**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-Q**

| x | REPORT                UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|---|-------------------------------------------------------------------------------------------------------|

| o | REPORT                UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
|---|---------------------------------------------------------------------|

**Majestic      Oil & Gas, Inc.**

| Nevada                                                                                      | 4600                                                                                  | 20-1673271                                                           |
|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|----------------------------------------------------------------------|
| (State                or other jurisdiction ofincorporation                or organization) | (Primary                Standard IndustrialClassification                Code Number) | (I.R.S.                EmployerIdentification                Number) |

| P.O                Box 488 Cut Bank, Montana            | 59427                     |
|---------------------------------------------------------|---------------------------|
| (Address                of principal executive offices) | (Zip                Code) |

| Registrant’s                telephone 406-873-5580 |
|----------------------------------------------------------|

| Large                accelerated filer | o |   | Accelerated                filer         | o |
|----------------------------------------|---|--------|------------------------------------------|---|
| Non-accelerated                filer   | o |   | Smaller                Reporting Company | x |

** **

----

**INDEX**

|                                                                                                       |   |   |
|------------------------------------------------------------------------------------------------------------|--------|--------|
| PART                  I — FINANCIAL INFORMATION                                                      |   | 3      |
| Item                  1. Financial Statements                                                              |   | 3      |
| Item                  2. Management’s Discussion and Analysis or Plan of                  Operation. |   | 10     |
| Item                  3. Quantitative and Qualitative Disclosure about Market                  Risk        |   | 15     |
| Item                  4. Controls and Procedures.                                                          |   | 15     |
| PART                  II — OTHER INFORMATION                                                         |   | 16     |
| Item                  1. Legal Proceedings.                                                                |   | 16     |
| Item                  1A. Risk Factors                                                                     |   | 16     |
| Item                  2. Unregistered Sales of Equity Securities and Use of                  Proceeds.     |   | 16     |
| Item                  3. Defaults Upon Senior Securities.                                                  |   | 16     |
| Item                  4. Submission of Matters to a Vote of Security Holders.                              |   | 16     |
| Item                  5. Other Information.                                                                |   | 16     |
| Item                  6. Exhibits.                                                                         |   | 17     |

----

**Item      1. Financial Statements**

| **MAJESTIC                    OIL & GAS, INC. (A Development Stage                    Company)**        |
|-------------------------------------------------------------------------------------------------------------|
| **CONDENSED                    CONSOLIDATED BALANCE SHEETS**                                                |
|                                                                                                        |   |    |   |    |   |
|                                                                                                        |   |  **September                    30,** |   |    |   |
|                                                                                                        |   |  **2008** |   |  **December                    31** |   |
|                                                                                                        |   |  **UNAUDITED** |   |  **2007** |   |
|                                                                                                        |   |    |   |    |   |
| **ASSETS**                                                                                                  |   |    |   |    |   |
| Cash                    and cash equivalents                                                                |   | **$** | **136,827** |   | **$** | **77,329** |   |
| Trade                    receivables                                                                        |   |   | **38,103** |   |   | **17,641** |   |
| Deposit                                                                                                     |   |   | **10,000** |   |   | - |   |
|                                                                                                        |   |   |  |   |   |  |   |
| Total                    Current Assets                                                                     |   |   | **184,930** |   |   | **94,970** |   |
|                                                                                                        |   |   |   |   |   |   |   |
| **OIL                    AND GAS PROPERTIES**                                                               |   |   |   |   |   |   |   |
| Oil                      and gas properties, using the full cost method of                      accounting: |   |   |   |   |   |   |   |
| Properties                    being amortized                                                               |   |   | **379,941** |   |   | **325,051** |   |
| Properties                    not subject to amortization                                                   |   |   | **138,383** |   |   | **124,526** |   |
| Less                    accumulated depletion, amortization and impairment                                  |   |   | **(113,600** | **)** |   | **(68,800** | **)** |
|                                                                                                        |   |   |   |   |   |   |   |
| Net                    Oil and Gas Properties                                                               |   |   | **404,724** |   |   | **380,777** |   |
|                                                                                                        |   |   |   |   |   |   |   |
| **OTHER                    ASSETS**                                                                         |   |   |   |   |   |   |   |
| Website                    development costs (less accumulated amortization)                                |   |   | **1,450** |   |   | **2,080** |   |
|                                                                                                        |   |   |  |   |   |  |   |
| Total                    Other Assets                                                                       |   |   | **1,450** |   |   | **2,080** |   |
|                                                                                                        |   |   |   |   |   |   |   |
| Total                    Assets                                                                             |   | **$** | **591,104** |   | **$** | **477,827** |   |
|                                                                                                        |   |   |   |   |   |   |   |
| **LIABILITIES                    AND STOCKHOLDERS' EQUITY**                                                 |   |   |   |   |   |   |   |
|                                                                                                        |   |   |   |   |   |   |   |
| **LIABILITIES**                                                                                             |   |   |   |   |   |   |   |
| Accounts                    payable and accrued liabilities                                                 |   | **$** | **2,923** |   | **$** | **538** |   |
| Production                    taxes and royalties payable                                                   |   |   | **7,413** |   |   | **4,435** |   |
|                                                                                                        |   |   |  |   |   |  |   |
| Total                    Current Liabilities                                                                |   |   | **10,336** |   |   | **4,973** |   |
|                                                                                                        |   |   |   |   |   |   |   |
| Asset                    retirement obligation                                                              |   |   | **3,193** |   |   | **3,193** |   |
|                                                                                                        |   |   |  |   |   |  |   |
| Total                    Liabilities                                                                        |   |   | **13,529** |   |   | **8,166** |   |
|                                                                                                        |   |   |   |   |   |   |   |
| **STOCKHOLDERS'                    EQUITY**                                                                 |   |   |   |   |   |   |   |
| Common                    stock, no par value-                                                              |   |   |   |   |   |   |   |
| Authorized                    Shares - 100,000,000                                                          |   |   |   |   |   |   |   |
| Issued                    & Outstanding: 7,808,000 shares at September 30, 2008;                        |   |   | **1,155,500** |   |   | **1,005,500** |   |
| 7,508,000                    at December 31, 2007                                                           |   |   |   |   |   |   |   |
| Additional                    paid in capital                                                               |   |   | **21,295** |   |   | **21,295** |   |
| Stock                    subscription receivable                                                            |   |   | **(2,000** | **)** |   | **(2,000** | **)** |
| (Deficit)                    accumulated during the development stage                                       |   |   | **(597,220** | **)** |   | **(555,134** | **)** |
|                                                                                                        |   |   |   |   |   |   |   |
| Total                    Stockholders' Equity                                                               |   |   | **577,575** |   |   | **469,661** |   |
|                                                                                                        |   |   |   |   |   |   |   |
| Total                    Liabilities & Stockholders' Equity                                             |   | **$** | **591,104** |   | **$** | **477,827** |   |

