FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

[X] Quarterly  report pursuant to section 13 or 15(d) of the Securities
    Exchange Act of 1934 For the fiscal  quarter ended November 30, 1999 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 0-10229

                              NORTHWEST GOLD, INC.
--------------------------------------------------------------------------------
               (Exact Name of Company as Specified in its Charter)

Wyoming                                                      81-0384984
----------------------------------------                     -------------------
State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

877 North 8th West, Riverton, WY                             82501
----------------------------------------                     -------------------
(Address of principal executive offices)                     (Zip Code)

Company's telephone Number:     (307) 856-9271


                                      NONE
--------------------------------------------------------------------------------
(Former  name,  former  address and former  fiscal year,  if changed  since last
report)

     Indicate  by check mark  whether  the  Company:  (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  and Exchange Act
of 1934  during the  preceding  12 months (or for such  shorter  period that the
Company was  required to file such  reports),  and (2) has been  subject to such
filing requirements for the past 90 days.

                      YES   X             NO
                          ------             ------

     State the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

            Class                                 Outstanding at January 5, 2000
-----------------------------                     ------------------------------
Common stock, $.001 par value                           26,797,500 Shares

<PAGE>

                              NORTHWEST GOLD, INC.


                                      Index


PART I.        FINANCIAL INFORMATION

     ITEM 1.   Financial Statements

     Condensed Balance Sheet --  November 30, 1999 ............................3

     Condensed Statements of Operations -- Three and Six Months
          Ended November 30, 1999 and 1998.....................................4

     Condensed Statements of Cash Flows for the Six
          Months Ended November 30, 1999 and 1998..............................5

     Notes to Condensed Financial Statements...................................6

     ITEM 2.   Management's Discussion and Analysis of
               Financial Condition and Results of Operations...................7

PART II.       OTHER INFORMATION

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

     Signatures................................................................8

<PAGE>

                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

Item 1.   Financial Statements

                             Condensed Balance Sheet
                                November 30, 1999
                                   (Unaudited)

     ASSETS

CURRENT ASSETS:
     Cash and temporary cash investments                              $  11,400
     Marketable securities                                                7,800
                                                                      ----------
          TOTAL CURRENT ASSETS                                           19,200

PROPERTY AND EQUIPMENT, at cost                                          29,000
     Less accumulated depreciation                                      (29,000)
                                                                      ----------
                                                                            --

OTHER ASSETS                                                              1,900
                                                                      ----------
                                                                      $  21,100
                                                                      ==========

      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
      Accounts payable - affiliates                                   $  86,100

SHAREHOLDERS' EQUITY
      Common stock, $0.001 par value;
         authorized, 50,000,000 shares;
         issued and outstanding,
         26,797,500                                                      26,800
      Additional paid-in capital                                      1,788,600
      Accumulated deficit                                            (1,882,000)
      Unrealized holding gain on
         marketable equity securities                                     1,600
                                                                     -----------
                                                                        (65,000)
                                                                     -----------
                                                                      $  21,100
                                                                     ===========

<PAGE>

                              NORTHWEST GOLD, INC.

                       Condensed Statements of Operations
                                   (Unaudited)



                         Three Months Ended                     Six Months Ended
                             November 30,                         November 30,
                        ---------------------               --------------------
                        1999              1998          1999            1998
                        ----              ----          ----            ----

REVENUES:
  Interest                   $100           $200           $200            $300

COSTS AND EXPENSES:
  General and
    administrative          5,800          2,300          6,600           8,900
                          --------        -------       --------         -------
NET INCOME (LOSS)         $(5,700)       $(2,100)       $(6,400)        $(8,600)
                          ========       ========       ========        ========
INCOME (LOSS)
  PER SHARE               $    *         $    *         $    *          $    *
                          ========       ========       ========        ========
WEIGHTED AVERAGE
  NUMBER OF SHARES
  OUTSTANDING           26,797,500     26,797,500     26,797,500     26,797,500
                        ==========     ==========     ==========     ==========

*  Less than $.01 per share.


            See accompanying notes to condensed financialstatements.

<PAGE>

                              NORTHWEST GOLD, INC.

