SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                   FORM 10-QSB

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

                  For the Quarter ended November 30, 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)

                       P.O. Box 298, Littleton, CO 80160
                       ---------------------------------
                    (Address of principal executive offices)

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

                     5632 S. Spotswood, Littleton, CO 80120
             ------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                                                                  Yes [X] No [ ]

As of January 12, 2006, 3,923,163 shares of common stock were outstanding.
Transitional Small Business Disclosure Format:  Yes [ ]   No [X]


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


<PAGE>



                            NEW FRONTIER ENERGY, INC.

                                      Index

Part I - FINANCIAL INFORMATION


Item 1       Financial Statements
             Consolidated Balance Sheet (unaudited) at November 30, 2005     1

             Consolidated Statements of Operations (unaudited) for the
             three months ended November 30, 2005 and 2004                   2

             Consolidated Statements of Operations (unaudited) for the
             nine months ended November 30, 2005 and 2004                    3

             Consolidated Statements of Cash Flows (unaudited) for the
             nine months ended November 30, 2005 and 2004                    4

             Notes to Consolidated Financial Statements (unaudited)          5

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

Item 3       Controls and Procedures                                        23

Part II OTHER INFORMATION

Item 1       Legal Proceedings                                              23

Item 2       Unregistered Sales of Equity Securities                        23

Item 3       Defaults Upon Senior Securities                                23

Item 4       Submission of Matters of a Vote of Security Holders            23

Item 5       Other Information                                              23

Item 6       Exhibits and Reports on Form 8-K                               23

SIGNATURES                                                                  25





<PAGE>


<TABLE>
<CAPTION>
                              NEW FRONTIER ENERGY, INC.
                           CONSOLIDATED BALANCE SHEET
                                  NOVEMBER 30, 2005
                                     (UNAUDITED)


                                     ASSETS
CURRENT ASSETS
<S>                                                                     <C>
      Cash                                                              $   932,476
      Accounts receivable, trade                                             50,387
      Prepaid expenses                                                       22,839
                                                                        -----------
           Total current assets                                           1,005,702
                                                                        -----------

PROPERTY AND EQUIPMENT,  NET OF ACCUMULATED DEPRECIATION
  AND DEPLETION OF $170,739                                               6,451,264
                                                                        -----------

OTHER ASSETS
      Other                                                                     420
                                                                        -----------

                                                                        $ 7,457,386
                                                                        ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
      Accounts payable                                                  $   374,540
      Dividends payable                                                     250,988
      Accrued expenses                                                        1,246
      Accounts payable, affiliates                                           12,594
                                                                        -----------
           Total current liabilities                                        639,368
                                                                        -----------

LONG TERM LIABILITIES
      Convertible debenture                                               1,380,202
      Accrued interest                                                       24,764

MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY                              1,104,294

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
         30,722 issued and outstanding                                           31
      Common stock, $.001 par value, 50,000,000 shares authorized,
           3,920,459 shares issued and outstanding                            3,920
      Additional paid in capital                                          9,121,927
      Accumulated (deficit)                                              (4,817,170)
                                                                        -----------
                                                                          4,308,758
                                                                        -----------

                                                                        $ 7,457,386
                                                                        ===========
</TABLE>


   See accompanying notes to the unaudited consolidated financial statements.
                                        1

<PAGE>
N>

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

                                                          Three Months Ended
                                                     November 30,   November 30,
                                                         2005           2004
                                                     -----------    ------------
Operating revenues
       Oil and gas sales                             $    43,706    $     8,025
       Gathering fees                                      8,964             --
                                                     -----------    -----------
                                                          52,670          8,025

Operating expenses
       Exploration costs, including dry holes             20,064         12,600
       Lease operating expenses                          207,969         64,719
       Cost of gas gathering                               1,621             --
       General and administrative                        221,950         83,659
       Depreciation, depletion and amortization           41,509          4,963
                                                     -----------    -----------
            Total operating expenses                     493,113        165,941
                                                     -----------    -----------

(Loss) from operations                                  (440,443)      (157,916)
                                                     -----------    -----------

