SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                   FORM 10-QSB

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

     For the quarterly period ended November 30, 2007

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

                  For the transition period from _____ to _____

                         Commission file number: 0-50472

                            NEW FRONTIER ENERGY, INC.
        (Exact name of small business issuer as specified in its charter)

           Colorado                                       84-1530098
-------------------------------              ----------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or organization)

                  1789 W. Littleton Blvd., Littleton, CO 80120
                  --------------------------------------------
                    (Address of principal executive offices)


                                 (303) 730-9994
                           (Issuer's telephone number)


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


Check whether the registrant (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
for 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 [_]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2) of the Exchange Act. Yes [_]  No [X]

As of January 11, 2008, 9,862,036 shares of common stock were outstanding.
Transitional Small Business Disclosure Format:  Yes [_]  No [X]




<PAGE>



                            NEW FRONTIER ENERGY, INC.

                                      Index

Part I - FINANCIAL INFORMATION


Item 1       Financial Statements
             Consolidated Balance Sheet (unaudited) at November 30, 2007     1
             Consolidated Statements of Operations (unaudited) for the
             three months ended November 30, 2007 and 2006                   2
             Consolidated Statements of Operations (unaudited) for the
             nine months ended November 30, 2007 and 2006                    3
             Consolidated Statements of Cash Flows (unaudited) for the
             nine months ended November 30, 2007 and 2006                    4
             Notes to Consolidated Financial Statements (unaudited)          5
Item 2       Management's Discussion and Analysis or Plan of Operations     15
Item 3       Controls and Procedures                                        26

Part II OTHER INFORMATION

Item 1       Legal Proceedings                                              27
Item 2       Unregistered Sales of Equity Securities and Use of Proceeds    27
Item 3       Defaults Upon Senior Securities                                27
Item 4       Submission of Matters of a Vote of Security Holders            27
Item 5       Other Information                                              27
Item 6       Exhibits                                                       27

SIGNATURES                                                                  29



<PAGE>
<TABLE>
<CAPTION>

                            NEW FRONTIER ENERGY, INC.
                           CONSOLIDATED BALANCE SHEET
                                November 30, 2007
                                   (UNAUDITED)


                                     ASSETS
CURRENT ASSETS
<S>                                                                        <C>
      Cash                                                                 $  6,090,921
      Accounts receivable, trade                                              1,290,645
      Prepaid expenses                                                          462,849
                                                                           ------------
           Total current assets                                               7,844,415
                                                                           ------------

PROPERTY AND EQUIPMENT,  NET OF ACCUMULATED DEPRECIATION
  AND DEPLETION OF $1,151,275                                                19,918,114
                                                                           ------------

OTHER ASSETS
      Deposits                                                                  193,300
                                                                           ------------

                                                                           $ 27,955,829
                                                                           ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
      Accounts payable                                                     $  1,298,630
      Convertible debenture, affiliates, net of debt discount of $ 1,600        306,594
      Current portion of long term debt                                          34,020
      Dividends payable                                                       1,317,879
      Accrued expenses                                                          163,781
      Accrued interest, affiliates                                               12,015
      Accrued interest                                                            2,834
      Accounts payable, affiliates                                               48,459
                                                                           ------------
           Total current liabilities                                          3,184,212
                                                                           ------------

LONG TERM LIABILITIES

      Long term debt                                                            834,200
      Asset retirement obligation                                               140,000

MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY                                    551,201

STOCKHOLDERS' EQUITY
      Preferred stock, $.001 par value, 25,000,000 shares authorized:
         Series A Convertible, 100,000 shares authorized
         none issued and outstanding                                                 --
         Series B Convertible, 36,036 shares authorized
         24,675 25325 issued and outstanding                                         24
         Series C Convertible, 230,000 shares authorized
         222,250 issued and outstanding                                             222
      Common stock, $.001 par value, 500,000,000 shares authorized,
         9,782,036 9,049,421 shares issued and outstanding                        9,782
      Additional paid in capital                                             39,898,494
      Accumulated (deficit)                                                 (16,662,306)
                                                                           ------------
                                                                             23,246,216
                                                                           ------------

                                                                           $ 27,955,829
                                                                           ============
</TABLE>


   See accompanying notes to the unaudited consolidated financial statements.
                                        1

<PAGE>
                            NEW FRONTIER ENERGY, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

                                                          Three Months Ended
                                                     November 30,   November 30,
                                                        2007           2006
                                                     -----------    -----------
Operating revenues
       Oil and gas sales                             $   112,619    $    76,533
       Gathering fees                                     32,355         64,456
                                                     -----------    -----------
                                                         144,974        140,989
                                                     -----------    -----------

Operating expenses
       Exploration costs, including dry holes             25,200         41,608
       Lease operating expenses                          311,876        126,374
       Cost of gas gathering                               3,907            565
       General and administrative                        488,589        268,096
       Issuance of common stock warrants                 659,450        515,550
       Depreciation, depletion and amortization          216,938         83,938
                                                     -----------    -----------
            Total operating expenses                   1,705,960      1,036,131
                                                     -----------    -----------

(Loss) from operations                                (1,560,986)      (895,142)
                                                     -----------    -----------

Other income (expense)
       Interest income                                    78,548          3,651
       Interest expense                                  (18,550)       (26,469)
       Debt issuance costs, non-cash                      (4,748)      (226,761)
                                                     -----------    -----------
            Other income (expense), net                   55,250       (249,579)
                                                     -----------    -----------

(Loss) before income taxes                            (1,505,736)    (1,144,721)
                                                     -----------    -----------

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

Minority interest in net (income) loss of
       consolidated subsidiary                           (14,820)       (13,460)
                                                     -----------    -----------

Net (loss)                                            (1,520,556)    (1,158,181)

Preferred stock dividends and distributions
to minority interests                                   (247,972)      (108,659)
                                                     -----------    -----------

Net (loss) attributable to common shareholders       $(1,768,528)   $(1,266,840)
                                                     ===========    ===========

Net (loss) per common share
       Basic and diluted                             $     (0.19)   $     (0.22)
                                                     ===========    ===========

Weighted average shares outstanding
       Basic and diluted                               9,548,149      5,861,823
                                                     ===========    ===========


   See accompanying notes to the unaudited consolidated financial statements.
                                        2

<PAGE>



                            NEW FRONTIER ENERGY, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
                                                          Nine Months Ended
                                                     November 30,   November 30,
                                                         2007          2006
                                                     -----------    -----------
Operating revenues
       Oil and gas sales                             $   341,074    $   169,435
       Gathering fees                                     94,284        100,930
                                                     -----------    -----------
                                                         435,358        270,365
                                                     -----------    -----------

Operating expenses
       Exploration costs, including dry holes            141,795         85,005
       Lease operating expenses                        1,133,491        473,982
       Cost of gas gathering                               4,739          2,060
       General and administrative                      1,516,117        949,321
       Issuance of common stock warrants               1,690,550        515,550
       Depreciation, depletion and amortization          540,376        255,799
                                                     -----------    -----------
            Total operating expenses                   5,027,068      2,281,717
                                                     -----------    -----------

(Loss) from operations                                (4,591,710)    (2,011,352)
                                                     -----------    -----------

Other income (expense)
       Interest income                                   317,537         16,619
       Interest expense                                  (62,490)       (64,164)
       Debt issuance costs, non-cash                    (363,917)      (681,630)
                                                     -----------    -----------
            Other income (expense), net                 (108,870)      (729,175)
                                                     -----------    -----------

(Loss) before income taxes                            (4,700,580)    (2,740,527)
                                                     -----------    -----------

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

Minority interest in net (income) loss of
       consolidated subsidiary                           (39,994)        (2,389)
                                                     -----------    -----------

Net (loss)                                            (4,740,574)    (2,742,916)
Preferred stock dividends and distributions
       to minority interests                            (732,144)      (297,607)
                                                     -----------    -----------

Net (loss) attributable to common shareholders       $(5,472,718)   $(3,040,523)
                                                     ===========    ===========

Net (loss) per common share
       Basic and diluted                             $     (0.71)   $     (0.56)
                                                     ===========    ===========

Weighted average shares outstanding
       Basic and diluted                               7,692,787      5,390,508
                                                     ===========    ===========


   See accompanying notes to the unaudited consolidated financial statements.
                                        3

<PAGE>
<TABLE>
<CAPTION>
                            NEW FRONTIER ENERGY, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                                                                        Nine Months Ended
                                                                                   November 30,    November 30,
                                                                                       2007            2006
                                                                                   ------------    ------------
<S>                                                                                <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net (loss)                                                                     $ (4,740,575)   $ (2,742,916)
    Adjustments to reconcile net (loss) to net cash
       (used in) operating activities:
         Depreciation, depletion and amortization                                       540,376         255,799
         Debt issuance costs, noncash                                                   363,917         681,630
         Minority interest in net income  (loss) of consolidated subsidiary              39,994           2,389
         Issuance of common stock for services                                               --          15,700
         Interest on convertible debenture                                               15,428              --
         Stock option expenses, amortization and grants                               1,690,550         515,550
         (Increase) decrease in assets:
           Accounts receivable, trade                                                  (921,701)        (42,107)
           Prepaid expense                                                              117,125          (9,023)
         Increase (decrease) in liabilities:
           Accounts payable                                                             650,129         (23,672)
           Accrued expenses                                                             (95,432)         31,545
                                                                                   ------------    ------------

