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


                                    FORM 10-Q


(Mark One)

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

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2008

                                        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 March 31, 2008, 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

                                 MARCH 31, 2008
                                DECEMBER 31, 2007






                                       2


<PAGE>





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

                                    CONTENTS








________________________________________________________________________________

FINANCIAL STATEMENTS



   Balance Sheets                                                             4

   Statements of Operations                                                   5

   Statements of Stockholders' Deficit                                        6

   Statements of Cash Flows                                                   7

   Notes to Financial Statements                                           8-13
________________________________________________________________________________















                                       3


<PAGE>

<TABLE>
<CAPTION>

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

                                                                   March 31,     December 31,
                                                                        2008             2007
                                                                ____________     ____________
<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                                           $      3,500     $          0
     Officers advances                                                60,563           60,563
                                                                ____________     ____________

          Total current liabilities                                   64,063           60,563
                                                                ____________     ____________

          Total liabilities                                           64,063           60,563
                                                                ____________     ____________

STOCKHOLDERS' DEFICIT
     Common stock: $.001 par value;
        authorized 25,000,000 shares;
        issued and outstanding:  12,090,000
        shares at March 31, 2008 and December 31, 2007                12,090           12,090
     Additional paid-in capital                                      (10,230)         (10,230)
     Accumulated deficit during development stage                    (65,923)         (62,423)
                                                                ____________     ____________

          Total stockholders' deficit                                (64,063)         (60,563)
                                                                ____________     ____________

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


                 See Accompanying Notes to Financial Statements.

</TABLE>


                                       4


<PAGE>

<TABLE>
<CAPTION>

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

                                                                          Dec. 21, 1992
                                    Quarter Ended        Year Ended      (inception) to
                                        March 31,      December 31,           March 31,
                                             2008              2007                2008
                                     ____________      ____________      ______________
<S>                                   <C>               <C>                <C>

Revenues                              $        0        $        0         $        0

Cost of revenue                                0                 0                  0
                                      __________        __________         __________

           Gross profit               $        0        $        0         $        0

General, selling and
   administrative expenses                 3,500             5,280             65,923
                                      __________        __________         __________
           Operating loss             $   (3,500)       $   (5,280)        $  (65,923)

Non operating income (expense)                 0                 0                  0
                                      __________        __________         __________

   Net loss                           $   (3,500)       $   (5,280)        $  (65,923)
                                      ==========        ==========         ==========
   Net loss per share, basic
   and diluted                        $    (0.00)       $    (0.00)
                                      ==========        ==========

   Average number of shares
   of common stock outstanding        12,090,000        12,090,000
                                      ==========        ==========


                 See Accompanying Notes to Financial Statements.

</TABLE>


                                       5


<PAGE>


<TABLE>
<CAPTION>

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

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

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
   1000:1                                                 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       $12,090        $(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, December 31, 2007                                                              ( 5,280)        ( 5,280)
                                       __________       _______        ________         ________        ________
Balance, December 31, 2007             12,090,000       $12,090        $(10,230)        $(62,423)       $(60,563)
Net loss, March 31, 2008                                                                 ( 3,500)        ( 3,500)
                                       __________       _______        ________         ________        ________
Balance, March 31, 2008                12,090,000       $12,090        $(10,230)        $(65,923)       $(64,063)
                                       ==========       =======        ========         ========        ========


                 See Accompanying Notes to Financial Statements.

</TABLE>


                                       6


<PAGE>

<TABLE>
<CAPTION>

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

                                                                          Dec. 21, 1992
                                    Quarter Ended        Year Ended      (inception) to
                                        March 31,      December 31,           March 31,
                                             2008              2007                2008
                                     ____________      ____________      ______________
<S>                                   <C>               <C>                <C>

Cash Flows From
Operating Activities
    Net loss                          $   (3,500)       $   (5,280)        $  (65,923)
    Changes in assets and liabilities
    Increase (decrease) in accounts
       payable                             3,500              (456)             3,500
                                      __________        __________         __________

         Net cash used in
            operating activities      $        0       $    (5,736)        $  (62,423)
                                      __________        __________         __________

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                0             5,736             60,563
                                      __________        __________         __________

         Net cash provided by
            financing activities      $        0             5,736             62,423
                                      __________        __________         __________

         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
                                      ==========        ==========         ==========


                 See Accompanying Notes to Financial Statements.

