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

| o | TANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

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

|   | Large accelerated filer  o | Accelerated filer  o         |
|--------|---------------------------------|-----------------------------------|
|   | Non-accelerated filer  o   | Smaller reporting company  x |

----

| Item 1 | Financial Statements                                                                                         |   2  |
|--------|--------------------------------------------------------------------------------------------------------------|-----------|
|   | Condensed Consolidated Balance Sheet at May 31, 2011 (unaudited) and February 28, 2011                       |   2  |
|   | Condensed Consolidated Statements of Operations (unaudited) for the three months ended May 31, 2011 and 2010 |   3  |
|   | Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended May 31, 2011 and 2010 |   4  |
|   | Notes to Condensed Consolidated Financial Statements (unaudited)                                             |   5  |
| Item 2 | Management’s Discussion and Analysis or Plan of Operations                                             |   15 |
| Item 3 | Quantitative and Qualitative Disclosures About Market Risk                                                   |   21 |
| Item 4 | Controls and Procedures                                                                                      |   21 |

| Item 1  | Legal Proceedings                                           |   22 |
|---------|-------------------------------------------------------------|-----------|
| Item 1A | Risk Factors                                                |   22 |
| Item 2  | Unregistered Sales of Equity Securities and Use of Proceeds |   22 |
| Item 3  | Defaults Upon Senior Securities                             |   22 |
| Item 4  | Submission of Matters of a Vote of Security Holders         |   22 |
| Item 5  | Other Information                                           |   22 |
| Item 6  | Exhibits                                                    |   22 |