----

| **MAJESTIC                      OIL & GAS, INC. (A Development Stage                      Company)** |
|----------------------------------------------------------------------------------------------------------|
| **CONDENSED                      CONSOLIDATED STATEMENTS OF OPERATIONS**                                 |
|                                                                                                     |   |    |   |   |   |   |   |   |   |   |   |
|                                                                                                     |   |  **Three                      MonthsEnded** |   | **Three                        Months****Ended** |   | **NineMonths****Ended** |   | **Nine                        Months****Ended** |   | **Inception****(April                      16, 2002)** |   |
|                                                                                                     |   |  **September                      30,** |   | **September                      30,** |   | **September                      30,** |   | **September                      30,** |   | **September                      30,** |   |
|                                                                                                     |   |  **2008** |   | **2007** |   | **2008** |   | **2007** |   | **2008** |   |
|                                                                                                     |   |  **UNAUDITED** |   | **UNAUDITED** |   | **UNAUDITED** |   | **UNAUDITED** |   | **UNAUDITED** |   |
|                                                                                                     |   |    |   |   |   |   |   |   |   |   |   |
|                                                                                                     |   |    |   |   |   |   |   |   |   |   |   |
| **REVENUE**                                                                                              |   | **$** | **38,103** |   | **$** | **5,515** |   | **$** | **108,757** |   | **$** | **21,893** |   | **$** | **405,353** |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **PRODUCTION                      (LIFTING) COSTS**                                                      |   |   | **9,117** |   |   | **1,790** |   |   | **25,501** |   |   | **7,291** |   |   | **117,452** |   |
| **EXPLORATION                      EXPENSES**                                                            |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **3,862** |   |
| **DEPLETION,                      DEPRECIATION**                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **AND                      AMORTIZATION**                                                                |   |   | **19,810** |   |   | **2,810** |   |   | **45,430** |   |   | **9,410** |   |   | **114,650** |   |
|                                                                                                     |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| **INCOME                      FROM OIL & GAS**                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **PRODUCING                      ACTIVITIES**                                                            |   |   | **9,176** |   |   | **915** |   |   | **37,826** |   |   | **5,192** |   |   | **169,389** |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **SELLING,                      GENERAL &**                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **ADMINISTRATIVE                      EXPENSES**                                                         |   |   | **15,175** |   |   | **38,487** |   |   | **79,912** |   |   | **80,479** |   |   | **766,609** |   |
|                                                                                                     |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| **NET                      (LOSS)**                                                                      |   | **$** | **(5,999** | **)** | **$** | **(37,572** | **)** | **$** | **(42,086** | **)** | **$** | **(75,287** | **)** | **$** | **(597,220** | **)** |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **EARNINGS                      PER SHARE**                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                      Income, basic and diluted                                                       |   | **$** | **(0.00** | **)** | **$** | **(0.01** | **)** | **$** | **(0.01** | **)** | **$** | **(0.01** | **)** |   |   |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                        average number of shares outstanding                                     |   |   | **7,638,769** |   |   | **6,472,500** |   |   | **7,638,769** |   |   | **6,325,956** |   |   |   |   |
| Diluted                        potential shares - stock warrants                                         |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   |   |   |
|                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjusted                      weighted average shares                                                    |   |   | **7,638,769** |   |   | **6,472,500** |   |   | **7,638,769** |   |   | **6,325,956** |   |   |   |   |

