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

                                  FORM 10-QSB/A

(Mark One)

|X|   QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
      OF 1934.

      FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2006

                                       OR

|_|   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 000-32747

                           GULF COAST OIL & GAS, INC.
                 (NAME OF SMALL BUSINESS ISSUER IN ITS CHARTER)

            DELAWARE                                              98-0128688
(STATE OR OTHER JURISDICTION OF                               (I.R.S. EMPLOYER
 INCORPORATION OR ORGANIZATION)                              IDENTIFICATION NO.)

                           5847 SAN FELIPE, SUITE 1700
                              HOUSTON, TEXAS 77057
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

                                 (713) 821-1731
                (ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE)

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

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

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                     PROCEEDINGS DURING THE PAST FIVE YEARS

Check whether the issuer has filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.  Yes |_|  No |_|

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of August 15, 2006, 119,536,793
shares of common stock.

Transitional Small Business Disclosure Format (check one): Yes |_|  No |X|

SEC2334(9-05)     PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
                  CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE
                  FORM DISPLAYS A CURRENT VALID OMB CONTROL NUMBER.
<PAGE>

                                EXPLANATORY NOTE

The purpose of this Quarterly Report on Form 10-QSB/A is to amend the Form
10-QSB to correct the financial statement footnotes to make them consistent with
the financial statement footnotes in the Form 10KSB/A for the year ending
December 31, 2005 filed on August 11, 2006 and the Form 10QSB/A for the period
ending March 31, 2006 filed on August 17, 2006. The changes are primarily in
Notes 1 and 2 and primarily relate to correcting the number of shares issued in
previous financing transactions so that all share amounts are stated after
giving effect to the forward and reverse stock splits effected by the Company.

The Company's management has reviewed and approved, and takes full
responsibility for, the revisions made to the Form 10-QSB/A as set forth in this
Report.
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
                                   FORM 10-QSB
                       FOR THE QUARTER ENDED JUNE 30, 2006

                                      INDEX

                                                                            PAGE
                          PART 1--FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

        Balance Sheets--June 30, 2006 and December 31, 2005                 3

        Statements of Operations - Quarters Ending and Year to
        Date ending June 30, 2006 and June 30, 2005, and period
        from August 4, 2003 (inception) to June 30, 2006                    4

        Statements of Changes in Stockholders' Equity
        (Deficit)--For period beginning August 4, 2003
        (inception) through June 30, 2006                                   5

        Statement of Cash Flows--Quarters Ending and Year to Date
        ending June 30, 2006 and June 30, 2005 and period from
        August 4, 2003 (inception) to June 30, 2006                         6

        Notes to Consolidated Financial Statements--June 30, 2006           7

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS                                           12

ITEM 3. CONTROLS AND PROCEDURES                                             13

                           PART II--OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS                                                   13

ITEM 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS                13

ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                     14

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                 14

ITEM 5. OTHER INFORMATION                                                   14

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                                    14


                                        3
<PAGE>

                          PART I--FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)
                                 BALANCE SHEETS
                       JUNE 30, 2006 AND DECEMBER 31, 2005

<TABLE>
<CAPTION>
                                                                          JUNE 30, 2006      DECEMBER 31,
                                                                           (UNAUDITED)          2005
                                                                          -------------      -----------
<S>                                                                        <C>               <C>
ASSETS

Current Assets
          Cash & Cash Equivalents                                          $ 1,314,070       $    34,424
          Accounts receivable                                                    4,517             5,248
          Deferred financing                                                   125,364                --
                                                                           -----------       -----------
                                                                             1,443,951            39,672
Fixed Assets
          Office equipment                                                       3,550             3,550
          Less: accumulated depreciation                                        (2,834)           (2,560)
                                                                           -----------       -----------
                                                                                   716               990
Other Assets
          Deferred financing                                                   359,897                --
          Website costs less accumulated amortization                              700             1,000
          Deposit on interest in unproved oil and gas leases                   362,500           100,000
                                                                           -----------       -----------
                                                                               723,097           101,000
                                                                           -----------       -----------
Total Assets                                                               $ 2,167,764       $   141,662
                                                                           ===========       ===========
Current Liabilities
          Accounts payable                                                 $    69,312       $    70,672
          Accrued expenses                                                      35,631            35,631
          Due to shareholder                                                    23,136            23,136
                                                                           -----------       -----------
                                                                               128,079           129,439
Promissory Notes                                                             2,000,000
Derivative Liability arising from warrants                                     248,223
Stockholders' Equity
          Series A preferred stock, 100,000,000 shares authorized,0
                         shares outstanding, par value $.001 per share
          Common stock, 1,000,000,000 shares authorized,
                         119,536,793 and 119,536,793
                         shares outstanding at June 30, 2006
                         and December 31, 2005
                         par value $.001 per share                             119,537           119,537
          Additional contributed capital                                     6,138,494         6,138,494
          Deficit accumulated during exploration stage                      (6,516,471)       (6,295,710)
          Accumulated other comprehensive deficit                                   --                --
          Stock subscription advances                                           49,902            49,902
                                                                           -----------       -----------
                                                                              (208,538)           12,223
                                                                           -----------       -----------
Total Liabilities and Stockholders' Equity                                 $ 2,167,764       $   141,662
                                                                           ===========       ===========
</TABLE>