       Net cash (used in) operating activities                                       (2,340,189)     (1,315,105)
                                                                                   ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:

    Deposit on production acquisition                                                        --        (600,000)
    Increase in other assets                                                           (160,000)         (2,500)
    Purchase of property and equipment                                               (4,235,969)       (825,921)
                                                                                   ------------    ------------

       Net cash (used in) investing activities                                       (4,395,969)     (1,428,421)
                                                                                   ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:

    Payment of  convertible debentures and notes payable                                (43,030)             --
    Payment of  convertible debenture, affiliates                                      (300,000)             --
    Proceeds from notes payable                                                              --         600,000
    Proceeds from exercise of common stock warrants conversions                         702,202       1,656,931
    Preferred stock dividends paid                                                     (104,710)        (20,495)
    Cost of issuance of equity for cash                                                 (34,708)             --
    Minority interest in subsidiary                                                     (51,199)         93,871
    Distributions to minority interest holders in consolidated subsidiary               (65,710)        (21,240)
                                                                                   ------------    ------------

       Net cash provided by financing activities                                        102,845       2,309,067
                                                                                   ------------    ------------

(DECREASE) IN CASH                                                                   (6,633,313)       (434,459)

BEGINNING BALANCE                                                                    12,724,234         746,018
                                                                                   ------------    ------------

ENDING BALANCE                                                                     $  6,090,921    $    311,559
                                                                                   ============    ============

Cash paid for income taxes                                                         $         --    $         --
                                                                                   ============    ============
Cash paid for interest                                                             $     53,878    $         --
                                                                                   ============    ============

Supplemental schedule of non-cash investing and financing activities:

       Series B preferred stock converted to common stock                          $        584    $         91
       Series A preferred stock converted to common stock                          $         --    $        385
       Series A preferred stock dividends converted to common stock                $         --    $      7,274
       Intrinsic value of conversion feature of convertible debt                   $         --    $     33,451
       Conversion of convertible debentures and accrued interest to common stock   $  2,706,287    $     22,876
       Purchase of property and equipment with note payable                        $    881,250    $         --
</TABLE>

   See accompanying notes to the unaudited consolidated financial statements.
                                        4






<PAGE>

                            NEW FRONTIER ENERGY, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2007

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization and Nature of Business
     -----------------------------------

     New Frontier Energy, Inc. ("New Frontier" or the "Company") was
     incorporated as Storage Finders.com under the laws of Colorado on January
     7, 2000. In March 2001 the Company changed its name to New Frontier Energy,
     Inc. The Company is an oil and gas exploration company operating primarily
     in Colorado and Wyoming.

     Effective February 6, 2002, Wyoming Oil & Minerals, Inc. ("Wyoming")
     completed a share exchange with the Company. Under the terms of the share
     exchange, the shareholders of the Company surrendered their shares in
     exchange for shares of Wyoming. The Company's shareholders became
     shareholders in Wyoming, and the Company became a wholly owned subsidiary
     of Wyoming.


     On June 30, 2003, Wyoming's Board of Directors approved a dividend in the
     form of the common stock of its subsidiary, New Frontier. The dividend was
     paid in the form of one share of New Frontier common stock (the "Common
     Stock") for every four shares of common stock of Wyoming. Shareholders of
     record of Wyoming as of the close of business on June 30, 2003, the record
     date, were issued a certificate representing one share of New Frontier for
     each four shares of Wyoming they held at that date.

     During the year ended February 28, 2006, the Company invested in limited
     partnership interests in Slater Dome Gathering, LLLP ("SDG"). Effective
     December 31, 2007 the Company entered into a Purchase and Sale Agreement
     with Natural Resource Group Gathering, LLC ("NRGG"), whereby the Company
     increased its investment in SDG by acquiring the general partner's
     interest.

     SDG was organized to construct a natural gas gathering line from the
     Company's Slater Dome/Coal Creek Draw Prospect, located in northwest
     Colorado and southwest Wyoming (the "Slater Dome Field") that transports
     the gas from the Slater Dome Field to the Questar transmission line at
     Baggs, Wyoming. The gathering line was completed on June 3, 2005. The
     Company began selling gas in June 2005. SDG, a calendar year-end company,
     was formed on September 1, 2004 and was inactive until it received its
     initial funding on May 18, 2005.

     Principles of Consolidation
     ---------------------------

     The November 30, 2007, financial statements include the accounts of the
     Company and SDG as of and for the nine and three months ended November 30,
     2007 and 2006. SDG has a calendar quarter end, September 30, which is
     consolidated with the Company effective November 30, 2007 and 2006. All
     significant intercompany accounts and transactions in 2007 and 2006 were
     eliminated. The creditors of SDG do not have recourse to the general credit
     of the Company.
                                       5
<PAGE>
     Debt With Detachable Warrant and/or Beneficial Conversion Feature
     -----------------------------------------------------------------

     The Company accounts for the issuance of detachable stock purchase warrants
     in accordance with Accounting Principles Board Opinion 14 ("APB 14"),
     whereby the fair value of the debt and the detachable warrants are
     separately measured and the proceeds from the debt are allocated on a
     pro-rata basis to both the debt and the detachable warrants. The resulting
     discount from the fair value of the debt allocated to the warrants, which
     is accounted for as paid-in capital, is amortized over the estimated life
     of the debt.

     In accordance with the provisions of Emerging Issues Task Force ("EITF")
     Issue 98-5 and EITF 00-27, a portion of the proceeds received are allocated
     to any embedded beneficial conversion feature, based on the difference
     between the effective conversion price of the proceeds allocated to the
     convertible debt and the fair value of the underlying Common Stock on the
     date the debt is issued. In addition, the detachable stock purchase
     warrants, proceeds are first allocated to the stock purchase warrants and
     the debt and then the resulting debt proceeds are allocated between the
     beneficial conversion feature, which is accounted for as paid-in capital,
     and the initial carrying amount of the debt. The discount resulting from
     the beneficial conversion feature is amortized over the estimated life of
     the debt.

     Unaudited Statements
     --------------------

     The financial statements included in this Form 10-QSB have been prepared by
     the Company without audit pursuant to the rules and regulations of the
     Securities and Exchange Commission. Certain information and footnote
     disclosures normally included in the financial statements prepared in
     accordance with accounting principles generally accepted in the United
     States have been condensed or omitted as allowed by such rules and
     regulations, and management believes that the disclosures are adequate to
     make the information presented not misleading. These financials statements
     include all of the adjustments, which, in the opinion of management, are
     necessary to a fair presentation of financial position and results of
     operations. All such adjustments are of a normal and recurring nature only.
     The results of operations for the interim periods are not necessarily
     indicative of the results to be expected for the full fiscal year. These
     financial statements should be read in conjunction with the audited
     financial statements at February 28, 2007, included in the Company's annual
     report on Form 10-KSB filed with the Commission on May 24, 2007.


                                       6
<PAGE>



     Reclassifications
     -----------------

     Certain amounts reported in the Company's financial statements for the nine
     and three months ended November 30, 2006, have been reclassified to conform
     to the current period presentation.

2.   SLATER DOME GATHERING, LLLP

     Effective May 10, 2006, the Company entered into a Purchase and Sale
     Agreement (the "Acquisition") with Natural Resource Group Gathering, LLC
     ("NRGG"), whereby the Company increased its investment in Slater Dome
     Gathering, LLLP ("SDG") by acquiring additional Class A limited partnership
     interests, in exchange for a subordinated convertible debenture in the
     amount of $608,194; see Note 3. Effective December 31, 2007, the Company
     entered into a Purchase and Sale Agreement with Natural Resource Group
     Gathering, LLC, whereby the Company increased its investment in SDG.by
     acquiring the general partner's interest (see Note 9). The Company's
     President and Chief Executive Officer is a manager of NRGG.

3.   CONVERTIBLE DEBT, AFFILIATES

     On May 10, 2006, the Company issued convertible subordinated debt in the
     amount of $608,194 to NRGG. The debenture bears 2.5% interest, is due
     January 1, 2008 and is convertible into shares of the Common Stock of the
     Company at the rate of $1.33 per share. The convertible subordinated debt
     was originally convertible into shares of Common Stock at a price of $2.00,
     which was adjusted to $1.33 pursuant to certain anti-dilution rights. The
     market value of the shares on the date the Company entered into the
     convertible subordinated debt with NRGG was $2.11 per share.

     The interest on the convertible subordinated debt accrues daily and
     compounds quarterly and is payable upon the earlier of conversion or
     maturity of the convertible subordinated debt (or portion thereof), in cash
     or in stock, at the Company's option. If the Company elects to make
     interest payments in stock, such shares ("Interest Shares") shall be
     payable at the rate of one Interest Share per $2.00 in interest due.

