UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


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

                  For the quarterly period ended March 31, 2002

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

                       For the transition period from to

                          Commission File No: 000-32999

                         LEBLANC PETROLEUM, INCORPORATED
        (Exact name of small business issuer as specified in its charter)

          Nevada                                         86-1031851
--------------------------------             -----------------------------------
(State or other jurisdiction of             (IRS Employer Identification No.)
 incorporation or organization)
                            5527 East Camelback Road
                             Phoenix, Arizona 85018
                    (Address of principal executive offices)

                                 (602) 522-8649
                           (Issuer's telephone number)

As of March 31, 2002 the Company had 9,500,000 shares of common stock, par value
$0.001 outstanding, its only class of stock.

Transitional Small Business Disclosure Format (Check one):  Yes [ ] No [X]

                             LeBlanc Petroleum, Inc.
                         (an exploratory stage company)

                                TABLE OF CONTENTS

Part I  Financial Information                                               Page

Item 1. Financial Statements:

        Balance  Sheets  Assets  (unaudited).................................. 2

        Balance  Sheets  Liabilities  (unaudited) ............................ 3

        Statements of Operations ............................................. 4

        Unaudited Condensed Statements of Cash Flows ......................... 5

        Statement of Changes in Stockholders'  equity ........................ 6

        Notes to Financial Statements (unaudited).......................... 7-12

Item 2  Management's Discussion .......................................... 12-16

Part II Other Information

Item 1. Legal Proceedings ....................................................16

Item 2. Changes in Securities ................................................16

Item 6. Exhibits and Reports on Form .........................................16

Signatures ...................................................................16


                                       1
<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.


                            LeBlanc Petroleum, Inc.
                         (an exploratory stage company)
                                 Balance Sheet
                   as of March 31, 2002 and December 31, 2001
                                  (unaudited)

                                     Assets
<table>
<caption>

     .                                                 March 31,    December 31,
                                                          2002            2001
                                                 --------------- ---------------
<S>                                                     <C>             <C>
Cash                                             $           183 $           124
                                                 --------------- ---------------

     Total Current Assets                                    183             124
                                                 --------------- ---------------
Oil and Gas Properties, using
     successful efforts accounting

     Proved Properties                                    20,000          20,000
     Unproved Properties                                 102,963         102,963

     Accumulated Depreciation,
     depletion, amortization and/or
     impairment                                             (352)            (88)
                                                 --------------- ---------------
     Net Oil and Gas Properties                          122,611         122,875
                                                 --------------- ---------------
Other Assets                                                   0               0
                                                 --------------- ---------------
     Total Assets                                $       122,794 $       122,999
                                                 =============== ===============
</table>

         The accompanying note are an integral part of these statements


                                       2
<PAGE>


                            LeBlanc Petroleum, Inc.
                         (an exploratory stage company)
                                 Balance Sheet
                   as of March 31, 2002 and December 31, 2001
                                  (unaudited)
<table>
<caption>
                                   Liabilities


                                                       March 31,    December 31,
                                                          2002            2001
                                                 --------------- ---------------
<S>                                                      <C>           <C>
Payables                                         $           336 $             -
Exploration Advances                                       1,462           1,462
Production Expense Advances                                  410             242
Due to Officer                                            90,000          58,500
Recapitalization Payable                                 120,800         140,000
                                                 --------------- ---------------
     Total Current Liabilities                           213,008         200,204
                                                 --------------- ---------------
Commitments and Contingencies

                              Stockholders' Equity

Common Stock, authorized shares
     outstanding shares March 31, 2002
     and December 31, 2001  9,500,000
     par value $0.001                                      9,500           9,500

Additional Paid in Capital                                64,535          64,535

Retained Earnings (Loss)                                (164,249)       (151,240)
                                                 --------------- ---------------
     Total Stockholders' Equity                          (90,214)        (77,205)
                                                 --------------- ---------------
     Total Liabilities and Stockholders' Equity          122,794 $       122,999
                                                 =============== ===============
</table>


                                       3
<PAGE>

         The accompanying note are an integral part of these statements

                             LeBlanc Petroleum, Inc.
                         (an exploratory stage company)
                            Statement of Operations
                   fir the three months ended March 31, 2002
         and the period November 23, 2002 (inception) to March 31, 2002
                                  (unaudited)

<table>
<caption>
                                                  for the period  for the period
                                                    January 1,     November 23,
                                                      2002 to    2001 (inception)
                                                     March 31,     to March 31,
                                                        2002           2002
                                                 --------------- ---------------
<S>                                                     <C>              <C>
Revenues
     Oil and Gas Sales                           $           504 $           726
                                                 --------------- ---------------
     Total Revenue                                           504             726
                                                 --------------- ---------------
Expenses
     Production Expenses                                     671           1,134
     Depreciation, Depletion and or
     Amortization                                            264             352
     Organizational and Recapitalization
     Expenses                                                            150,411
     General and Adminiatrative Expenses                  12,578          13,078
                                                 --------------- ---------------
     Total Expenses                                       13,513         164,975

Income before Provision for Income Taxes                 (13,009)       (164,249)