----

|                                                                                                                                            |   |        |        |   |         |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                                                                                                                                            |   | May 31,     |        |   | February 28, |   |
|                                                                                                                                            |   | 2011        |        |   | 2011         |   |
| ASSETS                                                                                                                                          |   | (Unaudited) |        |   |         |   |
| CURRENT ASSETS                                                                                                                                  |   |        |        |   |         |   |
| Cash                                                                                                                                            |   | $           | 10,907,502  |   |         | $      | 3,305,075 |   |
| Accounts receivable                                                                                                                             |   |        | 2,099       |   |         |   | - |   |
| Prepaid expenses                                                                                                                                |   |        | 70,225      |   |         |   | 74,542 |   |
| Inventory                                                                                                                                       |   |        | 104,421     |   |         |   | 142,425 |   |
| Investments - trading                                                                                                                           |   |        | 6,682,500   |   |         |   | - |   |
| Derivative asset                                                                                                                                |   |        | 748,000     |   |         |   | - |   |
| Assets held for sale (Notes 3)                                                                                                                  |   |        | -           |   |         |   | 169,639 |   |
| Total current assets                                                                                                                            |   |        | 18,514,747  |   |         |   | 3,691,681 |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| PROPERTY AND EQUIPMENT (successful efforts method), at cost:                                                                                    |   |        |        |   |         |   |   |   |
| Unproved oil and gas properties                                                                                                                 |   |        | 78,594      |   |         |   | 349,950 |   |
| Other property and equipment, net of accumulated depreciation of $58,920 and                                                                    |   |        |        |   |         |
|       $80,509 as of May 31, 2011 and February 28, 2011, respectively                                              |   |        | 60,636      |   |         |   | 62,767 |   |
|                                                                                                                                            |   |        | 139,230     |   |         |   | 412,717 |   |
| OTHER ASSETS                                                                                                                                    |   |        |        |   |         |   |   |   |
| Assets held for sale (Note 3)                                                                                                                   |   |        |        |   |         |   |   |   |
| Oil and gas gathering facilities, net of accumulated depreciation and amortization                                                              |   |        |        |   |         |
|            of $717,706 as of February 28, 2011                                           |   |        | -           |   |         |   | 1,882,457 |   |
| Unproved oil and gas properties, net of accumulated depletion, depreciation & amortization                                                  |   |
|            of $2,021,586 as of February 28, 2011                                         |   |        | -           |   |         |   | 2,534,276 |   |
| Other property and equipment, net of accumulated depreciation of $118,214 as of                                                                 |   |        |        |   |         |
|            May 31, 2011 and February 28, 2011, respectively                              |   |        | 600,890     |   |         |   | 819,274 |   |
| Deposits                                                                                                                                        |   |        | 3,588       |   |         |   | 3,588 |   |
| Total other assets                                                                                                                              |   |        | 604,478     |   |         |   | 5,239,595 |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| Total Assets                                                                                                                                    |   | $           | 19,258,455  |   |         | $      | 9,343,993 |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                            |   |        |        |   |         |   |   |   |
| CURRENT LIABILITIES                                                                                                                             |   |        |        |   |         |   |   |   |
| Accounts payable and accrued expenses                                                                                                           |   | $           | 69,215      |   |         | $      | 254,676 |   |
| Accounts payable - affiliates                                                                                                                   |   |        | -           |   |         |   | 1,581,000 |   |
| Notes payable - affiliate                                                                                                                       |   |        | -           |   |         |   | 40,000 |   |
| Dividends payable                                                                                                                               |   |        | 1,224,693   |   |         |   | 1,178,893 |   |
| Liabilities held for sale (Note 3)                                                                                                              |   |        | -           |   |         |   | 294,756 |   |
| Total current liabilities                                                                                                                       |   |        | 1,293,908   |   |         |   | 3,349,325 |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| LONG TERM LIABILITIES                                                                                                                           |   |        |        |   |         |   |   |   |
| Derivative liability                                                                                                                            |   |        | 130,000     |   |         |   | 390,000 |   |
| Contingent liability - deferred gain                                                                                                            |   |        | 1,856,766   |   |         |   | 1,856,766 |   |
| Liabilities held for sale - non current (Note 3)                                                                                                |   |        | -           |   |         |   | 85,000 |   |
| Total long term liabilities                                                                                                                     |   |        | 1,986,766   |   |         |   | 2,331,766 |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| Total liabilities                                                                                                                               |   |        | 3,280,674   |   |         |   | 5,681,091 |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| Commitments and contingencies (Notes 7 and 9)                                                                                              |   |        |        |   |         |   |   |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| STOCKHOLDERS' EQUITY                                                                                                                            |   |        |        |   |         |   |   |   |
| New Frontier Energy, Inc 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, 17,510 and 17,860 issued and |   |        |        |   |         |   |   |   |
|    as of May 31, 2011 and February 28, 2011, respectively, aggregate                                                             |   |        |        |   |         |   |   |   |
|    liquidation preference of $1,751,000                                                                                          |   |        | 18          |   |         |   | 18 |   |
| Series C Convertible, 230,000 shares authorized, none issued and outstanding                                                                    |   |        | -           |   |         |   | - |   |
| Common stock, $.001 par value, 500,000,000 shares authorized, 68,734,635 and                                                                    |   |        |        |   |         |
| 68,644,891 shares issued and outstanding as of May 31, 2011 and                                                                                 |   |        |        |   |         |   |   |   |
| February 28, 2011, respectively                                                                                                                 |   |        | 68,735      |   |         |   | 68,645 |   |
| Additional paid in capital                                                                                                                      |   |        | 26,169,248  |   |         |   | 26,162,088 |   |
| Accumulated deficit                                                                                                                             |   |        | (10,260,220 | )      |         |   | (23,051,678 | ) |
| Total New Frontier Energy, Inc. stockholders' equity                                                                                            |   |        | 15,977,781  |   |         |   | 3,179,073 |   |
| Noncontrolling interest - discontinued operation                                                                                                |   |        | -           |   |         |   | 483,829 |   |
| Total stockholders' equity                                                                                                                      |   |        | 15,977,781  |   |         |   | 3,662,902 |   |
|                                                                                                                                            |   |        |        |   |         |   |   |   |
| Total liabilities and stockholders' equity                                                                                                      |   | $           | 19,258,455  |   |         | $      | 9,343,993 |   |

