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


                                   FORM 10-QSB


(Mark One)

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

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007

                                        OR

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


                  FOR THE TRANSITION FROM _______ TO ________.


                        COMMISSION FILE NUMBER 000-25301


                           SIERRA RESOURCE GROUP, INC.
        _________________________________________________________________
        (Exact Name of Small Business Issuer as Specified in its Charter)


            NEVADA                                               88-0413922
_______________________________                              ___________________
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)


  6767 W. TROPICANA AVENUE, SUITE 207
         LAS VEGAS, NEVADA                                              89103
________________________________________                              __________
(Address of principal executive offices)                              (Zip code)


                   Issuer's telephone number: (702) 248-1027


                                       N/A
              ____________________________________________________
              (Former name, former address and former fiscal year,
                         if changed since last report.)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                 Yes [X] No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, for the period covered by this report and as at the latest practicable
date:

        At September 30, 2007, and as of the date hereof, there were
        outstanding 12,090,000 shares of the Registrant's Common Stock,
        $.001 par value.

Transitional Small Business Disclosure Format:

                                 Yes [ ] No [X]


                                      1


<PAGE>




                                     PART I

                              FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS




                           SIERRA RESOURCE GROUP, INC.
                        (A Development Stage Enterprise)

                                FINANCIAL REPORTS

                               SEPTEMBER 30, 2007
                                DECEMBER 31, 2006









                                      -2-


<PAGE>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)

                                    CONTENTS








_____________________________________________________________________________

FINANCIAL STATEMENTS

   Balance Sheets                                                         F-1

   Statements of Operations                                               F-2

   Statements of Stockholders' Deficit                                    F-3

   Statements of Cash Flows                                               F-4

   Notes to Financial Statements                                   F-5 - F-10
_____________________________________________________________________________





                                      -3-


<PAGE>
<TABLE>
<CAPTION>

                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                                 BALANCE SHEETS


                                                      September 30,       December 31,
                                                               2007               2006
                                                      _____________       ____________
<S>                                                       <C>                <C>
                           ASSETS

CURRENT ASSETS                                            $       0          $       0
                                                          _________          _________

            Total current assets                          $       0          $       0
                                                          _________          _________

                   Total assets                           $       0          $       0
                                                          =========          =========

            LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
     Accounts payable                                     $       0          $     456
     Officers advances                                       59,538             54,827
                                                          _________          _________

            Total current liabilities                     $  59,538          $  55,283
                                                          _________          _________

STOCKHOLDERS' DEFICIT
     Common stock: $.001 par value;
        authorized 25,000,000 shares;
        issued and outstanding:
        12,090,000 shares at September 30, 2007
        and December 31, 2006                             $  12,090          $  12,090
     Additional paid-in capital                             (10,230)           (10,230)
     Accumulated deficit during development stage           (61,398)           (57,143)
                                                          _________          _________

            Total liabilities and
            stockholders' deficit                         $ (59,538)         $ (55,283)
                                                          _________          _________

                   Total liabilities and
                   stockholders' deficit                  $       0          $       0
                                                          =========          =========

</TABLE>

                 See Accompanying Notes to Financial Statements.

                                      F-1

<PAGE>

<TABLE>
<CAPTION>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                            STATEMENTS OF OPERATIONS


                                                                                 Dec. 21, 1992
                                     Nine Months Ended         Year Ended       (inception) to
                                         September 30,       December 31,        September 30,
                                                  2007               2006                 2007
                                     _________________     ______________       ______________
<S>                                       <C>              <C>                    <C>

Revenues                                  $          0       $          0         $        0

Cost of revenue                                      0                  0                  0
                                          ____________       ____________         __________
           Gross profit                   $          0       $          0         $        0

General, selling and
   administrative expenses                       4,255              4,387             61,398
                                          ____________       ____________         __________
           Operating loss                 $     (4,255)      $     (4,387)        $  (61,398)

Nonoperating income (expense)                        0                  0                  0
                                          ____________       ____________         __________
   Net loss                               $     (4,255)      $     (4,387)        $  (61,398)
                                          ============       ============         ==========
   Net loss per share, basic
   and diluted                            $      (0.00)      $      (0.00)        $    (0.00)
                                          ============       ============         ==========
   Average number of shares
   of common stock outstanding              12,090,000         12,090,000         12,090,000
                                          ============       ============         ==========

</TABLE>

                 See Accompanying Notes to Financial Statements.