Provision for Income Taxes                                     0               0
                                                 --------------- ---------------
Net Income (Loss)                                $       (13,009)$      (164,249)
                                                 =============== ===============

Primary and Diluted Earnings per Share                   a                 (0.02)
                                                 --------------- ---------------
Weighted Average Number of Common
     Shares Outstanding                                9,500,000       9,472,656
                                                 --------------- ---------------
</table>

         The accompanying note are an integral part of these statements

                                       4
<PAGE>


                             LeBlanc Petroleum, Inc.
                         (an exploratory stage company)
                       Statement of Stockholders' Equity
              from November 23, 2001 (inception) to March 31, 2002
<table>
<caption>
                                                     Common Stock         Additional   Accumulated       Total
                                                   Shares       Amount      Paid in      Deficit        Equity
                                                                            Capital
                                              ------------ ------------ ------------ ------------ ------------
<S>                                               <C>           <C>          <C>          <C>          <C>
Initial Capitalization, November 23, 2001        9,000,000 $      9,000 $     65,000            - $     74,000

Reverse Merger with JBO                            500,000          500         (465)                       35

Deficit for period                                                                       (151,240)    (151,240)
                                              ------------ ------------ ------------ ------------ ------------
Balance, December 31, 2001                       9,500,000 $      9,500 $     64,535     (151,240)$    (77,205)

Deficit for quarter                                                                       (13,009)     (13,009)
                                              ------------ ------------ ------------ ------------ ------------
Balance, March 31, 2002                          9,500,000        9,500       64,535     (164,249)     (90,214)
                                              ============ ============ ============ ============ ============
</table>
         The accompanying note are an integral part of these statements


                                      5
<PAGE>



                             LeBlanc Petroleum, Inc.
                         (an exploratory stage company)
                            Statement of Cash Flows
                   for the three months ended March 31, 2002
         and the period November 23, 2001 (inception) to March 31, 2002
                                  (unaudited)


<table>
<caption>



                                                  Three months      November 23,
                                                 ended March 31, 2001 (inception)
                                                      2002          to March 31,
                                                                       2002
                                                 --------------- ---------------
<S>                                                    <C>            <C>
Cash flows from operating activities

Net Income (Loss)                                $       (13,009) $     (164,806)

Adjustments to reconcile net income
     to operating cash flow

     Amortization                                            264             352
     Change in Recapitalization Payable                  (19,200)        120,800
     Increase in Accounts Payable                            337             337
     Increase in Officer Payable                          31,500          90,000
     Increase in advances on exploration                       -           1,462
     Increase in advances on production expenses             168             967
                                                 --------------- ---------------

Net cash provided by operations                               60          49,112
                                                 --------------- ---------------
Cash flows from investing activities

     Purchase of producing wells                               -          20,000
     Purchase of lease property                                -          64,000
     Purchase of working interest                              -          37,500
     Exploration costs of working interest                     -           1,463
                                                 --------------- ---------------

Net cash used for investing activities                         -         122,963
                                                 --------------- ---------------
Cash flows from financing activities

     Initial capitalization                                    -          74,000
     Merger with JBO, Inc.                                     -              35
                                                 --------------- ---------------

Net cash provided by financing activities                      -          74,035
                                                 --------------- ---------------

Net change in cash and cash equivalents                       60             184
Cash and cash equivalents at the beginning of periods        124               0
                                                 --------------- ---------------
Cash and cash equivalents at the end of period       $       184  $          184
                                                 =============== ===============
Supplemental disclosure of cash flow information

     Cash paid during period for income taxes            $0             $0
     Cash paid during period for interest                $0             $0
</table>


         The accompanying notes are an integral part of these statements


                                       6
<PAGE>

                        LEBLANC PETROLEUM, INCORPORATED
                          NOTES TO FINANCIAL STATEMENTS
                         (an exploratory stage company)


NOTE 1. OVERVIEW OF OPERATIONS AND ACCOUNTING POLICIES

LeBlanc Petroleum, Incorporated (LPI Arizona) was formed on November 23, 2001 in
the State of Arizona.  On December 1, 2001,  LPI merged into JBO,  Inc. a Nevada
Corporation.  JBO, Inc. was the surviving  entity,  and  thereafter  amended its
Articles of Incorporation to change its name to LeBlanc Petroleum,  Incorporated
(the  "Company").  See  merger  note for more  details.  The  Company is engaged
primarily in the acquisition,  development, production, exploration for, and the
sale of oil and gas.  The Company  sells its oil and gas  products  primarily to
domestic  pipelines and refineries.  The Company is beginning to develop its New
Mexico property and should be considered an exploratory stage company.

Basis of Presentation

The accompanying  statements have been prepared following  accounting  standards
generally  accepted in the United States of America.  The  statements  have been
prepared  assuming  that  the  Company  will  continue  as a going  concern.  As
reflected in the  accompanying  financial  statements,  the Company had negative
cash flow from operations and incurred a net loss since inception. The financial
statements do not include any  adjustments  relating to the  recoverability  and
classification  of recorded asset amounts or the amounts and  classification  of
liabilities  that might be  necessary  should  the  Company be unable to achieve
sufficient cash flow from operations or secure adequate future  financing and be
therefore unable to continue as a going concern.

