SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                   FORM 10-QSB

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

                 For the Quarterly period ended August 31, 2007

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

                  For the transition period from _____ to _____

                         Commission file number: 0-50472

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

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

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


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


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

Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
                                                                  Yes [X] No [_]

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

As of October 5, 2007, 9,682,036 shares of common stock were outstanding.
Transitional Small Business Disclosure Format:  Yes [_]   No [X]




<PAGE>



                            NEW FRONTIER ENERGY, INC.

                                      Index

Part I - FINANCIAL INFORMATION


Item 1       Financial Statements
             Consolidated Balance Sheet (unaudited) at August 31, 2007       1
             Consolidated Statements of Operations (unaudited) for the
             three months ended August 31, 2007 and 2006                     2
             Consolidated Statements of Operations (unaudited) for the
             six and three months ended August 31, 2007 and 2006             3
             Consolidated Statements of Cash Flows (unaudited) for the
             six months ended August 31, 2007 and 2006                       4
             Notes to Consolidated Financial Statements (unaudited)          5
Item 2       Management's Discussion and Analysis or Plan of Operations     14
Item 3       Controls and Procedures                                        26

Part II OTHER INFORMATION

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

SIGNATURES                                                                  28

EXHIBITS



<PAGE>
<TABLE>
<CAPTION>
                               NEW FRONTIER ENERGY, INC.
                           CONSOLIDATED BALANCE SHEET
                                    August 31, 2007
                                      (UNAUDITED)


                                     ASSETS
CURRENT ASSETS
<S>                                                                    <C>
  Cash                                                                 $  7,410,612
  Accounts receivable, trade                                                864,355
  Prepaid expenses                                                          794,890
                                                                       ------------
        Total current assets                                              9,069,857
                                                                       ------------

PROPERTY AND EQUIPMENT,  NET OF ACCUMULATED DEPRECIATION
  AND DEPLETION OF $934,337                                              18,531,318
                                                                       ------------

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

                                                                       $ 27,794,475
                                                                       ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
  Accounts payable                                                     $    876,509
  Convertible debenture, affiliates, net of debt discount
    of $ 6,348                                                              301,846
  Current portion of long term debt                                          34,020
  Dividends payable                                                       1,122,699
  Accrued expenses                                                          143,407
  Accrued interest                                                            3,084
  Accounts payable, affiliates                                               58,548
                                                                       ------------
        Total current liabilities                                         2,540,113
                                                                       ------------

LONG TERM LIABILITIES
  Long term debt                                                            842,093
  Asset retirement obligation                                               140,000

MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY                                603,020
                                                                       ------------
                                                                          1,585,113
                                                                       ------------
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
     25,325  shares issued and outstanding                                      25
     Series C Convertible, 230,000 shares authorized
     222,250 shares issued and outstanding                                      222
  Common stock, $.001 par value, 500,000,000 shares authorized,
     9,049,421 shares issued and outstanding                                  9,049
  Additional paid in capital                                             38,557,636
  Accumulated (deficit)                                                 (14,897,683)
                                                                       ------------
                                                                         23,669,249
                                                                       ------------

                                                                       $ 27,794,475
                                                                      ============
</TABLE>


   See accompanying notes to the unaudited consolidated financial statements.
                                        1

<PAGE>



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

                                                     Three Months Ended
                                                  August 31,     August 31,
                                                    2007           2006
                                                 -----------    -----------
Operating revenues
  Oil and gas sales                              $   175,859    $    51,496
  Gathering fees                                      17,133         27,622
                                                 -----------    -----------
       Total operating revenues                      192,992         79,118
                                                 -----------    -----------

Operating expenses
  Exploration costs, including dry holes              49,307         26,865
  Lease operating expenses                           436,299        167,546
  Cost of gas gathering                                   --            685
  General and administrative                         390,444        373,854
  Issuance of common stock warrants                  515,550             --
  Depreciation, depletion and amortization           205,465         97,901
                                                 -----------    -----------
       Total operating expenses                    1,597,065        666,851
                                                 -----------    -----------

(Loss) from operations                            (1,404,073)      (587,733)
                                                 -----------    -----------

Other income (expense)
  Interest income                                    105,514         10,692
  Interest expense                                   (25,634)       (20,309)
  Debt issuance costs, non-cash                     (130,508)      (229,195)
                                                 -----------    -----------
       Other income (expense), net                   (50,628)      (238,812)
                                                 -----------    -----------

(Loss) before income taxes                        (1,454,701)      (826,545)
                                                 -----------    -----------

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

Minority interest in net (income) loss of
  consolidated subsidiary                            (13,656)         1,786
                                                 -----------    -----------

Net (loss)                                        (1,468,357)      (824,759)

Preferred stock dividends and distributions
  to minority interests                             (238,928)       (90,810)
                                                 -----------    -----------

Net (loss) attributable to common shareholders   $(1,707,285)   $  (915,569)
                                                 ===========    ===========

Net (loss) per common share
  Basic and diluted                              $     (0.23)   $     (0.16)
                                                 ===========    ===========

Weighted average shares outstanding
       Basic and diluted                           7,426,689      5,758,018
                                                 ===========    ===========






   See accompanying notes to the unaudited consolidated financial statements.
                                        2


<PAGE>

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

                                                       Six Months Ended
                                                  August 31,     August 31,
                                                    2007           2006
                                                 -----------    -----------
Operating revenues
  Oil and gas sales                              $   228,455    $    92,902
  Gathering fees                                      61,929         36,474
                                                 -----------    -----------
       Total operating revenues                      290,384        129,376
                                                 -----------    -----------

Operating expenses
  Exploration costs, including dry holes             116,595         43,397
  Lease operating expenses                           821,615        347,608
  Cost of gas gathering                                  832          1,495
  General and administrative                       1,027,528        681,225
  Issuance of common stock warrants                1,031,100             --
  Depreciation, depletion and amortization           323,438        171,861
                                                 -----------    -----------
       Total operating expenses                    3,321,108      1,245,586
                                                 -----------    -----------

(Loss) from operations                            (3,030,724)    (1,116,210)
                                                 -----------    -----------