     The convertible subordinated debt has customary weighted-average
     anti-dilution rights with respect to any subsequent issuance of Common
     Stock or Common Stock equivalents at a price less than $1.33 per share, and
     otherwise in connection with forward or reverse stock splits, stock
     dividends, recapitalizations, and the like. The anti-dilution provisions
     shall not apply to certain employee stock options and shares issued in
     connection with certain mergers and acquisitions.

     The Company used the intrinsic value method to determine allocation to the
     embedded beneficial conversion feature. As such, $33,451 was credited to
     additional paid-in capital. The total allocation of $33,451 will be
     amortized over 19 months. Amortization expense during nine months ended
     November 30, 2007 and 2006, was $14,244 and $12,325 respectively, and is
     included in debt issuance costs, non-cash in the accompanying financial
     statements. In March 2007, the Company repaid $300,000 of the convertible
     debenture issued to NRGG plus accrued interest of $6,072 and the debenture
     was paid in full on December 31, 2007 (see Note 9).

                                       7
<PAGE>
     At November 30, 2007 the balance of the convertible debt is as follows:

     Convertible debt                                            $ 308,194
     Less debt discount                                             (1,600)
                                                                 ---------
                                                                 $ 306,594
                                                                 =========

4.   CONVERTIBLE DEBT

     On July 22, 2005, the Company closed on the sale (the "Offering") to
     accredited investors of 92 investment units (the "Units") at a purchase
     price of $30,000 per Unit for gross and net proceeds of $2,760,000. Each
     Unit consisted of: (i) $30,000 of 2.5% two-year Convertible Debentures,
     convertible into 25,000 shares of $0.001 par value common stock (the
     "Common Stock") of the Company at the rate of $1.20 per share which was
     adjusted to $1.08 pursuant to certain anti-dilution rights, the market
     value of the shares at the date the Company entered into the Placement
     Agent Agreement for the sale of the securities (the "Debentures") and (ii)
     a three-year warrant to purchase 12,500 shares of New Frontier Energy
     Common Stock at an exercise price of $2.00 per share (the "Debenture
     Warrants"), which was adjusted to $1.33 pursuant to certain anti-dilution
     rights.

     The Debenture Warrants were valued using the Black-Scholes option-pricing
     model based on the market price of the Common Stock at the commitment date.
     The Debenture Warrant valuation of $1,509,798 has been allocated to
     additional paid-in capital. After allocating value to the Debenture
     Warrants, the Company used the intrinsic value method to determine that all
     of the remaining proceeds should be allocated to the embedded beneficial
     conversion feature. As such, $1,509,798 was credited to additional paid-in
     capital. The total allocation of $1,778,156 will be amortized over 24
     months. Amortization expense during the nine months ended November 30, 2007
     and 2006 was $349,673 and $669,205, respectively and is included in debt
     issuance costs, non-cash in the accompanying financial statements.

     On or about July 22, 2007, the holders of the previously unconverted
     Debentures in the principal and interest amount of $2,686,440 converted the
     Debentures into 2,487,541 shares of our Common Stock at a price of $1.08
     per share (the "Converted Debentures"). Debentures in the principal and
     interest amount of $31,500 were paid in cash to the holders.

                                       8
<PAGE>
5.   NOTES PAYABLE

     On June 15, 2007, the Company acquired a facility (the "Steamboat
     Property") to be used as a field office and provide lodging while Company
     personnel are working the Slater Dome Field area. The purchase price for
     the Steamboat Property was $1,175,000. In connection with the purchase of
     the Steamboat Property, the Company entered into a five-year mortgage in
     the principal amount of $881,250 (the "Steamboat Mortgage"), which bears
     interest at a rate of 7.56% per annum. The Steamboat Mortgage requires
     equal monthly payments during the term of the mortgage in the amount of
     $8,256, with the balance of $698,604 due on June 14, 2012. The Steamboat
     Mortgage can be prepaid at any time without penalty. The Steamboat Mortgage
     is collateralized by the Steamboat Property. The current portion of the
     Steamboat Mortgage amounts to $34,020 with the balance of $834,200 being
     long term. Interest in the amount of $28,249 was paid and $2,834 has been
     accrued on the Steamboat Mortgage as of November 30, 2007.

6.   STOCKHOLDERS' EQUITY

     Series A Convertible Preferred Stock
     ------------------------------------

     The Series A Preferred Stock was converted into 384,615 shares of Common
     Stock on March 1, 2006. Accrued dividends in the amount of $7,274 were
     converted to 11,191 shares of Common Stock in May 2006.

     Series B Convertible Preferred Stock
     ------------------------------------

     Effective November 1, 2004, the board of directors of the Company approved
     an amendment to the Company's Articles of Incorporation to provide for the
     issuance of up to 36,036 shares of Series B 12% Cumulative Convertible
     Preferred Stock par value $0.001 (the "Series B Preferred"). Between
     December 23, 2004 and February 28, 2005 the Company sold 32,175 shares of
     Series B Preferred. The issue price of the Series B Preferred Stock is
     $100.00 per share. Each share of Series B Preferred is convertible, at the
     option of the Holder, into that number of shares of Common Stock determined
     by dividing the issue price of the aggregate number of shares of Series B
     Preferred being converted plus any accrued and unpaid dividends by $.65 per
     share, unless otherwise adjusted. The Series B Preferred pays a cumulative,
     preferential cash dividend equal to 12% of the $100 issue price per year
     and is payable quarterly in arrears. The dividend is payable out of funds
     legally available for that purpose and will accumulate during any period
     when it is not paid.

     During the nine months ended November 30, 2007, holders of 3,375 shares of
     Series B Preferred Stock converted the shares into 586,924 shares of common
     stock in accordance with the terms of the Series B Preferred. As of
     November 30, 2007, there were 24,675 shares of the Series B Preferred
     issued and outstanding.

     The Company paid $104,710 in dividends and accrued $247,522 on the Series B
     Preferred resulting in accrued dividends in the amount of $799,654 as of
     November 30, 2007.


                                       9
<PAGE>
     Series C Convertible Preferred Stock
     ------------------------------------

     Effective November 22, 2006, the board of directors of New Frontier Energy,
     Inc. approved an amendment to the Company's Articles of Incorporation to
     provide for the issuance of up to 230,000 shares of Series C 2.5%
     Cumulative Convertible Preferred Stock par value $0.001 (the "Series C
     Preferred Stock"). Between December 1, 2006 and January 16, 2007 the
     Company sold 222,250 shares of Series C Preferred Stock.

     The stated value and issue price of the Series C Preferred Stock is $100.00
     per share. Holders of the Series C Preferred Stock are entitled to receive
     cumulative dividends at the rate of 2.5% per annum, payable quarterly on
     January 31, April 30, July 31 and October 31, beginning with January 31,
     2007. The form of dividend payments may be, at the Company's option, in
     cash or shares of the Company's $0.001 par value common stock (the "Common
     Stock"), or a combination thereof. The Series C Preferred Stock is
     convertible into shares of Common Stock at the rate of $1.05 per share.

     The Series C Preferred Stock has customary weighted-average anti-dilution
     rights with respect to any subsequent issuance of Common Stock or Common
     Stock equivalents at a price less than $1.05 per share, and otherwise in
     connection with forward or reverse stock splits, stock dividends,
     recapitalizations, and the like. The anti-dilution provisions shall not
     apply to employee stock options and shares issued in connection with
     certain mergers and acquisitions.

     Except as otherwise provided in the Series C Preferred Stock Certificate of
     Designation with respect to matters that adversely affect the rights of the
     holders of the Series C Preferred Stock, and as otherwise required by law,
     the Series C Preferred Stock has no voting rights.

     Upon any liquidation, dissolution or winding-up of the Company, whether
     voluntary or involuntary, the holders of the Series C Preferred Stock shall
     be entitled to receive out of the assets of the Company, whether such
     assets are capital or surplus, for each share of Series C Preferred Stock
     an amount equal to the stated value ($100.00) of the Series C Preferred
     Stock per share plus any accrued and unpaid dividends thereon and any other
     fees or liquidated damages owing. If the assets of the Company are
     insufficient to pay such amounts in full, then the entire assets to be
     distributed to the holders of the Series C Preferred Stock shall be
     distributed among the holders of the Series C Preferred Stock ratably in
     accordance with the respective amounts that would be payable on such shares
     if all amounts payable thereon were paid in full.

     The Company has the right to redeem the Series C Preferred Stock commencing
     six months from a final closing date in the event the closing bid price of
     the Company's Common Stock has closed for 20 consecutive trading days at a
     price not less than $3.00 (subject to adjustment) by delivering notice to
     holders of the Series C Preferred Stock. The maximum aggregate number of
     Series C Preferred Stock which may be redeemed pursuant to any such
     redemption notice in any given week shall be that number of shares of
     Series C Preferred Stock for which the underlying Common Stock (together
     with any accrued dividends payable in Common Stock thereon) are less than
     or equal to 25% of the average daily trading volume of the Common Stock for
     the 20 Trading Days preceding each such redemption notice date.