                                      F-2


<PAGE>

<TABLE>
<CAPTION>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                       STATEMENTS OF STOCKHOLDERS' DEFICIT


                                                                                        Accumulated
                                                                                          Deficit
                                               Common Stock             Additional        During
                                          _______________________        Paid-In        Development
                                           Shares         Amount         Capital           Stage             Total
                                         __________       _______       __________      ____________       _________
<S>                                       <C>             <C>            <C>               <C>             <C>

Balance, December 21, 1992, issue
   common stock                          12,090,000       $12,090       $(10,230)         $       0        $   1,860
Net loss, December 31, 1992                                                                  (1,860)          (1,860)
                                         __________       _______       ________          _________        _________
Balance, December 31, 1992               12,090,000       $12,090       $(10,230)         $       0        $       0
Net loss, December 31, 1993                                                                       0                0
                                         __________       _______       ________          _________        _________
Balance, December 31, 1993               12,090,000       $12,090       $(10,230)         $  (1,860)       $       0
Net loss, December 31, 1994                                                                       0                0
                                         __________       _______       ________          _________        _________
Balance, December 31, 1994               12,090,000       $12,090       $(10,230)         $  (1,860)       $       0
Net loss December 31, 1995                                                                        0                0
                                         __________       _______       ________          _________        _________
Balance, December 31, 1995               12,090,000       $12,090       $(10,230)         $  (1,860)       $       0
Net loss, December 31, 1996                                                                       0                0
                                         __________       _______       ________          _________        _________
Balance, December 31, 1996               12,090,000       $12,090       $(10,230)         $  (1,860)       $       0
Net loss, December 31, 1997                                                                       0                0
                                         __________       _______       ________          _________        _________
Balance, December 31, 1997               12,090,000       $12,090       $(10,230)         $  (1,860)       $       0

December 18, 1998, changed from no
   par value to $0.001                                     (1,858)         1,858

December 18, 1998, forward stock
   1,000:1                                                  1,858         (1,858)

Net loss, December 31, 1998                                                                    (450)            (450)
                                         __________       _______       ________          _________        _________
Balance, December 31, 1998               12,090,000       $12,090       $(10,230)         $  (2,320)       $    (450)
Net loss, December 31, 1999                                                                 (22,668)         (22,668)
                                         __________       _______       ________          _________        _________
Balance, December 31, 1999               12,090,000       $ 1,860       $(10,230)         $ (24,978)       $ (23,118)
Net loss, December 31, 2000                                                                  (8,394)          (8,394)
                                         __________       _______       ________          _________        _________
Balance, December 31, 2000               12,090,000       $12,090       $(10,230)         $ (33,372)       $ (31,512)
Net loss, December 31, 2001                                                                  (4,888)          (4,888)
                                         __________       _______       ________          _________        _________
Balance, December 31, 2001               12,090,000       $12,090       $(10,230)         $ (38,260)       $ (36,400)
Net loss, December 31, 2002                                                                  (3,156)          (3,156)
                                         __________       _______       ________          _________        _________
Balance, December 31, 2002               12,090,000       $12,090       $(10,230)         $ (41,416)       $ (39,556)
Net loss, December 31, 2003                                                                     (85)             (85)
                                         __________       _______       ________          _________        _________
Balance, December 31, 2003               12,090,000       $12,090       $(10,230)         $ (41,501)       $ (39,641)
Net loss December 31, 2004                                                                   (2,840)          (2,840)
                                         __________       _______       ________          _________        _________
Balance, December 31, 2004               12,090,000       $12,090       $(10,230)         $ (44,341)       $ (42,481)
Net loss December 31, 2005                                                                   (8,415)          (8,415)
                                         __________       _______       ________          _________        _________
Balance, December 31, 2005               12,090,000       $12,090       $(10,230)         $ (52,756)       $ (50,896)

July 14, 2006, forward stock
   dividend: 5.5:1
Net loss December 31, 2006                                                                   (4,387)          (4,387)
                                         __________       _______       ________          _________        _________
Balance, December 31, 2006               12,090,000       $12,090       $(10,230)         $ (57,143)       $ (55,283)
Net loss, September 30, 2007                                                                 (4,255)          (4,255)
                                         __________       _______        _______          _________        _________
Balance, September 30, 2007              12,090,000       $12,090       $(10,230)         $ (61,398)       $ (59,538)
                                         ==========       =======       ========          =========        =========

</TABLE>


                 See Accompanying Notes to Financial Statements.


