| **UNITED STATES**SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549**Form 10-Q
**[X]****Quarterly report pursuant to Section 13    or 15(d) of the Securities Exchange Act of 1934****For the quarterly period ended March 31,    2004****or**[   ]****Transition report pursuant to Section 13    or 15(d) of the Securities Exchange Act of 1934****For the transition period from__________    to__________**
Commission File Number 333-111435**JED OIL INC.***(Exact name of registrant as specified in its charter)***Calgary, Canada(*State or other jurisdiction    of incorporation or organization)***             **n/a*(I.R.S. Employer    Identification No.)*
  **Suite 2600,    500 - 4th Avenue S.W.    Calgary, Alberta, Canada *(Address of principal executive offices)***T2P 2V6*(Zip Code)***(403) 537-3250(403) 294-1197 (fax) *(Registrant's telephone number, including area code)***NOT APPLICABLE*(Former name, former address and former fiscal year, if changedsince last report)*
            Indicateby check mark whether registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.
     Yes**   X  **
No 
            Indicateby check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 ofthe Exchange Act).
     Yes**   **
No **X**
            As of April 30,2004, 9,500,000 shares of common stock were outstanding.
**TABLE OF CONTENTS****PART I.****FINANCIAL INFORMATION****PAGE    Item 1.Financial Statements:    Balance Sheet: March 31, 2004 and December 31, 2003 **2Statement of Operations: For the three    month period ended March 31, 2004 and the period from inception on September 3, 2003 to    March 31, 2004**3Statement of Cash Flows: For the three    month period ended March 31, 2004 and the period from inception on September 3, 2003 to    March 31, 2004**4Statement of Changes in Stockholders’    Equity: For the three month period ended March 31, 2004**5Statement of Comprehensive Income: For the    three month period ended March 31, 2004**6    Notes to Financial Statements **7    Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations  **13Item 3.Quantitative and Qualitative Disclosure    About Market Risk**19****Item 4.Controls and Procedures**19**PART II. ****OTHER INFORMATION**Item 1.    Legal Proceedings**20    Item 2.     Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities**20Item 3.    Defaults Upon Senior Securities**20Item 4.    Submission of Matters to a Vote of Security Holders**20Item 5.    Other Information**21Item 6.    Exhibits and Reports on Form 8-K**21**- 1 -

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

JED Oil Inc.A Development Stage Enterprise**BALANCE SHEET(In United States Dollars)(unaudited)As at     **March 31,    2004**December 31,    2003   
$
$**ASSETS****Current**Cash **6,783,459**16,088,631Accounts receivable**374,597**40,805Prepaid expenses **270,442**170,351Funds advanced to joint venture partner *[note    4]***12,964,234**-Loan receivable**-**4,627,844Deferred    financing costs**-**1,393   **20,392,732**20,929,024         **Property, plant and equipment****546,060**-   **20,938,792**20,929,024**  **      **LIABILITIES AND STOCKHOLDERS’    EQUITY****Current**
Accounts payable and accrued liabilities
**333,342**30,300
Due to related party *[note 6]*
**14,035**33,876     **347,377**64,176       **Stockholders’ equity**Share capital *[notes 5 and 7]*
Common stock – no par value; unlimited authorized; nil shares      issued and outstanding at March 31, 2004 and December 31, 2003

Series A convertible preferred stock - $2.75 stated value; 8,000,000      shares authorized; 7,600,000 shares issued and outstanding at March 31, 2004 and December      31, 2003
**20,872,749**20,876,469Contributed surplus**36,847**-Deficit accumulated during the development    stage**(430,495)**(359,604)Accumulated other comprehensive income**112,314**347,983      **20,591,415**20,864,848   **20,938,792**20,929,024
The accompanying notes are an integral part of these financial statements.

- 2 -
**JED Oil Inc.A Development Stage Enterprise**STATEMENT OF OPERATIONS (In United States Dollars)(unaudited)     **For the three month period ended March 31,    2004**For the period from inception on September 3, 2003 to     March 31,    2004      
$
$**Revenue**
Interest
**125,780**175,265     **125,780**175,265    **Expenses**
General and administrative *[note 6]*
**205,638**304,974
Stock-based compensation *[note 3]*
**36,847**36,847
Foreign exchange (gain) loss
**(45,814)**263,939      **196,671**605,760**Net loss for the period****(70,891)**(430,495)**Deficit, beginning of period****(359,604)**-**Deficit,    end of period****(430,495)**(430,495)Net    loss for the period per share, basic and diluted *[note 8]***-****-***The accompanying notes are an integral part of these financial statements.*
**- 3 -**

**JED Oil Inc.**A Development Stage Enterprise
**STATEMENT OF CASH FLOWS(In United States Dollars)(unaudited)  **For the three month period ended March 31,    2004**For the period from inception on September 3, 2003 to     March 31,    2004  
$
$**OPERATIONS**Net loss for the period**(70,891)**(430,495)Adjustments to reconcile net loss to cash    flows from operating activities:
Foreign exchange (gain) loss
**(45,814)**263,939
Stock-based compensation
**36,847**36,847Other changes:
Increase in accounts receivable
**(333,792)**(374,597)
Increase in prepaid expenses
**(100,091)**(270,442)
Increase in accounts payable and accrued liabilities
**303,042**30,300
(Decrease) increase in due to related party
**(19,841)**33,876
Increase in funds advanced to joint venture partner
**(12,832,125)**(12,832,125)**Cash used in operations****(13,062,665)**(13,542,697)      **FINANCING**Issue of preferred shares, net of related    costs**(3,720)**20,872,749Decrease in deferred financing costs**1,393**-**Cash provided by financing activities****(2,327)**20,872,749      **INVESTING**Decrease (increase) in loan receivable**4,527,277**(55,674)Purchase of property, plant and equipment**(538,828)**(538,828)**Cash used for investing activities****3,988,449**(594,502)      Effect of    foreign exchange on cash balances**(228,629)**47,909**Net (decrease) increase in cash****(9,305,172)**6,783,459**Cash, beginning of period****16,088,631**-**Cash, end    of period****6,783,459**6,783,459Cash interest received**41,931**56,160
The accompanying notes are an integral part of these financial statements.