In the  opinion of  management,  the  accompanying  balance  sheets and  related
interim statements of income,  cash flows, and stockholders'  equity include all
adjustments  necessary  for their  fair  presentation  in  conformity  with U.S.
generally  accepted  accounting   principles.   Preparing  financial  statements
requires  management to make estimates and assumptions  that affect the reported
amounts of assets, liabilities, revenue, and expenses. Actual results may differ
from these estimates.  Interim results are not necessarily indicative of results
for a full year. The information  included in this Form 10-QSB should be read in
conjunction with Management's  Discussion and Analysis and financial  statements
and notes thereto included in the Company's 2001 Form 10-K.

Revenue Recognition

The Company recognizes revenue when the oil or gas is sold to an outside party.

Advertising

Advertising  and marketing costs are expensed as incurred.  Advertising  expense
totaled $0 for the period ended December 31, 2001.

Equipment

Equipment will be depreciated using the straight-line  method over its estimated
useful  lives  according  to industry  standards  applicable  in the oil and gas
industry. Currently the Company has no equipment.

Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of


                                       7
<PAGE>

contingent  assets and  liabilities at the date of the financial  statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.

Earnings per Share

The basic earnings (loss) per share are calculated by dividing the Company's net
income available to common shareholders by the weighted average number of common
shares during the year. The diluted  earnings  (loss) per share is calculated by
dividing the Company's net income (loss) available to common shareholders by the
diluted  weighted  average  number of shares  outstanding  during the year.  The
diluted  weighted  average  number of shares  outstanding  is the basic weighted
number  of  shares  adjusted  as of the  first of the  year for any  potentially
dilutive debt or equity.

The Company has no potentially dilutive securities outstanding at the end of the
statement  periods.  Therefore,  the basic and diluted earnings (loss) per share
are presented on the face of the statement of operations as the same number.

The  Company  has no options,  warrants,  convertible  debt or any other form of
security other than common stock.

Stock Based Compensation to Employees and Directors

The Company accounts for its stock based  compensation  based upon provisions in
SFAS No. 123, Accounting for Stock-Based  Compensation.  In this statement stock
based  compensation  to  employees  and  directors  is divided  into two general
categories,  namely  compensatory and  non-compensatory.  With  non-compensatory
compensation  no security  value is booked until the stock is actually paid for.
With compensatory  compensation the Company may select between two methods,  the
fair value or the intrinsic value methods. The Company has selected to value all
securities  based  compensation  to employees  and  directors at its fair value,
which is the preferred method.

Securities Based Compensation to Non-Employees

SFAS 123 provides that securities  based  compensation  paid to non employees be
recorded with a value which is based upon the fair value of the stock given.

Oil and Gas Properties

The Company uses the  successful  efforts  method of accounting  for oil and gas
producing  activities.  Costs  to  acquire  mineral  interests  in oil  and  gas
properties,  to drill and equip exploratory wells that find proved reserves, and
to drill and equip development wells are capitalized. Costs to drill exploratory
wells that do not find proved  reserves,  geological and  geophysical  costs and
costs or carrying and retaining unproved properties are expensed.

Unproved  oil  and  gas  properties  that  are   individually   significant  are
periodically  assessed for impairment of value,  and a loss is recognized at the
time  of  impairment  by  providing  an  impairment  allowance.  Other  unproved
properties  are  amortized  based  on the  Company's  experience  of  successful
drilling and average holding period.  Capitalized costs of producing oil and gas
properties,  after considering estimated dismantlement and abandonment costs and
estimated salvage values, are depreciated and depleted by the unit-of-production
method.  Support equipment and other property and equipment are depreciated over
their useful lives.

On the sale or retirement of a complete unit of a proved property,  the cost and
related  accumulated  depreciation,  depletion,  and amortization are eliminated
from the property accounts, and the resultant gain or loss is recognized. On the


                                       8
<PAGE>

retirement or sale of a partial unit of proved property,  the cost is charged to
accumulated  depreciation,  depletion, and amortization with a resulting gain or
loss recognized in income.

On the sale of an  entire  interest  in an  unproved  property  for cash or cash
equivalent,  gain or loss on the sale is recognized,  taking into  consideration
the  amount  of any  recorded  impairment  if the  property  had  been  assessed
individually.  If a partial interest in an unproved property is sold, the amount
received is treated as a reduction of the costs of the interest retained.

NOTE 2. MERGER

On December 2, 2001 Leblanc  Petroleum,  Incorporated (the Arizona  corporation)
merged with the Nevada  corporation  JBO,  Inc.  JBO,  Inc.  had no  operations,
5,000,000  shares of common stock  outstanding and could be considered a "shell"
company.  JBO,  Inc.  issued an additional  9,000,000  shares of common stock in
exchange for all of Leblanc  Petroleum,  Incorporated  common stock outstanding,
which was also 9,000,000. At the same time 4,500,000 shares were returned to the
Company and retired  netting an increase of 500,000  shares for the merger.  The
surviving  legal  entity was JBO,  Inc.  which then  changed its name to LeBlanc
Petroleum,  Inc. This merger was a  recapitalization  and was accounted for as a
reverse  acquisition  (merger) and is shown on the  statement  of  stockholders'
equity. JBO's balance sheet on November 23, 2001 was the following.

