SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                   FORM 10-QSB

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

                      For the Quarter ended August 31, 2005

          [ ] 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)

                  5632 S. Spotswood Street, Littleton, CO 80120
                  ---------------------------------------------
                    (Address of principal executive offices)

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

                                      N/A
                                    -------
              (Former name, former address and former fiscal year,
                          if changed since last report)

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

As of October 24, 2005, 3,877,024 shares of common stock were outstanding.

Transitional Small Business Disclosure Format:  Yes [ ]   No [X]





<PAGE>


                            NEW FRONTIER ENERGY, INC.


                                      Index

                                                                            Page

Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements.

           Consolidated Balance Sheet (unaudited) at August 31, 2005          1

           Consolidated Statements of Operations (unaudited) for the three
           months ended August 31, 2005 and 2004                              2

           Consolidated Statements of Operations (unaudited) for the six
           months ended August 31, 2005 and 2004                              3

           Consolidated Statements of Cash Flows (unaudited) for the
           six months ended August 31, 2005 and 2004                          4

           Notes to Consolidated Financial Statements (unaudited)             5

Item 2.    Management's Discussion and Analysis or Plan of Operation.        14

Item 3.    Controls and Procedures.                                          21

Part II - OTHER INFORMATION

 Item 1. Legal Proceedings.                                                  21

Item 2.    Unregistered Sales of Equity Securities.                          21

Item 3.    Defaults Upon Senior Securities.                                  21

Item 4.    Submission of Matters of a Vote of Security Holders.              22

Item 5.    Other Information.                                                22

Item 6.    Exhibits and Reports on Form 8-K.                                 22

SIGNATURES                                                                   23

EXHIBITS

<PAGE>


<TABLE>
<CAPTION>


                            NEW FRONTIER ENERGY, INC.
                           CONSOLIDATED BALANCE SHEET
                                 AUGUST 31, 2005
                                   (UNAUDITED)


                                     ASSETS
CURRENT ASSETS
<S>                                                                     <C>
      Cash                                                              $ 1,642,980
      Accounts receivable, trade                                             34,477
      Prepaid expenses                                                       31,984
                                                                        -----------
           Total current assets                                           1,709,441
                                                                        -----------

PROPERTY AND EQUIPMENT,  NET OF ACCUMULATED DEPRECIATION
  AND DEPLETION OF $129,230                                               6,211,123
                                                                        -----------

OTHER ASSETS
      Investment                                                            515,000
      Other                                                                     420
                                                                        -----------
                                                                            515,420
                                                                        -----------

                                                                        $ 8,435,984
                                                                        ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
      Accounts payable                                                  $   759,548
      Dividends payable                                                     163,501
      Accrued expenses                                                       83,268
      Accounts payable, affiliates                                          584,894
      Note payable, shareholder                                             250,000
                                                                        -----------
           Total current liabilities                                      1,841,211
                                                                        -----------

LONG TERM LIABILITIES
      Convertible debenture                                               1,552,500
      Accrued interest payable                                                6,995

MINORITY INTEREST IN  SUBSIDIARY                                            257,364
                                                                        -----------

Total liabilities                                                         3,658,070
                                                                        -----------

STOCKHOLDERS' EQUITY
      Preferred stock, $.001 par value, 25,000,000 shares authorized:
         Series A Convertible, 100,000 shares authorized
         50,000 shares  issued and outstanding                                   50
         Series B Convertible, 36,036 shares authorized
         31,762 issued and outstanding                                           32
      Common stock, $.001 par value, 50,000,000 shares authorized,
           3,711,701 shares issued and outstanding                            3,711
      Additional paid in capital                                          8,789,917
      Accumulated (deficit)                                              (4,015,796)
                                                                        -----------
                                                                          4,777,914
                                                                        -----------

                                                                        $ 8,435,984
                                                                        ===========
</TABLE>


   See accompanying notes to the unaudited consolidated financial statements.

                                       1
 <PAGE>

<TABLE>
<CAPTION>


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

                                                         Three Months Ended
                                                      August 31,     August 31,
                                                        2005            2004
                                                     -----------    ------------
Operating revenues
<S>                                                  <C>            <C>
       Oil and gas sales                             $    33,991    $     7,033
       Gathering fees                                      1,324             --
                                                     -----------    -----------
                                                          35,315          7,033
                                                     -----------    -----------

Operating expenses
       Exploration costs, including dry holes             48,835         12,560
       Lease operating expenses                          150,305          5,071
       Cost of gas gathering                                 784             --
       General and administrative                        326,915        111,143
       Depreciation, depletion and amortization           19,181          5,742
                                                     -----------    -----------
            Total operating expenses                     546,020        134,516
                                                     -----------    -----------

(Loss) from operations                                  (510,705)      (127,483)
                                                     -----------    -----------

Other income (expense)
       Interest income                                     1,239          1,448
       Interest expense                                  (16,321)        (5,117)
       Minority interest in net loss of subsidiary         3,762             --
       Debt issuance costs, non-cash                     (52,158)            --
                                                     -----------    -----------
            Other income (expense), net                  (63,478)        (3,669)
                                                     -----------    -----------

(Loss) before income taxes                              (574,183)      (131,152)
                                                     -----------    -----------

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

Net (loss)                                              (574,183)      (131,152)

Preferred stock dividends                               (106,551)       (12,698)
                                                     -----------    -----------

Net (loss) attributable to common shareholders       $  (680,734)   $  (143,850)
                                                     ===========    ===========

Net (loss) per common share
       Basic and diluted                             $     (0.19)   $     (0.05)
                                                     ===========    ===========

Weighted average shares outstanding
       Basic and diluted                               3,599,250      3,194,451
                                                     ===========    ===========