- 4 -
**JED Oil Inc.A Development Stage Enterprise
**STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY(In United States Dollars)(unaudited)
For the three month period ended March 31, 2004
  **Shares**Amount    
**$****Series A convertible preferred stock, $2.75    stated value:**Balance at beginning of period7,600,00020,876,469Share issue costs(3,720)Balance at end of period7,600,00020,872,749      **Contributed surplus**Balance at beginning of period-Stock-based compensation   36,847Balance at end of period   36,847      **Deficit**Balance at beginning of period(359,604)Net loss for the period  (70,891)Balance at end of period  (430,495)      **Accumulated other comprehensive income:**Balance at beginning of period347,983Foreign exchange translation adjustment  (235,669)Balance at end of period  112,314**Total    stockholders’ equity**7,600,00020,591,415*The accompanying notes are an integral part of these financial statements.

**- 5 -**
**JED Oil Inc.A Development Stage Enterprise
** 

STATEMENT OF COMPREHENSIVE INCOME(In United States Dollars)(unaudited)
For the three month period ended March 31, 2004
  **$    **Net loss for the period**(70,891)**Other comprehensive income:**Foreign exchange translation adjustment(235,669)Comprehensive    income (loss) for the period(306,560)Comprehensive    income (loss) for the period per share, basic and diluted *[note 8]*-*The accompanying notes are an integral part of these financial statements.*
- 6 -
**JED Oil Inc.A Development Stage Enterprise
**NOTES TO FINANCIAL STATEMENTS(In United States Dollars)(unaudited)March 31, 2004**1. BASIS OF PRESENTATION**
These interim financial statements are unaudited and have been preparedby the Company pursuant to the rules and regulations of the Securities and ExchangeCommission, and reflect all adjustments which, in the opinion of management, are necessaryfor a fair statement of the results for the interim period, on a basis that is consistentwith the annual audited financial statements. All such adjustments are of a normalrecurring nature. Certain information, accounting policies, and footnote disclosuresnormally included in financial statements prepared in accordance with accountingprinciples generally accepted in the United States have been omitted pursuant to suchrules and regulations, although the Company believes that the disclosures are adequate tomake the information presented not misleading. These financial statements should be readin conjunction with the audited financial statements and the summary of significantaccounting policies and notes thereto included in the Company’s RegistrationStatement dated April 5, 2004. The Corporation is in the development stage and its effortsare currently focused on the development of a petroleum and natural gas property under ajoint venture agreement signed in January 2004 (see note 4). The Company expects toreceive revenue from these development activities in the second quarter of 2004.

Comparative financial statements have not been provided as the Companycame into inception on September 3, 2003.
**2. SIGNIFICANT ACCOUNTING POLICIES**
These financial statements have been prepared by management inaccordance with accounting principles generally accepted in the United States. 

The preparation of financial statements in conformity with accountingprinciples generally accepted in the United States requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilities and disclosureof contingent assets and liabilities at the date of the financial statements and thereported amounts of revenues and expenses during the period. Actual results could differfrom those estimates.
**(a) Foreign currency translation**
As the majority of the Company’s operating activities are inCanada, the Company uses the Canadian dollar as its functional currency. TheCompany’s operations are translated for financial statement reporting purposes intoUnited States dollars in accordance with Statement of Financial Accounting Standards No.52, *Foreign**Currency Translation*, using the current rate method. Under thismethod, all assets and liabilities are translated at the period-end rate of exchange andall revenue and expense items are translated at the average rate of exchange for theperiod. Exchange differences arising on translation are classified as other comprehensiveincome in a separate component of stockholders’ equity.

Monetary assets and liabilities denominated in a currency other thanthe Company’s functional currency are translated at the exchange rates in effect atthe balance sheet date. Non-monetary assets and liabilities denominated in a currencyother than the Company’s functional currency are translated at historical exchangerates. Revenues and expenses are translated at average rates for the period. Exchangegains or losses are reflected in the Statement of Operations for the period. 

- 7 -
**JED Oil Inc.A Development Stage Enterprise
**NOTES TO FINANCIAL STATEMENTS(In United States Dollars)(unaudited)March 31, 2004**(b) Comprehensive income**
Comprehensive income includes net income (loss) and other comprehensiveincome (loss), which includes, but is not limited to, foreign currency translationadjustments. 
**(c) Revenue recognition**
Oil and gas revenues are recognized when production is sold to apurchaser at a fixed or determinable price, when delivery has occurred and title hastransferred, and if the collectibility of the revenue is probable.
**(d) Joint venture operations**
The majority of the Company’s petroleum and natural gasdevelopment activities are conducted jointly with others. These financial statementsreflect only the Company’s proportionate interest in such activities.
**(e) Property, plant and equipment**
The Company uses the full-cost method of accounting for petroleum andnatural gas properties. Under this method, the Company capitalizes all costs relating tothe exploration for and the development of oil and natural gas reserves including landacquisition costs, geological and geophysical expenditures, lease rentals on undevelopedproperties and costs of drilling of productive and non-productive wells. Proceeds from thedisposal of properties are applied as a reduction of costs without the recognition of again or loss except where such disposals would result in a major change in the depletionrate.

