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, 2003

     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 Small Business Issuer 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

Small Business Issuer'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 19, 2003, were 15,610,463 shares, $0.01 par value.


<PAGE>
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<CAPTION>


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

                                      PART I. FINANCIAL INFORMATION
                                                 ASSETS

                                                                  September 30, 2003     December 31,
                                                                     (Unaudited)             2002
                                                                   ----------------    ----------------
<S>                                                                <C>                <C>
Current assets:
    Cash and cash equivalents                                      $          2,117    $         48,581
    Restricted cash and cash equivalents                                       --             8,500,000
    Marketable equity securities                                               --                 1,310
    Accrued interest receivable                                                --                17,419
    Other current assets                                                      5,923                --
                                                                   ----------------    ----------------
       Total current assets                                                   8,040           8,567,310

Property and equipment, net of accumulated depreciation of
   $5,398 in 2003 and $3,752 in 2002                                          5,580               7,227
Investment in oil and gas properties                                        516,550             616,550
                                                                   ----------------    ----------------
                                                                   $        530,170    $      9,191,087
                                                                   ================    ================

                                   LIABILITES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Note payable, bank                                            $           --      $      8,500,000
     Accounts payable                                                        53,111              23,035
     Accrued expenses                                                        41,902              66,459
     Due to related parties                                                 129,026              68,993
                                                                   ----------------    ----------------

        Total current liabilities                                           224,039           8,658,487

Other liabilities                                                              --               100,000
Due to related parties                                                      686,628             614,239
                                                                   ----------------    ----------------
                                                                            910,667           9,372,726
                                                                   ----------------    ----------------

Minority interest                                                              --                  --
                                                                   ----------------    ----------------

Stockholders' equity:
    Common stock, $.01 par value, 20,000,000 shares authorized;
         19,998,644 shares issued; 15,610,463 shares outstanding            199,986             199,986
    Additional paid-in-capital                                            9,487,981           9,487,981
    Deficit accumulated during development stage                         (1,292,092)         (1,093,032)
    Less treasury stock (4,388,181 shares at cost)                       (8,776,362)         (8,776,362)
    Other comprehensive income                                                  (10)               (212)
                                                                   ----------------    ----------------
                                                                           (380,497)           (181,639)
                                                                   ----------------    ----------------

                                                                   $        530,170    $      9,191,087
                                                                   ================    ================




                        See notes to condensed consolidated financial statements.


                                                    1
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<PAGE>
<TABLE>
<CAPTION>


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


                                             Three             Nine             Three             Nine
                                            Months            Months           Months            Months         From Inception
                                             Ended             Ended            Ended             Ended        (March 18, 1998)
                                       ----------------  ---------------   ---------------  ---------------         through
                                                September 30, 2003               September 30, 2002            September 30, 2003
                                       ---------------------------------   --------------------------------   -------------------
<S>                                    <C>               <C>               <C>              <C>               <C>
Revenues                               $             -   $       50,000    $            -   $            -    $          200,000
                                        ---------------  ---------------   ---------------  ---------------   -------------------

Operating costs and expenses:
    Loss on investment in oil and
      gas properties                           100,000          100,000                 -                -               256,130
    Administrative                               8,206           31,194             4,087           28,511               148,765
    Salaries and wages                          30,000           90,000            28,000           90,000               380,000
    Bad debt expense                            30,000           30,000                 -                -                30,000
    Stock-based compensation                         -                -                 -                -                19,919
    Consulting and professional fees            13,572           47,388             1,121           46,104               357,566
                                       ----------------  ---------------   ---------------  ---------------   -------------------
       Total operating expenses                181,778          298,582            33,208          164,615             1,192,380
                                       ----------------  ---------------   ---------------  ---------------   -------------------

Other income (expense):
    Interest income                                  -           46,829            65,285          280,964               774,398
    Interest expense                   (        11,992)  (      103,518)   (      119,342)  (      433,417)   (        1,172,515)
    Other income (expense)             (         1,069)           6,211    (       24,693)  (       24,693)   (          115,314)
    Gain on extinguishment of debt             100,000          100,000                 -                -               201,719
                                       ----------------  ---------------   ---------------  ---------------   -------------------
                                       (        86,939)  (       49,522)   (       78,750)  (      177,146)   (          311,712)
                                       ----------------  ---------------   ---------------  ---------------   -------------------

