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 Quarter ended November 30, 2006

     [ ]  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 [_]

As of January 12, 2006, 5,896,988 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, 2006      1

             Consolidated Statements of Operations (unaudited) for the
             three months ended November 30, 2006 and 2005                    2

             Consolidated Statements of Operations (unaudited) for the
             nine months ended November 30, 2006 and 2005                     3

             Consolidated Statements of Cash Flows (unaudited) for the
             nine months ended November 30, 2006 and 2005                     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                         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 and Reports on Form 8-K                                27

SIGNATURES                                                                   28


<PAGE>
<TABLE>
<CAPTION>
                            NEW FRONTIER ENERGY, INC.
                           CONSOLIDATED BALANCE SHEET
                                November 30, 2006
                                   (UNAUDITED)


                                     ASSETS
<S>                                                                    <C>
CURRENT ASSETS
     Cash                                                              $    311,559
     Accounts receivable, trade                                              96,162
     Prepaid expenses                                                        37,334
                                                                       ------------
           Total current assets                                             445,055
                                                                       ------------

PROPERTY AND EQUIPMENT,  NET OF ACCUMULATED DEPRECIATION
  AND DEPLETION OF $546,794                                               7,391,665
                                                                       ------------

OTHER ASSETS
     Deposits on production purchase                                        600,000
     Deferred offering costs                                                  2,500
                                                                       ------------
                                                                            602,500
                                                                       ------------

                                                                       $  8,439,220
                                                                       ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
     Accounts payable                                                  $    882,659
     Notes payable, shareholder                                             600,000
     Dividends payable                                                      588,940
     Accrued expenses                                                       107,536
     Accounts payable, affiliates                                            35,053
     Convertible debenture                                                2,046,082
                                                                       ------------
           Total current liabilities                                      4,260,270
                                                                       ------------

LONG TERM LIABILITIES

     Convertible debenture, affiliates                                      587,068
     Accrued interest, affiliates                                             8,508
     Asset retirement obligation                                             62,700

MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY                                419,022

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
        29,410 issued and outstanding                                            29
        Series C Convertible, 230,000 shares authorized
        none issued and outstanding                                              --
     Common stock, $.001 par value, 50,000,000 shares authorized,
          5,896,988 shares issued and outstanding                             5,896
     Additional paid in capital                                          12,250,273
     Accumulated (deficit)                                               (9,154,546)
                                                                       ------------
                                                                          3,101,652
                                                                       ------------

                                                                       $  8,439,220
                                                                       ============
</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,
                                                      2006           2005
                                                  -----------    -----------
Operating revenues
       Oil and gas sales                          $    76,533    $    43,706
       Gathering fees                                  64,456          8,964
                                                  -----------    -----------
                                                      140,989         52,670

Operating expenses
       Exploration costs, including dry holes          41,608         20,064
       Lease operating expenses                       126,374        207,969
       Cost of gas gathering                              565          1,621
       General and administrative                     268,096        221,950
       General and administrative, issuance of
       common stock warrants                          515,550             --
       Depreciation, depletion and amortization        83,938         41,509
                                                  -----------    -----------
            Total operating expenses                1,036,131        493,113
                                                  -----------    -----------

(Loss) from operations                               (895,142)      (440,443)
                                                  -----------    -----------

Other income (expense)
       Interest income                                  3,651          3,436
       Interest expense                               (26,469)       (21,839)
       Debt issuance costs, non-cash                 (226,761)      (253,501)
                                                  -----------    -----------
            Other income (expense), net              (249,579)      (271,904)
                                                  -----------    -----------

(Loss) before income taxes                         (1,144,721)      (712,347)

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

Minority interest in net (income) loss of
       consolidated subsidiary                        (13,460)        16,264
                                                  -----------    -----------

Net (loss)                                         (1,158,181)      (696,083)

Preferred stock dividends and distributions
       to minority interests                         (108,659)      (105,292)
                                                  -----------    -----------

Net (loss) attributable to common shareholders    $(1,266,840)   $  (801,375)
                                                  ===========    ===========

Net (loss) per common share
       Basic and diluted                          $     (0.22)    $   (0.20)
                                                  ===========    ===========

Weighted average shares outstanding
       Basic and diluted                            5,861,823      3,920,459
                                                  ===========    ===========






   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,
                                                     2006           2005
                                                  -----------    -----------
Operating revenues
       Oil and gas sales                          $   169,435    $    85,278
       Gathering fees                                 100,930         10,367
                                                  -----------    -----------
                                                      270,365         95,645

Operating expenses
       Exploration costs, including dry holes          85,005         85,463
       Lease operating expenses                       473,982        474,071
       Cost of gas gathering                            2,060          2,140
       General and administrative                     949,321        657,831
       General and administrative--restricted
        stock award                                        --        234,000
       General and administrative--issuance of
        common stock warrants                         515,550         54,642
       Depreciation, depletion and amortization       255,799         68,659
                                                  -----------    -----------
            Total operating expenses                2,281,717      1,576,806
                                                  -----------    -----------

(Loss) from operations                             (2,011,352)    (1,481,161)
                                                  -----------    -----------

Other income (expense)
       Interest income                                 16,619          6,112
       Interest expense                               (64,164)       (52,150)
       Debt issuance costs, non-cash                 (681,630)      (305,659)
                                                  -----------    -----------
            Other income (expense), net              (729,175)      (351,697)
                                                  -----------    -----------

(Loss) before income taxes                         (2,740,527)    (1,832,858)
                                                  -----------    -----------

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

Minority interest in net (income) loss of
       consolidated subsidiary                         (2,389)        20,026
                                                  -----------    -----------

Net (loss)                                         (2,742,916)    (1,812,832)
Preferred stock dividends and distributions
       to minority interests                         (297,607)      (320,448)
                                                  -----------    -----------

Net (loss) attributable to common shareholders    $(3,040,523)   $(2,133,280)
                                                  ===========    ===========

Net (loss) per common share
       Basic and diluted                          $     (0.56)   $     (0.60)
                                                  ===========    ===========

Weighted average shares outstanding
       Basic and diluted                            5,390,508      3,568,962
                                                  ===========    ===========