                                       10
<PAGE>
     During the nine months ended November 30, 2007, there were no shares of
     Series C Preferred Stock converted into shares of Common Stock. As of
     November 30, 2007, there were 222,250 shares of the Series C Preferred
     Stock issued and outstanding.

     The Company did not pay any dividends on the Series C Preferred Stock and
     accrued $418,322 on the Series C Preferred Stock resulting in accrued
     dividends in the aggregate amount of $518,255 as of November 30, 2007.

     Warrants
     --------

     During the nine months ended November 30, 2007, warrants to purchase
     632,615 shares of common stock at $1.11 were exercised for a cash proceeds
     of $702,202.

     Stock Options
     -------------

     On October 15, 2007, the Company issued a three-year stock purchase Warrant
     for 350,000 shares of Common Stock at an exercise price of $2.00 per share
     to an unrelated party for shareholder relations services. The closing price
     of the stock on October 15, 2007, was $1.15 per share. Using the
     Black-Scholes model with estimated volatility of 72.41%, risk-free interest
     rate of 4.25%, and a life of three years, the estimated fair value of the
     grant is $143,900, which was recorded as issuance of common stock warrants
     expense.

     On November 10, 2006, the Company granted certain employees and agents of
     the Company an aggregate of 3,950,000 options to acquire shares of the
     Company's Common Stock, which are exercisable at a price of $1.25 (the
     "Non-Qualified Stock Options"). The Non-Qualified Stock Options vest at a
     rate of 12.5% each fiscal quarter ending November 30, February 28, May 31
     and August 31 through November 30, 2008 and expire on November 30, 2016.
     The Company's stock closed at $1.24 on November 10, 2006. The fair value of
     the Non-Qualified Stock Options was estimated on the date of the grant
     utilizing the Black-Scholes option pricing model with the following
     assumptions: expected life of the options is 10 years, expected volatility
     of 67%, risk free interest rate of 5% and no dividend yield. The fair value
     for the Non-Qualified Stock Options granted was approximately $0.96 per
     share. The value of the options was recorded at $3,796,745 and $515,550 is
     being amortized quarterly as the options vest.

     The activity for the Non-Qualified Stock Options during the nine months
     ended November 30, 2007 is summarized as follows:

                                       11
<PAGE>
                                                           November 30, 2007
                                                                      Weighted
                                                                       Average
                                                                      Exercise
                                                         Shares         Price
                                                   -----------------------------
     Beginning of period                                 987,500     $   1.25
       Granted                                         1,481,250     $   1.25
       Exercised                                              --     $     --
       Expired                                                --     $     --
                                                      ----------
     End of period                                    2,468,750      $   1.25
                                                      =========


     A summary of the incentive stock option activity during the nine months
     ended November 30, 2007 is summarized in the following table:

                                                         November 30, 2007
                                                                      Weighted
                                                                       Average
                                                                      Exercise
                                                        Shares         Price
                                                   -----------------------------
     Beginning of period                                 559,333     $   0.88
       Granted                                                --     $     --
       Exercised                                              --     $     --
       Expired                                                --     $     --
                                                        --------
     End of period                                       559,333     $   0.88
                                                        ========


     The following tables summarize information about fixed-price stock options
     and warrants during the nine months ended November 30, 2007:

                                                     November 30, 2007
                                                                Weighted
                                                                 Average
                                                                Exercise
                                               Shares            Price
                                          --------------------------------
     Beginning of period                      40,128,657      $      1.59
        Granted                                  350,000      $      2.00
        Anti-dilution warrants issued                 --      $        --
        Exercised                               (632,615)     $      1.11
        Expired                                       --      $        --
                                          --------------
     End of period                            39,846,042      $      1.59
                                          ==============

     The following table summarizes the options and warrants outstanding and
     exercisable at November 30, 2007:

                        Range                        Number
                         of                        of Options
                      Exercise                    and Warrants
                        Price                     Outstanding
                -------------------------------------------------
                   $1.00 to $1.50                      30,967,047
                   $1.51 to $2.75                      11,907,078
                                             --------------------
                                                       42,874,125
                                             ====================


                                       12
<PAGE>

     In October 2006, the Board of Directors adopted an incentive stock option
     plan reserving 10,000,000 shares of the Company's $0.001 par value common
     stock for issuance pursuant to the plan. The plan was adopted by
     shareholders on June 11, 2007. As of November 30, 2007, no options have
     been granted under the plan.

7.   RELATED PARTIES

     The Company paid $24,000 during the nine months ended November 30, 2007 and
     2006, respectively, in connection with an office lease for office space in
     Littleton, Colorado with Spotswood Properties, LLC, ("Spotswood"), a
     Colorado limited liability company and an affiliate of the Company's
     president. The lease provides for the payment of $2,667 per month plus
     utilities and other incidentals. The president of the Company owns 50% of
     Spotswood.

     The Company paid a corporation controlled by one of the directors $45,000
     and $37,000 for geological consulting during the nine months ended November
     30, 2007 and 2006 respectively.

     SDG paid rent in the amount of $2,700 during the nine months ended
     September 30, 2007 to Spotswood and accrued management fees, to NRGG, the
     general partner of SDG, in the amount of $5,759 during the nine months
     ended September 30, 2007. SDG has an account payable to NRGG in the amount
     of $34,013. The president of the Company is a manager and owns 50% of the
     membership interests of NRGG.

8.   BUSINESS SEGMENT INFORMATION

     The Company operates in two business segments: oil and gas exploration and
     gas gathering. Operating results and other financial data for the nine
     months ended November 30, 2007 and 2006, are presented for the principal
     business segments as follows:
<TABLE>
<CAPTION>
                                                     Oil & Gas     Gas Gathering   Consolidated
                                                   ------------    -------------   ------------
<S>                                                <C>             <C>             <C>
     November 30, 2007
        Revenues                                   $    341,074    $   94,284      $    435,358
        Income (loss) before taxes                 $ (4,665,163)   $    (35,417)   $ (4,700,580)
        Total assets                               $ 25,541,650    $  2,414,179    $ 27,955,829
        Property additions                         $  5,117,219    $         --    $  5,117,219
        Interest expense                           $    (62,490)   $         --    $    (62,490)
        Debt issuance costs, non-cash              $   (363,917)   $         --    $   (363,917)
        Depreciation, depletion and amortization   $    442,507    $     97,869    $    540,376

     November 30, 2006
        Revenues                                   $    169,435    $    100,930    $    270,365
        Loss before taxes                          $ (2,706,632)   $    (33,895)   $ (2,740,527)
        Total assets                               $  9,199,366    $  2,579,024    $ 11,778,389
        Property additions                         $    825,921    $         --    $    825,921
        Interest expense                           $    (64,164)   $         --    $    (64,164)
        Debt issuance costs, non-cash              $   (681,630)   $         --    $   (681,630)
        Depreciation, depletion and amortization   $    153,930    $    101,869    $    255,799
</TABLE>

                                       13
<PAGE>
9.   SUBSEQUENT EVENTS

     In December 2007, four Series B Preferred Placement Agent Warrants were
     exercised and 520 shares of Series B Preferred Stock were issued which were
     converted to 80,000 shares of Common Stock. The Company issued 108,108
     Series B Preferred warrants in connection with the transaction. The Company
     realized proceeds of $52,000 from the exercise of the placement agent
     warrants into shares of Series B Preferred Stock.

     Effective December 31, 2007 the Company entered into a Purchase and Sale
     Agreement with Natural Resource Group Gathering, LLC ("NRGG"), whereby the
     Company increased its investment in Slater Dome Gathering, LLLP ("SDG") by
     acquiring the general partner's interest for $1,075,000 consisting of
     $268,750 in cash and executing a promissory note in the amount of $806,250.
     The Note bears interest at a rate of 2.5% per annum and is payable in
     quarterly installments of $201,562.50 plus interest and is due December 31,
     2008. At the option of the Company, quarterly payments may be deferred
     until the maturity date. As a result, the Company owns the 25% general
     partner's interest together with 82.76% of the Class A limited partnership
     interests in SDG. The Company will receive 84.487% of SDG cash
     distributions until the limited partners have received cash distributions
     equal to their initial capital contributions and 87.07% of cash
     distributions thereafter.

     The purchase price was based on a valuation analysis of the gathering line
     by an independent consulting firm that provides engineering project
     management, due diligence and expert witness services to the oil and gas
     pipeline industry.

     The Company's President and Chief Executive Officer is a manager and owns
     50% of the membership interests of NRGG, the general partner of SDG.

     On December 31, 2007, the Company paid $320,801 to retire in full the
     convertible subordinated debenture issued to NRGG. The payment was
     comprised of $308,194 in principal together with accrued interest of
     $12,607. The Company's President and Chief Executive Officer is a manager
     and owns 50% of the membership interests of NRGG.