        Cash                      35
        Debt                       0
        Equity                    35

Note 3 STOCKHOLDERS' EQUITY

Authorized Capital Stock

The Company has a total authorized  capital of 25,000,000 shares of common stock
at $.001 par value per share.  Shareholders have all the rights afforded them by
Nevada law.

Employee Stock Option Plans

The  Company  has no stock  options  plans in place for  either  the  employees,
officers or  directors.  The Company may however in the future  establish  these
types of programs.

Initial Capitalization

The Company's  initial  capitalization  of 9,000,000  shares of common stock was
paid for with $54,000 cash and the  transfer of  producing  Louisiana  gas wells
valued at $20,000 for a total of $74,000.  The Louisiana  property was valued at
the cost basis of the contributing shareholders. See reserve note for details on
future expected cash flow information.

Merger

The merger with JBO, Inc.  effectively  increased the Company's  common stock by
500,000  shares.  See Note 2 for the details on this  merger.  The total  common
shares after the merger was 9,500,000.

Note 4. LEASES AND OTHER COMMITMENTS:

The Company is sharing an office  with an officer at no expense to the  Company.
The Company has no long term lease commitments.

                                       9
<PAGE>

Note 5. GOING CONCERN

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue as a going  concern.  As of the  balance  sheet date the
Company had no  established  sources of revenue and its planned  exploration  is
just  beginning.  These  factors  raised  doubt about the  Company's  ability to
continue  as a going  concern.  These  financial  statements  do not include any
adjustments  relating to the recoverability and classification of asset carrying
amounts or the amount and classification of liabilities that might result should
the Company be unable to continue as a going concern.

Management  plans are to raise capital and to develop the New Mexico  properties
and other properties which will be purchased.

Management  expects these plans to allow the Company to become profitable in one
of the latter  quarters of the upcoming  fiscal year.  No assurance  can be made
however that these plans will be successful.

Note 6 CONTINGENCIES

Dependence Upon Management.

The success of the Company in  developing  reserves of crude oil and natural gas
and cash flow from the  production  therefrom  is dependent  primarily  upon the
active  participation  of Gordon M.  LeBlanc,  Jr., the  Company's  Chairman and
President,  and G. Maurice LeBlanc, III, the Vice President of the Company. Both
of Messrs.  LeBlanc and LeBlanc have  substantial  experience in the oil and gas
business.  Gordon M. LeBlanc,  Jr. has been an oil and gas operator  since 1983.
Each  intends  to  devote  substantially  all of his time and  attention  to the
operation and management of the Company.  The Company does not have key man life
insurance  on the  lives  of,  nor any  employment  agreement  with,  any of its
officers or directors.

Environmental Matters.

The  Company's  operations  and  properties  will be  subject to  extensive  and
changing federal, state and local laws and regulations relating to environmental
protection,    including   the   generation,    storage,   handling,   emission,
transportation and discharge of materials into the environment,  and relating to
safety and health. The recent trend in environmental  legislation and regulation
generally is toward  stricter  standards,  and this trend will likely  continue.
These laws and  regulations may (i) require the acquisition of a permit or other
authorization  before  construction or drilling  commences and for certain other
activities;  (ii) limit or prohibit construction,  drilling and other activities
on certain lands lying within  wilderness and other protected  areas;  and (iii)
impose  substantial  liabilities  for  pollution  resulting  from the  Company's
operations.  The permits  required for several of the Company's  operations  are
subject  to  revocation,   modification  and  renewal  by  issuing  authorities.
Governmental  authorities  have the  power to  enforce  their  regulations,  and
violations  are  subject to fines or  injunctions,  or both.  In the  opinion of
management,  the Company is in substantial  compliance  with current  applicable
environmental laws and regulations,  and the Company has no material commitments
for capital  expenditures  to comply with existing  environmental  requirements.
Nevertheless,  changes in  existing  environmental  laws and  regulations  or in
interpretations  thereof could have a significant impact on the Company, as well
as the oil and natural gas industry in general.

The  Comprehensive  Environmental,  Response,  Compensation,  and  Liability Act
("CERCLA")  and  comparable  state  statutes  impose  strict,  joint and several
liability  on owners and  operators  of sites and on persons who  disposed of or


                                       10
<PAGE>

arranged for the disposal of "hazardous  substances"  found at such sites. It is
not  uncommon for the  neighboring  landowners  and other third  parties to file
claims for personal injury and property damage allegedly caused by the hazardous
substances released into the environment.  The Federal Resource Conservation and
Recovery Act  ("RCRA")  and  comparable  state  statutes  govern the disposal of
"solid waste" and "hazardous  waste" and authorize the imposition of substantial
fines and  penalties  for  noncompliance.  Although  CERCLA  currently  excludes
petroleum from its definition of "hazardous substance," state laws affecting the
Company's  operations  impose  clean-up  liability  relating  to  petroleum  and
petroleum related products.  In addition,  although RCRA classifies  certain oil
field wastes as "non-hazardous," such exploration and production wastes could be
reclassified  as hazardous  wastes  thereby  making such wastes  subject to more
stringent handling and disposal requirements.