Other income (expense)
  Interest income                                    238,988         12,968
  Interest expense                                   (43,940)       (37,695)
  Debt issuance costs, non-cash                     (359,169)      (454,869)
                                                 -----------    -----------
       Other income (expense), net                  (164,121)      (479,596)
                                                 -----------    -----------

(Loss) before income taxes                        (3,194,845)    (1,595,806)
                                                 -----------    -----------

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

Minority interest in net (income) loss of
  consolidated subsidiary                            (25,173)        11,071
                                                 -----------    -----------

Net (loss)                                        (3,220,018)    (1,584,735)
Preferred stock dividends and distributions
  to minority interests                             (484,172)      (188,948)
                                                 -----------    -----------

Net (loss) attributable to common shareholders   $(3,704,190)   $(1,773,683)
                                                 ===========    ===========

Net (loss) per common share
  Basic and diluted                              $     (0.55)   $     (0.34)
                                                 ===========    ===========

Weighted average shares outstanding
  Basic and diluted                                6,775,190      5,157,412
                                                 ===========    ===========



   See accompanying notes to the unaudited consolidated financial statements.
                                        3



<PAGE>
<TABLE>
<CAPTION>
                            NEW FRONTIER ENERGY, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                                                                     Six Months Ended
                                                                               August 31,      August 31,
                                                                                  2007            2006
                                                                              ------------    ------------
<S>                                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net (loss)                                                                  $ (3,220,018)   $ (1,584,735)
  Adjustments to reconcile net (loss) to net cash
     (used in) operating activities:
       Depreciation, depletion and amortization                                    323,438         171,861
       Debt issuance costs, noncash                                                359,169         454,869
       Minority interest in net income  (loss) of consolidated subsidiary           25,173         (11,071)
       Issuance of common stock for services                                            --          15,700
       Interest on convertible debenture                                            15,428          37,695
       Amortization of stock option expenses                                     1,031,100              --
       (Increase) decrease in assets:
          Accounts receivable, trade                                              (495,411)        (23,313)
          Prepaid expense                                                         (214,916)        (23,263)
       Increase (decrease) in liabilities:
          Accounts payable                                                         228,007        (164,429)
          Accrued expenses                                                        (117,482)         47,011
                                                                              ------------    ------------

     Net cash (used in) operating activities                                    (2,065,512)     (1,079,675)
                                                                              ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:

  Increase in other assets                                                        (160,000)             --
  Purchase of property and equipment                                            (3,513,477)       (783,237)
                                                                              ------------    ------------

     Net cash (used in) investing activities                                    (3,673,477)       (783,237)
                                                                              ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:

  Payment of notes payable and convertible debentures                              (35,137)             --
  Payment of convertible debtenture, affiliate                                    (300,000)             --
  Proceeds from notes payable                                                      881,250              --
  Proceeds from common stock warrant conversions                                        --       1,656,931
  Preferred stock dividends paid                                                   (85,038)         (8,742)
  Minority interest in subsidiary                                                   (3,108)          6,929
  Distributions to minority interest holders in consolidated subsidiary            (32,600)         (1,642)
                                                                              ------------    ------------

     Net cash provided by financing activities                                     425,367       1,653,476
                                                                              ------------    ------------

(DECREASE) IN CASH                                                              (5,313,622)       (209,436)

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

ENDING BALANCE                                                                $  7,410,612    $    536,582
                                                                              ============    ============

Cash paid for income taxes                                                    $         --    $         --
                                                                              ============    ============
Cash paid for interest                                                        $     27,359    $         --
                                                                              ============    ============

Supplemental schedule of non-cash investing and financing activities:

  Series B preferred stock converted to common stock                          $        488    $         91
  Series A preferred stock converted to common stock                          $         --    $        385
  Series A preferred stock dividends converted to common stock                $         --    $      7,274
  Intrinsic value of conversion feature of convertible debt                   $         --    $     33,451
  Conversion of convertible debentures and accrued interest to common stock   $  2,706,279    $     22,876
</TABLE>


   See accompanying notes to the unaudited consolidated financial statements.
                                        4





<PAGE>
                            NEW FRONTIER ENERGY, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                                 AUGUST 31, 2007

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
     ------------------------------------------

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

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

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

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

     During the year ended February 28, 2006, the Company invested in limited
     partnership interests in Slater Dome Gathering, LLLP ("SDG"). SDG was
     organized to construct a natural gas gathering line from the Company's
     Slater Dome/Coal Creek Draw Prospect, located in northwest Colorado and
     southwest Wyoming (the "Slater Dome Field") that transports the gas from
     the Slater Dome Field to the Questar transmission line at Baggs, Wyoming.
     The gathering line was completed on June 3, 2005. The Company began selling
     gas in June 2005. SDG, a calendar year-end company, was formed on September
     1, 2004 and was inactive until it received its initial funding on May 18,
     2005.

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

     The August 31, 2007, financial statements include the accounts of the
     Company and SDG as of and for the six and three months ended August 31,
     2007 and 2006. SDG has a calendar quarter end, June 30, which is
     consolidated with the Company effective August 31, 2007 and 2006. All
     significant intercompany accounts and transactions in 2007 and 2006 were
     eliminated. The creditors of SDG do not have recourse to the general credit
     of the Company.

                                       5
<PAGE>
     Debt With Detachable Warrant and/or Beneficial Conversion Feature
     -----------------------------------------------------------------

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

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

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

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


                                       6
<PAGE>

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

     Certain amounts reported in the Company's financial statements for the six
     and three months ended August 31, 2006, have been reclassified to conform
     to the current period presentation.

2.   SLATER DOME GATHERING, LLLP
     ---------------------------

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

3.   CONVERTIBLE DEBT, AFFILIATES
     ----------------------------

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

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

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

                                       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 six months ended
     August 31, 2007 and 2006, was $9,496 and $7,043 respectively, and is
     included in debt issuance costs, non-cash in the accompanying financial
     statements. In March 2007, the Company repaid $300,000 of the convertible
     debenture issued to NRGG plus accrued interest of $6,072.

