UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

For the quarterly period ended September 30, 2001

     OR

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

For the transition period from _________ to ___________.


COMMISSION FILE NUMBER:  1-5673
                         ------


                             RANGER INDUSTRIES, INC.
                     ---------------------------------------
              Exact name of Registrant as specified in its charter


Connecticut                                                   06-0768904
-----------                                                   ----------
State or other jurisdiction of                                I.R.S. Employer
incorporation or organization                                 Identification No.


3400 82nd Way North, St. Petersburg, FL                       33710
---------------------------------------                       -----
Address of principal executive offices                        Zip Code

Registrant's telephone number, including area code:  (727) 381-4904
                                                     --------------

Former name, former address and former fiscal year, if changed since last
report:


Indicate by check mark whether Ranger (1) has filed all annual, quarterly and
other 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 Ranger was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.

                               YES  X    NO
                                   ---      ---

The number of shares outstanding of each of the issuer's classes of common
stock, as of November 14, 2001, were 15,610,463 shares, $0.01 par value.

<PAGE>
<TABLE>
<CAPTION>


                               RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                                   (A DEVELOPMENT STAGE ENTERPRISE)
                                 CONDENSED CONSOLIDATED BALANCE SHEETS

                                     PART I. FINANCIAL INFORMATION


                                                ASSETS

                                                                                         Ranger Industries, Inc.
                                                                                              December 31,
                                                                                                  2000
                                                                                             As previously
                                                                                             presented and
                                                 September 30, 2001      December 31,      For Informational
                                                    (Unaudited)              2000            Purposes Only
                                                    ------------         ------------        -------------
<S>                                                 <C>                  <C>                  <C>
Current assets:
  Cash and cash equivalents                         $     20,415         $         85         $ 10,233,478
  Restricted cash and cash equivalents                    56,000
  Prepaid expenses and other current assets               25,625                2,000                2,275
  Refundable income taxes                                   --                   --                 32,755
  Accrued interest receivable                             14,345                 --                   --
                                                    ------------         ------------         ------------
    Total current assets                                 116,385                2,085           10,268,508

Property and equipment                                     8,236                 --                   --

Restricted cash and cash equivalents                   8,500,000                 --                   --
Investment in oil and gas properties                     675,097              161,316                 --
                                                    ------------         ------------         ------------
                                                    $  9,299,718         $    163,401         $ 10,268,508
                                                    ============         ============         ============

                                 LIABILITES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                  $    103,871         $       --           $    199,344
  Accrued expenses, related party                           --                 50,000                 --
  Accrued expenses, other                                   --                  3,718                 --
  Syndication fees payable                                  --                149,316                 --
                                                    ------------         ------------         ------------
    Total current liabilities                            103,871              203,034              199,344
                                                    ------------         ------------         ------------

Note payable, bank                                     8,500,000                 --                   --
                                                    ------------         ------------         ------------
Due to affiliates:
  Syndication fee                                        149,316                 --                   --
  Accruals deferred                                       59,646
  Notes                                                   22,000                 --                   --
                                                    ------------         ------------         ------------
                                                         230,962

Minority interest                                         12,000               12,000                 --
                                                    ------------         ------------         ------------

Stockholders' equity:
  Common stock                                           199,986*              14,720*              52,786
  Capital in excess of par                             9,441,859                 --             12,664,062
  Deficit accumulated during development stage          (412,598)             (66,353)          (2,647,684)
  Less treasury stock (4,388,181 shares at cost)      (8,776,362)                --                   --
                                                    ------------         ------------         ------------
                                                         452,885              (51,633)          10,069,164
                                                    ------------         ------------         ------------

                                                    $  9,299,718         $    163,401         $ 10,268,508
                                                    ============         ============         ============


(*)  $.01 par value 20,000,000 shares authorized; 2001, 19,998,644 shares
     issued, 15,610,463 shares outstanding; 2000, 14,720,000 shares issued and
     outstanding


                       See notes to condensed consolidated financial statements.