                 See accompanying notes and accountants report.


                                        4
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                             STATEMENT OF OPERATIONS
          FOR THE QUARTERS ENDING AND YEAR TO DATE ENDING JUNE 30, 2006
           AND JUNE 30, 2005, AND THE PERIOD BEGINNING AUGUST 4, 2003
                (INCEPTION) THROUGH TO JUNE 30, 2006 (UNAUDITED)

<TABLE>
<CAPTION>
                                            QUARTER          QUARTER       YEAR TO DATE     YEAR TO DATE
                                            JUNE 30,         JUNE 30,         JUNE 30,         JUNE 30,          SINCE
                                              2006             2005             2006             2005          INCEPTION
                                         ---------------------------------------------------------------------------------
<S>                                      <C>              <C>              <C>              <C>              <C>
Interest revenue                         $      11,203    $          --    $      15,170    $          --    $      15,190

Cost of sales
          Exploration costs                         --               --               --               --          159,625
                                         ---------------------------------------------------------------------------------
Gross Profit                                    11,203               --           15,170               --         (144,435)

Expenses
          Administration                       115,297           68,192          235,931           99,694        5,996,988
                                         ---------------------------------------------------------------------------------
                                              (104,094)         (68,192)        (220,761)         (99,694)      (6,141,423)
                                         ---------------------------------------------------------------------------------
Other income and expenses
          Loss on sale of fixed assets              --               --               --               --             (684)
          Gain on settlement of debt                                                  --               --           67,693
          Foreign exchange (loss) gain                            3,753               --            1,290          (16,689)
                                         ---------------------------------------------------------------------------------
                                                    --            3,753               --            1,290           50,320
                                         ---------------------------------------------------------------------------------
Loss from continuing operations               (104,094)         (64,439)        (220,761)         (98,404)      (6,091,103)
                                         ---------------------------------------------------------------------------------
Discontinued operations
          Mineral rights abandoned                  --               --               --               --         (193,226)
                                         ---------------------------------------------------------------------------------
Net (Loss)                                    (104,094)         (64,439)        (220,761)         (98,404)      (6,284,329)
Other Comprehensive Income
          Increase in fair value of
          derivatives                          732,609               --               --               --               --
                                         ---------------------------------------------------------------------------------
Net Comprehensive Income / (Loss)        $     628,515    $     (64,439)   $    (220,761)   $     (98,404)   $  (6,284,329)
                                         =================================================================================
Net loss per share                       $       (0.00)   $       (0.00)   $       (0.00)   $       (0.00)
Net Comprehensive Income per share       $        0.01    $       (0.00)   $       (0.00)   $       (0.00)

Average shares outstanding                 119,536,793      114,604,133      119,536,793      114,363,333
</TABLE>

                 See accompanying notes to financial statements.


