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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
   FORM 10-QSB. (Mark One) þ
    
    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACTFOR THE QUARTER ENDED March 31, 2005
 COMMISSION FILE NUMBER: 000-32747   GULF COAST OIL & GAS, INC. (Formerly Otish Mountain Diamond Company)

(Small Business Issuer in its Charter)
 NEVADA
    
    98-0128688(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)One Penn Plaza, Suite 3600250 West 34thStreetNew York, New York
    
    10119(Address of principal executive offices)
    
    (Zip Code)
 Issuers Telephone Number: (212) 849-6849   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 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 þ No o APPLICABLE ONLY TO CORPORATE ISSUERS COMMON STOCK, PAR VALUE $.001
(Title of each class)   Number of shares of the issuers common stock, par value $.001, outstanding as of March 31,
2005: 38,041,811 shares. DOCUMENTS INCORPORATED BY REFERENCE: none Transitional Small Business Disclosure Format YES o NO þ




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TABLE OF CONTENTS Introductory Note Part I  Financial InformationItem 1  Consolidated Balance Sheets (unaudited)As of March 31, 2005Consolidated Statement of Income (unaudited)Three months ended March 31, 2005Consolidated Statement of Cash Flows (unaudited)Three months ended March 31, 2005Item 2  Managements Discussion and analysis of financial condition and results of operationsItem 3  Evaluation of disclosure controls and proceduresPart II  Other InformationSignaturesIndex to ExhibitsEX-31.1 E-2 Certification of CEOEX-31.2 E-2 Certification of CFOEX-32.1 E-2 Certification of CEO & CFO




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PART I 
 PART I FINANCIAL INFORMATION General The accompanying reviewed financial statements have been prepared in accordance with the
instructions to Form 10-QSB. Therefore, they do not include all information and footnotes necessary
for a complete presentation of financial position, results of operations, cash flow, and
stockholders equity in conformity with generally accepted accounting principles. Except as
disclosed herein, there has not been a material change in the information disclosed in the notes
to the financial statements included in the companys annual report on Form 10-KSB for the year
ended December 31, 2004. In the opinion of management, all adjustments considered necessary for a
fair presentation of the results of operations and financial position have been included and all
such adjustments are of a normal recurring nature. Operating results for the quarter ended March
31, 2005 are not necessarily indicative of the results that can be expected for the year ended
December 31, 2005.




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Pollard-Kelley Auditing Services, Inc. Auditing Services
307, Fairlawn, OH 44333 330-864-2265
    
    3250 West Market St, Suite
 Report of Independent Certified Public Accountants Board of Directors
Gulf Coast Oil & Gas, Inc. and Subsidiary
Formerly Otish Mountain Diamond Company and Subsidiary We have reviewed the accompanying consolidated balance sheets of Gulf Coast Oil & Gas, Inc. and
Subsidiary, formerly Otish Mountain Diamond Company and Subsidiary as of March 31, 2005 and the
related consolidated statements of income, stockholders equity, and cash flows for the three month
and six month and since inception periods then ended. Theses interim financial statements are the
responsibility of the Companys management. We conducted our review in accordance with the standards of the Public Company Accounting Oversight
Board. A review of interim financial statements consists principally of applying analytical
procedures and making inquires of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit in accordance with the standards of the Public Company
Accounting Oversight Board, the object of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an opinion. 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
consolidated financial statements do not include any adjustments that might result from the outcome
of this uncertainty. Based on our review, we are not aware of any material modifications that should be made to the
accompanying financial statements in order for them to be in conformity with generally accepted
accounting principles accepted in the United States of America. Pollard-Kelley Auditing Services, Inc. /S/ Pollard-Kelley Auditing Services, Inc. May 15, 2005
Fairlawn, Ohio




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ITEM 1 GULF COAST OIL & GAS, INC. AND SUBDISIARY 
 March
    
    
    December31,
    
    
    31,March 31, 2005 and December 31, 2004
    
    2005
    
    
    2004ASSETSCurrent AssetsCash in banks
    
    $
    88,280
    
    
    $
    1,912Total Current Assets
    
    
    88,280
    
    
    
    1,912Fixed AssetsVehicles
    
    
    
    
    
    
    Office equipment
    
    
    2,475
    
    
    
    2,4752,475
    
    
    