                                                   2
<PAGE>


                                RANGER INDUSTRIES, INC. AND SUBSIDARIES
                                   (A DEVELOPMENT STAGE ENTERPRISE)
                            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                              (UNAUDITED)


                                               Three           Nine
                                               Months          Months       Three and     From Inception
                                               Ended           Ended       Nine Months   (March 18, 1998)
                                           ----------------------------       Ended          through
                                                  Sept. 30, 2001          Sept. 30, 2000  Sept. 30, 2001
                                           ----------------------------   --------------  --------------

Revenues                                   $       --      $       --      $       --      $       --

Operating costs and expenses:
   Administrative                                 4,756          15,280            --            16,913
   Salaries and wages                            31,700          91,945          20,000         141,945
   Stock based compensation                        --              --            14,719          14,719
   Consulting and professional fees              12,525         162,728            --           162,728
                                           ------------    ------------    ------------    ------------
     Total operating expenses                    48,981         269,953          34,719         336,305
                                           ------------    ------------    ------------    ------------

Interest expense, net of interest income         71,896          76,293            --            76,293
                                           ------------    ------------    ------------    ------------
   Loss before income taxes                                     346,246            --           412,598

Income taxes:
   Current                                         --              --              --              --
   Deferred                                        --              --              --              --
                                           ------------    ------------    ------------    ------------

Net loss                                   ($   120,877)   ($   346,246)   ($    34,719)   ($   412,598)
                                           ============    ============    ============    ============

Basic loss per share                       ($       .01)   ($       .02)   ($     34.72)   ($       .08)
                                           ============    ============    ============    ============

Weighted average shares outstanding          15,610,463      15,464,751           1,000       4,971,113
                                           ============    ============    ============    ============



                       See notes to condensed consolidated financial statements.

                                                   3
<PAGE>


                              RANGER INDUSTRIES, INC. AND SUBSIDARIES
                                 (A DEVELOPMENT STAGE ENTERPRISE)
                          CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                            (UNAUDITED)


                                                             Nine Months           From Inception
                                                         Ended September 30,      (March 18, 1998)
                                                    ----------------------------      through
                                                        2001             2000      Sept. 30, 2001
                                                    ------------    ------------   --------------
Cash flows from operating activities:
   Net loss                                         ($   346,245)   ($    34,719)   ($   412,598)
                                                    ------------    ------------    ------------

   Adjustments to reconcile net loss to net cash
     used in operating activities:
       Stock-based compensation                             --            14,719          14,719
       Change in assets and liabilities:
         Prepaid expenses and other assets                11,395            --            31,395
         Accrued interest receivable                     (14,345)           --           (14,345)
         Accounts payable and accrued expenses          (539,220)         20,000        (495,501)
                                                    ------------    ------------    ------------
              Total adjustments                         (542,170)         34,719        (463,732)
                                                    ------------    ------------    ------------
Net cash used in operating activities                   (888,415)           --          (876,330)
                                                    ------------    ------------    ------------

Cash flows from investing activities:
   Acquisition of property and equipment                  (8,236)           --            (8,236)
   Advances to related parties                           (45,471)           --           (45,471)
   Collection of advances                                 45,471            --            45,471
   Acquisition of oil and gas properties                (513,781)           --          (525,781)
   Cash acquired in business combination              10,233,478            --        10,233,478
   Deposits to restricted cash                        (8,556,000)           --        (8,556,000)
                                                    ------------    ------------    ------------
Net cash provided by investing activities              1,155,461            --         1,143,461
                                                    ------------    ------------    ------------

Cash flows from financing activities:
   Proceeds from notes payable                         8,500,000            --         8,500,000
   Acquisition of treasury shares                     (8,776,362)           --        (8,776,362)
   Borrowings from affiliate                              31,646            --            31,646
   Repayment of related party debt                        (2,000)           --            (2,000)
                                                    ------------    ------------    ------------
Net cash used in financing activities                   (246,716)           --          (246,716)
                                                    ------------    ------------    ------------

Net increase in cash and cash
   equivalents                                            20,330            --            20,415

Cash and cash equivalents at beginning of period              85            --              --
                                                    ------------    ------------    ------------

Cash and cash equivalents at end of period
   (exclusive of restricted cash of $8,500,000      $     20,415    $       --      $     20,415
                                                    ============    ============    ============

Supplemental disclosure of cash flow information:
Cash paid for interest                              $    344,673    $       --      $    344,623
                                                    ============    ============    ============


                     See notes to condensed consolidated financial statements.

                                                4
</TABLE>
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


1.   Nature of business, basis of presentation and summary of significant
     accounting policies:

     Interim financial statements:

     The interim financial statements of Ranger Industries, Inc. and
     Subsidiaries which are included herein are unaudited and have been prepared
     in accordance with generally accepted accounting principles for interim
     financial information and with the instructions to Form 10-QSB. In the
     option of management, these interim financial statements include all the
     necessary adjustments to fairly present the results of the interim periods,
     and all such adjustments are of a normal recurring nature. The interim
     results reflected in the accompanying financial statements are not
     necessarily indicative of the results of operations for a full fiscal year.

