U.S. SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549

                                  Form 10-QSB

(Mark One)

[x] Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act
of 1934

                 For the quarterly period ended March 31, 2004
-----------------------------------------------------------------------------

[ ]  Transition Report under Section 13 or 15(d)of the Exchange Act For the
     Transition Period from ________  to  ___________
-----------------------------------------------------------------------------

                         Commission File Number: 0-50732
-----------------------------------------------------------------------------

                                  NUTEK OIL, INC.
-----------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


             Nevada                               74-2949620
 -------------------------------   ---------------------------------------
 (State or other jurisdiction of   (I.R.S. Employer Identification Number)
  incorporation or organization)


   6330 McLeod Drive, Suite 1, Las Vegas, NV            89120
 ------------------------------------------------    -------------
    (Address of principal executive offices)          (zip code)


             702-262-2061 (Telephone)     702-262-0033 (Fax)
        ---------------------------------------------------------
                        Issuer's Telephone Number


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

Check  whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d)  of  the  Exchange  Act  of 1934 during the past 12 months (or such
shorter period that the registrant was  required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

                                                              Yes [X] No [ ]

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                    PROCEEDING DURING THE PRECEDING FIVE YEARS

Check whether the Registrant filed all documents  and  reports  required  to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution  of
securities under a plan confirmed by a court.

                                                              Yes [ ] No [ ]

                   APPLICABLE ONLY TO CORPORATE ISSUERS

                                        1



The Registrant has 3,007,879 outstanding, par value $.001 per share as of March
31, 2004.

Traditional Small Business Disclosure Format (check one) Yes [  ] No [X]


                                       2



PART I.  FINANCIAL INFORMATION

Item 1.   Financial Statements.................................    4
          Balance Sheet (unaudited)............................  5-6
          Statements of Operations (unaudited).................   7
          Statements of Cash Flows (unaudited).................   8
          Notes to Financial Statements........................  9-14

Item 2.  Management's Discussion and Analysis of Plan
           of Operation........................................    15

Item 3. Controls and Procedures................................    16




PART II. OTHER INFORMATION

Item 1.   Legal Proceedings....................................    17

Item 2.   Changes in Securities and Use of Proceeds............    17

Item 3.   Defaults upon Senior Securities......................    17

Item 4.   Submission of Matters to a Vote
           of Security Holders.................................    17

Item 5.   Other Information.....................................   17

Item 6.   Exhibits and Reports on Form 8-K......................   17

Signatures......................................................   24


                                      3




            CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Exchange Act. All  statements,
other  than  statements  of  historical  facts, included in or  incorporated by
reference  into  this  Form  10QSB  which  address   activities,    events   or
developments  which  the Company  expects, believes or anticipates  will or may
occur in the future are   forward-looking  statements.   The  words "believes,"
"intends," "expects," "anticipates," "projects," "estimates,"   "predicts"  and
similar  expressions  are also intended to identify forward-looking statements.
These forward-looking statements include, among others,  statements concerning:
expectations,  anticipations,  beliefs,  estimations,  projections,  and  other
similar matters that are not historical facts, including such matters as future
capital and development  expenditures  and  expansion  and  growth  of business
operations.

These  statements  are  based  on certain assumptions and analysis made by  the
management of Nutek Oil Inc., ("NUTEK  OIL") in light of its Experience and its
perception  of  historical  trends,  current  conditions  and  expected  future
developments  as well as other factors  it  believes  are  appropriate  in  the
circumstances.

The Company cautions  the  reader   that  these  forward-looking statements are
subject  to  risks and uncertainties, including  those  associated  with:   the
financial environment,  general  economic,  market and business conditions, the
regulatory environment, business opportunities  that  may  be  presented to and
pursued by the Company, changes in laws or regulations, availability  to obtain
additional  financing  on  favorable  conditions,  trend projections, and other
factors, many of which are beyond the Company's control that could cause actual
events or results to differ materially from those expressed  or  implied by the
statements.  Such risks and uncertainties include those risks and uncertainties
identified  in the Description of the Business and Management's Discussion  and
Analysis sections of this document and risk factors discussed from time to time
in the Company's filings with the Securities and Exchange Commission.

