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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 September 30, 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.)5847 San FelipeSuite 1700Houston, TX
    
    77057(Address of principal executive offices)
    
    (Zip Code)
 Issuers Telephone Number: (713) 821-1731
 
 þ o
 APPLICABLE ONLY TO CORPORATE ISSUERS
 COMMON STOCK, PAR VALUE $.001
(Title of each class)
 
   o þ
 o þ




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Part I  Financial InformationItem 1  Consolidated Balance Sheets (unaudited) As of September 30, 2005Consolidated Statement of Income (unaudited) Three months ended September 30, 2005Consolidated Statement of Shareholders Equity (unaudited) Three months ended September 30, 2005Consolidated Statement of Cash Flows (unaudited) Three months ended September 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 ExhibitsExhibit 31.1 302 Certification of CEOExhibit 31.2 302 Certification of Principal Financial OfficerExhibit 32.1 906 Certification CEO




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##### Table of Contents



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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##### Table of Contents



GULF
COAST OIL & GAS, INC. AND SUBSIDIARY
 
 
 September 30,
    
    
    December 31,2005
    
    
    2004ASSETSCurrent AssetsCash in banks
    
    $
    43,054
    
    
    $
    1,912Accounts receivable -other
    
    
    9,955
    
    
    
    Total Current Assets
    
    
    53,009
    
    
    
    1,912Fixed AssetsOffice equipment
    
    
    2,475
    
    
    
    2,475Less accumulated depreciation
    
    
    (2,399
    )
    
    
    (1,544
    )76
    
    
    
    931Other AssetsWebsite costs less accumulated
amortization of $375 and $0
    
    
    1,125
    
    
    
    Deposit on interest in unproved oil and gas leases
    
    
    100,000
    
    
    
    101,125
    
    
    
    Total Assets
    
    $
    154,210
    
    
    $
    2,843LIABILITIES AND STOCKHOLDERS EQUITYCurrent LiabilitiesAccounts payable
    
    $
    63,411
    
    
    $
    76,997Accrued expenses
    
    
    35,650
    
    
    
    105,582Total Current Liabilities
    
    
    99,061
    
    
    
    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
119,521,793 and 144,125,433 shares outstanding
at respective periods ends,
par value $.001 per share
    
    
    119,522
    
    
    
    114,126Additional contributed capital
    
    
    5,906,389
    
    
    
    5,582,785Deficit accumulated during exploration stage
    
    
    (5,970,762
    )
    
    
    (5,876,647
    )Stock subscription advances
    
    
    
    
    
    
    (55,149
    )
    
    
    (179,736
    )Total Liabilities and Stockholders Equity
    
    $
    154,210
    
    
    $
    2,843




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
  For the Quarter and Year to Date Ending September 30, 2005 and the Year Ending December 31, 2004, and for the
period beginning August 4, 2003 (Inception) through September 30, 2005
 Quarter Ended
    
    
    Year to date
    
    
    Year EndingSeptember 30,
    
    
    September 30,
    
    
    December 31,
    
    
    Since2005
    
    
    2005
    
    
    2004
    
    
    InceptionRevenuesSales
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Cost of salesExploration costs
    
    
    (46,789
    )
    
    
    (46,789
    )
    
    
    192,127
    
    
    
    159,625Gross Profit
    
    
    46,789
    
    
    
    46,789
    
    
    
    (192,127
    )
    
    
    (159,625
    )ExpensesAdministrative
    
    
    98,869
    
    
    
    198,567
    
    
    
    5,388,206
    
    
    
    5,667,064(52,080
    )
    
    
    (151,778
    )
    
    
    (5,580,333
    )
    
    
    (5,826,689
    )Other income and expensesLoss on sale of fixed assets
    
    
    
    
    
    
    
    
    
    
    (684
    )
    
    
    (684
    )Gain on settlement of debt
    
    
    67,693
    
    
    
    67,693
    
    
    
    
    
    
    
    67,693Foreign exchange (loss) gain
    
    
    (11,320
    )
    
    
    (10,030
    )
    
    
    (7,099
    )
    
    
    (16,689
    )56,373
    
    
    
    57,663
    
    
    
    (7,783
    )
    
    
    50,320Loss from continuing operations
    
    
    4,293
    
    
    
    (94,115
    )
    
    
    (5,588,116
    )
    
    
    (5,776,369
    )Discontinued operationsMineral rights abandoned
    
    
    
    
    
    
    
    
    
    
    (193,226
    )
    
    
    (193,226
    )Net Loss
    
    $
    4,293
    
    
    $
    (94,115
    )
    
    $
    (5,781,342
    )
    
    $
    (5,969,595
    )Net loss per share
    
    $
    0.00
    
    
    $
    0.00Average shares outstanding
    
    
    118,691,237
    
    
    
    116,290,801




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##### Table of Contents



GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 
 
 Series A
    
    
    