Other income (expense)
       Interest income                                     3,436            484
       Gain (loss) on sale of assets                          --         (1,606)
       Gain on debt extinguishment                            --         16,800
       Interest expense                                  (21,839)       (17,421)
       Debt issuance costs, non-cash                    (253,501)            --
                                                     -----------    -----------
            Other income (expense), net                 (271,904)        (1,743)
                                                     -----------    -----------

(Loss) before income taxes                              (712,347)      (159,659)

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

Minority interest in net loss of consolidated
       subsidiary                                         16,264             --
                                                     -----------    -----------

Net (loss)                                              (696,083)      (159,659)

Preferred stock dividends                               (105,292)       (11,220)
                                                     -----------    -----------

Net (loss) attributable to common shareholders       $  (801,375)   $  (170,879)
                                                     ===========    ===========

Net (loss) per common share
       Basic and diluted                             $     (0.20)   $     (0.05)
                                                     ===========    ===========

Weighted average shares outstanding
       Basic and diluted                               3,920,459      3,218,451
                                                     ===========    ===========



   See accompanying notes to the unaudited consolidated financial statements.
                                        2

<PAGE>


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

                                                         Nine Months Ended
                                                    November 30,   November 30,
                                                        2005           2004
                                                    ------------   -------------
Operating revenues
       Oil and gas sales                             $    85,278    $    18,380
       Gathering fees                                     10,367             --
                                                     -----------    -----------
                                                          95,645         18,380

Operating expenses
       Exploration costs, including dry holes             85,463         42,088
       Lease operating expenses                          474,071         70,003
       Cost of gas gathering                               2,140             --
       General and administrative                        712,473        316,808
       Restricted stock award                            234,000             --
       Depreciation, depletion and amortization           68,659         13,459
                                                     -----------    -----------
            Total operating expenses                   1,576,806        442,358
                                                     -----------    -----------

(Loss) from operations                                (1,481,161)      (423,978)
                                                     -----------    -----------

Other income (expense)
       Interest income                                     6,112          3,462
       Gain (loss) on sale of assets                          --         (1,606)
       Gain on debt extinguishment                            --         16,800
       Interest expense                                  (52,150)       (26,678)
       Debt issuance costs, non-cash                    (305,659)            --
                                                     -----------    -----------
            Other income (expense), net                 (351,697)        (8,022)
                                                     -----------    -----------

(Loss) before income taxes                            (1,832,858)      (432,000)
                                                     -----------    -----------

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

Minority interest in net loss of consolidated
       subsidiary                                         20,026             --
                                                     -----------    -----------

Net (loss)                                            (1,812,832)      (432,000)

Preferred stock dividends                               (320,448)       (31,932)
                                                     -----------    -----------

Net (loss) attributable to common shareholders       $(2,133,280)   $  (463,932)
                                                     ===========    ===========

Net (loss) per common share
       Basic and diluted                             $     (0.60)   $     (0.14)
                                                     ===========    ===========

Weighted average shares outstanding
       Basic and diluted                               3,568,962      3,202,334
                                                     ===========    ===========



   See accompanying notes to the unaudited consolidated financial statements.
                                        3

<PAGE>


<TABLE>
<CAPTION>

                            NEW FRONTIER ENERGY, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                                                                    Nine Months Ended
                                                                                November 30,   November 30,
                                                                                    2005           2004
                                                                                ------------   ------------
<S>                                                                             <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net (loss)                                                                  $(1,812,832)   $  (432,000)
    Adjustments to reconcile net (loss) to net cash
      provided by (used in) operating activities:
        Depreciation, depletion and amortization                                     68,659         13,459
        Financing issuance costs, noncash                                           305,659             --
        Minority interest in net loss of consolidated subsidiary                    (20,026)            --
        Issuance of restricted stock award                                          234,000             --
        Issuance of common stock warrant to consultant                               54,642             --
        Issuance of common stock for services                                        10,647             --
        Accretion of interest on production payment                                      --         (3,381)
        Gain on debt extinguishment                                                      --        (16,800)
        Interest on convertible debenture                                            24,764             --
        (Increase) decrease in assets:
           Accounts receivable                                                      (40,870)         3,229
           Prepaid expense                                                          (18,791)        (8,787)
        Increase (decrease) in liabilities:
           Accounts payable                                                         (70,816)       493,746
           Accrued expenses                                                         (15,056)         7,328
                                                                                -----------    -----------

