UNITED STATES
                        SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K
(Mark One)

(X)      ANNUAL  REPORT  PURSUANT  TO  SECTION  13 or  15(d)  OF THE  SECURITIES
                       EXCHANGE ACT OF 1934 (FEE REQUIRED)
                   For the fiscal year ended December 31,2001

                                       OR

( )      TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934 (FEE REQUIRED)
                   For the transition period from      to
                                                 -----   -----

                          Commission File Number 0-8847
                                                 ------

                               DOL RESOURCES, INC.
                               -------------------
               (Exact Name of Registrant as Specified in Charter)

         Wyoming                                                  83-0219465
------------------------------                                ------------------
State of Other Jurisdiction of                                 I.R.S. Employer
Incorporation or Organization                                 Identification No.

13636 Neutron Road, Dallas,Texas                                  75244-4410
---------------------------------------                           ----------
(Address of Principal Executive Office)                           (Zip code)

                  Registrant's Telephone Number:(214) 661 5869
                                                --------------

           SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT
   Title of each class            Name of each exchange on which registered
         None                                       None
       -------                                    -------

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
                          Common Stock, $0.01 Par Value
                          -----------------------------
                                (Title of Class)

Indicate by check mark whether  Registrant has (I) filed all reports required by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the proceeding
twelve months,  and (ii) been subject to such filings  requirements for the past
ninety (90) days.
Yes.   No. X

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulations S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. (X)


<PAGE>

At March 1, 2002 the  aggregate  market value of the shares of Common Stock held
by  non-affiliates  of the registrant was  approximately  $93,634.  At such date
there were 25,000,000 shares of the registrant's Common Stock outstanding.


                                     PART 1
Item 1. Business
----------------

         DOL Resources,  Inc.  ("Registrant"  or "the company") was incorporated
November 6,1973 under the laws of the State of Wyoming.

         The  Company  buys,  leases and sells oil and gas  properties.  It also
explores  and  develops  these  properties  usually  with others  through  joint
ventures or farmouts.

         The economic success of Registrant depends on its ability to locate and
purchase or lease  valuable oil and gas prospects or mineral  deposits.  It must
further  sell or lease  these  deposits  or  prospects  to others at a profit or
develop the properties itself in conjunction with others.

         To accomplish these goals,  Registrant will encounter  competition from
major oil companies and independent  operators attempting to acquire prospective
oil and gas leases and other mineral interests.

         These sources of competition maybe both large and small energy oriented
companies  operating in states in which Registrant does business.  Some of these
competitors  are major  oil and gas  companies  with  substantial  reserves  and
earnings  records.  Others  are  small  independents  with  varying  degrees  of
stability.  Some not only  produce  oil and gas but refine and market  petroleum
products.  Registrant may be in a position of competitive disadvantage with many
of these companies in that they have a greater source of capital,  technical and
management talent, research facilities and sources of information.

         Registrant  has sold certain  coal  properties  to others  retaining an
overriding  royalty interest.  Although  Registrant had no additional expense in
developing  these  properties  in which a royalty  is  retained,  it also has no
control over when-if ever-these properties are developed.

         If coal is discovered  under lease in which Registrant owns an economic
interest,  the availability of a ready-market for coal will depend upon numerous
factors beyond Registrant's control including the expense of domestic production
and imports of coal,  proximity  of  transportation  and the effect of state and
federal regulations on production of coal. These coal Royalties were transferred
to the Glauber Management Co. Corporation on June 30, 1999.


<PAGE>

         Compliance with statutory requirements respecting environmental quality
may  necessitate  significant  capital  outlays which may materially  affect the
earning  power of the  Company,  or may cause  material  changes in its proposed
business.   In  2001  Registrant  did  not  expend  any  funds  to  comply  with
environmental regulations.  It does not contemplate spending funds incidental to
its operation in 2002 to comply with environmental regulations.

         Registrant  did not  participate  in the drilling of any wells in 2001.
Registrant had no paid employees.

         The business of the Company is seasonal only to the extent that weather
conditions,  particularly snow and cold in the winter,  impede the ability of it
or  others  who may be  developing  properties  in which it has an  interest  to
conduct exploratory activities or drilling or mining operations.

         Registrant is engaged in two lines of business (1) the  exploration for
the sales of oil and gas, and (2) investments in natural resource properties.

         The  operations  pertaining to the  exploration of and sales of oil and
gas  involve  actively  participating  in  drilling  for oil and gas and sale of
subsequent  production.  The investment in natural resource  properties involves
buying and selling the right to explore  for or produce the  resources  from the
land owners property.

         The following details Registrant's operations in the described lines of
business:

                               Year Ended December 31,
                                              2001          2000          1999
                                            -------       -------       -------
Sales to Unaffiliated
   Customer

Sales of Oil and Gas                        117,117       166,903        85,180


Investment in natural
resource properties                             -0-           -0-           -0-

Operating profit or
      (loss)

Sales of oil & gas                            6,328        42,251       (21,106)



Identifiable assets:

Sale of oil & gas                           626,634       783,962       773,793

Investment in
natural resource
properties:                                     -0-           -0-           -0-


General corporate assets                    400,000       400,000       400,000

<PAGE>

Item 2   Oil and Gas Properties:
--------------------------------

         For the following  discussion,  gross well or acre is a well or acre in
which an  interest is owned.  The number of gross  wells is the total  number of
wells in which a working interest is owned.