     At August 31, 2007 the balance of the convertible debt is as follows:

     Convertible debt                                            $ 308,194
     Less debt discount                                             (6,348)
                                                                 ---------
                                                                 $ 301,846
                                                                 =========

4.   CONVERTIBLE DEBT
     ----------------

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

     The Debenture Warrants were valued using the Black-Scholes option-pricing
     model based on the market price of the Common Stock at the commitment date.
     The Debenture Warrant valuation of $1,509,798 has been allocated to
     additional paid-in capital. After allocating value to the Debenture
     Warrants, the Company used the intrinsic value method to determine that all
     of the remaining proceeds should be allocated to the embedded beneficial
     conversion feature. As such, $1,509,798 was credited to additional paid-in
     capital. The total allocation of $1,778,156 will be amortized over 24
     months. Amortization expense during six months ended August 31, 2007 and
     2006 was $349,673 and $447,826 respectively and is included in debt
     issuance costs, non-cash in the accompanying financial statements.

     On July 23, 2007, $2,566,800 of convertible debt together with accrued
     interest in the amount of $120,852 was converted to 2,487,572 common
     shares. Principal and accrued interest in the amount of $30,000 and $10,700
     was paid to the convertible debt holders.


                                       8
<PAGE>
5.   NOTES PAYABLE
     -------------
     On June 15, 2007, the Company acquired a facility (the "Steamboat
     Property") to be used as a field office and provide lodging while Company
     personnel are working the Slater Dome Field area. The purchase price for
     the Steamboat Property was $1,175,000. In connection with the purchase of
     the Steamboat Property, the Company entered into a five-year mortgage in
     the principal amount of $881,250 (the "Steamboat Mortgage"), which bears
     interest at a rate of 7.56% per annum. The Steamboat Mortgage requires
     equal monthly payments during the term of the mortgage in the amount of
     $8,256, with the balance of $698,604 due on June 14, 2012. The Steamboat
     Mortgage can be prepaid at any time without penalty. The Steamboat Mortgage
     is collateralized by the facility. The current portion of the Steamboat
     Mortgage amounts to $34,020 with the balance of $842,093 being long term.
     Interest in the amount of $11,375 was paid and $3,084 has been accrued on
     the Steamboat Mortgage as of August 31, 2007.

6.   STOCKHOLDERS' EQUITY
     --------------------

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

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

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

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

     During the six months ended August 31, 2007, holders of 3,165 shares of
     Series B Preferred Stock converted the shares into 486,924 shares of common
     stock in accordance with the terms of the Series B Preferred. As of August
     31, 2007, there were 25,325 shares of the Series B Preferred issued and
     outstanding.

     The Company paid $85,038 in dividends and accrued $171,845 on the Series B
     Preferred resulting in accrued dividends in the amount of $743,270 as of
     August 31, 2007.

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

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

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

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

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

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

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

                                       10
<PAGE>
     During the six months ended August 31, 2007, there were no shares of Series
     C Preferred Stock converted into shares of Common Stock. As of August 31,
     2007, there were 222,250 shares of the Series C Preferred Stock issued and
     outstanding.

     The Company did not pay any dividends on the Series C Preferred Stock and
     accrued $280,096 on the Series C Preferred Stock resulting in accrued
     dividends in the aggregate amount of $379,429 as of August 31, 2007.

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

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

     The activity for the Non-Qualified Stock Options during the six months
     ended August 31, 2007 is summarized as follows:

                                                         August 31, 2007
                                                                      Weighted
                                                                       Average
                                                                      Exercise
                                                         Shares         Price
                                                   -----------------------------
     Beginning of period                                 987,500     $   1.25
       Vested                                            987,500     $   1.25
       Granted                                                --     $     --
       Exercised                                              --     $     --
       Expired                                                --     $     --
                                                       ---------
     End of period                                     1,975,000     $   1.25
                                                       =========


                                       11
<PAGE>

     A summary of the incentive stock option activity during the six months
     ended August 31, 2007 is summarized in the following table:


                                                         August 31, 2007
                                                                      Weighted
                                                                       Average
                                                                      Exercise
                                                         Shares         Price
                                                   -----------------------------
     Beginning of period                                 559,333     $   0.88
       Granted                                                --     $     --
       Exercised                                              --     $     --
       Expired                                                --     $     --
                                                        --------
     End of period                                       559,333     $   0.88
                                                        ========



     The following tables summarizes information about fixed-price stock options
     and warrants during the six months ended August 31, 2007:

                                                         August 31, 2007
                                                                      Weighted
                                                                       Average
                                                                      Exercise
                                                         Shares         Price
                                                   -----------------------------
     Beginning of period                              40,128,657     $   1.58
       Granted                                                --     $     --
       Anti-dilution warrants issued                          --     $     --
       Exercised                                              --     $     --
       Expired                                                --     $     --
                                                      ----------
     End of period                                    40,128,657     $   1.58
                                                      ==========


                      Options and Warrants Outstanding and 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    30,612,162      1.97        $  1.38
                  $1.51 to $2.75    11,557,078      1.91        $  2.00
                                    ----------
                                    42,169,240
                                    ==========

     In October 2006, the Board of Directors adopted an incentive stock option
     plan reserving 10,000,000 shares of the Company's $0.001 par value common
     stock for issuance pursuant to the plan. The plan was adopted by
     shareholders on June 11, 2007. As of August 31, 2007, no options have been
     granted under the plan.


                                       12
<PAGE>
7.   RELATED PARTIES
     ---------------

     The Company paid $18,667 and $16,000 during each of the six months ended
     August 31, 2007 and 2006, respectively, in connection with an office lease
     for office space in Littleton, Colorado with Spotswood Properties, LLC,
     ("Spotswood"), a Colorado limited liability company and an affiliate of the
     Company's president. The lease provides for the payment of $2,667 per month
     plus utilities and other incidentals. The president of the Company owns 50%
     of Spotswood.

     The Company paid a corporation controlled by one of the directors $30,000
     and $26,000 for geological consulting during the six months ended August
     31, 2007 and 2006 respectively.

     SDG paid rent in the amount of $1,500 during the six months ended August
     31, 2007 to Spotswood and accrued management fees, to an entity partially
     controlled by the president in the amount of $3,818 during the six months
     ended August 31, 2007. SDG has an account payable to that entity in the
     amount of $32,072.