    2,475Less accumulated depreciation
    
    
    (1,901
    )
    
    
    (1,544
    )574
    
    
    
    931Other AssetsWebsite costs less accumulated
amortization of $125 and $0
    
    
    1,375
    
    
    
    Mineral rights
    
    
    
    
    
    
    1,375
    
    
    
    Total Assets
    
    $
    90,229
    
    
    $
    2,843LIABILITIES AND STOCKHOLDERS EQUITYCurrent LiabilitiesAccounts payable
    
    $
    74,238
    
    
    $
    76,997Accrued expenses
    
    
    129,731
    
    
    
    105,582Total Current Liabilities
    
    
    203,969
    
    
    
    182,579Stockholders EquitySeries A Preferred stock, 1,000,000 shares
authorized, 0 shares outstanding,
par value $.001 per share
    
    
    
    
    
    
    Common stock, 600,000,000 shares
authorized, 38,041,861 shares outstanding,
par value $.001 per share
    
    
    38,042
    
    
    
    38,042Additional contributed capital
    
    
    5,658,869
    
    
    
    5,658,869Deficit accumulated during exploration stage
    
    
    (5,910,616
    )
    
    
    (5,876,647
    )Stock subscription advances
    
    
    99,965
    
    
    
    (113,740
    )
    
    
    (179,736
    )Total Liabilities and Stockholders Equity
    
    $
    90,229
    
    
    $
    2,843
 See accompanying notes to financial statements.




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS March 31, 2005 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 31, 2003, the Company has not generated any
revenues and is 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 state at the date of merger was as follows: Revenues
    
    $
    -0-Expenses:Exploration costs
    
    
    36,293Administrative
    
    
    136,284Net Loss
    
    $
    172,577




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS March 31, 2005 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  CONTINUED Otish Mountain Diamond Corp. was incorporated in the State of Nevada on August 4, 2003. The
Company is in the mining and exploration business and has mineral rights in the Otish Mountain and
Superior Craton regions of Canada. The Companys business plan includes the expansion of its
mineral rights and the mining of diamonds. In August and November 2003, the Company issued 3,000,000 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 20,300,050 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. During the third quarter of 2004 the Company issued 2,634,000 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. Financial Statement Presentation The Company was a shell at the time of the acquisition having only $192 in assets; the acquisition
was treated as a reverse merger whereby the acquired company is treated as the acquiring company
for accounting purposes. Since Otish Corp., the acquired company was incorporated in August 2003;
no comparative financial statements are presented. 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.




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS March 31, 2005 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  CONTINUED 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 not 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. 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 and were written
off at December 31, 2004 as part of the cost of mineral rights abandoned. Mineral Rights The Company uses the full cost 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. 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.




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS March 31, 2005 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  CONTINUED Foreign Currency Translation The Companys primary functional currency is the Canadian dollar. For financial statement
presentation the statements are 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 1,250,000
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 250,000 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. 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
1,500,000 shares of common stock. The Company has paid




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS March 31, 2005 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  CONTINUED The required claim tax/renewal fee of $12,495 CDN by the due date of November 27, 2003. The
Company is required to make a minimum advance royalty payment of $15,000 CDN once mining stage
begins. Royalties are 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 total outlay for the joint
venture shall not exceed $375,000 CDN. The Company owns 45% of the joint venture. At present the Company has no proven properties. 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 $193,226. NOTE 3  ADVANCES The advances are funds raised by management for the Company. It is the Companys intention to
convert these funds into shares of common stock. On July 15, 2004 the Company entered into
subscription agreements at $0.10 per share to complete this conversion effort. There was $263,400
of advances converted to common stock in this transaction. In addition, an additional $34,470 was
advanced to the Company at March 31, 2005 and December 31, 2004. NOTE 4  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 5  RELATED PARTIES The Company owes the President and shareholder of the Company $95,477 and $71,113 for compensation
and expense reimbursement at March 31, 2005 and December 31, 2004 respectively. The Company has entered into an executive employment agreement with this individual. The agreement
is for the term of 1 year and calls for compensation of $5,000 per month, four weeks of vacation,
and $3,000 a month housing allowance, and an automobile.