</TABLE>




   See accompanying notes to the unaudited consolidated financial statements.
                                        2
<PAGE>
<TABLE>
<CAPTION>

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

                                                          Six Months Ended
                                                      August 31,     August 31,
                                                         2005           2004
                                                     -----------    ------------
Operating revenues
<S>                                                  <C>            <C>
       Oil and gas sales                             $    41,572    $    10,355
       Gathering fees                                      1,324             --
                                                     -----------    -----------
                                                          42,896         10,355
                                                     -----------    -----------

Operating expenses
       Exploration costs, including dry holes             65,399         29,488
       Lease operating expenses                          265,758          5,284
       Cost of gas gathering                                 784             --
       General and administrative                        490,523        233,149
       General and administrative -                                          --
        restrictive stock award                          234,000             --
       Depreciation, depletion and amortization           27,150          8,496
                                                     -----------    -----------
            Total operating expenses                   1,083,614        276,417
                                                     -----------    -----------

(Loss) from operations                                (1,040,718)      (266,062)
                                                     -----------    -----------

Other income (expense)
       Interest income                                     2,676          2,978
       Interest expense                                  (30,311)        (9,257)
       Minority interest in net loss of subsidiary         3,762             --
       Debt issuance costs, non-cash                     (52,158)            --
                                                     -----------    -----------
            Other income (expense), net                  (76,031)        (6,279)
                                                     -----------    -----------

(Loss) before income taxes                            (1,116,749)      (272,341)
                                                     -----------    -----------

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

Net (loss)                                            (1,116,749)      (272,341)

Preferred stock dividends                               (215,156)       (20,712)
                                                     -----------    -----------

Net (loss) attributable to common shareholders       $(1,331,905)   $  (293,053)
                                                     ===========    ===========

Net (loss) per common share
       Basic and diluted                             $     (0.39)   $     (0.09)
                                                     ===========    ===========

Weighted average shares outstanding
       Basic and diluted                               3,441,416      3,194,451
                                                     ===========    ===========
</TABLE>




   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,
                                                                                      2005           2004
                                                                                  -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                               <C>            <C>
    Net (loss)                                                                    $(1,116,749)   $  (272,341)
    Adjustments to reconcile net (loss) to net cash
       provided by (used in) operating activities:
         Depreciation, depletion and amortization                                      27,150          8,496
         Financing issuance costs, noncash                                             52,158             --
         Minority interest in net loss of subsidiary                                    3,762             --
         Issuance of restricted stock award                                           234,000             --
         Issuance of common stock warrant to consultant                                54,642             --
         Accretion of interest on production payment                                       --         (2,898)
         Interest on convertible debenture                                              6,995             --
         (Increase) decrease in assets:
            Accounts receivable                                                       (24,960)         4,099
            Prepaid expense                                                           (24,035)        (4,511)
         Increase (decrease) in liabilities:
            Accounts payable                                                          254,172        148,792
            Accrued expenses                                                           25,872         (8,452)
                                                                                  -----------    -----------

       Net cash (used in) operating activities                                       (506,993)      (126,815)
                                                                                  -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:

    Investment in subsidiary                                                         (515,000)            --
    Purchase of property and equipment                                             (2,905,869)      (174,589)
                                                                                  -----------    -----------

       Net cash (used in) investing activities                                     (3,420,869)      (174,589)
                                                                                  -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

    Payment of notes payable                                                         (250,027)       (33,550)
    Proceeds from notes payable                                                            --        250,000
    Proceeds from convertible debt issue                                            2,760,000
    Issuance of preferred stock and warrants for cash                                      --        250,000
    Cost of issuance of equity for cash during the year ended February 28, 2005       (12,375)            --
    Preferred stock dividends paid                                                    (64,991)       (15,534)
    Minority interest in subsidiary                                                   253,601             --
    Increase in due to affiliates                                                     584,894             --
    Repayment of employee advances                                                         --         10,000
                                                                                  -----------    -----------

       Net cash provided by financing activities                                    3,271,102        460,916
                                                                                  -----------    -----------

INCREASE (DECREASE) IN CASH                                                          (656,760)       159,512

BEGINNING BALANCE                                                                   2,299,740         41,684
                                                                                  -----------    -----------

ENDING BALANCE                                                                    $ 1,642,980    $   201,196
                                                                                  ===========    ===========

Cash paid for interest                                                            $    28,426    $    11,468
                                                                                  ===========    ===========

Supplemental schedule of non-cash investing and financing activities:
       Series B preferred stock converted to common stock                         $        84    $        --
       Issuance of  common stock warrants                                         $   929,866    $     8,000
       Reduction of property and equipment arising from a decrease in accounts
         payable for oil and gas leases that were not issued                      $    45,033    $        --
       Issuance of common stock for services                                      $    28,500    $        --

</TABLE>


   See accompanying notes to the unaudited consolidated financial statements.
                                        4
<PAGE>


                            NEW FRONTIER ENERGY, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                                 August 31, 2005

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

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

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

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

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

     During the six months ended August 31, 2005, the Company invested in
     limited partnership interests in Slater Dome Gathering, LLLP ("SDG"). SDG
     was organized to construct a natural gas gathering line from the Company's
     Slater Dome/Coal Creek Draw Prospect, located in northwest Colorado and
     southwest Wyoming (the "Slater Dome Prospect") that will transport the gas
     from the Slater Dome Prospect to the Questar transmission line at Baggs,
     Wyoming. The gathering line was completed on June 3, 2005. The Company
     began selling gas in June 2005. SDG, a calendar year-end company, was
     formed on September 1, 2004 and was inactive until it received its initial
     funding on May 18, 2005.