         A net  well or acre is  deemed  to  exist  when  the sum of  fractional
ownership  working  interests  in gross wells to acres equals one. the number of
net wells or acres is the sum of the fractional working interests owned in gross
wells or acres as expressed as whole numbers and fractions thereof.

         A summary of  Registrant's  oil and gas  properties  as of December 31,
2000 is as follows:

                                   Gross Acres       Net Acres          Costs
                                   -----------      -----------      -----------

Undeveloped acres:
    Leasehold Interest:
      Oil and Gas:
          Wyoming                          792              792              -0-
          North Dakota                     280                8              -0-
          Oklahoma                         680              610              -0-
                                   -----------      -----------      -----------
                                         1,752            1,410              -0-
Developed Acres:
   Leasehold Interest:
     Oil and Gas:
         Wyoming                       7,448.4            327.2          935,939
         Louisiana                         640               13           17,106
         New Mexico                      1,240               30          107,584
         North Dakota                       40                1           47,146
         Texas                              80                1            7,576
         New York                          522              1.3              -0-
             Oklahoma                      320            114.3          407,942
                                   -----------      -----------      -----------
                                      10,290.4            487.8        1,523,293

         Oil and Gas  Production:  As of December  31, 2001 the Company owns the
following productive wells:

                                                                  Oil and Gas
                                Oil               Gas          (Dual Producers)
                         ----------------   ----------------   ----------------

Gross Wells                   18                  5                 29
Net Wells                      5.04215             .54217            3.87169



<PAGE>



         From the drilling  efforts and from  production  purchased from others,
Registrant's yearly production of crude oil and gas has been as follows:

Year                  Crude Oil in Barrels        Gas in MCF
----                  --------------------        ----------
1999                       4,119                    17,903

2000                       5,820                    11,819

2001                       5,274                     8,744

         The average sales price  (including  transfers) per unit of oil and gas
produced is as follows:

                         2001         2000         1999
                        ------       ------       ------

Oil - Barrels            18.91        23.29        14.45

Gas - MCF                 1.99         2.58         1.67


The average production (lifting) cost per unit of production is as follows:

                         2001         2000         1999
                        ------       ------       ------

Oil - Barrels            7.65         7.55         7.44


Gas - MCF                1.34         1.00          .59


                                Exploratory Wells
                                -----------------

                       Producers     Dry Holes     Total Wells
Year Drilled           Gross Net    Gross   Net    Gross   Net

2001                    0    0       0       0       0      0

2000                    0    0       0       0       0      0

1999                    0    0       0       0       0      0

                                 Developed Wells
                                 ---------------
                      Producers      Dry Wells     Total Wells
Year Drilled          Gross  Net    Gross   Net    Gross   Net

2001                    0    0        0      0       0      0

2000                    0    0        0      0       0      0

1999                    0    0        0      0       0      0


<PAGE>

Reserves:  The following are reserve estimates as of December 31, Proved Oil and
Gas Reserves:

                                                   Oil (bbls)        (Gas (MCF)
                                                   ----------        ----------

2001                                                104,650            51,860

2000                                                109,924            60,604

1999                                                115,744            72,413

Proved Developed Oil and Gas Reserves:

2001                                                 37,580            51,860

2000                                                 42,814            60,604

1999                                                 48,674            72,413


The following are estimated net revenues from production of oil and gas reserves
as of December 31, 2001

                                                                         Proved
                                                   Proved              Developed
                                                 ---------             ---------
2002                                               180,280               108,922
2003                                               162,240                98,030
2004                                               146,015                88,227
Remainder                                          589,799               356,374
                                                 ---------             ---------
                                                 1,078,334               651,553

As of December 31, 2000

                                                  Proved                 Proved
                                                 Reserves              Developed
                                                 ---------             ---------

2001                                               147,000                88,815
2002                                               156,412                79,933
2003                                               146,771                71,940
Remainder                                          666,965               337,781
                                                 ---------             ---------
                                                   959,618               578,469

         The reserve  estimates for all properties were completed by management.
No reserve  figures  have been filed with or  reported  to any other  regulatory
authorities or agencies.  All of the reserves of Registrant are located entirely
in the United States.

         Registrant has annual rental  obligation from $.24 to $1.00 per acre on
all of it's  leasehold  oil,  gas and  coal  properties  on  which  there  is no
production.  If these  payments  are not made when due,  the  leases  terminate.
Additionally,  the leases terminate at the end of this term unless production is
obtained in which case the lease continues as long as production continues.

<PAGE>

         Coal Properties:  In 1975, Registrant acquired certain coal properties.
These properties were located primarily in the Powder River Basin portion of the
State of Wyoming. Subsequently, some of these leases were sold and an overriding
royalty  retained.  No coal leases have been sold since 1977. The remaining coal
leases and related  overriding  royalties were transferred to Glauber Management
Co. on June 30, 1999.

