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 JUNE 30, 2009

                                       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 has submitted  electronically  and
posted on its corporate Web site, if any, every  Interactive  Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS 232.405 of
this chapter)  during the  preceding 12 months (or for such shorter  period that
the registrant was required to submit and post such files). Yes [ ] No [ ]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated filer, a non-accelerated  filer or a smaller reporting company.  See
definitions  of "large  accelerated  filer,"  "accelerated  filer" and  "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

________________________________________________________________________________

                                           Non-accelerated filer        Smaller
Large accelerated                        (Do not check if a smaller    reporting
      filer          Accelerated filer       reporting company)         company
       [ ]                  [ ]                     [ ]                   [X]
________________________________________________________________________________

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 June 30, 2009, and as of the date hereof, there were outstanding  12,090,000
shares of the Registrant's Common Stock, $.001 par value.


<PAGE>


                                     PART I

                              FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS


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

                                FINANCIAL REPORTS

                                 JUNE 30, 2009
                               DECEMBER 31, 2008



























                                        2


<PAGE>


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

                                    CONTENTS


________________________________________________________________________________

FINANCIAL STATEMENTS

          Balance Sheets                                                       4

          Statements of Operations                                             5

          Statement of Stockholders' Deficit                                   6

          Statements of Cash Flows                                             7

          Notes to Financial Statements                                     8-12
________________________________________________________________________________


















                                        3


<PAGE>

<TABLE>
<CAPTION>

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

                                                                     As of            As of
                                                                  June 30,     December 31,
                                                                      2009             2008
                                                               (Unaudited)        (Audited)
                                                             _____________     ____________
<S>                                                              <C>            <C>

                                     ASSETS
CURRENT ASSETS
   Cash                                                          $   1,841      $     1,563
   Account receivable                                                    -              174
                                                                 _________      ___________

     Total current assets                                            1,841            1,737
                                                                 _________      ___________

   Oil & Gas interests - net                                         9,929           12,637
                                                                 _________      ___________

          Total assets                                           $  11,770      $    14,374
                                                                 =========      ===========

                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
     Officer advances                                            $  86,874      $    77,851
     Interest accrued-related party                                  2,060            1,188

                                                                 _________      ___________
          Total current liabilities                                 88,934           79,039
                                                                 _________      ___________

LONG-TERM LIABILITIES
   Note payable-related party                                       29,500           29,500
                                                                 _________      ___________

          Total long-term liabilities                               29,500           29,500
                                                                 _________      ___________

          Total liabilities                                        118,434          108,539
                                                                 _________      ___________

STOCKHOLDERS' DEFICIT
     Common stock: $.001 par value;
        authorized 25,000,000 shares;
        issued and outstanding:  12,090,000
        shares at June 30, 2009 and December 31, 2008               12,090           12,090
     Additional paid-in capital                                    (10,230)         (10,230)
     Accumulated deficit during development stage                 (108,524)         (96,025)
                                                                 _________     ____________

          Total stockholders' deficit                             (106,664)         (94,165)
                                                                 _________     ____________

               Total liabilities and stockholders' deficit       $  11,770      $    14,374
                                                                 =========      ===========


                 See Accompanying Notes to Financial Statements.

</TABLE>


                                        4


<PAGE>

<TABLE>
<CAPTION>

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


                                          For the three      For the three       For the six        For the six    Dec. 21, 1992
                                           months ended       months Ended       months ended       months Ended   (inception) to
                                          June 30, 2009      June 30, 2008      June 30, 2009       June 30, 2008  June 30, 2009
                                          ______________      ______________    ______________      ______________  ______________
<S>                                       <C>                 <C>               <C>                 <C>             <C>

Revenues                                   $          -        $         78      $        159        $         78    $      1,146

Cost of revenue                                       -                   -                 -                   -               -
                                           ____________        ____________      ____________        ____________    ____________

           Gross profit                               -                  78               159                  78           1,146

General, selling and
   administrative expenses                        3,003               3,616             9,078               7,116          88,039
Amortization                                      1,354                   -             2,708                   -           9,264
                                           ____________        ____________      ____________        ____________    ____________
Operating loss                                   (4,357)             (3,616)          (11,786)             (7,116)        (97,303)