Capitalized costs are depleted and depreciated using theunit-of-production method based on the estimated proven oil and natural gas reservesbefore royalties as determined by independent engineers. Units of natural gas areconverted into barrels of equivalents on a relative energy content basis. Costs related tounproven properties are excluded from the costs subject to depletion until it isdetermined whether or not proved reserves exist or if impairment has occurred.

In performing its quarterly ceiling test, the Company limits, on acountry-by-country basis, the capitalized costs of proved oil and gas properties, net ofaccumulated DD&A and deferred income taxes, to the estimated future net cash flowsfrom proved oil and gas reserves based on period-end prices, discounted at 10 percent, netof related tax effects, plus the lower of cost or fair value of unproved propertiesincluded in the costs being amortized. If capitalized costs exceed this limit, the excessis charged to additional DD&A expense. 

Given the volatility of oil and gas prices, it is reasonably possiblethat the Company's estimate of discounted future net cash flows from proved oil and gasreserves could change in the near term. If oil and gas prices decline significantly, evenif only for a short period of time, it is possible that write-downs of petroleum andnatural gas properties could occur.

Unproved properties are assessed quarterly for possible impairments orreductions in value. If a reduction in value has occurred, the impairment is transferredto proved properties. Unproved properties that are individually insignificant aregenerally amortized over an average holding period. 

Other property and equipment are recorded at cost. Depreciation isprovided using the straight-line method based over the estimated useful lives at rates of10 percent to 35 percent per annum. 

 

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**JED Oil Inc.A Development Stage Enterprise
**NOTES TO FINANCIAL STATEMENTS(In United States Dollars)(unaudited)March 31, 2004
For the three months ended March 31, 2004, no depletion or depreciationwas booked to the financial statements.
**(f) Stock compensation**
The Company has a stock-based compensation plan which reserve shares ofcommon stock for issuance to key employees and directors. The Company accounts for grantsissued under this plan using the fair value recognition provisions of Statement ofFinancial Accounting Standards No. 123, *Accounting for Stock-Based Compensation*("SFAS 123"). Under these provisions, the cost of options granted to employeesis charged to earnings/loss with a corresponding increase in contributed surplus, based onan estimate of the fair value determined using the Black-Scholes option pricing model. 
**(g) Asset retirement obligation**
The Company follows SFAS No 143. "Accounting for Asset RetirementObligations", which requires that an asset retirement obligation (ARO) associatedwith the retirement of a tangible long-lived asset be recognized as a liability in theperiod in which it is incurred and becomes determinable, with an offsetting increase inthe carrying amount of the associated asset. The cost of the tangible asset, including theinitially recognized ARO, is depleted such that the cost of the ARO is recognized over theuseful life of the asset. The ARO is recorded at fair value, and accretion expense isrecognized over time as the discounted liability is accreted to its expected settlementvalue. The fair value of the ARO is measured using expected future cash outflowsdiscounted at the Company’s credit-adjusted risk-free interest rate. TheCompany’s asset retirement obligations primarily relate to the plugging andabandonment of petroleum and natural gas properties. 

Inherent in the fair value calculation of ARO are numerous assumptionsand judgments including the ultimate settlement amounts, inflation factors, creditadjusted discount rates, timing of settlement, and changes in the legal, regulatory,environmental and political environments. To the extent future revisions to theseassumptions impact the fair value of the existing ARO liability, a correspondingadjustment is made to the petroleum and natural gas properties balance. 
**(h) Measurement uncertainty**
The amount recorded for depletion and amortization of oil and gasproperties, the provision for asset retirement obligations and the ceiling testcalculation are based on estimates of gross proven reserves, production rates, commodityprices, future costs and other relevant assumptions. By their nature, these estimates aresubject to measurement uncertainty and the effect on the financial statements of changesin such estimates in future years could be significant.
**3. STOCK-BASED COMPENSATION**
The fair value of common share options granted during the three monthended March 31, 2004 is estimated to be $542,259 as at the date of grant using theBlack-Scholes option pricing model and the following weighted average assumptions:

- 9 -
**JED Oil Inc.A Development Stage Enterprise
**NOTES TO FINANCIAL STATEMENTS(In United States Dollars)(unaudited)March 31, 2004
Three Months Ended March 31, 2004
Risk-free interest    rate (%) 5.0Expected life (years)5.0Expected volatility (%)1Expected dividend    yield (%)Nil
Prior to April 6, 2004, the Company was private. Accordingly theexpected volatility of the Company’s stock for options granted during the threemonths ended March 31, 2004 has been set at a nominal amount of 1%.

The estimated fair value of the options is amortized to expense overthe options' vesting period on a straight-line basis. For the three months ended March 31,2004, stock based compensation expense of $36,847 was included in the Statement ofOperations.