----

| **MAJESTIC                    OIL & GAS, INC. (A Development Stage                    Company)** |
|------------------------------------------------------------------------------------------------------|
| **CONDENSED                    CONSOLIDATED STATEMENTS OF STOCKHOLDERS'                    EQUITY**  |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   | **(Deficit)** |   |   |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   | **Accumulated** |   |   |   |
|                                                                                                 |   |   |   |   |   | **Additional** |   | **Stock** |   | **During** |   |   |   |
|                                                                                                 |   | **Common                    Stock** |   | **Paid                    In** |   | **Subscription** |   | **Development** |   |   |   |
|                                                                                                 |   | **Shares** |   | **Amount** |   | **Capital** |   | **Receivable** |   | **Stage** |   | **Total** |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **BEGINNING                    BALANCE, INCEPTION**                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **(APRIL                    16, 2002) TO**                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **DECEMBER                    31, 2004**                                                             |   |   | **-** |   | **$** | **-** |   | **$** | **-** |   | **$** | **-** |   | **$** | **-** |   | **$** | **-** |   |
| Common                    stock issued                                                               |   |   | **6,240,000** |   |   | **624,000** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **624,000** |   |
| Net                    (loss)                                                                        |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **(346,422** | **)** |   | **(346,422** | **)** |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **BALANCE,                    DECEMBER 31, 2004**                                                    |   |   | **6,240,000** |   |   | **624,000** |   |   | **-** |   |   | **-** |   |   | **(346,422** | **)** |   | **277,578** |   |
| Common                    stock issued                                                               |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |
| Net                    income                                                                        |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **66,381** |   |   | **66,381** |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **BALANCE,                    DECEMBER 31, 2005**                                                    |   |   | **6,240,000** |   |   | **624,000** |   |   | **-** |   |   | **-** |   |   | **(280,041** | **)** |   | **343,959** |   |
| Common                    stock issued                                                               |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |
| Net                    (loss)                                                                        |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **(20,068** | **)** |   | **(20,068** | **)** |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **BALANCE,                    DECEMBER 31, 2006**                                                    |   |   | **6,240,000** |   |   | **624,000** |   |   | **-** |   |   | **-** |   |   | **(300,109** | **)** |   | **323,891** |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    stock issued for services                                                  |   |   | **330,000** |   |   | **147,000** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **147,000** |   |
| Common                    stock warrants exercised                                                   |   |   | **938,000** |   |   | **234,500** |   |   | **-** |   |   | **(2,000** | **)** |   | **-** |   |   | **232,500** |   |
| Common                    stock options issued                                                       |   |   | **-** |   |   | **-** |   |   | **21,295** |   |   | **-** |   |   | **-** |   |   | **21,295** |   |
| Net                    (loss)                                                                        |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **(255,025** | **)** |   | **(255,025** | **)** |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **BALANCE,                    DECEMBER 31, 2007**                                                    |   |   | **7,508,000** |   |   | **1,005,500** |   |   | **21,295** |   |   | **(2,000** | **)** |   | **(555,134** | **)** |   | **469,661** |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    stock issued                                                               |   |   | **300,000** |   |   | **150,000** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **150,000** |   |
| Net                    (loss) for the nine months ended                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| September                    30, 2008 (UNAUDITED)                                                    |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **-** |   |   | **(42,086** | **)** |   | **(42,086** | **)** |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **BALANCE,                    SEPTEMBER 30, 2008**                                                   |   |   | **7,808,000** |   | **$** | **1,155,500** |   | **$** | **21,295** |   | **$** | **(2,000** | **)** | **$** | **(597,220** | **)** | **$** | **577,575** |   |

----

**MAJESTIC          OIL & GAS, INC. (A Development Stage Company)**

**CONDENSED          CONSOLIDATED STATEMENTS OF CASH FLOWS**

|                                                                      |   |                                       |        |                                      |   |                                      |   |
|---------------------------------------------------------------------------|--------|-------------------------------------------------|-------------|-------------------------------------------|--------|-------------------------------------------|--------|
|                                                                      |   |                                       |        |                                      |   | **Inception**                             |   |
|                                                                      |   |  **Nine                    Months**        |        | **Nine                    Months**        |   | **(April                    16, 2002)**   |   |
|                                                                      |   |  **Ended**                                 |        | **Ended**                                 |   | **Through**                               |   |
|                                                                      |   |  **September                    30, 2008** |        | **September                    30, 2007** |   | **September                    30, 2008** |   |
|                                                                      |   |  **UNAUDITED**                             |        | **UNAUDITED**                             |   | **UNAUDITED**                             |   |
|                                                                      |   |                                       |        |                                      |   |                                      |   |
| **OPERATING                    ACTIVITIES**                               |   |                                       |        |                                      |   |                                      |   |
| Net                    (loss)                                             |   | **$**                                           | **(42,086** | **)**                                     | **$**  | **(75,287**                               | **)**  | **$** | **(597,220** | **)** |
| Changes                      and credits to net (loss) not affecting cash |   |                                            |        |                                      |   |                                      |   |   |   |   |
| Depletion                    and amortization                             |   |                                            | **45,430**  |                                      |   | **9,410**                                 |   |   | **114,650** |   |
| Organizational                      expenses paid with stock              |   |                                            | **-**       |                                      |   | **-**                                     |   |   | **300,000** |   |
| Legal                    fees paid with stock                             |   |                                            | **-**       |                                      |   | **-**                                     |   |   | **172,000** |   |
| Stock                    compensation expense                             |   |                                            | **-**       |                                      |   | **21,295**                                |   |   | **21,295** |   |
| Changes                    in assets and liabilities                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| Trade                    receivables                                      |   |                                            | **(20,462** | **)**                                     |   | **2,929**                                 |   |   | **(38,103** | **)** |
| Deposits                                                                  |   |                                            | **(10,000** | **)**                                     |   | **-**                                     |   |   | **(10,000** | **)** |
| Production                    taxes and royalties payable                 |   |                                            | **2,978**   |                                      |   | **(10,839**                               | **)**  |   | **7,413** |   |
| Accounts                    payable                                       |   |                                            | **2,385**   |                                      |   | **(2,630**                                | **)**  |   | **2,923** |   |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **NET                    CASH FROM (USED FOR)**                           |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **OPERATING                    ACTIVITIES**                               |   |                                            | **(21,755** | **)**                                     |   | **(55,122**                               | **)**  |   | **(27,042** | **)** |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **INVESTING                    ACTIVITIES**                               |   |                                            |        |                                      |   |                                      |   |   |   |   |
| Website                    development                                    |   |                                            | **-**       |                                      |   | **(2,500**                                | **)**  |   | **(2,500** | **)** |
| Additions                    to oil and gas properties                    |   |                                            | **(68,747** | **)**                                     |   | **(59,997**                               | **)**  |   | **(355,131** | **)** |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **NET                    CASH (USED FOR) INVESTING**                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **ACTIVITIES**                                                            |   |                                            | **(68,747** | **)**                                     |   | **(62,497**                               | **)**  |   | **(357,631** | **)** |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **FINANCING                    ACTIVITIES**                               |   |                                            |        |                                      |   |                                      |   |   |   |   |
| Proceeds                    from sale of common stock                     |   |                                            | **150,000** |                                      |   | **101,250**                               |   |   | **150,000** |   |
| Proceeds                    from exercise of warrants                     |   |                                            | **-**       |                                      |   | **-**                                     |   |   | **371,500** |   |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **NET                    CASH PROVIDED BY FINANCING**                     |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **ACTIVITIES**                                                            |   |                                            | **150,000** |                                      |   | **101,250**                               |   |   | **521,500** |   |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **NET                    CHANGE IN CASH AND CASH**                        |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **EQUIVALENTS**                                                           |   |                                            | **59,498**  |                                      |   | **(16,369**                               | **)**  |   | **136,827** |   |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **CASH                    AND CASH EQUIVALENTS AT**                       |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **BEGINNING                    OF PERIOD**                                |   |                                            | **77,329**  |                                      |   | **189,304**                               |   |   | **-** |   |
|                                                                      |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **CASH                    AND CASH EQUIVALENTS AT**                       |   |                                            |        |                                      |   |                                      |   |   |   |   |
| **END                    OF PERIOD**                                      |   | **$**                                           | **136,827** |                                      | **$**  | **172,935**                               |   | **$** | **136,827** |   |

