Todd D. Ross.  Mr. Ross is 39 years of age, and since 1995, he has been a
partner in DCM Finance, a Salt Lake City Based finance company.  He also
reviews and submits venture capital proposals for funding.  Since 1991, Mr.
Ross has also been the Lighting Director for the Utah Shakespearean Festival.

Term of Office.
---------------

The term of office of the current directors continues until the annual meeting
of stockholders, which has been scheduled by the Board of Directors to
be held in November of each year.  The annual meeting of the Board of
Directors immediately follows the annual meeting of stockholders, at which
officers for the coming year are elected.

                           Family Relationships

None.

                 Involvement in Certain Legal Proceedings

During the past five years, no present or former director, executive officer
or person nominated to become a director or an executive officer of our
Company:

(1) was a general partner or executive officer of any business against which
any bankruptcy petition was filed, either at the time of the bankruptcy or two
years prior to that time;

(2) was convicted in a criminal proceeding or named subject to a pending
criminal proceeding (excluding traffic violations and other minor offenses);

(3) was subject to any order, judgment or decree, not subsequently reversed,
suspended or vacated, of any court of competent jurisdiction, permanently or
temporarily enjoining, barring, suspending or otherwise limiting his
involvement in any type of business, securities or banking activities; or

(4) was found by a court of competent jurisdiction (in a civil action), the
Securities and Exchange Commission or the Commodity Futures Trading Commission
to have violated a federal or state securities or commodities law, and the
judgment has not been reversed, suspended or vacated.

Compliance with Section 16(a) of the Exchange Act.
--------------------------------------------------

To our knowledge, during our past fiscal year and since then, all filings
required to be made by members of management or others pursuant to Section
16(a) of the Exchange Act have been duly filed with the Securities and
Exchange Commission.

Audit Committee.
----------------

We have no audit committee, and we are not required to have an audit
committee; we do not believe the lack of an audit committee will have any
adverse effect on our financial statements, based upon our current lack of any
business operations.  We will assess whether an audit committee may be
necessary in the future.  Following the entry into any business or the
completion of any acquisition, merger or reorganization, a further review of
this issue will no doubt be necessitated and undertaken by new management.

Compensation Committee.
-----------------------

We have not established a Compensation Committee because, due to our lack of
operations and the fact that we only have two directors and executive
officers, we believe that we are able to effectively manage the issues
normally considered by a Compensation Committee.  Following the entry into any
business or the completion of any acquisition, merger or reorganization, a
further review of this issue will no doubt be necessitated and undertaken by
new management.

Nominating and Corporate Governance Committee.
----------------------------------------------

We have not established a Nominating and Corporate Governance Committee
because, due to our lack of operations and the fact that we only have two
directors and executive officers, we believe that we are able to effectively
manage the issues normally considered by a Nominating and Corporate Governance
Committee.  Following the entry into any business or the completion of any
acquisition, merger or reorganization, a further review of this issue will no
doubt be necessitated and undertaken by new management.

Code of Ethics.
---------------

We have adopted a Code of Ethics and it is attached as Exhibit 14 to this
10-KSB Annual Report.  See Part III, Item 13.

Item 10. Executive Compensation.
--------------------------------

Cash Compensation.
------------------

     The following table sets forth the aggregate compensation paid by the
Company for services rendered during the periods indicated:

                        SUMMARY COMPENSATION TABLE

                                       Long Term Compensation
                 Annual Compensation     Awards          Payouts

(a)         (b)      (c)     (d)     (e)       (f)    (g)       (h)    (i)
                                                      Secur-
                                     Other            ities            All
Name and   Year or                   Annual   Rest-   Under-    LTIP   Other
Principal  Period   Salary  Bonus    Compen-  ricted  lying     Pay-   Comp-
Position   Ended     ($)    ($)      sat'n    Stock   Options   outs   ensat'n
------------------------------------------------------------------------------
David C.  12/31/05     0     0        0         0      0         0       0
Merrell   12/31/04     0     0        0         0      0         0       0
President,12/31/03     0     0        0         0      0         0       0
director

Todd D.   12/31/05     0     0        0         0      0         0       0
Ross      12/31/04     0     0        0         0      0         0       0
Secretary,12/31/03     0     0        0         0      0         0       0
Treasurer
Director


                       Stock Option and Similar Plans

No cash compensation, deferred compensation or long-term incentive plan awards
were issued or granted to our Company's management during the calendar years
ended December 31, 2005 or 2004.  Further, no member of our Company's
management has been granted any option or stock appreciation rights;
accordingly, no tables relating to such items have been included within this
Item.

                         Compensation of Directors

There are no standard arrangements pursuant to which our Company's directors
are compensated for any services provided as director.  No additional amounts
are payable to our Company's directors for committee participation or special
assignments.

   Employment Contracts and Termination of Employment and Change-in-Control
                               Arrangements

There are no employment contracts, compensatory plans or arrangements,
including payments to be received from our Company, with respect to any
director or executive officer of our Company which would in any way result in
payments to any such person because of his or her resignation, retirement or
other termination of employment with our Company, any change in control of the
Company, or a change in the person's responsibilities following a change in
control of our Company.

Item 11. Security Ownership of Certain Beneficial Owners and Management.
------------------------------------------------------------------------

              Security Ownership of Certain Beneficial Owners

The following table sets forth the share holdings of those persons who own
more than five percent of our Company's Common Stock as of March 16, 2006, to
wit:

                                              Number of Shares     Percentage
Name and Address                              Beneficially Owned    of Class
----------------                              ------------------    --------

Common Stock
------------
Chiricahua Investments*                              600,000          90.6%
9005 Cobble Canyon Lane
Sandy, Utah 84093
                                                  ----------         -------
TOTALS:                                              600,000          90.6%

          *  Chiricahua Investments is controlled by David C. Merrell,
             our Company's President.