                                      F-3

<PAGE>
<TABLE>
<CAPTION>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                            STATEMENTS OF CASH FLOWS


                                                                               Dec. 21, 1992
                                   Nine Months Ended         Year Ended       (inception) to
                                       September 30,       December 31,        September 30,
                                                2007               2006                 2007
                                   _________________       ____________       ______________
<S>                                     <C>                 <C>                <C>

Cash Flows From
Operating Activities
    Net loss                             $ (4,255)          $ (4,387)           $ (61,398)
    Adjustments to reconcile net
    loss to cash used in
    operating activities:
    Changes in assets
    and liabilities
    Increase (decrease) in
    accounts payable                         (456)               456                    0
                                         ________           ________            _________
         Net cash used in
            operating activities         $ (4,711)          $ (3,931)           $ (61,398)
                                         ________           ________            _________
Cash Flows From
Investing Activities                     $      0           $      0            $       0
                                         ________           ________            _________

Cash Flows From
Financing Activities
    Issuance of common stock                    0                  0                1,860
    Increase in officer advances            4,711              3,931               59,538
                                         ________           ________            _________
         Net cash provided by
            financing activities         $  4,711           $  3,931            $  61,398
                                         ________           ________            _________

         Net increase (decrease)
            in cash                      $      0           $      0            $       0

Cash, beginning of period                       0                  0                    0
                                         ________           ________            _________
Cash, end of period                      $      0           $      0            $       0
                                         ========           ========            =========

SUPPLEMENTAL INFORMATION

Interest paid                            $      0           $      0            $       0
                                         ========           ========            =========

Income taxes paid                        $      0           $      0            $       0
                                         ========           ========            =========

</TABLE>


                 See Accompanying Notes to Financial Statements.

                                      F-4


<PAGE>

                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                          NOTES TO FINANCIAL STATEMENTS


NOTE 1.  NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS:

Sierra Resource Group, Inc. ("Company") was organized December 21, 1992 under
the laws of the State of Nevada. The Company currently has no operations and, in
accordance with Statement of Financial Accounting Standard (SFAS) No. 7,
"ACCOUNTING AND REPORTING BY DEVELOPMENT STAGE ENTERPRISES," is considered a
Development Stage Enterprise.


A SUMMARY OF THE COMPANY'S SIGNIFICANT ACCOUNTING POLICIES IS AS FOLLOWS:

ESTIMATES

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

CASH

For the Statements of Cash Flows, all highly liquid investments with maturity of
three months or less are considered to be cash equivalents. There were no cash
equivalents as of September 30, 2007 and December 31, 2006.

INCOME TAXES

Income taxes are provided for using the liability method of accounting in
accordance with SFAS No. 109 "ACCOUNTING FOR INCOME TAXES." A deferred tax asset
or liability is recorded for all temporary differences between financial and tax
reporting. Temporary differences are the differences between the reported
amounts of assets and liabilities and their tax basis. Deferred tax assets are
reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be
realized. Deferred tax assets and liabilities are adjusted for the effect of
changes in tax laws and rates on the date of enactment.

GOING CONCERN

The Company's financial statements are prepared in accordance with generally
accepted accounting principles applicable to a going concern. This contemplates
the realization of assets and the liquidation of liabilities in the normal
course of business. Currently, the Company does have cash, but not material
assets, nor does it have operations or a source of revenue sufficient to cover
its operation costs and allow it to continue as a going concern. The Company
will be dependent upon the raising of additional capital through placement of
our common stock in order to implement its business plan, or merge with an
operating company. There can be no assurance that the Company will be successful
in either situation in order to continue as a going concern. The officers and
directors have committed to advancing certain operating costs of the Company.

                                      F-5

<PAGE>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                          NOTES TO FINANCIAL STATEMENTS


NOTE 1.  NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2004, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 123R "SHARE BASED PAYMENT." This statement is a revision to SFAS 123 and
supersedes Accounting Principles Board (APB) Opinion No. 25, "ACCOUNTING FOR
STOCK ISSUED TO EMPLOYEES," and amends FASB Statement No. 95, "STATEMENT OF CASH
FLOWS." This statement requires a public entity to expense the cost of employee
services received in exchange for an award of equity instruments. This statement
also provides guidance on valuing and expensing these awards, as well as
disclosure requirements of these equity arrangements. This statement is
effective for the first interim reporting period that begins after June 15,
2005.