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 six
     months ended August 31, 2007 and 2006, are presented for the principal
     business segments as follows:
<TABLE>
<CAPTION>
                                                    Oil & Gas     Gas Gathering    Consolidated
                                                  ---------------------------------------------
<S>                                               <C>             <C>             <C>
     August 31, 2007
       Revenues                                   $    228,455    $     61,929    $    290,384
       Income (loss) before taxes                 $ (3,169,843)   $    (25,003)   $ (3,194,846)
       Total assets                               $ 25,262,983    $  2,531,492    $ 27,794,475
       Property additions                         $  3,513,477    $         --    $  3,513,477
       Interest expense                           $    (43,940)   $         --    $    (43,940)
       Debt issuance costs, non-cash              $   (359,169)   $         --    $   (359,169)
       Depreciation, depletion and amortization   $    258,192    $     65,246    $    323,438

     August 31, 2006
       Revenues                                   $     92,902    $     36,474    $    129,376
       Loss before taxes                          $ (1,536,788)   $    (59,018)   $ (1,595,806)
       Total assets                               $  5,526,143    $  2,572,300    $  8,098,443
       Property additions                         $    783,237    $         --    $    783,237
       Interest expense                           $    (37,695)   $         --    $    (37,695)
       Debt issuance costs, non-cash              $   (454,869)   $         --    $   (454,869)
       Depreciation, depletion and amortization   $     98,615    $     73,246    $    171,861
</TABLE>

9.   SUBSEQUENT EVENTS
     -----------------

     In September 2007, Series B Preferred warrant holders exercised their
     warrants for 632,615 shares of common stock with an aggregate exercise
     proceeds of $702,203.


                                       13
<PAGE>

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

Forward Looking Information

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

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

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

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

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

                                       14
<PAGE>
Overview

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

     Our plan of operation is to further develop the Slater Dome Field by
     drilling up to four additional wells, in addition to the six wells drilled
     in June through August 2007; such wells are adjacent or near our existing
     wells in the southeast section of the property and to develop the Flattops
     Prospect by drilling two wells in the summer/fall of 2008 on that prospect.
     We plan to test the Niobrara and Frontier formations in the Focus Ranch
     Federal 12-1 well in the Unit. We intend to acquire acreage in the Denver
     Julesberg Basin located in Northeast Colorado and we will attempt to obtain
     a promoted or carried working interest as well as a prospect fee. We also
     plan to evaluate opportunities to acquire other interests in oil and gas
     properties.

     The following discussion and analysis covers the consolidated financial
     condition of the Company at August 31, 2007, changes in our financial
     condition since February 28, 2007, the end of the previous fiscal year, and
     a comparison of the results of operation for the six months ended August
     31, 2007 to the same period from the previous year. This information should
     be read in conjunction with our Annual Report on Form 10-KSB for the year
     ended February 28, 2007.

Results of Operation: Three months ended August 31, 2007 compared to the three
months ended August 31, 2006

     For the three months ended August 31, 2007 we reported a net loss
attributable to common shareholders of $1,707,285 or $0.23 per share, on revenue
of $192,992. This compares to a net loss attributable to common shareholders of
$918,008, or $0.16 per share, on revenue of $79,118, for the comparable period
of the previous fiscal year. We expect to incur losses until such time as we
complete the dewatering process of our wells and stabilize production of the
coal-bed methane gas from the Slater Dome Prospect.

     Revenues for the three months ended August 31, 2007 were $192,992 compared
with $79,118 for the three months ended August 31, 2006, an increase of $113,874
or 143.93%. Oil and gas revenues were $175,859 this quarter compared with
$51,496, an increase of $124,363 or 241.50%. The reason for the change is
twofold and is a function of production and the sales price of the gas.
Production to our interest increased approximately 30,852 MCF (482.06%) compared
to the same three-month period ending August 31 2006. The increase in production
is accounted for in two segments; the first is an increase of 1,267 MCF
attributable to increased production from the wells and 29,585 MCF is
attributable to our increased ownership in the Slater Dome Field. Average gas
sales prices decreased by $2.29 per MCF or 43.30% from $5.28 to $2.99 in this
period as compared to the comparable three months ended August 31, 2006. SDG
revenues from the gathering pipeline were $17,133 for the three months ended
June 30 31, 2007 compared with $27,622 for its quarter ended June 30, 2006, a
decrease of $10,489 or 37.97%. The decrease relates principally to the fact that
the Company increased its ownership in the Slater Dome Field and accordingly,
gathering fees paid by third parties decreased.

     Exploration costs for the three months ended August 31, 2007 were $49,307
compared with $26,865 in the three months ended August 31, 2006, an increase of
$22,442 or 83.54%. The reason for the increase is an increase in seismic
consulting and seismic lines purchased in the three months ended August 31, 2007
compared with the same period in the previous quarter of 2006.

                                                              Increase
                                           2007      2006    (Decrease)
                                        ------------------------------
     Seismic  & geologic consulting     $ 39,038   $ 19,711   $ 19,326

     Seismic lines                         6,911         --      6,911
     Miscellaneous other costs               946      1,539       (593)
     Delay rentals                         2,412      5,615     (3,203)
                                        --------   --------   --------
                                  Total $ 49,307   $ 26,865   $ 22,442
                                        ========   ========   ========

                                       16
<PAGE>
The increase in seismic and geologic consulting and the increase in seismic
lines are directly related to the increase in exploration activity at the Slater
Dome Field and refining our analysis of potential prospects in the Denver
Julesberg Basin. The decrease in miscellaneous other costs and delay rentals are
considered normal in the ordinary course of business.