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

     The 2004 financial statements include the accounts of the Company and its,
     former wholly owned subsidiary, Skyline Resources, Inc. ("Skyline"), which
     was merged into New Frontier effective the close of business on February
     28, 2005. The August 31, 2005, financial statements include the accounts of
     the Company as of and for the six months ended August 31, 2005, and SDG as
     of and for the six months ended June 30, 2005. All significant intercompany
     accounts and transactions in 2004 and 2005 were eliminated.

                                       5

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

     Debt with Detachable Warrants 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 each. 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 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,
     2005, included in the Company's annual report on Form 10-KSB.

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

     Certain amounts reported in the Company's financial statements for the
     three and six months ended August 31, 2004, have been reclassified to
     conform to the current period presentation.


                                       6
<PAGE>
2.   SLATER DOME GATHERING, LLLP
     ---------------------------

     In March 2005, the Company advanced $1,000,000 to Natural Resource Group
     Gathering LLC, the general partner of SDG ("NRGG" or the "General
     Partner"). In May 2005, NRGG contributed the pipeline and the $1,000,000
     obligation to the Company to SDG. Later in May 2005, the Company and SDG
     agreed to convert the $1,000,000 advance into Class A limited partnership
     interests in SDG. In June 2005, the Company advanced $85,000 to the general
     partner for operating expenses. In July 2005 the Company agreed to invest
     an additional $600,000 in Class A limited partnership interests in SDG.
     Accordingly, the advance of $85,000 plus additional cash invested in July
     2005 of $515,000 were converted into Class A limited partnership interests.
     At August 31, 2005, the Company owned 80% of the Class A limited
     partnership interests and accordingly, 72% of SDG. SDG is considered a
     variable interest entity under FIN 46R, and has been consolidated effective
     March 31, 2005. The creditors of SDG do not have recourse to the general
     credit of the Company.

     As a holder of SDG's Class A limited partnership interests, the Corporation
     executed SDG's limited liability limited partnership agreement (the
     "Partnership Agreement"). The Partnership Agreement provides that
     distributions will be allocated (i) First, to the General Partner in the
     amount of the Out of Pocket Costs (as defined in the Partnership Agreement)
     to reimburse the General Partner for such costs; (ii) Second, 90% shall be
     distributed to the Limited Partners of SDG (pro rata in accordance with
     their respective Percentage Interests) and 10% shall be distributed to the
     General Partner until such time as the Unreturned Capital (as defined in
     Partnership Agreement") of all of the Limited Partners is reduced to zero;
     and (iii) Thereafter, 75% to the Limited Partners (pro rata in accordance
     with their respective Percentage Interests) and 25% to the General Partner.
     Distributions shall be distributed at such time or times as the General
     Partner shall determine in its sole discretion. NRGG has a 10% and 25%
     carried interest before and after payout respectively. NRGG will receive a
     project management fee of $200,000 and will receive an operating management
     fee of 1% of the invested capital for the first 12 months the pipeline is
     in operation and 2% of gross receipts thereafter. Further, the Company,
     along with the other working interest owners at the property located at the
     Slater Dome Prospect, have agreed to pay SDG a fee of $0.50 per mcf of gas
     transported through the line until the costs of the gathering pipeline are
     recovered and $0.25 thereafter and to dedicate their gas to the gathering
     pipeline.

3.   CONVERTIBLE DEBT
     ----------------

     On July 22, 2005, the Company closed on the sale (the "Offering") to
     accredited investors of 92 investment units (the "Units") at a purchase
     price of $30,000 per Unit for gross and net proceeds of $2,760,000. Each
     Unit consists of: (i) $30,000 of 2.5% two-year Convertible Debentures,
     convertible into 25,000 shares of the $0.001 par value common stock (the
     "Common Stock") of New Frontier Energy at the rate of $1.20 per share, the
     market value of the shares on 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 $0.001
     par value common stock at an exercise price of $2.00 per share (the
     "Warrants").

                                       7
<PAGE>
     The interest on the Debentures accrues daily and compounds quarterly and is
     payable upon the earlier of conversion or maturity of the Debentures (or
     portion thereof), in cash or in stock, at the Company's option. If the
     Company elects to make payment in stock, such shares ("Interest Shares")
     shall be payable at the rate of 1 Interest Share per $1.20 in interest due.
     The Warrants are exercisable at $2.00 per common share and have a call
     feature provided that the Company's common stock has been trading at not
     less than $4.50 per share for twenty consecutive trading days and the
     underlying shares are subject to an effective registration statement that
     has been continuously effective for a minimum of thirty days.

     Effective June 28, 2005, the Company entered into a Placement Agent
     Agreement with Westminster Securities Corporation ("Westminster" or the
     "Placement Agent"), pursuant to which Westminster would act as the
     exclusive placement agent for the Company with respect to the Offering. For
     acting as Placement Agent, Westminster or its designees received 170,000
     shares of Common Stock, or 8% of the number of Common Stock underlying the
     Debentures sold (the "Placement Agent Shares"). The shares were valued at
     $236,300, based on an average closing price of $1.39 during the period of
     services. Further, Westminster or its designees received warrants (the
     "Placement Agent Warrants") to purchase 10% of (i) the number of Common
     Stock shares underlying the Debentures sold (assuming the initial
     conversion price of $1.20) and (ii) the number of Common Stock shares
     underlying the Warrants issued (assuming the initial exercise price of
     $2.00).

     The warrants were valued using the Black Scholes option pricing model based
     on the market price of the common stock at the commitment date. The warrant
     valuation of $690,000 has been allocated to additional paid in capital.
     After allocating value to the warrants, the Company used the intrinsic
     value method to determine the amount of the remaining proceeds that should
     be allocated to the embedded beneficial conversion feature. As such,
     $552,000 was credited to additional paid in capital. The total allocation
     of $1,242,000 will be amortized over 24 months. Amortization expense
     through August 31, 2005, was $34,500.