----

|                                                                                |   |                |       |   |   |   |
|-------------------------------------------------------------------------------------|--------|---------------------|------------|--------|--------|--------|
|                                                                                |   | Three Month Periods |       |
|                                                                                |   | Ended May 31,       |       |
|                                                                                |   | 2011                |       |   | 2010   |   |
|                                                                                |   |                |       |   |   |   |
| Oil and gas revenue                                                                 |   |                | 7,519      |   |   |   | 4,295 |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Operating expenses:                                                                 |   |                |       |   |   |   |   |   |
| Exploration costs                                                                   |   |                | 8,409      |   |   |   | - |   |
| Lease operating expense                                                             |   |                | 428        |   |   |   | - |   |
| General and administrative, including $7,250 and $111,874 of                        |   |                |       |   |   |   |   |   |
|     share-based compensation                                    |   |                | 229,591    |   |   |   | 301,191 |   |
| Depreciation and amortization expense                                               |   |                | 2,131      |   |   |   | 33,372 |   |
| Impairment and abandonment expense                                                  |   |                | 200,000    |   |   |   | 51,000 |   |
| Total operating expenses                                                            |   |                | 440,559    |   |   |   | 385,563 |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Loss from operations                                                                |   |                | (433,040   | )      |   |   | (381,268 | ) |
|                                                                                |   |                |       |   |   |   |   |   |
| Other income (expense):                                                             |   |                |       |   |   |   |   |   |
| Change in fair value of derivative financial instruments                            |   |                | 260,000    |   |   |   | 160,000 |   |
| Other                                                                               |   |                | (95,067    | )      |   |   | (57,633 | ) |
| Other income, net                                                                   |   |                | 164,933    |   |   |   | 102,367 |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Loss before income taxes                                                            |   |                | (268,107   | )      |   |   | (278,901 | ) |
|                                                                                |   |                |       |   |   |   |   |   |
|      Income taxes                                          |   |                | -          |   |   |   | - |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Loss from continuing operations                                                     |   |                | (268,107   | )      |   |   | (278,901 | ) |
|                                                                                |   |                |       |   |   |   |   |   |
| Discontinued operations - (Note 3)                                                  |   |                |       |   |   |   |   |   |
| Gain on disposal                                                                    |   |                | 13,106,245 |   |   |   | - |   |
| Income from discontinued operations                                                 |   |                | 4,301      |   |   |   | 386,260 |   |
| Net loss (income) attributable to noncontrolling interest - discontinued operations |   |                | 1,405      |   |   |   | (35,080 | ) |
| Total discontinued operations                                                       |   |                | 13,111,951 |   |   |   | 351,180 |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Net income attributable to New Frontier Energy, Inc.                                |   |                | 12,843,844 |   |   |   | 72,279 |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Preferred stock dividends                                                           |   |                | (52,386    | )      |   |   | (58,730 | ) |
|                                                                                |   |                |       |   |   |   |   |   |
| Net income attributable to common shareholders                                      |   | $                   | 12,791,458 |   |   | $      | 13,549 |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Loss from continuing operations per common share:                                   |   |                |       |   |   |   |   |   |
| Basic and diluted                                                                   |   | $                   | -          |   |   | $      | - |   |
| Net income per common share:                                                        |   |                |       |   |   |   |   |   |
| Basic                                                                               |   | $                   | 0.19       |   |   | $      | - |   |
| Diluted                                                                             |   | $                   | 0.17       |   |   | $      | - |   |
|                                                                                |   |                |       |   |   |   |   |   |
| Weighted average shares outstanding                                                 |   |                |       |   |   |   |   |   |
| Basic                                                                               |   |                | 68,703,419 |   |   |   | 68,327,901 |   |
| Diluted                                                                             |   |                | 73,193,163 |   |   |   | 72,933,417 |   |
|                                                                                |   |                |       |   |   |   |   |   |