Loss before income taxes               (        94,839)  (      199,060)   (      111,958)  (      341,761)   (        1,304,092)

Income tax expense                                   -                -                 -                -                     -
Minority interest in loss on joint
   venture                                           -                -                 -                -                12,000
                                       ----------------  ---------------   ---------------  ---------------   ------------------

Net loss                               ($       94,839)  ($     199,060)   ($     111,958)  ($     341,761)   ($       1,292,092)
                                       ================  ===============   ===============  ===============   ===================

Basic and diluted loss per share       ($         .006)  ($         .01)   ($         .01)  ($         .02)   ($             .16)
                                       ================  ===============   ===============  ===============   ===================

Weighted average shares
    outstanding, basic and diluted          15,610,463       15,610,463        15,610,463       15,610,463             8,119,455
                                       ================  ===============   ===============  ===============   ===================



                                      See notes to condensed consolidated financial statements.


                                                                  2
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                               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
                                                                            2003             2002         September 30, 2003
                                                                     ----------------   -------------     ------------------
<S>                                                                  <C>               <C>                <C>
Cash flows from operating activities:
    Net loss                                                         ($     199,060)   ($      341,761)    ($     1,292,092)
                                                                     ---------------   ----------------    -----------------

       Adjustments to reconcile net loss to net cash flows
       from operating activities:
         Gain on extinguishment of debt                              (      100,000)                 -     (        201,719)
         Loss on sale of marketable equity securities                         1,335             24,693               37,676
         Loss on investment in oil and gas properties                       100,000                  -              256,130
         Provision for bad debt                                              30,000                  -               30,000
         Stock-based compensation                                                 -                  -               19,919
         Depreciation                                                         1,647              1,555                5,398
         Minority interest in loss of joint venture                               -                  -     (         12,000)
         Change in assets and liabilities:
             Account receivable                                      (       30,000)                 -     (         30,000)
             Other assets                                            (        5,921)   (        43,060)              29,099
             Accrued interest receivable                                     17,419                  -               40,922
             Accounts payable and accrued expenses                            5,507    (        22,666)    (        286,253)
                                                                     ---------------   ----------------    -----------------
                Total adjustments                                            19,987    (        39,478)    (        110,828)
                                                                     ---------------   ----------------    -----------------
Net cash flows from operating activities                             (      179,073)   (       381,239)    (      1,402,920)
                                                                     ---------------   ----------------    -----------------

Cash flows from investing activities:
    Acquisition of marketable equity securities                      (        9,399)   (       225,033)    (        349,580)
    Proceeds from sale of marketable equity securities                        9,586            213,542              311,904
    Acquisition of property and equipment                                         -    (         2,742)    (         10,978)
    Acquisition of oil and gas properties                                         -    (        59,462)    (        760,680)
    Cash acquired in business combination                                         -                  -           10,233,478
    Proceeds from restricted certificate of deposit                       8,500,000                  -            8,500,000
    Purchase of restricted certificate deposit                                    -                  -     (      8,500,000)
                                                                     ---------------   ----------------    -----------------
Net cash flows from investing activities                                  8,500,187    (        73,695)           9,424,144
                                                                     ---------------   ----------------    -----------------

Cash flows from financing activities:
    Proceeds from issuance of stock                                               -                  -                    1
    Proceeds from note payable, bank                                              -                  -            8,500,000
    Payment of note payable, bank                                    (    8,500,000)                 -     (      8,500,000)
    Acquisition of treasury shares                                                -                  -     (      8,776,362)
    Advances from related party                                             132,422            371,920              757,254
                                                                     ---------------   ---------------     -----------------
Net cash flows from financing activities                             (    8,367,578)           371,920     (      8,019,107)
                                                                     ---------------   ----------------    -----------------

Net change in cash and cash equivalents                              (       46,464)   (        83,014)               2,117

Cash and cash equivalents at beginning of period                             48,581            101,234                    -
                                                                     ---------------   ----------------    -----------------

Cash and cash equivalents at end of period                           $        2,117    $        18,220     $          2,117
                                                                     ===============   ================    =================

Supplemental disclosure of cash flow information:

Cash paid for interest                                               $      117,867    $       414,080     $      1,110,244
                                                                     ===============   ================    =================



                                      See notes to condensed consolidated financial statements.