----

| **MAJESTIC                  OIL & GAS, INC. (A Development Stage                  Company)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **NOTES                  TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Note                  1 - Business Activity and Basis of Presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *Principal                  Business Activity*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Majestic                  Oil & Gas, Inc. (Company) is a development stage enterprise and its                  operations consist of oil and natural gas development and production                  in                  the Rocky Mountain region. The financial statements and notes to                  the                  financial statements are the representation of the Company's management,                  who is responsible for their integrity and objectivity. The accounting                  policies of the Company are in accordance with generally accepted                  accounting principles and conform to the standards applicable to                  development stage enterprises.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *Basis                  of Presentation*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| The                  accompanying interim financial statements of the Company are unaudited.                  In                  the opinion of management, the interim data includes all adjustments,                  consisting only of normal recurring adjustments necessary for a                  fair                  presentation of the results for the interim period. The results                  of                  operations for the nine months ended September 30, 2008 are not                  necessarily indicative of the operating results for the entire                  year. These                  interim financial statements contain certain reclassification of                  prior                  period amounts to be consistent with the current period presentation                  with                  no effect on net income or loss.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| We                  have prepared the financial statements included herein pursuant                  to the                  rules and regulations of the Securities and Exchange Commission.                  Certain                  information and footnote disclosures normally included in financial                  statements prepared in accordance with generally accepted accounting                  principles have been condensed or omitted pursuant to such rules                  and                  regulations. We believe the disclosures made are adequate to make                  the                  information not misleading and recommend that these condensed financial                  statements be read in conjunction with the financial statements                  and notes                  included in our Form 10-KSB for the year ended December 31,                  2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Note                  2 - Basis of Accounting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| The                  accompanying financial statements have been prepared using accounting                  principles applicable to a going concern, which contemplates the                  realization of assets and extinguishment of liabilities in the                  normal                  course of business. As shown in the accompanying condensed balance                  sheet                  the Company has an accumulated deficit of ($597,220) through September                  30,                  2008. This and other factors may indicate that the Company may                  be unable                  to continue in existence. The Company's financial statements do                  not                  include any adjustments related to the realization of the carrying                  value                  of assets or the amounts and classification of liabilities that                  might be                  considered necessary should the Company be unable to continue in                  existence. The Company's ability to establish itself as a going                  concern is                  dependent upon its ability to obtain additional financing in order                  to fund                  exploration and development activities of oil and gas interests                  and,                  ultimately, to achieve profitable operations. Management believes                  that it                  can be successful in obtaining either debt or equity financing                  that will                  enable the Company to continue in existence and establish itself                  as a                  going concern. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| These                  interim financial statements are prepared using the significant                  accounting                  policies disclosed in the Company's December 31, 2007 annual audited                  financial statements, except that certain significant accounting                  policies                  were adopted during the nine months ended September 30,                  2008:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *Adopted                  prior to the nine months ended September 30, 2008                  -*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| *Oil                  and Gas Interests*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| The                  Company utilizes the full cost method of accounting for oil and                  gas                  activities. Under this method, subject to a limitation based on                  estimated                  value, all costs associated with property acquisition, exploration                  and                  development, including costs of unsuccessful exploration, are capitalized                  within a cost center. No gain or loss is recognized upon the sale                  or                  abandonment of undeveloped or producing oil and gas interests unless                  the                  sale represents a significant portion of oil and gas interests                  and the                  gain significantly alters the relationship between capitalized                  costs and                  proved oil and gas reserves of the cost center. Depreciation, depletion                  and amortization of oil and gas interests is computed on the units                  of                  production method based on proved reserves, or upon reasonable                  estimates                  where proved reserves have not yet been established due to the                  recent                  commencement of production. Amortizable costs include estimates                  of future                  development costs of proved undeveloped                  reserves.                                                                                                                                                                                                                                                   |