     At August 31, 2005, the balance of the convertible debt is as follows:

         Convertible debt                                     $ 2,760,000
         Debt discount, net of amortization of $34,500         (1,207,500)
                                                              -----------
                                                              $ 1,552,500
                                                              ===========

4.   STOCKHOLDERS' EQUITY
     --------------------

     Common Stock

     On June 28, 2005, the Company issued 20,000 restricted common shares at
     $1.20 per share, the closing price on that day for geological and
     geophysical consulting services rendered during the period to an unrelated
     third party. The total of $24,000 has been recorded as general and
     administrative expense.

     Nonqualified Option

     On July 6, 2005, the Company issued a three year nonqualified stock option
     for 75,000 shares of the Company's common stock at an exercise price of
     $1.50 per share to an unrelated party for shareholder relations services
     rendered. The closing price of the stock on July 6, 2005 was $1.26 per
     share. Using the Black Scholes model with estimated volatility of 94.8%,
     risk free interest rate of 4.2% and a life of three years, the estimated
     fair value of the grant is $54,642, which was recorded as general and
     administrative expense.

                                       8
<PAGE>
     Series A Convertible Preferred Stock
     ------------------------------------

     On March 1, 2004, the Board of Directors authorized the designation of
     100,000 shares of the Series A 18% Convertible Preferred Stock (the "Series
     A Preferred Stock"). The issue price of the Series A Preferred Stock is
     $5.00 per share ("Issue Price.") Effective November 8, 2004, the Series A
     Preferred Stock Certificate of Designation was amended to provide that the
     Series A Preferred Stock shall rank in parri passu to the Series B
     Preferred Stock for payment of dividends, redemption and liquidation. The
     Series A Preferred Stock pays a cumulative, preferential cash dividend at
     the rate of 18% of the Issue Price per year that is payable monthly 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. The
     holders of the Series A Preferred Stock may convert any or all of the
     shares into shares of Common Stock by dividing the Issue Price of the
     aggregate number of shares of Series A Preferred Stock being converted plus
     any accrued but unpaid dividends by an amount equal to $0.65. If not sooner
     converted, all of the Series A Preferred Stock automatically converts into
     Common Stock on the two-year anniversary of the issue date, or March 1,
     2006. The outstanding shares of Series A Convertible Preferred Stock may be
     redeemed by the Company for an amount equal to the $5.00 per share issue
     price and any accrued and unpaid dividends upon not less than 15 days
     advance notice to the holders of the Series A Preferred Stock.

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

     Upon any liquidation, dissolution or winding-up of the Company, whether
     voluntary or involuntary, the holders of the Series A 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 A Preferred Stock
     an amount equal to the stated value ($5.00) of the Series A 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 in full such amounts,
     then the entire assets to be distributed to the holders of the Series A
     Preferred Stock shall be distributed among the holders of the Series A
     Preferred Stock and the holders of the Series B 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.

     During the six months ended August 31, 2004, 50,000 shares of the Series A
     Preferred Stock were issued for cash of $250,000.


                                       9
<PAGE>
     During the six months ended August 31, 2005 and 2004, the Company paid cash
     dividends on the Series A Preferred Stock in the amount of $18,863 and
     $15,534 respectively. Accrued dividends were $3,822 and $5,178 as of August
     31, 2005 and 2004, respectively. The accrued dividends were paid in
     September of the respective years.


     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"). The issue
     price of the Series B Preferred Stock is $100.00 per share. The Series B
     Preferred Stock ranks in pari passu with the Series A Preferred for payment
     of dividends, redemption and liquidation. Each share of Series B Preferred
     Stock shall be convertible, at the option of the Holder, into that number
     of shares of Common Stock determined by dividing the issue price of the
     aggregate number of shares of Series B Preferred being converted plus any
     accrued and unpaid dividends by $.65 per share, unless otherwise adjusted.
     The Series B Preferred pays a cumulative, preferential cash dividend equal
     to 12% of the $100 issue price per year and is payable quarterly in
     arrears. The dividend is payable out of funds legally available for that
     purpose and will accumulate during any period when it is not paid.
     Dividends on the Series B Preferred Stock began on April 30, 2005.

     The Series B 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 $0.65 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 B Preferred Stock Certificate of
     Designation with respect to matters that adversely affect the rights of the
     holders of the Series B Preferred Stock, and as otherwise required by law,
     the Series B 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 B 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 B Preferred Stock
     an amount equal to the stated value ($100.00) of the Series B 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 B Preferred Stock shall be
     distributed among the holders of the Series B Preferred Stock and the
     holders of the Series A Preferred Stock ratably in accordance with the
     respective amounts that would be payable on such shares if all amounts
     payable thereon were paid in full.


                                       10
<PAGE>
     On or after February 28, 2007, and 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 $1.30 (subject to adjustment), the Company may deliver
     notice to holders of the Series B Preferred Stock of the Company's
     irrevocable election to redeem all or part of the Series B Preferred Stock.
     The redemption price is to be an amount equal to the stated value ($100.00)
     of the Series B Preferred Stock per share plus any accrued and unpaid
     dividends thereon and any other fees or liquidated damages owing. The
     Company must provide 30 days' written notice to the holders of the Series B
     Preferred Stock.

     During the six months ended August 31, 2005, holders of 413 shares of
     Series B Preferred Stock converted the shares into 63,750 shares of common
     stock in accordance with the terms of the Series B Preferred Stock. As of
     August 31, 2005, there were 31,762 shares of the Series B Preferred Stock
     issued and outstanding.

     The Company paid cash dividends on the Series B Preferred Stock in the
     amount of $52,786 and accrued $159,679 as of August 31, 2005.