          SFAS 123R permits public companies to choose between the following two
          adoption methods:

          1. A "modified prospective" method in which compensation cost is
          recognized beginning with the effective date (a) based on the
          requirements of SFAS 123R for all share-based payments granted after
          the effective date and (b) based on the requirements of Statement 123
          for all awards granted to employees prior to the effective date of
          SFAS 123R that remain unvested on the effective date, or

          2. A "modified retrospective" method which includes the requirements
          of the modified prospective method described above, but also permits
          entities to restate based on the amounts previously recognized under
          SFAS 123 for purposes of pro forma disclosures either (a) all prior
          periods presented or (b) prior interim periods of the year of
          adoption.

As we do not currently have share based payments, we expect no impact to the
financial statements due to the adoption of SFAS 123R.

In February 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 155, "Accounting for Certain Hybrid Financial Instruments--an Amendment of
FASB Statements No. 133 and 140" ("SFAS No. 155"). SFAS No. 155 allows financial
instruments that contain an embedded derivative and that otherwise would require
bifurcation to be accounted for as a whole on a fair value basis, at the
holders' election. SFAS No. 155 also clarifies and amends certain other
provisions of SFAS No. 133 and SFAS No. 140. This statement is effective for all
financial instruments acquired or issued in fiscal years beginning after
September 15, 2006. We do not expect that the adoption of SFAS No. 155 will have
a material impact on our financial condition or results of operations.

In March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing of
Financial Assets--an Amendment of FASB Statement No. 140" ("SFAS No. 156"). SFAS
No. 156 provides guidance on the accounting for servicing assets and liabilities
when an entity undertakes an obligation to service a financial asset by entering
into a servicing contract. This statement is effective for all transactions in
fiscal years beginning after September 15, 2006. We do not expect that the
adoption of SFAS No. 156 will have a material impact on our financial condition
or results of operations.


                                      F-6


<PAGE>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                          NOTES TO FINANCIAL STATEMENTS


NOTE 1.  NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

In June 2006, the Emerging Issues Task Force ("EITF") reached a consensus on
EITF Issue No. 06-3, "How Taxes Collected from Customers and Remitted to
Governmental Authorities Should Be Presented in the Income Statement (That Is,
Gross versus Net Presentation)" ("EITF 06-3"). EITF 06-3 provides that the
presentation of taxes assessed by a governmental authority that is directly
imposed on a revenue-producing transaction between a seller and a customer on
either a gross basis (included in revenues and costs) or on a net basis
(excluded from revenues) is an accounting policy decision that should be
disclosed. The provisions of EITF 06-3 will be effective for us as of January 1,
2007. We do not expect that the adoption of EITF 06-3 will have a material
impact on our consolidated financial statements.

In July 2006, the FASB issued FIN 48, "Accounting for Uncertainty in Income
Taxes--an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48 clarifies
the recognition threshold and measurement of a tax position taken on a tax
return. FIN 48 is effective for fiscal years beginning after December 15, 2006.
FIN 48 also requires expanded disclosure with respect to the uncertainty in
income taxes. We are currently evaluating the requirements of FIN 48 and the
impact this interpretation may have on our financial statements.

In September 2006, the SEC Staff issued SEC Staff Accounting Bulletin 107,
"Implementation Guidance for FASB 123 (R)." The staff believes the guidance in
the SAB will assist issuers in their initial implementation of Statement 123R
and enhance the information received by investors and other users of financial
statements, thereby assisting them in making investment and other decisions.
This SAB includes interpretive guidance related to share-based payment
transactions with non-employees, the transition from nonpublic to public entity
status, valuation methods (including assumptions such as expected volatility and
expected term), the accounting for certain redeemable financials instruments
issued under share-based payment arrangements, the classification of
compensation expense, non-GAAP financial measures, first-time adoption of
Statement 123R in an interim period, capitalization of compensation cost related
to share-based payment arrangements, the accounting for income tax effects of
share-based payment arrangements upon adoption of Statement 123R and disclosures
of MD&A subsequent to adoption of Statement 123R.

In September 2006, the SEC Staff issued SEC Staff Accounting Bulletin 107,
"Implementation Guidance for FASB 123 (R)." The staff believes the guidance in
the SAB will assist issuers in their initial implementation of Statement 123R
and enhance the information received by investors and other users of financial
statements, thereby assisting them in making investment and other decisions.
This SAB includes interpretive guidance related to share-based payment
transactions with non-employees, the transition from nonpublic to public entity
status, valuation methods (including assumptions such as expected volatility and
expected term), the accounting for certain redeemable financials instruments
issued under share-based payment arrangements, the classification of
compensation expense, non-GAAP financial measures, first-time adoption of
Statement 123R in an interim period, capitalization of compensation cost related
to share-based payment arrangements, the accounting for income tax effects of
share-based payment arrangements upon adoption of Statement 123R and disclosures
of MD&A subsequent to adoption of Statement 123R.