There were no stock options granted prior to January 1, 2004. 
**4.  ADVANCES TO JOINT VENTURE PARTNER**
Pursuant to a farm-in/joint venture agreement signed in January 2004with Enterra Energy Corp., the Company advanced Enterra Cdn $17,000,000 (US$12,964,234) ascapital to jointly develop and evaluate potential prospects. The terms of the advance arethat it is unsecured and calls for interest calculated at Alberta Treasury Branches primelending rate plus 1/4%. The effective rate for the three months ended March 31, 2004 was4.39%.
**5. SHARE CAPITAL

a)  Authorized

The Company has authorized an unlimited number of    common voting shares and an unlimited number of preferred shares, issuable in series. The    Company has authorized the first series of preferred shares as Series A Preferred Shares    which is comprised of 8,000,000 voting, convertible preferred shares which carry no    dividends and which may be converted into an equal number of common shares during the    ten-day period commencing on the date of the Company’s registration statement.
**b)  Issued and outstanding**   **Number of shares**$**Series A Convertible Preferred Shares**    Balance, beginning of period**-**-Issued for cash pursuant to a private        placement7,600,00020,900,000Share        issue costs-(23,531)**Share capital as at December 31, 2003**7,600,00020,876,469Share issue costs-(3,720)**Share        capital as at March 31, 2004**7,600,00020,872,749** **
- 10 -

**JED Oil Inc.**    A Development Stage Enterprise
**NOTES TO FINANCIAL STATEMENTS(In United States Dollars)    (unaudited)    March 31, 2004**c)  Stock options**     **Number of options**Weighted average exercise price $Balance, beginning of period**-**-Granted--**Stock    options outstanding as at December 31, 2003**--Granted652,5005.50**Stock    options outstanding at March 31, 2004**652,5005.50**Exercisable,    end of period****-**-
The 652,500 stock options granted in the three months ended March 31,2004 vest over a three-year period and expire at various dates in 2009.
**6. RELATED PARTY TRANSACTIONS**
Due to related party at March 31, 2004 comprises $14,035 (December 31,2003 - $33,876) due to a company owned by an individual that has agreed to join theCompany’s management team on May 1, 2004.

During the period ended March 31, 2004, the Company paid $111,381 tocompanies controlled by officers and directors of the Company for consulting services.These services were provided at standard industry rates for similar services.
**7. SUBSEQUENT EVENTS

a)  Initial Public Offering**
On April 5, 2004, the Company’s initial public offeringregistration statement for 1,675,000 shares of common stock and an underwriter’sover-allotment option of 225,000 shares of common stock, at a price of $5.50 per share,was declared effective. Upon the closing of the initial public offering on April 12, 2004,the Company issued 1,900,000 shares of common stock at a price of $5.50 for gross proceedsof $10,450,000. As part of the registration statement and as outlined in the Series AConvertible Preferred Shares articles, holders of 7,600,000 Series A Convertible PreferredShares elected to convert their shares into 7,600,000 shares of common stock during the10-day period following the effective date of the registration statement. The Companycurrently has 9,500,000 shares of common stock and Nil Series A Convertible PreferredShares outstanding.

On April 12, 2004, the Company issued 167,500 warrants to the underwriters ofthe Company’s initial public offering, for nominal consideration. These warrants areexercisable into an equal number of common shares for a four year period commencing onApril 12, 2005 at an exercise price of US$6.60 per share. The warrants are restricted fromsale, transfer or assignment of hypothecation until April 12, 2005.****
 

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**JED Oil Inc.**A Development Stage Enterprise
**NOTES TO FINANCIAL STATEMENTS(In United States Dollars)(unaudited)March 31, 2004**b)  Stock Exchange Listing**
On April 6, 2004, the common shares of the Company commenced trading onthe American Stock Exchange under the symbol "JDO". 
**8. LOSS PER SHARE**
The Company accounts for loss per share ("EPS") in accordancewith SFAS No. 128, "Earnings per Share." Under SFAS No. 128, basic EPS iscomputed by dividing net loss attributable to common shareholders by the weighted averagecommon shares outstanding without including any potentially dilutive securities. DilutedEPS is computed by dividing net loss by the weighted average common shares outstandingplus, when their effect is dilutive, common stock equivalents. For purposes of thesefinancial statements, basic and diluted loss per share has been calculated based on theassumption that all the outstanding Series A Convertible Preferred Shares are converted tocommon shares. However, as none of the terms of the lock-up agreements described in note 5have been met at March 31, 2004, all of the Series A convertible preferred shares havebeen excluded from the calculation of loss per share. The net loss per share computationto reconcile basic and diluted net loss for the period ended March 31, 2004 is as follows:
  **2004  
$Net loss attributable to preferred shares(70,891)Basic    weighted average shares outstanding-    **Net loss per share**-Basic    and diluted-
In connection with the completion of the Initial Public Offering asdescribed in note 7 above, all of the 7,600,000 Series A Convertible Preferred Shares wereconverted to common shares in April, 2004, and 6,662,418 of these shares are no longersubject to lock-up agreements. As a result, these latter shares will no longer be excludedfrom the calculation of loss per share in future reporting periods so long as they remainoutstanding. 

- 12 -**Item 2.  Management'sDiscussion and Analysis of Financial Condition and Results of Operations.
      This quarterlyreport includes forward-looking statements. All statements other than statements ofhistorical facts contained in this prospectus, including statements regarding our futurefinancial position, business strategy and plans and objectives of management for futureoperations, are forward-looking statements. The words "believe,""may," "will," "estimate," "continue,""anticipate," "intend," "should," "plan,""expect" and similar expressions, as they relate to us, are intended to identifyforward-looking statements. We have based these forward-looking statements largely on ourcurrent expectations and projections about future events and financial trends that webelieve may affect our financial condition, results of operations, business strategy andfinancial needs. These forward-looking statements are subject to a number of risks,uncertainties and assumptions described in "Risk Factors" and elsewhere in thisreport. 
        Other sections of thisreport may include additional factors which could adversely affect our business andfinancial performance. Moreover, we operate in a very competitive and rapidly changingenvironment. New risk factors emerge from time to time and it is not possible for ourmanagement to predict all risk factors, nor can we assess the impact of all factors on ourbusiness or the extent to which any factor, or combination of factors, may cause actualresults to differ materially from those contained in any forward-looking statements. 