</TABLE>


                                       7


<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 March 31, 2008 and December 31, 2007.

INCOME TAXES

Income  taxes are  provided  for using the  liability  method of  accounting  in
accordance with SFAS No. 109 "ACCOUNTING FOR INCOME TAXES," and clarified by FIN
48,  "ACCOUNTING  FOR  UNCERTAINTY IN INCOME  TAXES--AN  INTERPRETATION  OF FASB
STATEMENT  NO.  109." 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.

SHARE BASED EXPENSES

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.  The Company adopted SFAS
No. 123R upon  creation of the  company  and  expenses  share based costs in the
period incurred.


                                       8


<PAGE>


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


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

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 not have cash,  or 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.

RECENT ACCOUNTING PRONOUNCEMENTS

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.

In February 2007, the Financial  Accounting  Standards Board issued Statement of
Financial  Accounting  Standards  No. 159,  "The Fair Value Option for Financial
Assets and Financial  Liabilities - Including an amendment of FASB Statement No.
115" (hereinafter  "SFAS No. 159"). This statement permits entities to choose to
measure many financial  instruments  and certain other items at fair value.  The
objective  is to improve  financial  reporting by  providing  entities  with the
opportunity  to mitigate  volatility  in reported  earnings  caused by measuring
related assets and liabilities differently without having to apply complex hedge
accounting  provisions.  This  statement  is  expected to expand the use of fair
value  measurement,  which is consistent with the Board's long-term  measurement
objectives for accounting for financial instruments. This statement is effective


                                       9


<PAGE>


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


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

as of the beginning of an entity's  first fiscal year that begins after November
15, 2007, although earlier adoption is permitted.  Management has not determined
the effect that adopting this  statement  would have on the Company's  financial
condition or results of operations.

In December  2007,  the FASB  issued SFAS  141(R),  "Business  Combinations--  a
replacement  of FASB  Statement  No.  141." This  Statement  replaces  SFAS 141,
"Business  Combinations,"  and  requires  an acquirer  to  recognize  the assets
acquired,  the liabilities  assumed,  including  those arising from  contractual
contingencies,  any contingent consideration, and any noncontrolling interest in
the acquiree at the acquisition  date,  measured at their fair values as of that
date,  with  limited  exceptions  specified in the  statement.  SFAS 141(R) also
requires the acquirer in a business  combination  achieved in stages  (sometimes
referred to as a step  acquisition)  to recognize  the  identifiable  assets and
liabilities, as well as the noncontrolling interest in the acquiree, at the full
amounts of their fair values (or other amounts  determined  in  accordance  with
SFAS  141(R)).   In  addition,   SFAS  141(R)'s   requirement   to  measure  the
noncontrolling interest in the acquiree at fair value will result in recognizing
the goodwill  attributable  to the  noncontrolling  interest in addition to that
attributable to the acquirer.  SFAS 141(R) amends SFAS No. 109,  "Accounting for
Income Taxes," to require the acquirer to recognize changes in the amount of its
deferred tax benefits that are  recognizable  because of a business  combination
either in income from continuing  operations in the period of the combination or
directly in contributed capital, depending on the circumstances.  It also amends
SFAS 142,  "Goodwill  and Other  Intangible  Assets,"  to,  among other  things,
provide guidance on the impairment  testing of acquired research and development
intangible  assets and assets that the acquirer  intends not to use. SFAS 141(R)
applies prospectively to business combinations for which the acquisition date is
on or after the beginning of the first annual  reporting  period beginning on or
after  December 15, 2008. We are currently  assessing the potential  impact that
the adoption of SFAS 141(R) could have on our financial statements.