     Lease operating expenses for the three months ended August 31, 2007 were
$436,299 compared with $169,985 in the three months ended August 31, 2006, an
increase of $266,314 or 156.67%. The principal reason for the increase is that
in the three months ended August 31, 2007 we owned 66.7% of the working interest
as compared with 30% in the same period in 2006 together with costs associated
with reworking our producing wells in 2007 that were nominal in 2006. The
changes are summarized as follows:

                                                                  Increase
                                            2007        2006     (Decrease)
                                         ---------------------------------
     Lease operating expenses 30%        $ 108,038   $ 161,603   $ (53,565)
     Lease operating expenses 36.7%        135,276          --     135,276
     Rework expenses 30%                    81,169       6,942      74,227
     Rework expenses 36.7%                  99,297          --      99,297
     Lease operating expenses, Focus
     Ranch                                   3,107          --       3,107
     Production taxes 30%                    4,234       1,440       2,793
     Production taxes 36.7%                  5,178          --       5,178
                                         ---------   ---------   ---------
                                         $ 436,299   $ 169,985   $ 266,314
                                         =========   =========   =========

In summary, lease-operating expenses decreased $53,565 when comparing identical
working interests and the increase of $135,276 is associated with the increase
of 36.7% interest at the Slater Dome Field. Similarly, rework expenses increased
by $173,524 when compared with the three months ended August 31, 2006; the
expenses were incurred to increase production and pursuant to normal operating
procedures. The lease operating expenses associated with the Focus Ranch Unit
increased because we did not own the interest in the Focus Ranch Unit in 2006.
Production taxes increased as a result of increased revenues and our increased
ownership percentage.

     The costs of gas gathering decreased by $685 during the three months ended
August 31, 2007 as compared to the same quarter in 2006. The decrease is
considered normal in the ordinary course of business.


                                       17
<PAGE>
     General and administrative expenses for the three months ended August 31,
2007 were $390,444 compared with $373,854 in the three months ended August 31,
2006, an increase of $16,590 or 4.44%. The following table summarizes the major
components of the fluctuations:

                                                                  Increase
                                               2007      2006    (Decrease)
                                            ------------------------------
     Employee compensation                  $112,526   $176,136   $(63,610)
     Financial public relations              143,914     87,662     56,252
     Professional fees                        51,169     15,200     35,969
     Payroll taxes and employee benefits      20,104     37,039    (16,935)
     Repairs and maintenance                  15,400        919     14,481
     Management fees  SDG                      2,048      4,963     (2,915)
     Miscellaneous other costs                45,283     51,935     (6,652)
                                            --------   --------   --------
                                            $390,444   $373,854   $ 16,590
                                            ========   ========   ========


Employee compensation decreased $63,610 in the quarter ended August 31, 2007
compared with the quarter ended August 31, 2006 because bonuses decreased
$70,000 offset by increased compensation in the amount of 6,310. The increase in
financial public relations increased in the amount of $56,252 principally as a
result of an increase in financial public relations fees in the amount of
$79,218 offset by decreases in other related costs of $22,966; such fluctuation
is considered normal in the ordinary course of business. Professional fees
increased by $35,969 in the three months ended August 31, 2007 as compared to
the comparable quarter ending in 2006 and was as a result of increased legal,
accounting and engineering fees. The decrease in payroll taxes and employee
benefits in the amount of $16,935 directly relates to the decrease in
compensation expenses. Repairs and maintenance increased $14,481, $6,385 of
which is associated with gathering line maintenance and the balance of $8,096 is
related to normal maintenance of office equipment and is considered normal in
the ordinary course of business. Management fees incurred by SDG decreased by
$2,915 because the managers of SDG were compensated based on gross revenues for
the three months ended June 30, 2007 as compared compensation based on invested
capital in the corresponding three months ended June 30, 2006. Miscellaneous
other non-specified costs decreased $6,652 and such change is considered normal
in the ordinary course of business.

     Issuance of non-qualified common stock option expense was $515,550 during
the three months ended August 31, 2007, as compared with $0 during the three
months ended August 31, 2006. The non-qualified common stock option expense is
the result of the vesting associated with the issuance of 3,950,000
non-qualified common stock options to employees and certain employees and agents
of the Company during the three months ended August 31, 2007 which were not
present during the three months ended August 31, 2006.

     Depreciation, depletion and amortization for the three months ended August
31, 2007 was $205,465 compared with $97,901 during the three months ended August
31, 2006, an increase of $107,564 or 109.87%. The components of the increase are
summarized in the following table:

                                       18
<PAGE>
                                                                 Increase
                                            2007       2006     (Decrease)
                                         ---------------------------------
     Producing oil and gas properties    $ 144,400   $  45,441   $  98,959
     Slater Dome Gathering, LLLP            32,623      36,623      (4,000)
     Other depreciable assets               28,442      15,837      12,605
                                         ---------   ---------   ---------
                                         $ 205,465   $  97,901   $ 107,564
                                         =========   =========   =========

The increase in depletion on producing properties is attributable to the
increased production from the Slater Dome Field for the three months ended
August 31, 2007 compared with the corresponding quarter in 2006. The decrease
attributable to SDG is a result of an adjustment to the base calculation in 2007
compared with 2006. Other depreciation increased $12,605 for the three months
ended August 31, 2007 as compared with the three months ended August 31, 2006
because of depreciation additional property and equipment the Company placed
into service.

     Interest income for the three months ended August 31, 2007 was $105,514
compared with $10,692 in the three months ended August 31, 2006, an increase of
$94,823 or 886.87%. Such increase is a result of a larger cash balance held in
our bank account.

     Interest expense for the three months ended August 31, 2007 was $25,634
compared with $20,309 in the three months ended August 31, 2006, an increase of
$5,325 or 26.22%. The components of the change are summarized as follows

                                                                  Increase
                                               2007      2006    (Decrease)
                                            ------------------------------
     Convertible debentures                 $  9,248   $ 16,477   $ (7,229)
     Convertible debenture, affiliates         1,927      3,832     (1,905)
     Notes payable                            14,459         --     14,459
                                            --------   --------   --------
                                            $ 25,634   $ 20,309   $  5,325
                                            ========   ========   ========

The convertible debentures interest decreased because the debentures were
converted to common stock or paid on July 23, 2007. The convertible debenture to
affiliates interest decreased because the Company made a principal payment on
this convertible debenture in the amount of $300,000 in March 2007. Notes
payable interest increased because an obligation for the field facility was
incurred in June 2007.

     Debt issuance costs for the three months ended August 31, 2007 was $130,508
as compared with $229,105 for the three months ended August 31, 2006, a decrease
of $98,687 or 43.06%. The principal change in debt issuance cost arises from the
maturity of the debentures on July 23, 2007 and the completion of the
amortization period.

     The minority interest in the income of the consolidated subsidiary for the
three months ended August 31, 2007 was $13,656 as compared to a loss in the
amount of $1,786 for the three months ended August 31, 2006 resulting in an
increase of $15,442. This fluctuation relates to the change in activity in SDG
for the respective periods.