     Nature of business and basis of presentation:

     Bumgarner Enterprises, Inc. ("Bumgarner" or the "Company") was incorporated
     under the laws of the State of Florida in March 1998. There was no
     significant business activity from inception through October 2000. In
     October 2000, the Company acquired assets in the oil and gas industry
     through a joint venture investment and has subsequently pursued exploration
     and development of those and other similar properties.

     In February 2001, Bumgarner merged with Ranger Industries, Inc.'s ("Ranger"
     or the "Registrant") subsidiary (BEI Acquisition Corporation) in
     consideration of Ranger's issuance of 14,720,000 shares for 100% of
     Bumgarner's issued and outstanding stock. This transaction was accounted
     for in accordance with reverse acquisition accounting principles as though
     it were a re-capitalization of Bumgarner and a sale of shares by Bumgarner
     in exchange for the net assets of Ranger. In February 2001, Bumgarner
     completed a tender offer for 4,225,000 shares of Ranger common stock at
     $2.00 per share. Simultaneously, Bumgarner acquired an additional 163,181
     shares pursuant to the terms of a related merger and acquisition agreement.
     The acquisition was financed through a bank loan in the amount of
     $8,500,000, which is collateralized by an equivalent amount in cash and
     cash equivalents.

     As a result, and following the completion, of the merger:

          o    Charles G. Masters, the principal shareholder of Bumgarner,
               acquired 11,401,000 shares of Ranger common stock (including
               400,000 shares held through a trust of which he is the trustee);
               and
          o    The directors of the Registrant resigned and appointed Mr.
               Masters, Robert Sherman Jent, and Henry C. Shults, Jr., to the
               Registrant's board of directors.

                                       5
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


1.   Nature of business, basis of presentation and summary of significant
     accounting policies (continued):

     Nature of business and basis of presentation (continued):

     Since Bumgarner is considered the acquiror for accounting and financial
     reporting purposes, the accompanying December 31, 2000 balance sheet has
     been restated to reflect the financial position of Bumgarner as of that
     date. The accompanying statements of operations for the nine months ended
     September 30, 2001 and 2000 include the results of operations and cash
     flows of Bumgarner for those periods and the results of operations and cash
     flows of Ranger from the date of acquisition (February 6, 2001) through
     September 30, 2001. The December 31, 2000 balance sheet of Ranger as
     previously presented in its December 31, 2000 annual report on Form 10KSB
     has been presented in the accompanying financial statement for
     informational purposes only.

     Background on Ranger:

     In July 1988, Ranger (then known as Coleco Industries, Inc.) filed a
     voluntary petition in United States Bankruptcy Court under Chapter 11 of
     the Federal Bankruptcy Code. Effective February 28, 1990, the bankruptcy
     court approved a plan of reorganization (the "Plan"), pursuant to which all
     then outstanding debt and equity securities of Ranger were canceled, and
     4,000,000 shares of Ranger's new $0.01 par value common stock (the "Common
     Stock") were distributed to the unsecured creditors. On the Effective Date
     of the Plan, Ranger retained $950,000 in cash for working capital purposes
     and was expected to engage in the business of acquiring income producing
     properties or businesses.

     The Plan provided for the creation of a Reorganization Trust in order to
     liquidate the Registrant's remaining assets (other than the $950,000 in
     cash retained by Ranger) and effectuate distributions thereof to Ranger's
     creditors. The Reorganization Trust completed the distribution of its
     assets in May 1996 and was terminated by order of the bankruptcy court on
     August 27, 1996.



                                       6
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


1.   Nature of business, basis of presentation and summary of significant
     accounting policies (continued):

     Background on Ranger (continued):

     The Plan also provided for the creation of a Product Liability Trust in
     order to settle certain personal injury claims (including claims arising
     thereafter) against Ranger. Pursuant to the terms of the Product Liability
     Trust Agreement, residual funds, if any, would revert to Ranger, as grantor
     of the trust, upon the earlier of (a) February 28, 2020, or (b) approval by
     the bankruptcy court of earlier termination of the Product Liability Trust.
     As of September 30, 2001, the Product Liability Trust continues to process
     and liquidate certain product liability claims after the Bankruptcy Court's
     approval of a distribution of the majority of its assets to Ranger as
     described below.

     On May 8, 2000, an order of the United States Bankruptcy Court for the
     Southern District of New York was docketed pursuant to which the trustee of
     the Product Liability Trust was authorized (i) to obtain insurance covering
     all claims made against the Product Liability Trust where the injury giving
     rise to the claim occurred between May 15, 1990 and May 15, 2020, and (ii)
     after paying $1,156,000 for the insurance premiums, to make a cash
     distribution to Ranger of all of the remaining funds in the Product
     Liability Trust other than $600,000 which shall remain in the Product
     Liability Trust to pay for the administrative expenses of the Product
     Liability Trust. The amount of the net distribution to Ranger, which was
     made in May 2000, was $11,002,632.