The Company intends to acquire  leasehold  interests in properties that for many
years have produced oil and natural gas.  Although the previous  owners of these
interests may have used  operating and disposal  practices that were standard in
the industry at the time, hydrocarbons or other wastes may have been disposed of
or released on or under the properties.  In addition, some of its properties may
be  operated  in the  future by third  parties  over  which the  Company  has no
control.  Notwithstanding the Company's lack of control over properties operated
by others,  the failure of the operator to comply with applicable  environmental
regulations may, in certain circumstances, adversely impact the Company.

The  National  Environmental  Policy Act ("NEPA") is  applicable  to many of the
Company's planned activities and operations.  NEPA is a broad procedural statute
intended to ensure that federal agencies  consider the  environmental  impact of
their  actions  by  requiring  such  agencies  to prepare  environmental  impact
statements  ("EIS") in connection with all federal activities that significantly
affect the environment. Although NEPA is a procedural statute only applicable to
the federal government, a portion of the Company's San Juan Basin properties may
be acreage located on federal land. The Bureau of Land Management's  issuance of
drilling  permits  and the  Secretary  of the  Interior's  approval  of plans of
operation and lease agreements all constitute federal action within the scope of
NEPA. Consequently,  unless the responsible agency determines that the Company's
drilling activities will not materially impact the environment,  the responsible
agency will be required to prepare an EIS in  conjunction  with the  issuance of
any permit or approval.

The  Endangered  Species Act  ("ESA")  seeks to ensure  that  activities  do not
jeopardize  endangered or threatened animal, fish and plant species, nor destroy
or modify the  critical  habitat of such  species.  Under ESA,  exploration  and
production  operations,  as  well  as  actions  by  federal  agencies,  may  not
significantly  impair or jeopardize the species or their  habitat.  ESA provides
for criminal  penalties for willful  violations of the Act.  Other statutes that
provide  protection  to  animal  and  plant  species  and that may  apply to the
Company's  operations include,  but are not necessarily limited to, the Fish and
Wildlife  Coordination  Act, the Fishery  Conservation  and Management  Act, the
Migratory Bird Treaty Act and the National  Historic  Preservation Act. Although
the Company believes that its operations are in substantial compliance with such
statutes,  any change in these statutes or any  reclassification of a species as
endangered  could subject it to significant  expense to modify its operations or
could force the Company to discontinue certain operations altogether.

Note 7 RELATED PARTY

The  directors  and officers of the Company have other  interests in the oil and
gas  business,  which may  present  conflicts  of interest  with  respect to the
activities  of the Company.  Chairman and President  Gordon M.  LeBlanc,  Jr. is
involved on a part time basis for his own account as an independent  oil and gas


                                       11
<PAGE>

producer.  Mr.  LeBlanc often permits  others to  participate  (i.e.,  acquire a
working  interest) in his oil and gas projects.  Mr. LeBlanc has  represented to
the Company that oil or natural gas prospects in which he offers the opportunity
for third parties to participate, and which Mr. LeBlanc, in his sole discretion,
believes to be  appropriate  for the Company,  will be offered to it on terms no
less  favorable to the Company than are available to any third party.  Also, oil
and gas business  opportunities  generated  by others and made  available to Mr.
LeBlanc  for his  participation,  which  Mr.  LeBlanc,  in his sole  discretion,
believes to be appropriate for the Company,  will be made available to it on the
same terms as are offered to Mr. LeBlanc. Mr. LeBlanc may or may not participate
in such ventures for his own account.  The Company will participate in an oil or
natural gas prospect  made  available  by Mr.  LeBlanc only if a majority of the
Company's directors,  not including Mr. LeBlanc,  approve the investment.  As of
the date of this prospectus,  each of the other directors is personally  related
to Mr.  LeBlanc  as  members  of his  immediate  family,  and each has  existing
personal  interests  in  various  aspects of the oil and gas  business  and each
intends to continue such activities on his or her own behalf.  However,  each of
the  directors  has  represented  that any  business  opportunity  in the oil or
natural  gas  business  involving  a  property  located  within  50 miles of any
existing  property in which the Company  holds an interest will be first offered
to the Company before the director  pursues the  opportunity  for his or her own
benefit or offers the opportunity to a third party.

The Company  currently  shares  executive  office  space with its  Chairman  and
President,  Gordon  M.  LeBlanc,  Jr.,  at no cost to the  Company  at 5527 East
Camelback Road,  Phoenix,  Arizona 85018. At such time that revenues permit, the
Company  intends  to  obtain  separate  office  space  in the  Phoenix,  Arizona
metropolitan area.

