| **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 June 30, 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)***n/a*(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 August 16, 2004, 9,500,000 shares of common stock wereoutstanding.
**TABLE OF CONTENTS****PART I.****FINANCIAL INFORMATION****PAGE    Item 1.Financial Statements:    Consolidated Balance Sheets: June 30, 2004 and December 31, 2003 **2Consolidated Statement of Operations: For    the three month period ended June 30, 2004, the six month period ended June 30, 2004 and    for the period from inception on September 3, 2003 to end of development stage on March    31, 2004**3Consolidated Statement Cash Flows: For the    three month period ended June 30, 2004, the six month period ended June 30, 2004 and for    the period from inception on September 3, 2003 to end of development stage on March 31,    2004**4Consolidated Statement of Changes in    Stockholders’ Equity: For the six months ended June 30, 2004**5Consolidated Statement of Comprehensive    Income (Loss): For the three month period ended June 30, 2004, the six month period ended    June 30, 2004 and for the period from inception on September 3, 2003 to end of development    stage on March 31, 2004**6    Notes to Consolidated Financial Statements **7    Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations  **15Item 3.Quantitative and Qualitative Disclosure    About Market Risk**21****Item 4.Controls and Procedures**21**PART II. ****OTHER INFORMATION**Item 1.    Legal Proceedings**22    Item 2.     Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities**22Item 3.    Defaults Upon Senior Securities**22Item 4.    Submission of Matters to a Vote of Security Holders**22Item 5.    Other Information**22Item 6.Exhibits and Reports on Form 8-K**22** 

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                                                       JED Oil Inc.

CONSOLIDATED BALANCE SHEETS**
(In United States Dollars)

(unaudited)
As at **June 30,    2004**December 31,    2003  
$
$**ASSETS****Current**Cash and cash equivalents**25,337,869**16,088,631Accounts receivable**1,686,998**40,805Prepaid expenses **36,098**170,351Loan receivable**-**4,627,844Deferred financing costs**-**1,393  **27,060,965**20,929,024      **Property and equipment *[note 4]*****4,026,595**-  **31,087,560**20,929,024**LIABILITIES AND STOCKHOLDERS’    EQUITY**    **Current**
Accounts payable and accrued liabilities
**2,088,490**30,300
Due to related party *[note 6]*
**-**33,876  **2,088,490**64,176**Asset retirement obligations***[note    7]***26,630**-     **2,115,120**64,176      **Stockholders’ equity**Share capital *[note 5]*
Common stock – no par value; unlimited authorized; 9,500,000 shares      issued and outstanding at June 30, 2004 and nil shares outstanding at December 31, 2003
**29,783,894**-
Series A convertible preferred stock - $2.75 stated value; 8,000,000      shares authorized; nil shares issued and outstanding at June 30, 2004 and 7,600,000      outstanding at December 31, 2003
**-**20,876,469Additional paid-in capital**105,420**-Share purchase warrants**60,410**-Deficit accumulated during the development    stage**(430,495)**(359,604)Deficit**(291,676)**-Accumulated other comprehensive (loss)    income**(255,113)**347,983      **28,972,440**20,864,848   **31,087,560**20,929,024*The accompanying notes are an integral part of these financial statements.*
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CONSOLIDATED STATEMENT OF OPERATIONS 
(In United States Dollars)

(unaudited)
  **For the three month period ended June 30,    2004**For the six month period ended June 30,    2004**For the period from inception on September 3, 2003 to end of development    stage on March 31, 2004  
$
$
$**Revenue**
Gross revenue
**396,171**396,171-
Less royalties
**(62,338)**(62,338)-  **333,833**333,833-
Interest
**159,861**285,641175,265  **493,694**619,474175,265      **Expenses**  Production**69,107**69,107-Depletion, depreciation and accretion**130,307**130,307-General and administrative *[note 6]***355,285**560,923304,974Stock-based compensation *[note 3]***68,573**105,42036,847Foreign exchange loss**162,098**116,284263,939  **785,370**982,041605,760**Net    loss for the period****(291,676)**(362,567)(430,495)Net    loss for the period per common share, basic and diluted *[note 8]*(0.03)(0.08)**-***The accompanying notes are an integral part of these financial statements.*
 

- 3 -**                                               JED Oil Inc.