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS March 31, 2005 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  CONTINUED NOTE 6  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. NOTE 7  SUBSEQUENT EVENT Subsequent to March 31, 2005, the Company completed a private placement of 500,000 shares at $0.20
per share. As of March 31, 2005, $99,965 had been advanced in connection with this placement.




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ITEM 2.
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Managements Discussion and Analysis Of Financial Condition and Results of Operations. THE FOLLOWING DISCUSSION OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF GULF COAST
OIL & GAS, INC. SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES THERETO
INCLUDED ELSEWHERE IN THIS REPORT. THIS DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES, GULF
COAST OIL & GAS, INC.S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED IN THESE
FORWARD-LOOKING STATEMENTS AS A RESULT OF CERTAIN FACTORS, INCLUDING, BUT NOT LIMITED TO
COMPETITION AND OVERALL MARKET CONDITIONS. DESCRIPTION OF BUSINESS The Company. BUSINESS DEVELOPMENT Otish Mountain Diamond Company was originally incorporated in Nevada under the name First
Cypress Technologies, Inc. (First Cypress) on September 14,1999. The Company was in the process
of developing an internet computer software program known as EngineMax, which was suspended in
November 2002. The Company is currently engaged in diamond exploration activities in the Otish
Mountain area of Northern Quebec, Canada. The Company is in its exploration state as it is engaged
in the search for mineral deposits. Prior to the Acquisition, discussed below, the Company had been in the process of developing an
internet computer software program that was suspended in November 2002. In October 2002, the
Company acquired certain items constituting the Money Club Financial business concept and
business plan (the Money Club). 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. The Company owned an option to
purchase a 100% undivided interest in the Cahill Mineral Claims in the Osoyoos Mining Division in
British Columbia, Canada, which the Company chose to let expire. The Company also owned an option
to purchase a 70% undivided interest in the Eddy Mineral Claims in the Fort Steele Mining District
of British Columbia, Canada. The Company acquired a 50% interest in the Temagami Claim in the
Sudbury Mining Division in Ontario, Canada, which it has abandoned. The Company intends to also
allow its option on the Eddy Mineral Claims to expire when the exploration expenditures on the
claim become due during 2004. At December 31, 2004 the Company decided to abandon its mineral
rights. In July 2003, the Company changed its name to First Cypress, Inc. The Company subsequently changed
its name to Otish Mountain Diamond Company in October 2003, in anticipation of the acquisition of
Otish Mountain Diamond Corp., a Nevada corporation (hereinafter Otish Corp.), discussed below. In October 2003, the Company issued 1,000,000 shares of Series A Preferred Stock, that are entitled
to fifteen (15) votes per shares (or an aggregate of 15,000,000 votes) to Philipp Buschmann.
Control of the Company shifted to Mr. Buschmann at that time. In November 2003, First Cypress,
Otish Corp. and the former Otish Corp. shareholders entered into an Exchange Agreement (the
Exchange or Acquisition) whereby the Company acquired 100% of the issued and outstanding shares
of Otish Corp. in exchange for 15,000,000 shares of the Companys common stock. Otish Mountain Diamond Company, a Nevada corporation, herein being referred to as the Company
owns one hundred percent (100%) of Otish Mountain Diamond Corp., a Nevada corporation herein being
referred to as Otish Corp. A reference
herein to the Company includes a reference to Otish Corp. and vice-versa unless otherwise provided. 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 stock.