                                                                  3
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<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (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 opinion 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.
      Since  October  2000,  the  Company  acquired  assets  in the  oil and gas
      industry through joint venture  investments and has  subsequently  pursued
      exploration and development of those and other similar properties.

      In  February  2001,  Bumgarner  merged  with  Ranger  Industries,   Inc.'s
      ("Ranger")  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 was  collateralized  by an equivalent amount in cash
      and cash equivalents.

      In May 2003, the Company  incorporated  Ranger Oil & Gas AR, Inc. ("Ranger
      O&G"), a  wholly-owned  subsidiary,  whose primary  purpose is oil and gas
      exploration,  development,  and  production  in  Arkansas.  Ranger  O&G is
      currently inactive.


                                       4
<PAGE>

                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)

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

      Nature of business and basis of presentation (continued):

      In September 2003, Bumgarner acquired an additional 1.415% equity interest
      (20% working  interest)  in  Henryetta  Joint  Venture  (Henryetta")  from
      Inter-Oil & Gas, Inc. ("InterOil"). Bumgarner acquired InterOil's share of
      all  existing  or  potential  claims,  all  debts and  equity  or  royalty
      participation  interests  in  existing or future  wells or mineral  leases
      associated with Henryetta or its investors in exchange for a 2% overriding
      royalty  interest  in any  wells  drilled  and put  into  production  on a
      specified lease currently  associated with the Joshua I well.  Pursuant to
      this agreement,  the Company  confirmed its intent to extend the specified
      lease and to drill at least one additional well on the referenced lease as
      soon as funds are available to do so. In addition,  the Company  agreed to
      pay  surface  damages  up to a  limit  of  $2,000  per one  acre  location
      regardless  of the number of wells on this leased  area.  Pursuant to this
      agreement,  InterOil also granted the Company use of right-of-way  between
      well sites and use of available water at no cost to the Company.

      Management's plan of operations:

      Ranger has  generated  losses since  inception  and has not yet  generated
      revenues from its primary business  activities.  Currently  management can
      control expenses and has drastically  curtailed  expenditures and drilling
      activities until such time as funding can be obtained.  If Ranger does not
      achieve  any  funding,   Ranger  will  only  finance  its   administrative
      activities;   Ranger   believes  it  has   adequate   resources   to  fund
      administrative  costs at these reduced levels at least through March 2004,
      principally  through  related party  borrowings and  consulting  fees. The
      Company paid the $8,500,000 note payable in February 2003 and consequently
      will reduce future net interest expense by approximately $180,000 in 2003.

      Management is pursuing several opportunities for funding including several
      merger  opportunities  and  lending  arrangements,  any one of  which,  if
      successful,  can be expected to produce the cash required to undertake the
      drilling  necessary  to  produce  oil and gas  from  the  proved  reserves
      reflected in the geological surveys.  In addition,  management is actively
      involved  in several  business  consulting  opportunities  which may yield
      revenues  sufficient to support an increased  level of operating  costs in
      2004.  Although  management  has not been  successful in completing any of
      these  significant  funding  activities to date,  management  continues to
      believe it will be successful, there can be no assurances that the Company
      will achieve its objectives in these financing and consulting endeavors.


                                       5
<PAGE>

                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)


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

      Management's plan of operations (continued):

      Without  funding and  successful  drilling of one or more wells capable of
      producing  oil and gas in  commercial  quantities  or the  acquisition  of
      producing  wells,  it is not likely  that  Ranger  will be able to achieve
      positive cash flow. As described in previous reports, the Company has been
      seeking such  funding for more than a year,  and there can be no assurance
      that the  Company  will be able to obtain any such  funding on  reasonable
      terms, if at all.