     Oil and gas properties:

     The Company uses the successful efforts method of accounting for oil and
     gas producing activities. Costs to acquire mineral interests in oil and gas
     properties, to drill and equip exploratory wells that find proved reserves
     and to drill and equip development wells are capitalized. Costs to drill
     exploratory wells that do not find proved reserves, geological and
     geophysical costs, and costs of carrying and retaining unproved properties
     will be expensed.




                                       7
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


1.   Nature of business, basis of presentation and summary of significant
     accounting policies (continued):

     Oil and gas properties (continued):

     Unproved oil and gas properties that are individually significant are
     periodically assessed for impairment of value, and a loss, if any, will be
     recognized at the time of impairment by providing an impairment allowance.
     Other unproved properties will be amortized based on the Company's
     experience of successful drilling and average holding period. Capitalized
     costs of producing oil and gas properties, after considering estimated
     dismantlement and abandonment costs and estimated salvage values, will be
     depreciated and depleted by the unit-of-production method. Support
     equipment and other property and equipment will be depreciated over their
     estimated useful lives.

     The carrying values of the oil and gas properties as reflected in the
     accompanying balance sheet do not reflect the underlying fair values of
     such properties.

     Use of 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 revenue and expenses
     during the reporting period. Actual results could differ from those
     estimates.

     Income taxes:

     Deferred tax assets and liabilities are recognized for the estimated future
     tax consequences attributable to differences between the financial
     statement carrying amounts of existing assets and liabilities and their
     respective tax bases. This method also requires the recognition of future
     tax benefits such as net operating loss carryforwards, to the extent that
     realization of such benefits is more likely than not. Deferred tax assets
     and liabilities are measured using enacted tax rates expected to apply to
     taxable income in the years in which those temporary differences are
     expected to be recovered or settled. The deferred tax assets are reviewed
     periodically for recoverability and valuation allowances are provided, as
     necessary.


                                       8
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


1.   Nature of business, basis of presentation and summary of significant
     accounting policies (continued):

     Principles of consolidation:

     The accompanying consolidated financial statements include the accounts of
     the Company, its wholly-owned subsidiaries and the Company's 74.415%
     interest in Joint Venture Henryetta. All significant intercompany accounts
     and transactions have been eliminated in consolidation.

2.   Business combinations:

     As discussed on Note 1, on February 6, 2001, Ranger merged with Bumgarner,
     acquiring 100% of the outstanding shares in exchange for the issuance of
     14,200,000 shares of Ranger's stock. As the transaction has been accounted
     for as a reverse acquisition (recapitalization of Bumgarner), results of
     operations for Ranger are included in the accompanying financial statements
     from February 6 through September 30, 2001.

     Assets acquired and liabilities assumed from Ranger are as follows:

          Cash                                           $ 10,233,478
          Other current assets                                  2,275
          Refundable income taxes                              32,755
          Accounts payable and accrued expenses              (641,373)
                                                         ------------
          Net assets acquired                            $  9,627,125
                                                         ============

     As also indicated in Note 1, Bumgarner acquired a 74.415% interest in Joint
     Venture - Henryetta in October 2000. Consideration for this equity interest
     was in the form of a $2,073,728 promissory note payable to Henryetta, which
     bears interest at 6% and is payable in full by October 10, 2002. The
     Company will forfeit its interest in Henryetta (pro-rata with any unpaid
     balance) if the note is not paid by the due date or unless the date is
     extended. Since the note is payable to an entity included in the
     consolidated financial statements, the note payable, net of a $467,000
     principal repayment and related interest, have been eliminated in
     consolidation.


                                       9
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


2.   Business combinations (continued):

     Pro-forma results of operations for the nine months ended September 30,
     2001 and 2000 as if these combinations had occurred on January 1, 2000 are
     as follows:

                                         Nine Months Ended Sept. 30,
                                       ------------------------------
                                           2001              2000
                                       -----------      -------------
          Net sales                     $     --         $       --
          Net loss                     ($  785,877)     ($  1,698,986)
          Net loss per share           ($      .05)     ($        .11)
                                       ===========      =============

3.   Oil and gas properties:

     In October 2000, the Company acquired a 74.415% working interest in Joint
     Venture - Henryetta, ("Henryetta" or "Joint Venture") which was formed as a
     general partnership under Oklahoma law and owns four leasehold interests in
     Okfuskee and Coal counties, Oklahoma. The properties at present have no
     producing oil or gas wells, although the first well is complete and is
     expected to begin production in the fourth quarter of 2001. The Company
     expects to drill at least three additional exploratory wells at a total
     cost of $1,800,000. The Joint Venture automatically terminates, unless
     renewed, in 2010.