                                      F-7


<PAGE>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                          NOTES TO FINANCIAL STATEMENTS


NOTE 1.  NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

In September 2006, the SEC Staff issued Staff Accounting Bulletin No. 108,
"Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in the Current Year Financial Statements" ("SAB No. 108"). SAB No.
108 requires the use of two alternative approaches in quantitatively evaluating
materiality of misstatements. If the misstatement as quantified under either
approach is material to the current year financial statements, the misstatement
must be corrected. If the effect of correcting the prior year misstatements, if
any, in the current year income statement is material, the prior year financial
statements should be corrected. In the year of adoption (fiscal years ending
after November 15, 2006 or calendar year 2006 for us), the misstatements may be
corrected as an accounting change by adjusting opening retained earnings rather
than being included in the current year income statement. We do not expect that
the adoption of SAB No. 108 will have a material impact on our financial
condition or results of operations.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements" (SFAS
157). SFAS 157 provides guidance for using fair value to measure assets and
liabilities. SFAS 157 addresses the requests from investors for expanded
disclosure about the extent to which companies measure assets and liabilities at
fair value, the information used to measure fair value and the effect of fair
value measurements on earnings. SFAS 157 applies whenever other standards
require (or permit) assets or liabilities to be measured at fair value, and does
not expand the use of fair value in any new circumstances. SFAS 157 is effective
for financial statements issued for fiscal years beginning after November 15,
2007 and will be adopted by the Company in the first quarter of fiscal year
2009. We do not expect that the adoption of SFAS 157 will have a material impact
on our financial condition or results of operations.

In September 2006, the FASB issued SFAS No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans" ("SFAS No. 158"). SFAS
No. 158 requires companies to recognize in their statement of financial position
an asset for a plan's overfunded status or a liability for a plan's underfunded
status and to measure a plan's assets and its obligations that determine its
funded status as of the end of the company's fiscal year. Additionally, SFAS No.
158 requires companies to recognize changes in the funded status of a defined
benefit postretirement plan in the year that the changes occur and those changes
will be reported in comprehensive income. The provision of SFAS No. 158 that
will require us to recognize the funded status of our postretirement plans, and
the disclosure requirements, will be effective for us as of December 31, 2006.
We do not expect that the adoption of SFAS No. 158 will have a material impact
on our consolidated financial statements.

FAS 123(R)-5 was issued on October 10, 2006. The FSP provides that instruments
that were originally issued as employee compensation and then modified, and that
modification is made to the terms of the instrument solely to reflect an equity
restructuring that occurs when the holders are no longer employees, then no
change in the recognition or the measurement (due to a change in classification)
of those instruments will result if both of the following conditions are met:
(a). There is no increase in fair value of the award (or the ratio of intrinsic
value to the exercise price of the award is preserved, that is, the holder is
made whole), or the antidilution provision is not added to the terms of the
award in contemplation of an equity restructuring; and (b). All holders of the
same class of equity instruments (for example, stock options) are treated in the
same manner. The provisions in this FSP shall be applied in the first reporting
period beginning after the date the FSP is posted to the FASB website. We will
evaluate whether the adoption will have any impact on your financial statements.


                                      F-8


<PAGE>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                          NOTES TO FINANCIAL STATEMENTS


NOTE 2.  STOCKHOLDERS' EQUITY

COMMON STOCK

The authorized common stock of the Company consists of 25,000,000 shares with
par value of $0.001. On December 24, 1992 the Company authorized and issued
1,860 shares of its no par value common stock in consideration of $1,860 in
cash.

On December 18, 1998, the State of Nevada approved the Company's restated
Articles of Incorporation, which increased its capitalization from 2,500 common
shares to 25,000,000 common shares. The no par value was changed to $0.001 per
share.

On December 18, 1998, the Company's shareholders approved a forward split of its
common stock at one thousand shares for one share of the existing shares. The
number of common stock shares outstanding increased from 1,860 to 1,860,000.
Prior period information has been restated to reflect the stock split.

On July 14, 2006, the Company's shareholders declared a 5.5 share dividend for
each on share of the issued and outstanding shares. The record date was July 28,
2006; payable July 31, 2006. The number of common stock shares outstanding
increased from 1,860,000 to 12,090,000. Prior period information has been
restated to reflect the stock dividend.

The Company has not authorized any preferred stock.