   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
                                                                             November 30,   November 30,
                                                                                 2006          2005
                                                                             -----------    -----------
<S>                                                                          <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net (loss)                                                              $(2,742,916)   $(1,812,832)
     Adjustments to reconcile net (loss) to net cash
       (used in) operating activities:
          Depreciation, depletion and amortization                               255,799         68,659
          Debt issuance costs, noncash                                           681,630        305,659
          Minority interest in net loss of consolidated subsidiary                 2,389        (20,026)
          Issuance of restricted stock award                                          --        234,000
          Issuance of common stock for services                                   15,700         10,647
          Interest on convertible debenture                                           --         24,764
          Issuance of common stock warrant to consultant                              --         54,642
          Amortization of stock option expenses                                  515,550             --
          (Increase) decrease in assets:
             Accounts receivable, trade                                          (42,107)       (40,870)
             Prepaid expense                                                      (9,023)       (18,791)
          Increase (decrease) in liabilities:
             Accounts payable                                                    (23,671)       (70,816)
             Accrued expenses                                                     31,545        (15,056)
                                                                             -----------    -----------

       Net cash (used in) operating activities                                (1,315,105)    (1,280,020)
                                                                             -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Deposit on production acquisition                                          (600,000)            --
     Increase in other assets                                                     (2,500)            --
     Purchase of property and equipment                                         (825,921)    (3,270,673)
                                                                             -----------    -----------

       Net cash (used in) investing activities                                (1,428,421)    (3,270,673)
                                                                             -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Payment of notes payable                                                         --       (500,027)
     Proceeds from notes payable, shareholder                                    600,000             --
     Proceeds from common stock warrant conversions                            1,656,931         59,983
     Proceeds from convertible debt issue                                             --      2,760,000
     Cost of issuance of equity for cash                                              --        (12,375)
     Preferred stock dividends paid                                              (20,495)       (94,138)
     Minority interest in subsidiary                                              93,871        969,986
     Distributions to minority interest holders in consolidated subsidiary       (21,240)            --
                                                                             -----------    -----------

       Net cash provided by financing activities                               2,309,067      3,183,429
                                                                             -----------    -----------

(DECREASE) IN CASH                                                              (434,459)    (1,367,264)

BEGINNING BALANCE                                                                746,018      2,299,740
                                                                             -----------    -----------

ENDING BALANCE                                                               $   311,559    $   932,476
                                                                             ===========    ===========

Cash paid for interest                                                       $        --    $    27,259
                                                                             ===========    ===========
</TABLE>



   See accompanying notes to the unaudited consolidated financial statements.
                                        4


<PAGE>



                            NEW FRONTIER ENERGY, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                               November 30, 2006


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 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"). 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 Prospect") that transports the gas from
     the Slater Dome Prospect 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, 2006, financial statements include the accounts of the
     Company and SDG as of and for the nine months ended November 30, 2006 and
     2005. SDG has a calendar quarter end and the financial statements for the
     three and nine months ended September 30, 2006 and 2005 are consolidated
     with the Company. All significant intercompany accounts and transactions in
     2006 and 2005 were eliminated. The creditors of SDG do not have recourse to
     the general credit of the Company.


                                       5
<PAGE>
     In December 2003, the Financial Accounting Standards Board issued FASB
     Interpretation Number 46-R "Consolidation of Variable Interest Entities."
     FIN46-R, which modifies certain provisions and effective dates of FIN 46,
     sets forth the criteria to be used in determining whether an investment is
     a variable interest entity should be consolidated. These provisions are
     based on the general premise that if a company controls another entity
     through interests other than voting interests, that company should
     consolidate the controlled entity. The Company previously consolidated SDG
     under the provisions of FIN46-R (see Note 2).

     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, 2006, included in the Company's annual
     report on Form 10-KSB.


                                       6

<PAGE>



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

     Certain amounts reported in the Company's financial statements for the
     three and nine months ended November 30, 2005, have been reclassified to
     conform to the current period presentation.

2.   SLATER DOME GATHERING, LLLP

     Effective May 10, 2006, New Frontier Energy, Inc. (the "Company") entered
     into a Purchase and Sale Agreement (the "Agreement") with Natural Resource
     Group Gathering, LLC, an affiliate of the President of the Company, 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 (the
     "Debenture"); see Note 3. Following the acquisition of these Class A
     limited partnership interests the Company owns 82.76% of the limited
     partnership interests in SDG. The Company will receive 74.48% of SDG cash
     distributions until the limited partners have received cash distributions
     equal to their initial capital contributions and 62.07% of cash
     distributions thereafter.


3.   CONVERTIBLE DEBT, AFFILIATES

     In connection with the investment in SDG's Class A limited partnership
     interests, on May 10, 2006, the Company issued a convertible subordinated
     debenture (the "SDG Debenture") in the amount of $608,194. The SDG
     Debenture bears 2.5% interest and is due January 1, 2008, convertible into
     304,097 shares of the $0.001 par value common stock (the "Common Stock") of
     the Company at the rate of $2.00 per share. The market value of the shares
     in the date the Company entered into the Agreement was $2.11 per share. The
     SDG Debenture is subordinated to payment of principal and interest to the
     Company's outstanding Convertible Debentures due July 22, 2007.

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

     The SDG Debenture 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 $2.00 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.

                                       7
<PAGE>
     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, 2006 was $12,325, and is included in Debt issuance costs,
     non-cash in the accompanying financial statements.

     At November 30, 2006 the balance of the convertible debt is as follows:

           Convertible debt                            $ 608,194
           Less debt discount                            (21,126)
                                                       ---------
                                                       $ 587,068
                                                       =========

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 consists of: (i) $30,000 of 2.5% two-year Convertible Debentures (the
     "Debentures") convertible into 25,000 shares of Common Stock, $0.001 par
     value common stock (the "Common Stock") of the Company at the rate of $1.20
     per share 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
     "Warrants").

     The Warrants were valued using the Black-Scholes option-pricing model based
     on the market price of the Common Stock at the commitment date. The Warrant
     valuation of $1,509,798 has been allocated to additional paid-in capital.
     After allocating value to the 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
     nine months ended November 30, 2006 was $669,305, and is included in Debt
     issuance costs, non-cash in the accompanying financial statements.