----

|                                                                                                                             |   |    |          |    |   |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------------|---------|--------|--------|
|                                                                                                                             |   | May 31, |          |
|                                                                                                                             |   | 2011    |          |    | 2010   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                            |   |    |          |    |   |   |
| Net income attributable to New Frontier Energy, Inc.                                                                             |   | $       | 12,843,844    |    |   | $      | 72,279 |   |
| Adjustments to reconcile net income attributable to New Frontier Energy, Inc                                                     |   |    |          |    |   |   |   |   |
| to net cash provided by (used in) operating activities:                                                                          |   |    |          |    |   |   |   |   |
| Depreciation, depletion and amortization                                                                                         |   |    | 2,131         |    |   |   | 33,372 |   |
| Impairment and abandonment of property, plant and equipment                                                                      |   |    | 200,000       |    |   |   | 51,000 |   |
| Share-based compensation expenses                                                                                                |   |    | 7,250         |    |   |   | 111,874 |   |
| Loss on foreign currency exchange rate                                                                                           |   |    | 166,400       |    |   |   | - |   |
| Exchange of stock options for note payable                                                                                       |   |    | -             |    |   |   | 50,000 |   |
| Decrease in fair value from derivative instruments                                                                               |   |    | (260,000      | )       |   |   | (160,000 | ) |
| Discontinued operations                                                                                                          |   |    | (13,111,951   | )       |   |   | - |   |
| (Increase) decrease in assets:                                                                                                   |   |    |          |    |   |   |   |   |
| Accounts receivable, trade                                                                                                       |   |    | 42,661        |    |   |   | (6,393 | ) |
| Prepaid expenses and deposits                                                                                                    |   |    | 4,317         |    |   |   | 56,417 |   |
| Increase (decrease) in liabilities:                                                                                              |   |    |          |    |   |   |   |   |
| Accounts payable and accrued expenses                                                                                            |   |    | (187,192      | )       |   |   | (208,133 | ) |
|                Accounts payable - affiliates          |   |    | (1,581,000    | )       |   |   | - |   |
| Net cash (used in) provided by continuing operations                                                                             |   |    | (1,873,540    | )       |   |   | 416 |   |
| Net cash provided by (used in) discontinued operations                                                                           |   |    | 10,007        |    |   |   | (437,758 | ) |
| Net cash used in operating activities                                                                                            |   |    | (1,863,533    | )       |   |   | (437,342 | ) |
|                                                                                                                             |   |    |          |    |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                            |   |    |          |    |   |   |   |   |
| Purchases of oil and gas properties                                                                                              |   |    | (2,353        | )       |   |   | (32,487 | ) |
| Net cash used in investing activities - continuing operations                                                                    |   |    | (2,353        | )       |   |   | (32,487 | ) |
| Net cash provided by investing activities - discontinued operations                                                              |   |    | 9,565,000     |    |   |   | - |   |
| Net cash provided by (used in) investing activities                                                                              |   |    | 9,562,647     |    |   |   | (32,487 | ) |
|                                                                                                                             |   |    |          |    |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                            |   |    |          |    |   |   |   |   |
|     Payment of notes payable                                                                                      |   |    | (40,000       | )  |   |   | - |   |
|     Preferred stock dividends paid                                                                                |   |    | (56,687       | )       |   |   | (6,608 | ) |
|             Net cash used in financing activities - continuing operations |   |    | (96,687       | )       |   |   | (6,608 | ) |
|                                                                                                                             |   |    |          |    |   |   |   |   |
| INCREASE (DECREASE) IN CASH                                                                                                      |   |    | 7,602,427     |    |   |   | (476,437 | ) |
| BEGINNING BALANCE                                                                                                                |   |    | 3,305,075     |    |   |   | 850,202 |   |
|                                                                                                                             |   |    |          |    |   |   |   |   |
| ENDING BALANCE                                                                                                                   |   | $       | 10,907,502    |    |   | $      | 373,765 |   |
|                                                                                                                             |   |    |          |    |   |   |   |   |
| Cash paid for income taxes                                                                                                       |   | $       | -             |    |   | $      | - |   |
| Cash paid for interest                                                                                                           |   | $       | -             |    |   | $      | - |   |
|                                                                                                                             |   |    |          |    |   |   |   |   |
| Supplemental schedule of non-cash investing and financing activities:                                                            |   |    |          |    |   |   |   |   |
| Conversion of Series B Preferred Stock to Common Stock                                                                           |   | $       | -             |    |   | $      | 29 |   |
| Conversion of note payable                                                                                                       |   | $       | -             |    |   | $      | 50,000 |   |
|        Marketable securities received from sale of discontinued operations                         |   | $       | 6,831,900     |    |   | $      | - |   |
|        Put option received from sale of discontinued operations                                    |   | $       |  765,000 |    |   | $      |  - |   |