     The Company has begun the development of a second joint venture also in
     Central Oklahoma. The new properties are known collectively as the OkMac
     JV. In the aggregate, the OkMac properties are believed to contain oil and
     gas reserves of the same order of magnitude as those being developed in the
     Henryetta JV. As with the Henryetta JV, the company's OkMac joint venture
     partner is InterOil and Gas Group, Inc. InterOil and Gas Group, Inc. is an
     Oklahoma based oil services company controlled by Mr. Henry Shults, a
     member of the Ranger Board of Directors. Ranger owns an 80% after payout,
     working interest in the OkMac JV. Prior to payout, the company receives
     100% of the net revenue. (See Note 4 for additional related party
     transactions).


                                       10
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


3.   Oil and gas properties (continued):

     Supplemental information with respect to oil and gas properties is as
     follows:

     Capitalized costs relating to oil and gas exploration and development
     activities at September 30, 2001:

     Unproved oil and gas properties                               $151,480
     Proved oil and gas properties                                  543,617
                                                                   --------
                                                                   $695,097
                                                                   ========

     Costs incurred in oil and gas exploration and development activities for
     the nine months ended September 30, 2001:

     Property acquisition costs:
         Proved                                                    $ 43,200
         Unproved                                                    88,105
     Exploration costs                                                 --
     Development costs                                              402,476
                                                                   --------
                                                                   $533,781
                                                                   ========

     Note: Substantially all oil and gas costs incurred are attributable to the
     majority interest in the joint venture.

     Reserve Information:

     The following estimates of proved and proved developed reserve quantities
     and related standardized measure of discounted net cash flow are estimates
     only, and do not purport to reflect realizable values or fair market values
     of the Company's reserves. The Company emphasizes that reserve estimates
     are inherently imprecise and that estimates of new discoveries are more
     imprecise than those of producing oil and gas properties. Accordingly,
     these estimates are expected to change as future information becomes
     available. All of the Company's reserves are located in Oklahoma.

     Proved reserves are estimated reserves of crude oil (including condensate
     and natural gas liquids) and natural gas that geological and engineering
     data demonstrate with reasonable certainty to be recoverable in future
     years from known reservoirs under existing economic and operating
     conditions. Proved developed reserves are those expected to be recovered
     through existing wells, equipment, and operating methods.


                                       11
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


3.   Oil and gas properties (continued):

     The standardized measure of discounted future net cash flows is computed by
     applying prices of oil and gas ($25/bbl and $3.50/mcf, respectively, with
     no escalation) to the estimated future production of proved oil and gas
     reserves, less estimated future expenditures (based on year-end costs) to
     be incurred in developing and producing the proved reserves, less estimated
     future income tax expenses (based on year-end statutory tax rates, with
     consideration of future tax rates already legislated) to be incurred on
     pretax net cash flows less tax basis of the properties and available
     credits, and assuming continuation of existing economic conditions. The
     estimated future net cash flows are then discounted using a rate of 10% a
     year to reflect the estimated timing of the future cash flows.

                                                          Oil            Gas
     Beginning of year and period:                      (MBbls)         (MMcf)
                                                      -----------    -----------
     Proved, developed reserves                              --             --
     Proved, undeveloped reserves                              89            596
                                                      ===========    ===========
       Total beginning of year and period                      89            596
                                                      ===========    ===========

     End of period:
     Proved, developed reserves                                26            401
     Proved, undeveloped reserves                             206           2400
                                                      ===========    ===========
       Total end of period                                    232           2801
                                                      ===========    ===========

     Standardized measure of discounted future
       net cash flows at September 30, 2001:

         Future cash inflows                                $ 6,726,826
         Future production costs                               (217,500)
         Future development costs                              (284,810)
         Future income tax expenses                          (2,457,900)
                                                            -----------

         Future net cash flows                                3,766,616
           10% annual discount for estimated timing
           of cash flows                                       (790,989)
                                                            -----------

     Standardized measures of discounted future net
       cash flows relating to proved oil and gas
       reserves at beginning and end of period              $ 2,975,627
                                                            ===========

     Ranger share at 74.415% (net after taxes)              $ 2,214,313
                                                            ===========


     As noted in Footnote 1 the carrying values of the oil and gas properties as
     reflected in the accompanying balance sheet do not reflect the underlying
     fair values of such properties.