In  December  2007,  the FASB  issued  SFAS 160,  "Noncontrolling  Interests  in
Consolidated Financial Statements." SFAS 160 amends Accounting Research Bulletin
51, "Consolidated  Financial  Statements," to establish accounting and reporting
standards  for  the  noncontrolling   interest  in  a  subsidiary  and  for  the
deconsolidation  of a  subsidiary.  It  also  clarifies  that  a  noncontrolling
interest in a subsidiary  is an ownership  interest in the  consolidated  entity
that should be reported as equity in the consolidated financial statements. SFAS
160 also  changes the way the  consolidated  income  statement  is  presented by
requiring  consolidated  net income to be reported at amounts  that  include the
amounts attributable to both the parent and the noncontrolling interest. It also
requires disclosure, on the face of the consolidated statement of income, of the
amounts  of  consolidated  net  income  attributable  to the  parent  and to the
noncontrolling  interest.  SFAS 160 requires  that a parent  recognize a gain or
loss in net income when a subsidiary  is  deconsolidated  and requires  expanded
disclosures in the consolidated  financial  statements that clearly identify and
distinguish  between the interests of the parent owners and the interests of the
noncontrolling owners of a subsidiary. SFAS 160 is effective for fiscal periods,
and interim  periods  within those fiscal years,  beginning on or after December
15, 2008. We are currently  assessing the potential  impact that the adoption of
SFAS 141(R) could have on our financial statements.


                                       10


<PAGE>


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


NOTE 2.  STOCKHOLDER'S 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 2008,  2007, and since
inception. As of March 31, 2008 and December 31, 2007, and since inception,  the
Company had no dilutive potential common shares.


                                       11


<PAGE>


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


NOTE 3.  INCOME TAXES (CONTINUED)

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.  Per  Statement  of  Accounting  Standard  No.  109  -
Accounting  for  Income  Tax and FASB  Interpretation  No. 48 -  Accounting  for
Uncertainty in Income Taxes an interpretation of FASB Statement No.109,  when it
is more  likely  than not that a tax asset  cannot be  realized  through  future
income the Company  must allow for this future tax  benefit.  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.

All tax returns have been filed. There are no open tax years.

The  components of the Company's  deferred tax asset as of December 31, 2007 and
2006 are as follows:

                                             2007          2006
                                           ________      ________

       Net operating loss carryforward     $ 21,848      $ 20,000
       Valuation allowance                  (21,848)      (20,000)
                                           ________      ________

       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
                                             2007          2006        Inception
                                           ________      ________      _________

       Tax at statutory rate (35%)         $  1,848         1,535      $ 21,848
       Increase in valuation allowance       (1,848)       (1,535)      (21,848)
                                           ________      ________      ________

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


The net federal  operating loss carry forward will expire between 2016 and 2027.
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.  As of March 31, 2008 and December 31, 2007,  the
Company owed officers $60,563 and $60,563 respectively.

NOTE 5.  WARRANTS AND OPTIONS

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


                                       12


<PAGE>


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


NOTE 6. SUBSEQUENT EVENTS.

During the period ended April 30, 2008, the Company  entered into an "Assignment
and Quit Claim of Oil and Gas Leases"  agreement (the  "Agreement")  with Sierra
Asset  Holdings  LLC (the  "Assignor")  whereby the  Assignor  assigned  100% of
Assignor's  right title and interest in and to the  leasehold  estate in the oil
and gas leases located in Louisiana and Kansas for a note for $29,500 secured by
the oil and gas interests  assigned.  According to the  Agreement,  the Assignor
conveyed 100% of .04% working  interests with a .03% net revenue interest in one
well  and  conveyed  100% of .35%  working  interests  with a .03%  net  revenue
interest in three wells.  The Company had incurred an obligation for $29,500 for
the interests to the Assignor,  all due and payable in April 2010.  The Assignor
had paid cash in the amount of $29,500 to Natural Gas & Oil "Choice" Development
Fund I, LP and Team  Resources,  Inc, during the period ended April 30, 2008 for
the acquired interests assigned.