                                        5
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

             STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
               FOR THE PERIOD BEGINNING AUGUST 4, 2003 (INCEPTION)
                        THROUGH JUNE 30, 2006 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                     ACCUM-
                                                                                                     ULATED
                                                                                                     OTHER     STOCK
                                      SERIES A                              ADDITIONAL               COMPRE-  SUBSCRIP-
                                  PREFERRED STOCK          COMMON STOCK     CONTRIBUTED  RETAINED    HENSIVE    TION
                                 SHARES     AMOUNT      SHARES     AMOUNT     CAPITAL     DEFICIT    DEFICIT  ADVANCES     TOTAL
                                 ------     ------      ------     ------     -------     -------    -------  --------     -----
<S>                           <C>          <C>       <C>          <C>       <C>         <C>          <C>       <C>      <C>
Balance August 4, 2003                --   $    --            --  $     --  $       --  $        --  $    --   $    --  $        --
  Shares issued for services          --        --    24,300,000    24,300     (16,200)          --       --        --        8,100
  Shares issued for cash              --        --    11,700,000    11,700     162,300           --       --        --      174,000
  Shares issued for mineral           --        --     9,000,000     9,000      62,250           --       --        --       71,250
     rights
  Merger with Otish Mountain   1,000,000     1,000       323,283       324        (216)      (1,167)      --        --          (59)
     Company
  Net loss for the period             --        --            --        --          --      (94,138)      --        --      (94,138)
                              ----------   -------   -----------  --------  ----------  -----------  -------   -------  -----------
Balance December 31, 2003      1,000,000     1,000    45,323,283    45,324     208,134      (95,305)      --        --      159,153
  Shares issued for services          --        --    60,900,000    60,900   5,119,100           --       --        --    5,180,000
  Shares issued for mineral           --        --           150        --          53           --       --        --           53
     rights
  Shares issued for cash              --        --     7,902,000     7,902     255,498           --       --        --      263,400
  Redemption of Preferred
     Shares                   (1,000,000)   (1,000)           --        --          --           --       --        --       (1,000)
  Net loss for the period             --        --            --        --          --   (6,013,462)      --        --   (6,013,462)
                              ----------   -------   -----------  --------  ----------  -----------  -------   -------  -----------
Balance at December 31, 2004          --        --   114,125,433   114,126   5,582,785   (6,108,767)      --        --     (411,856)
  Shares issued for Debt              --        --       996,360       996     236,124           --       --        --      237,120
  Shares sold                         --        --     4,115,000     4,115     295,885           --       --        --      300,000
  Shares issued for services          --        --       300,000       300      23,700           --       --        --       24,000
  Stock subscription advance          --        --            --        --          --           --       --    49,902       49,902
  Net loss for the period             --        --            --        --          --     (186,943)      --        --     (186,943)
                              ----------   -------   -----------  --------  ----------  -----------  -------   -------  -----------
Balance at December 31, 2005          --        --   119,536,793   119,537   6,138,494   (6,295,710)      --    49,902       12,223
  Net loss for the period             --        --            --        --          --     (220,761)      --        --     (220,761)
                              ----------   -------   -----------  --------  ----------  -----------  -------   -------  -----------
                                      --   $    --   119,536,793  $119,537  $6,138,494  $(6,516,471) $    --   $49,902  $  (208,538)
                              ==========   =======   ===========  ========  ==========  ===========  =======   =======  ===========
</TABLE>

                See accompanying notes to financial statements.


                                        6
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                             STATEMENT OF CASH FLOWS

FOR THE QUARTERS ENDING AND YEAR TO DATE ENDING JUNE 30, 2006 AND JUNE 30, 2005,
  AND THE PERIOD BEGINNING AUGUST 4, 2003 (INCEPTION) THROUGH TO JUNE 30, 2006
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                          QUARTER         QUARTER       YEAR TO DATE    YEAR TO DATE      SINCE
                                                       JUNE 30, 2006   JUNE 30, 2006   JUNE 30, 2006   JUNE 30, 2005    INCEPTION
                                                       ----------------------------------------------------------------------------
<S>                                                    <C>             <C>             <C>             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net loss for the period                           $    (104,094)  $     (64,439)  $    (220,761)  $     (98,408)  $ (6,284,329)
     Adjustments to reconcile net earnings to net
     cash provided
     (used) by operating activities:
         Depreciation                                                            149              --             507         13,617
         Amortization                                                            125          25,526             250         30,245
         Services paid by stock                                   --              --                              --      5,212,100
         Mineral rights abandoned                                 --              --                              --        195,226
     Changes in current assets and liabilities
         (Increase) Decrease in accounts receivable -             --          (5,438)            731          (5,438)        (4,517)
         other
         (Increase) decrease  in deferred financing         (126,992)             --        (261,992)             --       (261,992)
         (Decrease) Increase in accounts payable               2,479           8,300          (1,358)          5,542         69,292
         (Decrease) Increase in accrued expenses                  --         (10,954)                         13,193         58,767
                                                       ----------------------------------------------------------------------------
NET CASH (USED) BY OPERATING ACTIVITIES                     (216,427)        (72,257)       (457,854)        (84,354)      (971,591)
                                                       ----------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
     Purchase of mineral rights                                   --              --              --              --        (91,534)
     Purchase of interest in unproved oil and gas
     leases                                                 (262,500)       (100,000)       (262,500)       (100,000)      (362,500)
     Purchase of website costs                                    --              --              --          (1,500)       (27,519)
     Purchase of fixed assets                                     --              --              --              --        (20,280)
                                                       ----------------------------------------------------------------------------
NET CASH (USED) BY INVESTING ACTIVITIES                     (262,500)       (100,000)       (262,500)       (101,500)      (501,833)
                                                       ----------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
     Sale of common stock/ convertible debentures          1,000,000         100,035       2,000,000         200,000      2,737,400
     Stock subscription advances                                  --              --              --              --         49,902
                                                       ----------------------------------------------------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                                    100,035       2,000,000         200,000      2,787,302
                                                       ----------------------------------------------------------------------------
NET INCREASE IN CASH                                                         (72,222)      1,279,646          14,146      1,313,878
CASH FROM OTISH DIAMOND MERGER                                                                                                  192
CASH AT BEGINNING OF PERIOD                                  792,997          88,280          34,424           1,912
                                                       ----------------------------------------------------------------------------
CASH AT END OF PERIOD                                  $   1,314,070   $      16,058   $   1,314,070   $      16,058   $  1,314,070
                                                       ============================================================================
</TABLE>