                     Security Ownership of Management

The following table sets forth the share holdings of our Company's directors
and executive officers as of March 16, 2006, to wit:



Name and Address                              No. of Shares      Percentage
                                           Beneficially Owned      of Class
----------------                           ------------------      --------

Common Stock
------------
Chiricahua Investments*                              600,000          90.6%
9005 Cobble Canyon Lane
Sandy, Utah 84093

Todd D. Ross                                           1,000          **
38 South 1650 West
Cedar City, Utah 84720
                                                  ----------         -------
TOTALS:                                              601,000          90.8%

          *  Chiricahua Investments is controlled by David C. Merrell, our
         Company's President.

          ** Less than 1%.

                            Changes in Control

There are no present arrangements or pledges of our Company's securities which
may result in a change in control of our Company.

Item 12. Certain Relationships and Related Transactions.
--------------------------------------------------------

Transactions with Management and Others.
----------------------------------------

There were no material transactions, or series of similar transactions, during
our Company's last two calendar years, or any currently proposed transactions,
or series of similar transactions, to which we or any of our subsidiaries was
or is to be a party, in which the amount involved exceeded $60,000 and in
which any director, executive officer or any security holder who is known to
our Company to own of record or beneficially more than five percent of any
class of our Common Stock, or any member of the immediate family of any of the
foregoing persons, had an interest.

Certain Business Relationships.
-------------------------------

There were no material transactions, or series of similar transactions, during
our Company's last three fiscal years, or any currently proposed transactions,
or series of similar transactions, to which we or any of our subsidiaries was
or is to be a party, in which the amount involved exceeded $60,000 and in
which any director, executive officer or any security holder who is known to
us to own of record or beneficially more than five percent of any class of our
common stock, or any member of the immediate family of any of the foregoing
persons, had an interest.

Indebtedness of Management.
---------------------------

There were no material transactions, or series of similar transactions, during
our Company's last three fiscal years, or any currently proposed transactions,
or series of similar transactions, to which we or any of our subsidiaries was
or is to be a party, in which the amount involved exceeded $60,000 and in
which any director, executive officer or any security holder who is known to
us to own of record or beneficially more than five percent of any class of our
common stock, or any member of the immediate family of any of the foregoing
persons, had an interest.

Transactions with Promoters.
----------------------------

There were no material transactions, or series of similar transactions, during
our Company's last three fiscal years, or any currently proposed transactions,
or series of similar transactions, to which we or any of our subsidiaries was
or is to be a party, in which the amount involved exceeded $60,000 and in
which any promoter or founder of ours or any member of the immediate family of
any of the foregoing persons, had an interest.

Item 13. Exhibits and Reports on Form 8-K.
------------------------------------------

Reports on Form 8-K.
--------------------

     8-K Current Report dated February 8, 2006, as amended, and filed with the
Securities and Exchange Commission on March 9, 2006, and March 13, 2006,
regarding our change in auditors.

Exhibits
Number
------
          (i)
3.1             Articles of Incorporation dated April 22, 1981*

3.2             Articles of Amendment dated February 2, 1988*

3.3             By-Laws*

3.4             By-Laws amendment*

14              Code of Ethics

31.1            Certification of David C. Merrell.

31.2            Certification of Todd Ross.

32              906 Certification.

99              Registration Agreement.*
          (ii)

               *Previously filed and incorporated herein by reference to our
10-SB Registration Statement.

Item 14.  Principal Accountant Fees and Services.
          ---------------------------------------

The following is a summary of the fees billed to us by our principal
accountants during the calendar years ended December 31, 2005 and 2004:

     Fee category               2005           2004
     ------------               ----           ----

     Audit fees                 $6,887         $    0

     Audit-related fees         $    0         $    0

     Tax fees                   $  830         $    0

     All other fees             $    0         $    0
                                ------         ------
     Total fees                 $7,717         $    0

     Audit fees.  Consists of fees for professional services rendered by our
principal accountants for the audit of our annual financial statements and the
review of financial statements included in our Forms 10-QSB Quarterly Reports
or services that are normally provided by our principal accountants in
connection with statutory and regulatory filings or engagements.

     Audit-related fees.  Consists of fees for assurance and related services
by our principal accountants that are reasonably related to the performance of
the audit or review of Souvall-Page's financial statements and are not
reported under "Audit fees."

     Tax fees.  Consists of fees for professional services rendered by our
principal accountants for tax compliance, tax advice and tax planning.

     All other fees.  Consists of fees for products and services provided by
our principal accountants, other than the services reported under "Audit
fees," "Audit-related fees" and "Tax fees" above.

                              SIGNATURES

     In accordance with Section 13 or 15(d) of the Exchange Act, the
Registrant caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
                                            SOUVALL-PAGE AND COMPANY, INC.


Date: 03/30/2006                             By:/s/David C. Merrell
     -----------                               -----------------------
                                               David C. Merrell
                                               President and Director

Date: 03/30/2006                             By:/s/Todd D. Ross
     -----------                               -----------------------
                                               Todd D. Ross
                                               Secretary, Treasurer and
                                               Director

     In accordance with the Exchange Act, this Annual Report has been signed
below by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated:

                                            SOUVALL-PAGE AND COMPANY, INC.


Date: 03/30/2006                             By:/s/David C. Merrell
     -----------                               -----------------------
                                               David C. Merrell
                                               President and Director

Date: 03/30/2006                             By:/s/Todd D. Ross
     -----------                               -----------------------
                                               Todd D. Ross
                                               Secretary, Treasurer and
                                               Director

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