        We undertake noobligation to update publicly or revise any forward-looking statements. You should notrely upon forward-looking statements as predictions of future events or performance. Wecannot assure you that the events and circumstances reflected in the forward-lookingstatements will be achieved or occur. Although we believe that the expectations reflectedin the forward-looking statements are reasonable, we cannot guarantee future results,levels of activity, performance or achievements. 

        Youshould read the following discussion in conjunction with our financial statements and thenotes thereto and other financial information appearing elsewhere in this document. 
**Overview**
        JED Oil Inc. wasincorporated under the laws of the Province of Alberta, Canada on September 3, 2003.We are an oil and natural gas company that has recently commenced operations and plans todevelop and operate oil and natural gas properties primarily in western Canada. Sinceinception our activities have centered on acquisition of equity capital, identification ofkey employees and evaluation of development prospects. 

        We do not anticipatedirect property acquisitions but rather intend to develop the oil and natural gasproperties of others under arrangements in which we will finance the cost of developmentdrilling in exchange for interests in the oil or natural gas revenue generated by theproperties, generally ranging from a 50% to a 75% net interest. Such arrangements arecommonly referred to as "farm-ins." 

        In January 2004,we entered into a Farm-in/Joint Venture Agreement with Enterra Energy Corp., a subsidiaryof Enterra Energy Trust, for development of several properties in East Central Alberta. Wewill not receive any revenue derived from existing production on the properties. 

        In April 2004, we closed ourinitial public offering of 1,675,000 shares of common stock and our underwritersover-allotment option of 225,000 shares of common stock, at a price of $5.50 per share,for gross proceeds of $10,450,000. 

        In addition, all holders of7,600,000 shares of Series A Convertible Preferred Stock elected to convert their sharesinto 7,600,000 shares of common stock during the 10 day period following the effectivedate of our registration statement on April 5, 2004. 

 

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        On April 6, 2004, our commonshares commenced trading on the American Stock Exchange under the symbol "JDO".

        As of April 30, 2004, wehave 9,500,000 shares of common stock outstanding.
**Financial Operations Overview 
*        Revenue.    Ourrevenue will principally be dependent upon our success in acquiring oil and natural gasreserves as a result of our developmental activities. Our ownership interest in theproduction from these properties will be measured in "barrels of oil equivalent"or "BOE" per day, a term that encompasses both oil and natural gas production. 

        Critical to our revenuestream from any production activities is the market price for crude oil and natural gasand to a lesser extent the exchange rate between the Canadian dollar and the U.S. dollar.Year end benchmark prices for these factors were as follows: 
     **December 31,**2003**2002**2001**West Texas Intermediate grade crude oil,    per barrel**  
32.14    
29.38    
19.40**NYMEX Natural Gas Index (per gigajoule)(1)**
4.86
4.14
2.32**U.S./Canadian    dollar exchange rate (*U.S.$***)    $
0.77  $
0.63  $
0.63
                                                                                (1)A gigajoule is equivalent to 947,817 BTU. 

        Ourrealized price for any oil and natural gas production will be dependent upon the actualquality of the production which could result in a premium or discount to the aboveindices. Oil and natural gas are commodities and, therefore, their prices are subject towide fluctuations in response to relatively minor changes in supply and demand.Historically, the markets for oil and natural gas have been volatile.If oil and natural gas prices decrease it could affect the overall valuation of theproperty reserves as well and we may be required to take write-downs of the carryingvalues of any interests we have in oil and natural gas properties. 
        Our financial resultsare expressed in U.S. dollars although our operating expenses, drilling expenses andadministrative overhead expenses are generally denominated in Canadian dollars.Accordingly, fluctuations in the exchange rate between the U.S. and Canadian dollars canadversely affect us. When the value of the U.S. dollar increases, our reported operatingcosts will decline and when the value of the U.S. dollar declines, our reported operatingcosts will increase. We do not believe these fluctuations will have a material impact onour liquidity, capital resources or results of operations. 

        We may use derivativefinancial instruments when deemed appropriate to hedge exposure to changes in the pricesof crude oil and natural gas and fluctuations in interest rates and foreign currencyexchange rates. There were no hedges in place at March 31, 2004. 
***        Royalty expense.    Royaltyexpense will be based on the percentage royalties calculated by applying the applicableroyalty rate or formula. In the case of Crown royalties (the federal or provincialgovernments in Canada) the sliding scale royalties are dependent on the selling price orthe oil or natural gas and generally average approximately 25% to 30% as a percentage ofoil and gas revenues. 
***        Production expense.    Productioncosts will include operating costs associated with field activities. A critical factor tomonitor will be our ability to control costs in relation to our production. 
***        General andadministrative expense.    General and administrative expenserelates generally to compensation and overhead for non-field personnel. We expect thatinitially these costs as a percentage of revenue will be higher than desired due to ouronly recently commencing operations, but that as production and revenue increase thesecosts should fall within industry ranges. 