NET LOSS PER COMMON SHARE

Net loss per share is calculated in accordance with SFAS No. 128, "EARNINGS PER
SHARE." The weighted-average number of common shares outstanding during each
period is used to compute basic loss per share. The calculation of diluted net
loss per share gives effect to common stock equivalents, however, potential
common shares are excluded if their effect is antidilutive.

Basic net loss per common share is based on the weighted average number of
shares of common stock outstanding of 12,090,000 during 2007, 2006, and since
inception. As of September 30, 2007 and December 31, 2006, and since inception,
the Company had no dilutive potential common shares.

NOTE 3.  INCOME TAXES

We did not provide any current or deferred U.S. federal income tax provision or
benefit for any of the periods presented because we have experienced operating
losses since inception. We provided a full valuation allowance on the net
deferred tax asset, consisting of net operating loss carryforwards, because
management has determined that it is more likely than not that we will not earn
income sufficient to realize the deferred tax assets during the carryforward
period.


                                      F-9


<PAGE>


                           SIERRA RESOURCE GROUP, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                          NOTES TO FINANCIAL STATEMENTS


NOTE 3.  INCOME TAXES (CONTINUED)

The  components of the Company's  deferred tax asset as of December 31, 2006 and
2005 is as follows:

                                                 2006            2005
                                               ________        ________

         Net operating loss carryforward       $ 19,429        $ 17,937

         Valuation allowance                    (19,429)        (17,937)
                                               ________        ________
         Net deferred tax asset                $      0        $      0
                                               ========        ========

A reconciliation of income taxes computed at the statutory rate to the income
tax amount recorded is as follows:

                                                                         Since
                                                2005          2004     Inception
                                              _______       _______    _________

         Tax at statutory rate (34%)          $ 1,492       $ 2,861    $ 19,429

         Increase in valuation allowance       (1,492)       (2,861)    (19,429)
                                              _______       _______    ________

         Net deferred tax asset               $     0       $     0    $      0
                                              =======       =======    ========

The net federal operating loss carry forward will expire between 2016 and 2026.
This carry forward may be limited upon the consummation of a business
combination under IRC Section 381.

NOTE 4.  RELATED PARTY TRANSACTIONS

The Company neither owns nor leases any real or personal property. An officer or
resident agent of the corporation provides office services without charge. Such
costs are immaterial to the financial statements and accordingly, have not been
reflected therein. The officers and directors for the Company are involved in
other business activities and may, in the future, become involved in other
business opportunities. If a specific business opportunity becomes available,
such persons may face a conflict in selecting between the Company and their
other business interest. The Company has not formulated a policy for the
resolution of such conflicts.


NOTE 5.  WARRANTS AND OPTIONS

There are no warrants or options outstanding to acquire any additional shares of
common stock of the Company.


NOTE 6.  OFFICERS ADVANCES

The Company has incurred costs while seeking additional capital through a merger
with an existing company. An officer of the Company has advanced funds on behalf
of the Company to pay for these costs. These funds have been advanced interest
free.


                                      F-10


<PAGE>


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

     The discussion contained herein contains "forward-looking statements" that
involve risk and uncertainties. These statements may be identified by the use of
terminology such as "believes," "expects," "may," "should" or anticipates" or
expressing this terminology negatively or similar expressions or by discussions
of strategy. The cautionary statements made in this Form 10QSB should be read as
being applicable to all related forward-looking statements wherever they appear
in this Form 10QSB. Our actual results could differ materially from those
discussed in this report.

Generally.

     Sierra Resource Group, Inc. (sometimes the "Company") currently has no
assets or operations. We originally intended to engage in the acquisition of oil
and natural gas leases, primarily in East Texas. It was our intent to enter into
lease option agreements for leasehold interests in both developed and
undeveloped acres. In the event any leasehold interests were acquired, we
intended to enter into an exploration and development agreements with third
parties wherein said third parties would, at its risk and expense, operate,
develop and explore the property thereby relieving us of any future significant
operating, exploration and development costs. We contemplated negotiating or
retaining a small volumetric overriding royalty interest above the royalty
leasehold interest and/or a retention of a working interest. If we needed
additional funds, an offering of the Company's securities was contemplated. As
at March 31, 1992, the Company was still deemed to be a developmental stage
company and all funds raised in order to fulfill our initial objective had been
expended and we, thereafter, become dormant.

     As of the date hereof, the we can be defined as a "shell" company, whose
sole purpose is to locate and consummate a merger or acquisition with another
public entity or a private entity.

Plan of Operation.