      Net cash provided by  (used in) operating activities                       (1,280,020)        56,794
                                                                                -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:

    Other assets                                                                         --          4,311
    Proceeds from disposition of production payment receivable                           --         30,000
    Purchase of property and equipment                                           (3,270,673)      (479,735)
                                                                                -----------    -----------

      Net cash (used in) investing activities                                    (3,270,673)      (445,424)
                                                                                -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

    Payment of notes payable                                                       (500,027)       (68,857)
    Proceeds from notes payable                                                          --        250,000
    Proceeds from convertible debt issue                                          2,760,000             --
    Proceeds from common stock warrant conversions                                   59,983             --
    Issuance of preferred stock and warrants for cash                                    --        250,000
    Cost of issuance of equity for cash                                             (12,375)            --
    Preferred stock dividends paid                                                  (94,138)       (19,356)
    Minority interest in consolidated subsidiary                                    969,986             --
    Repayment of employee advances                                                       --         10,000
    Increase in other assets, deferred offering costs                                    --        (44,811)
                                                                                -----------    -----------

      Net cash provided by financing activities                                   3,183,429        376,976
                                                                                -----------    -----------

 (DECREASE) IN CASH                                                              (1,367,264)       (11,654)

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

ENDING BALANCE                                                                  $   932,476    $    30,030
                                                                                ===========    ===========

Cash paid for interest                                                          $    27,259    $    22,544
                                                                                ===========    ===========

Supplemental schedule of non-cash investing and financing activities:
      Series B preferred stock converted to common stock                        $       224    $        --
      Issuance of  common stock warrants                                        $ 1,649,454    $        --
      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 accrued compensation                         $    28,500    $    28,200

</TABLE>



   See accompanying notes to the unaudited consolidated financial statements.
                                        4



<PAGE>


                            NEW FRONTIER ENERGY, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 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 nine months ended November 30, 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 transports the gas from
     the Slater Dome Prospect to the Questar transmission line at Baggs,
     Wyoming. The gathering line was completed on June 3, 2005. The Company
     began selling gas in June 2005. SDG, a calendar year-end company, was
     formed on September 1, 2004, and was inactive until it received its initial
     funding on May 18, 2005.

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

     The 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 November 30, 2005, financial statements include the accounts
     of the Company as of and for the three and nine months ended November 30,
     2005, and SDG as of and for the three and nine months ended September 30,
     2005. All significant intercompany accounts and transactions in 2005 and
     2004 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 Warrant and/or Beneficial Conversion Feature
     -----------------------------------------------------------------

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

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

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

     The financial statements included in this Form 10-QSB have been prepared by
     the Company without audit pursuant to the rules and regulations of the
     Securities and Exchange Commission. Certain information and footnote
     disclosures normally included in the financial statements prepared in
     accordance with accounting principles generally accepted in the United
     States have been condensed or omitted as allowed by such rules and
     regulations, and management believes that the disclosures are adequate to
     make the information presented not misleading. These financials statements
     include all of the adjustments, which, in the opinion of management, are
     necessary to a fair presentation of financial position and results of
     operations. All such adjustments are of a normal and recurring nature only.
     The results of operations for the interim periods are not necessarily
     indicative of the results to be expected for the full fiscal year. These
     financial statements should be read in conjunction with the audited
     financial statements at February 28, 2005, included in the Company's annual
     report on Form 10-KSB.


                                       6
<PAGE>
     Reclassifications
     -----------------

     Certain amounts reported in the Company's financial statements for the
     three and nine months ended November 30, 2004, have been reclassified to
     conform to the current period presentation.

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 convert
     the advance in the amount of $85,000 and purchased an additional $515,000
     of Class A limited partnership interests. As a result, at, November 30
     2005, the Company owned 82% of the Class A limited partnership interests
     and accordingly, 55% 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"). A copy of the Partnership Agreement was filed
     with the Commission on Form 8-K on May 20, 2005 as Exhibit 10.1. 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 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. The Company's president is a
     50% equity owner of NRGG, the General Partner in SDG.


                                       7
<PAGE>
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 at the rate of $1.20 per share, the market
     value of the shares in 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").