         Registrant follows the policy of capitalizing all property  acquisition
costs. Such costs are charged to operations through depletion when production is
obtained.  At the time of the sale of a lease  where no  interest is retained in
the  property,  the costs of the property is charged to operations at that time.
If at the time of the sale  Registrant  retains  a  nonoperating  interest,  the
carrying  value of the  property is written down in an amount  representing  its
estimated  realizable  value  computed on the basis of  geological  estimates of
proven primary reserves.  If no geological  estimates of proven primary reserves
are available on the nonoperating interest retained,  the entire cost associated
with  the  property  is  charged  to  operations  at the  time of the  sale.  If
Registrant determines that a property is not capable of profitable  development,
all  nonrecoverable  costs  applicable  to  the  property  are  charged  against
operations at the time such determination is made.

Item 3.
-------

         There are no pending legal  proceedings to which  Registrant is a party
or of which any of its property is subject.

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

         Not applicable.

                                     PART II

Item 5. Market for Registrant's Common Equity and Related Stockholders Matters.
-------------------------------------------------------------------------------

         (a)      Principal Market, and Stock Price

                  Registrant's  common  shares  trade  in  the  Over-The-Counter
                  market.  Since 1984  trading has been so limited and  sporadic
                  that it is not  possible  to  obtain  a  continuing  quarterly
                  history of high and low bid quotations.  Stock  information is
                  received  from  registered   securities  Dealers  and  reflect
                  inter-dealer  prices,  without  Retail  mark-up,  mark-down or
                  commission   and  may   not   necessarily   represent   actual
                  transactions.  Registrant has been advised that shares are not
                  presently trading and have not traded significantly during the
                  past three years. The last available quotations was a high bid
                  of .05.

<PAGE>

         There were  approximately  2,478  holders of record of Company's of the
common stock as of March 1,2002.

         No dividends have been declared in the Company's  history.  Wyoming law
generally  provides  that  dividends  may be  declared  and paid only out of the
unreserved and  unrestricted  earned surplus of the corporation  except when the
Articles of Incorporation of a corporation engaged in the business of exploiting
natural  resources  so provide,  dividends  may be declared  and paid out of the
depletion reserves.

         Registrant  presently has no unreserved and unrestricted earned surplus
and its Articles of Incorporation do not provide that dividends may be paid from
depletion reserves.






<PAGE>
<TABLE>
<CAPTION>

Item 6.  Selected Financial Data:
---------------------------------

                              2001          2000          1999          1998          1997
                          -----------   -----------   -----------   -----------   -----------
<S>                       <C>           <C>           <C>           <C>           <C>
Operating revenues        $   117,117   $   166,903   $    89,076   $    38,109   $    83,599

Income (loss from
  continuing opers            (20,500)       10,169       (56,030)      (67,970)        8,981

Income (losses) from
  continuing operations
    per share                  (.0008)        .0004        (.0022)       (.0033)        .0004

Total Assets              $ 1,026,634     1,183,962     1,173,794       931,340     1,001,852

Long-term oblig                   -0-           -0-           -0-       330,472       335,599

Cash dividends paid for
  common share                    -0-           -0-           -0-           -0-           -0-
</TABLE>


Item 7. Management's  Discussion and Analysis of Financial Condition and Results
--------------------------------------------------------------------------------
                                 of Operations.
                                 --------------

         Liquidity
         ---------

         Registrant's  recurring  monthly average cash flow from the sale of oil
and gas was  approximately  $6,400.00 per month in 2001. This was down $3,400.00
from  year  2000.  The  average  cash  in 2000  was up  $2,500.00  from  1999 at
$9,800.00.  Working  capital  decreased  $112,595  due  to  a  decrease  in  the
inter-company receivable resulting from decreases in oil and gas prices.

         Net cash  provided  in  operating  activities  for 2001 was a  positive
$140,856.  A  negative  cash  flow from  investing  activities  of $4,027  and a
negative  cash flow from  financing  activities  of  $136,828  offset  operating
leaving  a net  change  in cash of zero  over  2000.  There are no plans to seek
long-term credit or additional equity capital for any project.

         If  Registrant  should  experience  a major  oil or salt  water  spill,
compliance with statutory  requirements  respecting  environmental quality could
necessitate  significant  capital  outlays which would  materially  decrease its
liquidity  and  profitability.  No funds  were  expended  in 2001  for  clean-up
compliance and none is expected in 2002.

         Registrant has made no commitments  for capital  expenditures as of the
end of the fiscal year.  However,  Registrant  intends to continue to pursue its
drilling  activities with both joint ventures and partnerships,  and for its own
account providing  financing is made available in a sufficient amount to justify
same.  Interest in oil and gas drilling  activities is presently on the increase
and will intensify if prices continue their upward trend.


<PAGE>

         Cash  requirements  for the  fiscal  year 2001  averaged  approximately
$5,900 per month.  This is expected to be  increased  slightly in 2002  provided
there are no major repairs or work overs.

Results of Operations
---------------------

         2001 and 2000
         -------------

         Total revenues in 2001 were down approximately $49,800.00 from 2000 due
primarily to decreases in oil and gas prices. Lease operating expenses decreased
slightly  as  did  total   expense.   Consequently   there  was  a  decrease  in
profitability   (before  depreciation  and  depletion)  in  2001  from  2000  of
approximately $38,300.