- 14 -
***        Interest expense.    Bankswill generally lend based on certain minimum production levels per well with the actualamount dependent upon the quality of the production and the productive life of theunderlying oil and natural gas reserves. We intend to utilize commercial financing whenavailable to support development efforts. Interest rate risk exists principally withrespect to any future indebtedness that will likely bear interest at floating rates. 
***        Depletion, depreciationand future site restoration expense.    We will follow thefull cost method of accounting for oil and natural gas operations whereby we willcapitalize all costs relating to our acquisition of, exploration for and development of,oil and natural gas reserves. Our financial condition and results of operations will besensitive to, and may be adversely affected by, a number of subjective or complexjudgments relating to methods, assumptions or estimates required under the full costmethod of accounting concerning the effect of matters that are inherently uncertain. 

        We follow SFAS No 143."Accounting for Asset Retirement Obligations", which requires that an assetretirement obligation ("ARO") associated with the retirement of a tangiblelong-lived asset be recognized as a liability in the period in which it is incurred andbecomes determinable, with an offsetting increase in the carrying amount of the associatedasset. The cost of the tangible asset, including the initially recognized ARO, is depletedsuch that the cost of the ARO is recognized over the useful life of the asset. The ARO isrecorded at fair value, and accretion expense is recognized over time as the discountedliability is accreted to its expected settlement value. The fair value of the ARO ismeasured using expected future cash outflows discounted at our credit-adjusted risk-freeinterest rate. Our asset retirement obligations will primarily relate to the plugging andabandonment of oil and gas properties. 

***        Income taxexpense.***    Combined federal and Alberta provincial corporatetax rates are expected to decline from their current level of 42% to 35% by 2007. 
**Critical Accounting Policies**
        Our business is subjectto special accounting rules that are unique to the oil and gas industry. There are twoallowable methods of accounting for oil and gas business activities: thesuccessful-efforts method and the full-cost method. Under the successful-efforts method,costs such as geological and geophysical, exploratory dry holes and delay rentals areexpensed as incurred where under the full-cost method these types of charges arecapitalized. 

        We have elected to usethe full-cost method to account for our investment in oil and gas properties. Under thismethod, we capitalize all acquisition, exploration and development costs for the purposeof finding oil and gas reserves, including salaries, benefits and other internal costsdirectly attributable to these activities. Although some of these costs may ultimatelyresult in no additional reserves, we expect the benefits of successful wells to more thanoffset the costs of any unsuccessful ones. As a result, we believe that the full-costmethod of accounting better reflects the true economics of exploring and developing oiland gas reserves. Our future financial position and results of operations would besignificantly different if we used the successful-efforts method of accounting for our oiland gas investments. 

        Under the fullcost-method of accounting, our financial condition and results of operations will besensitive to, and may be adversely affected by, a number of subjective or complexjudgments relating to methods, assumptions or estimates concerning the effect of mattersthat are inherently uncertain. Capitalized costs under the full-cost method are generallydepleted and depreciated using the unit-of-production method, based on estimated provedoil and natural gas reserves as determined by independent engineers. In addition, thecapitalized costs are tested at each balance sheet date for impairment. Under thefull-cost method, the net book value of the development, or full-cost pool, is compared tothe future net cash flows discounted at 10% using commodity prices in effect at the end ofthe reporting period. Should this comparison indicate an excess carrying value, awrite-down would be recorded. 

 

- 15 -

        To economicallyevaluate our future proved oil and natural gas reserves, if any, independent engineersmust make a number of assumptions, estimates and judgments that they believe to bereasonable based upon their expertise and professional guidelines. Were the independentengineers to use differing assumptions, estimates and judgments, then our financialcondition and results of operations could be affected. We would have lower revenues in theevent revised assumptions, estimates and judgments resulted in lower reserve estimates,since the depletion and depreciation rate would then be higher. A write-down of excesscarrying value also might be required. Similarly, we would have higher revenues and netprofits in the event the revised assumptions, estimates and judgments resulted in higherreserve estimates, since the depletion and depreciation rate would then be lower. 

        We account for stock optiongrants issued under our stock option plan using the fair value recognition provisions ofStatement of Financial Accounting Standards No. 123, *Accounting for Stock-BasedCompensation* ("SFAS 123"). Under these provisions, the fair value of optionsgranted to officers, directors and employees is charged to earnings/loss with acorresponding increase in contributed surplus, based on an estimate of the fair valuedetermined using the Black-Scholes option pricing model. 

        As the majority of ouroperating activities are in Canada, we use the Canadian dollar as our functional currency.Our operations are translated into United States dollars in accordance with Statement ofFinancial Accounting Standards No. 52, *Foreign**Currency Translation*, usingthe current rate method. Under this method, all assets and liabilities are translated atthe period-end rate of exchange and all revenue and expense items are translated at theaverage rate of exchange for the period. Exchange differences arising on translation areclassified as other comprehensive income in a separate component of stockholders’equity.

        Monetary assets andliabilities denominated in a currency other than our functional currency are translated atthe exchange rates in effect at the balance sheet date. Non-monetary assets andliabilities denominated in a currency other than the our functional currency aretranslated at historical exchange rates. Revenues and expenses are translated at averagerates for the period. Exchange gains or losses are reflected in the Statement ofOperations for the period. 
**Results of Operations**
        Revenue for the firstquarter of 2004 was $125,780 and was entirely attributable to interest income. At March31, 2004, we had $6.8 million of cash on hand and with the closing of our initial publicoffering in April 2004, we now have approximately $16 million of cash on hand. We intendto fully maximize our interest revenue with the prudent investing of excess cash in lowrisk investments.