                                       12
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


4.   Related party transactions:

     Syndication and other fees:

     The Company has agreed to pay one of the partners in the Joint Venture-
     Henryetta (Inter-Oil & Gas, Inc. - "Interoil") a syndication fee
     aggregating $149,316 in connection with the Company's investment in
     Henryetta, which is payable by Interoil to an unrelated third party
     pro-rata upon satisfaction of the note discussed in Note 2 (October 2002).
     This amount is recorded as a liability in the accompanying consolidated
     balance sheet. The OkMac JV has no syndication fee.

     Inter-Oil also manages the joint ventures and is reimbursed for any costs
     it incurs in that regard. Finally, in addition to the aforementioned fees,
     that same partner will earn $25,000 as an operating fee in connection with
     the deep wells to be drilled in Coal County and $12,000 for the shallower
     wells to be drilled in Okfuskee County.

     Due to/from affiliates:

     The Company had previously loaned an affiliate funds aggregating $41,000.
     Repayment of this amount with interest at 12%, was received in the third
     quarter of 2001. Subsequently, the Company received advances from an
     affiliate during the quarter ended September 30, 2001. Repayment of these
     advances has been deferred and will bear interest at 8%. Furthermore, the
     officer of the Company deferred receipt of certain payroll amounts during
     the third quarter, which are included in accruals due affiliates in the
     accompanying balance sheet.

5.   Partnership agreements:

     Under the terms of the Joint Venture - Henryetta agreement, and subject to
     satisfaction of the promissory note, the Company is responsible for
     approximately 93% of expenses and is entitled to 93% of all distributions
     until such time as its investment has been recovered. The other partners
     will collectively share in the remaining 7%. Thereafter, profits, losses
     and distributions shall be allocated 74.415% to the Company, 20% to
     Inter-Oil and 5.585% to others.

     Under the terms of the OkMac joint venture agreement, the Company expects
     to provide 100% of the exploration and development expenses and is entitled
     to 100% of all distributions until such time as its investment has been
     recovered. Thereafter, profits, losses and distributions will be allocated
     80% to the Company, and 20% to InterOil and Gas Group, Inc., the joint
     venture partner and project manager.

                                       13
<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSES CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2001
                                   (UNAUDITED)


6.   Note payable, bank

     Note payable, bank consists of an $8,500,000 note collateralized by a
     restricted certificate of deposit and certain cash equivalents. The loan
     bears interest at 6.4% and matures January 2003.

7.   Income taxes:

     Income taxes consist of the following:

          Deferred tax benefit of operating loss carryforward   $ 140,000
          Increase in valuation allowance                        (140,000)
                                                                ---------
          Income tax expense                                    $    --
                                                                =========

     Income tax expense differs from that which would result from applying
     statutory tax rates to pre-tax loss due to the increase in the valuation
     allowance.

     Deferred tax assets consist of the deferred tax benefit from the operating
     loss carryforward of $140,000, reduced by a $140,000 valuation allowance
     since management cannot presently determine that it is more likely than not
     that such deferred tax assets will be realized. The operating loss
     carryfoward of approximately $400,000 will expire in 2015.




                                       14
<PAGE>


ITEM 2. Management's Discussion and Analysis or Plan of Operation
-----------------------------------------------------------------

General Discussion.
-------------------

     The following discussion should be read in conjunction with Item 1 above,
and the Financial Statements, including the Notes thereto. The following
discussion should also be read in conjunction with the financial statements and
the Plan of Operations contained in the report on Form 10-KSB Ranger Industries,
Inc. ("Ranger") filed with the Securities and Exchange Commission for the year
ended December 31, 2000.

     Ranger is a Connecticut corporation organized in 1961. Ranger is the
successor to the Connecticut Leather Company, which was founded in 1932. From
1961 through 1990, Ranger was known as "Coleco Industries, Inc." In 1988,
Ranger, then known as Coleco Industries, Inc., filed a voluntary petition in
bankruptcy. In 1990, Ranger's plan of reorganization (the "Plan") was approved
by the bankruptcy court and became effective as of February 28, 1990, and Ranger
emerged from Chapter 11. From 1990 to 2000, Ranger did not engage in significant
business activities. These events are more fully described in Note 1 to the
Financial Statements included herein and in the Form 10-KSB referenced above.