     Stock Option Plan

     On May 13, 2005, the Company issued 10 year stock options aggregating
     150,000 shares under the incentive stock option plan to its executive
     officers at an exercise price of $1.15. The Company's stock closed at $1.15
     on May 13, 2005. The fair value of the options was estimated on the date of
     the grant utilizing the Black-Scholes option pricing model with the
     following assumptions: expected life of the options is 10 years, expected
     volatility of 93%, risk free interest rate of 4.2% and no dividend yield.
     The fair value for the options granted was approximately $1.02 per share.

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

                                                             Six Months Ended
                                                                August 31,
                                                            2005           2004
                                                      -------------------------------

                                                      -------------------------------
<S>                                                   <C>                 <C>
     Net (loss) as reported                           $    (1,116,749)    $ (272,341)
     Preferred stock dividends                               (215,156)       (20,712)
                                                      -------------------------------
     Net (loss) attributable to common shareholders        (1,331,905)      (293,053)

     Deduct:
       Total stock-based compensation
       determined under fair value based methods
       net of related tax effects
                                                             (152,591)            --
                                                      -------------------------------
     Pro forma net (loss)                             $    (1,484,496)    $ (293,053)
                                                      ===============================

     Earnings per share:

       Basic and diluted as reported                  $       (0.39)      $    (0.09)
                                                      ===============================

       Basic and diluted  pro forma                   $       (0.43)      $    (0.09)
                                                      ===============================
</TABLE>


                                       11
<PAGE>


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

                                             August 31, 2005
                                                        Weighted
                                                        Average
                                                        Exercise
                                            Shares       Price
                                        --------------------------
      Beginning of period                 5,587,083    $1.50
        Granted                           1,805,433    $1.75
        Exercised                                --
        Expired                             (37,083)   $4.00
                                        ------------
      End of period                       7,355,433    $1.44
                                        ============

The following table summarizes information about fixed-price stock options at
August 31, 2005:


                Options and Warrants Outstanding
                                      Weighted
                                      Average
           Range                    Remaining     Weighted
             of           Number    Contractual   Average
          Exercise       of Shares    Life in     Exercise
           Price        Outstanding    Years       Price
      ------------------------------------------------------
       $     0.75         400,000      9.16       $ 0.75
       $     1.00         200,000      7.77       $ 1.00
       $1.38 to $2.00   6,755,433      3.22       $ 1.49

                    Options and Warrants Exercisable
                    Range                      Weighted
                      of           Number       Average
                   Exercise      of Shares     Exercise
                    Price       Exercisable      Price
               --------------------------------------------
                $      0.75       400,000     $  0.75
                $      1.00       200,000     $  1.00
                $1.38 to $2.00  6,755,433     $  1.49
                               ----------
                                7,355,433
                               ==========

     Restricted Stock Award

     On May 19, 2005, the Company granted restricted stock awards, which vested
     on that date, of 100,000 shares of its $0.001 par value Common Stock to its
     two executive officers as compensation for services. The Company's common
     stock closed at $1.17 on that day.

                                       12
<PAGE>

5.   RELATED PARTIES
     ---------------

     The Company paid $9,000 during the six months ended August 31, 2005 and
     2004, 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 $1,500 per month plus
     utilities and other incidentals. The president of New Frontier owns 50% of
     Spotswood.

     The Company paid a corporation controlled by one of the directors $18,000
     and $6,000 for geological consulting during the six months ended August 31,
     2005 and 2004, respectively. On June 28, 2005, the Company paid $4,500 of
     such costs by the issuance of 3,750 shares of its common stock, valued at
     $1.20 per share which was the closing price that day.

     SDG paid a Corporation controlled by the president, a construction
     management fee of $100,000 in connection with acting as the general
     contractor when building the gas gathering line.

6.   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, 2005 and 2004, is presented for the principal
     business segments as follows:
<TABLE>
<CAPTION>
                                                        Oil & Gas    Gas Gathering   Consolidated
     August 31, 2005                                   -----------  --------------- --------------
<S>                                                        <C>            <C>             <C>
           Revenues                                    $   41,572   $     1,324     $     42,896
           Loss before taxes                           (1,104,522)      (12,227)      (1,116,749)
           Total assets                                 5,961,302     2,474,682        8,435,984
           Property additions                             505,526     2,469,378        2,974,904
           Interest expense                               (30,311)           --          (30,311)
           Debt issuance costs, non-cash                  (52,158)           --          (52,158)
           Depreciation, depletion and amortization        16,850        10,300           27,150


                                                        Oil & Gas    Gas Gathering   Consolidated
     August 31, 2004                                   -----------  --------------- --------------

           Revenues                                    $   10,355   $        --     $     10,355
           Loss before taxes                             (272,341)           --         (272,341)
           Total assets                                 3,086,212            --        3,086,212
           Property additions                             174,589            --          174,589
           Interest expense                                (9,257)           --           (9,257)
           Debt issuance costs, non-cash                       --            --               --
           Depreciation, depletion and amortization         8,496            --            8,496
</TABLE>

     All revenues are derived from sources within the United States.

7.   SUBSEQUENT EVENTS
     -----------------

     In October 2005, the Company issued 2,250 shares of common stock to a
     corporation controlled by one of the directors in payment for geological
     services. The Company also issued 3,073 shares of common stock to an
     unrelated third party in consideration for geological services rendered.

                                       13
<PAGE>
     Effective September 21, 2005, New Frontier Energy, Inc. filed a Statement
     of Correction to its Certificate of Rights and Designation of the Series B
     12% Cumulative Convertible Preferred Stock as filed with the Colorado
     Secretary of State on February 3, 2005 to add a provision providing for a
     conversion limitation that was inadvertently omitted from the Certificate
     and Rights of Designation.