     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 by Westminster (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 by Westminster
     (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 $966,000 has been allocated to additional paid in capital.
     After allocating value to the Warrants, the Company used the intrinsic
     value method to determine that all of the remaining proceeds should be
     allocated to the embedded beneficial conversion feature. As such, $966,000
     was credited to additional paid in capital. The total allocation of
     $1,681,556 will be amortized over 24 months. Amortization expense during
     fiscal year 2005 was $301,758.

     At November 30, 2005 the balance of the convertible debt is as follows:

     Convertible debt                                        $ 2,760,000
     Debt discount, net of amortization of $301,758           (1,379,798)
                                                             -----------
                                                             $ 1,380,202
                                                             ===========

                                       8
<PAGE>
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 nine months ended
     November 30, 2005 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.

     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.


                                       9
<PAGE>
     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 nine months ended November 30, 2004, 50,000 shares of the Series
     A Preferred Stock were issued for cash of $250,000.

     During the nine months ended November 30, 2005 and 2004, the Company paid
     cash dividends on the Series A Preferred Stock in the amount of $34,890 and
     $19,356 respectively. Accrued dividends were $3,698 and $12,575 as of
     November 30, 2005 and 2004, respectively. The accrued dividends were paid
     in December 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.

     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.

                                       10
<PAGE>
     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.

     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 nine months ended November 30, 2005, holders of 1,453 shares of
     Series B Preferred Stock converted the shares into 223,500 shares of common
     stock in accordance with the terms of the Series B Preferred Stock. As of
     November 30, 2005, there were 30,722 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 $247,290 as of November 30, 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 or
     an aggregate of $152,591.

                                       11
<PAGE>
     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 of the incentive stock options on net loss had
     the Company adopted the fair value based method of accounting for stock
     options (using the Black-Scholes pricing model) provided under SFAS No.
     123, "Accounting for Stock-Based Compensation", to stock-based employee
     compensation.

                                                           Nine Months Ended
                                                             November 30,
                                                          2005           2004
                                                      --------------------------

     Net (loss) as reported                           $(1,812,832)  $  (432,000)
     Preferred stock dividends                          (320,448)      (31,932)
                                                        --------       -------
     Net (loss) attributable to common shareholders    (2,133,280)     (463,932)

     Deduct:
       Total stock-based compensation
       determined under fair value based methods
       net of related tax effects                       (152,591)           --
                                                        --------       -------
     Pro forma net (loss)                             $(2,285,871)  $  (463,932)
                                                      ===========   ===========

     Earnings per share:

       Basic and diluted as reported                  $     (0.60)  $     (0.14)
                                                      ===========   ===========

       Basic and diluted  pro forma                   $     (0.64)  $     (0.14)
                                                      ===========   ===========


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

                                                        November 30, 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
                                                   =========


                                       12
<PAGE>
     The following table summarizes information about fixed-price stock options
at November 30, 2005:

                        Options and Warrants Outstanding

                                                     Weighted
                                                     Average
                                                    Remaining     Weighted
                    Range                          Contractual    Average
                      of                Number       Life in      Weighted
                   Exercise            of Shares      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
                                  -------------
                                      7,355,433
                                  =============


                        Options and Warrants Outstanding



                                                     Weighted
                    Range                            Average
                      of                Number       Weighted
                   Exercise            of Shares      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.

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

     The Company paid $12,000 during the nine months ended November 30, 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 $27,000
     and $9,000 for geological consulting during the nine months ended November
     30, 2005 and 2004, respectively. On June 28, 2005 and October 10, 2005, the
     Company paid $4,500 of such costs by the issuance of 3,750 shares of its
     common stock, and issued 2,250 shares of its common stock valued at $2.00
     per share for $4,500 respectively. The common stock issued on June 28, 2005
     was valued at $1.20 per share which was the closing price that day. The
     common stock issued on October 10, 2005, was valued at $2.00 per share and
     related to services during the quarter ended August 31, 2005; average
     market price for the stock during that quarter was $1.56 and the weighted
     average market value of the stock issued was $3,516.


                                       13
<PAGE>
     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.

     SDG accrued management fees in the amount of $8,094 to an entity partially
     controlled by the president.