Other Income (expense)

Interest expense                                   (436)                  -              (872)                  -          (2,060)
Impairment loss on Oil and Gas interest               -                   -                 -                   -         (10,307)
                                           ____________        ____________      ____________        ____________    ____________

Total other income (expense)                       (436)                  -              (872)                  -         (12,367)

     Net loss                              $     (4,793)       $     (3,538)     $    (12,499)       $     (7,038)   $   (108,524)
                                           ============        ============      ============        ============    ============

     Net loss per share, basic             $      (0.00)       $      (0.00)     $      (0.00)       $      (0.00)   $      (0.01)
                                           ============        ============      ============        ============    ============

     Average number of shares
     of common stock outstanding             12,090,000          12,090,000        12,090,000          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
                                   (UNAUDITED)
                                                                                      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)        $      -        $  1,860
Net loss, December 31, 1992                                                               (1,860)         (1,860)
                                       __________       _______        ________        _________       _________

Balance, December 31, 1992             12,090,000        12,090         (10,230)               -               -
Net loss, December 31, 1993                                                                    -               -
                                       __________       _______        ________        _________       _________

Balance, December 31, 1993             12,090,000        12,090         (10,230)          (1,860)              -
Net loss, December 31, 1994                                                                    -               -
                                       __________       _______        ________        _________       _________

Balance, December 31, 1994             12,090,000        12,090         (10,230)          (1,860)              -

Net loss, December 31, 1995                                                                    -               -
                                       __________       _______        ________        _________       _________

Balance, December 31, 1995             12,090,000        12,090         (10,230)          (1,860)              -

Net loss, December 31, 1996                                                                    -               -
                                       __________       _______        ________        _________       _________

Balance, December 31, 1996             12,090,000        12,090         (10,230)          (1,860)              -

Net loss, December 31, 1997                                                                    -               -
                                       __________       _______        ________        _________       _________

Balance December 31, 1997              12,090,000        12,090         (10,230)          (1,860)              -

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         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, December 31, 2007                                                              ( 5,280)        ( 5,280)
                                       __________       _______        ________        _________       _________
Balance, December 31, 2007             12,090,000        12,090         (10,230)         (62,423)        (60,563)

Net loss, December 31, 2008                                                              (33,602)        (33,602)
                                       __________       _______        ________        _________       _________
Balance, December 31, 2008             12,090,000        12,090         (10,230)         (96,025)        (94,165)

Net loss, June 30, 2009                                                                  (12,499)        (12,499)
                                       __________       _______        ________        _________       _________

Balance, June 30, 2009                12,090,000       $12,090        $(10,230)        $(108,524)      $(106,664)
                                       ==========       =======        ========        =========       =========


                      See Accompanying Notes to Financial Statements.

</TABLE>


                                       6


<PAGE>

<TABLE>
<CAPTION>

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


                                              For the six         For the six         Dec. 21, 1992
                                              months ended        months ended       (inception) to
                                             June 30, 2009       June 30, 2008        June 30, 2009
                                             ______________      ______________      ______________
<S>                                             <C>                 <C>                <C>

CASH FLOWS FROM OPERATING ACTIVITIES

   Net loss                                     $(12,499)           $ (7,038)          $ (108,524)

Adjustments to reconcile net loss to net cash
used in operating activities:
   Amortization                                    2,708                   -                9,264
   Impairment of oil and gas interest                  -                   -               10,307

Changes in operating assets and liabilities
(Increase) decrease in accounts receivable           174                   -                    -

Increase in interest accrued-related party           872                   -                2,060
                                                ________            ________           __________

Net cash used in operating activities             (8,745)                  -              (86,893)
                                                ________            ________           __________

CASH FLOWS FROM INVESTING ACTIVITIES

   Investment in oil and gas interests                 -                   -              (29,500)
                                                ________            ________           __________

   Net cash used in investing activities               -                   -              (29,500)

CASH FLOWS FROM FINANCING ACTIVITIES

   Issuance of common stock                            -                   -                1,860
   Increase in officer advances                    9,023                   -               86,874
   Proceeds from note payable-related party            -                   -               29,500
                                                ________            ________           __________

Net cash provided by financing activities          9,023                   -              118,234
                                                ________            ________           __________

Net increase in cash                                 278                   -                1,841

Cash, beginning of period                          1,563                   -                    -
                                                ________            ________           __________

Cash, end of period                             $  1,841            $      -           $    1,841
                                                ========            ========           ==========

SUPPLEMENTAL CASH FLOW INFORMATION

Amortization                                    $      -            $      -           $        -
                                                ========            ========           ==========

Impairment of oil and gas interest              $      -            $      -           $   10,307
                                                ========            ========           ==========


                 See Accompanying Notes to Financial Statements.