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 and the
following:

     o    The general state of the economy;

     o    The willingness and ability of third parties to honor their
          contractual commitments;

     o    Our ability to raise additional capital, as it may be affected by
          current conditions in the stock market and competition in the oil and
          gas industry for risk capital;

     o    Environmental and other regulations, as the same presently exist and
          may hereafter be amended;

     o    Our ability to identify, finance and integrate other acquisitions;

     o    Volatility of our stock price; and

     o    Actions of overseas producers of oil and natural gas over which we
          have no control.


                                       14
<PAGE>

     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, 2005, 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, 2005.

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 two oil and gas prospects. The Slater
Dome Prospect, in which we own a 30% working interest, consists of 31,631 gross
acres held by mineral leases, is located along the Colorado-Wyoming border, in
Moffat County, Colorado and Carbon County, Wyoming. The Slater Dome Prospect
targets coal bed methane gas located at relatively shallow depths by industry
drilling standards. The Nucla Prospect consists of approximately 40,387 gross
acres on 27 different oil and gas leases in Montrose County, Colorado. We own
varying interests in this property (20% - 30% on a lease by lease basis) subject
to a marketing agreement with several third parties. For a complete description
of our properties and our business operations, see "Business."

     Our plan of operation is to continue exploration and development of the
Slater Dome Prospect and evaluate opportunities to acquire other interests in
oil and gas properties. We do not intend to develop the Nucla prospect and have
granted a two year seismic option to an independent third party.

     The following discussion and analysis covers the consolidated financial
condition of New Frontier Energy, Inc. ("we" or the "Company") at August 31,
2005, changes in our financial condition since February 28, 2005, the end of the
previous fiscal year, and a comparison of the results of operation for the three
and six months ended August 31, 2005 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, 2005.

Results of Operation: Three months ended August 31, 2005 compared to the three
months ended August 31, 2004

     For the three months ended August 31, 2005, we reported a net loss
attributable to common shareholders of $680,734, or $0.19 per share, on revenue
of $35,315. This compares to a net loss attributable to common shareholders of
$143,850, or $.05 per share, on revenue of $7,033, for the comparable period of
the previous fiscal year. We expect to incur losses until such time as we
complete the dewatering process and stabilize production of the coalbed methane
gas from the Slater Dome Prospect.


                                       15
<PAGE>
     Revenues for the three months ended August 31, 2005 were $35,315 compared
with $7,033 in the three months ended August 31, 2004, an increase of $28,282 or
402.13%. Oil and gas revenues were $33,991 this quarter compared with $7,033, an
increase of $26,958 or 383.31%. The principal reason for the increase is we
started selling gas from the Slater Dome Prospect which accounted for $24,958 of
the increase and increased crude prices on our royalty interests accounted for
$2,003 of the increase. SDG revenues from the gathering pipeline were $1,324 for
June 2005; the Company did not have gathering fees in the previous quarter of
2004 because the gathering line was not placed in service until June of 2005.

     Exploration costs for the three months ended August 31, 2005 were $48,835
compared with $12,560 in the three months ended August 31, 2004, an increase of
$36,275 or 288.81%. The principal reason for the increase is increased
geophysical consulting in connection with exploration efforts at the Slater Dome
Prospect.

     Lease operating expenses for the three months ended August 31, 2005 were
$150,305 compared with $5,071 in the three months ended August 31, 2004, an
increase of $145,234 or 2,864.01%. The primary reasons for the increase are (i)
increased operating costs of $117,047 in 2005 associated with dewatering the
wells at Slater Dome together with well reworking expenses of $25,309 and other
miscellaneous expenses of $2,878 an d (ii) the operating costs in 2004 were born
by the operator, Cedar Ridge, LLC, in accordance with the sale of a 36.67%
working interest by the Company in April 2003.

     The costs of gas gathering amounted to $784 in the three months ended
August 31, 2005. Such costs were not present in the three months ended August
31, 2004 because the gathering line was not placed in service until June of
2005.

     General and administrative expenses for the three months ended August 31,
2005 were $326,915 compared with $111,143 in the three months ended August 31,
2004, an increase of $215,772 or 194.14%. The following table summarizes the
major components of the fluctuations:


    Salaries                                                       $     66,060
    Professional fees                                                    14,183
    Insurance                                                            32,015
    Warrant issued in connection with financial public relations         54,642
    Fees and costs associated with financial public relations            30,039
    Travel                                                               11,938
    Payroll taxes                                                         4,273
    Other                                                                 2,621
                                                                   -------------
                                                                   $    215,772
                                                                   =============


                                       16
<PAGE>
     The principal increase in salaries arose from a bonus to the executive
officers of $60,000 together with $6,060 increase in compensation to clerical
employees. Professional fees increased by $9,000 because the Company has
employed a contract land man to evaluate properties for leasing together with
increased legal and accounting fees of $5,183 due to the increased corporate
activity. Insurance increased because the Company adopted a employee health plan
in June 2005, which cost $25,941 together with an increase of $6,043 associated
with a new directors and officers liability insurance. The Company issued a 3
year stock purchase warrant to a financial public relations consultant valued at
$54,642 which was not present in 2004. The Company also incurred expenses in
connection with presenting the Company to various brokers and investors in the
amount of $32,039 over those incurred in 2004. Payroll taxes increased $4,273 as
a direct result of increased compensation. The other expenses increased $2,621,
which is considered normal in the ordinary course of business.

     Depreciation, depletion and amortization for the three months ended August
31, 2005 was $19,181 compared with $5,742 during the three months ended August
31, 2004, an increase of $13,439 or 234.05%. The increase attributable to the
pipeline is $10,300; $7,607 is attributable to depletion associated with the
increased production from the Slater Dome Prospect together with a reduction in
depletion of $4,468 attributable to our royalty interests which were fully
depleted in June 2005.