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 nine
     months ended November 30, 2005 and 2004, is presented for the principal
     business segments as follows:
<TABLE>
<CAPTION>


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

     November 30, 2004
       Revenues                                       18,380            --           18,380
       (Loss) before taxes                          (432,000)           --         (432,000)
       Total assets                                3,239,357            --        3,239,357
       Property additions                            479,735            --          479,735
       Interest expense                               26,678            --           26,678
       Debt issuance costs, non-cash                      --            --               --
       Depreciation, depletion and amortization       13,459            --           13,459

</TABLE>


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

Forward Looking Information



                                       14
<PAGE>
     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.

     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.



                                       15
<PAGE>

Overview

     We are a natural resource exploration and production company engaged in the
exploration, acquisition and development of oil and gas properties in the United
States. We currently own an interest in 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

     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 November 30,
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 nine months ended November 30, 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 November 30, 2005 compared to the three
months ended November 30, 2004

     For the three months ended November 30, 2005, we reported a net loss
attributable to common shareholders of $801,375 or $0.20 per share, on revenue
of $52,670. This compares to a net loss attributable to common shareholders of
$170,879, or $.05 per share, on revenue of $8,025, for the comparable period of
the previous fiscal year. We expect to incur losses until such time as we
complete the dewatering process of our wells and stabilize production of the
coalbed methane gas from the Slater Dome Prospect.

     Revenues for the three months ended November 30, 2005 were $52,670 compared
with $8,025 for the three months ended November 30, 2004, an increase of $44,645
or 556.32%. Oil and gas revenues were $43,706 this quarter compared with $8,025,
an increase of $35,681 or 444.62%. The principal reason for the change is we
started selling gas from the Slater Dome Prospect in June 2005. Sales of coalbed
methane gas from Slater Dome Prospect accounted for $37,382 of the change when
combined with decreased production from our royalty interests in the amount of
$1,701 resulting in the net increase of $35,681. SDG revenues from the gas
gathering pipeline were $8,964 for September 2005; the Company did not have
gathering fees in the three months ended November 30, 2004 because the gathering
line was not placed in service until June of 2005.

                                       16
<PAGE>
     Exploration costs for the three months ended November 30, 2005 were $20,064
compared with $12,600 in the three months ended November 30, 2004, an increase
of $7,464 or 59.24%. Geologic consulting and related maps and reproduction
expenses increased $14,666 in connection with exploration efforts at the Slater
Dome Prospect offset by a decrease in delay rentals of $7,202. The delay rentals
decreased by $3,683 because the Nucla prospect was optioned in December 2004 and
the option holder is paying the delay rentals combined with a decrease in delay
rentals at the Slater Dome Prospect of $3,519 arising from not having to pay
shut in royalties on producing wells.

     Lease operating expenses for the three months ended November 30, 2005 were
$207,969 compared with $64,719 in the three months ended November 30, 2004, an
increase of $143,250 or 221.34%. The primary reasons for the increase are
increased operating costs of $99,402 during the three months ended November 30,
2005 associated with dewatering the wells at the Slater Dome Prospect as they
are placed in production together with well reworking expenses of $43,848.

     The costs of gas gathering amounted to $1,621 during the three months ended
November 30, 2005. Such costs were not present in the three months ended
November 30, 2004 because we did not own any interest in SDG until May 2005 and
the gas gathering line was not placed in service until June of 2005.

     General and administrative expenses for the three months ended November 30,
2005 were $221,950 compared with $83,659 in the three months ended November 30,
2004, an increase of $138,291 or 165.30%. The following table summarizes the
major components of the fluctuations:

                                                                 Increase
                                               2005      2004   (Decrease)
                                           ---------------------------------
      Professional Fees                       $46,591     $3,800    $42,791
      Shareholder relations and financial
      public relations                         43,214      3,954     39,260
      Insurance                                24,645        785     23,860
      Miscellaneous other                       9,002    (1,296)     10,298
      Travel                                   16,856      6,869      9,987
      Payroll taxes                             8,427      3,251      5,176
      Salaries                                 68,757     63,747      5,010
      Telephone                                 4,458      2,549      1,909
                                           ---------------------------------
                                             $221,950    $83,659   $138,291
                                           =================================