     In December 2000, Ranger entered into an Agreement and Plan of Merger and
Reorganization with Bumgarner Enterprises, Inc., a Florida corporation
("Bumgarner"), and BEI Acquisition Corporation, a Florida corporation and
wholly-owned subsidiary of Ranger (the "Merger"). Pursuant to the Merger
Agreement, Bumgarner commenced a cash Tender Offer on December 29, 2000 and
Merger was completed in February 2001. The acquisition was financed through a
bank loan in the amount of $8,500,000, which is collateralized by an equivalent
amount in cash and cash equivalents. The loan bears interest at 6.4% and matures
January 2003. The Merger and the Tender Offer and the terms thereof are more
fully described in Notes 1 and 2 to the Financial Statements included herein and
in the Form 10-KSB referenced above.

     Currently Ranger's activities are being conducted through the Henryetta
Joint Venture, 74.415% of which is owned by Bumgarner, now a wholly-owned
subsidiary of Ranger. The Joint Venture is currently drilling one well (the
Joshua #1) on the Joint Venture's property in Oklahoma. If this well finds oil
and gas in commercial quantities and can be successfully completed for
production, the revenues from this well (together with available working
capital) will be adequate to continue the required drilling activities. However,
if the Joint Venture's drilling and development activities are not successful or
are abandoned, the funds currently available to Ranger and Bumgarner will not be
sufficient to fund additional drilling activities on either the Henryetta or
OkMac properties.

Note of Caution Regarding Forward-looking Statements: This report on Form
10-QSB, including the information incorporated by reference herein, contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Certain statements contained in this report using
the term "may", "expects to", and other terms denoting future possibilities, are
forward looking statements. These statements include, but are not limited to,
those statements relating to development of new products, the financial
condition of Ranger (including its lack of working capital and negative cash
flow). The accuracy of these statements cannot be guaranteed as they are subject
to a variety of risks that are beyond Ranger's ability to predict or control and
which may cause actual results to differ materially from the projections or
estimates contained herein. The business and economic risks faced by Ranger and
Ranger's actual results could differ materially from those anticipated in these
forward-looking statements as a result of certain factors as described herein.

                                       15
<PAGE>


Business Activities.
--------------------

     The following discussion should be read in conjunction with Item 1 above,
and the Financial Statements, including the Notes thereto.

     The business activities of Ranger have changed since February 2001 as a
result of completion of the Merger described above and in the Form 10-KSB
referenced above. As a result of the Merger, Ranger acquired a 74.415% interest
in the Henryetta Joint Venture, a joint venture that owns assets in the oil and
gas industry and is committed to drill for oil and natural gas and assumed a
liability to the Henryetta Joint Venture of $2,073,728. For the foreseeable
future, Ranger intends to participate in the oil and gas industry in the
continental United States directly and through the Henryetta Joint Venture.

     Third Quarter 2001 Compared With Third Quarter 2000
     ---------------------------------------------------

     Results of operations during the third quarter of 2001 are not comparable
to those of the third quarter 2000. Expenses for third quarter of 2000 were
limited to minimal salary and stock based compensation. Results for 2001 reflect
general and administrative expenses sufficient to support the drilling
activities which commenced subsequent to the aforementioned merger.

     Unrestricted Cash and Working Capital. As a result of the Merger and the
related Tender Offer, Ranger had approximately $650,000 remaining in
unrestricted cash. At September 30, 2001, Ranger had approximately $20,000 in
cash and cash equivalents. Ranger has used this cash for expenses incurred in
completing the Merger and the Tender Offer, and in contributions to the
Henryetta Joint Venture for drilling expenses.

     Exploration and development operations. The Company has completed drilling
of the Joshua #1 well, the first element in its program to develop the Henryetta
JV properties. Because of technical difficulties encountered in the drilling
process, the Joshua #1 well was completed only to a depth of 2600 feet. At this
level and above, six pay zones were confirmed. Based on data from the well, an
independent engineering evaluation report places the aggregate proven, developed
and non-developed reserves in these pay zones to be in excess of 2.2 billion
cubic feet of natural gas and 143,000 barrels of oil. Production from the Joshua
31 well is expected to begin in the fourth quarter of 2001.

     The Company expects to confirm significant additional reserves in this
field with the drilling of at least three additional wells to a depth of
approximately 5200 feet. The Henryetta JV prospect group is comprised four
separate sites designated as Leases A, B, C and D. The Joshua #1 well is located
on a 480 acre prospect site known as Lease B. Both Lease A and Lease B, the two
smaller development sites in the Henryetta group, are expected to be served by
wells drilled to depths of 6000 feet or less. Wells on the Henryetta sites known
as Lease C and Lease D are scheduled to be drilled to a minimum depth of up to
7000 feet.

                                       16
<PAGE>


     At September 30, 2001, Ranger's working capital (current assets less
current liabilities) was approximately $12,000.