     Interest income for the three months ended August 31, 2005 was $1,239
compared with $1,448 in the three months ended August 31, 2004, a decrease of
$209 or 14.43%. Such decrease is a function of the amount invested during the
two periods and is considered normal in the ordinary course of business.

     Interest expense for the three months ended August 31, 2005 was $16,321
compared with $5,117 in the three months ended August 31, 2004, an increase of
$11,204 or 218.96%. The increase arises from the payment of interest in the
amount of $10,479 on a bridge note issued by the company and interest associated
with the Company's 2.5% convertible debentures (the "Debentures") during the
period from July 26, 2005 to August 31, 2005 in the amount of $6,995 decreased
by interest on bank debt paid in the amount of $6,270.

     Debt issuance costs for the three months ended August 31, 2005 was $52,158
and arises from the expenses associated with the issuance of the Debentures in
July 2005; there were no such related costs during the three months ended August
31, 2004.

     The minority interest in the loss of the subsidiary for the three months
ended August 31, 2005 was $3,762; there were no such related costs during the
three months ended August 31, 2004 because the gathering line was not placed in
service until June of 2005.

     The Company charged dividends on the Series A and B Convertible Preferred
Stock in the amount of $106,551 to the loss attributable to common shares
compared with $12,698 in 2004, an increase of $93,853 or 739.12%. The Series B
Preferred Stock was issued in February 2005 and accordingly, the increase is
attributable to the Series B Preferred Stock which was not present in 2004.

Results of Operation: Six months ended August 31, 2005 compared to the six
months ended August 31, 2004


                                       17
<PAGE>
     For the six months ended August 31, 2005, we reported a net loss
attributable to common shareholders of $1,331,905, or $0.39 per share, on
revenue of $42,8965. This compares to a net loss attributable to common
shareholders of $293,053, or $0.09 per share, on revenue of $10,355, for the
comparable period of the previous fiscal year. We expect to incur losses until
such time as we complete the dewatering process and stabilize production of the
coalbed methane gas from the Slater Dome Prospect.

     Revenues for the six months ended August 31, 2005 were $42,896 compared
with $10,355 during the six months ended August 31, 2004, an increase of $32,541
or 314.25%. Oil and gas revenues were $41,572 during this period compared with
$10,355, an increase of $31,217 or 301.47%. The principal reason for the
increase is we started selling gas from the Slater Dome Prospect which accounted
for $24,958 of the increase and increased crude prices on our royalty interests
accounted for $6,259 of the increase. SDG revenues from the gathering pipeline
were $1,324 for June 2005; the Company did not have gathering fees in the
previous quarter of 2004 because the gathering line was not placed in service
until June of 2005.

     Exploration costs for the six months ended August 31, 2005 were $65,399
compared with $29,488 during the six months ended August 31, 2004, an increase
of $35,911 or 121.78%. The principal reason for the increase is increased
geophysical consulting in connection with exploration efforts at the Slater Dome
Prospect together with related maps and supplies in the amount of $48,948 offset
by a reduction in delay rentals on the Nucla prospect of $13,037. The reduction
in delay rentals arises from the terms of the seismic option granted in December
2004, whereby the grantee assumes all delay rental obligations.

     Lease operating expenses for the six months ended August 31, 2005 were
$265,758 compared with $5,284 during the six months ended August 31, 2004, an
increase of $260,474 or 4,929.49%. There are two reasons for the increase; the
first is due to increased operating costs of $231,629 in 2005 associated with
dewatering the wells at Slater Dome together with well reworking expenses of
$25,309 and other miscellaneous expenses of $3,536. The second reason is that
the operating costs in 2004 were born by the operator, Cedar Ridge, LLC, in
accordance with the sale of 36.67% working interest by the Company in April
2003.

     The costs of gas gathering amounted to $784 for the six months ended August
31, 2005. Such costs were not present during the six months ended August 31,
2004 because the gathering line was not placed in service until June of 2005.

     General and administrative expenses for the period ended August 31, 2005
were $490,523 compared with $233,149 during the six months ended August 31,
2004, an increase of $257,374 or 110.39%. The following table summarizes the
major components of the fluctuations:

     Salaries                                                     $    67,498
     Professional fees                                                 10,290
     Contract land man                                                 22,453
     Insurance                                                         36,239
     Warrant issued in connection with financial public relations      54,642
     Fees and costs associated with financial public relations         32,039
     Travel                                                            24,595
     Payroll taxes                                                      4,732
     Other                                                              4,887
                                                                 -------------
                                                                 $    257,374
                                                                 =============


                                       18
<PAGE>
     The principal increase in salaries arose from a bonus to the executive
officers of $60,000 together with $7,498 increase in compensation to clerical
employees. Professional fees increased by $10,290 as a result of increased legal
and accounting fees from the increase in corporate activity. Contract land man
fees increased $22,453 because Company has employed a contract land man to
evaluate and acquire properties. Insurance increased because the Company adopted
an employee health plan in June 2005, which cost $25,491 together with an
increase of $10,748 associated with a new directors and officers liability
insurance. The Company issued a 3 year stock purchase warrant to a financial
public relations consultant valued at $54,642 which was not present in 2004. The
Company also incurred expenses in connection with presenting the Company to
various brokers and investors in the amount of $32,039 over those incurred in
2004. Payroll taxes increased as a direct relationship to the increased
salaries. The other expenses increased $4,887, which is considered normal in the
ordinary course of business.

     Restricted stock award compensation increased $234,000 as a result of the
issuance of 200,000 shares of common stock issued to our executive officers for
the six months ended August 31, 2005 and there were no awards during the six
months ended August 31, 2004.