                                       14
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operation.
------------------------------------------------------------------

Forward Looking Information

     Information contained in the following discussion of results of operations
     and financial condition and in certain of the notes to the financial
     statements included in this document contain forward-looking statements
     within the meaning of the Private Securities Litigation Reform Act of 1995,
     which can be identified by the use of words such as "may," "will,"
     "expect," "anticipate," "estimate," or "continue," or variations thereon or
     comparable terminology. In addition, all statements other than statements
     of historical facts that address activities, events, or developments the
     Company expects, believes, or anticipates will or may occur in the future,
     and other such matters, are forward-looking statements. The following
     discussion should be read in conjunction with the Company's unaudited
     financial statements and related notes included elsewhere herein.

     The Company's future operating results may be affected by various trends
     and factors, which are beyond the Company's control. The important factors
     that could prevent us from achieving our stated goals and objectives
     include, but are not limited to, those set forth in our Annual Report on
     Form 10-KSB for the fiscal year ended February 28, 2007 and the following:

     o    The general state of the economy;
     o    Our ability to find third parties to implement our plan of operations
          in drilling additional wells at the Slater Dome Field (as defined
          below) and prove reserves at the Focus Ranch Unit;
     o    Our ability to successfully implement our plan of operations;
     o    Our ability to raise additional capital, as it may be affected by
          current conditions in the stock market and competition in the oil and
          gas industry for risk capital;
     o    Environmental and other regulations, as the same presently exist and
          may hereafter be amended;
     o    Our ability to identify, finance and integrate other acquisitions;
     o    Volatility of our stock price; and
     o    Actions of overseas producers of oil and natural gas over which we
          have no control.

     We undertake no responsibility or obligation to update publicly these
     forward-looking statements, but may do so in the future in written or oral
     statements. Investors should take note of any future statements made by or
     on our behalf.

     The Company cautions the reader that a number of important factors
     discussed herein, and in other reports filed with the Securities and
     Exchange Commission, including its 10-KSB for the year ended February 28,
     2007, could affect the Company's actual results and cause actual results to
     differ materially from those discussed in forward-looking statements. This
     information should be read in conjunction with our Annual Report on Form
     10-KSB for the year ended February 28, 2007.

                                       15
<PAGE>
Overview

     We are a natural resource exploration and production company engaged in the
     exploration, acquisition and development of oil and gas properties in the
     United States. We currently own an interest in five oil and gas prospects,
     three of which are undeveloped. During the year ended February 28, 2007, we
     acquired an additional 36.66667% working interest (29.33336% net revenue
     interest) in eleven gas and 2 water disposal wells and 33,949 net acres in
     the Slater Dome Field located along the eastern edge of the Greater Green
     River basin in northwest Colorado and south central Wyoming (the "Slater
     Dome Field"). The properties are entirely within the Company's existing
     leasehold at the Slater Dome Field. The Company now owns a 66.66667%
     working interest in the Slater Dome Field and is the operator of this
     field. The Slater Dome Field consists of 33,949 net acres, held by mineral
     leases, and is located along the Colorado-Wyoming border in Moffat County,
     Colorado, and Carbon County, Wyoming. The Slater Dome Field targets
     coal-bed methane gas located at relatively shallow depths by industry
     drilling standards. The Flattops Prospect consists of 4,030 net acres, of
     which we own 100% of the working interest. The North Slater Dome Field,
     consisting of 600 gross acres, of which we own a 66.7% working interest.
     The Focus Ranch Unit (the "Unit"), consisting of approximately, 38,600
     gross acres in which our working interest approximates 75% and is subject
     to a farm-out agreement whereby the farmor is required to assign 99% of
     their working interest after production operations under the farm-out
     agreement have been completed as determined in the Company's sole
     discretion, or at such time as the farmor has received its $2,000,000
     production payment. The terms of the farm-out agreement provide that if
     commercial production from the Unit is established, the Company will make a
     production payment from 35% of the net proceeds at the wellhead to the
     farmor. If the Unit is abandoned, we are obligated to plug and abandon the
     Focus Ranch Federal 12-1 Drill Site and reclaim the site together with the
     existing 12-mile service road to BLM standards. We also own a 15% working
     interest in 15,049 gross acres in Routt County Colorado called Gibraltar
     Peaks Prospect. The acreage includes all rights from the surface of the
     earth to the base of the Mesa Verde Formation. The Gibraltar Peaks Prospect
     is included in the Unit. The Denver Julesberg Basin prospect consists of
     3,500 gross and net acres of which we own 100%.

     Our plan of operation is to further develop the Slater Dome Field by
     drilling up to ten additional wells in the summer of 2008; such wells are
     to be adjacent or near our existing wells in the southeast section of this
     property and to develop the Flattops Prospect by drilling two wells in the
     summer/fall of 2008 on that prospect. We plan to test the Niobrara and
     Frontier formations in the Focus Ranch Federal 12-1 well in the Unit. We
     intend to sell a portion of our Denver Julesberg Basin located in Northeast
     Colorado and we will attempt to obtain a promoted or carried working
     interest as well as a prospect fee. We also plan to evaluate opportunities
     to acquire other interests in oil and gas properties.

     The following discussion and analysis covers the consolidated financial
     condition of the Company at November 30, 2007, changes in our financial
     condition since February 28, 2007, the end of the previous fiscal year, and
     a comparison of the results of operation for the three and nine months
     ended November 30, 2007 to the same period from the previous year. This
     information should be read in conjunction with our Annual Report on Form
     10-KSB for the year ended February 28, 2007.

                                       16
<PAGE>
Results of Operation: Three months ended November 30, 2007 compared to the three
months ended November 30, 2006

     For the three months ended November 30, 2007 we reported a net loss
attributable to common shareholders of $1,768,528 or $0.19 per share, on revenue
of $144,974. This compares to a net loss attributable to common shareholders of
$1,266,840, or $0.22 per share, on revenue of $140,989, for the comparable
period of the previous fiscal year. We expect to incur losses until such time as
we complete the dewatering process of our wells, stabilize production of the
coal-bed methane gas, and obtain a permit to add additional compression at the
Slater Dome Field.

     Revenues for the three months ended November 30, 2007 were $144,974
compared with $140,989 for the three months ended November 30, 2006, an increase
of $3,985 or 2.83%. Oil and gas revenues during the three months ended November
30, 2007 were $112,619 compared with $76,533 during the three months ended
November 30, 2006, an increase of $36,086 or 47.15%. The reason for the change
is twofold and is a function of production and the sales price of the gas.
Production to our interest increased approximately 29,400 MCF (338.92%) compared
to the same three-month period ending November 30, 2006. The increase in
production is principally attributable to increased in the wells Average gas
sales prices decreased by $1.74 per MCF or 42.07% from $4.13 to $2.40 during the
three months ended November 30, 2007 as compared to the three months ended
November 30, 2006. SDG revenues from the gathering pipeline were $32,355 for the
three months ended September 30, 2007 compared with $64,456 for its quarter
ended September 30, 2006, a decrease of $32,101 or 49.08%. The decrease relates
principally to the fact that the Company increased its ownership in the Slater
Dome Field and accordingly, gathering fees paid by third parties decreased.

     Exploration costs for the three months ended November 30, 2007 were $25,200
compared with $41,608 in the three months ended November 30, 2006, a decrease of
$16,408 or 39.43%. The reason for the decrease is the result of decreases in
seismic consulting, seismic lines, miscellaneous costs and delay rentals offset
by an increase in geological consulting.
                                                                    Increase
                                                2007       2006    (Decrease)
----------------------------------------------------------------------------
Geologic consulting                          $ 15,000   $ 11,000   $  4,000
Seismic consulting                              5,514     10,353     (4,839)
Seismic lines                                   1,350      9,000     (7,650)
Miscellaneous other costs                       1,484      3,823     (2,339)
Delay rentals                                   1,852      7,432     (5,580)
                                             --------   --------   --------
                                     Total   $ 25,200   $ 41,608   $(16,408)
                                             ========   ========   ========

                                       17
<PAGE>
     The increase geologic consulting arises from increased compensation paid
geologic consultants. The decrease in seismic lines and seismic consulting are
directly related to the culmination of our analysis of potential prospects in
the Denver Julesberg Basin during the three months ended November 30, 2006. The
decreases in miscellaneous other costs and delay rentals are considered normal
in the ordinary course of business.