                 See accompanying notes and accountants report.


                                        7
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                    NOTES TO FINANCIAL STATEMENTS (Unaudited)

                                  June 30, 2006

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

HISTORY

Otish Mountain Diamond Company (formerly First Cypress, Inc.), a Nevada
corporation, was organized on September 14, 1999. From inception to September
30, 2003, the Company had not generated any revenues and was considered a
development stage enterprise, as defined in Financial Accounting Standards Board
No. 7. The Company was in the process of developing an internet computer
software program known as EngineMax. Essentially, software development was
suspended in November 2002 due to cash flow constraints. In October 2002, the
Company acquired certain items constituting the "Money Club Financial" business
concept and business plan. Due to the Company's inability to raise the necessary
equity capital to further the Money Club Financial business concept, no monies
were spent furthering the business concept from the date of acquisition to
September 30, 2003. The Company discontinued its involvement in these operations
in the third quarter of 2003.

On November 30, 2003, the Company successfully acquired 100% of Otish Mountain
Diamond Corp. ("Otish Corp."). The business activities of Otish Corp. became the
business activities of the Company. In connection with the merger the
capitalization of the Company was amended to reflect a 220:1 reverse stock split
and to increase the authorized capital to 600,000,000 shares, consisting of
500,000,000 common shares with a par value of $0.001, and 100,000,000 preferred
shares with a par value of $0.001. Also, 1,000,000 shares of a Serial A
Preferred were issued for services rendered. Finally, the then president of the
Company entered into two agreements with the Company; one, assumed all the known
liabilities of the company, and the second, agreed to convert debt owed the
president of $236,000 into 236,000 shares of Company common stock.

The Company's income statement at the date of merger was as follows:

      Revenues                      $    -0-

      Expenses:
      Exploration costs               36,293
      Administrative                 136,284

            Net Loss :              $172,577

Otish Mountain Diamond Corp. was incorporated in the state of Nevada on August
4, 2003. The Company was formerly engaged in the mining and exploration business
and had mineral rights in the Otish Mountain and Superior Craton regions of
Canada.

On November 30, 2003, the Company declared a 1 for 220 reverse stock split. On
July 13, 2005, the Company declared a 3 for 1 forward stock split. All shares
amount referenced in these footnotes represent the share equivalents after
taking into account, to the extent applicable, the effect of the reverse stock
split and the forward stock split. All share amounts in the financial statements
have also been adjusted retroactively for the reverse and forward stock split.

In August and November 2003, the Company issued 40,909 shares of its common
stock and paid $77,745 for mineral rights in the Otish Mountain and Superior
Craton regions of Quebec, Canada.

In the first quarter of 2004 the Company issued 60,900,150 shares of common
stock for services valued at $5,180,053. Valuation was based on the approximate
trading value of the Company's shares on the date issued.


                                        8
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                    NOTES TO FINANCIAL STATEMENTS (Unaudited)

                                  June 30, 2006

During the third quarter of 2004 the Company issued 7,902,000 shares of common
stock to liquidate $263,400 of advances.

On January 13, 2005, the Company changed its name to Gulf Coast Oil & Gas, Inc.

On April 15, 2005, the Company settled an accounts payable debt of $232,120 for
696,360 shares of common stock.

On May 2, 2005, the Company received $100,000 for 1,665,000 shares of common
stock.

On May 26, 2005, the Company settled a current period debt of $5,000 for 300,000
of common stock.

On June 17, 2005, the Company received $100,000 for 1,200,000 shares of common
stock.

On July 17, 2005, the Company received $50,000 for 625,000 shares of common
stock.