                                       19
<PAGE>
     During the three months ended August 31, 2007, the Company charged
dividends on the Series B and C Convertible Preferred Stock in the amount of
$85,180 and $140,048 respectively, together with distributions to the SDG
minority interests in the amount of $13,700 to the loss attributable to common
shares compared with $90,810 during the three months ended August 31, 2006, an
increase of $148,216 or 163.11%. The decrease in dividends on the Series B
Preferred is because of conversions to shares of Common Stock of outstanding
shares of the Series B Preferred in the three months ended August 31, 2007 as
compared to the three months ended August 31, 2006. The Series C Convertible
Preferred Stock was not authorized until November 2006 and accordingly was not
present in the three months ended August 31, 2006. The increase in distributions
to the SDG minority interests in the amount of $12,058 is because SDG made a
larger distribution to minority interest owners during the three months ended
August 31, 2007 as compared with the same period in 2006.

                                                                    Increase
                                              2007        2006     (Decrease)
                                           ---------------------------------
     Series B convertible preferred        $  85,180   $  89,168   $  (3,988)
     Series C convertible preferred          140,048          --     140,048
     Slater Dome Gathering distributions      13,700       1,642      12,058
                                           ---------   ---------   ---------
                                           $ 238,928   $  90,810   $ 148,118
                                           =========   =========   =========


     As a result of the above, we generated a net loss attributable to common
shareholders of $1,707,285 or $0.23 per share during the three months ended
August 31, 2007 as compared to a net loss attributable to common shareholders of
$918,008 or $0.16 per share during the three months ended August 31, 2006.

Results of Operation: six months ended August 31, 2007 compared to the six
months ended August 31, 2006.

     For the six months ended August 31, 2007 we reported a net loss
attributable to common shareholders of $3,704,190 or $0.55 per share, on revenue
of $290,384. This compares to a net loss attributable to common shareholders of
$1,773,683, or $0.34 per share, on revenue of $129,376, for the comparable
period of the previous fiscal year. We expect to incur losses until such time as
we complete the dewatering process of our wells and stabilize production of the
coal-bed methane gas from the Slater Dome Field.


                                       20
<PAGE>
     Revenues for the six months ended August 31, 2007 were $290,384 compared
with $129,376 for the six months ended August 31, 2006, an increase of $161,008
or 124.45%. Oil and gas revenues were $228,455 this quarter compared with
$92,902, an increase of $135,553 or 145.91%. The reason for the change is
twofold and is a function of production and the sales price of the gas.
Production to our interest increased approximately 45,839 MCF (787.61%) compared
to the six-month period ending August 31, 2006. The increase in production is
accounted for in two segments; the first is an increase of 953 MCF attributable
to increased production from the wells and 44,886 MCF is attributable to our
increased ownership in the Slater Dome Field. Average gas sales prices decreased
by $1.84 per MCF or 34.04% from $5.41 to $3.57 in this period as compare to the
six months ended August 31, 2006. SDG revenues from the gathering pipeline were
$61,929 for the six months ended June, 2007 compared with $36,474 for its six
months ended June 30, 2006, an increase of $25,455 or 69.79%. 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
$23,949 together with increased gathering fees in the amount of $1,506 paid by
the other working interest owners at the Slater Dome Field for gas transported
during the six months ended August 31, 2007 as compared with the same period in
the six months ended August 31, 2006.

     Exploration costs for the six months ended August 31, 2007 were $116,595
compared with $43,397 in the six months ended August 31, 2006, an increase of
$73,198 or 168.67%. The primary reason for the increase is increased seismic and
geologic consulting and purchasing seismic lines during the six months ended
August 31, 2007 offset by a decrease in delay rentals and other costs compared
with the same period in 2006 summarized as follows.

                                                          Increase
                                      2007       2006    (Decrease)
                                    ------------------------------
     Geologic consulting            $ 30,000   $ 26,000   $  4,000
     Seismic consulting               39,608      2,711     36,897
     Seismic lines                    34,237         --     34,237
     Miscellaneous other costs         1,865      2,563       (698)
     Delay rentals                    10,885     12,123     (1,238)
                                    --------   --------   --------
                            Total   $116,595   $ 43,397   $ 73,198
                                    ========   ========   ========

     Lease operating expenses for the six months ended August 31, 2007 were
$821,615 compared with $347,608 in the six months ended August 31, 2006, an
increase of $474,007 or 136.36%. The principal reason for the increase is that
in the six months ended August 31, 2007 we owned 66.7% of the working interest
as compared with 30% in the same period in 2006 together with costs associated
with reworking our producing wells in 2007 that were not present in 2006. The
changes are summarized as follows.

                                                                Increase
                                          2007        2006     (Decrease)
                                       ---------------------------------
     Lease operating expenses 30%      $ 204,645   $ 267,449   $ (62,804)
     Lease operating expenses 36.7%      250,349          --     250,349
     Rework expenses 30%                 157,867      77,109      80,758
     Rework expenses 36.7%               193,124          --     193,124
     Lease operating expenses, Focus
     Ranch                                 3,107          --       3,107
     Production taxes 30%                  5,633       3,050       2,583
     Production taxes 36.7%                6,890          --       6,890
                                       ---------   ---------   ---------
                                       $ 821,615   $ 347,608   $ 474,007
                                       =========   =========   =========

                                       21
<PAGE>
In summary, lease-operating expenses decreased $62,804 when comparing identical
working interests and the increase of $250,349 is associated with the increase
of 36.7% interest at the Slater Dome Field. Similarly, rework expenses increased
by $273,882 when compared with the six months ended August 31, 2006; the
expenses were incurred to increase production and pursuant to normal operating
procedures. The lease operating expenses associated with the Focus Ranch Unit
increased because we did not own the interest in during the 6 months ended
August 31, 2006. Production taxes increased as a result of increased revenues.

     The costs of gas gathering amounted to $832 during the six months ended
June 30, 2007 as compared to $1,495 for the six months ending June 30, 2006, a
decrease of $663 or 44.29%. The decrease is considered normal in the ordinary
course of business.