      Recent accounting pronouncements:

      In April 2003, the FASB issued SFAS No. 149, Amendment of Statement 133 on
      Derivative  Instruments and Hedging  Activities.  The statement amends and
      clarifies accounting and reporting for derivative  instruments,  including
      certain derivative  instruments  embedded in other contracts,  and hedging
      activities. This statement is designed to improve financial reporting such
      that  contracts  with   comparable   characteristics   are  accounted  for
      similarly.  The  statement,  which is generally  effective  for  contracts
      entered into or modified after June 30, 2003, is not anticipated to have a
      significant  effect on the  Company's  financial  position  or  results of
      operations.

      In May  2003,  the  FASB  issued  SFAS No.  150,  Accounting  for  Certain
      Financial Instruments with Characteristics of Both Liabilities and Equity.
      This  statement  establishes  standards for how an issuer  classifies  and
      measures  certain  financial  instruments  with  characteristics  of  both
      liabilities  and  equity.   This  statement  is  effective  for  financial
      instruments  entered into or modified after May 31, 2003, and is otherwise
      effective at the beginning of the first  interim  period  beginning  after
      June 15, 2003.  The Company  currently has no such  financial  instruments
      outstanding or under consideration and therefore adoption of this standard
      currently has no financial reporting implications.

      In January 2003, the FASB issued FASB Interpretation No. 46, Consolidation
      of  Valuable  Interest  Entities.  This  interpretation   clarifies  rules
      relating to  consolidation  where  entities are  controlled by means other
      than a majority voting interest and instances in which equity investors do
      not bear the residual  economic risks.  This  interpretation  is effective
      immediately for variable  interest entities created after January 31, 2003
      and for interim and annual periods  beginning  after December 15, 2003 for
      interests acquired prior to February 1, 2003. The Company currently has no
      ownership in variable  interest  entities and  therefore  adoption of this
      standard currently has no financial reporting implications.

                                       6
<PAGE>

                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)


2.    Investment in oil and gas properties:

       In October  2000,  the  Company  acquired a 74.415%  working  interest in
       Henryetta Joint Venture,  ("Henryetta  JV") which was formed as a general
       partnership  under Oklahoma law. In September 2003, the Company  acquired
       an  additional  20% working  interest in  Henryetta  JV. The Company owns
       leasehold  interests in Okfuskee  county,  Oklahoma.  The  properties  at
       present  have no  producing  oil or gas  wells.  The  Company  eventually
       expects to drill at least three additional  exploratory  wells at a total
       cost of $1,800,000.  The Henryetta JV  automatically  terminates,  unless
       renewed, in 2010.

       The  Henryetta JV commenced  drilling of the Joshua #1 well on Lease B in
       April 2001. During 2001, the Company experienced difficulties with Joshua
       #1 and has  recorded a charge to  operations  of $156,130  to  write-down
       certain  assets  considered to be impaired in connection  with that well.
       Upon resumption of drilling activities,  the Company anticipates drilling
       a second well adjacent to Joshua #1 at a cost of approximately $150,000.

       Prior to July 2003, all of the interests held by the Henryetta JV were in
       undeveloped  acreage in Coal,  Pontotoc and Okfuskee  counties,  in south
       central and central Oklahoma, respectively,  consisting of primarily four
       leases from private landowners. In the quarter ending September 30, 2003,
       Leases C and D expired  and a portion of the  leased  acreage in Lease B.
       The Company did not renew the expired leases on the unproved  properties.
       Since the Company had not previously begun drilling on these  properties,
       an  impairment  loss of  $100,000  was  recognized  and  included  in the
       accompanying  statement of operations for the three and nine months ended
       September 30, 2003.

       The Henryetta JV expects to drill  additional wells on Lease B as soon as
       funds are available.  Thereafter,  and subject to adequate financing, the
       Henryetta JV expects to drill an exploratory well on Lease A.

       The Company has an  investment  in a second joint venture also in Central
       Oklahoma.  The Company is expanding  its  prospect  lease base to include
       both a key 60 acre track  adjacent to the Henryetta JV Lease B properties
       and another group of properties in two other central  Oklahoma  counties.
       The new properties are known  collectively as the OK'ee Mac Joint Venture
       ("OK'ee  Mac JV").  In the  aggregate,  the OK'ee Mac JV  properties  are
       believed to contain oil and gas  reserves of the same order of  magnitude
       as those being  developed in the  Henryetta  JV. Key leases on individual
       properties are in place and others are being negotiated.