         Management  expects the upward trend in oil and gas prices to level off
and hold steady at around  $25.00 per  Bbl.through  most of 2002.  This not only
increases  revenues  and cash flow but also  enhances  our ability to raise much
needed funds for drilling and reworking  wells.  It is the opinion of management
that a minimum of $25.00 per Bbl. oil is need in order to expand  operations and
replace  depleted  reserves.A  continuing  effort is being made to increase  the
production,   and   consequently   revenues  by  seeking  out  and   negotiating
joint-venture recompletion projects where positive reserve information exists.

         At the  year-end  there was  nothing  specific  to  indicate a material
change in income and expenses over the next twelve (12) months.


Item 8    Financial Statement and Supplementary Data.
-----------------------------------------------------

         Enclosed

Item 9.   Disagreements on Accounting and Financial Disclosure.
---------------------------------------------------------------

         None

Item 10.  Directors and Executive Officers of the Registrant
------------------------------------------------------------

         S. Mort  Zimmermann,  age 74, has been a director and  president of the
company since April 16, 1984.

         Fred M.  Updegraff,  age 67, has been a director  vice-  president  and
treasurer since April 16, 1984.

         Stephen G.  Wesstrom,  age 52, has been a director of the company since
April 16, 1984.

         There  is no  family  relationship  between  any  of the  officers  and
directors of the company.




<PAGE>

Item 11.  Executive Compensation
--------------------------------

         The  following  is  information  regarding   remuneration  received  by
management of the Company in the calendar year 1996.

Name        Capacities  Cash and cash-equivalent   Aggregate
Individual  in which    Forms and remuneration     contingent
or person   served      Salaries, Fees, Securities forms
in group                director's fees, or property remuneration
                        Commissions   Insurance
                        bonuses       benefits or
                                      reimbursement,
                                      personal benefit.
--------------------------------------------------------------------------------

Name        None           -0-           -0-               -0-

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



All officers   Directors   -0-           -0-              -0-
and directors  president,
as a group     vice president and
               secretary treasurer

         Joe B.  Abbey,  Attorney  at Law,  represents  the  Company  as general
counsel. The Company contracts for necessary legal services with the law firm on
an as needed basis.  In 2001 the Company was not billed for any attorney's  fees
by the firm.


         The Company  adopted a stock plan for key  employees  and a  restricted
plan bonus in 1981. Neither of these programs has been implemented.

Item 12. Security Ownership of Certain Beneficial Owners and Management.
------------------------------------------------------------------------

         The  following  tabulations  shows  the name of each  person  who as of
December 31, 2001 was known by the Company to own  beneficially  more than 5% of
the Company's outstanding Common Stock.

                               Amount and Nature of      Per cent
Name                           Beneficial Ownership      Of Class

Glauber Management Co.            5,670,130                22.7%
                                  Owned directly

Interfederal Capital, Inc.        5,000,000                20.0%
                                  Owned directly

Elctric & Gas Technology, Inc.    4,966,471                19.9%
                                  Owned directly

<PAGE>

         Management  does not own any voting  common  stock of the Company as of
December 31, 2001.



Item 13. Certain Relationships and Related Transactions
-------------------------------------------------------

         Management  is  also  seeking  out  possible   merger  or   acquisition
opportunities.  There have been  several  negotiations  with  private  companies
desiring  to  go  public.   In  preparation  for  an  impending  merger  Glauber
Management,  by an  agreement  dated June 30, 1999 assumed all  liabilities  and
selected  assets of the  company in  exchange  for  contributed  capital.  Also,
Oklahoma oil properties held by the Glauber  Management Co. were  contributed to
the Company.


Item 14. Exhibits, Financial Statements Schedules, and Reports on Form 8-K.
---------------------------------------------------------------------------

(1)      The following financial statements are included in Item

                                                                           Page
                                                                           ----
          Balance Sheet                                                    14-15

          Statement of Income                                              16

          Statements of Stockholders' Equity                               17

          Statements of Cash Flow                                          18

          Notes to Financial Statements                                    19-26



(2)      Exhibits No Exhibits are filed as part of this.

There are no reports on Form 8-K filed in the last quarter of the period covered
by this report.

The  financial  statements  included  herein  have  been  prepared  by  internal
accountants  of the  Registrant,  without  audit,  due to the  inability  of the
Registrant to pay for a certified audit. Financial statements have been prepared
in accordance with generally accepted  accounting  principles and in the opinion
of management  presents fairly the financial position of the Company at December
31, 2001.


<PAGE>

                                    SIGNATURE

    Pursuant to the requirement of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.





                                DOL RESOURCES, INC.


                                By:  /s/ Fred M. Updegraff
                                    ----------------------
                                    Fred M. Updegraff
                                    Treasurer and Chief
                                    Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  Registrant and
in the capacities and on the date indicated.


/s/ S. Mort Zimmerman
---------------------
S. Mort Zimmerman
Chairman of the Board and President        Dated: March 30, 2002


/s/ Fred M. Updegraff
---------------------
Fred M. Updegraff
Director, Vice President and Treasurer     Dated: March 30, 2002



<PAGE>

                               DOL RESOURCES, INC.