On August 15, 2005, the Company issued 300,000 shares of common stock for
consulting services valued at $24,000.

On September 26, 2005, the Company received $50,000 for 625,000 shares of common
stock.

FINANCIAL STATEMENT PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States of America and rules and regulations of the Securities and
Exchange Commission (the "SEC") applicable to interim periods. In the opinion of
management, all adjustments (consisting only of normal recurring accruals)
considered necessary for a fair presentation have been included. These financial
statements should be read in conjunction with the Company's audited financial
statements included in the Company's Annual Report on Form 10-KSB filed with the
Securities and Exchange Commission for the year ended December 31, 2005.
Operating results for three months ended June 30, 2006 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2006 or any interim period. The accompanying unaudited condensed consolidated
financial statements have not been reviewed by an independent public accountant.

AN EXPLORATION STAGE COMPANY

The Company is an Exploration Stage Company since it is engaged in the search
for mineral deposits, which are not in the development or productions stage. As
an exploration stage company the Company will present, Since Inception, results
on its statements of operations, stockholders' equity and cash flows.

CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flows, the Company considers all
short-term debt securities purchased with a maturity of three months or less to
be cash equivalents. There was no cash paid during the periods for interest or
taxes.

PROPERTY AND EQUIPMENT

Property and equipment are carried at cost. Maintenance, repairs and renewals
are expensed as incurred. Depreciation of property and equipment is provided for
over their estimated useful lives, which range from three to five years, using
the straight-lined method.


                                        9
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                    NOTES TO FINANCIAL STATEMENTS (Unaudited)

                                  June 30, 2006

WEBSITE DEVELOPMENT COSTS

The Company has expended $1,500 in Website Development Costs through March 1,
2005, for internal use software. These costs are being amortized over a three
year estimated life.


                                       10
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                    NOTES TO FINANCIAL STATEMENTS (Unaudited)

                                  June 30, 2006

MINERAL RIGHTS

The Company uses the "full costs method" of accounting for its mineral reserves.
Under this method of accounting, properties are divided into cost centers. The
Company presently has two cost centers. All acquisition, exploration, and
development costs for properties within each cost center are capitalized when
incurred. The Company intends to deplete these costs equally over the estimated
units to be recovered from the properties. These costs were written off at
December 31, 2004 as part of the cost of mineral rights abandoned.

DEPOSIT ON INTEREST IN UNPROVED OIL AND GAS LEASES

On June 8, 2005, the Company paid $100,000 to acquire, subject to lease
availability, a 75% working interest in oil and gas leases in Louisiana. Under
the terms of the agreement the Company will pay 100% of the costs of
acquisition, exploration and development of the leases, the lease are subject to
overriding royalties, and has one year to submit the remaining portion of the
total costs. In the event the leases are unavailable, the funds advanced, less
expenses incurred will be returned to the Company.

On May 9, 2006, the Company paid a deposit of $262,500 on oil and gas property
in Corpus Christi, Texas. The agreement was not completed until the third
quarter 2006.

USE OF ESTIMATES

The preparation of the consolidated financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.

FOREIGN CURRENCY TRANSLATION

Prior to 2005, the Company's primary functional currency was the Canadian
dollar. In September 2005, the Company consolidated all operations in the United
States of America and adopted the U.S. dollar as its primary functional
currency. For financial statement presentation, all historical statements were
translated in U.S. dollars. Monetary assets and liabilities are translated at
year-end exchange rates while non-monetary items are translated at historical
rates. Income and expense accounts are translated at the average rates in effect
during the period, except for depreciation, which is translated at historical
rates. Therefore, translation adjustments and transaction gains or losses are
recognized in the income in the period of occurrence.

NOTE 2 - MINERAL RIGHTS

Otish Mountain Diamond Corporation

On August 19, 2003 the Company purchased the mineral rights for 60,933 acres in
the Otish Mountain and Superior Craton regions of Quebec, Canada. The claims
were purchased for $42,506 and 17,045 shares of common stock. The Company is
required to spend a minimum of $135 CDN per mining claim on exploration before
the expiration date of each claim. The Company is required to spend $105 CDN per
claim maintenance/renewal fee to the appropriate governmental authority before
the expiration date of the mining claim. If the Company fails to meet its
obligations under this agreement the seller has the option to make the
expenditures and to reassume title to the mining claims.