     General and administrative expenses for the six months ended August 31,
2007 were $1,027,528 compared with $681,225 in the six months ended August 31,
2006, an increase of $346,303 or 50.84%. The following table summarizes the
major components of the fluctuations.

                                                                       Increase
                                               2007        2006       (Decrease)
                                           ------------------------------------
     Employee compensation                 $  405,249   $  248,220   $  157,030
     Financial public relations               299,201      146,551      152,650
     Professional fees                        132,573      114,908       17,665
     Payroll taxes and employee benefits       62,763       56,646        6,117
     Repairs and maintenance                   21,640        1,547       20,093
     Management fees  SDG                       3,818       11,488       (7,670)
     Miscellaneous other costs                102,283      101,865          418
                                           ----------   ----------   ----------
                                           $1,027,528   $  681,225   $  346,303
                                           ==========   ==========   ==========

     Employee compensation increased $157,030 in the six months ended August 31,
2007 compared with the six months ended August 31, 2006 because salaries and
bonuses to officers increased $52,083 and $100,000 respectively, together with
additional staff compensation in the amount of $14,946 resulting from annual
salary increases and the addition of a land man to the staff. The increase in
financial public relations increased in the amount of $152,650 principally as a
result of an increase in financial public relations fees in the amount of
$181,677 offset by decreases in other related costs of $29,028. Professional
fees increased by $17,655 as a result of increased legal, accounting and
engineering fees associated with the increasing corporate activity. Payroll
taxes and employee benefits increased by $6,117 principally as a result of
increased compensation and additional field employees added in July 2007.
Repairs and maintenance increased $20,093, $9,600 of which is associated with
gathering line maintenance and the balance of $10,493 is related to normal
maintenance of office equipment and is considered normal in the ordinary course
of business. Management fees incurred by SDG decreased by $7,670 because the
managers were compensated based on gross revenues for the six months ended June
30, 2007 as compared compensation based on invested capital in the corresponding
six months ended June 30, 2006. Miscellaneous other non-specified costs
increased $418 and such change is considered normal in the ordinary course of
business.

                                       22
<PAGE>

     Issuance of non-qualified common stock option expense was $1,031,100 during
the six months ended August 31, 2007, as compared with $0 during the six months
ended August 31, 2006. The non-qualified common stock option expense is the
result of the vesting associated with the issuance of 3,950,000 non-qualified
common stock options to employees and certain employees and agents of the
Company during the six months ended August 31, 2007 which were not present
during the six months ended August 31, 2006.

     Depreciation, depletion and amortization for the six months ended August
31, 2007 was $323,438 compared with $171,861 during the six months ended August
31, 2006, an increase of $151,577 or 88.20%. The components of the increase are
summarized in the following table:

                                                                 Increase
                                           2007       2006      (Decrease)
                                        ---------------------------------
     Producing oil and gas properties   $ 216,900   $  78,241   $ 138,659
     Slater Dome Gathering, LLLP           65,246      73,246      (8,000)
     Other depreciable assets              41,292      20,374      20,918
                                        ---------   ---------   ---------
                                        $ 323,438   $ 171,861   $ 151,577
                                        =========   =========   =========

     The increase in depletion on producing properties is attributable to the
increased ownership and production from the Slater Dome Field for the six months
ended August 31, 2007 compared with the corresponding quarter in 2006. The
decrease attributable to SDG is a result of an adjustment to the base
calculation in 2007 compared with 2006. Other depreciation increased $20,918 for
the six months ended August 31, 2007 as compared with the six months ended
August 31, 2006 because the Company added additional property and equipment and
accordingly, depreciation increased.

     Interest income for the six months ended August 31, 2007 was $238,988
compared with $12,968 in the six months ended August 31, 2006, an increase of
$226,020 or 1742.93%. Such increase is a result of a larger cash balances
invested.

     Interest expense for the six months ended August 31, 2007 was $43,940
compared with $37,695 in the six months ended August 31, 2006, an increase of
$6,245 or 16.57%, the components of which are summarized as follows.

                                                                  Increase
                                               2007      2006    (Decrease)
                                            ------------------------------
     Convertible debentures                 $ 25,628   $ 32,988   $ (7,360)
     Convertible debenture, affiliates         3,852      4,707       (855)
     Notes payable                            14,460         --     14,460
                                            --------   --------   --------
                                            $ 43,940   $ 37,695   $  6,245
                                            ========   ========   ========

                                       23
<PAGE>
The convertible debentures interest decreased because the debentures were
converted to common stock or paid on July 23, 2007. The convertible debenture to
affiliates interest decreased because the Company made a principal payment on
this convertible debenture in the amount of $300,000 in March 2007. Notes
payable interest increased because an obligation for the field facility was
incurred in June 2007.

     Debt issuance costs for the six months ended August 31, 2007 was $359,169
as compared with $454,869 for the six months ended May 31, 2006, a decrease of
$95,700 or 21.04%. The principal change in debt issuance cost arises from the
maturity of the underlying instruments on July 23, 2007 and the completion of
the amortization period.

     The minority interest in the income of the subsidiary for the six months
ended August 31, 2007 was $25,173 as compared with a loss of $(11,071) for the
six months ended August 31, 2006 resulting in a net change of $36,244 or
327.38%. This fluctuation relates to the change in activity in SDG for the
respective periods.

     During the six months ended August 31, 2007, the Company charged dividends
on the Series B and C Convertible Preferred Stock in the amount of $171,845 and
$280,096 respectively, together with distributions to the SDG minority interests
in the amount of $32,600 to the loss attributable to common shares compared with
$188,948 during the six months ended August 31, 2006, an increase of $295,224 or
156.25%. The decrease in dividends on the Series B Preferred is because of
conversions of outstanding shares of the Series B Preferred in the six months
ended August 31, 2007 as compared to the six months ended August 31, 2006. The
Series C Convertible Preferred Stock was not authorized until November 2006 and
accordingly was not present in the six months ended August 31, 2006. The
increase in distributions to the SDG minority interests in the amount of $30,958
is because SDG made a smaller distribution to minority interest owners during
the six months ended August 31, 2006.