     Depreciation, depletion and amortization for the period ended August 31,
2005 was $27,150 compared with $8,496 during the six months ended August 31,
2004, an increase of $18,654 or 219.56%. The increase attributable to the
pipeline is $10,300; the balance of the increase in the amount of $7,607 is
attributable to depletion associated with the increased production from the
Slater Dome Prospect with the balance of $747 attributable to our depletion on
our royalty interests.

     Interest income for the six months ended August 31, 2005 was $2,676
compared with $2,978 during the six months ended August 31, 2004, a decrease of
$302 or 10.14%. Such decrease is a function of the amount invested during the
two periods and is considered normal in the ordinary course of business.

     Interest expense for the six months ended August 31, 2005 was $30,311
compared with $9,257 during the six months ended August 31, 2004, an increase of
$21,054 or 227.44%. The increase arises from the payment of interest on a bridge
note issued by the company in the amount of $22,685 together with increased
interest associated with the Debentures during the period from July 26, 2005 to
August 31, 2005 in the amount of $6,995 decreased by interest on bank debt paid
in the amount of $7,762 in 2004.

     Debt issuance costs for the six months ended August 31, 2005 was $52,158
and arises from the expenses associated with issuing the Debentures; there were
no such related costs during the six months ended August 31, 2004.


                                       19
<PAGE>
     The minority interest in the loss in the subsidiary for the six months
ended August 31, 2005 was $3,762; there were no such related costs during the
six months ended August 31, 2004 because the gathering line was not placed in
service until June of 2005.

     The Company charged dividends on the Series A and B Convertible Preferred
Stock in the amount of $215,156 to the loss attributable to common shares
compared with $20,712 in 2004, an increase of $194,444 or 938.80%. The Series B
Preferred Stock was issued in February 2005 and accordingly, the increase is
attributable to the Series B Preferred Stock which was not present in 2004.

Liquidity and Capital Resources

     The following summarizes the Company's capital resources at August 31, 2005
compared with February 28, 2005.
<TABLE>
<CAPTION>

                         August 31, 2005  February 28, 2005     Increase      Increase
                                                               (Decrease)    (Decrease)
                                $                $                 $
    -----------------------------------------------------------------------------------
<S>                         <C>               <C>                <C>             <C>
    Cash                    1,642,980         2,299,740          (656,760)      -29%
    Current assets          1,709,441         2,338,151          (628,710)      -27%
    Current liabilities     1,841,211         1,040,430           800,781        77%
    Working capital          (131,770)        1,017,500        (1,149,270)     -113%
</TABLE>


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

                            Proceeds from convertible debt     $ 2,760,000
                            Investment in subsidiary            (1,600,000)
                            Purchase of property and equipment    (713,324)
                            Payment of bank debt                  (250,027)
                            Cost of issuance of equity for cash    (12,375)
                            Preferred stock dividends paid         (64,991)
                            Operating expenses                    (776,043)
                                                               ------------
                                                               $  (656,760)
                                                               ============

         The other components of the change in working capital is an increase in
accounts receivable of $24,960 arising from selling gas at the Slater Dome
Prospect, prepaid expenses increased $24,035 because the Company incurred
additional prepaid expenses that were not completely amortized as of August
31,2005.

         The following summarizes the changes in current liabilities:

                  Accounts payable           $   301,219
                  Dividends payable              138,823
                  Accrued expenses                25,872
                  Accounts payable, affiliates   584,894
                  Note payable, bank            (250,027)
                                             -----------
                                             $   800,781
                                             -----------

                                       20
<PAGE>
     The increase in current liabilities is principally due to the accounts
payable incurred by SDG in construction of the gathering line. The increase in
dividends and accrued expenses is considered normal and in the ordinary course
of business.

     Working capital decreased $1,408,546 or 110% principally because of the
increase in accounts payable associated with SDG's construction of the gas
gathering line which approximate $1,224,000 as of the consolidation date.
Subsequent to SDG's consolidation date (June 30, 2005) the Company has converted
its advances of $85,000 and $515,000 investing an additional $600,000 in SDG to
fund the payables.

     On July 22, 2005, the Company held a closing on the sale of 92 investment
units at a purchase price of $30,000 per Unit for gross and net proceeds of
$2,760,000. Each Unit consists of: (i) $30,000 of Debentures, convertible into
25,000 shares of the $0.001 par value common stock at the rate of $1.20 per
share, and (ii) a three-year warrant to purchase 12,500 shares of common stock
at an exercise price of $2.00 per share.

     Management believes that current cash balances plus cash flow from
operations will be sufficient to fund our capital and liquidity needs for the
next twelve months.

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.

          Not Applicable.

Item 3.   Defaults Upon Senior Securities

          Not Applicable.


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

          Not Applicable.

Item 5.   Other Information

          Not Applicable.

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

(a) 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.

(b) Reports on Form 8-K:

          1.   May 19, 2005 announcing the investment of $1,000,000 in Slater
               Dome Gathering, LLLP ("SDG").

          2.   On June 7, 2005 announcing the connection to Questar gas
               transportation hub south of Baggs, Wyoming and the commencement
               of production from the Slater Dome Prospect.

          3.   On July 22 reported the sale of the Debentures

          4.   On July 26, 2005 purchasing an additional $600,000 of Class A
               limited partnership interests (the "Investment") in a SDG.

          5.   On August 15, 2005 disclosing materials presented to investors.

          6.   On August 30, 2005 issued a press release announcing setting
               production casing in a new well drilled in its Slater Dome
               Prospect.






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                                   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 24, 2005                   By:  /s/ Paul G. Laird
                                              -----------------------------
                                              Paul G. Laird, President and
                                              Chief Executive Officer


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





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