                                       7
<PAGE>

                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)

2.    Investment in oil and gas properties (continued):

       Oklahoma has a procedure  called "forced pooling" by which an oil and gas
       operator can apply to the Oklahoma Corporation  Commission to force other
       landowners  to pool their  mineral  interests  with the interests of that
       operator.  If  either  of the  Joint  Ventures  is not able to lease  the
       remaining working interests on reasonable terms or renew existing leases,
       they intend to apply to force pool the  remaining  working  interests  on
       terms similar to the leases which it has obtained from the other property
       owners, including royalty interest no greater than 20%.


                                       8
<PAGE>

                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)


2.    Investment in oil and gas properties (continued):

      The following  table  summarizes  the Henryetta  Joint  Venture's  current
      interest in its two leases.
<TABLE>
<CAPTION>

---------------------------------------- ---------- -------------------- ------------ ---------------------- ------------- --------

                                                    Nature of Reserves    Gross Acres     Net Acres (1)      Primary lease  Lessor
           Land Description                                                  (1)     (to the Joint Venture)      term     Royalty
---------------------------------------- ---------- -------------------- ------------ ---------------------- ------------- --------
<S>                                                 <C>                  <C>          <C>                    <C>           <C>
Lease A
SW1/4SW1/4Section 14, 17T10N, R12E       Private    Proved undeveloped                                            May
Okfuskee County                          landowner                            20                20                2004       20%
---------------------------------------- ---------- -------------------- ------------ ---------------------- ------------- --------
Lease B
E1/2, SE1/4Section 29, NW1/4Section 33,
in T11N, R11E Okfuskee County            Private    Proved                                                       March
                                         landowner  undeveloped               240              240                2004       20%
---------------------------------------- ---------- -------------------- ------------ ---------------------- ------------- --------

(1)  A "gross acre" is an acre in which a working interest is owned. The number of gross acres is the total number of acres in which
     a working  interest is owned.  The  disclosure of net acres subject to lease  reflects lease status as of September 30, 2003. A
     "net acre" is deemed to exist when the sum of fractional  ownership  working interests in gross acres equals one. The number of
     net acres is the sum of the fractional working interests owned in gross acres expressed as whole numbers and fractions thereof.


                                        9
</TABLE>

<PAGE>


                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)


2.    Investment in oil and gas properties (continued):

      The following table  summarizes the OK'ee Mac Joint Venture's  interest in
      its three leases.
<TABLE>
<CAPTION>

------------------------------------------------ ---------- --------- ------------ ----------------------- --------------- ---------
                                                            Nature of    Gross          Net Acres (1)      Primary          Lessor
              Land Description                              Reserves    Acres (1)  (to the Joint Venture)  lease term       Royalty
------------------------------------------------ ---------- --------- ------------ ----------------------- --------------- ---------
<S>                                                         <C>       <C>          <C>                     <C>             <C>
Lease A
SW 1/4 and SW 1/4 NW 1/4 of Section  29,
SE 1/4 NE 1/4 and E 1/2 SE 1/4 of Section 30
and N 1/2 NW 1/4 of Section 32 all in 11N-13E
Okmulgee, County                                 Private
                                                 landowner  Unproved        400             78.6071        October 2003(4)    20%
------------------------------------------------ ---------- --------- ------------ ----------------------- --------------- ---------
Lease C
NW1/4and N1/2SW1/4of  Section  15 all in         Private
10N-12E  Okfuskee  County                        landowner  Unproved        240             71.0227        October 2003(4)    20%
------------------------------------------------ ---------- --------- ------------ ----------------------- --------------- ---------
Lease H
E1/2SE1/4of  Section  34 and SW1/4and W1/2SE1/4
and W1/2NE1/4 and NW1/4of Section 35 all in      Private
10N - 13E McIntosh County                        landowner  Unproved        560               20           October 2003(4)    20%
------------------------------------------------ ---------- --------- ------------ ----------------------- --------------- ---------

</TABLE>

                                       10
<PAGE>
                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)

2.   Investment in oil and gas properties (continued):

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

     Capitalized  costs, net relating to oil and gas exploration and development
     activities at September 30, 2003:

         Property acquisition costs, net               $         21,924
         Development costs                                      494,626
                                                       ----------------
                                                       $        516,550
                                                       ================

       Costs incurred in oil and gas exploration and development  activities for
       the nine months  ended  September  30,  2003 and 2002 and from  inception
       (March 18, 1998) to September 30, 2003 are::
<TABLE>
<CAPTION>


                                                       Nine Months                   From inception
                                                    Ended September 30,             (March 18, 1988)
                                          --------------------------------------    to September 30,
                                                  2003               2002                  2003
                                          -------------------  -----------------    ------------------
       <S>                                <C>                  <C>                  <C>
       Property acquisition costs, net    ($         100,000)    $        14,136    $           21,924
       Development costs                                   -              45,326               494,626
                                          -------------------    ---------------    ------------------
                                          ($         100,000)             59,462    $          516,550
                                           ==================    ===============    ==================
</TABLE>


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

     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 for the Henryetta JV. 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. The OK'ee Mac JV is unproved, in the initial
     development stage and only land acquisition  costs have been incurred.  All
     of the Company's reserves are located in Oklahoma.

                                       11
<PAGE>
                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)

2.   Investment in oil and gas properties (continued):

     Reserve Information (continued):

     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.

     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
                                                   (MBbls)            (MMcf)
                                               -------------     ---------------
     Beginning of year:
         Proved, developed reserves                       -                   -
                                               =============       =============
         Proved, undeveloped reserves                    232               2,801
                                               =============       =============

     End of period:
         Proved, developed reserves                       -                   -
                                               =============       =============
         Proved, undeveloped reserves                    232               2,801
                                               =============       =============



                                       12
<PAGE>
                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)

2.   Investment in oil and gas properties (continued):

     Reserve Information (continued):

     Standardized  measure of discounted  future net cash flows at September 30,
     2003:

                                                               Henryetta
                                                          ------------------
         Future cash inflows                              $      11,599,427
         Future production costs                          (         391,300)
         Future development costs                         (         394,810)
         Future income tax expenses                       (       3,676,528)
                                                          ------------------

         Future net cash flows                                    7,136,789
           10% annual discount for estimated timing
           of cash flows                                  (       1,699,042)
                                                          ------------------

     Standardized measures of discounted future net
       cash flows relating to proved oil and gas
       reserves at beginning and end of period            $       5,437,747
                                                          ==================

     As noted in Note 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.

3.   Related party transactions:

     Due to related parties:

     Due to related  parties of $129,026  and  $686,628,  current and  long-term
     respectively,  as of September 30, 2003 represent  unsecured  advances from
     the President of the Company and entities affiliated through partial common
     ownership or control.  These  advances  generally  bear  interest at 8% and
     mature December 31, 2004.  Interest expense on these related party advances
     aggregated $35,489 and $19,337 for the nine months ended September 30, 2003
     and 2002,  respectively.  Of these  amounts,  $179,026  represents  accrued
     payroll to the  President as of September  30, 2003.  Payment of $50,000 of
     the  accrued  payroll  has been  deferred  to  December  31,  2004 with the
     remainder of $129,026 due on demand.



                                       13
<PAGE>
                    RANGER INDUSTRIES, INC. AND SUBSIDIARIES
                        (A DEVELOPMENT STAGE ENTERPRISE)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
         AND FROM INCEPTION (MARCH 18, 1998) THROUGH SEPTEMBER 30, 2003
                                   (UNAUDITED)

3.   Related party transactions (continued):

     Extinguishment of debt:

     In October 2000, the Company had agreed to pay a fee  aggregating  $100,000
     in connection with the Company's investment in the Henryetta JV. During the
     three months ended  September  30, 2003, an officer of Ranger Oil & Gas, an
     inactive  subsidiary,  forgave  this  $100,000  balance  due to  him.  This
     extinguishment  of  debt is  included  in  other  income  (expense)  in the
     accompanying statement of operations.  There have been no payments made to,
     and there are no balances due to this officer as of September 30, 2003.

