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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 10-QSB
  þ
    
    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT
 FOR THE QUARTER ENDED June 30, 2005
 COMMISSION FILE NUMBER: 000-32747
 
 GULF COAST OIL & GAS, INC.
 (Formerly Otish Mountain Diamond Company)
(Small Business Issuer in its Charter)
 NEVADA
(State or other jurisdiction of
incorporation or organization)
    
    98-0128688
(I.R.S. Employer
Identification No.)
 5847 San Felipe
Suite 1700
Houston, TX
(Address of principal executive offices)
    
    77057
(Zip Code)
 Issuers Telephone Number: (713) 821-1731
 
 þ o
 o þ
 APPLICABLE ONLY TO CORPORATE ISSUERS
 COMMON STOCK, PAR VALUE $.001
(Title of each class)
 
   o þ




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Part I  Financial InformationItem 1  Consolidated Balance Sheets (unaudited) As of June 30, 2005Consolidated Statement of Income (unaudited) Three months ended June 30, 2005Consolidated
Statement of Stockholder's Equity (unaudited) Three months ended June 30, 2005Consolidated Statement of Cash Flows (unaudited) Three months ended June 30, 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 Exhibits




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Pollard-Kelley Auditing Services, Inc.Auditing Services
    
    3250 West Market St, Suite 307, Fairlawn, OH 44333 330-864-2265
 Report of Independent Certified Public Accountants




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GULF
COAST OIL & GAS, INC. AND SUBSIDIARY
 
 June 30,
    
    December 31,June 30, 2005 and December 31, 2004
    
    2005
    
    2004ASSETSCurrent AssetsCash in banks
    
    $
    16,058
    
    
    $
    1,912Accounts receivable -other
    
    
    5,438
    
    
    
    Total Current Assets
    
    
    21,496
    
    
    
    1,912Fixed AssetsOffice equipment
    
    
    2,475
    
    
    
    2,475Less accumulated depreciation
    
    
    (2,051
    )
    
    
    (1,544
    )424
    
    
    
    931Other AssetsWebsite costs less accumulated
amortization of $250 and $0
    
    
    1,250
    
    
    
    Deposit on interest in unproved oil and gas leases
    
    
    100,000
    
    
    
    101,250
    
    
    
    Total Assets
    
    $
    123,170
    
    
    $
    2,843LIABILITIES AND STOCKHOLDERS EQUITYCurrent LiabilitiesAccounts payable
    
    $
    82,539
    
    
    $
    76,997Accrued expenses
    
    
    118,775
    
    
    
    105,582Total Current Liabilities
    
    
    201,314
    
    
    
    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, 116,992,098 shares outstanding,
par value $.001 per share
    
    
    116,993
    
    
    
    114,126Additional contributed capital
    
    
    5,779,918
    
    
    
    5,582,785Deficit accumulated during exploration stage
    
    
    (5,975,055
    )
    
    
    (5,876,647
    )Stock subscription advances
    
    
    
    
    
    
    (78,144
    )
    
    
    (179,736
    )Total Liabilities and Stockholders Equity
    
    $
    123,170
    
    
    $
    2,843




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 Quarter Ended
    
    
    Year to date
    
    
    Year EndingJune 30,
    
    
    June 30,
    
    
    December 31,
    
    
    Since2005
    
    
    2005
    
    
    2004
    
    
    InceptionRevenuesSales
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Cost of salesExploration costs
    
    
    
    
    
    
    
    
    
    
    192,127
    
    
    
    206,414Gross Profit
    
    
    
    
    
    
    
    
    
    
    (192,127
    )
    
    
    (206,414
    )ExpensesAdministrative
    
    
    68,192
    
    
    
    99,694
    
    
    
    5,388,206
    
    
    
    5,568,195(68,192
    )
    
    
    (99,694
    )
    
    
    (5,580,333
    )
    
    
    (5,774,609
    )Other income and expensesLoss on sale of fixed assets
    
    
    
    
    
    
    
    
    
    
    (684
    )
    
    
    (684
    )Foreign exchange (loss) gain
    
    
    3,753
    
    
    
    1,290
    
    
    
    (7,099
    )
    
    
    (5,369
    )3,753
    
    
    
    1,290
    
    
    
    (7,783
    )
    
    
    (6,053
    )Loss from continuing operations
    
    
    (64,439
    )
    
    
    (98,404
    )
    
    
    (5,588,116
    )
    
    
    (5,780,662
    )Discontinued operationsMineral rights abandoned
    
    
    
    
    
    
    
    
    