                                  BALANCE SHEET

                                   (Unaudited)

                                     ASSETS

                                                               December 31,
                                                             2001        2000
                                                          ---------   ---------
CURRENT ASSETS

Cash                                                          $ -0-         -0-

   Marketable Securities, at
   cost in 1998 - Note 2                                    400,000     400,000

Due from related parties - Note 4                            25,154     137,749
                                                          ---------   ---------

          Total Current Assets                              425,154     537,749

PROPERTIES - Using full costing - Note 1

   Exploration, acquisition &
   development cost, net of
   allowance for reduction of
   oil & gas assets of $137,083
   in 1985                                                2,101,290   2,098,263
                                                          ---------   ---------

                    Total cost                            2,102,290   2,098,263

Less accumulated depletion                                1,500,810   1,452,050
                                                          ---------   ---------

                     Net Properties                         601,480     646,213
                                                          ---------   ---------


      TOTAL ASSETS                                        1,026,634   1,183,962
                                                          ---------   ---------

      Total liabilities                                         -0-         -0-





<PAGE>


   STOCKHOLDERS' EQUITY
   Capital Stock, common,
   $.01 par value
   Authorized 25,000,000 shares;
   issued and outstanding
   25,000,000 shares at 12-31-99
   and 25,000,000 at 12-31-00                             250,000       250,000


   Capital in excess of
     par value                                          2,389,942     2,526,770

   Accumulated deficit                                 (1,613,308)   (1,592,808)
                                                       ----------    ----------

     Total Equity                                       1,026,634     1,183,962
                                                       ----------    ----------

TOTAL LIABILITIES AND STOCKHOLDERS
EQUITY                                                  1,026,634     1,183,962
                                                       ----------    ----------




The accompanying notes are an integral part of this statement.



<PAGE>

                               DOL RESOURCES, INC.

                               STATEMENT OF INCOME
                      (Unaudited) Years Ended December 31,

                                          2001           2000           1999
                                      -----------    -----------    -----------

REVENUE:
  Oil and gas sales                       117,117        166,903         85,180

  Investment and other income                 -0-            -0-          3,896
                                      -----------    -----------    -----------
                                          117,117        166,903         89,076


EXPENSES:
General and Administrative                 26,828         32,082         24,486

 Depletion, depreciation and
    amortization                           48,761         56,432         57,644
    Lease operating expense                52,037         55,839         41,259
    Interest Expense                          -0-            -0-         13,650
    Production taxes                        9,991         12,381          7,706
    Lease rentals                             -0-            -0-            361
                                      -----------    -----------    -----------
                                          137,687        156,734        145,106

Net profit (loss)
   before income taxes                    (20,500)        10,169        (56,030)

Provision for income taxes -
   Note 6                                     -0-            -0-            -0-
                                      -----------    -----------    -----------
Net Profit (loss)                         (20,500)        10,169        (56,030)

Weighted average number of
  common shares outstanding            25,000,000     25,000,000     25,000,000

Earnings per common share             $    (.0008)   $    (.0004)   $    (.0022)
                                      -----------    -----------    -----------


The accompanying notes are an integral part of this statement.


<PAGE>
<TABLE>
<CAPTION>

                               DOL RESOURCES, INC.
                        STATEMENTS OF STOCKHOLDERS EQUITY
                                   (Unaudited)

                  Year ended December 31, 2001, 2000, and 1999

                    Capital Stock                       Capital in
                      Number of                         Excess of      Accumulated      Treasury
                        Shares          Amount          Par Value        Deficit          Stock
                    -------------    -------------    -------------   -------------    -------------
<S>                 <C>              <C>              <C>             <C>              <C>
Balance at
12-31-98               20,783,529          207,835        1,501,618      (1,546,947)            (375)
                    -------------    -------------    -------------   -------------    -------------

Net Income                    -0-              -0-              -0-          56,030             -0-
                    -------------    -------------    -------------   -------------    -------------
Treas Stock
    Cancelled                (375)            (375)
ELGT Stock
    Exchange            4,216,471           42,165          357,835
Parent Con-
   Tribution              668,692
                    -------------    -------------    -------------   -------------    -------------
Balance at             25,000,000          250,000        2,526,770      (1,602,977)            -0-
   12/31/99
Net Income                    -0-              -0-              -0-          10,169             -0-
                    -------------    -------------    -------------   -------------    -------------
Balance at
   12/31/00            25,000,000          250,000        2,526,700      (1,592,808)            -0-
Reversal of
Parent Contrib           (136,828)
Net Income (Loss)         (20,500)                                                              -0-
                    -------------    -------------    -------------   -------------    -------------
Balance at
   12/31/01            25,000,000          250,000        2,389,942      (1,613,308)            -0-
</TABLE>




The accompanying notes are an integral part of this statement.