Significant factors  that  could  prevent the Company from achieving its stated
goals include: the inability of the  Company  to  obtain  financing for capital
expenditures or acquisitions and adverse changes in the regulatory  environment
affecting the Company.

The  cautionary statements contained or referred to in this document should  be
considered  in  connection  with any subsequent written or oral forward-looking
statements that may be issued  by the Company or persons acting on its or their
behalf.

The company undertakes no obligation  to  release publicly any revisions to any
forward-looking statements to reflect events  or  circumstances  after the date
hereof or to reflect the occurrence of unanticipated events.













                     PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS AND EXHIBITS

The  unaudited  financial  statements of registrant for the three months  ended
March 31, 2004, follow.  As  prescribed  by  item  310  of  Regulation S-B, the
independent  auditor has reviewed these unaudited interim financial  statements
of the registrant  for  the  three  months ended March 31, 2004.  The financial
statements reflect all adjustments, which  are,  in  the opinion of management,
necessary to a fair statement of the results for the interim period presented.

                                         4


                               NUTEK  OIL,  INC.

                        REVIEWED FINANCIAL  STATEMENTS

                               MARCH  31,  2004


                          ACCOUNTANTS' REVIEW REPORT





To the Board of Directors of
Nutek Oil, Inc.
Las Vegas, Nevada


We  have  reviewed  the accompanying balance sheet of Nutek Oil, Inc. (a Nevada
corporation) as of March  31,  2004 and the related statements of loss, changes
in stockholders' equity and cash  flows  for  the  three  months then ended, in
accordance  with  Statements  on Standards for Accounting and  Review  Services
issued  by  the  American  Institute  of  Certified  Public  Accountants.   All
information included in these financial statements is the representation of the
management of Nutek Oil, Inc.

A review consists principally  of inquiries of Company personnel and analytical
procedures applied to financial  data.   It is substantially less in scope than
an  audit  in  accordance  with  generally  accepted  auditing  standards,  the
objective  of  which is the expression of an opinion  regarding  the  financial
statements taken as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying  financial  statements  in  order for them to be in
conformity with generally accepted accounting principles.

Our review was made for the purpose of expressing limited  assurance that there
are  no material modifications that should be made to the financial  statements
in order  for  them  to  be  in  conformity  with generally accepted accounting
principles.    The  information  included  in  the  accompanying   supplemental
schedules  are  presented  only  for  supplementary  analysis  purposes.   Such
information has not  been  subjected  to  the inquiry and analytical procedures
applied in the review of the basic financial  statements, but was compiled from
information that is the representation of management,  without audit or review.
Accordingly, we do not express an opinion or any other form of assurance on the
supplementary schedules.




Gary V. Campbell, CPA, Ltd.

May 7, 2004
Las Vegas, Nevada




			NUTEK OIL, INC.
			BALANCE SHEETS
		MARCH 31, 2004 AND DECEMBER 31, 2003

<TABLE>
<CAPTION>

<S>                                               <C>         <C>

				ASSETS
                                                    3/31/04    12/31/03
  CURRENT ASSETS:
Cash                                                 $ 1,732    $50,876
Accounts receivable                                   11,432     17,753
Prepaid expenses                                       3,775      3,775
						  ---------- ----------
  TOTAL CURRENT ASSETS                                16,939     72,404

Oil properties, net of accumulated amortization
  (successful efforts methods of accounting)       1,574,712  1,598,360

						  ---------- ----------
  TOTAL ASSETS                                    $1,591,651 $1,670,764
						  ========== ==========

		LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable                                      $7,636    $ 8,756
Accrued expense					       3,240	      -
Related party accrued interest                         8,833      7,000
Line of credit		                              61,684     72,925
Accrued arbitration award                             45,000     45,000
Related party current portion of long-term debt       70,000     70,000
						  ---------- ----------
  TOTAL CURRENT LIABILITIES                          196,393    203,681