CONSOLIDATED STATEMENT OF CASH FLOWS
(In United States Dollars)

(unaudited)
  **For the three month period ended June 30,    2004**For the six month period ended June 30,    2004**For the period from inception on September 3, 2003 to end of development    stage on March 31, 2004  
$
$
$**OPERATIONS**Net loss for the period**(291,676)**(362,567)(430,495)Adjustments to reconcile net loss to cash    flows from operating activities:
Foreign exchange loss
**162,098**116,284263,939
Stock-based compensation
**68,573**105,42036,847
Amortization of deferred financingcosts
**-**1,393-
Depletion, depreciation and accretion
**130,307**130,307-Other changes:
Increase in accounts receivable
**(1,312,401)**(1,646,193)(374,597)
(Increase) decrease in prepaid expenses
**234,344**134,253(270,442)
Increase in accounts payable and accrued liabilities
**1,755,148**2,058,19030,300
(Decrease) increase in due to related party
**(14,035)**(33,876)33,876**Cash provided    by (used in) operations****732,358**503,211(710,572)      **FINANCING**Issue of preferred shares, net of related    costs**-**(3,720)20,872,749Issue of common shares, net of related    costs**8,911,145**8,911,145-Issue of share purchase warrants**60,410**60,410-**Cash provided    by financing activities****8,971,555**8,967,83520,872,749      **INVESTING**Decrease in loan receivable**-**4,527,2774,527,277Increase in loan receivable**-**-(4,582,951)Purchase of property, plant and equipment**(3,584,483)**(4,123,311)(538,828)Funds received from joint venture partner**12,636,587**12,636,587-Funds advanced to joint venture partner**-**(12,832,125)(12,832,125)**Cash provided    by (used in) investing activities****9,052,104**208,428(13,426,627)        Effect    of foreign exchange on cash balances**(201,607)**(430,236)47,909**Net increase in cash
**18,554,410**9,249,2386,783,459**Cash, beginning of period
**6,783,459**16,088,631-**Cash, end of period
**25,337,869**25,337,8696,783,459Cash interest received**17,325**59,25656,160*The accompanying notes are an integral part of these financial statements.*
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**                                     JED Oil Inc.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY**
(In United States Dollars)

(unaudited)
For    the six months ended June 30, 2004**Shares**Amount    
  **Common stock**Balance, December 31, 2003**-****-**Preferred shares converted to common shares7,600,00020,872,749Shares issued for cash pursuant to initial    public offering1,900,00010,389,590Share issue costs**-**(1,478,445)Balance, June 30, 20049,500,00029,783,894      **Series A convertible preferred stock, $2.75    stated value:**Balance, December 31, 20037,600,00020,876,469Share issue costs-(3,720)Preferred shares converted to common shares(7,600,000)(20,872,749)Balance, June 30, 2004--      **Additional paid in capital**Balance, December 31, 2003-Stock-based compensation105,420Balance, June 30, 2004  105,420      **Share purchase warrants**Balance, December 31, 2003-Share purchase warrants issued pursuant to    initial public offering60,410Balance, June 30, 2004  60,410      **Deficit accumulated during the development    stage**Balance, December 31, 2003(359,604)Additions(70,891)Balance, June 30, 2004  (430,495)      **Deficit**Balance, December 31, 2003-Net loss for the period(291,676)Balance, June 30, 2004  (291,676)      **Accumulated other comprehensive income    (loss):**Balance, December 31, 2003347,983Foreign exchange translation adjustment(603,096)Balance, June 30, 2004  (255,113)**Total stockholders’ equity**  28,972,440*The accompanying notes are an integral part of these financial statements.*
 