----

----

----

|                                                                 |   | For the three month period |       |
|----------------------------------------------------------------------|--------|----------------------------|------------|
|                                                                 |   | ended May 31,              |       |
|                                                                 |   | 2011                       |       |   | 2010 |   |
| Loss from continuing operations                                      |   | $                          | (268,107   | ) |   | $ | (268,900 | ) |
| Income from discontinued operations                                  |   | $                          | 13,111,951 |   |   | $ | 341,177 |   |
| Net income available to common shareholder’s – Basic     |   | $                          | 12,791,458 |   |   | $ | 13,548 |   |
| Plus: Preferred stock dividends                                      |   |                       | 52,385     |   |   |   | 58,730 |   |
| Net income available to common shareholder’s - Diluted         |   | $                          | 12,843,844 |   |   | $ | 72,279 |   |
|                                                                 |   |                       |       |   |   |   |   |   |
| Basic weighted-average common shares outstanding                     |   |                       | 68,703,419 |   |   |   | 68,103,417 |   |
| Add: dilutive effect of preferred stock                              |   |                       | 4,489,744  |   |   |   | 4,830,000 |   |
| Add: dilutive effect of stock options and warrants                   |   |                       | -          |   |   |   | - |   |
| Diluted weighted average common shares outstanding                   |   |                       | 73,193,163 |   |   |   | 72,933,417 |   |
| Loss per share from continuing operations – Basic and diluted* |   | $                          | -          |   |   | $ | - |   |
| Income per share from discontinued operations:*                      |   |                       |       |   |   |   |   |   |
|        Basic                      |   | $                          | 0.19       |   |   | $ | - |   |
|        Diluted                    |   | $                          | 0.18       |   |   | $ | - |   |
| Net income per share attributable to common shareholders:*           |   |                       |       |   |   |   |   |   |
|        Basic                      |   | $                          | 0.19       |   |   | $ | - |   |
|        Diluted                    |   | $                          | 0.17       |   |   | $ | - |   |

----

|                                                                                         |   |   | May 31,    |   |
|----------------------------------------------------------------------------------------------|--------|--------|------------|--------|
|                                                                                         |   | 2011   |       | 2010   |
| Oil and gas production revenue                                                               |   | $      | 10,627     |   |   | $ | 29,984 |   |
| Gathering and operating revenue                                                              |   |   | 4,404      |   |   |   | 359,319 |   |
|             Total oil and gas revenue |   |   | 15,031     |   |   |   | 389,303 |   |
|                                                                                         |   |   |       |   |   |   |   |   |
| Gain on disposal                                                                             |   |   | 13,106,245 |   |   |   | - |   |
|     Income from discontinued operations                                       |   |   | 4,301      |   |   |   | 386,260 |   |
|     Net loss (income) attributable to discontinued operations                 |   |   | 1,405      |   |   |   | (35,080 | ) |
| Income from discontinued operations, before income taxes                                     |   |   | 13,111,951 |   |   |   | 351,180 |   |
| Income tax benefit (expense)                                                                 |   |   | -          |   |   |   | - |   |
|                                                                                         |   |   |       |   |   |   |   |   |
| Income from discontinued operations                                                          |   | $      | 13,111,951 |   |   | $ | 351,180 |   |

----

|                                                                                       |   |   |      |
|--------------------------------------------------------------------------------------------|--------|--------|-----------|
|                                                                                       |   | 2011   |      |
| Current Assets:                                                                            |   |   |      |
|     Accounts receivable, net of allowance                              |   | $      | 169,639   |   |
|                                                                                       |   |   |      |   |
| Property and Equipment:                                                                    |   |   |      |   |
|     Oil and gas gathering facilities, net of accumulated DD&A      |   |   | 1,882,457 |   |
|     Unproved oil and gas properties, net of accumulated DD&A       |   |   | 2,534,276 |   |
|     Other property and equipment, net of depreciation and amortization |   |   | 18,384    |   |
|        Total property and equipment                     |   |   | 4,435,117 |   |
|                                                                                       |   |   |      |   |
| Assets of discontinued operations held for sale                                            |   | $      | 4,604,756 |   |
|                                                                                       |   |   |      |   |
|                                                                                       |   |   |      |   |
| Current liabilities:                                                                       |   |   |      |   |
|     Accounts payable and accrued expenses                              |   | $      | 71,482    |   |
|     Revenue payable                                                    |   |   | 159,397   |   |
|     Production and property taxes                                      |   |   | 63,877    |   |
|                                                                                       |   |   |      |   |
| Current liabilities of discontinued operations held for sale                               |   | $      | 294,756   |   |
|                                                                                       |   |   |      |   |
| Noncurrent liabilities                                                                     |   |   |      |   |
|     Asset retirement obligation                                        |   |   | 85,000    |   |
| Total Liabilities of discontinued operations held for sale                                 |   | $      | 379,756   |   |