     Lease operating expenses for the three months ended November 30, 2007 were
$311,876 compared with $126,374 in the three months ended November 30, 2006, an
increase of $185,502 or 146.78%. The principal reason for the increase is that
in the three months ended November 30, 2007 we owned 66.7% of the working
interest as compared with 30% for two months in the same period in 2006 together
with costs associated with reworking our producing wells during the three months
ended November 30, 2007 that were not present during the three months ended
November 30, 2006. The changes are summarized as follows:
                                                                       Increase
                                                 20007       2006     (Decrease)
--------------------------------------------------------------------------------
Lease operating expenses 30%                  $ 128,592   $ 100,023   $  28,569
Lease operating expenses 36.7%                   90,487      20,508      69,979
Bonds                                             2,319          --       2,319
Rework expenses                                  72,682          --      72,682
Lease operating expenses, Focus Ranch            12,072          --      12,072
Production taxes                                  5,724       5,843        (119)
                                              ---------   ---------   ---------
                                              $ 311,876   $ 126,374   $ 185,502
                                              =========   =========   =========

In summary, lease-operating expenses increased $28,569 when comparing identical
working interests of 30% and the increase of $69,979 is associated with the
increase of an additional 36.7% interest at the Slater Dome Field and are
related to the increased production and activity at the Slater Dome Field. Bonds
increased $2,319 because we were not required to have an operator's bond in the
three months ended November 30, 2006. Rework expenses increased by $72,682 when
compared with the three months ended November 30, 2006 and were incurred in
connection with increasing production and pursuant to normal operating
procedures. The lease operating expenses associated with the Focus Ranch Unit
increased because we did not own the interest in the Focus Ranch Unit in 2006.
The production tax fluctuation is considered normal in the ordinary course of
business..

     The costs of gas gathering increased by $3,342 from $565 to $3,907 or
591.24% during the three months ended November 30, 2007 as compared to the same
quarter in 2006. The increase is considered normal in the ordinary course of
business.

     General and administrative expenses for the three months ended November 30,
2007 were $488,589 compared with $268,096 in the three months ended November 30,
2006, an increase of $220,493 or 82.24%. The following table summarizes the
major components of the fluctuations:

                                       18
<PAGE>
                                                                       Increase
                                               2007         2006      (Decrease)
--------------------------------------------------------------------------------
Employee compensation                       $ 136,412    $ 129,747    $   6,665
Financial public relations                    208,257       48,175      160,082
Professional fees                              61,095       13,970       47,125
Payroll taxes and employee benefits            28,314       21,275        7,039
Management fees  SDG                            1,941        2,503         (562)
Miscellaneous other costs                      52,570       52,426          144
                                            ---------    ---------    ---------
                                            $ 488,589    $ 268,096    $ 220,493
                                            =========    =========    =========

Employee compensation increased $6,665 in the quarter ended November 30, 2007
compared with the quarter ended November 30, 2006 because the Company had two
additional field employees in 2007. The increase in financial public relations
increased in the amount of $160,082 principally as a result of an increase fees
paid to consultants for financial public relations and shareholder relations in
the amount of $102,385, travel related to financial public relations increased
by $14,380 and other related costs increased $43,317. Professional fees
increased by $47,125 in the three months ended November 30, 2007, as compared to
the comparable quarter ending in 2006 and was as a result of increased legal,
accounting and engineering fees. The increase in payroll taxes and employee
benefits in the amount of $7,039 directly relates to the increase in
compensation expenses and the additional employees added in 2007. Management
fees incurred by SDG decreased by $562 and is considered normal in the ordinary
course of business. Miscellaneous other non-specified costs increased $144 and
such change is considered normal in the ordinary course of business.

     Issuance of non-qualified common stock option expense for the three months
ended November 30, 2007 was $659,450 compared to $515,550 during the three
months ended November 30, 2006, an increase of $143,900 or 27.91%. This increase
is the result of the Company's issuance of non-qualified common stock options
valued at $143,900 during the three months ended November 30, 2007.

     Depreciation, depletion and amortization for the three months ended
November 30, 2007 was $216,938 compared with $83,938 during the three months
ended November 30, 2006, an increase of $133,000 or 158.45%. The components of
the increase are summarized in the following table:

                                                                      Increase
                                               2007        2006      (Decrease)
                                            ----------------------------------
Producing oil and gas properties            $153,800     $ 45,200     $108,600
Slater Dome Gathering, LLLP                   32,623       28,623        4,000
Other depreciable assets                      30,515       10,115       20,400
                                            --------     --------     --------
                                            $216,938     $ 83,938     $133,000
                                            ========     ========     ========

                                       19
<PAGE>
The increase in depletion on producing properties is attributable to the
increased production from the Slater Dome Field, together with an increase
associated with our increased ownership in the properties, for the three months
ended November 30, 2007 compared with the corresponding quarter in 2006. Other
depreciation increased $20,400 for the three months ended November 30, 2007 as
compared with the three months ended November 30, 2006 because of depreciation
associated with additional non oil and gas property and equipment the Company
placed into service.

     Interest income for the three months ended November 30, 2007 was $78,548
compared with $3,651 in the three months ended November 30, 2006, an increase of
$74,897 or 2051.41%. Such increase is a result of a larger interest bearing cash
balances held.

     Interest expense for the three months ended November 30, 2007 was $18,550
compared with $26,469 in the three months ended November 30, 2006, a decrease of
$7,919 or 29.92%. The components of the change are summarized as follows

                                                                       Increase
                                               2007        2006       (Decrease)
                                            ------------------------------------
Convertible debentures                      $     --     $ 16,298      $(16,298)
Convertible debenture, affiliates              1,926        3,801        (1,875)
Notes payable                                 16,624        6,370        10,254
                                            --------     --------      --------
                                            $ 18,550     $ 26,469      $ (7,919)
                                            ========     ========      ========

The convertible debentures interest decreased because the debentures were
converted to common stock or paid on July 23, 2007. The convertible debenture to
affiliates interest decreased because the Company made a principal payment on
this convertible debenture in the amount of $300,000 in March 2007. Notes
payable interest increased by $18,550 because an obligation for the field
facility was incurred in June 2007 and decreased by $6,370 because the
underlying note, present in 2006, was converted to Series C Preferred
Convertible Stock in January 2007.

     Debt issuance costs for the three months ended November 30, 2007 was $4,748
as compared with $226,761 for the three months ended November 30, 2006, a
decrease of $222,013 or 97.91%. The principal change in debt issuance cost
arises from the maturity of the debentures on July 23, 2007 and the completion
of the amortization period.

     The minority interest in the income of the consolidated subsidiary for the
three months ended November 30, 2007 was $14,821 as compared to $13,460 for the
three months ended November 30, 2006 resulting in an increase of $1,361 or
10.10%.. This fluctuation relates to the increase in income from SDG for the
respective periods.

     During the three months ended November 30, 2007, the Company charged
dividends on the Series B and C Convertible Preferred Stock in the amount of
$76,609 and $138,253 respectively, together with distributions to the SDG
minority interests in the amount of $33,110 to the loss attributable to common
shares compared with $108,659 during the three months ended November 30, 2006,
an increase of $139,313 or 128.21%. The decrease in dividends on the Series B
Preferred is because of conversions to shares of Common Stock of outstanding
shares of the Series B Preferred in the three months ended November 30, 2007 as
compared to the three months ended November 30, 2006. The Series C Convertible
Preferred Stock was not authorized until November 2006 and no shares were issued
until December 2006 and accordingly was not present in the three months ended
November 30, 2006. The increase in distributions to the SDG minority interests
in the amount of $12,058 is because SDG made a larger distribution to minority
interest owners during the three months ended November 30, 2007 as compared with
the same period in 2006.

                                       20
<PAGE>
                                                                    Increase
                                               2007       2006     (Decrease)
                                           ---------------------------------
     Series B convertible preferred        $  76,609   $  87,607   $ (10,998)
     Series C convertible preferred          138,253          --     138,253
     Slater Dome Gathering distributions      33,110      21,052      12,058
                                           ---------   ---------   ---------
                                           $ 247,972   $ 108,659   $ 139,313
                                           =========   =========   =========


     As a result of the above, we generated a net loss attributable to common
shareholders of $1,768,528 or $0.19 per share during the three months ended
November 30, 2007 as compared to a net loss attributable to common shareholders
of $1,266,840 or $0.22 per share during the three months ended November 30,
2006.

Results of Operation: nine months ended November 30, 2007 compared to the nine
months ended November 30, 2006.

     For the nine months ended November 30, 2007 we reported a net loss
attributable to common shareholders of $5,472,718 or $0.71 per share, on revenue
of $435,358. This compares to a net loss attributable to common shareholders of
$3,040,523, or $0.56 per share, on revenue of $270,365, for the comparable
period of the previous fiscal year. We expect to incur losses until such time as
we complete the dewatering process of our wells, stabilize production of the
coal-bed methane gas and obtain a permit to add additional compression at the
Slater Dome Field

     Revenues for the nine months ended November 30, 2007 were $435,358 compared
with $270,365 for the nine months ended November 30, 2006, an increase of
$164,993 or 61.03%. Oil and gas revenues were $341,074 this period compared with
$169,435, an increase of $171,639 or 101.30%. The reason for the change is
twofold and is a function of production and the sales price of the gas.
Production to our interest increased approximately 72,545 MCF (355.45%) compared
to the nine-month period ending November 30, 2006. The increase in production is
accounted for in two segments; the first is an increase of 23,415 MCF
attributable to increased production from the wells and 49,130 MCF is
attributable to our increased ownership in the Slater Dome Field. Average gas
sales prices decreased by $1.76 per MCF or 37.14% from $4.73 to $2.98 during the
nine months ended November 30, 2007 as compared to the nine months ended
November 30, 2006. SDG revenues from the gathering pipeline were $94,284 for the
nine months ended September 30, 2007 compared with $100,930 for its nine months
ended September 30, 2006, a decrease of $6,646 or 6.58%. The decrease relates
principally to the fact that the Company increased its ownership in the Slater
Dome Field and accordingly, gathering fees paid by third parties decreased.