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**                                       JED Oil Inc.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)**
(In United States Dollars)

(unaudited)
  **For the three months ended June 30, 2004** 

 

For the six months ended June 30, 2004**For the period from inception on September 3, 2003 to end of    development stage on March 31, 2004  **$****$****$****Net loss for the period**(291,676)(362,567)(430,495)**Other comprehensive income (loss):**Foreign exchange translation adjustment(367,427)(603,096)112,314Comprehensive    loss for the period(659,103)(965,663)(318,181)Comprehensive loss for the period per share, basic and diluted *[note 8]*(0.07)
(0.21)-*The accompanying notes are an integral part of these financial statements.*
- 6 -**JED Oil Inc.
NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS
**(In UnitedStates Dollars)**

(unaudited)
**June 30, 2004

1. BASIS OF PRESENTATION**
These interim consolidated financial statements are unaudited and havebeen prepared by the Company pursuant to the rules and regulations of the Securities andExchange Commission, and reflect all adjustments which, in the opinion of management, arenecessary for a fair statement of the results for the interim period, on a basis that isconsistent with the annual audited financial statements. All such adjustments are of anormal recurring nature. Certain information, accounting policies, and footnotedisclosures normally included in financial statements prepared in accordance withaccounting principles generally accepted in the United States have been omitted pursuantto such rules and regulations, although the Company believes that the disclosures areadequate to make the information presented not misleading. These financial statementsshould be read in conjunction with the audited financial statements and the summary ofsignificant accounting policies and notes thereto included in the Company’sRegistration Statement dated April 5, 2004. 

Comparative financial statements for the three and six month periodsended June 30, 2003 have not been provided as the Company came into inception on September3, 2003 and has yet to complete a full year of operations. The Company has chosen itsyear-end as December 31.

Prior to March 31, 2004 the Company was in the development stage andits efforts were focused on the development of a petroleum and natural gas property undera joint venture agreement signed in January 2004. Comparative figures are shown for theperiod of development, being the period from the inception of the Company to March 31,2004.
**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) Cash and cash equivalents**
Cash and cash equivalents consist of cash on hand and balances investedin short term securities with maturities less than 90 days. 
**(b) 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.

 

- 7 -**JED Oil Inc.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS
**(In United StatesDollars)**

(unaudited)**June 30, 2004**
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. 
**(c) Comprehensive income**
Comprehensive income includes net income (loss) and other comprehensiveincome (loss), which includes, but is not limited to, foreign currency translationadjustments. 
**(d) 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.
**(e) 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.
**(f) 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.

- 8 -**JED Oil Inc.
NOTES TOCONSOLIDATED FINANCIAL STATEMENTS

**(In United StatesDollars)**

(unaudited)**June 30, 2004**
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 a rate of25 percent per annum. 
**(g) 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. 
**(h) Asset retirement obligation**
The Company follows SFAS No 143. "Accountingfor Asset Retirement Obligations", which requires that an asset retirement obligation(ARO) associated with the retirement of a tangible long-lived asset be recognized as aliability in the period in which it is incurred and becomes determinable, with anoffsetting increase in the carrying amount of the associated asset. The cost of thetangible asset, including the initially recognized ARO, is depleted such that the cost ofthe ARO is recognized over the useful life of the asset. The ARO is recorded at fairvalue, and accretion expense is recognized over time as the discounted liability isaccreted to its expected settlement value. The fair value of the ARO is measured usingexpected future cash outflows discounted at the Company’s credit-adjusted risk-freeinterest rate. The Company’s asset retirement obligations primarily relate to theplugging and abandonment of petroleum and natural gas properties. 
 

- 9 -
**JED Oil Inc.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS
**(In United StatesDollars)**

(unaudited)**June 30, 2004**
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. 
**(i) 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 grantedduring the six-months ended June 30, 2004 is estimated to be $714,752 as at the date ofgrant using the Black-Scholes option pricing model and the following weighted averageassumptions: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 periodprior to April 6, 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 and six-month periodsended June 30, 2004, stock based compensation expense of $68,573 and $105,420,respectively, was included in the Consolidated Statement of Operations.