                                       17
<PAGE>
The principal reason for the increase in professional fees was the result of
increased legal and accounting fees in the amount of $30,991 together with the
$11,800 associated with the Company employing a contract land man to evaluate
properties for leasing. The increased legal and accounting fees arose from the
activities related to the acquisition of Slater Dome Gathering, LLLP together
with the increased fees associated with the Company's activities. The costs
associated with increased shareholder relations are the result of the Company
retaining a financial public relations firm in 2005 and the associated costs of
presenting the Company to the financial community. Insurance increased because
the Company obtained directors and officers liability insurance, the Company
adopted a employee health plan in June and liability, workmen's compensation and
other miscellaneous insurance. Miscellaneous costs increased $10,298 and such
change is considered normal in the ordinary course of business. Travel increased
because of the increased costs associated with the corporate financing and the
increased production activity at the Slater Dome Prospect. Salaries increased
because of increased clerical compensation. Payroll taxes increased because
there was no liability associated for accrued, but unfunded compensation in 2004
and the Company has funded officer compensation in the current year. Telephone
expense increased because of the increased corporate activity.

     Depreciation, depletion and amortization for the three months ended
November 30, 2005 was $41,509 compared with $4,963 during the three months ended
November 30, 2004, an increase of $36,546 or 736.37%. The increase attributable
to the pipeline is $30,900; $10,600 is attributable to depletion associated with
the increased production from the Slater Dome Prospect together with a reduction
in depletion of $4,954 attributable to our royalty interests which were fully
depleted in June 2005.

     Interest income for the three months ended November 30, 2005 was $3,436
compared with $484 in the three months ended November 30, 2004, an increase of
$2,952 or 609.67%. Such increase is a result of a larger cash balance held in
our bank account.

     During the three months ended November 30, 2004, the Company incurred a
loss of $1,606 from the sale of the production payment receivable.

     During the three months ended November 30, 2004, the Company recognized
gain on debt extinguishments in the amount of $16,800 when the Company issued
60,000 shares of its common stock in exchange for $45,000 of accrued
compensation.

     Interest expense for the three months ended November 30, 2005 was $21,839
compared with $17,421 in the three months ended November 30, 2004, an increase
of $4,418 or 25.36%. The increase is primarily the result of interest in the
amount of $17,770 associated with the Company's 2.5% convertible debentures (the
"Debentures") decreased by interest on bank debt paid in the amount of $4,418.

     Debt issuance costs for the three months ended November 30, 2005 was
$253,501 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 November 30, 2004.


                                       18
<PAGE>
     The minority interest in the loss of the subsidiary for the three months
ended November 30, 2005 was $16,264; there were no such related costs during the
three months ended November 30, 2004 because we did not own any interest in SDG
until May 2005 and the gas gathering line was not placed in service until June
of 2005.

     During the three months ended November 30, 2005, the Company charged
dividends on the Series A and B Convertible Preferred Stock in the amount of
$105,292 to the loss attributable to common shares compared with $11,220 during
the three months ended November 30, 2004, an increase of $94,072 or 838.43%. 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: Nine months ended November 30, 2005 compared to the nine
months ended November 30, 2004

     For the nine months ended November 30, 2005, we reported a net loss
attributable to common shareholders of $2,133,280, $0.60 per share, on revenue
of $95,645. This compares to a net loss attributable to common shareholders of
$463,932, $0.13 per share, on revenue of $18,380, for the nine months ended
November 30, 2004. We expect to incur losses until such time as we complete the
dewatering process of our wells and stabilize production of the coalbed methane
gas from the Slater Dome Prospect.

     Revenues for the nine months ended November 30, 2005 were $95,645 compared
with $18,380 during the nine months ended November 30, 2004, an increase of
$77,265 or 420.38%. Oil and gas revenues were $85,278 during the nine month
period ended November 30, 2005 compared with $18,380 during the nine months
ended November 30, 2004, an increase of $66,898 or 363.97%. The principal reason
for the increase is we started selling gas from the Slater Dome Prospect, which
accounted for $62,340 of the increase and increased crude prices on our royalty
interests accounted for $4,558 of the increase. SDG revenues from the gathering
pipeline were $10,367 for the nine months ended November 30, 2005; the Company
did not have gathering fees in the nine months ended November 30, 2004 because
we did not own any interest in SDG until May 2005 and the gas gathering line was
not placed in service until June of 2005.