Related party long-term debt, net of current portion  50,000     50,000
Related party payable 	 			   1,170,972    273,287
						  ---------- ----------
  TOTAL LONG TERM LIABILITIES          		   1,220,972    323,000


  STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value, 50,000,000
 shares authorized; 3,007,879 and 5,157,742 shares
 issued and outstanding at March 31, 2004 and
 December 31, 2003, respectively                       3,008      5,158
Additional paid-in capital                           724,966  1,353,908
Subscribed Stock				   (272,610)	      -
Deficit                                            (281,078)  (215,270)
						  ---------- ----------
  TOTAL STOCKHOLDERS' EQUITY                         169,286  1,143,796

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $1,591,651 $1,670,764
						  ========== ==========
</TABLE>


	The accompanying notes to financial statements are an integral
		 part of these financial statements.




			NUTEK OIL, INC.
			STATEMENTS OF LOSS
       FOR THE QUARTER ENDED MARCH 31, 2004 AND DECEMBER 31, 2003

<TABLE>
<CAPTION>

<S>                                           <C>         <C>
					   3 months    12 months
					     ended	  ended
                                            3/31/04     12/31/03

Oil Revenues		                    $ 72,782   $198,564

COST OF GOODS SOLD                            53,679     17,915
					    --------   --------
  GROSS PROFIT                                19,103    180,649

  EXPENSES:

Selling, general and administrative           58,697     99,808
Depreciation and amortization                 24,448     96,822
					    --------   --------
  TOTAL EXPENSES                              83,145    196,630

  OPERATING LOSS                            (64,042)   (15,981)

  OTHER INCOME (EXPENSE):
Interest income                                   60        523
Forgiveness of debt                                -         93
Interest expense                             (2,929)   (14,134)
Other income				       1,053          -
Other expense                                     50      (671)
					    --------   --------
  TOTAL OTHER INCOME (EXPENSE)               (1,766)   (14,189)

Net Loss Before Arbitration Award
  and Income Taxes                          (65,808)   (30,170)

Arbitration Award                                  -   (45,000)
					    --------   --------
NET LOSS BEFORE INCOME TAXES                (65,808)   (75,170)

Income Tax Expense                                 -          -
					    --------   --------
NET LOSS                                   $(65,808)  $(75,170)
					  ========== ==========

BASIC WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING                         2,930,963  4,980,783
					  ========== ==========

DILUTED WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING                         2,930,960  4,980,783
					  ========== ==========

Basic Net Loss Per Share                    $(0.022)   $(0.015)
					  ========== ==========

Diluted Net Loss Per Share                  $(0.022)   $(0.015)
					  ========== ==========

</TABLE>


	The accompanying notes to financial statements are an integral
		 part of these financial statements.




			   NUTEK OIL, INC.
			STATEMENTS OF CASH FLOWS
		FOR THE 3 MONTHS ENDED MARCH 31, 2003
		 AND THE YEAR ENDED DECEMBER 31, 2003


<TABLE>
<CAPTION>

<S>                                            <C>        <C>
					   3 months   12 months
					     ended	 ended
                                            3/31/04    12/31/03

 Cash Flows from Operating Activities:
Net loss                                   $ (65,808) $(75,170)
 Adjustments to reconcile net loss
   to net cash provided (used)
   by operating activities:
Services received for stock                   15,073     3,200
Depreciation and amortization                 24,448    96,822
(Increase) decrease in accounts receivable     6,321    (2,359)
(Increase) decrease in deposits                    -     9,251
Increase in prepaid expenses                       -    (3,775)
Increase in related party accrued interest     1,833     3,250
Increase (decrease) in related party payable       -   (82,529)
Increase in accrued arbitration award              -    45,000
Increase in accrued expenses		       3,240	     -
Increase (decrease) in accounts payable       (1,120)  (37,274)
					     -------   -------
Net cash provided (used)
  by operating activities		     (16,013)  (43,584)
					     -------   -------
 Cash Flows from Investing Activities:
Purchase of property and equipment              (800)  (58,200)
					     -------   -------
 Cash Flows from Financing Activities:
Increase in related party notes payable      251,520    50,000
Increase in subscribed stock		    (272,610)        -
Increase in line of credit                   (11,241)   72,925
Issuance of common stock                           -    25,105
					     -------   -------
NET CASH PROVIDED BY FINANCING ACTIVITIES    (32,331)  148,030
					     -------   -------