4.   Partnership agreements

     Under the terms of the Henryetta JV agreement,  the Company is  responsible
     for  100%  of any  further  capital  expenditures  and is  entitled  to its
     pro-rata  share  of all  distributions.  In  September  2003,  the  Company
     acquired an  additional  1.415% equity  interest (20% working  interest) in
     Henryetta.

     Under the terms of the OK'ee Mac JV agreement,  the Company expects to fund
     100% of the exploration  and  development  costs 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.

5.   Income taxes:

     Income tax expense  consists  of the  following  for the nine months  ended
     September 30:
<TABLE>
<CAPTION>

                                                                   2003                  2002
                                                             ---------------       ---------------
      <S>                                                    <C>                  <C>
      Deferred tax benefit of operating loss carryforward    $       69,000        $      128,000
      Increase in valuation allowance                        (       69,000)       (      128,000)
                                                             ---------------       ---------------
      Income tax expense                                     $            -        $            -
                                                             ===============       ===============
</TABLE>

     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 $480,000 and $380,000 reduced by valuation  allowances
     of $480,000 and $380,000 as of September  30, 2003 and 2002,  respectively.
     since management cannot presently determine that it is more likely than not
     that  such  deferred  tax  assets  will be  realized.  Net  operating  loss
     carryforwards of approximately $1,300,000 expire 2003 through 2002.


                                       14
<PAGE>



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

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, 2002 (our  "Annual  Report").  Ranger has had no revenues  from its
primary business activities in either of its two most recent fiscal years or the
subsequent  three fiscal  quarters.  Consequently  Ranger is providing a Plan of
Operations  as  required  by  Item  303(a)  of  Regulation  S-B  in  lieu  of  a
Management's Discussion and Analysis.

Plan of Operations
------------------

Background. Prior to its acquisition of Bumgarner through a merger that occurred
in February 2001, Ranger did not have any business activity. At the time of that
merger, Ranger's financial resources were solely its cash on hand.

As described more completely in our Annual Report,  Ranger's business activities
changed in February 2001 when it acquired Bumgarner.  In October 2000, Bumgarner
had  acquired  a  74.415%  working  interest  in  the  Henryetta  Joint  Venture
("Henryetta")  and in December  2001  commenced  participation  in the OK'ee Mac
Joint Venture, in each case with the same affiliated company. In September 2003,
Bumgarner acquired an additional 20% working interest in Henryetta.

In addition to its primary business activities, Ranger has engaged in consulting
activities  that  resulted in revenues of $150,000 in 2001,  no revenues  during
2002 and $50,000 for the nine months ended September 30, 2003.

In May 2003, the Company  incorporated Ranger Oil & Gas AR, Inc. ("Ranger O&G"),
a  wholly-owned  subsidiary  whose primary  purpose is oil and gas  exploration,
development and production in Arkansas. Ranger O&G is currently inactive.

Anticipated  Operations  in 2003.  Ranger's  principal  goal  during  2003 is to
provide the Joint Ventures and Ranger O&G with  sufficient  capital so that they
can achieve their lease  acquisition and drilling  objectives.  At September 30,
2003, however,  Ranger has insufficient  available working capital to accomplish
these objectives, as described in the following table:

              ----------------------------------------------------
              Liquid Assets                            $   2,117
              ----------------------------------------------------
              Current Assets                           $  25,540
              ----------------------------------------------------
              Current Liabilities                      $ 224,039
              ----------------------------------------------------
              Working Capital Deficit                 ($ 198,499)
              ----------------------------------------------------


                                       15
<PAGE>


ITEM 2.  Management's Discussion and Analysis or Plan of Operation (continued):
         ----------------------------------------------------------------------

Ranger has generated  losses since inception and has not yet generated  revenues
from its primary business activities.  Currently management can control expenses
and has drastically  curtailed  expenditures and drilling  activities until such
time as funding can be obtained. If Ranger does not achieve any funding,  Ranger
will only finance its administrative activities; Ranger believes it has adequate
resources to fund administrative  costs at these reduced levels at least through
March 2004,  principally  through related party  borrowings and consulting fees.
The Company paid the $8,500,000  note payable in February 2003 and  consequently
will reduce future net interest expense by approximately $180,000 in 2003.