On November 4, 2003 the Company purchased the mineral rights for 775 acres in
the Otish Mountain region of Quebec, Canada. The Claims were purchased for
$1,855 and 3,409 shares of common stock. The Company is required to pay a 2%
royalty of the net smelter returns and a 2% royalty on the gross overriding
royalty as defined in the agreement. The Company shall also pay to the seller
$5,000 CDN minimum annual advance royalty beginning on November 1, 2004 and each
year thereafter. The Company is also required to keep the property in good
standing for 1 year or the seller shall be entitled to reacquire the claims.


                                       11
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                    NOTES TO FINANCIAL STATEMENTS (Unaudited)

                                  June 30, 2006

On November 4, 2003 the Company entered into a joint venture agreement for the
mineral rights for 15,361 acres in the Otish Mountain region of Quebec, Canada.
The investment was $33,383 and 20,454 shares of common stock. The Company has
paid the required claim tax/renewal fees of $12,495 CDN by the due date of
November 27, 2003. The Company is required to make a minimum advanced royalty
payment of $15,000 CDN once mining stage began. Royalties were subject to
underlying royalties of 2% of the net smelter returns and 2% of the gross
overriding royalty as defined in the agreement. The Company's total outlay for
the joint venture was not to exceed $375,000 CDN. The Company owned 45% of the
joint venture.

At December 31, 2004 the Company decided to abandon the above mineral rights.
The balance of the rights and the net book value of the website development
costs were expensed. The total amount written off was $195,226.

At present the Company has no proven properties.

NOTE 3 - DEPOSIT ON INTEREST IN UNPROVED OIL AND GAS LEASES

On June 8, 2005, the Company paid $100,000 to acquire, subject to lease
availability, a 75% working interest in oil and gas leases in Louisiana. Under
the terms of the agreement the Company will pay 100% of the costs of
acquisition, exploration and development of the leases, the leases are subject
to overriding royalties, and has one year to submit the remaining portion of the
total costs. In the event the leases are unavailable, the funds advanced, less
expenses incurred will be returned to the Company.

On May 9, 2006, the Company paid a deposit of $262,500 on oil and gas property
in Corpus Christi, Texas. The agreement was not completed until the third
quarter 2006.

NOTE 4 - NOTES PAYABLE

On February 1, 2006, the Company entered into a Securities Purchase Agreement
with Cornell Capital Partners, L.P., Certain Wealth, Ltd., and TAIB Bank, B.S.C.
pursuant to which the Buyers agreed to purchase secured convertible debentures
in the principal amount of $2,000,000. On February 2, 2006 the Company sold and
issued $1,000,000 in principal amount of Debentures to the Buyers. In connection
with the Securities Purchase Agreement, the Company issued Cornell Capital
five-year warrants to purchase 30,000,000 shares of our common stock at the
following exercise prices: 7,500,000 at $0.02 per share, 7,500,000 at $0.03 per
share, 5,000,000 at $0.04 per share, 5,000,000 at $0.05 per share, and 5,000,000
at $0.06 per share.

The debentures are convertible at the option of the Buyers any time up to
maturity into shares of the Company's common stock. The debentures have a
three-year term and accrue interest at 10% per year. All unpaid interest and
principal are due on or before February 1, 2009.

On April 5, 2006, the Company sold the balance, $1,000,000, of the secured
convertible debentures. The terms and conditions are the same. The debentures
have a three-year term and accrue interest at 10% per year. All unpaid interest
and principal are due on or before April 5, 2009.

Maturities of long term debt:

      2006              $      -0-
      2007              $      -0-
      2008              $      -0-
      2009              $2,000,000
<PAGE>

                    GULF COAST OIL & GAS, INC. AND SUBSIDIARY
            (Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
                         (An Exploration Stage Company)

                    NOTES TO FINANCIAL STATEMENTS (Unaudited)

                                  June 30, 2006

NOTE 5 - DERIVATIVE LIABILITY ARISING FROM WARRANTS

The Company accounts for debt with embedded conversion features and warrant
issues in accordance with EITF 98-5: ACCOUNTING FOR CONVERTIBLE SECURITIES WITH
BENEFICIAL CONVERSION FEATURES OR CONTINGENCY ADJUSTABLE CONVERSION and EITF No.
00-27: APPLICATION OF ISSUE NO 98-5 TO CERTAIN CONVERTIBLE INSTRUMENTS.
Conversion features determined to be beneficial to the holder are valued at fair
value and recorded to additional paid in capital. The Company determines the
fair value to be ascribed to the detachable warrants issued with the convertible
debentures utilizing the BLACK-SCHOLES method. Any discount derived from
determining the fair value to the debenture conversion features and warrants is
amortized to financing cost over the life of the debenture. The unamortized
discount, if any, upon the conversion of the debentures is expensed to financing
cost on a pro rata basis.