                       Condensed Statements of Cash Flows
                                   (Unaudited)


                                                          Six Months Ended
                                                           November 30,
                                                       ----------------------
                                                    1999                   1998
                                                    ----                   ----
CASH FLOWS FROM OPERATING ACTIVITIES:            $(6,400)               $(8,600)
      Net Loss
      Adjustments to reconcile
         net loss to net cash
         used in operating activities:
      Increase in accounts
         payable - affiliate                       6,500                  8,800
                                                 -------                -------
NET CASH PROVIDED BY
      OPERATING ACTIVITIES                           100                    200
                                                 -------                -------

NET INCREASE IN CASH
      AND CASH EQUIVALENTS                           100                    200

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                         11,300                 10,800
                                                 -------                -------
CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                              $11,400                $11,000
                                                 =======                =======


            See accompanying notes to condensed financial statements.

<PAGE>

                              NORTHWEST GOLD, INC.

                     Notes to Condensed Financial Statements



     1) The  Condensed  Balance  Sheet as of November  30, 1999,  the  Condensed
Statements  of Operations  for the six months ended  November 30, 1999 and 1998,
and the Condensed Statements of Cash Flows for the six months ended November 30,
1999 and November 30, 1998 have been prepared by the Company  without audit.  In
the opinion of the Company,  the accompanying  financial  statements contain all
adjustments  (consisting of only normal recurring  accruals) necessary to fairly
present the  financial  position of the Company as of  November  30,  1999,  the
results of operations  for the six months ended  November 30, 1999 and 1998, and
cash flows for the six months then ended.

     2) Certain  information  and  footnote  disclosures  normally  included  in
financial  statements  prepared in accordance with generally accepted accounting
principles have been condensed or omitted.  It is suggested that these financial
statements be read in conjunction with the Company's May 31, 1999 Form 10-KSB.

     3) The results of operations  for the periods  ended  November 30, 1999 and
1998 are not necessarily indicative of the operating results for the full year.

<PAGE>

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations.

Liquidity and Capital Resources

     The Company's  working capital deficit  increased  during the most recently
completed six months by $6,400.  This increase in working  capital deficit was a
result of an  increase  of $6,500 in accounts  payable to  affiliates  which was
partially  offset by an  increase  of $100 in cash.  The  increase  in  accounts
payable  was as a result  of USECB  Joint  Venture  ("USECB"),  a joint  venture
between U.S. Energy, a major shareholder of the Company and Crested Corp. paying
certain  administrative  expenses  for the  Company.  The  increase in cash is a
result of interest received on interest bearing cash accounts.

     The  Company  anticipates  that it will be able to meet its  administrative
capital  requirements  for the  remainder of the year ending May 31, 2000 if its
affiliates  do not call for the  amounts  due  them.  The  Company  must  secure
contracts in which it would  recognize  cash flow from renting its  equipment or
work out an  agreement  on the amount  due to  affiliates  in order to  continue
operating long-term.

Results of Operations

     The  Company  had no  revenues  from  operations  during the most  recently
completed six months or the corresponding  period of the prior year. The Company
recorded  interest  revenue  of $200 and $300 in the six  month  periods  ending
November  30,  1999 and 1998  respectively  on funds  held in  interest  bearing
accounts.

     General and administrative  costs decreased by $2,300 during the six months
ended November 30, 1999 over the same period of the previous year. This decrease
was primarily due to a reduction in the cost of professional services related to
annual audit.

     The Company's  operations  consist primarily of  administrative  activities
associated with the preparation of reports and documents required by law.

<PAGE>

                           PART II. OTHER INFORMATION

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

     (a)  Exhibits.  None.

     (b) Reports on Form 8-K. There were no reports filed by the Company on Form
         8-K for the quarter ended November 30, 1999.

                                   SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange  Act of 1934,  the  Company has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.


                                                        NORTHWEST GOLD, INC.
                                                        (Company)



Date: January 5, 2000                              By:  /s/ Harold F. Herron
                                                        ------------------------
                                                        HAROLD F. HERRON,
                                                        Chief Executive Officer



Date: January 5, 2000                              By:  /s/ Robert Scott Lorimer
                                                        ------------------------
                                                        ROBERT SCOTT LORIMER,
                                                        Principal Financial
                                                        Officer and Chief
                                                        Accounting Officer