NET INCREASE IN CASH                         (49,144)   46,246
BALANCE, BEGINNING                            50,876     4,630
BALANCE, ENDING                              $ 1,732   $50,876
					     -------   -------

INTEREST PAID                                $ 1,096   $10,884
TAXES PAID                                   $     -   $     -


Non-Cash Investing and Financing Activities:

During the  three months ended  March 31, 2004, the  Company
repurchased and retired 2,325,588 shares of common stock for
$651,165 and recorded $272,610 subscribed stock  through the
use of related party payables.

</TABLE>


	The accompanying notes to financial statements are an integral
		 part of these financial statements.


<PAGE>
                                NUTEK OIL, INC.

                         NOTES TO FINANCIAL STATEMENTS


 NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY

    On  February 22,  2000,  Nutek  Oil,  Inc.,  issued  to  Nutek, Inc.  (the
    parent  company)  4,500,000  unregistered  shares  of its $.001 par  value
    common  stock  for  selected  assets,   at  their  fair  market value   of
    $1,279,896.  Nutek, Inc. had  acquired  these  selected  assets  from  the
    Clipper Operating Company.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   CASH AND CASH EQUIVALENTS
   Cash  and  cash  equivalents  consist  of  highly  liquid  investments  with
   maturities of three months or less when purchased.

   USE OF ESTIMATES
   The  preparation  of  financial  statements  in  conformity  with  generally
   accepted  accounting principles requires that management make estimates  and
   assumptions  which  affect the reported amounts of assets and liabilities as
   of the date of the financial  statements  and  revenues and expenses for the
   period  reported.   Actual  results may differ from  these  estimates.   The
   estimates include amortization  and depreciation of capitalized costs of oil
   wells and related equipment.  Management  emphasizes  that  amortization and
   depreciation  estimates  are  inherently  imprecise.   Actual results  could
   materially differ from these estimates.

   DIVIDEND POLICY
   The Company has not yet adopted any policy regarding payment of dividends.

   COMPREHENSIVE INCOME
   Statements   of   Financial   Accounting   Standards   No.   130,  Reporting
   Comprehensive Income (SFAS 130), requires that total comprehensive income be
   reported in the financial statements.  The Company does not have  any  items
   considered to be other comprehensive income for the three months ended March
   31, 2004.

   FIXED ASSETS
   The  Company  follows  the "successful efforts" method of accounting for its
   costs of acquisition, exploration  and development of oil properties.  Fixed
   assets are stated at cost.  Expenditures  that  materially increase the life
   of the assets are capitalized.  Ordinary maintenance and repairs are charged
   to expense as incurred.  When assets are sold or  otherwise disposed of, the
   cost and the related accumulated depreciation and amortization  are  removed
   from the accounts and any resulting gain or loss is recognized at that time.
   Although   generally   accepted   accounting   principles   (GAAP)  requires
   amortization  of drilling equipment based on the units-of-production-method,
   management has  determined that since reserve studies are not performed on a
   regular basis, that  it would be appropriate to amortize this equipment over
   a twenty year period.   Depreciation  is computed primarily on the straight-
   line method for financial statements purposes  over  the following estimated
   useful lives:
                                                                             6

<PAGE>
                                NUTEK OIL, INC.