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| **MAJESTIC                  OIL & GAS, INC. (A Development Stage                  Company)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **NOTES                  TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Capitalized                  costs of oil and gas interests may not exceed an amount equal to                  the                  present value, discounted at 10%, of the estimated future net cash                  flows                  from proved reserves plus the cost, or estimated fair market value                  if                  lower, of unproved interests. Should capitalized costs exceed this                  ceiling, an impairment is recognized. The present value of estimated                  future net cash flows is computed by applying year end prices of                  oil and                  gas to estimated future production of proved oil and gas reserves                  as of                  year end, less estimated future expenditures to be incurred in                  developing                  and producing the proved reserves and assuming continuation of                  existing                  economic conditions.                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *Revenue                  Recognition*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| The                  Company recognizes oil and gas revenues from its interests in producing                  wells as oil and gas is produced and sold from the wells and when                  ultimate                  collection is reasonably assured.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *Website                  Development Costs*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| The                  Company has capitalized the costs associated with development of                  its                  website, and is amortizing the cost over a three year                  period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *Stock                  Based Compensation*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| The                  Company accounts for stock based compensation in accordance with                  Statement                  of Financial Accounting Standard (SFAS) No.123(R), “Share-Based Payment,”                  which specifies the revised accounting alternative requirements                  for                  pre-2006 stock based compensation grants existing at January 1, 2006                  and the required accounting for new grants starting January 1, 2006.                  The Company had no stock based compensation grants made before                  year                  2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Accordingly,                  the provisions of SFAS No.123(R) pertaining to pre-2006 grants                  do not                  apply. The Company values its stock options awarded on or after                  January 1, 2006 at the fair value at grant date using the                  Black-Scholes option pricing model. Compensation expense for stock                  options                  is recorded over the vesting period on a straight line basis. Compensation                  paid in vested stock is valued at the fair value at the applicable                  measurement date and charged to expense at that date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *Income                  Taxes*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Effective                  January 1, 2007, the Company adopted the provisions of Financial                  Accounting Standards Board (FASB) Interpretation No. 48 (“FIN 48”),                  “Accounting for Uncertainty in Income Taxes — An Interpretation of FASB                  Statement No. 109.” FIN 48 provides detailed guidance for the financial                  statement recognition, measurement and disclosure of uncertain                  tax                  positions recognized in the financial statements in accordance                  with SFAS                  No. 109. Tax positions must meet a “more-likely-than-not” recognition                  threshold at the effective date to be recognized upon the adoption                  of FIN                  48 and in subsequent periods. Upon the adoption of FIN 48, the                  Company had                  no unrecognized tax benefits. During 2007 and during the first                  nine months                  of 2008, the Company recognized no adjustments for uncertain tax                  benefits. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Deferred                  income tax assets, if any, are adjusted by a valuation allowance,                  if                  necessary, to recognize future tax benefits only to the extent,                  based on                  available evidence, it is more likely than not such benefits will                  be                  realized. The Company would recognize interest and penalties, if                  any,                  related to uncertain tax positions in general and administrative                  expenses.                  No interest and penalties related to uncertain tax positions were                  accrued                  at September 30, 2008. The Company expects no material changes                  to                  unrecognized tax positions within the next twelve                  months.                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *Earnings                  per Share of Common Stock*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Basic                  earnings per share is determined in accordance with SFAS No. 128                  using net                  income divided by the weighted average shares outstanding during                  the                  period. Diluted earnings per share is computed by dividing net                  income by                  the weighted average shares outstanding, assuming all dilutive                  potential                  common shares were issued. The effect of outstanding common stock                  warrants                  was anti-dilutive for the three and nine months ended September                  30, 2008                  and 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *Adopted                  during the nine months ended September 30, 2008 -*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| *Fair                  Value Measurement*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Effective                  January 1, 2008, the Company adopted SFAS No. 157 *Fair                  Value Measurement,*which                  provides a framework for measuring fair value under generally accepted                  accounting principles.   SFAS No. 157 would apply to all                  financial instruments that are being measured and reported on a                  fair value                  basis. Currently, the Company has no financial instruments to which                  this                  statement would apply.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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| **MAJESTIC                  OIL & GAS, INC. (A Development Stage                  Company)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **NOTES                  TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| *Recent                  Accounting Pronouncements*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| In                  March 2008, the Financial Accounting Standards Board (FASB) issued                  SFAS                  No. 161, *Disclosures                  about Derivative Instruments and Hedging Activities—an amendment of FASB                  Statement No. 133*(SFAS                  No. 161). SFAS No. 161 gives financial statement users better                  information about the reporting entity’s hedges by providing for                  qualitative disclosures about the objectives and strategies for                  using                  derivatives, quantitative data about the fair value of and gains                  and                  losses on derivative contracts, and details of credit-risk-related                  contingent features in their hedged positions. SFAS No. 161 is                  effective for the Company as of January 1, 2009 with early                  application encouraged. The adoption of this new standard is expected                  to                  have no effect on the financial and reporting disclosures of the                  Company.                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| In                  May 2008, the Financial Accounting Standards Board (FASB) issued                  SFAS                  No. 162, *The                  Hierarchy of Generally Accepted Accounting Principles*(SFAS                  No. 162). The objective of SFAS No. 162 is to identify the                  sources of accounting principles and the framework for selecting                  the                  principles to be used in the preparation of financial statements                  of                  nongovernmental entities that are presented in conformity with                  generally                  accepted accounting principles (GAAP) in the United States (the                  GAAP                  hierarchy). SFAS No. 162 will go into effect 60 days following the                  SEC's approval of the Public Company Accounting Oversight Board                  (PCAOB)                  amendments to AU Section 411, *The                  Meaning of Present Fairly in Conformity With Generally Accepted                  Accounting                  Principles*.                  Management is assessing the impact of the adoption of SFAS No.                  162 on the                  Company.                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Note                  3 - Organization and Development of the Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| The                  Company was formed on April 16, 2002 as a corporation. The Company                  is                  considered a development stage enterprise as defined by SFAS No.                  7. The                  accompanying interim financial statements reflect limited oil and                  gas                  development and production activities and they are not necessarily                  indicative of what the financial statements will reflect once the                  intended                  operations of the Company are fully underway.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Note                  4 - Asset Retirement Obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| The                  Company follows SFAS No. 143 "Accounting for Asset Retirement                  Obligations". SFAS No. 143 addresses financial accounting and reporting                  for obligations associated with the retirement of tangible long-lived                  assets and the associated asset retirement costs. SFAS No. 143                  requires                  recognition of the present value of obligations associated with                  the                  retirement of tangible long-lived assets in the period in which                  it is                  incurred. As of September 30, 2008, the estimated future cost to                  plug and                  abandon the Company's gas wells was estimated to be $3,193. The                  estimated                  liability is based on historical experience in plugging and abandoning                  wells, estimated cost to plug and abandon wells in the future and                  federal                  and state regulatory requirements.                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Note                  5 - Related Party Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Altamont                  Oil & Gas, Inc. (Altamont), an entity related through common ownership                  and management, is the operator of the wells in which the Company                  owns its                  working interests. As the operator of the wells, Altamont is responsible                  for remitting production taxes to the taxing authorities and royalty                  payments to the royalty interest owners. As of September 30, 2008,                  the                  Company had an outstanding receivable from Altamont of $38,103                  for gas                  sales, and a payable to Altamont of $7,413 for production taxes                  and                  royalties. The Company also purchased oil and gas leases from Altamont                  during the six months ended September 30, 2008 for a total of $12,260.                  This was the same amount originally paid by Altamont to acquire                  the                  leases.                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Note                  6 - Farm Out Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| During                  2007 the Company entered into a Farm-out Agreement with Altamont                  and                  Numbers, Inc., an entity whose owner is a member of the Board of                  Directors                  of the Company, to drill a 10-well natural gas development program.                  This                  development program will involve the drilling of 5 wells in the                  Lake                  Frances Gas Field and 5 wells in the Williams Gas Field, located                  in                  Pondera County, Montana. The Lake Frances Field is located south                  of                  Valier, Montana just offsetting the Lake Frances reservoir. The                  Williams                  Field is located 7 miles east of the town of Valier, Montana. The                  locations for the development program were determined from information                  gathered from a geological and engineering study. The surveying                  of each                  location and the permitting of each drill site with the Montana                  Board of                  Oil & Gas is currently being completed. The Company will receive 100%                  of the revenues until the drilling and completion costs have been                  recovered, at which time the Company's interest will revert to                  50%. |