                                       21
<PAGE>
     Exploration costs for the nine months ended November 30, 2007 were $141,795
compared with $85,005 in the nine months ended November 30, 2006, an increase of
$56,790 or 66.81%. The primary reason for the increase is increased seismic and
geologic consulting and purchasing seismic lines during the nine months ended
November 30, 2007 offset by a decrease in delay rentals and other costs compared
with the same period in 2006 summarized as follows.

                                                                      Increase
                                                   2007       2006   (Decrease)
-------------------------------------------------------------------------------
Geologic consulting                             $ 45,000   $ 37,000   $  8,000
Seismic consulting                                45,122     13,064     32,058
Seismic lines                                     35,587      9,000     26,587
Miscellaneous other costs                          3,349      6,386     (3,037)
Delay rentals                                     12,737     19,555     (6,818)
                                                --------   --------   --------
                                        Total   $141,795   $ 85,005   $ 56,790
                                                ========   ========   ========

     Lease operating expenses for the nine months ended November 30, 2007 were
$1,133,491 compared with $473,982 in the nine months ended November 30, 2006, an
increase of $659,509 or 139.14%. The principal reason for the increase is that
during the nine months ended November 30, 2007 we owned 66.7% of the working
interests in the Slater Dome Field as compared with 30% in the same period in
2006 together with increased costs associated with reworking our producing wells
in 2007 as compared to the same period ending in 2006. The changes are
summarized as follows.

                                                                       Increase
                                               2007         2006      (Decrease)
--------------------------------------------------------------------------------
Lease operating expenses 30%               $  302,011   $  374,637   $  (72,626)
Lease operating expenses 36.7%                374,740        8,412      366,328
Rework expenses 30%                           190,458       82,040      108,418
Rework expenses 36.7%                         232,958           --      232,958
Lease operating expenses, Focus Ranch          15,076           --       15,076
Production taxes                               18,248        8,893        9,355
                                           ----------   ----------   ----------
                                           $1,133,491   $  473,982   $  659,509
                                           ==========   ==========   ==========

In summary, lease-operating expenses decreased $72,626 when comparing identical
working interests of 30% and the increase of $366,328 is associated with the
increase of an additional 36.7% in working interests in the Slater Dome Field.
Similarly, rework expenses increased by $108,418 when comparing identical
working interests and the increase of $232,958 is associated with the increased
36.7% working interest at the Slater Dome Field. The increased lease operating
expenses are directly associated with the increased activity at the field and
increased production. The reworking expenses were incurred to increase
production and pursuant to normal operating procedures. The lease operating
expenses associated with the Focus Ranch Unit increased because we did not own
these interests during the nine months ended November 30, 2006. Production taxes
increased as a result of increased revenues.

                                       22
<PAGE>
     The costs of gas gathering amounted to $4,739 during the nine months ended
September 30, 2007 as compared to $2,060 for the nine months ending September
30, 2006, an increase of $2,679 or 130.06%. The increase is considered normal in
the ordinary course of business.

     General and administrative expenses for the nine months ended November 30,
2007 were $1,516,117 compared with $949,321 in the nine months ended November
30, 2006, an increase of $566,796 or 59.71%. The following table summarizes the
major components of the fluctuations.

                                                                       Increase
                                               2007          2006     (Decrease)
-------------------------------------------------------------------------------
Employee compensation                      $  541,661   $  377,967   $  163,694
Financial public relations                    507,458      194,725      312,733
Professional fees                             125,507      114,649       10,858
Payroll taxes and employee benefits            91,077       77,922       13,155
Repairs and maintenance                        25,121        2,652       22,469
Management fees  SDG                            5,759       13,991       (8,232)
Insurance                                     102,408       94,366        8,042
Travel                                         30,257       53,663      (23,406)
Miscellaneous other costs                      86,869       19,386       67,483
                                           ----------   ----------   ----------
                                           $1,516,117   $  949,321   $  566,796
                                           ==========   ==========   ==========

     Employee compensation increased $163,694 in the nine months ended November
30, 2007 compared with the nine months ended November 30, 2006 because salaries
and bonuses to officers increased $56,083 and $100,000 respectively, together
with additional staff compensation in the amount of $7,611 resulting from annual
salary increases and the addition of personnel. The increase in financial public
relations increased in the amount of $312,723 principally as a result of an
increase fees paid to consultants for financial public relations and shareholder
relations in the amount of $284,064 and by increases in other related costs of
$28,669. Professional fees increased by $10,858 as a result of increased legal,
accounting and engineering fees associated with the increasing corporate
activity. Payroll taxes and employee benefits increased by $13,155 principally
as a result of increased compensation and additional field employees added in
July 2007. Repairs and maintenance increased $22,469, $9,806 of which is
associated with gathering line maintenance and the balance of $12,663 is related
to normal maintenance of office equipment and is considered normal in the
ordinary course of business. Management fees incurred by SDG decreased by $8,232
because the managers were compensated based on gross revenues for the nine
months ended September 30, 2007 as compared compensation based on invested
capital in the corresponding nine months ended September 30, 2006. Miscellaneous
other non-specified costs increased $67,483, of which none of the individual
categories are significant by themselves, and such change is considered normal
in the ordinary course of business.

                                       23
<PAGE>
     Issuance of non-qualified common stock option expense was $1,690,550 during
the nine months ended November 30, 2007, as compared with $515,550 during the
nine months ended November 30, 2006, a fluctuation of $1,175,000 or 227.91%. The
non-qualified common stock option expense is the result of three quarterly
vesting periods associated with the issuance of 3,950,000 non-qualified common
stock options to employees and certain employees and agents of the Company for
the full nine months ended November 30, 2007 as compared with the vesting for
one quarterly vesting period during the nine months ended November 30, 2006
amounting to $1,031,100 together with granting a non-qualified stock option to a
consultant valued at $143,900.

     Depreciation, depletion and amortization for the nine months ended November
30, 2007 was $540,376 compared with $255,799 during the nine months ended
November 30, 2006, an increase of $284,577 or 111.25%. The components of the
increase are summarized in the following table:

                                                                       Increase
                                               2007         2006      (Decrease)
                                            ------------------------------------
Producing oil and gas properties            $ 370,700    $ 123,441    $ 247,259
Slater Dome Gathering, LLLP                    97,869      101,869       (4,000)
Other depreciable assets                       71,807       30,489       41,318
                                            ---------    ---------    ---------
                                            $ 540,376    $ 255,799    $ 284,577
                                            =========    =========    =========

     The increase in depletion on producing properties is attributable to the
increased ownership and production from the Slater Dome Field for the nine
months ended November 30, 2007 compared with the corresponding quarter in 2006.
The decrease attributable to SDG is a result of an adjustment to the base
calculation in 2007 compared with 2006. Other depreciation increased $41,318 for
the nine months ended November 30, 2007 as compared with the nine months ended
November 30, 2006 because the Company added additional property and equipment
into service and accordingly, depreciation increased.

     Interest income for the nine months ended November 30, 2007 was $317,537
compared with $16,619 in the nine months ended November 30, 2006, an increase of
$300,918 or 1810.69%. Such increase is a result of larger cash balances
invested.

     Interest expense for the nine months ended November 30, 2007 was $62,490
compared with $64,164 in the nine months ended November 30, 2006, a decrease of
$1,674 or 2.61%, the components of which are summarized as follows.

                                                                       Increase
                                               2007         2006      (Decrease)
                                            ------------------------------------
Convertible debentures                      $ 27,556     $ 49,286      $(21,730)
Convertible debenture, affiliates              3,852        8,508        (4,656)
Notes payable                                 31,082        6,370        24,712
                                            --------     --------      --------
                                            $ 62,490     $ 64,164      $ (1,674)
                                            ========     ========      ========

                                       24
<PAGE>
The convertible debentures interest decreased because the debentures were
converted to common stock or paid on or about July 22, 2007. The convertible
debenture to affiliates interest decreased because the Company made a principal
payment on this convertible debenture in the amount of $300,000 in March 2007.
Notes payable interest increased because an obligation for the Steamboat
Property was incurred in June 2007.

     Debt issuance costs for the nine months ended November 30, 2007 was
$363,917 as compared with $681,630 for the nine months ended November 30, 2006,
a decrease of $317,713 or 46.61%. The principal change in debt issuance cost
arises from the maturity of the underlying instruments on or about July 22, 2007
and the completion of the amortization period.