There were no stock options granted prior to January 1, 2004. 

 

- 10 -
**JED Oil Inc.
NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS
**(In UnitedStates Dollars)**

(unaudited)
**June 30, 2004

4.  PROPERTY AND EQUIPMENT**** 
 

 

June 30, 2004**Cost

$**Accumulated depletion and depreciation 

$**Net book value

$Petroleum and natural gas    properties and equipment
4,017,269
121,404
3,895,865Other assets
139,191
8,461
130,730  
4,156,460
129,865
4,026,595
During the six-month period ended June 30, 2004,    approximately $187,000 of general and administrative costs were capitalized to property    and equipment
**5. SHARE CAPITAL

a)  Authorized**
The Company has authorized an unlimited number of common voting sharesand an unlimited number of preferred shares, issuable in series. The Company hasauthorized the first series of preferred shares as Series A Preferred Shares which iscomprised of 8,000,000 voting, convertible preferred shares which carry no dividends andwhich could be converted into an equal number of common shares during the ten-day periodcommencing on the date of the Company’s registration statement.

 

 

- 11 -
**JED Oil Inc.
NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS
**(In UnitedStates Dollars)**

(unaudited)
**June 30, 2004

b)  Issued and outstanding**      **Number of shares**$**Common Shares**    **Share capital as at March    31, 2004 and December 31, 2003****-**-Preferred shares converted to    common shares (i)7,600,00020,872,749Shares issued for cash pursuant to    initial public offering (i)1,900,00010,389,590Share issue costs, net of tax**-**(1,478,445)**Balance as    at June 30, 2004****9,500,000****29,783,894** 
**Series A Convertible    Preferred Shares**    Balance as at September 3, 2003**-**-Issued for cash pursuant to a    private placement7,600,00020,900,000Share issue costs-(23,531)**Balance as at March 31, 2004    and December 31, 2003**7,600,00020,876,469Share issue costs-(3,720)Preferred shares converted to    common shares (i)(7,600,000)(20,872,749)**Share    capital as at June 30, 2004****-****-****i) Initial Public Offering**
On April 5, 2004, the Company’s initial public      offering registration statement for 1,675,000 shares of common stock and an      underwriter’s over-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      and 167,500 warrants for gross proceeds of $10,450,000. The warrants are exercisable into      an equal number of common shares for a four-year period commencing on April 12, 2005 at an      exercise price of $6.60 per common share. The warrants are restricted from sale, transfer      or assignment of hypothecation until April 12, 2005. The Company has assigned a fair value      of the warrants of $60,410 based on a Black-Scholes option model.

As part of the registration statement holders of 7,600,000 Series A      Convertible Preferred Shares elected to convert their shares into 7,600,000 shares of      common stock. 

 

- 12 -
**JED Oil Inc.

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS
**(In UnitedStates Dollars)**

(unaudited)
**June 30, 2004

c)  Stock options**  **Number of options**Weighted average exercise price   ** ****$**Outstanding as at December 31, 2003**--Granted652,5005.50**Options outstanding as at June 30, 2004**652,5005.50**Exercisable    as at June 30, 2004****-**-
The 652,500 stock options granted in the six-month period ended June30, 2004 vest over a three-year period and expire at various dates in 2009.
**6. RELATED PARTY TRANSACTIONS**
At December 31, 2003, the due to related party in the amount of $33,876consisted of amounts owing to a company owned by an individual who joined theCompany’s management team on May 1, 2004. The amount was paid prior to June 30, 2004.

During the three and six-month period ended June 30, 2004, the Companypaid $111,381 and $137,203, respectively, to companies controlled by officers anddirectors of the Company for consulting services. These services were provided at standardindustry rates for similar services. 
**7.  ASSET RETIREMENT OBLIGATIONS**
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 a corresponding 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 wells and facilities on petroleum and natural gas properties. 