                         NOTES TO FINANCIAL STATEMENTS


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

   FIXED ASSETS (CONTINUED)

                       Computer equipment             5 years
                       Office equipment               5 years
                       Drilling equipment            20 years
                       Well maintenance and workover 20 years
                       Equipment and machinery       20 years

   All assets are booked at historical purchase price and  there is no variance
   between book value and the purchase price.

   EARNINGS PER SHARE
   Basic earnings per share are computed using the weighted  average  number of
   shares  of  common  stock  outstanding  for  the period end.  The net income
   (loss)  for  the  period end is divided by the weighted  average  number  of
   shares outstanding for that period to arrive at earnings per share.

   REVENUE RECOGNITION
   Revenues from the sale of oil are recorded using the sales method.

   CONCENTRATIONS OF CREDIT RISK
   Credit risk represents  the  accounting loss that would be recognized at the
   reporting  date  if  counter  parties   failed   completely  to  perform  as
   contracted. Concentrations of credit risk (whether  on or off balance sheet)
   that  arise  from  financial instruments exist for groups  of  customers  or
   counter parties when  they  have similar economic characteristics that would
   cause their ability to meet contractual obligations to be similarly affected
   by changes in economic or other conditions described below.

   The  Company  operates  in one segment,  the  oil  and  gas  industry.   The
   Company's  customers  are located  within  the  United  States  of  America.
   Financial instruments that  subject  the  Company  to  credit  risk  consist
   principally  of  oil  and  gas  sales which are based solely on a short-term
   purchase contracts from Shell Trading  (US)  Company  with  related accounts
   receivable subject to credit risk.

   During  the  three  months  ended March 31, 2004 Shell Trading (US)  Company
   accounted for 100% of the Company's oil revenues.

   Management does not believe the  loss  of  Shell  Trading (US) Company would
   materially affect the ability to sell the oil.

   INCOME TAXES

   The Company experienced losses during the previous fiscal tax year reported.
   The  Company  will review its need for a provision for  federal  income  tax
   after each operating  quarter.   The  Company  has  adopted FASB No. 109, as
   discussed in Note 7.

                                                                             7

<PAGE>
                                NUTEK OIL, INC.

                         NOTES TO FINANCIAL STATEMENTS


NOTE 3 - OIL PROPERTIES

   Oil properties are made up of the following as of March 31, 2004:

      Drilling equipment                    $     677,301
      Equipment and machinery                   1,279,586
      Accumulated depreciation                  (382,175)
                                             $  1,574,712

NOTE 4 - LINE OF CREDIT

   The  Company  has  a  line of credit agreement with a financial  institution
   which  provides maximum  borrowing  of  $75,000.   Interest  on  outstanding
   balances  accrues  at  prime  plus  2%  and is payable monthly.  The current
   interest rate at March 31, 2004 is 6%.  The line must be renewed each year.

NOTE 5 - RELATED PARTY TRANSACTIONS

   The Company has a note payable to a shareholder, in the amount of $50,000 as
   of March 31, 2004.  This obligation is due  in  2006 and accrues interest at
   10% annually.  The accrued interest on this loan  as  of  March 31, 2004 was
   $5,916.   The  amounts  are considered short term due to the delinquency  of
   payments on the accrued interest.

   The Company has a note payable to a shareholder, in the amount of $20,000 as
   of March 31, 2004.  This  obligation  is due in 2006 and accrues interest at
   10% annually.  The accrued interest on  this  loan  as of March 31, 2004 was
   $1,666.  The  amounts are considered short term due to  the  delinquency  of
   payments on the accrued interest.

   The Company has  an  outstanding note payable to shareholders, in the amount
   of $50,000 as of March  31,  2004.   This  payable  accrues  interest at 10%
   annually  through  January  2005.  The accrued interest on this loan  as  of
   March 31, 2004 was $1,250. The  amounts are considered short term due to the
   delinquency of payments on the accrued interest.