As of March 31, 2008 and December 31, 2007,  the Company owed  officers  $60,563
and  $60,563  respectively.  The  Assignor  is an  affiliate  of an officer  and
director of the  Company.  The note to the  Assignor is in the amount of $29,500
and is secured by a security interest in the acquired  interests  assigned.  The
note is due and payable in April,  2010.  Giving effect to the transaction,  the
Company is directly or indirectly obligated to the officers and directors in the
total sum of $90,063.









                                       13


<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 10Q should be read as
being applicable to all related forward-looking  statements wherever they appear
in this  Form 10Q.  Our  actual  results  could  differ  materially  from  those
discussed in this report.

Generally.

     Sierra Resource Group, Inc. (sometimes the "Company") currently has limited
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 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,
1993, 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.

     On April 30, 2008,  we entered and  completed  our  acquisition  of certain
assets as  described  in the  "Assignment  and Quit Claim of Oil and Gas Leases"
agreement  (the  "Agreement")  with Sierra Asset  Holdings LLC (the  "Assignor")
whereby the Assignor assigned 100% of Assignor's right title and interest in and
to the  leasehold  estate in the oil and gas  leases  located in  Louisiana  and
Kansas for a note for $29,500 secured by the oil and gas interests assigned.

     Pursuant to the  Agreement,  the  Assignor  conveyed  100% of .04%  working
interests with a .03% net revenue interest in one well and conveyed 100% of .35%
working  interests with a .03% net revenue interest in three wells. The Assignor
had paid $29,500 for the interest to Natural Gas & Oil "Choice" Development Fund
I, LP and Team Resources, Inc., during the period ended April 30, 2008.

     Paul Andre,  an officer and director of the Company,  provided the funds to
Sierra Asset Holdings LLC to acquire the working and net revenue interest in the
wells from  Natural Gas & Oil  "Choice"  Development  Fund I, LP., an  unrelated
party.

     Natural Gas & Oil "Choice" Development Fund I, LP and Team Resources,  Inc.
(with the other  interest  holders)  have  assumed  all  future  and  contingent
obligations  of the Assignor  relating to the  interest,  inclusive of drilling,
testing and completion of the wells and/or costs associated with the abandonment
of the well and shut-in costs.

     As of the date hereof,  we can also be defined as a "shell"  company.

Plan of Operation.

     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 acquired interests in
four wells.  Other  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.   We will  attempt to obtain a trading  symbol to trade our shares in the OTC
     Bulletin  Board  System.   A  broker-dealer   will  be  requested  to  make
     application to the Financial  Industry  Regulatory  Authority for a trading
     symbol to begin  trading  our  shares on the OTC  Bulletin  Board.  This is
     expected to be completed within ninety (90) days.

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.  This will be a continuous effort.


                                       14


<PAGE>


3.   The acquisition of additional  interests 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 1992, 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  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.

     On February 15, 2008, the Securities and Exchange  Commission adopted final
rules  amending  Rule 144  (and  Rule  145) for  shell  companies  like us.  The
amendments  currently in full force and effect provide that the current  revised
holding periods applicable to affiliates and non-affiliates is not now available
for securities  currently  issued by either a reporting or  non-reporting  shell
company,  unless certain  conditions are met. An investor will be able to resell
securities  issued by a shell  company  subject  to Rule 144  conditions  if the
reporting or non-reporting  issuer (i) had ceased to be a shell, (ii) is subject
to the Exchange Act reporting obligations, (iii) has filed all required Exchange
Act reports during the proceeding  twelve months,  and (iv) at least 90 days has
elapsed from the time the issuer has filed the "Form 10 Information"  reflecting
the fact that it had ceased to be a shell  company  before any  securities  were
sold Rule 144. The amendment to Rule  144(i)(1)(i) was not intended to capture a
"startup  company," or a company with a limited  operating history or the shares
originally  issued by us in 1992,  except for the shares of stock currently held
by our officers and directors (affiliates).