On December 1, 2001, the Company  redeemed  2,250,000 shares of its common stock
from William D. O'Neal,  the former  President  and Director of the Company,  in
exchange for $5,000 in cash, and a promissory  note made by the Company in favor
of Mr.  O'Neal  in the  original  principal  amount of  $70,000.00.  The note is
non-interest bearing and requires consecutive monthly payments of $10,000.00 per
month,  commencing  on  January  1,  2002  and on the  first  day of each  month
thereafter  until paid in full. The note is secured by a stock pledge  agreement
of even date that  provides Mr. O'Neal with,  among other  things,  the right to
foreclose  upon the shares  redeemed  in the event of a default  by the  Company
which is not timely cured. On December 1, 2001, the Company  redeemed  2,250,000
shares of its common  stock  from  Stephen F.  Burg,  the former  Secretary  and
Director of the Company,  upon the  identical  terms as with Mr.  O'Neal.  As of
March 31, 2002, the Company was current on these obligations.

NOTE 8   RESERVES

The following  estimates of proved and proved developed  reserve  quantities and
related standardized measure of discounted net cash flow are estimates only, and
do not  purport  to  reflect  realizable  values  or fair  market  values of the
Company's reserves. The Company emphasizes that reserve estimates are inherently
imprecise and that estimates of new discoveries are more imprecise then those of
producing oil and gas properties.  Accordingly,  these estimates are expected to
change as future information  becomes  available.  All of the Company's reserves
are located in the United States.

Proved  reserves are estimated  reserves of crude oil (including  condensate and
natural gas  liquids)  and  natural gas that  geological  and  engineering  data
demonstrate  with  reasonable  certainty to be  recoverable in future years from
known  reservoirs  under  existing  economic and  operating  conditions.  Proved
developed  reserves are those expected to be recovered  through  existing wells,
equipment, and operating methods.

                                       12
<PAGE>

The  standardized  measure of  discounted  future net cash flows is  computed by
applying  year-end prices of oil and gas (with  considerations  of price changes
only to the extent provided by contractual arrangements) to the estimated future
production of proved oil and gas reserves,  less estimated  future  expenditures
(based on year-end  costs) to be incurred in developing and producing the proved
reserves, less estimated future income tax expenses (based on year end statutory
tax rates,  with  consideration  of future tax rates already  legislated)  to be
incurred on pretax net cash flows less tax basis of the properties and available
credits,  and  assuming  continuation  of  existing  economic  conditions.   The
estimated  future net cash flows are then discounted using a rate of 10 per cent
a year to reflect the  estimated  timing of the future cash flow.  The  schedule
below only relates to the gas  properties in Louisiana,  which are the Company's
only proved reserves.

Undeveloped oil and gas proved reserves.

     The Company has no proved  undeveloped  oil and gas reserves as of December
     31, 2001 or March 31, 2002

Proved developed oil and gas reserves as of December 31, 2001

     The Company has no proved  developed oil reserves as of either December 31,
     2001 or March 31, 2002.

         Proved developed gas reserves located in the state of Louisiana, USA

         Beginning of the period mcf                                     110,793
         Revisions of previous estimates                                       0
         Improved recovery                                                     0
         Purchases of minerals                                                 0
         Extensions and discoveries                                            0
         Productions                                                         489
         Sales of minerals in place                                            0

         End of period                                                   110,304

         Standardized Measure of Discounted Future Net Cash Flows at
         December 31, 2001

         Future cash inflows                                            $198,547
         Future production costs                                         158,838
         Future development costs                                              0
         Future income tax expenses                                        8,736
                                                                     -----------
                                                                          30,973
         Future net cash flows, 10% discounted for estimated timing
         of cash flows                                                     7,057
                                                                     -----------
         Standardized measures of discounted future net cash flows relating to
         proved gas reserves.                                            $23,916
                                                                     -----------





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

     The  following  discussion  is  intended  to  provide  an  analysis  of the
Company's  financial  condition  and Plan of  Operation  and  should  be read in
conjunction  with the Company's  financial  statements and the notes thereto set


                                       13
<PAGE>

forth herein.  The matters  discussed in this section that are not historical or
current facts deal with potential future  circumstances and  developments.  Such
forward-looking  statements include,  but are not limited to, the drilling plans
for natural gas, trends in the results of the Company's operations,  anticipated
rates of production,  natural gas prices,  operating  expenses and the Company's
anticipated  capital  requirements and capital  resources.  The Company's actual
results   could   differ   materially   from  the  results   discussed   in  the
forward-looking statements.

The Company

     LeBlanc,  Petroleum,  Incorporated,  a  Nevada  corporation  ("We"  or  the
"Company"),   is  an  independent  energy  company  engaged  in  the  ownership,
exploration and acquisition of crude oil and natural gas reserves.  Our intended
strategy is to develop and increase oil and natural gas reserves, production and
revenue for the Company as follows:

     Utilize State-of-the-Art  Technologies.  Certain of the Company's officers,
     directors and consultants have experience in utilizing 3-D Seismic data and
     related  "state-of-the-art"  technologies for analyzing oil and natural gas
     drilling and  development  opportunities.  We intend to continue to analyze
     and review oil and natural gas prospects in which we acquire or may acquire
     an interest  based on  acquisition  and  analysis  of 3-D Seismic  data and
     related   technologies,   including  "amplitude  versus  offset"  or  "AVO"
     analysis, in an effort to improve drilling success rates and accelerate the
     development of oil and natural gas reserves.