     Working capital does not include $8,500,000 in restricted cash which is not
available to Ranger for general use, but which collateralizes Ranger's
obligation to repay an $8,500,000 loan obtained in connection with completing
the Tender Offer.

     The Company is actively seeking additional funding in order to accelerate
its drilling program to keep pace with its aggressive exploration program. As of
the date of this report, several possible funding sources have been identified,
but no firm commitment has been negotiated.

     It should be noted that the company faces an extremely tight market in
regard to drilling rig availability. There is no lack of equipment, but there is
an acute shortage of experienced competent crews. The company is in daily
contact with drilling contractors seeking to develop an optimum solution for
this ongoing problem.

     Obligation to the Henryetta Joint Venture. Ranger's interest in the
Henryetta Joint Venture derives from Bumgarner. Bumgarner had purchased its
interest in the Joint Venture for $2,073,728, represented entirely by a
promissory note bearing interest at 6% per annum. Ranger has paid $467,000
against the principal amount of this note, and the balance is now due in full on
October 10, 2002. The promissory note requires certain incremental payments to
be made before maturity, including the payments that Ranger has already made.
The Joint Venture consists of three members in addition to Bumgarner and
Inter-Oil & Gas Group. Inter-Oil & Gas Group is the manager of the Joint Venture
and owns a 20% after-payout interest in the Joint Venture. Henry Shults, the
owner of Inter-Oil & Gas Group is also a director of Ranger. At the time
Bumgarner negotiated to acquire the interest in the Henryetta Joint Venture,
there was no affiliation between Mr. Shults and Bumgarner and the transaction
was an arms'-length transaction.

     Ranger intends to use its working capital and to raise additional debt and
equity capital to make any future payments required to the Henryetta Joint
Venture. If the Joshua #1 well is successfully completed, Ranger anticipates
that revenues from that well will augment its working capital.

     Future Drilling Obligations. The Joshua #1 well is the first of four
exploratory wells the Henryetta Joint Venture expects to drill on its four
leasehold interests. Based on current expectations, the Henryetta Joint Venture
now expects to commence drilling of its second well in the first and second
quarter of 2002, depending on availability of funds.

     General and Administrative Obligations. Ranger will also have to fund its
interest and general and administrative expenses during the final two quarters
of the current fiscal year, which Ranger estimates to be approximately $75,000
in addition to the amounts already spent.

     Other Business Objectives. Even though it does not currently have the
necessary capital available to it, Ranger is also investigating other oil and
gas drilling activities that, if acquired, will require the expenditure of funds
(which expenditure may be significant). Ranger's ability to fund its future
operations will be dependent upon achieving profitability, generating positive
cash flow from operations or by raising additional debt or equity. As noted
above, Ranger is currently considering alternatives to the raising of debt and
equity capital to provide additional financing for drilling activities during
the current fiscal year and beyond. At the present time, although it has had
positive discussions, no person has committed to provide any portion such
capital. Although Ranger believes that its existing capital resources are
sufficient for the 2001 fiscal year, Ranger may face working capital shortages
thereafter, if its is unable to accomplish profitability from the Joint
Venture's activities, generate positive cash flow from operations, or raise
additional debt or equity.

                                       17
<PAGE>


                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings.
--------------------------

     There are no material pending legal or regulatory proceedings against
Ranger, and it is not aware of any that are known to be contemplated.

Item 2. Changes in Securities and Use of Proceeds.
--------------------------------------------------

     None.

Item 3. Defaults Upon Senior Securities.
----------------------------------------

     None.

Item 4. Submission of Matters to a Vote of Security Holders.
------------------------------------------------------------

     No matter was submitted during the first quarter of the fiscal year covered
by this report to a vote of security holders, through the solicitation of
proxies or otherwise.

Item 5. Other Information.
--------------------------

     None.

ITEM 6. Exhibits and Reports on Form 8-K
----------------------------------------

     (a)  Exhibits:

          15.  Letter from Aidman Piser & Company, P.A. dated November 14, 2001
               on Interim Unaudited Financial Information

     (b)  Reports on Form 8-K:

          Ranger's Current Report on Form 8-K reporting events of:

          February 14, 2001, as amended on April 16, 2001 reporting events under
          Item 1 - Change in Control and Item 2 - Acquisition and Disposition of
          Assets

          April 17, 2001 reporting an event under Item 4 - Change In Accountants


                                       18
<PAGE>



                                   SIGNATURES


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



Date: November 14, 2001                      /s/ Charles G. Masters
                                             --------------------------------
                                             Charles G. Masters, President,
                                             Principal Executive Officer and
                                             Principal Financial and Accounting
                                             Officer




                                       19