----

| Options                          |   | Number of shares |      |   | Weighted avg exercise price |   |   | Wtd avg remaining contractual term |   |   | Aggregate intrinsic value |   |
|----------------------------------|--------|------------------|-----------|--------|-----------------------------|--------|--------|------------------------------------|--------|--------|---------------------------|--------|
| Outstanding at February 28, 2011 |   |             | 6,308,333 |   |                        | $      | 1.12   |                               |   |   |                      |   |   |   |
|   Granted              |   |             | -         |   |                        | $      | -      |                               |   |   |                      |   |   |   |
|   Exercised            |   |             | -         |   |                        | $      | -      |                               |   |   |                      |   |   |   |
|   Forfeited or expired |   |             | -         |   |                        | $      | -      |                               |   |   |                      |   |   |   |
| Outstanding at May 31, 2011      |   |             | 6,308,333 |   |                        | $      | 1.12   |                               |   |   | 3.38                      |   |   | $ | - |   |
| Exercisable at May 31, 2011      |   |             | 5,808,333 |   |                        | $      | 1.17   |                               |   |   | 3.62                      |   |   | $ | - |   |

----

| Options                          |   | Number of shares |      |   | Weighted avg exercise price |   |   | Wtd avg remaining contractual term |   |   | Aggregate intrinsic value |   |
|----------------------------------|--------|------------------|-----------|--------|-----------------------------|--------|--------|------------------------------------|--------|--------|---------------------------|--------|
| Outstanding at February 28, 2011 |   |             | 1,750,000 |   |                        |   | 0.23   |                               |   |   |                      |   |   |   |
|   Granted              |   |             | -         |   |                        |   |   |                               |   |   |                      |   |   |   |
|   Exercised            |   |             | -         |   |                        |   |   |                               |   |   |                      |   |   |   |
|   Forfeited or expired |   |             | -         |   |                        |   |   |                               |   |   |                      |   |   |   |
| Outstanding at May 31, 2011      |   |             | 1,750,000 |   |                        |   | 0.23   |                               |   |   | 1.19                      |   |   | $ | - |   |
| Exercisable at May 31, 2011      |   |             | 1,750,000 |   |                        |   | 0.23   |                               |   |   | 1.19                      |   |   | $ | - |   |

| Range of Exercise Price |   |   | Weighted Average Remaining Contractual Life in Years |   |   | Number of Shares Outstanding |   |      | Number of Shares Exercisable |   |   | Weighted Average Exercise Price |   |   | Aggregate Intrinsic Value |                                                       |
|-------------------------|--------|--------|-------------------------------------------------------------------------------|--------|--------|------------------------------|--------|-----------|------------------------------|--------|--------|------------------------------------------------|--------|--------|---------------------------|------------------------------------------------------------|
|                    |   |   |                                                                          |   |   |                         |   |      |                         |   |   |                                           |   |   |                      |                                                       |
| $0.20 to $0.74          |   |   |                                                                          | 1.05   |   |                         |   | 2,250,000 |                         |   |   | 1,750,000                                      |   |   | $                         |          0.29 |   |   | $ | - |   |
| $0.75 to $1.50          |   |   |                                                                          | 3.62   |   |                         |   | 5,808,333 |                         |   |   | 5,808,333                                      |   |   | $                         |          1.17 |   |   | $ | - |   |
| Total                   |   |   |                                                                          | 2.90   |   |                         |   | 8,058,333 |                         |   |   | 7,558,333                                      |   |   | $                         | 0.93                                                       |   |   | $ | - |   |

| ·     |  Level 1 – Quoted prices in active markets for identical assets or liabilities |
|--------------------------------|-------------------------------------------------------------------------------------------|

| ·     | Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Level 3 – Significant inputs to the valuation model are unobservable. |
|--------------------------------|-----------------------------------------------------------------------------|

----

|                                               |   | Fair value measurements using: |      |
|----------------------------------------------------|--------|--------------------------------|-----------|
|                                               |   | Total                          |      |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Assets:                                            |   |                           |      |   |   |   |   |   |   |   |   |   |
|   Investments – Trading securities |   |                           | 6,682,500 |   |   |   | 6,682,500 |   |   |   | - |   |   |   | - |   |
|   Derivative – put option          |   |                           | 748,000   |   |   |   | - |   |   |   | - |   |   |   | 748,000 |   |
| Liabilities:                                       |   |                           |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Derivative - Series B Preferred        |   |                           | 130,000   |   |   |   | - |   |   |   | - |   |   |   | 130,000 |   |

|                                                  |   | Fair value measurements using: |    |
|-------------------------------------------------------|--------|--------------------------------|---------|
| Liabilities at fair values:                           |   | Total                          |    |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Derivative liability – Series B Preferred Stock |   |                           | 390,000 |   |   |   | - |   |   |   | - |   |   |   | 390,000 |   |