           Convertible debt                            $ 2,614,800
           Less debt discount                             (568,718)
                                                       -----------
                                                       $ 2,046,082
                                                       ===========

5.   NOTES PAYABLE

     Effective October 30, 2006, Company issued a convertible promissory note in
     the principal amount of $600,000 (the "Note") to a shareholder (the
     "Holder"). The Note bears interest at a rate of 12.5% per annum, which
     interest is payable on June 30 and December 31 of each year in the form of
     cash or $0.001 par value common stock ("Common Stock") of the Company at
     the option of the Holder. If the Holder chooses to be paid interest in the
     form of Common Stock, the Common Stock shall be valued at the average of
     the closing bid and ask prices of the Common Stock for the thirty (30)
     trading days immediately preceding the respective interest payment date.
     The Note is due on the earlier of (i) the date upon which the Company shall
     have closed on a privately placed debt or equity financing with gross
     proceeds of at least ten million dollars ($10,000,000), or (ii) December
     31, 2007.


                                       8
<PAGE>
     The Note is subordinated in right of payment to the Company's 2.5%
     Convertible Debentures due July 22, 2007 and the 2.5% Convertible Debenture
     due January 1, 2008.

     The Holder has the right, exercisable in whole or in part, to convert the
     outstanding principal and accrued interest hereunder into a number of fully
     paid and nonassessable whole units of the Company's $0.001 par value Series
     C Preferred Convertible Stock ("Series C Preferred").

6.   STOCKHOLDERS' EQUITY

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

     On March 1, 2004, the Board of Directors authorized the designation of
     100,000 shares of preferred stock, $0.001 par value per share, as 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
     through March 1, 2006, in the amount of $7,274, were converted to 11,191
     shares of Common Stock in May 2006. There were no cash payments of
     dividends on the Series A Preferred Stock during the nine months ended
     November 30, 2006.

     During the nine months ended November 30, 2005 the Company paid cash
     dividends on the Series A Preferred Stock in the amount of $34,890. Accrued
     dividends were $3,699 as of November 30, 2005.

     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 Stock"). The
     issue price of the Series B Preferred Stock is $100.00 per share. The
     Series B Preferred Stock ranks in pari passu with the Series A Preferred
     for payment of dividends, redemption and liquidation. Each share of Series
     B Preferred Stock shall be 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.


                                       9
<PAGE>
     During the nine months ended November 30, 2006, holders of 1,247.25 shares
     of Series B Preferred Stock converted the shares into 191,890 shares of
     common stock in accordance with the terms of the Series B Preferred Stock.
     As of November 30, 2006, there were 29,410 shares of the Series B Preferred
     Stock issued and outstanding.

     The Company paid $20,495 in dividends and accrued $272,546 on the Series B
     Preferred Stock resulting in accrued dividends in the amount of $588,940 as
     of November 30, 2006.

     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")

     The stated value and issue price of the Series C Preferred stock is $100
     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 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 shall have 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) 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.


                                       10
<PAGE>
     The Company has the right to redeem the Series C Preferred 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.

     Stock Option Plan
     -----------------

     On May 13, 2005, the Company issued 10 year stock options aggregating
     150,000 shares under the incentive stock option plan to its executive
     officers at an exercise price of $1.15. The Company's stock closed at $1.15
     on May 13, 2005. The fair value of the 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 93%, risk free interest rate of 4.2% and no dividend yield.
     The fair value for the options granted was approximately $1.02 per share,
     and were vested upon issuance.

     The Company has accounted for these stock options granted to employees and
     the director using the intrinsic value method. No stock-based employee
     compensation cost is reflected in the net loss, as all options granted
     under the plan had an exercise price greater than the market value of the
     underlying common stock on the date of grant. The following table
     illustrates the effect on net loss had the Company adopted the fair value
     based method of accounting for stock options (using the Black-Scholes
     pricing model) provided under SFAS No. 123, "Accounting for Stock-Based
     Compensation", to stock-based employee compensation.


                                                         Nine Months Ended
                                                             November 30,
                                                         2006           2005
                                                     -----------    -----------
     Net (loss) as reported                          $(2,742,916)   $(1,812,832)
     Preferred stock dividends                          (297,607)      (320,448)
                                                     -----------    -----------
     Net (loss) attributable to common shareholders   (3,040,523)    (2,133,280)
     Deduct:
       Total stock-based compensation
       determined under fair value based methods
       net of related tax effects
                                                              --       (152,591)
                                                     -----------    -----------
     Pro forma net (loss)                            $(3,040,523)   $(2,285,871)
                                                     ===========    ===========

     Earnings per share:

       Basic and diluted as reported                 $     (0.56)   $     (0.60)
                                                     ===========    ===========
       Basic and diluted pro forma                   $     (0.56)   $     (0.64)
                                                     ===========    ===========

                                       11
<PAGE>
     On November 10, 2006, the Company granted certain officers, directors,
     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. These 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 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 5 years, expected volatility of 81%, risk free interest rate of 4.73%
     and no dividend yield. The fair value for the options granted was
     approximately $1.04 per share. The value of the options was estimated at
     $3,304,700 and $515,550 was recognized in the statement of operations for
     the quarter ended November 30, 2006.

     In November 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 requires submission to
     the shareholders for ratification; and accordingly, no options have been
     granted under the plan.

     A summary of the activity in the stock option plan is summarized in the
     following table:


                                                       November 30, 2006
                                                                   Weighted
                                                                   Average
                                                                   Exercise
                                                       Shares       Price
                                                   --------------------------
     Beginning of period                             588,000       $   1.05
       Granted                                            --       $     --
       Exercised                                     (10,000)      $   0.75
       Expired                                            --       $  --
                                                   ---------
     End of period                                   578,000       $   1.05
                                                   =========


     As a result of the grant of stock options to certain officers, directors,
     employees and agents on November 10, 2006, the anti-dilution provisions of
     certain options and warrants were triggered resulting in the following
     increase in options and warrants:

                                               Number          New
                                             of Shares      Exercise
                                            Exercisable       Price
        ------------------------------------------------------------
        Warrants exercisable at $1.38         169,814       $   1.33
        Warrants exercisable at $2.00         244,359       $   1.70
        Warrants exercisable at $1.50           2,687       $   1.40
                                          -----------
                                              416,860
                                          ===========

     The following table summarizes information about stock options and warrants
     outside of the plan at November 30, 2006:




                                       12
<PAGE>


                                                      November 30, 2006
                                                                   Weighted
                                                                   Average
                                                                   Exercise
                                                       Shares       Price
                                                   --------------------------
     Beginning of period                           7,340,838       $   1.45
       Granted                                     4,366,860       $   1.28
       Exercised                                  (1,197,414)      $   1.38
       Expired                                            --       $     --
                                                  ----------
     End of period                                10,510,284       $   1.38
                                                  ==========



                Options and Warrants Outstanding

                                                  Weighted
                                              Average
                  Range                      Remaining     Weighted
                   of             Number     Contractual   Average
                Exercise of       Shares      Life in      Exercise
                 Price         Outstanding     Years        Price
             --------------------------------------------------------
             $1.00 to $1.50     8,713,425      5.13       $   1.29
             $1.51 to $2.75     1,796,859      1.85       $   1.79
                             ------------
                               10,510,284
                             ============



                     Options and Warrants Exercisable

                                          Weighted
                                           Average
               Range                      Remaining    Weighted
                 of           Number     Contractual    Average
              Exercise       of Shares     Life in     Exercise
               Price        Outstanding     Years        Price
          --------------------------------------------------------
          $1.00 to $1.50     5,750,925      2.65       $  1.31
          $1.51 to $2.75     1,796,859      1.85       $  1.79
                            ----------
                             7,547,784
                            ==========



7.   RELATED PARTIES

     The Company paid $26,700 and $12,000 during the nine months ended August
     31, 2006 and 2005, 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 New Frontier owns
     50% of Spotswood.

     The Company paid a corporation controlled by one of the directors $29,000
     and $27,000 for geological consulting during the nine months ended November
     30, 2006 and 2005 respectively and accrued $8,000 in consulting fees at
     November 30, 2006.

     SDG accrued management fees, to an entity partially controlled by the
     president in the amount of $13,991 during the nine months ended November
     30, 2006. SDG has an account payable to that entity in the amount of
     $27,053.



                                       13
<PAGE>
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, 2006 and 2005, are presented for the principal
     business segments as follows:
<TABLE>
<CAPTION>

                                                   Oil & Gas    Gas Gathering   Consolidated
                                                  --------------------------------------------
<S>                                               <C>            <C>            <C>
     November 30, 2006
       Revenues                                   $   169,435    $   100,930    $     270,365
       Loss before taxes                          $(2,706,632)   $   (33,895)   $  (2,740,527)
       Total assets                               $ 5,860,197    $ 2,579,024    $   8,439,220
       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

     November 30, 2005
       Revenues                                   $    85,278    $    10,367    $      95,645
       Loss before taxes                          $(1,800,918)   $   (31,940)   $  (1,832,858)
       Total assets                               $ 4,828,275    $ 2,629,112    $   7,457,386
       Property additions                         $   697,691    $ 2,572,982    $   3,270,673
       Interest expense                           $   (52,150)   $        --    $     (52,150)
       Debt issuance costs, non-cash              $  (305,659)   $        --    $    (305,659)
       Depreciation, depletion and amortization   $    27,459    $    41,200    $      68,659
</TABLE>

9.   SUBSEQUENT EVENTS

     Sale of Series C Convertible Preferred Stock
     --------------------------------------------

     On December 1, 2006, the Company held a closing on the sale of an aggregate
     of 200 investment units (the "Units") to an accredited investor. Each Unit
     consists of: (i) $50,000 of 2.5% Series C Cumulative Convertible Preferred
     Stock, par value $0.001 (the "Series C Preferred"), convertible into 47,619
     shares of the Company's $0.001 par value common stock (the "Common Stock")
     at a price of $1.05 per share (the "Conversion Price"); (ii) a three-year
     warrant to purchase 47,319 shares of Common Stock at an exercise price of
     $1.50 per share (the "AC Warrants"); and (iii) a three year warrant to
     purchase 23,810 shares of Common Stock at an exercise price of $2.00 per
     share (the "BC Warrants"). The Company received $10,000,000 in proceeds.

     In connection with the purchase of the Units, the Company agreed to grant
     the accredited investor the right to appoint a certain number of members of
     the board of directors.

     On December 29, 2006, the Company held a closing on the sale of an
     aggregate of 43.3 Units to 31 accredited investors realizing gross proceeds
     of $2,165,000 and paid $169,225 in placement agent fees and expenses.


                                       14
<PAGE>
     On January 2, 2007, the holder of the 12.5% convertible promissory note
     elected to convert the principal of $600,000 plus accrued interest in the
     amount of $12,500 into 12.25 Series C investment units.

     Acquisition of Additional Interest in the Slater Dome Field
     -----------------------------------------------------------

     Effective December 14, 2006, the Company closed on a Purchase and Sale
     Agreement (the "Cedar Ridge Agreement") with Cedar Ridge, LLC ("Cedar
     Ridge"), whereby the Company acquired Cedar Ridge's 36.66667% working
     interest (29.33336% net revenue interest) in eleven gas and 2 water
     disposal wells together with 33,949 net acres in the Slater Dome Prospect
     located along the eastern edge of the Greater Green River basin in
     northwest Colorado and south central Wyoming. The properties are entirely
     within the Company's existing leasehold at the Slater Dome Field. The
     Company now has a 66.66667% working interest in the field. In the
     transaction, the Company acquired estimated proved reserves of 8,214,000
     MCF of natural gas. The cash purchase price for Cedar Ridge's interest was
     $8,000,000.

     Optionee Exercised the Right to Acquire the Nucla Prospect
     ----------------------------------------------------------

     In December 2006, the option holder exercised his right to acquire the
     prospect. Each working interest holder in the Nucla Prospect will be
     reimbursed for individual lease costs and other reasonable and necessary
     expenses connected with the sale. Any remaining proceeds shall be divided
     in accordance with the parties' interest in the property. As of the date of
     this quarterly report, the amount to be realized by the Company in
     connection with the sale of the Nucla Prospect is in the process of
     finalization and is not known.

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.


                                       15
<PAGE>
     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 year ended February 28, 2006 and the following:

     o    The general state of the economy;
     o    The willingness and ability of third parties to honor their
          contractual commitments;
     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 Form 10-KSB for the year ended February
     28, 2006, 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, 2006.