        General and administrativeexpenses of $205,638 include salaries and payroll costs, consulting fees and office rentand associated office costs. Since the start of the year, we have added an additional 23employees and we now have 53 employees. Through the Field Operating and Technical SupportAgreement with Enterra, we have been able to reduce our general and administration coststo a lower level than we otherwise would have incurred due to the fact we share employeesand their associated costs.

        We have a stock-basedcompensation program whereby officers, directors and employees are issued stock options aspart of their compensation. We account for the granting of stock options issued under thisplan using the fair value recognition provisions of Statement of Financial AccountingStandards No. 123, *Accounting for Stock-based Compensation* ("SFAS 123").Under these provisions, the fair value of options granted is charged to expense over thevesting period of the option. Stock-based compensation expense was $36,847 for the threemonths ended March 31, 2004.

        We realized a foreignexchange gain of $45,814 for the period primarily from a decline in the value of theCanadian dollar in relation to the U.S dollar. At December 31, 2003, we had approximately$16 million of cash denominated in U.S. dollars. With a decline of the Canadian dollar inthe month of January 2004, we were able to realize a gain on the selling of U.S. dollars.

     - 16 -
**Liquidity and Capital Resources**
        At March 31, 2004,we had $6,783,459 in cash. Since our inception, we have financed our operating cash flowneeds through a private offering of equity securities. Cash utilized in operatingactivities was $13,062,665 for the three months ended March 31, 2004. A significantportion of this use of cash was an advance to our joint venture partner of $12,832,125 forthe development of joint venture lands in East Central Alberta. The advance is unsecuredand calls for interest calculated at the prime lending rate plus 1/4%. The advance will bedrawn down over the next few months as we incur capital expenditures on the joint ventureproperties. Any unspent amounts will be refunded to us by the joint venture partner. 

        Cash utilized byfinancing activities was $2,327 for the period. Subsequent to the end of the quarter, weclosed our initial public offering by the issuing of 1,900,000 common shares at $5.50 pershare for gross proceeds of $10.5 million. Included in our offering, was the issuance of1,675,000 common shares as well as the underwriter’s over-allotment option of 225,000shares. The net proceed of the offering, after underwriting discounts and offeringexpenses, was $8.8 million which will be used for future oil and gas development. As partof our initial public offering, we issued 167,500 warrants to the underwriter of theoffering. The warrants are exercisable into an equal number of common shares for a fouryear period commencing on April 12, 2005 at an exercise price of $6.60 per share. 

        Cash provided byinvesting activities was $3,988,449 for the quarter. We received the proceeds from therepayment of a short term loan, including principal and accrued interest, in January 2004.The loan was to an oil and natural company that we were evaluating as a potential farm-inopportunity. These inflows were partially offset by capital expenditures of $538,828 forthe quarter. We commenced field development activities on the joint venture lands late inthe quarter and will continue to develop the joint venture lands until approximately thethird quarter of 2004.
**- 17 -**Item 3.  Quantitative and Qualitative Disclosure About Market Risk.**
     We are exposed to all ofthe normal market risks inherent within the oil and natural gas industry, includingcommodity price risk, foreign-currency rate risk, interest rate risk and credit risk. Weintend to manage our operations in a manner intended to minimize our exposure to suchmarket risks. ***Credit Risk***
        Credit risk is the riskof loss resulting from non-performance of contractual obligations by a customer or jointventure partner. A substantial portion of our accounts receivable are expected to be withcustomers in the energy industry and are subject to normal industry credit risk. We intendto assess the financial strength of our customers and joint venture partners throughregular credit reviews in order to minimize the risk of non-payment.  Pursuant to a joint venture agreement signed with Enterra EnergyCorp. in January 2004, we advanced Enterra Cdn $17,000,000 (US $12,964,234) as capital tojointly develop and evaluate potential prospects. We believe that the credit risk we areexposed to in regards to this advance is no greater than normal industry credit risks.***Market Risk***
        We are exposed tomarket risk from changes in currency exchange rates and interest rates. As a Canadian oiland natural gas company, we may be adversely affected by changes in the exchange ratebetween U.S. and Canadian dollars. The price we will receive for oil and natural gasproduction is based on a benchmark expressed in U.S. dollars, which is the standard forthe oil and natural gas industry worldwide. However, we will pay our operating expenses,drilling expenses and general overhead expenses in Canadian dollars. Changes to theexchange rate between U.S. and Canadian dollars can adversely affect us. When the value ofthe U.S. dollar increases, we receive higher revenue and when the value of the U.S. dollardeclines, we receive lower revenue on the same amount of production sold at the sameprices. 
***Interest Rate Risk***
        Interest rate risk willexist principally with respect to any future indebtedness that bears interest at floatingrates. At March 31, 2004 we had no indebtedness.   At March 31, 2004 we had advances outstanding from our joint venturepartner, Enterra Energy Corp. of Cdn $17,000,000 (US $12,964,234) that bears interest atthe prime rate plus 1/4%.**Contractual Obligations and Commitments**
        Other than our Farm-in/Joint VentureAgreement with Enterra, we have no contractual obligations or commercial commitments atMarch 31, 2004.
**Item 4.  Controls and Procedures***       (a) *Evaluation ofdisclosure controls and procedures*.  Based on their evaluation of our disclosurecontrols and procedures as of the end of the period covered by this report, the ChiefExecutive Officer and Chief Financial Officer of JED Oil Inc. have concluded that thedisclosure controls and procedures are effective.