<PAGE>
<TABLE>
<CAPTION>

                               DOL RESOURCES, INC.
                            STATEMENTS OF CASH FLOWS
                            Years Ended December 31,

                                                     2001         2000         1999
                                                  ----------   ----------   ----------
<S>                                               <C>          <C>          <C>
INCREASE (DECREASE) in Cash:
CASH FLOWS FROM OPERATING
   ACTIVITIES;
   Net Income (Loss)                                 (20,500)      10,169      (56,030)

   Adjustments to Reconcile
     Net Earnings to net cash
     provided by operating
     activities:
       Depreciation and depletion                     48,761       56,432       57,644

     Changes in Assets and
       Liabilities:
       Accounts Receivable-Trade                         -0-          -0-       22,927

      Accounts Receivable-Affil                      112,595     (126,267)     414,633

      Marketable Securities                              -0-          -0-     (398,076)

      Prepaid Expense                                    -0-          -0-          -0-

      Accounts Payable - Trade                           -0-          -0-      (30,737)

          Notes payable                                  -0-          -0-     (408,000)
                                                  ----------   ----------   ----------

Net Cash Provided by operating
         Activities                                  140,856      (59,666)    (397,639)

Cash Flows from Investing Activities:
         Proceeds from sale of property
                  and equipment                       (4,027)      59,666      340,452

Cash Flow from Financing Activities:
         Decrease in Note Payable                        -0-          -0-     (330,472)
         Increase in Capital Stock                       -0-          -0-       42,165
         Increase in paid-in capital                (136,828)         -0-    1,025,527
                                                  ----------   ----------   ----------
Net Cash provided by financing
             Activities                             (136,828)         -0-      737,220
                                                  ----------   ----------   ----------
    Net Increase (Decrease) in
             Cash
             Cash at beginning of year                   -0-          -0-         (871)
                                                  ----------   ----------   ----------
         Cash at beginning of year                       -0-          -0-          871
                                                  ----------   ----------   ----------
    Cash at end of the year                              -0-          -0-          -0-
                                                  ----------   ----------   ----------

Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for:
         Interest                                        -0-          -0-       13,650
         Income taxes                                    -0-          -0-          -0-
</TABLE>


<PAGE>

                               DOL RESOURCES, INC.

                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  Summary of Significant Accounting Policies
         ------------------------------------------

         Organization and Operations
         ---------------------------

         The  Company  was  organized  on November 1, 1983 under the laws of the
         State of Wyoming.  Its primary  activities have been the acquisition of
         interests in various oil and gas properties,  coal properties  (Note 9)
         and exploration for oil and gas.


         Properties
         ----------

         The  Company  uses the full cost method of  accounting  for oil and gas
         acquisition,   exploration  and  development  costs.  The  Company  has
         operations only within the continental  United States and  consequently
         has only one cost center.

         All  costs  associated  with  property  acquisition,   exploration  and
         development activities are capitalized within the cost center. No costs
         related to production, general corporate overhead or similar activities
         are capitalized.

         Capitalized   costs  within  the  cost  center  are  amortized  on  the
         units-of-production  basis  using  proved  oil  and gas  reserves.  The
         carrying  value of  capitalized  cost is  limited to the sum of (A) the
         present  value of future net  revenues  from  estimated  production  of
         proved oil and gas reserves, plus (B) the cost of properties note being
         amortized,  plus  (C) the  lower  of cost or  estimated  fair  value of
         unproved  properties  included  in the costs being  amortized  less (D)
         income tax effects related to differences between book and tax basis of
         the properties  involved.  For the year ended December 31, 1985,  total
         capitalized  costs  exceeded the cost center  ceiling by $137,083.  The
         excess was expensed in 1985 operations.













<PAGE>

                               DOL RESOURCES, INC.

                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  Properties: (Con't).
         --------------------

         Sales and  abandonments  of oil and gas properties are accounted for as
         adjustments of capitalized costs, with no gain or loss recognized.

         Drillingin progress is included in the cost center with depletion being
         calculated on all costs within the cost center.

         Furniture and Fixtures
         ----------------------

         Depreciation is computed by the straight-in  line method on the cost of
         the  automobiles  and  furniture  and  fixtures at rates based on their
         estimated service lives.

         Estimated lives in use are as follows:

                                Furniture and
                                Fixtures       5 - 12 years
         On June 30, 1999 all furniutre and fixtures were transferred to Glauber
         Management  Co. as part of an Assumption and Exchange  Agreement.  (See
         Item 13)

          Earnings per common share

          Earnings per common share were computed by dividing the Income (loss)
          by the weighted average number of common
                  shares outstanding during the year.

NOTE 2.  Marketable Securities
         ---------------------

         Marketable securities are valued at the lower of cost of value.

                                     2001            2000
                                  ---------       ---------
          Aggregate cost            400,000         400,000
          Aggregate market value    400,000         400,000
                                  ---------       ---------

          Unrealized loss:              -0-             -0-

         *The unrealized loss on marketable securities is charged to operations.

         In a stock exchange  Agreement dated June 30, 1999 the company received
250,000  shares of Electric & Gas  Technology  stock in exchange  for  4,216,471
shares of DOL stock. This was a tax-free exchange.



<PAGE>


                               DOL Resources, Inc.