    
    
    
    
    
    
    
    Additional
    
    
    
    
    
    
    StockPreferred Stock
    
    
    Common Stock
    
    
    Contributed
    
    
    Retained
    
    
    SubscriptionShares
    
    
    Amount
    
    
    Shares
    
    
    Amount
    
    
    Capital
    
    
    Deficit
    
    
    Advances
    
    
    TotalOtish Diamond CorporationBalance August 4, 2003
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Shares issued for services
    
    
    
    
    
    
    
    
    
    
    24,300,000
    
    
    
    24,300
    
    
    
    (16,200
    )
    
    
    
    
    
    
    
    
    
    
    8,100Shares issued for cash
    
    
    
    
    
    
    
    
    
    
    11,700,000
    
    
    
    11,700
    
    
    
    162,300
    
    
    
    
    
    
    
    
    
    
    
    174,000Shares issued for mineral rights
    
    
    
    
    
    
    
    
    
    
    9,000,000
    
    
    
    9,000
    
    
    
    62,250
    
    
    
    
    
    
    
    
    
    
    
    71,250Merger with Otish Mountain Company
    
    
    1,000,000
    
    
    
    1,000
    
    
    
    323,250
    
    
    
    324
    
    
    
    (216
    )
    
    
    (1,167
    )
    
    
    
    
    
    
    (59
    )Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (94,138
    )
    
    
    
    
    
    
    (94,138
    )Balance December 31, 2003
    
    
    1,000,000
    
    
    
    1,000
    
    
    
    45,323,250
    
    
    
    45,324
    
    
    
    208,134
    
    
    
    (95,305
    )
    
    
    
    
    
    
    159,153Correction of beginning outstanding
shares
    
    
    
    
    
    
    
    
    
    
    33
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Shares issued for services
    
    
    
    
    
    
    
    
    
    
    60,900,000
    
    
    
    60,900
    
    
    
    5,119,100
    
    
    
    
    
    
    
    
    
    
    
    5,180,000Shares issued for mineral rights
    
    
    
    
    
    
    
    
    
    
    150
    
    
    
    
    
    
    
    53
    
    
    
    
    
    
    
    
    
    
    
    53Shares issued for cash
    
    
    
    
    
    
    
    
    
    
    7,902,000
    
    
    
    7,902
    
    
    
    255,498
    
    
    
    
    
    
    
    
    
    
    
    263,400Redemption of Preferred Shares
    
    
    (1,000,000
    )
    
    
    (1,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,000
    )Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,781,342
    )
    
    
    
    
    
    
    (5,781,342
    )Balance at December 31, 2004
    
    
    
    
    
    
    
    
    
    
    114,125,433
    
    
    
    114,126
    
    
    
    5,582,785
    
    
    
    (5,876,647
    )
    
    
    
    
    
    
    (179,736
    )Shares issued for Debt
    
    
    
    
    
    
    
    
    
    
    300,000
    
    
    
    300
    
    
    
    4,700
    
    
    
    
    
    
    
    
    
    
    
    5,000Shares issued for prior period
Debt
    
    
    
    
    
    
    
    
    
    
    696,360
    
    
    
    696
    
    
    
    (696
    )
    
    
    
    
    
    
    
    
    
    
    Shares sold
    
    
    
    
    
    
    
    
    
    
    4,100,000
    
    
    
    4,100
    
    
    
    295,900
    
    
    
    
    
    
    
    
    
    
    
    300,000Shares issued for services
    
    
    
    
    
    
    
    
    
    
    300,000
    
    
    
    300
    
    
    
    23,700
    
    
    
    
    
    
    
    
    
    
    
    24,000Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (94,115
    )
    
    
    
    
    
    
    (94,115
    )Balance at September 30, 2005
    
    
    
    
    
    $
    
    
    
    
    119,521,793
    
    
    $
    119,522
    
    
    $
    5,906,389
    
    
    $
    (5,970,762
    )
    
    $
    
    
    
    $
    55,149




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##### Table of Contents



GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 
  For the Quarter and Year to Date Ending September 30, 2005 and the Year Ending December 31, 2004, and for the
period beginning August 4, 2003 (Inception) through September 30, 2005
 Quarter Ended
    
    
    Year to date
    
    
    Year EndingSeptember 30,
    
    
    September 30,
    
    
    December 31,
    
    
    Since2005
    
    
    2005
    
    
    2004
    
    
    InceptionCASH FLOWS FROM OPERATING ACTIVITIESNet loss for the period
    
    $
    4,293
    
    
    $
    (94,115
    )
    
    $
    (5,781,342
    )
    
    $
    (5,969,595
    )Adjustments to reconcile net earnings to net
cash provided (used) by operating activities:Depreciation
    
    
    348
    
    
    
    855
    
    
    
    10,665
    
    
    
    13,456Amortization
    
    
    125
    
    
    