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Management’s      Discussion and Analysis or Plan of Operation.

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*Three      months ended September 30, 2008 vs. Three months ended September 30,      2007*

|  Ludwig                State 36-1 |   | Share                ofProduction                Volumes |   | Price                Per MCF | Share                ofProduction                Volumes |   | Price                Per MCF |
|----------------------------------------|--------|----------------------------------------------------------|--------|------------------------------|----------------------------------------------------------|--------|------------------------------|
|                                   |   | 2008                                                     |   |                         | 2007                                                     |   |                         |
| July                2008               |   | 243.17                                                   |   | 7.71                         | 348.36                                                   |   | 3.60                         |
| August                2008             |   | 240.69                                                   |   | 5.90                         | 336.39                                                   |   | 2.95                         |
| September                2008          |   | 225.84                                                   |   | 4.52                         | 309.58                                                   |   | 2.55                         |
|                                   |   |                                                     |   |                         |                                                     |   |                         |
|  Boucher                #27-1     |   | Share                ofProduction                Volumes |   | Price                Per MCF | Share                ofProduction                Volumes |   | Price                Per MCF |
|                                   |   | 2008                                                     | 2007   |
| July                2008               |   | 64.76                                                    |   | 7.71                         | 190.58                                                   |   | 3.60                         |
| August                2008             |   | 70.33                                                    |   | 5.90                         | 160.67                                                   |   | 2.95                         |
| September                2008          |   | 81.26                                                    |   | 4.52                         | 139.01                                                   |   | 2.55                         |
|                                   |   |                                                     |   |                         |                                                     |   |                         |
|  B.                Ag #25-1       |   | Share                ofProduction                Volumes |   | Price                Per MCF | Share                ofProduction                Volumes |   | Price                Per MCF |
|                                   |   | 2008                                                     | 2007   |
| July                2008               |   | 41.00                                                    |   | 7.71                         | 0                                                        |   |                         |
| August                2008             |   | 39.40                                                    |   | 5.90                         | 0                                                        |   |                         |
| September                2008          |   | 37.80                                                    |   | 4.52                         | 0                                                        |   |                         |
|                                   |   |                                                     |   |                         |                                                     |   |                         |
|  Vandenbos                #19-1   |   | Share                ofProduction                Volumes |   | Price                Per MCF | Share                ofProduction                Volumes |   | Price                Per MCF |
| July                2008               |   | 1144.48                                                  |   | 7.71                         | 0                                                        |   |                         |
| August                2008             |   | 1047.34                                                  |   | 5.90                         | 0                                                        |   |                         |
| September                2008          |   | 958.44                                                   |   | 4.52                         | 0                                                        |   |                         |
|                                   |   |                                                     |   |                         |                                                     |   |                         |
|  Boucher                #18-1     |   | Share                ofProductionVolumes                 |   | Price                PerMCF  | Share                of Production Volumes               |   | Price                Per MCF |
| July                2008               |   | 0                                                        |   | 7.71                         | 0                                                        |   |                         |
| August                2008             |   | 471.49                                                   |   | 5.90                         | 0                                                        |   |                         |
| September                2008          |   | 546.77                                                   |   | 4.52                         | 0                                                        |   |                         |
|                                   |   |                                                     |   |                         |                                                     |   |                         |
| Stoltz                #18-1            |   | Share                ofProductionVolumes                 |   | Price                PerMCF  | Share                of Production Volumes               |   | Price                Per MCF |
| July                2008               |   | 0                                                        |   | 7.71                         | 0                                                        |   |                         |
| August                2008             |   | 43.27                                                    |   | 5.90                         | 0                                                        |   |                         |
| September                2008          |   | 54.03                                                    |   | 4.52                         | 0                                                        |   |                         |

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*Nine      months ended September 30, 2008 vs. Nine months ended September 30,      2007*

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|  Ludwig                State 36-1 | Share                ofProduction                Volumes |   | Price                Per MCF |   | Share                ofProduction                Volumes |   | Price                Per MCF |
|----------------------------------------|----------------------------------------------------------|--------|------------------------------|--------|----------------------------------------------------------|--------|------------------------------|
|                                   | 2008                                                     |   | 2007                         |
| January                                | 284.63                                                   |   | 3.91                         |   | 426.94                                                   |   | 3.57                         |
| February                               | 265.65                                                   |   | 4.45                         |   | 365.06                                                   |   | 3.53                         |
| March                                  | 261.73                                                   |   | 4.98                         |   | 397.24                                                   |   | 3.83                         |
| April                                  | 255.96                                                   |   | 5.36                         |   | 378.47                                                   |   | 3.50                         |
| May                                    | 255.54                                                   |   | 6.33                         |   | 370.22                                                   |   | 3.67                         |
| June                                   | 246.06                                                   |   | 6.75                         |   | 339.08                                                   |   | 3.80                         |
| July                                   | 243.17                                                   |   | 7.71                         |   | 348.36                                                   |   | 3.60                         |
| August                                 | 240.69                                                   |   | 5.90                         |   | 336.39                                                   |   | 2.95                         |