</TABLE>


                                        7


<PAGE>

<PAGE>


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

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 start-up  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.

The  accompanying  Financial  Statements  of Sierra  Resource  Group,  Inc. (the
"Company")  should be read in  conjunction  with the Company's  Annual Report on
Form 10-K for the year ended December 31, 2008.  Significant accounting policies
disclosed therein have not changed.

The accompanying  Financial  Statements and the related footnote information are
unaudited.  In the opinion of  management,  they  include  all normal  recurring
adjustments  necessary  for a fair  presentation  of the  balance  sheet  of the
Company as of June 30, 2009 and the results of operations and cash flows for the
six months ended June 30, 2009.  Results of operations  reported for the interim
periods are not necessarily indicative of results for the entire year.

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 June 30, 2009 and December 31, 2008.

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.


                                       8
<PAGE>


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

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

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.

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 loss per
common share is based on the weighted  average  number of shares of common stock
outstanding  of 12,090,000  for the periods ended June 30, 2009 and December 31,
2008. For the periods ended June 30, 2009 and December 31, 2008, the Company had
no dilutive potential common stock.

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  adequate  cash,  or
significant material assets, nor does it have substantial operations or a source
of revenue sufficient to cover its operation costs and allow it to continue as a
going concern. The Company has an accumulated deficit of ($108,524). The Company
will be dependent upon the raising of additional  capital  through  placement of
our  common  stock in order to  implement  its  business  plan.  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 PRONOUNCMENTS

In May 2009,  the FASB issued SFAS No. 165,  "SUBSEQUENT  EVENTS"  ("SFAS 165").
SFAS 165 provides  authoritative  accounting  literature  related to  evaluating
subsequent events that was previously addressed only in the auditing literature,
and is largely similar to the current  guidance in the auditing  literature with
some  exceptions  that are not  intended  to result in  significant  changes  in
practice. SFAS 165 defines subsequent events and also requires the disclosure of
the date through which an entity has evaluated  subsequent  events and the basis
for that date.  SFAS 165 is  effective  on a  prospective  basis for  interim or
annual  financial  periods ending after June 15, 2009. We plan to adopt SFAS 165
in the  fourth  quarter  of Fiscal  2009 and do not expect it to have a material
impact on our financial statements.



                                       9
<PAGE>


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

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

         In June 2009,  the FASB  issued  Statement  No.  166,  "ACCOUNTING  FOR
TRANSFERS  OF  FINANCIAL  ASSETS - AN  AMENDMENT  OF FASB NO.  140 ("FAS  140"),
ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL  ASSETS AND  EXTINGUISHMENTS
OF  LIABILITIES"  ("FAS  166").  FAS 166 amends the criteria for a transfer of a
financial  asset  to be  accounted  for as a  sale,  redefines  a  participating
interest  for  transfers  of  portions  of  financial  assets,   eliminates  the
qualifying special-purpose entity concept and provides for new disclosures.  FAS
166 is  effective  for the  Company  beginning  in 2010.  Should  the  Company's
accounts receivable securitization programs not qualify for sale treatment under
the revised rules, future  securitization  transactions entered into on or after
January 1, 2010 would be  classified as debt and the related cash flows would be
reflected as a financing activity. The Company is currently assessing the impact
of the standard on its securitization programs.

In  June  2009,  the  FASB  issued  Statement  No.  167,   "AMENDMENTS  TO  FASB
INTERPRETATION NO. 46(R)" ("FAS 167"). FAS 167 amends the consolidation guidance
for variable  interest  entities  ("VIE") by  requiring an on-going  qualitative
assessment  of  which  entity  has  the  power  to  direct   matters  that  most
significantly  impact the  activities of a VIE and has the  obligation to absorb
losses or benefits that could be potentially  significant to the VIE. FAS 167 is
effective for the Company beginning in 2010. The Company is currently  assessing
the impact of the standard on its financial statements.