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 four oil and gas prospects,
     two of which are undeveloped. The Slater Dome Field, in which we own a
     66.66667% working interest, 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 Sand Wash Basin
     Prospect, consisting of 15,000 gross acres, of which we own a 15% working
     interest.

     Our plan of operation is to continue to develop the Slater Dome Field by
     drilling an additional 20 to 25 wells adjacent or near our existing wells
     in the southeast section of the prospect and to develop the Flattops
     Prospect by drilling two wells in the summer/fall of 2007 on that prospect.
     We also plan to evaluate opportunities to acquire other interests in oil
     and gas properties.


                                       16
<PAGE>
     The following discussion and analysis covers the consolidated financial
     condition of New Frontier Energy, Inc. ("we" or the "Company") at November
     30, 2006, changes in our financial condition since February 28, 2006, the
     end of the previous fiscal year, and a comparison of the results of
     operation for the three and nine months ended November 30, 2006 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, 2006.


Results of Operation: Three months ended November 30, 2006 compared to the three
months ended November 30, 2005

     For the three months ended November 30, 2006 we reported a net loss
attributable to common shareholders of $1,266,840 or $022 per share, on revenue
of $140,989. This compares to a net loss attributable to common shareholders of
$801,375, or $0.20 per share, on revenue of $52,670, for the comparable period
of the previous fiscal year. We expect to incur losses from operations until we
can establish sufficient production from our oil and gas properties to generate
revenue sufficient to cover our operating, general and administrative expenses.

     Revenues for the three months ended November 30, 2006 were $140,989
compared with $52,670 for the three months ended November 30, 2005, an increase
of $88,319 or 167.68%. Oil and gas revenues were $76,533 during the three months
ended November 30, 2006 compared with $43,706 during the three months ended
November 30, 2005, an increase of $32,827 or 75.11%. The principal reason for
the change is increased production of approximately 7,100 MCF compared to the
same quarter in 2005 offset by a decrease in gas prices. SDG revenues from the
gathering pipeline were $64,456 for the three months ended September 30, 2006
compared with $8,964 during the quarter ended September 30, 2005, an increase of
$55,492 or 619.05%. The increase relates principally to the contractual
arrangement with the Slater Dome Field producers whereby the producers have
agreed to guarantee two-thirds of the aggregate construction costs, or
$1,739,894 through the producers' payment of gathering fees commencing June 1,
2006. The shortfall increase amounted to $52,307 and the balance is accounted
for by the increased volume of gas transported during the three months ended
September 30, 2006 as compared with the same period in the previous quarter of
2005.

     Exploration costs for the three months ended November 30, 2006 were $41,608
compared with $20,064 during the three months ended November 30, 2005, an
increase of $21,544 or 107.38%. The reason for the increase is a increase in
seismic and geologic consulting in the amount of $12,353, increased delay
rentals at the Slater Dome Field in the amount of $7,270 and an increase of
$1,921 in other exploration expenditures during the three months ended November
30, 2006 compared with the same period in the previous quarter of 2005
summarized as follows.

                                       17
<PAGE>
                                                                     Increase
                                                 2006       2005    (Decrease)
                                             ---------------------------------
Seismic & Geologic Consulting                $  21,353   $  9,000    $  12,353
Delay Rentals                                    7,432        162        7,270
Maps and other                                  12,823     10,902        1,921
                                             ---------------------------------
                                             $  41,608   $ 20,064    $ 21,544
                                             =================================


Lease operating expenses during the three months ended November 30, 2006 were
$126,374 compared with $207,969 during the three months ended November 30, 2005,
a decrease of $81,595 or 39.23%. The principal reason for the decrease is that
during the three months ended November 30, 2005, we were still in the process of
bringing the wells at the Slater Dome Field into production (production
commenced June 5, 2005) and there were more costs associated with that effort as
compared to the three months ended November 30, 2006 when the wells were
stabilizing. Reworking expenses decreased $43,848 and other lease operating
expenses associated with the initial production wells in 2005 decreased $75,329
and the costs associated with new wells brought into the production phases in
the quarter ended November 30, 2006 increased $37,582 summarized as follows.

                                                                      Increase
                                                 2006       2005     (Decrease)
                                              ----------------------------------
Reworking expense                             $     --   $ (43,848)   $  43,848
Operating expenses initial wells                88,792     164,121    $ (75,329)
Wells dewatering in 2006 not present in 2005    37,582          --    $  37,582
                                              ----------------------------------
                                              $126,374   $ 207,969    $ (81,595)
                                              ==================================


     The costs of gas gathering amounted to $565 during the three months ended
September 30, 2006 as compared to $1,621 during the three months ended November
30, 2005, a decrease of $1,056 or 65.14%. The decrease is considered normal in
the ordinary course of business.

     General and administrative expenses for the three months ended November 30,
2006 were $268,096 compared with $221,950 in the three months ended November 30,
2005, an increase of $46,046 or 20.79%. The following table summarizes the major
components of the fluctuations.

                                                                      Increase
                                               2006        2005      (Decrease)
                                            -----------------------------------
Salaries and employee compensation          $ 129,747    $ 82,237   $   47,510
Insurance                                      27,735      24,645        3,090
Financial public relations                     48,175      43,214        4,961
Professional fees                              15,547      30,401      (14,855)
Rent                                           10,700       5,760        4,940
Management fees SDG                             2,503       6,394      (3,891)
Other                                          33,690      29,299        4,391
                                            -----------------------------------
                                            $ 268,096   $ 221,950   $   46,146
                                            ===================================


                                       18
<PAGE>
     Salaries and employee compensation increased $47,510 during the quarter
ended November 30, 2006 compared with the quarter ended November 30, 2005
because management and staff compensation increased in August 2006. The increase
in costs associated with presenting the Company to the financial community in
the amount of $4,961 is considered normal in the ordinary course of business.
Professional fees decreased by $14,885 in the three months ended November 30,
2006 as compared to the comparable three months ended November 30, 2005 and was
as a result of decreased legal and accounting fees associated with the private
placement in 2005. Rent increased $4,940 in the quarter ended November 30, 2006
compared with the quarter ended November 30, 2005 because the Company relocated
its principal executive office and increased the size of its principal executive
office in January 2006 and accordingly, costs were greater for the quarter ended
November 30, 2006. Management fees incurred by SDG increased by $3,891 because
the general partner was compensated based on gross revenues for the three months
ended November 30, 2006 as compared to being compensated based on invested
capital in the corresponding quarter ended in 2005. Miscellaneous other
non-specified costs increased $4,391 and such change is considered normal in the
ordinary course of business.