----

|                         |   | Fair value measurements using: |                                                                                        |
|------------------------------|--------|--------------------------------|---------------------------------------------------------------------------------------------|
|                         |   | Total                          |                                                                                        |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Assets at fair values:       |   |                           |                                                                                        |   |   |   |   |   |   |   |   |   |
|  February 28, 2011      |   | $                              | -                                                                                           |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Increase (decrease)          |   |                           |  7,430,500                                                                             |   |   |   | 6,682,500 |   |   |   | - |   |   |   | 748,000 |   |
| Transfers in(out) of Level 3 |   |                           |                - |   |   |   |             - |   |   |   |               - |   |   |   |                  - |   |
|  May 31, 2011           |   | $                              |    7,430,500                                                                 |   |   | $ | 6,682,500 |   |   | $ | - |   |   | $ |      748,000 |   |
|                         |   |                           |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities at fair values:  |   |                           |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  February 28, 2011      |   | $                              | 390,000                                                                                     |   |   | $ | - |   |   | $ | - |   |   | $ | 390,000 |   |
| Increase (decrease)          |   |                           |  (260,000                                                                              | )  |   |   |  - |   |   |   |  - |   |   |   |  (260,000 | )  |
| Transfers in(out) of Level 3 |   |                           | -                                                                                           |   |   |   | - |   |   |   |  - |   |   |   |  - |   |
|  May 31, 2011           |   | $                              |  130,000                                                                               |   |   | $ | - |   |   | $ |  - |   |   | $ |  130,000 |   |

|         | Expected volatility | Expecteddividend yield | Time to maturity | Credit-adjusted-risk-free-rate per annum | Strike Price | Fair value of underlying common shares (per share) |
|--------------|---------------------|------------------------|------------------|------------------------------------------|--------------|----------------------------------------------------|
| May 31, 2011 | 86%                 | 0%                     | 6 months         | 5.0%                                     | $0.04 (AUD)  | $0.05 (AUD)                                        |

|         | Expected volatility | Expecteddividend yield | Time to maturity | Credit-adjusted-risk-free-rate per annum | Strike Price | Fair value of underlying common shares (per share) |
|--------------|---------------------|------------------------|------------------|------------------------------------------|--------------|----------------------------------------------------|
| May 31, 2011 | 138% to 152%        | 0%                     | 1 to 7 years     | 10%                                      | $0.65        | $0.06                                              |

----

----

----

|                                                     |   |   | May 31,    |   |
|----------------------------------------------------------|--------|--------|------------|--------|
|                                                     |   | 2011   |       |   | 2010 |   |
| Oil and gas production revenue                           |   | $      | 10,627     |   |   | $ | 29,984 |   |
| Gathering and operating revenue                          |   |   | 4,404      |   |   |   | 359,319 |   |
|     Total oil and gas revenue        |   |   | 15,031     |   |   |   | 389,303 |   |
|                                                     |   |   |       |   |   |   |   |   |
| Income from discontinued operations, before income taxes |   |   | 13,111,951 |   |   |   | 351,180 |   |
| Income tax benefit (expense)                             |   |   | -          |   |   |   | - |   |
|                                                     |   |   |       |   |   |   |   |   |
| Income from discontinued operations                      |   | $      | 13,111,951 |   |   | $ | 351,180 |   |

----

|                                                                                       |   |   |      |
|--------------------------------------------------------------------------------------------|--------|--------|-----------|
|                                                                                       |   | 2011   |      |
| Current Assets:                                                                            |   |   |      |
|     Accounts receivable, net of allowance                              |   | $      | 169,639   |   |
|                                                                                       |   |   |      |   |
| Property and Equipment:                                                                    |   |   |      |   |
|     Oil and gas gathering facilities, net of accumulated DD&A      |   |   | 1,882,457 |   |
|     Unproved oil and gas properties, net of accumulated DD&A       |   |   | 2,534,276 |   |
|     Other property and equipment, net of depreciation and amortization |   |   | 18,384    |   |
|        Total property and equipment                     |   |   | 4,435,117 |   |
|                                                                                       |   |   |      |   |
| Assets of discontinued operations held for sale                                            |   | $      | 4,604,756 |   |
|                                                                                       |   |   |      |   |
|                                                                                       |   |   |      |   |
| Current liabilities:                                                                       |   |   |      |   |
|     Accounts payable and accrued expenses                              |   | $      | 71,482    |   |
|     Revenue payable                                                    |   |   | 159,397   |   |
|     Production and property taxes                                      |   |   | 63,877    |   |
|                                                                                       |   |   |      |   |
| Current liabilities of discontinued operations held for sale                               |   | $      | 294,756   |   |
|                                                                                       |   |   |      |   |
| Noncurrent liabilities                                                                     |   |   |      |   |
|     Asset retirement obligation                                        |   |   | 85,000    |   |
| Total Liabilities of discontinued operations held for sale                                 |   | $      | 379,756   |   |