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 additional  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.


                                       15

<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  limited  assets and  financial
resources.  We will,  in all  likelihood,  sustain  operating  expenses  without
corresponding  revenues,  at least until the  acquisition of additional  mineral
prospects  or  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  the  acquisition  of additional  mineral  prospects or a
business  combination  with  a  profitable  business  opportunity.  There  is no
assurance  that  the  Company  can  identify  such  a  business  opportunity  or
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 March 31,  2008,  we had total  liabilities  of $64,063  and we had a
negative net worth of $64,063. As of December 31, 2007, we had total liabilities
of $60,563 and a negative net worth of $60,563.

     We have had no revenues from inception through December 31, 2007 and we had
no revenues for the period ended March 31, 2008.  We have a loss from  inception
through December 31, 2007 of $62,423 and a loss from inception through March 31,
2008 of $65,923.

     We have officer's advances of $60,563 from inception to March 31, 2008. The
officer's advances as of December 31, 2007 were $60,563.

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.


                                       16

<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  10Q (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.

ITEM 4.  CONTROLS AND PROCEDURES.

     Internal  control over financial  reporting  refers to the process designed
by, or under the supervision of, our Chief Executive Officer and Chief Financial
Officer, and effected by our Board of Directors, management and other personnel,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial  statements for external purposes in accordance
with generally accepted accounting  principles,  and includes those policies and
procedures that:

     o    Pertain  to the  maintenance  of  records  that in  reasonable  detail
          accurately and fairly reflect the transactions and dispositions of our
          assets;

     o    Provide  reasonable   assurance  that  transactions  are  recorded  as
          necessary to permit preparation of financial  statements in accordance
          with generally accepted accounting  principles,  and that our receipts
          and expenditures are being made only in accordance with  authorization
          of our management and directors; and

     o    Provide reasonable  assurance regarding prevention or timely detection
          of  unauthorized  acquisitions,  use or disposition of our assets that
          could have a material effect on the financial statements.

     Internal control over financial reporting cannot provide absolute assurance
of achieving financial reporting objectives because of its inherent limitations.
It is a process that involves  human  diligence and compliance and is subject to
lapses in judgment and breakdowns resulting from human failures.  It also can be
circumvented by collusion or improper management override.

     Because of such  limitations,  there is a risk that material  misstatements
may not be  prevented  or detected on a timely  basis by internal  control  over
financial reporting.  However,  these inherent limitations are known features of
the financial  reporting process.  Therefore,  it is possible to design into the
process  certain  safeguards  to  reduce,  thought  not  eliminate,  this  risk.
Management is responsible for  establishing  and maintaining  adequate  internal
control  over  our  financial  reporting.  To avoid  segregation  of duty due to
management  accounting size,  management had engaged an outside CPA to assist in
the financial reporting.

     Management has used the framework set forth in the report entitled Internal
Control  -  Integrated  Framework  published  by  the  Committee  of  Sponsoring
Organizations  of the  Treadway  Commission,  known as  COSO,  to  evaluate  the
effectiveness of our internal control over financial reporting.  Based upon this
assessment,  management has concluded  that our internal  control over financial
reporting was effective as of and for the year ended  December 31, 2007 with the
following exceptions:

     o    As a part of our  year  end  review  of our  disclosure  controls  and
          procedures,  we  determined  that  several of our  procedures  require
          additional  documentation;  no sufficient  testing where conducted and
          further  segregation  of duties  needs to be put in  place.  It is our
          belief that those  control  procedures  are being  performed,  however
          documentation of their execution is not available. We are implementing
          additional documentation procedures in order to address this weakness.


                                       17


<PAGE>


     Management has concluded that other than as described  above,  our internal
control  over  financial  reporting  was  effective as of and for the year ended
December 31, 2007 and the current quarter then ended.

     The Company is not an "accelerated  filer" for the 2007 fiscal year because
it is qualified as a "small  business  issuer".  Hence,  under  current law, the
internal controls  certification and attestation  requirements of Section 404 of
the Sarbanes-Oxley act will not apply to the Company.