    
    (193,226
    )
    
    
    (193,226
    )Net Loss
    
    $
    (64,439
    )
    
    $
    (98,404
    )
    
    $
    (5,781,342
    )
    
    $
    (5,973,888
    )Net loss per share
    
    $
    (0.00
    )
    
    $
    (0.00
    )Average shares outstanding
    
    
    114,604,133
    
    
    
    114,363,333




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GULF COAST OIL & GAS, INC. AND SUBDISIARY
 Series A
    
    
    
    
    
    
    
    
    
    
    Additional
    
    
    
    
    
    
    StockPreferred Stock
    
    
    Common Stock
    
    
    Contributed
    
    
    Retained
    
    
    SubscriptionShares
    
    
    Amount
    
    
    Shares
    
    
    Amount
    
    
    Capital
    
    
    Deficit
    
    
    AdvancesOtish Diamond CorporationBalance August 4, 2003
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Shares issued for services
    
    
    
    
    
    
    
    
    
    
    24,300,000
    
    
    
    24,300
    
    
    
    (16,200
    )
    
    
    
    
    
    
    Shares issued for cash
    
    
    
    
    
    
    
    
    
    
    11,700,000
    
    
    
    11,700
    
    
    
    162,300
    
    
    
    
    
    
    
    Shares issued for mineral rights
    
    
    
    
    
    
    
    
    
    
    9,000,000
    
    
    
    9,000
    
    
    
    62,250
    
    
    
    
    
    
    
    Merger with Otish Mountain Company
    
    
    1,000,000
    
    
    
    1,000
    
    
    
    323,250
    
    
    
    324
    
    
    
    (216
    )
    
    
    (1,167
    )
    
    
    Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (94,138
    )
    
    
    Balance December 31, 2003
    
    
    1,000,000
    
    
    
    1,000
    
    
    
    45,323,250
    
    
    
    45,324
    
    
    
    208,134
    
    
    
    (95,305
    )
    
    
    Correction of beginning outstanding
shares
    
    
    
    
    
    
    
    
    
    
    33
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Shares issued for services
    
    
    
    
    
    
    
    
    
    
    60,900,000
    
    
    
    60,900
    
    
    
    5,119,100
    
    
    
    
    
    
    
    Shares issued for mineral rights
    
    
    
    
    
    
    
    
    
    
    150
    
    
    
    
    
    
    
    53
    
    
    
    
    
    
    
    Shares issued for cash
    
    
    
    
    
    
    
    
    
    
    7,902,000
    
    
    
    7,902
    
    
    
    255,498
    
    
    
    
    
    
    
    Redemption of Preferred Shares
    
    
    (1,000,000
    )
    
    
    (1,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,781,342
    )
    
    
    December 31, 2004
    
    
    
    
    
    
    
    
    
    
    114,125,433
    
    
    
    114,126
    
    
    
    5,582,785
    
    
    
    (5,876,647
    )
    
    
    Stock subscription advances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    99,965Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,969
    )
    
    
    March 31, 2005
    
    
    
    
    
    
    
    
    
    
    114,125,433
    
    
    
    114,126
    
    
    
    5,582,785
    
    
    
    (5,910,616
    )
    
    
    99,965Stock issued for cash
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,866,665
    
    
    
    2,867
    
    
    
    197,133
    
    
    
    (99,965
    )Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (64,439
    )
    
    
    June 30, 2005
    
    
    
    
    
    $
    
    
    
    
    116,992,098
    
    
    $
    116,993
    
    
    $
    5,779,918
    
    
    $
    (5,975,055
    )
    
    $
    




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 Quarter Ended
    
    
    Year to date
    
    
    Year EndingJune 30,
    
    
    June 30,
    
    
    December 31,2005
    
    
    2005
    
    
    2004CASH FLOWS FROM OPERATING ACTIVITIESNet loss for the period
    
    $
    (64,439
    )
    
    $
    (98,408
    )
    
    $
    (5,781,342
    )Adjustments to reconcile net earnings to net
cash provided (used) by operating activities:Depreciation
    
    
    149
    
    
    
    507
    
    
    
    10,665Amortization
    
    
    125
    
    
    
    250
    
    
    
    2,898Services paid by stock
    
    
    
    
    
    
    
    
    
    
    5,180,000Mineral rights abandoned
    
    
    
    
    
    
    
    
    
    
    193,226Changes in Current assets and liabilities:(Increase) in Accounts receivable  other
    
    
    (5,438
    )
    
    
    (5,438
    )(Decrease) Increase in Accounts payable
    
    
    8,300
    
    
    