| September                              | 225.84                                                   |   | 4.52                         |   | 309.58                                                   |   | 2.55                         |
| Boucher                27-1            | Share                ofProduction                Volumes |   | Price                Per MCF |   | Share                ofProduction                Volumes |   | Price                Per MCF |
|                                   | 2008                                                     |   | 2007                         |
| January                                | 89.10                                                    |   | 3.91                         |   | 297.83                                                   |   | 3.57                         |
| February                               | 85.39                                                    |   | 4.45                         |   | 242.14                                                   |   | 3.53                         |
| March                                  | 73.22                                                    |   | 4.98                         |   | 262.14                                                   |   | 3.83                         |
| April                                  | 67.44                                                    |   | 5.36                         |   | 238.84                                                   |   | 3.50                         |
| May                                    | 67.03                                                    |   | 6.33                         |   | 222.13                                                   |   | 3.67                         |
| June                                   | 68.06                                                    |   | 6.75                         |   | 166.24                                                   |   | 3.80                         |
| July                                   | 64.76                                                    |   | 7.71                         |   | 190.58                                                   |   | 3.60                         |
| August                                 | 70.33                                                    |   | 5.90                         |   | 160.67                                                   |   | 2.95                         |
| September                              | 81.26                                                    |   | 4.52                         |   | 139.01                                                   |   | 2.55                         |
|                                   |                                                     |   |                         |   |                                                     |   |                         |
|  B.                Ag #25-1       | Share                ofProduction                Volumes |   | Price                Per MCF |   | Share                ofProduction                Volumes |   | Price                Per MCF |
|                                   | 2008                                                     |   | 2007                         |
| January                                | 40.80                                                    |   | 3.91                         |   | 0                                                        |   |                         |
| February                               | 41.80                                                    |   | 4.45                         |   | 0                                                        |   |                         |
| March                                  | 42.20                                                    |   | 4.98                         |   | 0                                                        |   |                         |
| April                                  | 42.40                                                    |   | 5.36                         |   | 0                                                        |   |                         |
| May                                    | 41.00                                                    |   | 6.33                         |   | 0                                                        |   |                         |
| June                                   | 39.80                                                    |   | 6.75                         |   | 0                                                        |   |                         |
|  July                             | 41.00                                                    |   | 7.71                         |   | 0                                                        |   |                         |
| August                                 | 39.40                                                    |   | 5.90                         |   | 0                                                        |   |                         |
| September                              | 37.80                                                    |   | 4.52                         |   | 0                                                        |   |                         |
|                                   |                                                     |   |                         |   |                                                     |   |                         |
|  Vandenbos                #19-1   | Share                ofProduction                Volumes |   | Price                Per MCF |   | Share                ofProduction                Volumes |   | Price                Per MCF |
| January                                | 1792.93                                                  |   | 3.91                         |   | 0                                                        |   |                         |
| February                               | 1658.87                                                  |   | 4.45                         |   | 0                                                        |   |                         |
| March                                  | 1578.84                                                  |   | 4.98                         |   | 0                                                        |   |                         |
| April                                  | 1390.95                                                  |   | 5.36                         |   | 0                                                        |   |                         |
| May                                    | 1328.66                                                  |   | 6.33                         |   | 0                                                        |   |                         |
| June                                   | 1219.14                                                  |   | 6.75                         |   | 0                                                        |   |                         |
| July                                   | 1144.48                                                  |   | 7.71                         |   | 0                                                        |   |                         |
| August                                 | 1047.34                                                  |   | 5.90                         |   | 0                                                        |   |                         |
| September                              | 958.44                                                   |   | 4.52                         |   | 0                                                        |   |                         |
|                                   |                                                     |   |                         |   |                                                     |   |                         |
|  Boucher                #18-1     | Share                ofProduction                Volumes |   | Price                Per MCF |   | Share                ofProduction                Volumes |   | Price                Per MCF |
| July                2008               | 0                                                        |   | 7.71                         |   | 0                                                        |   |                         |
| August                2008             | 471.49                                                   |   | 5.90                         |   | 0                                                        |   |                         |
| September                2008          | 546.77                                                   |   | 4.52                         |   | 0                                                        |   |                         |
|                                   |                                                     |   |                         |   |                                                     |   |                         |
|  Stoltz                #18-1      | Share                ofProduction                Volumes |   | Price                Per MCF |   | Share                ofProduction                Volumes |   | Price                Per MCF |
| July                2008               | 0                                                        |   | 7.71                         |   | 0                                                        |   |                         |
| August                2008             | 43.27                                                    |   | 5.90                         |   | 0                                                        |   |                         |
| September                2008          | 54.03                                                    |   | 4.52                         |   | 0                                                        |   |                         |