     As a shell company, we intend to seek to acquire assets or shares of an
entity actively engaged in business that generates revenues in exchange for our
securities. We have currently recommenced focusing our efforts on reviewing and
negotiating the acquisition of mineral prospects or entering into a business
combination with an existing mineral business. As of the date hereof, we have
not been successful in closing any acquisitions. The parties with whom our
officers have held very preliminary negotiations appear to be insistent on our
stock being listed on an exchange or in a quotation system. Our stock is not
currently listed on an exchange or quotation system.

     Our plan of operations for the next twelve months is to complete the
following objectives within the time periods specified:

     1. Our first milestone is to register our shares for resale by existing
shareholders. We have a registration statement pending with the Securities and
Exchange Commission. If it becomes effective, we will then attempt to obtain a
trading symbol to trade our shares in the OTC Bulletin Board System. A
broker-dealer has applied to the NASD for a trading symbol to begin trading our
shares on the OTC Bulletin Board and this is expected to be completed within
ninety (90) days from date that our registration statement becomes effective.

     2. We plan to investigate and attempt to attract possible projects, merger
or business acquisition candidates through the issuance of additional shares of
our common stock. We will attempt this even while our registration statement is
pending. We will be required to update our registration statement (and the
prospectus contained in the registration statement) to reflect any facts or
events arising before it is effective and after it is effective and during the
offering period, to reflect any facts or events that represent a fundamental
change in the information contained in the registration statement.


                                       2


<PAGE>


     3. The acquisition of an interest in any mineral properties requires an
extensive review, as does the investigation of any other merger or acquisition
candidate. We are unable at this time, to determine with any degree of accuracy
the amount of time that it would take for us to locate a suitable acquisition or
merger candidate and to complete such a transaction.

     In order to obtain further financing, unless we complete an acquisition of
a mineral prospect, we believe that debt financing will not be an alternative
for funding as we do not have tangible assets to secure any debt financing. We
anticipate that any additional funding will be in the form of equity financing
from the sale of our common stock. However, we do not have any financing
arranged and we cannot provide investors with any assurance that we will be able
to raise sufficient funding from the sale of our common stock.

     The Securities and Exchange Commission has adopted a rule (Rule 419) which
defines a blank-check company as (i) a development stage company, that is (ii)
offering penny stock, as defined by Rule 3a51-1, and (iii) that has no specific
business plan or purpose or has indicated that its business plan is engage in a
merger or acquisition with an unidentified company or companies. We have been
informed that the Securities and Exchange Commission position is that the
securities issued by all blank check companies that are issued in unregistered
offerings must be registered with the Commission before resale. At the time that
our shareholders acquired our stock in 1996, we had a specific business plan and
purpose. In addition, Rule 419 is applicable only if a registration statement is
filed covering an offering of a penny stock by a blank check company.

     On June 29, 2005, the Securities and Exchange Commission adopted final
rules amending the Form S-8 and the Form 8-K for shell companies like us. The
amendments expand the definition of a shell company to be broader than a company
with no or nominal operations/assets or assets consisting of cash and cash
equivalents, the amendments prohibit the use of a From S-8 (a form used by a
corporation to register securities issued to an employee, director, officer,
consultant or advisor, under certain circumstances), and revise the Form 8-K to
require a shell company to include current Form 10 or Form 10-SB information,
including audited financial statements, in the filing on Form 8-K that the shell
company files to report the acquisition of the business opportunity. The rules
are designed to assure that investors in shell companies that acquire operations
or assets have access on a timely basis to the same kind of information as is
available to investors in public companies with continuing operations.

Financial Condition.

     Our auditor's going concern opinion for prior years ended and the notation
in the financial statements indicate that we do not have significant cash or
other material assets and that we are relying on advances from stockholders,
officers and directors to meet limited operating expenses. We do not have
sufficient cash or other material assets or do we have sufficient operations or
an established source of revenue to cover our operational costs that would allow
us to continue as a going concern. We are insolvent in that we are unable to pay
our debts in the ordinary course of business as they become due.

     Since the Company has had no operating history nor any revenues or earnings
from operations, with no significant assets or financial resources, we will in
all likelihood sustain operating expenses without corresponding revenues, at
least until the acquisition of mineral prospects or the consummation of a
business combination. This may result in the Company incurring a net operating
loss which will increase continuously until the Company can consummate the
acquisition of mineral prospects or a business combination with a profitable
business.


                                      3

<PAGE>


Liquidity and Operational Results.