     Exploration costs for the nine months ended November 30, 2005 were $85,463
compared with $42,088 during the nine months ended November 30, 2004, an
increase of $43,375 or 103.06%. 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
$63,990 offset by a reduction in delay rentals on the Nucla prospect of $16,765
and a reduction in delay rentals on the Slater Dome Prospect of $3,850. The
reduction in delay rentals at the Nucla prospect arises from the terms of the
seismic option granted in December 2004, whereby the grantee assumes all delay
rental obligations. The decrease in delay rentals at the Slater Dome Prospect of
arises from not having to pay shut in royalties on producing wells.


                                       19
<PAGE>
     Lease operating expenses for the nine months ended November 30, 2005 were
$474,071 compared with $70,003 during the nine months ended November 30, 2004,
an increase of $404,068 or 577.22%. The increase was primarily the result of
increased operating costs during the nine months ended November 30, 2004 of
$334,911, well reworking expenses of $69,157. Operating costs in the nine months
ended November 30, 2004 up to July 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 $2,140 for the nine months ended
November 30, 2005. Such costs were not present during the nine months ended
November 30, 2004 because the gathering line was not placed in service until
June of 2005.

     General and administrative expenses for the nine months ended November 30,
2005 were $712,473 compared with $316,808 during the nine months ended November
30, 2004, an increase of $395,665 or 124.89%. The following table summarizes the
major components of the fluctuations:

                                               2005       2004    Increase
                                                                 (Decrease)
                                          ---------------------------------
                  Shareholder relations      $136,247   $11,160   $125,087
                  and financial public
                  relations
                  Professional Fees           143,553    52,297     91,256
                  Salaries                    263,749   191,241     72,508
                  Insurance                    59,984     2,352     57,632
                  Travel                       51,385    13,666     37,719
                  Payroll taxes                22,701    12,524     10,177
                  Telephone                     9,554     7,700      1,854
                  Miscellaneous other          25,299    25,867      (568)

                                          ---------------------------------
                                             $712,473  $316,808   $395,665
                                          =================================

The costs associated with increased shareholder relations are a result of the
Company retaining a financial public relations firm in 2005 and the associated
costs of presenting the Company to the financial community together with issuing
a 3 year stock purchase warrant to a financial public relations consultant
valued at $54,642 which was not present in 2004. Professional fees increased
$44,009 as a result of increased legal and accounting fees from the increase in
corporate activity, contract land man fees increased $39,153 because the Company
has employed a contract land man to evaluate and acquire properties together
with management fees $8,094 associated with the gathering pipeline. The
principal increase in salaries arose from a bonus to the executive officers of
$60,000 together with $12,508 increase in compensation to clerical employees.
Insurance increased because the Company adopted an employee health plan in June
2005, which added $34,716, in addition to an increase of $16,866 associated with
a new directors and officers liability insurance, together with additional
liability and workmen's compensation insurance costs of $6,050. Travel increased
because of the increased costs associated with the corporate financing and the
increased production activity at the Slater Dome Prospect. Payroll tax increases
bear a direct relationship to the increased compensation. Telephone costs
increased as a result of the increased corporate activity. The fluctuations in
miscellaneous costs are considered normal in the ordinary course of business.


                                       20
<PAGE>
     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
during the nine months ended November 30, 2005 and there were no awards during
the nine months ended November 30, 2004.

     Depreciation, depletion and amortization for the nine months ended November
30, 2005 was $68,659 compared with $13,459 during the nine months ended November
30, 2004, an increase of $55,200 or 410.13%. The increase attributable to the
pipeline is $41,200; the balance of the increase in the amount of $13,253 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 nine months ended November 30, 2005 was $6,112
compared with $3,462 during the nine months ended November 30, 2004, an increase
of $2,650 or 76.55%. Such increase 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 nine months ended November 30, 2005 was $52,150
compared with $26,678 during the nine months ended November 30, 2004, an
increase of $25,472 or 95.48%. The increase arises increased interest associated
with the Debentures during the period from July 26, 2005 to November 30, 2005 in
the amount of $24,764 together with increased interest on a bridge loan in the
amount of $708.

     Debt issuance costs for the nine months ended November 30, 2005 was
$305,659 and arises from the expenses associated with issuing the Debentures;
there were no such related costs during the nine months ended November 30, 2004.