                    NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE 3.  Notes Payable
         -------------

         Notes payable consist of the following:

           Monthly          Interest         Due Within      Due After
         Installment          Rate            One Year        One Year
         -----------        --------         ----------      ---------

         2000
         Note obligation was assumed by         -0-             -0-
         Parent Corporation on June 30,
         1999 (See Note A)
         Further information concerning
         borrowing:
                                                 2001           2000
                                             ----------      ---------
         Maximum unpaid balance                 -0-             -0-
         Weighted average borrowing             -0-             -0-
         Weighted average interest
         rate                                                    -0-



NOTE 4.  Related Party Transactions
         --------------------------

         As reported in our  registrant's  10-Q for the quarter  ended 30, 1984,
         Featherstone    Development   Corporation   owned   3,245,099   shares,
         Featherstone   Farms,   Ltd.,   owned  609,058  shares,   and  Olen  F.
         Featherstone  II owned 654,097  shares of DOL  Resources,  Inc.  common
         stock from January 1, 1982 to April 16, 1984.  The  Featherstone  group
         had  a  total  of  4,508,254   shares  of  common  stock   representing
         approximately  31.9%  of the  total  outstanding  common  stock  of DOL
         Resources,  Inc. at December 31,  1983.  On April 16, 1984 all of their
         restricted shares in DOL Resources,  Inc. were exchanged for restricted
         shares  in  Petro  Imperial  Corporation  of  Dallas,   Texas,  a  Utah
         Corporation  controlled by Commercial  Technology,  Inc. Petro Imperial
         Corporation  purchased an additional  500,000  shares of DOL Resources,
         Inc. common stock also on that date.

         The Company  acquired by assignment  from Petro  Imperial Corp. in 1987
         accounts receivable of $100,000 from Comtec Superior Management Co. and
         $139,719 from Comtec Glauber Management Co. as contributed capital.





<PAGE>

                               DOL RESOURCES, INC.
                     NOTES TO FINANCIAL STATEMENTS (Con't).


NOTE 4.
-------

         Both are affiliated  companies.  This was reversed in 1991. The Company
         also had accounts  receivable  from RCT Petro,  Ltd. of $7,414 in 1990.
         This was written off as  uncollectible  in 1991. The Company ended 2001
         with an account receivable from Glauber Management Co. of $23,461.

         A long-term payable if $100,148 was created to an affiliate during 1989
         when a bank that was holding,  as collateral,  a Certificate of Deposit
         belonging to the Affiliate  applied the proceeds of the C.D. to accrued
         interest and a principal payment on one of the company's matured notes.

          In 1994 5,000,000 shares of stock were issued to the
          affiliate in payment of the $100,148.  ($.02 per
                  share).

         Management  is  also  seeking  out  possible   merger  and  acquisition
opportunities.  There have been  several  negotiations  with  private  companies
desiring  to  go  public.   In  preparation  for  an  impending  merger  Glauber
Management,  by an  agreement  dated June 30, 1999 assumed all  liabilities  and
selected  assets of the  company in  exchange  for  contributed  capital.  Also,
Oklahoma oil properties held by Glauber  Management Co. were  contributed to the
Company.

NOTE 5.  Commitments:
         ------------

         The Company had the following lease obligations:

                           Coal      Oil & Gas
                          Leases      Leases
                          ------     ---------

          2000             -0-         -0-
          2001             -0-         -0-
        After 2001         -0-         -0-














<PAGE>

                               DOL RESOURCES, INC.
                     NOTES TO FINANCIAL STATEMENTS (Con't.)

NOTE 6.  Income Taxes
         ------------

         The Company as of December 31, 2001 has a net operating  loss carryover
         for income tax purposes of  approximately  $557,000.  The  carryover is
         available  to offset  taxable  income of future  years and  expires  as
         follows:

          2001            40,000
          2002            48,000
          2003             3,000
          2004            34,000
          2007            14,000
          2008            19,000
          2009             1,000
          2011           217,000
          2018            57,000
          2019            15,000
                         -------
                         448,000

         For financial reporting purposes,  the net operating loss has been used
         to offset  prior  deferred  income  taxes.  To the extent  that the net
         operating  loss  carryovers  are  utilized  for income tax  purposes in
         future years,  the deferred income taxes eliminated to give recognition
         to the  carryovers as well as credits  related to timing  difference of
         the current year not recorded will be reinstated.

         Because  of  timing  differences   related  principally  to  intangible
         drilling  costs,  cumulative  losses for income tax reporting  purposes
         exceed  those  reported  by  approximately  $272,000.  Because  of  the
         uncertainty as to realization, no future tax benefits are recognized at
         December 31, 2001.

NOTE 7.  Operations in Difference Industries:
         ------------------------------------

         The company operates  principally in two industries (1) the exploration
         for and sale of oil and gas,  and (2)  investment  in natural  resource
         properties.  The operations  pertaining to the exploration for and sale
         of oil and gas involve  actively  participating in drilling for oil and
         gas and sale of subsequent  production.  Certain financial  information
         concerning  the company's  operations in the described  industrieis  as
         follows:







<PAGE>

                               DOL RESOURCES, INC.
                     NOTES TO FINANCIAL STATEMENTS (Con't).