     Issuance of common stock warrants was $515,550 during the three months
ended November 30, 2006, as compared with $0 during the three months ended
November 30, 2005. The warrant compensation is the result of the vesting
associated with the issuance of 3,950,000 common stock options to officers,
directors, employees and others during the three months ended November 30, 2006;
no such costs were incurred during the three months ended November 30, 2005.

     Depreciation, depletion and amortization for the three months ended
November 30, 2006 was $83,938 compared with $41,509 during the three months
ended November 30, 2005, an increase of $42,429 or 102.22%. The components of
the increase are summarized in the following table:

                                                                       Increase
                                               2006        2005      (Decrease)
                                            ------------------------------------
Producing properties                        $  45,200    $ 9,865      $  35,335
SDG, depreciation                              28,623     30,900         (2,277)
Other depreciation                             10,115        744          9,371
                                            ------------------------------------
                                            $  83,938    $41,509      $  42,429
                                            ====================================

     The increase in depletion on producing properties is attributable to the
increased production from the Slater Dome Field for the three months ended
November 30, 2006 compared with the corresponding prior quarter in 2005. The
decrease attributable to SDG is a result of an adjustment to the base
calculation in 2006 compared with 2005. Other depreciation increased $9,371 for
the three months ended November 30, 2006 as compared with the three months ended
November 30, 2005 because the Company added additional property and equipment
and accordingly, depreciation increased.


                                       19
<PAGE>
     Interest income for the three months ended November 30, 2006 was $3,651
compared with $3,436 in the three months ended November 30, 2005, an increase of
$215 or 6.26%. Such increase is a result of a larger cash balance held in our
bank account.

     Interest expense for the three months ended November 30, 2006 was $26,469
compared with $21,839 in the three months ended November 30, 2005, an increase
of $4,630 or 21.20%, the components of which are summarized as follows.

                                                                    Increase
                                            2006        2005      (Decrease)
                                         -------------------------------------
Loan from shareholder                    $     --    $   4,069    $    (4,069)
2.5% convertible debt                      16,298       17,770         (1,472)
12.5% loan                                  6,370           --          6,370
2.5% convertible debt affiliate             3,801           --          3,801
                                         -------------------------------------
                                         $ 26,469    $  21,839    $     4,630
                                         =====================================


     Debt issuance costs for the three months ended November 30, 2006 was
$226,761 as compared with $253,501 for the three months ended November 30, 2005,
a decrease of $26,740 or 10.55%. This change primarily arises from adjustments
to costs in the basis for calculating the amortization of the costs of issuance
of the Debentures, which occurred subsequent to the three months ended November
30, 2005.

     The minority interest in the income of the subsidiary for the three months
ended November 30, 2006 was $13,460 as compared with a loss of $16,264 for the
three months ended November 30, 2005 resulting in a net change of $29,424. This
fluctuation relates to the change in activity in SDG for the respective periods.

     During the three months ended November 30, 2006, the Company charged
dividends on the Series B Preferred Stock in the amount of $89,061 together with
distributions to the SDG minority interests in the amount of $19,598 to the loss
attributable to common shares compared with $105,292 during the three months
ended November 30, 2005, a decrease of $3,367 or 3.20%. The decrease in
dividends for the Series A Preferred Stock in the amount of $11,219 is because
the Series A Preferred Stock was converted to common stock on March 1, 2006. The
decrease in dividends on the Series B Preferred Stock is decreased because the
number of shares of Series B Preferred Stock outstanding was less in the three
months ended November 30, 2006 as compared to the three months ended November
30, 2005. The increase in distributions to the SDG minority interests in the
amount of $19,598 is because SDG did not make distributions to minority interest
owners in the three months ended November 30, 2005.


                                       20
<PAGE>

                                                                      Increase
                                               2006        2005      (Decrease)
                                            ------------------------------------
Dividends Series A Preferred Stock          $      --    $  11,219   $  (11,219)
Dividends Series B Preferred Stock             89,061       94,073       (5,012)
Distributions SDG                              19,598           --       19,598
                                            ------------------------------------
                                            $ 108,659    $ 105,292   $    3,367
                                            ====================================

     As a result of the above, we generated a net loss attributable to common
shareholders of $1,266,840 during the three months ended November 30, 2006 as
compared to a net loss of $801,375 during the three months ended November 30,
2005.

Results of Operation: Nine months ended November 30, 2006 compared to the nine
months ended November 30, 2005

     For the nine months ended November 30, 2006, we reported a net loss
attributable to common shareholders of $3,040,523 or $0.56 per share, on revenue
of $270,365. This compares to a net loss attributable to common shareholders of
$2,133,280, or $0.60 per share, on revenue of $95,645, for the comparable nine
months ended November 30, 2005. We expect to incur losses from operations until
we can establish sufficient production from our oil and gas properties to
generate revenue sufficient to cover our operating, general and administrative
expenses.

     Revenues for the nine months ended November 30, 2006 were $270,365 compared
with $95,645 during the nine months ended November 30, 2005, an increase of
$174,720 or 182.68%. Oil and gas revenues were $169,435 during this period
compared with $85,278, an increase of $84,157 or 98.69%. The principal reason
for the increase is revenue from the Slater Dome Field because the wells at the
Slater Dome Field were connected to the gas gathering pipeline and started
producing revenues in June 2005 (only six months out of the nine months ended
August 31, 2005); whereas, in the nine months ended November 30, 2006, the wells
were producing for the full period. SDG revenues from the gathering pipeline
were $100,930 for the nine months ended September 30, 2006 compared with $10,367
for the nine months ended September 30, 2005, an increase of $90,563 or 873.57%
The reasons for the increase is because the gathering line was not placed in
service until June of 2005 and accordingly, there were only three months of
revenue in 2005 versus nine full months of operations for the nine months ended
September 30, 2006. The increase in gathering fees for the nine months ended
September 30, 2005 amounted to $20,820. The Slater Dome Field producers have
agreed to guarantee two-thirds of the aggregate construction costs, or
$1,739,894 through a producers' payment of shortfall gathering fees commencing
June 1, 2006, which amounted to an additional $69,743 in the nine months ended
September 30, 2006.