     The minority interest in the income of the subsidiary for the nine months
ended November 30, 2007 was $39,994 as compared with $2,389 for the nine months
ended November 30, 2006 resulting in a net change of $37,605 or 1574.09%. This
fluctuation relates to the increase in income from SDG during the nine months
ended November 30, 2007.

     During the nine months ended November 30, 2007, the Company charged
dividends on the Series B and C Convertible Preferred Stock in the amount of
$248,385 and $418,049 respectively, together with distributions to the SDG
minority interests in the amount of $65,710 to the loss attributable to common
shares compared with $297,607 during the nine months ended November 30, 2006, an
increase of $434,537 or 146.01%. The decrease in dividends on the Series B
Preferred is because of conversions of outstanding shares of the Series B
Preferred in the nine months ended November 30, 2007 as compared to the nine
months ended November 30, 2006. The Series C Convertible Preferred Stock was not
authorized until November 2006 and shares of that class were not issued until
December 2006; and accordingly, was not present in the nine months ended
November 30, 2006. The increase in distributions to the SDG minority interests
in the amount of $40,649 is because SDG made a larger distribution to minority
interest owners during the nine months ended November 30, 2006.

                                                                       Increase
                                               2007         2006      (Decrease)
                                            -----------------------------------
Series B convertible preferred              $ 248,385    $ 272,546    $ (24,161)
Series C convertible preferred                418,049           --      418,049
Slater Dome Gathering distributions            65,710       25,061       40,649
                                            ---------    ---------    ---------
                                            $ 732,144    $ 297,607    $ 434,537
                                            =========    =========    =========

     As a result of the above, we generated a net loss attributable to common
shareholders of $5,472,718 or $0.71 per share during the nine months ended
November 30, 2007 as compared to a net loss of $3,040,523 or $0.56 per share
during the nine months ended November 30, 2006.

                                       25
<PAGE>
Liquidity and Capital Resources

     We have not generated positive cash flows from operating activities and
used $2,340,189 in operating activities during the nine months ended November
30, 2007. The primary sources of capital have been from sales of gas and
issuances of equity and debt securities during the fiscal year ended February
28, 2007. Our primary use of capital has been for the acquisition, development
and exploration of oil and gas properties. Our working capital requirements are
expected to increase in line with the growth of our business. We have no lines
of credit or other bank or off balance sheet financing arrangements. We believe
our capital requirements will continue to be met with cash from operations,
additional issuance of equity or debt securities as well as traditional bank
financing. Additional issuances of equity or convertible debt securities will
result in dilution to our current Common Stockholders'.

     Our plan of operations for the twelve months call for us to participate in
the drilling of approximately up to 10 additional wells at Slater Dome Field, to
develop the Flattops Prospect by drilling two wells in the summer/fall of 2008,
testing the Niobrara formation at the Focus Ranch Unit and to provide capital
for other lease acquisitions. We believe that the plan of operations for the
next twelve months will require capital of approximately $3,000,000. To the
extent that additional opportunities present themselves to the Company, the
Company may require additional sources of capital to participate in these
opportunities. We expect that working capital requirements will be funded
through a combination of our existing funds, cash flow from operations and
issuance of equity and debt securities. Further, the Company could receive
proceeds from the exercise of outstanding warrants issued to the holders of the
Company's Series B Preferred Stock which are exercisable at a price of $1.11.
The warrants issued to the holders of the Company's Series B Preferred Stock
expire on February 1, 2008. If all of the warrants issued to the holders of the
Company's Series B Preferred Stock were exercised, it would result in proceeds
to the Company of $5,048,040. There can be no assurance that any of the warrant
holders will exercise these warrants. Management believes that current cash
balances plus cash flow from operations will be sufficient to fund our capital
and liquidity needs for at least the next twelve months.

     As of November 30, 2007, we had a cash balance of $6,090,921. We used
$2,340,189 in cash for operating activities during the nine months ended
November 30, 2007 as compared to $1,315,105 during the nine months ended
November 30, 2006.

     The following summarizes the Company's capital resources at November 30,
2007 compared with February 28, 2007:
<TABLE>
<CAPTION>
                                               November 30,    February 28,     Increase     Increase
                                                   2007           2007         (Decrease)   (Decrease)
----------------------------------------------------------------------------------------------------
<S>                                             <C>            <C>             <C>              <C>
Cash                                            6,090,921      12,724,234      (6,633,313)     -52%
Current assets                                  7,844,415      13,673,152      (5,828,737)     -43%
Total Assets                                   27,955,829      29,047,723      (1,091,894)      -4%
Current liabilities                             3,184,212       4,690,713      (1,506,501)     -32%
Working capital                                 4,660,203       8,982,439      (4,322,236)     -48%
Net cash  (used  in)  operating activities     (2,340,189)     (2,987,472)        647,282      -22%
Net cash  provided by (used in) investing
   activities                                  (4,395,969)        240,717      (4,636,686)   -1926%
Net cash  provided by financing activities        102,845      23,433,775    $(23,330,930)     -99%
</TABLE>

                                       26
<PAGE>
The principal components of the changes in cash are summarized as follows:

Proceeds from revenues                                              $   435,358
Proceeds from exercising warrants                                       702,203
Operating costs billed to non-affiliates                               (987,527)
Purchase of property and equipment                                   (4,235,969)
Deposits                                                               (160,000)
Payment of convertible debenture                                       (330,000)

Principal payments on notes payable                                     (13,030)
Preferred stock dividends                                              (104,710)

Distributions to SDG minority interests                                 (65,710)

Operating expenses and other                                         (1,873,928)
                                                                    -----------
                                                                    $(6,633,313)
                                                                    ===========

     The principal cause of the changes in current liabilities was the
Conversion and/or payment at maturity of the convertible debenture and related
accrued interest outstanding at February 28, 2007. The Company paid $300,000 to
reduce the obligation to the affiliate in March 2007 resulting in a net change
of $290,504 after amortization of debt discount. The Company increased the
current portion of the long-term debt by $34,020 when it acquired the Steamboat
Property to use as a field office and lodging facility. The remaining changes
are considered normal in the ordinary course of business The following
summarizes the changes in current liabilities by line item in the financial
statements:

                                                                      Increase
                                        11/30/2007    2/28/2007      (Decrease)
                                       -----------   -----------    ------------
Accounts payable                       $ 1,298,630   $   648,501    $   650,129
Convertible debenture, affiliates          306,594       592,350       (285,756)
Dividends payable                        1,317,879       756,155        561,724
Accrued expenses                           163,781       388,017       (224,236)
Accounts payable, affiliates                48,459        40,563          7,896
Accrued interest                            14,849            --         14,849
Convertible debenture,
  net of discount of $349,673                   --     2,265,127     (2,265,127)
Current portion of long term debt           34,020            --         34,020
                                       -----------   -----------    -----------
                                       $ 3,184,212   $ 4,690,713    $(1,506,501)
                                       ===========   ===========    ===========

     The decrease in working capital of $4,322,236 or 48% is principally due to
utilizing cash to invest in long-lived assets and funding ongoing operations.

                                       27
<PAGE>
Item 3.  Controls and Procedures

     As of the end of the period covered by this report, an evaluation was
carried out by New Frontier Energy, Inc., with the participation of our Chief
Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures (as defined in Rule 13a-15(e) under the
Securities Exchange Act of 1934). Based upon that evaluation, our Chief
Executive Officer and Chief Financial Officer concluded that these disclosure
controls and procedures were effective as of the end of the period covered by
this report. In addition, no change in our internal control over financial
reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of
1934) occurred during our most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, our internal control
over financial reporting.


                           PART II--OTHER INFORMATION

Item 1. Legal Proceedings

        Not Applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The Company issued a non-qualified, three year stock option to purchase 350,000
shares of the Company's $0.001 par value common stock with an exercise price of
$2.00 per share. The options were granted in reliance of exemptions from
registration under Section 4(2) of the Securities Act.

Item 3. Defaults Upon Senior Securities.

        Not Applicable.

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

        Not Applicable.

Item 5. Other Information

        Not Applicable.

Item 6. Exhibits

Exhibits: The following exhibits are filed with this report:

                                       27
<PAGE>
     31.1 Certification pursuant to Rule 13a-14(a) or 15d-14(a) under The
          Securities Exchange Act of 1934 as amended.

     31.2 Certification pursuant to Rule 13a-14(a) or 15d-14(a) under The
          Securities Exchange Act of 1934 as amended.

     32.  Certifications pursuant to 18 U.S.C section 1350, as adopted pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002.





                                       28
<PAGE>



                                   SIGNATURES

     In accordance with the requirements of the Securities Exchange Act of 1934,
as amended, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                      New Frontier Energy, Inc.


Date: January 11, 2008                By:  /s/ Paul G. Laird
                                           ----------------------------------
                                           Paul G. Laird, President and Chief
                                           Executive Officer


                                      By:  /s/  Les Bates
                                           ----------------------------------
                                           Les Bates, Chief Financial Officer



                                       29
<PAGE>