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In October 2002, the Company completed a 5:1 forward stock split of its issued and outstanding
common stock. In October, 2003, the Company completed a 1:200 reverse stock split of its issued
and outstanding common stock. The effects of both stock splits have been retroactively reflected
in this report on Form 10-KSB unless otherwise stated. The Company uses the Canadian Dollar as its function currency. For financial statement
presentation purposes the statements have been translated into U.S. Dollars. All of the monetary
values reflected herein are in U.S. Dollars unless otherwise stated. On January 13, 2005, the Company changed its name to Gulf Coast Oil & Gas, Inc. PRINCIPAL PRODUCTS AND SERVICES The Company is engaged in diamond exploration activities in the Otish Mountain area of Northern
Quebec, Canada. The Company has mineral rights in the Otish Mountain and Superior Craton regions
of Canada, discussed in more detail in Item 2. Description of Property. The current business
plan includes the expansion of its mineral rights and the mining of diamonds. The current
exploration program consists of aerial aeromagnetic surveys of the Staked Property (discussed in
more detail below in Description of Property), ground sampling and laboratory testing of the
gathered samples. The Staked Property is located in an under-explored area that is in close
proximity to such diamond discovery properties as Ashton Mining and Majescor. The Staked Property
is within such a distance to these diamond discovery properties that geologist Jim Chapman, a
Director of the Company, believes that there is good potential for the discovery of diamond bearing
kimberlites on the Staked Property. The Company believes that it currently has adequate resources to explore the Staked Property in
search of an economic deposit of rough diamonds and to complete its exploration program. If, as a
result of its exploration program, the Company discovers an economic deposit of rough diamonds on
the Staked Property, the Company will execute a feasibility plan for the development of a mining
operation, at which time the Company will need additional funding to execute the plan and develop
the mining operation, as discussed below in Item. 6. Managements Discussion and Analysis. In
the event that, after completion of the exploration program, the Company has not discovered an
economic deposit of rough diamonds on the Staked Property, the Company will consider other high
potential exploration projects, as is also discussed below in Item. 6. Managements Discussion and
Analysis. The Company currently does not offer any products or services. In the event that the Company, as a
result of the exploration program, discovers an economic deposit of rough diamonds on the Staked
Property, executes a feasibility plan, and develops a mining operation on the property, the Company
intends to offer gem-quality, commercial diamonds. INDUSTRY, MARKET OVERVIEW AND COMPETITIVE BUSINESS CONDITIONS The diamond exploration industry is very competitive. Several diamond exploration firms have
operations in the Otish Mountains and in other areas throughout Canada. DEPENDENCE ON ONE OR A FEW CUSTOMERS Currently, a significant majority of the Companys resources are being used for exploration. The
Company does not have any existing customers. NEED FOR GOVERNMENT APPROVAL The Company acquired all necessary licenses and permits required by the government of the Province
of Quebec, Canada for mineral exploration on the Staked Property. No further government approval
is necessary at this time. RESEARCH & DEVELOPMENT OVER PAST TWO YEARS The Company is conducting a two-year exploration program on approximately 65,000 acres of Staked
Property. The Company expects to complete the exploration program either in 2005 or after it
discovers an economic deposit of rough diamonds on the Property, whichever occurs first. The
Company has spent roughly $130,000 to date and plans to spend another $350,000 for exploration
purposes assuming it can successfully raise additional capital. EMPLOYEES The Company has two (2) employees and a varying number of subcontractors. The number of
subcontractors that the Company uses varies depending on the type and amount of work that is
required. The team responsible for developing the exploration program consists of an experienced
geophysicist, a managing director with extensive experience in international business, and a
governing Board of Directors. The Company selected this team based on skill




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and experience that it deemed necessary to complete the timely and efficient implementation of the
exploration strategy including its proposed objectives. Recent Events Description of Property The Company is currently evaluating the following prospects: Webb Prospect  Jasper County, TexasLocation:
    
    12 miles Northeast of Silsbee, Texas. 4 miles Northwest of the town of Buna in Jasper county, TexasDepth:
    
    10,500 Normal Pressure Upper Wilcox SandsObjective:
    
    1st, 2nd, 3rd, 5th Wilcox sands and the Geronimo sand packageTrap:
    
    800 acre high side fault closure defined by 6 lines of recent CDP seismic data.Flow Rates:
    
    1.5 MMCFGD + 250 BOPD (actual rates)Field ReservePotential:
    
    3,040,000 BO and 16 BCFGWells to Develop:
    