   The  Company was advanced monies from Datascension, Inc. (f/k/a Nutek  Inc.)
   and  has   additionally   repurchased   the   balance  of  shares  owned  by
   Datascension, Inc. (f/k/a Nutek Inc.). The total amount owed to Datascension
   Inc. (f/k/a Nutek Inc.) as of  March  31, 2004 is $1,170,972.78.  The  terms
   of this note shall be to receive payments as funds become available, but  no
   later than 10 years from the date of the  above  reference  sale  of shares.
   Datascension will not have the ability to call the note due, provided  there
   has  been  some  form of payment  received  during  a continuous three month
   period.


NOTE 6 - STOCKHOLDERS' EQUITY

   During the year ended March 31, 2004, the Company issued  150,725  shares of
   common stock for services rendered valued at $15,073.

   During  the  three  months  ended March 31, 2004, 2,325,588 shares of common
   stock were repurchased and retired  at  a  value of $651,165, and subscribed
   stock was recorded for $272,610.

                                                                             8

<PAGE>
                                 NUTEK OIL, INC.

                         NOTES TO FINANCIAL STATEMENTS


NOTE 7 - INCOME TAXES

   Deferred income taxes result from timing differences  in  the recognition of
   expense for tax and financial statement purposes.  Statements  of  Financial
   Accounting  Standards  No.  109  "Accounting  for  Income Taxes", (SFAS 109)
   requires deferred tax liabilities or assets at the end  of each period to be
   determined  using  the  tax  rate  expected to be in effect when  taxes  are
   actually paid or recovered.  The sources of those timing differences and the
   current tax effect of each were as follows:

      Net operating loss carryforward     $    32,962
      Depreciation and amortization           (10,587)
      Valuation allowance                     (22,375)
					   -----------
                                          $         -

   The components of the net deferred tax asset at March 31, 2004 under SFAS
   109 are as follows:

      Net operating loss carryforward      $   524,127
      Depreciation and amortization          (428,561)
      Valuation allowance                     (95,566)
					   -----------
                                           $        -

   Reconciliations between the actual tax  expense  and  the amount computed by
   applying  the  U.S. Federal Income Tax rate to income before  taxes  are  as
   follows:
                                                       Percent of
                                                         Pretax
                                            Amount        Income
      Expected                        $     (22,375)      (34%)
      Change in valuation allowance           22,375       34%
					   ---------	  ----
      Actual expense                  $          -          0%

   The net operating loss will begin to expire in 2021.

NOTE 8 - WARRANTS AND OPTIONS

   The Company currently  does  not have any stock options issued.  The Company
   has adopted FASB No. 123 and will  account for stock issued for services and
   stock options under the fair value method.

NOTE 9 - ARBITRATION AWARD

   During 2003, a suit was filed against  the  Company  by  a  former employee.
   Management has entered into an agreement to settle amounts owed for $45,000.
                                                                             9

<PAGE>
                                NUTEK OIL, INC.

                         NOTES TO FINANCIAL STATEMENTS


NOTE 10 - ENVIRONMENTAL MATTERS

   Various  federal  and  state  authorities  have  authority  to regulate  the
   exploration  and  developments  of  oil and gas and mineral properties  with
   respect to environmental matters.  Such  laws  and regulations, presently in
   effect or as hereafter promulgated, may significantly affect the cost of its
   current  oil  production  and  any  exploration  and development  activities
   undertaken  by  the Company and could result in loss  or  liability  to  the
   Company in the event  that  any  such  operations  are  subsequently  deemed
   inadequate for purposes of any such law or regulation.


                                                                            10





Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATIONS

The following is a discussion of certain factors affecting Registrant's results
of operations, liquidity and capital resources. You should  read  the following
discussion  and  analysis  in  conjunction  with  the Registrant's consolidated
financial statements and related notes that are included  herein  under  Item 1
above.