As at June 30, 2004, the estimated present value of the Company’sasset retirement obligation was $26,630 based on an estimated fair value of $195,900,determined using a credit adjusted risk free interest rate of 7.4%, and inflation rate of2% and an estimated life until repayment of 29 years.

- 13 -**JED Oil Inc.
NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS
**(In UnitedStates Dollars)**

(unaudited)
**June 30, 2004**
The following table describes the changes to the Company’s assetretirement obligations liability:
  **$**Asset retirement obligation at March 31,    2004**-Liabilities incurred27,072Accretion expense442**Asset    retirement obligation at June 30, 2004****26,630****8. LOSS PER SHARE**
The Company accounts for net loss per common share in accordance withSFAS No. 128, "Earnings per Share." Under SFAS No. 128, basic loss per commonshare amount is computed by dividing net loss attributable to common shareholders by theweighted average common shares outstanding without including any potentially dilutivesecurities. Diluted loss per common share amount is computed by dividing net loss by theweighted average common shares outstanding plus, when their effect is dilutive, commonstock equivalents. For the three and six-months ended June 30, 2004, the weighted averagenumber of common shares outstanding were 9,211,676 and 4,605,839, respectively. All of theCompany’s outstanding stock options and warrants currently have an anitdilutiveeffect on the loss per share amounts. These stock options and warrants could be dilutivein future periods.
**9. SUBSEQUENT EVENT**
On August 12, 2004 the Company announced that it was participating inthe formation of an exploration company, JMG Exploration, Inc. ("JMG") In returnfor an investment of $1,000,000, the Company will receive 250,000 common shares(approximately 11% of the share capital of JMG) of JMG and the right for theCompany’s shareholders to acquire up to 75% of JMG. The Company will be representedwith two seats on the JMG Board of Directors. Subject to regulatory approvals, theCompany’s shareholders will receive a transferable right to purchase one unit forevery five shares of the Company’s stock as of a record date to be established. The$4.00 unit will consist of one share of JMG common stock and one warrant to acquire anadditional common share at $4.25, for a period of one year. JMG plans to file aregistration statement and prospectuses with the applicable regulatory agencies inSeptember 2004, registering the rights and underlying common stock and share purchasewarrants.
**- 14 -
**Item 2.  Management's Discussion and Analysis of Financial Condition andResults of Operations.**
           The statements contained in this quarterly report on Form 10-Q includesforward-looking statements within the meaning of Section 21E of the Securities ExchangeAct of 1934. All statements other than statements of historical facts contained in thisprospectus, including statements regarding our future financial position, businessstrategy and plans and objectives of management for future operations, are forward-lookingstatements. The words "believe," "may," "will,""estimate," "continue," "anticipate," "intend,""should," "plan," "expect" and similar expressions, as theyrelate to us, are intended to identify forward-looking statements. We have based theseforward-looking statements largely on our current expectations and projections aboutfuture events and financial trends that we believe may affect our financial condition,results of operations, business strategy and financial needs. These forward-lookingstatements are subject to a number of risks, uncertainties and assumptions described in"Risk Factors" and elsewhere in this report. 
        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 wedevelop and operate oil and natural gas properties primarily in western Canada. Sinceinception our activities have centered on acquisition of equity capital, identification ofkey employees, evaluation of development prospects and development of joint venture landswithin the Joint Venture Agreement signed with Enterra Energy Corp. 

        We do not directlyacquire property, but rather we develop the oil and natural gas properties of others underarrangements in which we finance the cost of development drilling in exchange forinterests in the oil or natural gas revenue generated by the properties, generally rangingfrom a 50% to a 75% net interest. Such arrangements are commonly 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 underwriter’sover-allotment option of 225,000 shares of common stock, at a price of $5.50 per share,for gross proceeds of $10,450,000. 
**- 15 -
        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. 