       (b) *Changes in internalcontrol over financial reporting*.  There were no changes in our internal controlover financial reporting that occurred during our most recent fiscal quarter that havematerially affected, or are reasonably likely to materially affect, our internal controlover financial reporting.

 
** 

- 18 -
**PART II - OTHER INFORMATION
Item 1.        LegalProceedings.**
                  None.
**Item 2.        Changesin Securities and Use of Proceeds.

(f) Use of Proceeds**
        Ourregistration statement on Form S-1 (file number 333-111435) became effective on April 5,2004 and our common stock commenced trading on the American Stock Exchange on April 6,2004. A total of 1,900,000 shares of common stock were registered for the account of JEDOil for an aggregate offering price of $10,450,000. All of these securities were sold. Atotal of 7,600,000 shares of common stock were registered for the account of sellingshareholders for an aggregate offering price of $41,800,000. No securities registered forthe account of selling shareholders have been sold. The managing underwriter was GilfordSecurities Incorporated.
        Actual expenses incurred inconnection with the issuance and distribution of the above securities during the periodfrom the effective date through April 30, 2004 were $1,609,545, representing underwritingdiscounts and commissions of $836,000, underwriter expenses of $371,503 and other expensesof $402,042.

        All payments were direct orindirect to others. No payments were direct or indirect payments to: i) directors,officers or general partners of the Company or its associates; ii) persons owning 10% ormore of any class of equity security; or iii) affiliates of the Company.

        Net proceeds from theoffering were $8,840,455 after expenses and including the proceeds from the underwriter'soverallotment of units. 

        For the quarter ended March31, 2004 no proceeds were received or available for use. As of April 30, 2004 all proceedsare unutilized. 

        No use of proceeds hasinvolved direct or indirect payments to: i) directors, officers or general partners of theCompany or its associates; ii) persons owning 10% or more of any class of equity security;or iii) affiliates of the Company. The unutilized portion of the proceeds is presentlybeing invested in highly liquid, short-term investments.
**Item 3.        Defaults UponSenior Securities.**
                  None.**Item 4.        Submissionof Matters to a Vote of Security Holders.**
        A Special Meeting of Shareholders was heldon February 19, 2004.

        The following proposals were adopted by themargins indicated:

To elect Randall M. Gates as an additional director to serve until the next annual      meeting.
For
2,685,103Against
0Withheld
10,000
 
**- 19 -****
The adoption of Stock Option Plan
For
2,685,103Against
0Withheld
10,000
 

The adoption of Stock Savings Plan
For
2,695,103Against
0Withheld
0
The adoption of Annual Bonus Plan
For
2,675,103Against
0Withheld
20,000
 
**Item 5.        OtherInformation.**
                  None.
**Item 6.        Exhibits andReports on Form 8-K. **(a)  Exhibits
3.1Articles of Incorporation of the Registrant(1)
3.2By-laws of the Registrant(1)
3.3Articles of Amendment of the Registrant    regarding Series A Preferred Stock(1)
10.1Stock Option Plan(1)
10.2Annual Bonus Plan(1)
10.5Farm-in/Joint Venture Agreement with Enterra    Energy Corp. dated January 1, 2004(2)
10.6Field Operating and Technical Support    Agreement with Enterra Energy Corp. dated January 1, 2004(2)
31Rule 13a-14(a)/15d-14(a) Certification (3)
32Section 1350 Certification. (3)
(1) Filed as an exhibit to form S-1 filed on        December 22, 2003 and incorporated by reference herein.
(2) Filed as an exhibit to form S-1/A filed        on February 13, 2004 and incorporated by reference herein.

(3) Filed herewith.

(b) Reports on Form 8-K:
We filed a report on Form 8-K on April 27, 2004 reporting that on April 27, 2004 weissued a press release announcing that an aggregate of 6,662,418 shares of common stockthat were previously subject to lock up our underwriter, Gilford Securities Incorporated,had been released from lock up. 

 
**- 20 -****
 
**SIGNATURES**
   Pursuant to the requirements of the Securities Exchange Act of 1934,JED Oil Inc. has duly caused this report to be signed on its behalf by the undersignedthereunto duly authorized.

**JED Oil Inc.**(Registrant)**/s/ Bruce A. Stewart**Bruce A. Stewart    Chief Financial Officer    (Principal Financial and Accounting Officer)
- 21 -
**EXHIBIT INDEX**
 
**Exhibits**
3.1Articles of Incorporation of the Registrant(1)
3.2By-laws of the Registrant(1)
3.3Articles of Amendment of the Registrant    regarding Series A Preferred Stock(1)
10.1Stock Option Plan(1)
10.2Annual Bonus Plan(1)
10.5Farm-in/Joint Venture Agreement with Enterra    Energy Corp. dated January 1, 2004(2)
10.6Field Operating and Technical Support    Agreement with Enterra Energy Corp. dated January 1, 2004(2)
31Rule 13a-14(a)/15d-14(a) Certification by    Chief Executive Officer. (3)
32Section 1350 Certification by Chief Executive    Officer. (3)
(1) Filed as an exhibit to form S-1 filed on        December 22, 2003 and incorporated by reference herein.
(2) Filed as an exhibit to form S-1/A filed        on February 13, 2004 and incorporated by reference herein.
(3) Filed herewith.**************************************************************************************************************************************************************** |
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