     The Company has no current operating history and does not have any revenues
or earnings from operations. The Company has no assets or financial resources.
We will, in all likelihood, sustain operating expenses without corresponding
revenues, at least until the consummation of a business combination. This may
result in the Company incurring a net operating loss that will increase
continuously until the Company can consummate a business combination with a
profitable business opportunity. There is no assurance that the Company can
identify such a business opportunity and consummate such a business combination.

     We are dependent upon our officers to meet any de minimis costs that may
occur. Paul W. Andre, an officer and director of the Company, has agreed to
provide the necessary funds, without interest, for the Company to comply with
the Securities Exchange Act of 1934, as amended; provided that he is an officer
and director of the Company when the obligation is incurred. All advances are
interest-free.

Liquidity.

     As of September 30, 2007, we had total liabilities of $59,538 and we had a
negative net worth of $59,538. As of December 31, 2006, we had total liabilities
of $55,283 and a negative net worth of $55,283.

     We have had no revenues from inception through December 31, 2006 and we had
no revenues for the period ended September 30, 2007. We have a loss from
inception through December 31, 2006 of $57,143 and a loss from inception through
September 30, 2007 of $61,398.

     We have officer's advances of $59,538 from inception to September 30, 2007.
The officer's advances as of December 31, 2006 were $54,827.

Accounting for a Business Combination.

     In July 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards "SFAS" No. 141, "Business Combinations" and SFAS
No. 142, "Goodwill and Other Intangible Assets." SFAS No. 141 requires business
combinations initiated after June 30, 2001 to be accounted for using the
purchase method of accounting, and broadens the criteria for recording
intangible assets separate from goodwill. Recorded goodwill and intangibles will
be evaluated against these new criteria and may result in certain intangibles
being subsumed into goodwill, or alternatively, amounts initially recorded as
goodwill may be separately identified an recognized apart from goodwill. SGAS
No. 142 requires the use of a non-amortization approach to account for purchased
goodwill and certain intangibles. Under a non-amortization approach, goodwill
and certain intangibles is more than its fair value. Goodwill is the excess of
the acquisition costs of the acquired entity over the fair value of the
identifiable net assets acquired. The Company is required to test goodwill and
intangible assets that are determined to have an indefinite life for impairments
at least annually. The provisions of SFAS No. 142 require the completion of an
annual impairment test with any impairment recognized in current earnings. The
provisions of SFAS No. 141 and SFAS No. 142 may be applicable to any business
combination that we may enter into in the future.

     We have also been informed that most business combinations will be
accounted for as a reverse acquisition with us being the surviving registrant.
As a result of any business combination, if the acquired entity's shareholders
will exercise control over us, the transaction will be deemed to be a capital
transaction where we are treated as a non-business entity. Therefore, the
accounting for the business combination is identical to that resulting from a
reverse merger, except no goodwill or other intangible assets will be recorded.
For accounting purposes, the acquired entity will be treated as the accounting
acquirer and, accordingly, will be presented as the continuing entity.


                                      4

<PAGE>


ITEM 3.  EVALUATION OF DISCLOSURE ON CONTROLS AND PROCEDURES.

     Based on an evaluation of our disclosure controls and procedures as of the
end of the period covered by this Form 10QSB (and the financial statements
contained in the report), our president and treasurer have determined that the
our current disclosure controls and procedures are effective.

     There have not been any changes in our internal control over financial
reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) or
any other factors during the quarter covered by this report, that have
materially affected, or are reasonably likely to materially affect our internal
control over financial reporting.


                                     PART II

                                OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS .....................................None

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND
         USE OF PROCEEDS .......................................None

ITEM 3 - DEFAULTS BY THE COMPANY ON ITS
         SENIOR SECURITIES .....................................None

ITEM 4 - SUBMISSION OF MATTER TO VOTE OF SECURITY
         HOLDERS ...............................................None

ITEM 5 - OTHER INFORMATION......................................None


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

     There were no reports on Form 8-K filed during the quarter for which this
report is filed. The following exhibits are filed with this report:

          31.1 Certification of Chief Executive Officer.

          31.2 Certification of Chief Financial Officer.

          32.1 Section 1350 Certification - Chief Executive Officer.

          32.1 Section 1350 Certification - Chief Financial Officer.


                                      5

<PAGE>


                                   SIGNATURES


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



Dated:  October 17, 2007

                                    SIERRA RESOURCE GROUP, INC.


                                    By: /s/ SANDRA J. ANDRE
                                    _____________________________________
                                    Sandra J. Andre
                                    President and Chief Executive Officer



                                    By: /s/ PAUL W. ANDRE
                                    _____________________________________
                                    Paul W. Andre
                                    Treasurer and Chief Financial Officer


                                       6