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

        On August12, 2004, we announced that we wereparticipating in the formation of an exploration company, JMG Exploration, Inc.("JMG"). In return for an investment of $1,000,000, we will receive 250,000common shares of JMG (approximately 11% of the share capital of JMG) and the right for ourshareholders to acquire up to 75% of JMG. We will be represented with two seats on the JMGBoard of Directors. Subject to regulatory approvals, our shareholders will receive atransferable right to purchase one unit for every five shares of our stock as of a recorddate to be established. The $4.00 unit will consist of one share of JMG common stock andone warrant to acquire an additional common share at $4.25, for a period of one year. JMGplans to file a registration statement and prospectuses with the applicable regulatoryagencies in September 2004, registering the rights and underlying common stock and sharepurchase warrants.

        As of August 13, 2004, wehave 9,500,000 shares of common stock outstanding, stock options to purchase 652,500common shares and share purchase warrants to purchase 167,500 common shares.
**Financial Operations Overview 
*        Revenue.    Ourrevenue is principally being 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 is measured in "barrels of oil equivalent" or"BOE" per day, a term that encompasses both oil and natural gas production(barrels of oil equivalent is calculated at 6 mcf equals 1 barrel of oil). 

        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 is dependent upon the actual qualityof the production which could result in a premium or discount to the above indices. Oiland natural gas are commodities and, therefore, their prices are subject to widefluctuations in response to relatively minor changes in supply and demand. Historically,the markets for oil and natural gas have been volatile. Ifoil and natural gas prices decrease it could affect the overall valuation of the propertyreserves as well and we may be required to take write-downs of the carrying values of anyinterests 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. 

 

- 16 -
        Wemay use derivative financial instruments when deemed appropriate to hedge exposure tochanges in the prices of crude oil and natural gas and fluctuations in interest rates andforeign currency exchange rates. There were no derivative financial instruments or hedgesin place June 30, 2004. ***        Royalty expense.    Royaltyexpense is based on the percentage royalties calculated by applying the applicable royaltyrate or formula. In the case of Crown royalties (the federal or provincial governments inCanada) the sliding scale royalties are dependent on the selling price or the oil ornatural gas and generally average approximately 25% to 30% as a percentage of oil and gasrevenues. 
***        Production expense.    Productioncosts are operating costs associated with field activities. A critical factor to monitorwill 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. 
***        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 accretion expense.    We follow the full cost method ofaccounting for oil and natural gas operations whereby we capitalize all costs relating toour acquisition of, exploration for and development of, oil and natural gas reserves. Ourfinancial condition and results of operations are be sensitive to, and is adverselyaffected by, a number of subjective or complex judgments relating to methods, assumptionsor estimates required under the full cost method of accounting concerning the effect ofmatters 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 tangible long-lived assetbe recognized as a liability in the period in which it is incurred and becomesdeterminable, with an offsetting increase in the carrying amount of the associated asset.The cost of the tangible asset, including the initially recognized ARO, is depleted suchthat 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 primarily relate to the plugging andabandonment of petroleum and natural gas properties. 
Inherent in the fair value calculation of ARO are numerous assumptions and judgmentsincluding the ultimate settlement amounts, inflation factors, credit adjusted discountrates, timing of settlement, and changes in the legal, regulatory, environmental andpolitical environments. To the extent future revisions to these assumptions impact thefair value of the existing ARO liability, a corresponding adjustment is made to thepetroleum and natural gas properties balance. 

***        Income taxexpense.***    Combined federal and Alberta provincial corporatetax rates are expected to decline from their current level of 39% to 35% by 2007. 
**Critical Accounting Policies**
        We have elected to use the full-cost methodto account for our investment in oil and gas properties. Under this method, we capitalizeall acquisition, exploration and development costs for the purpose of finding oil and gasreserves, including salaries, benefits and other internal costs directly attributable tothese activities. Although some of these costs may ultimately result in no additionalreserves, we expect the benefits of successful wells to more than offset the costs of anyunsuccessful ones. As a result, we believe that the full-cost method of accounting betterreflects the true economics of exploring and developing oil and gas reserves. Our futurefinancial position and results of operations would be significantly different if we usedthe successful-efforts method of accounting for our oil and gas investments. 