                                     PART II

                                OTHER INFORMATION

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

ITEM 1A - RISK FACTORS

     Although not required to be disclosed by smaller  reporting  companies,  in
addition to the material risk factors previously  disclosed in our Form 10K, the
following are selected  added risk factors  applicable to our recently  acquired
oil and gas leases.

1.   We are reliant upon third parties.

     We are  wholly  dependent,  at the  present  time,  upon  the  efforts  and
abilities  of  Natural  Gas & Oil  "Choice"  Development  Fund  I,  LP and  Team
Resources, Inc. (with the other interest holders) for the drilling,  testing and
completion  of the wells.  We also have other  unrelated  third  parties who are
drilling and operating the wells  pursuant to agreements  with Natural Gas & Oil
"Choice"  Development Fund I, LP. Natural Gas & Oil "Choice" Development Fund I,
LP has  assumed  all of our future and  contingent  obligations  relating to our
interest,  inclusive of  drilling,  testing and  completion  of the wells and/or
costs  associated  with the abandonment of the well and shut-in costs. If either
fail to perform, our business would be materially and adversely affected.

2.   There may not any oil or gas on our property.

     The search for oil and gas is risky.  We will not know what is  underground
until the wells have been drilled and  completed.  As such,  there may be no oil
and gas under our leases.  Accordingly, we may not discover any oil or gas or if
we discover oil or gas, it may not be in an amount to be of commercial value.

3.   Competition for prospects and producing properties is intense.

     We will be  competing  with a  number  of  other  potential  purchasers  of
prospects and producing  properties,  most of which will have greater  financial
resources than us or our co-interest  holders. In the oil and gas industry,  the
bidding for prospects has become  particularly  intense with  different  bidders
evaluating potential  acquisitions with different product pricing parameters and
other  criteria that result in widely  divergent bid prices.  In the current oil
and gas  lease  environment,  there can be no  assurance  that  there  will be a
sufficient number of suitable prospects  available for acquisition by us or that
we can sell  prospects or obtain  financing for or  participants  with others to
join in the development of prospects.

5.   Title to our wells may not be perfected.

     It is customary in the oil and gas industry that upon acquiring an interest
in a property, that only a preliminary title investigation be done at that time.
We believe that our co-interest  holders follow this custom. If the title to our
leases  should prove to be  defective,  we could lose the costs of  acquisition.
Further,  our legal  interests  in the wells  will be  assigned  to us after the
completion of the wells.

6.   There may exists adverse federal and state taxation laws.

     Federal and state income tax laws are of particular significance to the oil
and gas industry. Recent legislation has eroded previous benefits to oil and gas
producers, and any subsequent legislation may continue this trend. The states in


                                       18


<PAGE>


which we may  conduct  oil and gas  activities  may also  impose  taxes upon the
production of oil and gas located within such states.  There can be no assurance
that the tax laws will not be changed or  interpreted  in the future in a manner
which may adversely affects us.

7. There is substantial government regulation.

     The oil and gas business is subject to substantial governmental regulation,
including  the power to limit the rates at which oil and gas are produced and to
fix the prices at which oil and gas are sold. It cannot be accurately  predicted
whether  additional   legislation  or  regulation  will  be  enacted  or  become
effective.

8. We may have future needs for additional funds in order to finance our
proposed business operations.

     Although our agreements  with others provide for the funding of our current
projects,  we believe that we do not have  adequate  funds  available to acquire
future  prospects or to drill and complete  wells on future lease (without other
participants).  Our continued  operation  therefore  depends upon our ability to
raise  additional  funds through bank  borrowings  or equity or debt  financing.
There is no  assurance  that we will be able to obtain  additional  funding when
needed, or that such funding, if available,  can be obtained on terms acceptable
to us. If we cannot obtain  needed  funds,  we may be forced to curtail or cease
future activities.

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


                                       19


<PAGE>


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.


                                   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:  May 13, 2008

                                    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


                                       20