     Exploration costs for the nine months ended November 30, 2006 were $85,005
compared with $85,463 during the nine months ended November 30, 2005, a decrease
of $458 or 0.54% and such change is considered normal in the ordinary course of
business.


                                       21
<PAGE>
     Lease operating expenses for the nine months ended November 30, 2006 were
$473,982 compared with $474,071 during the nine months ended November 30, 2005,
a decrease of $89 or 0.02% and such change is considered normal in the ordinary
course of business.

     The costs of gas gathering amounted to $2,060 for the nine months ended
September 30, 2006 as compared to $2,140 for the nine months ended September 30,
2005, a decrease of $80 or 3.74%. The costs were not present during six of the
nine months ended November 30, 2005 because the gathering line was not placed in
service until June of 2005. Accordingly, such fluctuation is considered normal
in the ordinary course of business.

     General and administrative expenses for the nine months ended November 30,
2006 were $949,321 compared with $657,831 during the nine months ended November
30, 2005, an increase of $291,490 or 44.31%. The following table summarizes the
major components of the fluctuations:

                                                                  Increase
                                            2006       2005      (Decrease)
                                          ---------------------------------
     Salaries and employee compensation   $ 377,967  $ 302,976  $    74,991
     Insurance                               94,366     59,984       34,382
     Financial public relations             194,725     81,605      113,120
     Professional fees                       26,957     38,652      (11,695)
     Rent and utilities                      30,727     17,280       13,447
     Management fees SDG                     13,991      8,094        5,897
     Engineering reports                     39,361         --       39,361
     Prospect fairs and trade shows           8,081        915        7,167
     Office expense                          16,548      9,156        7,393
     Miscellaneous other expenses           146,597    139,169        7,428
                                           --------------------------------
                                           $949,321  $ 657,831  $   291,490
                                           ================================

     Salaries and employee compensation increased $74,991 in the nine months
ended November 30, 2006 compared with the nine months ended November 30, 2005
because bonuses increased by $10,000 and management and staff compensation
increased in August 2006. Insurance costs increased by $34,382 for the nine
months ended November 30, 2006 as compared with the previous period ending in
2005 because the Company incurred nine months of health insurance premiums as
compared with six months for the comparable period ending in 2005. Financial
public relations costs increased in the amount of $113,120 as a result of the
Company's retaining a financial public relations firm, together with the related
travel and associated costs of presenting the Company to the financial community
during the full nine months ended November 30, 2006 versus the previous nine
months ended November 30, 2005, when the Company employed a financial public
relations for four months. Professional fees decreased by $11,695 in the nine
months ended November 30, 2006 as compared to the comparable period ending in
2005 and was as a result of decreased legal and accounting fees associated with
the private placement in 2005. Rent and utilities increased $13,447 in the
nine months ended November 30, 2006 compared with the nine months ended August
31, 2005 because the Company relocated its principal executive office and
increased the size of its principal executive office in January 2006 and
accordingly, costs were greater during the nine months ended November 30, 2006.



                                       22
<PAGE>


Management fees incurred by SDG increased by $5,897 for the nine months ended
September 30, 2006 compared with the comparable period ended in 2005 because
there was nine months of management fees in 2006 versus four months in 2005.
Reserve engineering cost increased $39,361 because the Company employed an
independent reservoir engineer to evaluate the Company's producing oil and gas
properties at February 28, 2006, the Company's fiscal year end; such costs were
not present in the nine months ended November 30, 2005 because the Company's
properties did not start producing until June 5, 2005 and accordingly,
engineered reserve reports could not be prepared. Prospect fairs and trade show
attendance increased by $7,167 because the Company personnel attended more shows
in the nine months ended November 30, 2006 versus the same period ended November
30, 2005. Office expense increased $7,393 in the nine months ended November 30,
2006 as compared with the nine months ended November 30, 2005 because of the
increased activity in 2006 versus 2005. Miscellaneous other non-specified costs
increased $7,428 and such change is considered normal in the ordinary course of
business.
     There were no restricted stock awards during the nine months ended November
30, 2006 and there was restricted stock award compensation in the amount of
$234,000 as a result of the issuance of 200,000 shares of common stock issued to
our executive officers in the nine months ended November 30, 2005.

     There were 3,950,000 common stock options awarded in the nine months ended
November 30, 2006 and the amortization of the costs associated with the vested
shares amounted to $515,550. The Company issued a 3 year stock purchase warrant
to a financial public relations consultant valued at $54,642 in the nine months
ended November 30, 2005.

     Depreciation, depletion and amortization for the nine months ended November
30, 2006 was $255,799 compared with $68,659 during the nine months ended
November 30, 2005, an increase of $187,140 or 272.56%. The components of the
increase are summarized as follows.

                                                               Increase
                                        2006        2005      (Decrease)
                                     -----------------------------------
      Producing properties           $ 123,441   $ 25,295     $  98,146
      SDG, depreciation                101,869     41,200        60,669
      Other depreciation                30,489      2,164        28,325
                                     -----------------------------------
                                     $ 255,799   $ 68,659     $ 187,140
                                     ===================================

Producing property depreciation increased by $98,146 in the nine months ended
November 30, 2006 compared with the corresponding period in 2005 because the
properties were producing for a full nine months in 2006 versus six months in
2005. SDG's depreciation increased by $60,699 in the nine months ended September
30, 2006 as compared with the corresponding period in 2005 because there was a
full nine months depreciation in 2006 versus four months in 2005 because the
gathering line was not put in service until June 2005. Other depreciation on
office equipment and leasehold improvements decreased $28,325 because the
Company expanded its office facility in January 2006 and such depreciable costs
were not present in the nine months ended November 30, 2005.


                                       23
<PAGE>
         Interest income for the nine months ended November 30, 2006 was $16,619
compared with $6,112 in the nine months ended November 30, 2005, an increase of
$10,507 or 171.91%. Such increase is a result of a larger cash balance held in
our bank account.