Debt issue with the variable conversion features are considered to be embedded
derivatives and are accountable in accordance with FASB 133; ACCOUNTING FOR
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. The fairs value of the embedded
derivative is recorded to derivative liability. This liability is required to be
marked each reporting period. The resulting discount on the debt is amortized to
interest expense over the life of the related debt.

NOTE 6 - SERIES A PREFERRED STOCK

Each share of preferred, has 15 votes compared to each share of common, which
has only one vote. In the second quarter 2004 all outstanding shares of
Preferred Stock were redeemed for $1,000.

NOTE 7 - RELATED PARTIES

The Company owes it present President $23,136 for compensation and expense
reimbursement at June 30, 2006.

NOTE 8 - GOING CONCERN

The Company has not generated significant revenues or profits to date. This
factor among others may indicate the Company will be unable to continue as a
going concern. The Company's continuation as a going concern depends upon its
ability to generate sufficient cash flow to conduct its operations and its
ability to obtain additional sources of capital and financing. The accompanying
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.


                                       13
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION

                        LIQUIDITY AND FINANCIAL CONDITION

At June 30, 2006, cash and cash equivalents were $1,314,070. Total liabilities
at June 30, 2006 were $2,376,302 of which $128,079 were current liabilities. The
remainder of the liabilities relate to the issuance of the convertible
debentures to the investors and recognition of a derivative liability arising
from the warrants issued in that transaction.

At June 30, 2006, other current assets included $4,517 in receivables.

As of June 30, 2006, we had a working capital surplus of $1,315,872 as compared
to a working capital surplus of $748,577 at March 31, 2006. The increase in
working capital is primarily attributable to the receipt during the second
quarter of an additional $1,000,000 in proceeds from the convertible debenture
financing.

                              RESULTS OF OPERATIONS

                         SIX MONTHS ENDED JUNE 30, 2006
                   COMPARED TO SIX MONTHS ENDED JUNE 30, 2005

REVENUES

The Company did not generate any revenues in the six months ended June 30, 2006
(other than interest income) or the six months ended June 30, 2005 and has not
generated any operating revenues to date. For the six months ended June 30,
2005, interest income was $15,170.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses during the six months ended June 30, 2006
increased to $115,297 from $68,192 in the same period in 2005. This increase was
primarily due to an increase in professional fees as a result of the convertible
debenture financing and subsequent filing of an SB-2 Registration Statement, an
increase in salaries and consulting fees as the Company prepares to implement
its business plan, and an increase in interest costs from the convertible
debenture financing.

NET GAIN/LOSS TO COMMON SHAREHOLDERS

Net operating loss to common shareholders was ($220,761) or ($0.00) per share
for the six months ended June 30, 2006 as compared to a net loss of ($98,404) or
($0.00) for the six months ended June 30, 2005. The increase in net operating
loss was principally due to an increase in administrative expenses as set forth
above.

ACCUMULATED DEFICIT

Since inception, we have incurred substantial operating losses and expect to
incur substantial additional operating losses over the next several years. As of
June 30, 2006, our accumulated deficit was $6,516,471.


                                       14
<PAGE>

                        THREE MONTHS ENDED JUNE 30, 2006
                  COMPARED TO THREE MONTHS ENDED JUNE 30, 2005

REVENUES

The Company did not generate any revenues in the quarter ended June 30, 2006
(other than interest income) or the quarter ended June 30, 2005 and has not
generated any operating revenues to date.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses during the quarter ended June 30, 2006
increased to $115,297 from $68,192 in the same period in 2005. This increase was
primarily due an increase in salaries and consulting fees as the Company
prepares to implement its business plan, and an increase in interest costs from
the convertible debenture financing.

NET GAIN/LOSS TO COMMON SHAREHOLDERS

Net operating loss to common shareholders was $104,094 or ($0.00) per share for
the quarter ended June 30, 2006 as compared to a net loss of $64,439 or ($0.00)
for the quarter ended June 30, 2005. The increase in net operating loss was
principally due to an increase in administrative expenses as set forth above.
For the quarter ended June 30, 2006, the Company recognized Other Comprehensive
Income in the amount of $732,609 as a result of an increase in the fair value of
derivatives relating to the warrants issued in the Company's preferred stock
financing. As a result, Net Comprehensive Income for the quarter was $628,515 or
$.01 per share.