Ranger is actively  seeking to acquire funding in excess of $2,000,000 to permit
the  Company  to  actively  resume  development  of oil  and gas  properties  in
Henryetta  Joint  Venture and to resume  acquisition  of leases and  exploratory
development  operations with OK'ee Mac Joint Venture.  The Company recognized an
impairment   loss  related  to  its  investment  in  oil  and  gas   properties,
specifically  lease acquisition costs. An impairment loss was provided for costs
related to expired leases,  not subsequently  renewed by the Company in which no
drilling had taken place.

Management  is pursuing  several  opportunities  for funding  including  several
merger opportunities and lending arrangements,  any one of which, if successful,
can be expected to produce the cash required to undertake the drilling necessary
to produce  oil and gas from the proved  reserves  reflected  in the  geological
surveys.  In  addition,  management  is actively  involved  in several  business
consulting  opportunities  which may yield  revenues  sufficient  to  support an
increased  level of operating  costs in 2004.  Although  management has not been
successful in completing any of these  significant  funding  activities to date,
management  continues  to  believe  it  will  be  successful,  there  can  be no
assurances  that the Company will achieve its objectives in these  financing and
consulting endeavors.

Ranger performed  consulting  engagements for unaffiliated  parties in the first
and third  quarters of 2003 and earned fees of $50,000.  As an interim  measure,
pending adequate financing to pursue our contemplated oil and gas activities, we
may seek and perform additional consulting activities.

Based on its  engineering  analysis of geological  data,  Ranger  believes that,
through the Henryetta and OK'ee Mac Joint Ventures, it has oil and gas resources
that merit the  expenditures  planned by the  Company for  development  of these
properties.  Ranger notes that its director who was  operating the Henryetta and
OK'ee Mac Joint Ventures passed away following the end of the first quarter.  As
of September 2003,  Ranger has selected a new oil and gas operator for the joint
ventures.

Without  funding  and  successful  drilling  of one or  more  wells  capable  of
producing oil and gas in commercial  quantities or the  acquisition of producing
wells, it is not likely that Ranger will be able to achieve  positive cash flow.
As described in previous reports,  the Company has been seeking such funding for
more than a year, and there can be no assurance that the Company will be able to
obtain any such funding on reasonable terms, if at all.


                                       16
<PAGE>


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.

Item 3.  CONTROLS AND PROCEDURES

         As required by Rule  13a-15(e)  under the  Securities  Exchange  Act of
         1934,  as of the end of the period  covered by the report,  the Company
         carried  out an  evaluation  of the  effectiveness  of the  design  and
         operation of the Company's  disclosure  controls and  procedures.  This
         evaluation  was  carried  out  under  the   supervision  and  with  the
         participation  of the Company's  management,  the person serving as the
         Company's  Chairman/Chief  Executive  Officer/Principal  Financial  and
         Accounting  Officer,   who  concluded  that  the  Company's  disclosure
         controls and procedures  are effective.  There have been no significant
         changes in the Company's  internal controls or in other factors,  which
         could significantly affect internal controls subsequent to the date the
         Company carried out its evaluation.

         Disclosure  controls and procedures  are controls and other  procedures
         that are designed to ensure that  information  required to be disclosed
         in the Company  reports  filed or  submitted  under the Exchange Act is
         recorded,  processed,  summarized and reported, within the time periods
         specified in the Securities and Exchange  Commission's rules and forms.
         Disclosure  controls  and  procedures   include,   without  limitation,
         controls and procedures designed to ensure that information required to
         be  disclosed  in  Company  reports  filed  under the  Exchange  Act is
         accumulated  and  communicated  to management,  including the Company's
         Chief Executive  Officer/Principal Financial Officer as appropriate, to
         allow timely decisions regarding required disclosure.


                                       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 or second  quarters  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 19, 2003
               on Interim Unaudited Financial Information

          31.  Certification Pursuant To Sarbanes-Oxley Section 302

          32.  Certification Pursuant To 18 U.S.C. Section 1350 (*)

* A signed original of this written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request.


(b)      Reports on Form 8-K:

                  none


                                       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 19, 2003              /s/ Charles G. Masters
                                     -----------------------------------
                                     Charles G. Masters,  President,
                                     Principal  Executive Officer and Principal
                                     Financial and Accounting Officer


                                       19