The FASB issued SFAS No. 168, THE FASB ACCOUNTING STANDARDS CODIFICATION AND THE
HIERARCHY OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES,  on June 29, 2009 and, in
doing so, authorized the Codification as the sole source for authoritative  U.S.
GAAP.  SFAS No.  168 will be  effective  for  financial  statements  issued  for
reporting  periods that end after September 15, 2009.  Once it's  effective,  it
will supersede all accounting standards in U.S. GAAP, aside from those issued by
the SEC. SFAS No. 168 replaces SFAS No. 162 to establish a new hierarchy of GAAP
sources  for  non-governmental  entities  under  the FASB  Accounting  Standards
Codification.


NOTE 2. STOCKHOLDERS' DEFICIT

COMMON STOCK

The authorized  common stock of the Company  consists of 25,000,000  shares with
par value of $0.001.  On December 21, 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 shares  outstanding  increased  from 1,860 to 1,860,000.  Prior
period  information  has  been  restated  to  reflect  the  stock  split,  on  a
retroactive basis.

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

The Company has not authorized any preferred stock.

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

                                       10
<PAGE>

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



NOTE 3. RELATED PARTY TRANSACTIONS

The Company  neither owns nor leases any real or personal  property.  An officer
and resident agency 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 June 30, 2009 and December 31, 2008,  the
Company owed an officer $86,874 and $77,851, respectively.

During the year ended December 31, 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 in the amount of
$29,500 secured by the oil and gas interests assigned. The Company is amortizing
the oil and gas interest on a 3 year  straight line method.  Total  amortization
expense for the six months  ended June 30, 2009 and June 30, 2008 was $2,708 and
$nil,  respectively.  According to the Agreement,  the Assignor conveyed 100% of
the .04%  working  interests  with a .03% net  revenue  interest in one well and
conveyed 100% of .035%  working  interests  with a .03% net revenue  interest in
three wells.  The Company incurred an obligation of $29,500 for the interests to
the  Assignor,  all due and payable in April 2010.  The note bears no  interest;
however the Company has decided to impute  interest based on APB 21 "INTEREST ON
RECEIVABLES  AND  PAYABLES" by imputing a reasonable  rate of interest of 6% per
annum.  The  Assignor  paid cash in the amount of  $29,500 to Natural  Oil & Gas
"Choice"  Development Fund I, LP and Team Resources,  Inc. during the year ended
December 31, 2008 for the acquired interests assigned.

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.  Giving effect to the transaction,
the Company is directly or indirectly obligated to the officers and directors in
the total sum of $118,434  and  $108,539 as of June 30,  2009 and  December  31,
2008, respectively.


                                       11
<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 wherein they appear
in this  Form 10Q.  Our  actual  results  could  differ  materially  from  those
discussed in this report.

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  primarily for leasehold interests in both developed and
undeveloped  acreage.  In the event any leasehold  interests were  acquired,  we
intended  to enter into  exploration  and  developmental  agreements  with third
parties  wherein said third  parties  would at its risk and  expenses,  operate,
develop and explore the property thereby relieving us of any future  significant
operating,  exploration and developmental costs. We contemplated  negotiating or
retaining  a small  overriding  royalty  interest  above the  royalty  leasehold
interest and/or retention of a working interest.  If we needed additional funds,
an offering of the Company's securities was contemplated. Of 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, became 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 of $29,500 secured by the oil and gas interests assigned.

Pursuant to the Agreement,  the Assignor  conveyed 100% of .04% working interest
with a .03% net revenue  interest in one well and conveyed 100% of .035% working
interest 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 year ended December 31, 2008.

Paul W. Andre,  an officer and  director of the  Company,  provided the funds to
Sierra Asset  Holdings  LLC to acquire the working and net revenue  interests 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 interests,  inclusive of drilling,  testing and
completion of the wells and/or  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 acquire assets or shares of an entity actively engaged in a mineral
business that generates revenues in exchange for our securities.