----

|                                  |   | May 31, |    |   | Change |   |
|---------------------------------------|--------|---------|---------|--------|--------|--------|
|                                  |   | 2011    |    |   | 2010   |   |   | $$$'s |   |   | % |   |
| Operating expenses:                   |   |    |    |   |   |   |   |   |   |   |   |   |
| Exploration costs                     |   | $       | 8,409   |   |   | $      | - |   |   | $ | 8,409 |   |   |   | - | % |
| Lease operating expense               |   |    | 428     |   |   |   | - |   |   |   | 428 |   |   |   | - | % |
| General and administrative expense    |   |    | 229,591 |   |   |   | 301,191 |   |   |   | (71,600 | ) |   |   | (23.8 | %) |
| Depreciation and amortization expense |   |    | 2,131   |   |   |   | 33,372 |   |   |   | (31,241 | ) |   |   | (93.6 | %) |
| Impairment expense                    |   |    | 200,000 |   |   |   | 51,000 |   |   |   | 149,000 |   |   |   | 292.2 | % |
| Total operating expenses              |   | $       | 440,559 |   |   | $      | 385,563 |   |   | $ | 54,996 |   |   |   | 14.3 | % |

----

|                                                     |   | May 31, |    |
|----------------------------------------------------------|--------|---------|---------|
|                                                     |   | 2011    |    |   | 2010 |   |   | $ Chg |   |   | % Chg |   |
| Other income (expense):                                  |   |    |    |   |   |   |   |   |   |   |   |   |
| Change in fair value of derivative financial instruments |   | $       | 260,000 |   |   | $ | 160,000 |   |   | $ | 100,000 |   |   |   | (62.5 | %) |
| Other expense                                            |   | $       | (95,067 | ) |   | $ | (57,633 | ) |   | $ | (37,434 | ) |   |   | 65.0 | % |
|    Total other income                     |   | $       | 164,933 |   |   | $ | 102,367 |   |   | $ | (62,566 | ) |   |   | (61.1 | %) |

----

|                                                                          |   | February 28, 2011 |       |    | February 29, 2010 |   |     | Increase (Decrease) |
|-------------------------------------------------------------------------------|--------|-------------------|------------|---------|-------------------|--------|----------|---------------------|
| Net cash (used in) provided by operating activities - continuing operations   |   | $                 | (1,873,540 | )       |              | $      | 416      |                | $  | (1,873,956) |
| Net cash provided by (used in) operating activities - discontinued operations |   | $                 | 10,007     |    |              | $      | (437,758 | )                   | $  |     427,743 |
| Net cash provided by investing activities – continuing operations       |   | $                 | (2,353     | )  |              | $      | (32,487  | )                   | $  |     (30,134) |
| Net cash provided by investing activities – discontinued operations     |   | $                 | 9,565,000  |    |              | $      | -        |                | $  |  9,565,000 |
| Net cash provided by financing activities – continuing operations       |   | $                 | (96,687    | )  |              | $      | (6,608   | )                   | $  |        (90,079) |

----

----

|   | 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. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|                      | New Frontier Energy, Inc. |                                               |
|---------------------------|---------------------------|----------------------------------------------------|
|                      |                      |                                               |   |
| Date:  July 15, 2011 | By:                       | /s/ Samyak Veera                              |   |
|                      |                      | Samyak Veera,President and Chief Executive Officer |   |
|                      |                      |                                               |   |
|                      |                      |                                               |   |

|   |   |                                     |
|--------|--------|------------------------------------------|
|   |   |                                     |   |
|   | By:    | /s/ Tristan R. Farel                |   |
|   |   | Tristan R. Farel,Chief Financial Officer |   |
|   |   |                                     |   |
|   |   |                                     |   |

----