         Interest expense for the nine months ended November 30, 2006 was
$64,164 compared with $52,150 in the nine months ended November 30, 2005, an
increase of $12,014 or 23.04%. The components of the fluctuation is summarized
as follows:

                                                                 Increase
                                             2006       2005      (Decrease)
                                           ---------------------------------
         Loan from shareholder             $    --    $ 33,748    $ (33,748)
         Bank debt                              --    $    632    $    (632)
         2.5% convertible debt              49,286      17,770       31,516
         12.5% loan                          6,370          --        6,370
         2.5% convertible debt affiliate     8,508          --        8,508
                                           ---------------------------------
                                           $64,164    $ 52,150    $  12,014
                                           =================================

     Debt issuance costs for the nine months ended November 30, 2006 were
$681,630 as compared with $305,659 for the nine months ended August 31, 2005, an
increase of $375,971 or 123.00%. This change primarily arises from charging the
amortization of the costs of issuance of the Debentures for a full nine months
in 2006 versus four months in 2005.

     The minority interest in the net income of the consolidated subsidiary for
the nine months ended November 30, 2006 was $2,389 compared to a loss of
$20,026, a net increase of $22,415. This fluctuation relates to the change in
activity in SDG for the respective periods.

     The Company charged preferred stock dividends and distributions to SDG's
minority interest owners to the loss attributable to common shares for the nine
months ended November 30, 2006 in the amount of $297,607 compared with $320,488
for the nine months ended November 30, 2005, a decrease of $2,841 or 7.13%.

                                                                    Increase
                                              2006       2005      (Decrease)
                                           ----------------------------------
      Dividends Series A Preferred Stock   $  3,821    $ 33,904    $ (30,083)
      Dividends Series B Preferred Stock    272,546     286,544      (13,998)
      Distributions SDG                      21,240          --       21,240
                                           ----------------------------------
                                           $297,607    $320,448    $ (22,841)
                                           ==================================


                                       24
<PAGE>


The decrease in dividends for the Series A Preferred Stock in the amount of
$30,083 is because the Series A Preferred Stock was converted to common stock in
March 2006. The decrease in dividends on the Series B Preferred Stock is
decreased because the outstanding Series B Preferred Stock was less in the nine
months ended November 30, 2006 as compared to the nine months ended November 30,
2005. The increase in distributions to the SDG minority interests in the amount
of $21,240 is because SDG did not make distributions to minority interest owners
in the nine months ended November 30, 2005.

     As a result of the above, we generated a net loss attributable to common
shareholders of $3,040,523 or ($0.56) per share, during the nine months ended
November 30, 2006 as compared to a net loss of $2,133,280 or ($0.60 per share)
during the nine months ended November 30, 2005.

     We expect to incur losses from operations until we can establish sufficient
production from our oil and gas properties to generate revenue sufficient to
cover our operating, general and administrative expenses. That objective, in
turn, is dependent upon receipt of additional working capital. (See "Liquidity
and Capital Resources").

     Liquidity and Capital Resources
     -------------------------------

     We have not generated positive cash flows from operating activities and
used $1,315,105 in operating activities. The following summarizes the Company's
capital resources at November 30, 2006 compared with February 28, 2006:

                        November 30,   February 28,      Increase     Increase
                           2006            2006         (Decrease)   (Decrease)
-------------------------------------------------------------------------------
Cash                     311,559         746,018      $    (434,459)    -58.24%
Current assets           445,055         828,384      $    (383,329)    -46.27%
Total Assets           8,439,220       7,324,927      $   1,114,293      15.21%
Current liabilities    4,260,270         938,006      $   3,322,264     354.18%
Working capital       (3,815,215)       (109,622)     $  (3,705,593)   3380.34%

The principal components of the changes in cash are summarized as follows:

          Proceeds from warrants exercised           $  1,656,931
          Proceeds from notes payable, shareholder        600,000
          Proceeds from production revenues               228,258
          Purchase of property and equipment             (825,921)
          Deposits on production purchase                (600,000)
          Preferred stock dividends                       (20,495)
          Distributions to SDG minority interests         (21,240)
          Operating expenses                           (1,451,992)
                                                     ------------
                                                     $   (434,459)
                                                     ============


                                       25
<PAGE>
     The other components of the change in current assets are an increase in
accounts receivable of $42,107, $19,490 of which arises from the producer's
guarantee SDG's gathering line costs and the balance of $5,600 is attributable
to increased receivable from gas production. Prepaid expenses increased by
$9,023 as a result of normal transactions in the ordinary course of business.

     The changes in current liabilities arises from a decrease in accounts
payable of $23,071 principally consisting of lease operating expenses, and
professional fees, an increase in dividends payable of $248,598, an increase in
notes payable of $600,000 together with an increase in accrued expenses of
$121,478 plus a reclassification of long term convertible debt to current
liabilities of $2,046,082. These increases are considered normal and in the
ordinary course of business.

     The decrease in working capital of $3,705,593 or 3380.34% is principally
due to the reclassification of the convertible debentures and related accrued
interest from long term to current together with utilizing working capital to
invest in long-lived assets and funding ongoing operations.

     We expect that working capital requirements will be funded through a
combination of our existing funds, cash flow from operations, issuance of debt,
proceeds from the exercise of warrants and further issuances of securities.
Subsequent to November 30, 2006, the Company received gross proceeds in the
amount of $12,165,000 from the sale of 243.3 investment units, with each unit
consisting of: (i) $50,000 of 2.5% Series C Cumulative Convertible Preferred
Stock, par value $0.001 (the "Series C Preferred"), convertible into 47,619
shares of the Company's $0.001 par value common stock (the "Common Stock") at a
price of $1.05 per share (the "Conversion Price"); (ii) a three-year warrant to
purchase 47,319 shares of Common Stock at an exercise price of $1.50 per share
(the "AC Warrants"); and (iii) a three year warrant to purchase 23,810 shares of
Common Stock at an exercise price of $2.00 per share (the "BC Warrants"). The
Company paid $169,225 in placement fees and expenses in connection with the
offering. 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 year. 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 financing arrangements.

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.


                                       26
<PAGE>
                           PART II--OTHER INFORMATION

Item 1. Legal Proceedings

         Not Applicable.

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

         Not Applicable.

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

     The following exhibits are filed with this report:

     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.


                                       27
<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 12, 2007            By:  /s/ Paul G. Laird
                                       ----------------------------------
                                       Paul G. Laird, President and Chief
                                       Executive Officer


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





                                       28

<PAGE>