                                                                    Increase
                                              2007        2006     (Decrease)
                                           ---------------------------------
     Series B convertible preferred        $ 171,776   $ 187,306   $ (15,530)
     Series C convertible preferred          279,796          --     279,796
     Slater Dome Gathering distributions      32,600       1,642      30,958
                                           ---------   ---------   ---------
                                           $ 484,172   $ 188,948   $ 295,224
                                           =========   =========   =========

     As a result of the above, we generated a net loss attributable to common
shareholders of $3,704,190 during the six months ended August 31, 2007 as
compared to a net loss of $1,773,683 during the six months ended August 31,
2006.


                                       24
<PAGE>
Liquidity and Capital Resources

     We have not generated positive cash flows from operating activities and
used $2,065,512 in operating activities during the six months ended August 31,
2007. The primary sources of capital have been from sales and other issuances of
equity and debt securities. Our primary use of capital has been for the
acquisition, development and exploration of oil and gas properties. Our working
capital requirements are expected to increase in line with the growth of our
business. We have no lines of credit or other bank or off balance sheet
financing arrangements. We believe our capital requirements will continue to be
met with additional issuance of equity or debt securities as well as traditional
bank financing. Additional issuances of equity or convertible debt securities
will result in dilution to our current Common Stockholders'.

     Our plan of operations for the twelve months call for us to participate in
the drilling of approximately up to 4 additional wells at Slater Dome Field and
testing the Niobrara formation at the Focus Ranch Unit and (ii) to provide
capital for other lease acquisitions. We believe that the plan of operations for
the next twelve months will require capital of approximately $2,000,000 To the
extent that additional opportunities present themselves to the Company, the
Company may require additional sources of capital to participate in these
opportunities. We expect that working capital requirements will be funded
through a combination of our existing funds, cash flow from operations and
issuance of equity and debt securities. Further, the Company could receive
proceeds from the exercise of outstanding warrants issued to the holders of the
Company's Series B Preferred and Debentures which are exercisable at a price of
$1.11 and $1.33, respectively. The warrants issued to the holders of the
Company's Series B Preferred Stock expire on February 1, 2008 and the warrants
issued to the holders of the Company's Convertible Debentures expire on July 22,
2008. If all of the warrants issued to the holders of the Company's Series B
Preferred were exercised, it would result in proceeds to the Company of
$5,683,643. If all of the warrants issued to the holders of the Company's
Debentures were exercised, it would result in proceeds to the Company of
$2,282,900. However, there can be no assurance that any of the warrant holders
will exercise these warrants. Management believes that current cash balances
plus cash flow from operations will be sufficient to fund our capital and
liquidity needs for at least the next twelve months.


     The following summarizes the Company's capital resources at August 31, 2007
compared with February 28, 2007:
<TABLE>
<CAPTION>

                                                               August 31,    February 28,      Increase     Increase
                                                                  2007           2007         (Decrease)   (Decrease)
     ----------------------------------------------------------------------------------------------------------------
<S>                                                          <C>             <C>             <C>                <C>
     Cash                                                    $  7,410,612    $ 12,724,234    $ (5,313,622)     -42%
     Current assets                                          $  9,069,857    $ 13,673,152    $ (4,603,295)     -34%
     Total Assets                                            $ 27,794,475    $ 29,047,723    $ (1,253,248)      -4%
     Current liabilities                                     $  2,540,113    $  4,690,713    $ (2,150,600)     -46%
     Working capital                                         $  6,529,744    $  8,982,439    $ (2,452,695)     -27%
     Net cash (used in) operating activities                 $ (2,065,512)   $ (2,987,472)   $    921,960      -31%
     Net cash (used in) provided by investing activities     $ (3,673,477)   $    240,717    $ (3,914,194)   -1626%
     Net cash provided by financing activities               $    425,367    $ 23,433,775    $(23,008,408)     -98%
</TABLE>

                                       25
<PAGE>
The principal components of the changes in cash are summarized as follows:

     Proceeds from revenues                                    $   258,411
     Operating costs billed to non-affiliates                     (453,743)
     Purchase of property and equipment                         (3,513,477)
     Deposits                                                     (160,000)
     Payment of convertible debentures                            (330,000)
     Principal payments on notes payable                            (5,137)
     Preferred stock dividends                                     (85,038)
     Distributions to SDG minority interests                       (32,600)
     Operating expenses and other                                 (992,038)
                                                               -----------
                                                               $(5,313,622)
                                                               ===========

     The principal cause of the changes in current liabilities was the
conversion of the convertible preferred debt to common stock in the amount of
$2,265,127. The Company paid $300,000 to reduce the obligation to the affiliate
in March 2007 resulting in a net change of $290,504 after amortization of debt
discount. The Company increased the current portion of the long-term debt by
$34,020 when it acquired the facility it is using as a field office and lodging
facility. The remain changes are considered normal in the ordinary course of
business The following summarizes the changes in the applicable classification:

                                                                     Increase
                                       8/31/2007     2/28/2007      (Decrease)
                                     -----------------------------------------
  Accounts payable                    $   876,509   $   648,501    $   228,008
  Convertible debenture, affiliates       301,846       592,350       (290,504)
  Dividends payable                     1,122,699       756,155        366,544
  Accrued expenses                        143,407       388,017       (244,610)
  Accounts payable, affiliates             58,548        40,563         17,985
  Accrued interest                          3,084            --          3,084
  Convertible debenture                        --     2,265,127     (2,265,127)
  Current portion of long term debt        34,020            --         34,020
                                      ----------    -----------    -----------
                                      $ 2,540,113   $ 4,690,713    $(2,150,600)
                                      ===========   ===========    ===========

     The decrease in working capital of $2,492,695 or 27% is principally due to
utilizing working capital to invest in long-lived assets and funding ongoing
operations.

     As of August 31, 2007, we had a cash balance of $7,410,612. We used
$2,065,512 in operating activities during the six months ended August 31, 2007
as compared to $732,533 during the six months ended August 31, 2006. The
increase in cash used in operating activities in the amount of $1,332,979 in the
six months ended August 31, 2007 when compared to the six months ended August
31, 2006 arises from the increased corporate activity discussed above.


                                       26
<PAGE>
Item 3.  Controls and Procedures

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



                           PART II--OTHER INFORMATION

Item 1.  Legal Proceedings

         Not Applicable.

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

         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

     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: October 9, 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>