 

- 17 -
        Underthe full cost-method of accounting, our financial condition and results of operations issensitive 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. 
        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 our functional currency are translated athistorical exchange rates. Revenues and expenses are translated at average rates for theperiod. Exchange gains or losses are reflected in our Consolidated Statement of Operationsfor the period. 
**Results of Operations**
        Revenue for the secondquarter of 2004 was $556,032, which was $380,252 higher than the first quarter of 2004. Asignificant portion of the increase in revenue was the commencement of production fromwells drilled on the Joint Venture lands. We received our initial revenue from wellsdrilled on the lands, in May 2004. Virtually all the volumes received were oil so we willcontinue to benefit from the current record high world oil prices. Our average productionvolumes for the second quarter was 134 barrels of oil equivalent per day and averaged 201barrels of oil equivalent per day for the period the wells were operating. In addition tothe oil and gas revenue, we earned $159,861 in interest revenue for the second quarter of2004 and $285,641 for the six-month period ended June 30, 2004. A significant portion ofthe interest was earned on the advance made to our joint venture partner. The advance wasrepaid in full on June 29, 2004, with accrued interest.

        General and administrativeexpenses for the second quarter of 2004 were $355,285, which was $149,647 higher than thefirst quarter of 2004. The increase reflects the additional staff that we have hired toadequately plan and execute our business plan and strategies. We now have adequate stafflevels in place and we expect to maintain our current level of general and administrativecosts for the remainder of the year.

- 18 -
        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 $68,573 and $105,420for the three and six-month period ended June 30, 2004.

        We realized a foreign exchange loss of$162,096 for the second quarter of 2004 and a loss of $116,284 for the six-month periodended June 30, 2004, primarily as a result of fluctuations in the make-up of our cashbalances between U.S dollar dominated currency and Canadian dollar dominated currency fromthe beginning of the year to the period ended June 30, 2004. We will continue toexperience fluctuations in the Canadian currency relative to the U.S. currency and willreport a gain or loss depending on their relative rates.

        We incurred a net loss for the secondquarter ended June 30, 2004 of $291,676 and a net of $362,567 for the six-month periodended June 30, 2004. A significant portion of the net loss reflects the addition non-cashcharges of depletion and depreciation and stock-based compensation described above. 

 

- 19 -**Liquidity and Capital Resources**
        At June 30, 2004, wehad $25,337,869 in cash and cash equivalents on hand, up from $6,783,459 on March 31,2004. On April 12, 2004, we closed our initial public offering of 1,675,000 shares ofcommon stock and an underwriter’s over-allotment option of 225,000 shares of commonstock, at $5.50 per share, for gross proceeds of $10,450,000. The net proceeds of theoffering, after underwriting discounts and offering expenses was $8,971,555, which will beused for future oil and gas development. As part of our initial public offering, we issued167,500 warrants to the underwriter of the offering. The warrants are exercisable into anequal number of common shares for a four-year period commencing on April 12, 2005 at anexercise price of $6.60 per share. 

        On June 29, 2004 we received$12,636,587 from our joint venture partner as repayment of an advance we had previouslyissued to them for development of joint venture lands in East Central Alberta. The advancewas paid in full and included accrued interest at the prime lending rate plus 1/4%. Thefunds we received were in Canadian currency, and due to the strengthening of the UnitedStates dollar in relation to the Canadian dollar, we experienced a foreign currencytranslation loss of $195,538.