     Develop Drill Site  Inventory.  The  Company's  initial  working  leasehold
     interests are in the Right Angle and Johnson Anticline prospects in the San
     Juan Basin of New  Mexico  (See  "Principal  Properties")  These  interests
     include an inventory of up to  approximately  12 potential  exploratory and
     development crude oil wells,  based on an initial review of the 2-D Seismic
     which has been completed. We believe that anticipated cash resources, to be
     supplied by certain of our officers as loans and future  participation from
     industry  partners will enable us to pay our anticipated  share of drilling
     and completion costs for at least 12 exploratory  wells on these prospects.
     We intend to continue to seek and acquire  interests in other  prospects in
     the United States and Australia.

     Acquire  Interests in Oil and Natural Gas  Properties.  We will continue to
     evaluate  potential  acquisitions  of  interests  in oil  and  natural  gas
     properties in the United States and Australia,  which may become  available
     on terms that we believe will be attractive and which have the potential to
     add to the Company's  reserves and  production  through the  application of
     lower risk  exploitation and exploration  techniques.  We will evaluate and
     may acquire  interests in producing oil and natural gas  properties,  which
     may become available on terms acceptable to the Company.  Such acquisitions
     will be subject to the  availability  of properties  deemed suitable by the
     Board of Directors, availability of financial resources, location and other
     factors.

     Operate Oil and Natural Gas Properties only when Justified.  Initially,  we
     will not solely operate any of the oil or natural gas properties,  which we
     hold or may acquire, and will rely to some extent on operators qualified in
     the oil and gas  business  to conduct  operations  under a joint  operating
     arrangement.

     Maintain Low Overhead  Expenses.  We currently have 2 full time  employees,
     Gordon M.  LeBlanc,  Jr. and G.  Maurice  LeBlanc  III. We do not intend to
     become obligated to incur  substantial  cash operating  expenses until such


                                       14
<PAGE>

     time as available  capital or cash resources  generated from operations are
     sufficient  to  justify  expanding  the  number of  employees  and  related
     expenses.  Until such time as we have developed significant and steady cash
     flow  from the  production  of oil and  natural  gas,  we  intend  that our
     management and directors will provide services to the Company primarily for
     non-cash compensation.

     Become  an  Operating  Oil and  Natural  Gas  Company.  At such time as the
     Company  establishes  sufficient  oil and natural gas  reserves and revenue
     from  production,  we plan to  become  an  operating  oil and  natural  gas
     exploration and development  company. As continuing revenue from operations
     is achieved, we expect to obtain separate office space and facilities, full
     time  employees  and  consultants  and to  begin  to  develop  and  acquire
     additional oil or natural gas prospects while seeking to increase  reserves
     and production.  No assurances can be made as to when or whether such plans
     may be achieved.

Principal Properties.

     The Company currently owns an undivided 37.5% working leasehold interest in
two exploratory prospects located in Sandoval County, New Mexico in the San Juan
Basin, near Cuba, New Mexico. The prospects,  commonly referred to as the "Right
Angle" and "Johnson Anticline",  respectively,  total approximately 1,920 acres.
These  prospects  have  been  identified  by a 2D  seismic  study  as  "Entrada"
prospects.  The initial exploratory well shall be the Right Angle Federal #1. We
anticipate  drilling  to  commence  on this well in early  June  2002,  upon the
completion  of a 3D seismic  study.  We project  that as many as 12 wells may be
drilled  to a depth of 6,000  feet to test the  Entrada,  Mesaverde  and  Mancos
formations  over the next 18 months,  subject to our initial  drilling  success,
crude oil prices and  availability  of capital.  Until and unless such wells are
drilled  and  completed  as  crude  oil  producers,  of  which  there  can be no
assurance,  we will have no production and no oil reserves  attributable  to the
Right Angle and Johnson Anticline leaseholds.  We have the right to acquire from
the joint  operator  satisfactory  title to the  balance of the  interest in the
Right  Angle and  Johnson  Anticline  prospects  where the joint  owner holds an
interest in accordance with standards  generally accepted in the oil and natural
gas industry.

     The Company also owns an undivided  24.5% working  leasehold  interest in 5
natural  gas  wells in the Dixie  Field of Caddo  Parish,  Louisiana.  The wells
produce seven  thousand  cubic feet ("mcf") per day from the Nacatoch  formation
from  approximately  900 feet.  The price of natural gas per mcf as of March 31,
2002 was $2.50.

     We intend to acquire  interests in producing oil or natural gas  properties
and  exploratory  prospects  from other  persons and entities in the oil and gas
business,  including  persons or entities with whom members of management of the
Company may have an affiliation or ownership interest.

     The Company's  properties will be subject to customary  royalty  interests,
liens  incident  to  operating  agreements,  liens for  current  taxes and other
burdens which we believe do not  materially  interfere with the use of or affect
the value of such properties.

Office Facilities.

     The Company  currently  shares executive office space with its Chairman and
President,  Gordon  M.  LeBlanc,  Jr.,  at no cost to the  Company  at 5527 East
Camelback Road,  Phoenix,  Arizona 85018. At such time that revenues permit,  we
intend to obtain  separate  office  space in the Phoenix,  Arizona  metropolitan
area.