1) Plan of Operation

Nutek Oil, Inc., was formed for the purpose of development and operation of oil
properties with proven reserves. The Company's strategy is to focus in domestic
areas  where  major  oil  producing  companies  have  reduced their exploration
efforts  to  move  offshore  and  overseas  in search of the  larger  reserves.
Considerable oil reserves in proven fields remain  to  be  exploited  by  well-
managed independent oil companies capable of extracting these reserves at lower
risk  and  lower cost than unproved prospects.  Nutek Oil's initial development
strategy has been to acquire such proven fields and increase production through
the application  of  advanced  technology  and  the exploration of other proven
formations in the same fields.

Nutek Oil's primary operational strategy includes  the  operation  of  its  own
projects, giving it substantial control over drilling and production costs. The
Company  has  associated  with  highly  experienced exploration and development
engineering and geology personnel that strive  to add production at lower costs
through  development  drilling,  work-overs,  behind  pipe  re-completions  and
secondary recovery operations.

The Company's website address is http://www.nutekoil.com.

(i) Short-term Objectives:

The Company plans to accomplish the following:

 - Further develop the current properties which  are  under  lease to allow for
   increase of oil production to over 1,200 barrels per month, and
 - The creation of limited partnerships in which investors can contribute their
   ownership interest in leases, in  exchange  for  Nutek Oil  serving  as  the
   operator, while also receiving a royalty interest in the project.

(ii) Long-term Objectives:

 - Expand the focus of the company to develop its own  properties,  while  also
   serving  as  the operator on other projects and generating income from those
   duties, and
 - Pursue opportunities with in-field drilling to further capitalize on the oil
   in place.

1)  During the First  Quarter  ended March 31, 2004, the Company had a net loss
of $65,808 from operations against  revenues  of  $72,782  as compared to a net
loss from operations of $75,170 against revenues of $198,564 for the last year.
The  Company has decreased its selling, general and administration  costs  from
$99,808 for last year to $58,697 for the First Quarter this year.  Depreciation
costs  for  the First Quarter this year were $24,448 as compared to $96,822 for
last year.

As of March 31,  2004,  the  Company  has  three  million seven thousand  eight
hundred seventy  nine  (3,007,879)  shares  of  its  $0.001  par  value  common
voting  stock  issued  and  outstanding  which  are  held  by approximately six
hundred ninety six (696) shareholders of record.   The Company did not have any
Preferred Stock outstanding as of March 31, 2004

2) Results of Operations

For the First Quarter, ended March 31, 2004, the Company has  generated $72,782
in revenues and generated a loss of $65,808 for the same period.  This compares
to  revenues  of $198,564 and a loss of $75,170 for last year.  The Company has
decreased its working capital position by $48,177 from a negative  $131,277  at
December 31, 2003 to a negative $179,454 on March 31, 2004.

The  majority  of the Company's expenses for the quarter included initial audit
fees and filing  costs  associated  with the Form 10SB filed on April 30, 2004,
along with other administrative and depreciation costs.

3) Liquidity and Capital Resources

Management is of the opinion that sufficient  working capital will be available
from internal operations and from outside sources during the next twelve months
thereby  enabling Nutek Oil to meet its obligations  and  commitments  as  they
become payable.

As an ongoing  concern, if the Company needs to raise additional funds in order
to fund expansion,  develop  new  or  enhanced services or products, respond to
competitive  pressures  or  acquire  complementary   products,   businesses  or
technologies,  any  additional funds raised through the issuance of  equity  or
convertible debt securities,  the  percentage  ownership of the stockholders of
the  Company will be reduced, stockholders may experience  additional  dilution
and such  securities may have rights, preferences or privileges senior to those
of the Company's  Common  Stock.    The  Company  does  not  currently have any
contractual  restrictions  on  its ability to incur debt and, accordingly,  the
Company  could  incur  significant  amounts  of  indebtedness  to  finance  its
operations.   Any  such  indebtedness  could  contain  covenants,  which  would
restrict the Company's operations.

The Company currently has three employees. As the Company continues to grow and
develop its  resources  and properties it will need to add employees.