         We believe that ourcash on hand and our future net cash to be generated from operations will be adequate tofund our future capital expenditure requirements. At June 30, 2004 we had no debt orfinancial commitments or obligations.
** 

- 20 -
**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. 
***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 June 30, 2004 we had no indebtedness. 
**Contractual Obligations and Commitments**
        We have no contractual obligations orcommercial commitments at June 30, 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, RegGreenslade, Chief Executive Officer and Bruce Stewart, Chief Financial Officer of JED OilInc. have concluded that the disclosure controls and procedures are effective, providingeffective means to insure that information we are required to disclose under applicablelaws and regulations is recorded, processed, summarized and reported in a timely manner. 

    (b) *Changes in internal control over financialreporting*.  There were no changes in our internal control over financialreporting that occurred during our most recent fiscal quarter that have materiallyaffected, or are reasonably likely to materially affect, our internal control overfinancial reporting.

 

- 21 -** 

PART II - OTHER INFORMATION

Item 1.        LegalProceedings.**
None.
**Item 2.        Changesin Securities and Use of Proceeds.

(f) Use of Proceeds**
Our registration statement on Form S-1 (filenumber 333-111435) became effective on April 5, 2004 and our common stock commencedtrading on the American Stock Exchange on April 6, 2004. A total of 1,900,000 shares ofcommon stock were registered for the account of JED Oil for an aggregate offering price of$10,450,000. All of these securities were sold. A total of 7,600,000 shares of commonstock were registered for the account of selling shareholders for an aggregate offeringprice of $41,800,000. No securities registered for the account of selling shareholdershave been sold. The managing underwriter was Gilford Securities Incorporated.
Actual expenses incurred in connection with the issuance anddistribution of the above securities during the period from the effective date throughApril 30, 2004 were $1,477,925, representing underwriting discounts and commissions of$836,000, underwriter expenses of $371,503 and other expenses of $270,422.

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

No use of proceeds has involved direct or indirect payments to: i)directors, officers or general partners of the Company or its associates; ii) personsowning 10% or more of any class of equity security; or iii) affiliates of the Company. Theunutilized portion of the proceeds is presently being invested in highly liquid,short-term investments.
**Item 3.        Defaults UponSenior Securities.**
None.
**Item 4.        Submissionof Matters to a Vote of Security Holders.**
None.**Item 5.        OtherInformation.**
None.
**Item 6.        Exhibits andReports on Form 8-K. **(a) Exhibits
31Rule 13a-14(a)/15d-14(a) Certification (1)
32Section 1350 Certification. (1)
(1) Filed herewith.

 

(b) Reports on Form 8-K:

The following current reports on Form 8-K were filed by JED during thefiscal quarter ended June 30, 2004:

 

- 22 -

We filed a report on Form 8-K on April 27, 2004 reporting that on April27, 2004 we issued a news release announcing that an aggregate of 6,662,418 shares ofcommon stock that were previously subject to lock up by our underwriter, GilfordSecurities Incorporated, had been released from lock up. 

We filed a report on Form 8-K on August 12, 2004 reporting that onAugust 12, 2004 we issued a news release announcing that we were participating in theformation of an exploration company, JMG Exploration, Inc. In return for an investment of$1,000,000, the Company will receive 250,000 common shares of JMG and the right for theCompany’s shareholders to acquire up to 75% of JMG. The Company will be representedwith two seats on the JMG Board of Directors. Subject to regulatory approvals, theCompany’s shareholders will receive a transferable right to purchase one unit forevery five shares of the Company’s stock as of a record date to be established. The$4.00 unit will consist of one share of JMG common stock and one warrant to acquire anadditional common share at $4.25, for a period of one year. JMG plans to file aregistration statement and prospectuses with the applicable regulatory agencies inSeptember 2004, registering the rights and underlying common stock and share purchasewarrants.
**- 23 -
**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.
Date:  August 16, 2004**JED Oil Inc.**(Registrant)                        
**/s/**Bruce A. Stewart       Bruce A. Stewart    Chief Financial Officer    (Principal Financial and Accounting Officer)*************************************************************************************************************************************************************** |
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