     During the nine months ended November 30, 2004, the Company incurred a loss
of $1,606 from the sale of the production payment receivable.

     During the nine months ended November 30, 2004, the Company recognized gain
on debt extinguishments in the amount of $16,800 when the Company issued 60,000
shares of its common stock in exchange for $45,000 of accrued compensation

     During the nine months ended November 30, 2005, the Company charged
dividends on the Series A and B Convertible Preferred Stock in the amount of
$320,448 to the loss attributable to common shares compared with $31,932 during
the nine months ended November 30, 2004, an increase of $288,516 or 903.53%. 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.


                                       21
<PAGE>
Liquidity and Capital Resources

     The following summarizes the Company's capital resources at November 30,
2005 compared with February 28, 2005.
<TABLE>
<CAPTION>

                    November 30, 2005  February 28, 2005     Increase    Increase
                                                            (Decrease)  (Decrease)
---------------------------------------------------------------------------------
<S>                       <C>                 <C>           <C>             <C>
Cash                      $   932,476         $ 2,299,740   $(1,367,264)   -29%
Current assets              1,005,702           2,317,206    (1,311,504)   -27%
Current liabilities           639,368           1,040,430      (401,062)    77%
Working capital               366,334           1,276,776      (910,442)  -113%
</TABLE>


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

     Proceeds from convertible debt                              2,760,000
      Proceeds from warrants exercised                              59,983
      Investment in subsidiary, net of
     distributions                                              (1,594,334)
      Purchase of property and equipment                          (701,427)
      Payment of bank debt                                        (250,027)
      Payment of bridge loan                                      (250,000)
      Preferred stock dividends                                    (94,138)
      Cost of issuing equity securities                            (12,375)
      Operating expenses                                        (1,284,946)
                                                               -----------
                                                               $(1,367,264)
                                                               ===========

     The other components of the change in current assets are an increase in
     accounts receivable of $40,870 arising from selling gas at the Slater Dome
     Prospect, prepaid expenses increased $14,890 because the Company incurred
     additional prepaid expenses that were not completely amortized as of
     November 30, 2005.

     The following summarizes the changes in current liabilities:


                  Accounts payable               $    (83,789)
                  Dividends payable                   226,310
                  Accrued expenses                    (56,150)
                  Note payable, bank                 (250,027)
                  Note payable, shareholder          (250,000)
                  Accounts payable, affiliates         12,594
                                                --------------
                                                 $   (401,062)
                                                ==============

     The principal reason for the decrease in current liabilities is from the
     payment of notes payable. The increase in dividends payable and the
     decrease in accounts payable and accrued expenses are considered normal and
     in the ordinary course of business.

                                       22
<PAGE>

     The decrease in working capital of $910,442 or 71.3% is principally due to
     the investment in long-lived assets and funding ongoing operations.

     Management believes that our current cash position, along with the
     production of natural gas from our Slater Dome Prospect, at the current
     natural gas prices, will be sufficient to meet our capital and operating
     requirements for the next six months. We will be dependent on the receipt
     of additional capital from either the exercise of the Warrants, increasing
     the Company's debt or the issuance of additional equity to participate in
     the anticipated drilling program that we believe will commence in the
     summer and early fall of 2006.

Item 3.  Controls and Procedures

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

                           PART II--OTHER INFORMATION

Item 1.   Legal Proceedings

          Not Applicable.

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

          Not Applicable.

Item 3.   Defaults Upon Senior Securities.

          Not Applicable.

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

          Not Applicable.


                                       23
<PAGE>
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.   On September 1, 2005 disclosing purchase of Class A limited partnership
     interest in SDG and sales of unregistered securities

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

3.   On September 19, 2005 issued a press release regarding a project update.

4.   On September 23, 2005, amending Form 8-K filed on September 1, 2005

5.   On October 10, 2005 disclosing sales of unregistered securities

6.   On November 15, 2005 disclosing acquisition of additional acreage at the
     Slater Dome Prospect





                                       24

<PAGE>



                                   SIGNATURES

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

                                 New Frontier Energy, Inc.


Date: January 16, 2006           By:  /s/ Paul G. Laird
                                      ----------------------------------
                                      Paul G. Laird, President and Chief
                                      Executive Officer


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






                                       25

<PAGE>