                                       Exploration   Investment
                                         for and     in Natural      General
                                       Sale of Oil    Resource      Corporate
                                         and Gas     Properties       Assets
                                       -----------   -----------   -----------
Year ended December
31,1999
  Assets applicable
  to industry segment                      773,723           -0-       400,000
                                       -----------   -----------   -----------
Year ended December
31, 2000
  Assets applicable
  To industry segment                      783,962           -0-       400,000
                                       -----------   -----------   -----------
Year ended  December
31. 2001
  Assets applicable
 to industry segment                       626,634           -0-       400,000
                                       -----------   -----------   -----------

                                       Exploration   Investment
                                         for and     in Natural      General
                                       Sale of Oil    Resource      Corporate
                                         and Gas     Properties       Assets
                                       -----------   -----------   -----------
Year ended December
31, 1999
   Income (loss)                       $   (42,083)  $       -0-   $   (13,947)
                                       -----------   -----------   -----------
   Applicable to
   Industry Segment
Year ended December
31, 2000
   Income (loss)                       $    10,169   $       -0-   $       -0-
                                       -----------   -----------   -----------
  Applicable to
   Industry Segment
Year ended December
31, 2001                               $    20,500)  $       -0-   $       -0-
                                       -----------   -----------   -----------
   Income (loss)
   Applicable to
   Industry Segment

NOTE 8.  Major Customers:
         ----------------

         The  company  had  sales  of oil  and  gas to  four  primary  customers
         (purchasers  of over 10% of product)  in 2001.  These sales were in the
         amount of $99,490 and $13,200 respectively.

         During the year ended  December 31, 2000,  the company had sales of oil
         and gas of $109,305 and $19,763 to three major purchasers,  and for the
         year  ended  December  31,  1999,  $36,903  and  $7,024  to four  major
         purchasers.


<PAGE>

                               DOL RESOURCES, INC.
                      NOTES TO FINANCIAL STATEMENTS (Con't)

NOTE 9.  Undeveloped Coal Royalties
         --------------------------

         These coal royalties were transferred to Glauber Management Co. on June
         30, 1999.


NOTE 10. Supplementary information as to Oil and Gas Producing
         -----------------------------------------------------
         Activities (Unaudited)
         ----------------------

         Supplementary  disclosures  for  oil and gas  producing  activities  in
         accordance with Financial Accounting Standard No. 69 set forth below.

         The following table represents the Company's estimate of its proved oil
         and gas  reserves at December  31, 2001.  The company  emphasized  that
         reserve estimates are inherently imprecise.  Accordingly, the estimates
         are expected to change as future information  becomes available.  These
         estimates,  as they relate to December 31, 2001 information,  have been
         prepared by Company personnel.

         Proved  developed  reserves at December  31, 2001 were 47,163  barrels.
         Proved  undeveloped  reserves of 43,100 bbls. are estimated at December
         31, 2001.  Gas reserves are included in the estimated  barrels at 6 MCF
         per barrel.

          Disclosure of the standardized measure of discount future net cash
          flows for the year ending 12-31-01, 12-31-00, and 12-31-99 have not
          been included in this note due to the following:

         (1)      Future gas flows are based on year and prices with  changes in
                  pricing   considered   only  to  the  extend  of   contractual
                  arrangements  existing  at  year-end.  Due to the  significant
                  fluxuation  in oil and gas  prices  during  2001  future  cash
                  inflows based on year-end prices would be inaccurate and would
                  result in a material misstatement.

         (2)      Future   development  costs  and  production  costs  based  on
                  year-end cost and assuming continuation of continuing economic
                  conditions  would  also  result in a  misstatement  due to the
                  price decline.

<PAGE>

                               DOL RESOURCES, INC.
                     NOTES TO FINANCIAL STATEMENTS (Con't.)


         (3)      Future  income tax  expense,  if any,  would be  difficult  to
                  determine due to large net operating  losses incurred for both
                  financial reporting and tax purposes.

                                       Proved Developed    Proved Undeveloped
                                           Reserves
                                         (In Barrels)        (In Barrels)
                                       ----------------    ----------------
                  Reserves:
                  Beginning of 2001              53,894              43,100
                  Acquisitions                                          -0-
                  Revisions of prior
                  year's estimates               (7,790)                -0-
                  Production                     (6,731)                -0-
                                       ----------------    ----------------
                  12-31-01                       39,373              43,100


NOTE 11. Legal Proceedings:
         ------------------

         On November 20, 1979, Phillips Petroleum Company filed a complaint with
         the Federal  Energy  Regulatory  Commission  (Docket  No.  C180-70--00)
         against DOL Resources,  Inc. and other producers  alleging that certain
         producer  respondents  abandoned  the sales of natural  gas to Phillips
         without  first  obtaining  necessary  Commission   authorization  under
         Section 7(b) of the Natural Gas Act. The  Commission  ruled in favor of
         Phillips on April 16, 1985.  Effective December 1, 1985, DOL's share of
         the settlement to be paid from future production from the Miller-Jacobs
         #1 well is as follows:

         $160,000 payable out of 30% of gas reserves accruing to its interest in
         production for the period  December 1, 1985 through  November 30, 1989,
         and payable  out of 50% of gas  revenues  accruing  to its  interest in
         production on or after December 1, 1989.  The situation  arose prior to
         present management's association with DOL Resources, Inc. DOL has since
         entered into an  agreement  with past  management  and will recover the
         entire  amount on the basis of the amounts' of  production  withheld by
         Phillips.

         The  balance of this  obligation  on June 30,  1999 was $54,698 and was
         assumed by Glauber Management Company.