                                       15
<PAGE>

Plan of Operation

     The Company has  generated  no  significant  revenue in the fiscal  quarter
ended March 31, 2002 . We plan to generate  future revenue through our leasehold
participation  in the Dixie Field  property and drilling  with others in the San
Juan Basin of New Mexico,  and through the acquisition of additional oil and gas
prospects.

     The Company  initially  plans to identify up to 12 drilling  locations  for
crude oil at the Right Angle and  Johnson  Anticline  locations  in the San Juan
Basin  that  bear   consistent   analytical  data  using  3-D  Seismic  and  AVO
technologies.  Our  participation  is a 37.5%  working  interest  based upon the
ownership  of  our  leasehold  interests  in  these  prospects.   We  anticipate
generating  initial revenues from these prospects in the second calendar quarter
of  2002.  The  cost to the  Company  to  drill a dry  hole  is  expected  to be
approximately  a minimum of $134,000.00.  The estimated  annual cost for general
and administrative  expenses of the Company is anticipated to be approximately a
minimum of  $350,000.00  and other  capital costs  associated  with the existing
properties  may  approximate  $200,000.00.  At March 31,  2002,  the Company had
approximately $183.00 in cash.

     Based upon the  available  working  capital at the  beginning of the second
quarter,  we will  need to  raise  additional  capital  through  debt or  equity
offerings to cover our anticipated  general and  administrative  costs,  capital
lease costs and participate in drilling a maximum of 12 exploratory  wells. If a
drilled well is successful,  after payment of the Company's  share of completion
expenses,  we would  expect to be able to drill 11  subsequent  wells  using the
proceeds from production of the successful well  approximately  90 days after it
began producing,  assuming anticipated rates of production and current crude oil
prices.

     The  Company's  anticipated  share of the  additional  costs to  complete a
successful  crude  oil  well  in the  San  Juan  Basin  would  be  approximately
$36,000.00.  From a successful well the Company  anticipates net monthly revenue
of  approximately  $44,100.00  based upon  expected  average  monthly  gross oil
production  of 245  barrels  of oil per day,  at a price of $20.00 per barrel of
oil. Direct costs for drilling and completing a successful well may be recovered
in approximately 4 months.  The expected  producing life of wells in the area is
anticipated to be 5 to 15 years.

Results of Operation for Quarter Ended March 31, 2002

     During 2001,  our initial year of operation,  through  March 31, 2002,  the
Company  had  no  significant  revenue  and  minimal  expenses  relating  to the
formation of the  Company.  From our  inception  through  November 30, 2001,  we
limited our  activities to seeking a merger  partner that would add value to the
Company.  The Company was successful in identifying  such a merger partner,  LPI
Arizona,  and  consummated  a successful  merger with LPI Arizona on December 1,
2001.  The quarter ending March 31, 2002 was spent  primarily on  organizational
issues  relative  to the  merger  and  strategic  planning  with  respect to the
exploitation  of our  current  leasehold  interests  and  the  investigation  of
additional oil and gas opportunities.

Liquidity and Capital Resources

     At March 31, 2002, the Company's current assets of $122,794.00 was exceeded
by current  liabilities  of $213,008.00  We had working  capital of $183.00.  We
believe that additional  working capital in the amount of $500,000.00  will need
to be raised in the form of debt,  equity or some  other  financing  to meet our
anticipated  cash  needs for at least the next 12  months.  Thereafter,  if cash
generated  from  anticipated  producing  wells is  insufficient  to satisfy  the


                                       16
<PAGE>

Company's  capital needs, we expect that we will require  additional  capital in
the future for funding  working  capital and drilling  operations in the form of
equity, debt or other financing. Mr. LeBlanc has commited to loan funds to us on
an  "as-needed"  basis,  and  upon  commercially  reasonable  terms  in  amounts
sufficient to sustain our operations over the next 12-month  period.  We have no
other commitments in place to provide additional capital. In the event financing
is needed in the future,  there can be no assurance that it will be available to
the Company in an amount and on terms acceptable to us.

                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

     None

Item 2. Changes in Securities.

     None

Item 3. Defaults Upon Senior Securities.

     None

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

     None

Item 5. Other Information.

     None



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

     Exhibits:

     None

     Reports on Form 8-K:

     The Company filed a Form 8-k on January 14, 2002  disclosing  the terms and
     conditions of the merger between the Company and LeBlanc  Petroleum,  Inc.,
     an Arizona  corporation,  and setting forth the  identities  and beneficial
     ownership  positions of the new  management.  Financial  statements for the
     period  ending  December  31,  2001,  were filed on Form 10KSB on April 12,
     2002.


                                   SIGNATURES

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


                                                 LEBLANC PETROLEUM, INCORPORATED
                                                          (Registrant)

         Date: March 13, 2002                     By: /s/ Gordon M. LeBlanc, Jr.
                                                      --------------------------
                                                          Gordon M. LeBlanc, Jr.
                                                    Its:  President


         Date: March 13, 2002                        By: /s/ Marilyn Kay LeBlanc
                                                      --------------------------
                                                             Marilyn Kay LeBlanc
                                                     Its:  Secretary


                                       17
<PAGE>