    4 to 5 wellsEbnenezer Area  Columbia County, Arkansas
 General: Two prospects northeast of Village field (Smackover 1938) were defined with well
control, 2D and 3D seismic data. The prospects offer moderate risk structural and stratigraphic
potential in the prolific Smackover limestone trend of southwest Arkansas. Exploration History: The Smackover trend of southwest Arkansas was discovered in the 1930s
using surface geology (shepherds anticline). The large structures were salt-supported anticlines
that are shown in light blue on the map above. Many exploration companies acquired grids of 2D
seismic data over the area in 1950-1990. The 2D data helped locate structures, and a few
accidental stratigraphic fields were found. In the late 1980s general industry thinking was
that all of the significant Smackover fields had been found using the existing 2D seismic data.
However, in 1993 Grayson field (Smackover) was discovered using 2D seismic data. Grayson field is
a large field discovered in a mature basin. Grayson field will produce over 25 million barrels of oil from fourteen wells. Immediately upon
discovery, the owners of Grayson field contracted Hill Geophysical Consulting to acquire the
1st 3D seismic program in Arkansas. The Grayson 3D seismic data clearly showed the
structure and stratigraphy of the Smackover limestone. Detailed petrophysical work was done and
applied to the 3D data to place the wells in the best locations within the reservoir. The 2D seismic grid that Grayson was located on became a valuable asset in 1993. Hill Geophysical
Consulting purchased a license and used the entire 2D seismic grid to locate any Grayson
look-a-likes. Follow-up work was done with 3D seismic acquisition on strong leads. Unfortunately,
none of the leads developed into Grayson-sized prospects. The prospects that were found at that
time were deemed uneconomic due to the price of oil. These prospects now have been reworked with
current economics and are quite viable. The prospects at Ebenezer were first identified with 2D seismic data and well control on the
northeast flank of the large Village field structure. A 3D seismic program confirmed the
prospects. Current oil pricing makes these prospects very attractive. Three-year leases have been
acquired in the past year on 100% of the acreage covering the prospects. The leases are the same
as those taken immediately after the 3D seismic program was completed in the 1990s. The prospects
are ready to drill. Gross reserves are calculated using 25 of pay and 300 bbl/acft recovery, and
flow rates are an average of Smackover production in the area.




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Prospect #1  
    Exploration method: seismically defined prospect with nearby well control
    Trap type: combination structural  stratigraphic trap (northern limit is pinch-out of
thick Smackover wedge trending East/West draped across NE/SW plunging structural nose)
    Target: Smackover limestone
    Target depth: 7,900 feet
    313 acres of potential stratigraphic/structural closure
    Potential reserves of 2,350,000 barrels of oil
    Expected flow rate 250-350 barrels of oil per day
    Located 5 miles northeast of Village Field (Smackover)
    Number of wells needed to recover reserves: up to 3 Pogo Producing drilled a well on the southwest flank of Prospect #1 (blue circle) using 2D seismic
data. The well found a very thick Buckner section on top of the Smackover formation. The Buckner
formation is thicker in this well than any other well in the area. Thick Buckner is a clear
indicator of the well being down-thrown on a fault. The 2D seismic data had a seismic anomaly that
was incorrectly interpreted as Smackover porosity. The new seismic data clearly showed the well to
be down-thrown. A large prospective area is found up-thrown on the (green) fault. No other wells
have been drilled close to this prospect. The seismic data shows a Smackover wedge that appears to
pinch-out on the northeast side of the structure setting up a strong stratigraphic trap with a good
structural component. This pinch-out is a regional feature that has stratigraphic/structural traps
east and west of this prospect. The prospective area covers approximately 313 acres that may have
over 2.35 million barrels of oil trapped. Three wells would be needed to produce the potential
reserves. Prospect #3  
    Exploration method: seismically defined prospect with nearby well control
    Trap type: combination structural  stratigraphic trap (northern limit is pinch-out of
thick Smackover wedge trending East/West draped across NE/SW plunging structural nose that
has a 20 acre closure)
    Target: Smackover limestone
    Target depth: 7,800 feet
    98 acres of potential stratigraphic/structural closure
    Potential reserves of 735,000 barrels of oil
    Expected flow rate 250-350 barrels of oil per day
    Located 5 miles northeast of Village Field (Smackover)
    Number of wells needed to recover reserves: 2 Prospect #3 is a small potential stratigraphic trap draped across a strong nose that was seen on
the seismic data. The prospect covers 98 acres and could have over .7 million barrels of oil.
Only one well would be needed to produce the oil. Isochronal mapping (thickness) of the Smackover
interval showed that the structure was in place at the time of hydrocarbon migration. This
prospect should be drilled after Prospect #1. The prospects fall in an area with excellent Smackover reservoir quality rock. Porosities of 12-18
percent and permeabilities in excess of 500 md are seen in nearby wells. The Smackover limestone
reservoir has a strong water drive, and average flow rates of up to 350 barrels of oil per day can
be expected. The proposed wells are near state highways and county roads with plenty of
infrastructure support in the way of pipelines and easy surface access. Conclusion: The Ebenezer area offers good Smackover limestone prospects that were defined by modern 2D and 3D
seismic data. The prospects are moderate risk and offer a high return on investment with a
successful well. The prospects have similar structural and stratigraphic character to other
productive Smackover fields in the area. Significant reserve potential can be tested at a
relatively low drilling cost. Company Office: The Company currently has a 1-year lease for 300 square feet of office space located at One Penn
Plaza, Suite 3600, 250 West 34th Street, New York, NY, 10119. The current lease commitment is
US$500 per month. The Company also has a 1-year lease for 300 square feet of office space located
at 1000 de la Gauchetiere West, Suite 2400, Montreal, H3B 4W5 Canada. The current lease commitment,
which varies depending on use of the office space, is an average of CDN$400 per month.