ITEM 3. CONTROLS AND PROCEDURES

As of June 30, 2006, an evaluation was carried out under the supervision and
with the participation of management, including the Chief Executive Officer and
Chief Financial Officer, of the effectiveness of disclosure controls and
procedures. Based on that evaluation, the Chief Executive Officer and Chief
Financial Officer have concluded that disclosure controls and procedures are
effective to ensure that information required to be disclosed by the Company in
reports that the Company file or submit under the Securities Exchange Act of
1934 is recorded, processed, summarized and reported within the time periods
specified in SEC rules and forms. No changes in the Company's internal control
over financial reporting that have materially affected, or are reasonably likely
to materially affect, its internal control over financial reporting, including
any corrective actions with regard to significant deficiencies and material
weaknesses, occurred during the second quarter of fiscal 2006 or subsequent to
the date of the evaluation by its management thereof.

                                    PART II.
                                OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS

On February 1, 2006, we entered into a Securities Purchase Agreement with
Cornell Capital Partners, L.P. ("Cornell Capital"), Certain Wealth, Ltd. and
TAIB Bank, B.S.C.(c) (the "Buyers") pursuant to which the Buyers agreed to
purchase secured convertible debentures in the principal amount of $2,000,000.
On February 2, 2006 we sold and issued $1,000,000 in principal amount of
debentures to the Buyers. On April 5, 2006, we sold and issued an additional
$1,000,000 in principal amount of debentures to the Buyers (the "Second
Closing").

Pursuant to the Securities Purchase Agreement, we are obligated to register for
resale a total of 514,403,292 shares of common stock for issuance under the
Debentures, and 30,000,000 for issuance under the Warrants. As a condition to
the receipt of the second $1,000,000, we agreed to pursue an amendment to our
Articles of Incorporation to increase the authorized shares to permit the
issuance by the Company of the number of shares it is required to register. We
filed a Definitive Proxy Statement with the Securities and Exchange Commission
on March 15, 2006 and received the consent from a majority of the common shares
on April 24, 2006. We filed the Registration Statement with the Securities and
Exchange Commission on April 7, 2006. The Company has received comments from the
SEC and is in the process of responding to those comments by pre-effective
amendments to the Registration Statement.


                                       15
<PAGE>

The debentures are convertible at the option of the Buyers any time up to
maturity into shares of our common stock, par value $0.001 per share, at the
price per share equal to the lesser of (a) $.02916 (the "Fixed Price") or (b) an
amount equal to eighty percent (80%) of the lowest volume weighted price of our
common stock, as quoted by Bloomberg, LP, for the five (5) trading days
immediately preceding the conversion date, which may be adjusted pursuant to the
other terms of the Debentures (the "Issuance Formula").

If the closing bid price of our common stock is less than the Fixed Price, we
can redeem a portion or all amounts outstanding under the debentures prior to
February 1, 2009 (or April 5, 2009 for the debentures issued in the Second
Closing) for a price equal to the principal amount and accrued interest thereon
being redeemed, plus a redemption premium of twenty percent (20%) of the
principal amount being redeemed.

We also entered into a Security Agreement pursuant to which we have granted the
buyers a security interest in and to substantially all our assets to secure
repayment of the debentures.

In connection with the Securities Purchase Agreement, we also issued to Cornell
Capital five-year warrants to purchase 30,000,000 shares of our common stock at
the following exercise prices: 7,500,000 at $0.02 per share, 7,500,000 at $0.03
per share, 5,000,000 at $0.04 per share, 5,000,000 at $0.05 per share, and
5,000,000 at $0.06 per share.

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

(a) The following Exhibits are filed as part of this Report or incorporated
herein by reference:

31.1 Certification of Chief Executive Officer and Chief Financial Officer
pursuant to Section 302 of the Sarbanes Oxley Act of 2002.

32.1 Certification of Chief Executive Officer and Chief Financial Officer
pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 302 of the Sarbanes
Oxley Act of 2002.

(b) Reports on Form 8-K. During the quarter ending June 30, 2006, the Company
filed the following reports on Form 8-K:

On April 7, 2006, the Company filed a Report on Form 8-K reporting on the
closing of the second $1,000,000 of convertible debentures with certain
investors as set forth herein under "Unregistered Sales of Securities and Use of
Proceeds".


                                       16
<PAGE>

                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

Date: August 29, 2006           GULF COAST OIL & GAS, INC.


                                BY: /s/ Rahim Rayani
                                    --------------------------------------------
                                    Rahim Rayani
                                    Chief Executive Officer and President
                                    (Principal Executive Officer)


                                BY: /s/ Rahim Rayani
                                    --------------------------------------------
                                    Rahim Rayani
                                    Chief Financial Officer
                                    (Principal Financial and Accounting Officer)


                                       17