    375
    
    
    
    2,898
    
    
    
    4,719Services paid by stock
    
    
    24,000
    
    
    
    24,000
    
    
    
    5,180,000
    
    
    
    5,212,100Mineral rights abandoned
    
    
    
    
    
    
    
    
    
    
    193,226
    
    
    
    193,226Changes in Current assets and liabilities:(Increase) in Accounts receivable  other
    
    
    (4,517
    )
    
    
    (9,955
    )
    
    
    
    
    
    
    (9,955
    )(Decrease) Increase in Accounts payable
    
    
    (14,128
    )
    
    
    (8,586
    )
    
    
    58,982
    
    
    
    68,160Increase in Accrued expenses
    
    
    (83,125
    )
    
    
    (69,932
    )
    
    
    84,335
    
    
    
    35,650NET CASH (USED) BY
OPERATING ACTIVITIES
    
    
    (73,004
    )
    
    
    (157,358
    )
    
    
    (251,236
    )
    
    
    (452,239
    )CASH FLOWS FROM INVESTING ACTIVITIESPurchase of Mineral rights
    
    
    
    
    
    
    
    
    
    
    (18,830
    )
    
    
    (96,575
    )Purchase of Interest in unproved oil and gas
leases
    
    
    
    
    
    
    (100,000
    )
    
    
    
    
    
    
    (100,000
    )Purchase of Website costs
    
    
    
    
    
    
    (1,500
    )
    
    
    
    
    
    
    (27,519
    )Purchase of Fixed assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (19,205
    )NET CASH (USED) BY
INVESTING ACTIVITIES
    
    
    
    
    
    
    (101,500
    )
    
    
    (18,830
    )
    
    
    (243,299
    )CASH FLOWS FROM FINANCING ACTIVITIESRedemption of Preferred stock
    
    
    
    
    
    
    
    
    
    
    1,000
    
    
    
    1,000Sale of Common stock
    
    
    100,000
    
    
    
    300,000
    
    
    
    263,400
    
    
    
    737,400Stock subscription advances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NET CASH PROVIDED BY
FINANCING ACTIVITIES
    
    
    100,000
    
    
    
    300,000
    
    
    
    264,400
    
    
    
    738,400NET INCREASE IN CASH
    
    
    26,996
    
    
    
    41,142
    
    
    
    (5,666
    )
    
    
    42,862CASH FROM OTISH DIAMOND MERGER
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    192CASH AT BEGINNING OF PERIOD
    
    
    16,058
    
    
    
    1,912
    
    
    
    7,578
    
    
    
    CASH AT END OF PERIOD
    
    $
    43,054
    
    
    $
    43,054
    
    
    $
    1,912
    
    
    $
    43,054




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##### Table of Contents



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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##### Table of Contents



Table of Contents  GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 NOTES TO FINANCIAL STATEMENTS
  NOTE
1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
 Financial Statement Presentation
  An Exploration Stage Company
  Cash and Cash Equivalents
  Property and Equipment
    Table of Contents  GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 NOTES TO FINANCIAL STATEMENTS
  NOTE
1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
 Website Development Costs
  Mineral Rights
  Deposit on Interest in Unproved Oil and Gas Leases
  Use of Estimates
    Table of Contents  GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 NOTES TO FINANCIAL STATEMENTS
  NOTE
1  SUMMARY OF SIGNIFICANT ACCOUNTING - CONTINUED
 Foreign Currency Translation
  NOTE 2  MINERAL RIGHTS
    Table of Contents  GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 NOTES TO FINANCIAL STATEMENTS
  NOTE
2  MINERAL RIGHTS - CONTINUED
    NOTE 3  DEPOSIT ON INTEREST IN UNPROVED OIL AND GAS LEASES
  NOTE 4  SERIES A PREFERRED STOCK
  NOTE 5  RELATED PARTIES
    Table of Contents  GULF COAST OIL & GAS, INC. AND SUBSIDIARY
 NOTES TO FINANCIAL STATEMENTS
  NOTE 6  GOING CONCERN
    Table of Contents   
 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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##### Table of Contents



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.
 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.
          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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##### Table of Contents



Flow Rates:
    
    1.5 MMCFGD + 250 BOPD (actual rates)Field ReservePotential:
    
    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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##### Table of Contents



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 SEPTEMBER 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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##### Table of Contents



ITEM 3. EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
     
 PART II OTHER INFORMATION
 Item 1. Legal Proceedings
            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.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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##### Table of Contents



November 21, 2005
    
    /s/ Rahim RayaniRahim Rayani
Chief Executive Officer
(PRINCIPAL EXECUTIVE OFFICER)November 21, 2005
    
    /s/ Rahim RayaniRahim Rayani
Chief Accounting Officer
(PRINCIPAL ACCOUNTING OFFICER)




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##### Table of Contents



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.