The  Company's  financial  statements  have been prepared on the assumption the
Company will continue as a going concern.   Management  believes  that  current
operations will continue to provide sufficient revenues to meet operating costs
and expansion.

Unclassified Balance Sheet - In accordance with the provisions of SFAS No.  53,
the Company has elected to present an unclassified balance sheet.

Earnings  Per  Share  -  The  Company  adopted  the  provisions of Statement of
Financial  Accounting  Standards ("SFAS") No. 128, "Earnings  Per  Share"  that
established standards for  the  computation,  presentation  and  disclosure  of
earnings  per  share  ("EPS"), replacing the presentation of Primary EPS with a
presentation of Basic EPS.  It also requires dual presentation of Basic EPS and
Diluted EPS on the face of the  income  statement  for  entities  with  complex
capital structures.

                                        18




Item 3. Controls and Procedures

Within  90  days prior to the date of this quarterly report on Form 10-QSB  for
the first quarter  ended March 31, 2004, the Company carried out an evaluation,
under the supervision  and  with the participation of the Company's management,
including the Company's Chief Executive Officer and Chief Financial Officer, of
the effectiveness of the design  and  operation  of  the  Company's  disclosure
controls and procedures pursuant to Rule 13a-14 of the Securities Exchange  Act
of  1934.  Based  upon  that evaluation, these principal executive officers and
principal financial officer  concluded  that  the Company's disclosure controls
and procedures are effective in timely alerting  them  to  material information
relating to the Company, including its consolidated subsidiaries,  required  to
be  included  in  the  Company's  periodic  SEC  filings.    There have been no
significant  changes  in  internal  controls  or  in  other factors that  could
significantly  affect  internal controls subsequent to the  date  of  our  most
recent evaluation.


                           PART II OTHER INFORMATION

ITEM 1.  Legal Proceedings

The Company is from time to time involved in litigation incident to the conduct
of its business.  Certain  litigation with third parties and present and former
employees of the Company is  routine and incidental, such litigation can result
in large monetary awards for compensatory or punitive damages.

The Company is not currently involved  in any litigation.  To the knowledge  of
management,  no  federal,  state  or  local governmental  agency  is  presently
contemplating any proceeding against the Company.



ITEM 2.  Changes in Securities and Use of Proceeds

None.

ITEM 3.  Defaults upon Senior Securities

None.

ITEM 4.  Submission of Matters to a Vote of Security Holders

None

ITEM 5.  Other Information

None

ITEM 6.  Exhibits and Reports on Form 8-K

                               EXHIBIT INDEX

(a.)     Exhibit                                                        Page
                                                                        ----

3.1 Articles of Incorporation                                             (1)

3.2 Bylaws                                                                (1)

10.1 Letter of Intent to Purchase Selected Assets from Clipper            (1)
          Operating Company

10.2 Purchase Agreement of Selected Assets from Nutek Inc.                (1)

31.1   Section 302 Certification of the Chief Executive Officer           (2)
and Chief Financial Officer

32.1   Certification of Chief Executive Officer and Chief Financial       (2)
Officer Pursuant to 18 U.S.C. ss. 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002

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

     (1) This exhibit was previously filed as an exhibit to the Registrant's
Form 10SB filed April 30, 2003 and is herein incorporated by reference.

     (2) Filed as an exhibit to this document.


(b.) Reports on Form 8-K.

     None.




                                         19

                                     SIGNATURES

Pursuant to the requirements of Section  12  of  the Securities Exchange Act of
1934, the registrant has duly caused this report to  be signed on its behalf by
the undersigned, thereunto duly authorized, in the City  of Las Vegas, State of
Nevada, on May 17, 2004.

                                              Nutek Oil, Inc.
                                             ------------------
                                             (Registrant)
/s/ Murray N. Conradie
-----------------------------------
Murray N. Conradie, President and Chairman of the Board
Date: May 17, 2004


/s/ Jason F. Griffith, CPA
-----------------------------------
Jason F. Griffith, CFO and Corporate Secretary
Date:  May 17, 2004