----

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As      of      September 30, 2008, under the direction of our Chief Executive Officer/Chief      Financial Officer, we evaluated our disclosure controls and procedures as of      September 30, 2008 and concluded that our disclosure controls and procedures      were ineffective as of September 30, 2008 due to the following: The      material weakness relates to the lack of segregation of duties in that our      CEO      and CFO are the same person.  In the preparation of      audited financial statements, footnotes and financial data all of our      financial reporting is carried out by our Chief Financial Officer, and we do      not      have an audit committee or independent CEO to monitor or review the work      performed. The lack of segregation of duties results from lack of a      separate Chief Financial Officer with accounting technical expertise necessary      for an effective system of internal control.  We are, in fact, a small,      relatively simple operation from a financial point of view. In order to mitigate      this material weakness to the fullest extent possible, all financial reports      are      reviewed by an outside accounting firm that is not our audit firm. All      unexpected results are investigated. At any time, if it appears that any control      can be implemented to continue to mitigate such weaknesses, it is immediately      implemented. To mitigate further this material weakness to the fullest extent      possible, although our CEO/CFO has identified the financial reporting risks      and      the controls and address and monitors the controls on an ongoing basis, our      outside accounting firm that is not our audit firm performed direct tests of      our      internal controls and procedures to identify material weaknesses, that in its      judgment, need to be addressed. Their work indicated the identified financial      reporting controls and procedures are operating and effective, subject to the      material weakness described above, as of September 30, 2008. If, as a result      of      our ongoing evaluation and testing of our financial reporting controls and      procedures, it appears that any control can be implemented to continue to      mitigate such weaknesses, it will be implemented as soon as practicable.      Finally, as soon as our finances allow, we will hire an independent Chief      Financial Officer.

----

| (a) | Unregistered                Sales of Equity Securities. |
|-----|---------------------------------------------------------|

----

| **Exhibit** |   | **Item**                                                                                                                                                                                      |
|-------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1        |   | Certification                of Principal Executive and Principal Financial Officer pursuant to                Section                302(a) of the Sarbanes-Oxley Act of 2002                |
| 32.1*       |   | Certification                of Principal Executive and Principal Financial Officer pursuant to                Section                302(a) of the Sarbanes-Oxley Act of                2002 |

**SIGNATURES**

|                                        |                                        |                                                                |
|---------------------------------------------|---------------------------------------------|---------------------------------------------------------------------|
|                                        | MAJESTIC                OIL & GAS, INC. |
|                                   |                                   |                                                           |
| Date: November                14, 2008 | By:                               | /s/ Patrick                Montalban                           |
|                                        |                                        | (Authorized                Officer and Principal Executive Officer) |
|                                        |                                        |                                                                |

----

**EXHIBIT      INDEX**

| **Exhibit** |   | **Item**                                                                                                                                                                                   |
|-------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1        |   | Certification                of Principal Executive and Principal Financial Officer pursuant to                Section                302(a) of the Sarbanes-Oxley Act of 2002             |
| 32.1*       |   | Certification                of Principal Executive and Principal Financial Officer pursuant to                Section                906 of the Sarbanes-Oxley Act of                2002 |

----