    5,542
    
    
    
    58,982Increase in Accrued expenses
    
    
    (10,954
    )
    
    
    13,193
    
    
    
    84,335NET CASH (USED) BYOPERATING ACTIVITIES
    
    
    (72,257
    )
    
    
    (84,354
    )
    
    
    (251,236
    )CASH FLOWS FROM INVESTING ACTIVITIESPurchase of Mineral rights
    
    
    
    
    
    
    
    
    
    
    (18,830
    )Purchase of Interest in unproved oil and gas
leases
    
    
    
    
    
    
    (100,000
    )
    
    
    (100,000
    )Purchase of Website costs
    
    
    
    
    
    
    (1,500
    )
    
    
    Purchase of Fixed assets
    
    
    
    
    
    
    
    
    
    
    NET CASH (USED) BYINVESTING ACTIVITIES
    
    
    (100,000
    )
    
    
    (101,500
    )
    
    
    (18,830
    )CASH FLOWS FROM FINANCING ACTIVITIESRedemption of Preferred stock
    
    
    
    
    
    
    
    
    
    
    1,000Sale of Common stock
    
    
    100,035
    
    
    
    200,000
    
    
    
    263,400Stock subscription advances
    
    
    
    
    
    
    
    
    
    
    NET CASH PROVIDED BYFINANCING ACTIVITIES
    
    
    100,035
    
    
    
    200,000
    
    
    
    264,400NET INCREASE IN CASH
    
    
    (72,222
    )
    
    
    14,146
    
    
    
    (5,666
    )CASH FROM OTISH DIAMOND MERGER
    
    
    
    
    
    
    
    
    
    
    CASH AT BEGINNING OF PERIOD
    
    
    88,280
    
    
    
    1,912
    
    
    
    7,578CASH AT END OF PERIOD
    
    $
    16,058
    
    
    $
    16,058
    
    
    $
    1,912




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GULF
COAST OIL & GAS, INC. AND SUBSIDIARY
 
 NOTES TO FINANCIAL STATEMENTS
  NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 History
    Revenues
    
    $
    -0-Expenses:Exploration costs
    
    
    36,293Administrative
    
    
    136,284Net Loss
    
    $
    172,577




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Financial Statement Presentation
  An Exploration Stage Company
  Cash and Cash Equivalents
  Property and Equipment
  Website Development Costs
  Mineral Rights
  Deposit on Interest in Unproved Oil and Gas Leases
  Use of Estimates




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Foreign Currency Translation
  NOTE 2  MINERAL RIGHTS
       NOTE 3  DEPOSIT ON INTEREST IN UNPROVED OIL AND GAS LEASES
  NOTE 4  SERIES A PREFERRED STOCK




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NOTE 5  RELATED PARTIES
  NOTE 6  GOING CONCERN
  NOTE 7  SUBSEQUENT EVENT




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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
   DESCRIPTION OF BUSINESS
 The Company.




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On December 31, 2004 the Company decided to abandon its mineral rights and thereby eliminate any
further expense.
 The Company is no longer engaged in diamond exploration activities.
 On January 13, 2005, the Company changed its name to Gulf Coast Oil & Gas, Inc.
 During June 2005, the Company received $200,000 for the sale of 955,555 pre-split shares of common
stock.
 On July 13, 2005, the Company declared a 3 for 1 forward common stock split.
          RECENT EVENTS
 Description of Property
  Webb Prospect  Jasper County, Texas
 Location:
    
    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.




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Flow Rates:
    
    1.5 MMCFGD + 250 BOPD (actual rates)Field Reserve
Potential:
    
    3,040,000 BO and 16 BCFGWells to Develop:
    
    4 to 5 wells
 Ebnenezer Area  Columbia County, Arkansas
 General:
 Exploration History:
 st
   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




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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
   Conclusion:
  Company Office:
  FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2005
    Liquidity and Capital Resources.
    Ability to continue as a Going Concern
 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
     PART II OTHER INFORMATION
             31.1
    
    Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act.
Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the31.2
    
    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.




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August 20, 2005
    
    /s/ Rahim RayaniRahim RayaniChief Executive Officer(PRINCIPAL EXECUTIVE OFFICER)August 20, 2005
    
    /s/ Rahim RayaniRahim RayaniChief 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.
Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the31.2
    
    Sarbanes-Oxley Act.32.1
    
    Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.
Certification of Principal Financial and Accounting Officer Pursuant to Section 906 of the32.2
    
    Sarbanes-Oxley Act.