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FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2005 At the present time the Company has no proven properties and on December 31, 2004 the Company
abandoned its mineral rights. The Company is in its exploration stage as it is engaged in the search for mineral deposits. The Company has not generated any revenues since its inception, August 4, 2003. Liquidity and Capital Resources. As of March 31, 2005, the Company had cash of $88,280. The Company had negative cash flow from
operations of $12,098 during the period ended March 31, 2005. Subsequent to March 31, 2005, the Company completed a private placement of 500,000 shares of its
common stock at $0.20 per share. As of March 31, 2005, $99,965 had been advanced in connection
with this private placement. The Company raised $100,000 from North Field Oil & Gas, Inc. (an investment firm based in
Switzerland. The funds were received on March 15, 2005 consistent with a subscription agreement
that provided in part, for the purchase of 555,555 shares of restricted common stock at a price of
$0.18 per share for an aggregate consideration of $100,000. The Company intends to raise additional funds while primarily focusing its efforts on oil & gas
exploration activities in the states of Texas and Louisiana. Ability to continue as a Going Concern The Companys Auditors have expressed substantial doubt about the Companys ability to continue as
a going concern. Pollard-Kelley Auditing Services, Inc., in their Report of Independent Certified
Public Accountants, have expressed substantial doubt as to the Companys ability to continue as a
going concern based on operating losses it has incurred since inception. The Companys financial
statements do not include any adjustments that might result from the outcome of that uncertainty.
The going concern qualification is also described in Note 6 of the Notes To Financial Statements.




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ITEM 3. EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES As of the end of the period covered by this report, the Company had not carried out an
evaluation of the effectiveness of the design and operation of its disclosure controls and
procedures pursuant to Exchange Act Rule 13a-14. This evaluation has not been done which is to be
under the supervision and with the participation of the Companys Principal Executive Officer and
Principal Financial Officer. Based upon no evaluation, the Principal Executive Officer and
Principal Financial Officer cannot conclude that the Companys disclosure controls and procedures
are effective in gathering, analyzing and disclosing information needed to satisfy the Companys
disclosure obligations under the Exchange Act. CHANGES IN INTERNAL CONTROLS There were no significant changes in the Companys internal controls or in other factors that
could significantly affect those controls since the most recent evaluation of such controls. 
 PART II OTHER INFORMATION Item 1. Legal Proceedings None. Item 2. Changes in Securities None. Item 3. Defaults upon Senior Securities Not applicable 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. Exhibits:  31.1
    Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act.31.2
    Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act.




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32.1
    Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.32.2
    Certification of Principal Financial and Accounting Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act. B. Reports of Form 8-K. No other reports on Form 8-K were filed during the quarter ended March 31, 2005, for
which this report is filed.




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GULF COAST OIL & GAS, INC. In accordance with the requirements of the Exchange Act of 1934, the Registrant has caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 SIGNATURE May 19, 2005
    /s/ Massimiliano PozzoniMassimiliano PozzoniChief Executive Officer
(PRINCIPAL EXECUTIVE OFFICER) May 19, 2005
    /s/ Massimiliano PozzoniMassimiliano PozzoniChief Accounting Officer
(PRINCIPAL ACCOUNTING OFFICER)




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EXHIBIT INDEX EXHIBIT NO.
    
    DESCRIPTION31.1
    
    Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act.31.2
    
    Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act.32.1
    
    Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.32.2
    
    Certification of Principal
Financial and Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.