                                       12


<PAGE>


Our plan of operations for the next nine months is as follows:

1.   We plan to investigate and attempt to attract possible mineral prospects or
     mineral businesses projects,  and merger or business acquisition candidates
     through the issuance of additional shares of our common stock. This will be
     a continuous effort.

2.   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.

On June 29, 2005, the Securities and Exchange  Commission adopted 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 nominal
operations/assets  or  assets  consisting  of cash  and  cash  equivalents.  The
amendments  prohibit  the use of a Form  S-8 (a form  used by a  corporation  to
register  securities  issued to an employee,  director,  officer  consultant  or
advisor,  under  certain  circumstances),  and  review 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 kind of information as is available to investors
on 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  holding  periods
applicable to affiliates  and  non-affiliates  holding  restructed  stock is 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 under Rule 144. The amendment to Rule  144(i)(1)(i) was not
intended to capture a "start-up  company," or a company  with 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). Our shares held
by  non-affiliates  have been  registered  under the  Securities Act of 1933, as
amended.


                                       13


<PAGE>


FINANCIAL CONDITION

Our auditor's going concern opinion for the last fiscal year and the notation in
the financial  statements  indicate that we do not have sufficient cash or other
material assets and that we are relying on advances from shareholders,  officers
and directors to meet limited operating expenses. We do not have sufficient cash
or other material assets nor 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 significant  revenues or
earnings from operations,  with no significant assets or financial resources, we
will in all likelihood sustain operating expense 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 of a business combination with a
profitable business.

LIQUIDITY AND OPERATIONAL RESULTS

The Company has a limited operating history and has minimal revenues or earnings
from operations.  The Company has limited 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 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  he is an  officer  and
director of the Company  when the  obligation  is  incurred.  All  advances  are
interest free.

LIQUIDITY

As of June 30,  2009,  we had total assets of $11,770 and total  liabilities  of
$118,434 and we had a negative  net worth of $106,664.  As of December 31, 2008,
we had total assets of $14,374 and total  liabilities of $108,539 and a negative
net worth of $94,165.

We have had nominal revenues from inception (December 21, 1992) through June 30,
2009. We have an accumulated  deficit from inception (December 21, 1992) through
June 30, 2009 of $ 108,524.

We had  officer  advances  as of June 30,  2009 of  $86,874  and  $77,851  as of
December,  31, 2008. As of June 30, 2009,  the total  outstanding  notes payable
including  accrued  interest  is  $31,560,  which is due to an  affiliate  of an
officer  and giving  effect to the note and  accrued  interest,  the Company was
obligated to the officer as of June 30, 2009 for $118,434.

ITEM 3. EVALUATION OF DISCLOURE 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 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 year covered by this report,  that have materially  affected,
or are  reasonably  likely  to  materially  affect  our  internal  control  over
financial reporting.

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:

1)   Pertain to the maintenance of records that in reasonable  detail accurately
     and fairly reflect the transactions and dispositions of our assets.

2)   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

3)   Provide reasonable  assurance  regarding  prevention or timely detection of
     unauthorized acquisitions,  or dispositions 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 breakdown  resulting from human failures.  It also can be
circumvented by collusion or management override.


                                       14

<PAGE>

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 though not eliminate this risk.  Management
is responsible for establishing and maintaining  adequate  internal control over
financial reporting. To avoid segregation of duties due to management accounting
size,  management  has  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,  controls and  procedures  were effective for the quarter ended June
30, 2009.

The Company was not an  "accelerated  filer" for the 2008 fiscal year because it
was  qualified  as a "small  issuer."  Hence,  under  current  law, the internal
controls  certification  and  attestation  requirements  of  Section  404 of the
Sarbanes-Oxley act did not apply to the Company.


















                                       15

<PAGE>


                                     PART II

                                OTHER INFORMATION

ITEM 1  -  LEGAL PROCEEDINGS................................................NONE

ITEM 1A -  RISK FACTORS

Not applicable to smaller reporting companies.

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

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES....................................None

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS................None

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

ITEM 6 - EXHIBITS

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.

















                                       16


<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: August 3, 2009


                           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















                                       17