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  August  31, 2000 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 Registrant 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)

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


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

         Indicate  by check  mark  whether  the  Registrant:  (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 Registrant 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 October 1, 2000
-----------------------------                    -------------------------------
Common stock, $.001 par value                           7,809,794 Shares

<PAGE>

                              NORTHWEST GOLD, INC.

                                      Index

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

        Condensed Balance Sheet --  August 31, 2000 ...........................3

        Condensed Statements of Operations -- Three Months Ended
        August 31, 2000 and August 31, 1999....................................4

        Condensed Statements of Cash Flows-Three
        Months Ended August 31, 2000 and August 31, 1999.......................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.....................................................................9

                                        2

<PAGE>

                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                            Condensed Balance Sheets
                                 August 31, 2000
                                   (Unaudited)
<TABLE>
<S>                                                     <C>
         ASSETS

CURRENT ASSETS:
      Cash and cash equivalents                                      $   11,900
      Marketable Equity securities                                        4,100
                                                                     ----------
         TOTAL CURRENT ASSETS                                            16,000

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

OTHER ASSETS                                                              1,900
                                                                     ----------
                                                                     $   17,900


      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

      Accounts payable - affiliates                                  $    4,500

SHAREHOLDERS' EQUITY
      Common stock, $0.001 par value;
         Unlimited shares authorized,
         7,809,794 shares issued and outstanding,                         7,800
      Additional paid-in capital                                      1,903,900
      Accumulated deficit                                            (1,896,200)
      Unrealized holding gain on
         marketable equity securities                                    (2,100)
                                                                     ----------
                                                                         13,400
                                                                     $   17,900
</TABLE>

            See accompanying notes to condensed financial statements.

                                        3

<PAGE>

                              NORTHWEST GOLD, INC.

                       Condensed Statements of Operations
                                   (Unaudited)

                                                        Three Months Ended
                                                            August 31,
                                                    ---------------------------
                                                        2000              1999
                                                        ----              ----
<TABLE>
<S>                                              <C>                 <C>

REVENUES:
      Interest                                      $     100           $   100


COSTS AND EXPENSES:
      General and administrative                        3,700               800
                                                    ---------           -------

NET INCOME (LOSS)                                   $  (3,600)          $  (700)
                                                    =========           =======

LOSS PER SHARE                                      $      *            $    *
                                                    =========           =======

WEIGHTED AVERAGE NUMBER
      OF SHARES OUTSTANDING                         7,809,794           267,975
                                                    =========           =======

</TABLE>

* Less than $0.01 per share.

            See accompanying notes to condensed financial statements.

                                        4

<PAGE>

                              NORTHWEST GOLD, INC.

                       Condensed Statements of Cash Flows
                                   (Unaudited)


                                                        Three Months Ended
                                                            August 31,
                                                        -----------------------
                                                        2000              1999
                                                        ----              ----
<TABLE>
<S>                                             <C>                  <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
      Net Loss                                      $ (3,600)           $  (700)
      Adjustments to reconcile
         net loss to net cash provided by
         operating activities:
         Increase in accounts
           payable - affiliate                        3,800                 800
                                                    -------             -------

NET CASH PROVIDED BY
      OPERATING ACTIVITIES                              200                 100
                                                    -------             -------

NET INCREASE IN CASH AND
      CASH EQUIVALENTS                                 200                  100

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                           11,700               11,300
                                                    -------             -------

CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                                 $11,900             $11,400
                                                    =======             =======
</TABLE>

            See accompanying notes to condensed financial statements.

                                        5

<PAGE>

                              NORTHWEST GOLD, INC.

                     Notes to Condensed Financial Statements


     1) The  Condensed  Balance  Sheet as of August 31,  2000 and the  Condensed
Statements  of  Operations  and cash flow for the three  months ended August 31,
2000 and 1999,  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  August  31,  2000  the  results  of
operations and cash flow for the three months ended August 31, 2000 and 1999.

     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, 2000 Form 10-KSB.

     3) The  results of  operations  for the periods  ended  August 31, 2000 and
1999,  are not  necessarily  indicative  of the  operating  results which may be
experienced for the full year.

                                        6

<PAGE>


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

Liquidity and Capital Resources

     The Company's  working capital  decreased by $4,900 during the three months
ended August 31, 2000.  This reduced  working  capital to $11,500 as compared to
working  capital of $16,400 at May 31, 2000. The decrease in working capital was
primarily  as a  result  of  an  increase  of  $3,900  in  accounts  payable  to
affiliates.  The increase in accounts  payable was as a result of the  Company's
parent, U.S. Energy Corp. ("USE") paying certain administrative fees for Company
and a management fee of $500 per month. The other decrease in working capital is
as a result of the adjustment of the Company's  investments in publically traded
companies, one of which is USE, to market.

     The  Company  anticipates  that it will  be  able  to  meet  its  operating
requirements  for the  remainder  of the year  ending May 31,  2000  unless U.S.
Energy Corp. should call for payment of its indebtedness.  To continue operating
long-term, the Company must secure drilling or construction contracts.

Results of Operations

     The  Company  had no  revenues  from  operations  during the most  recently
completed  quarter  ended  August 31, 2000 or the  corresponding  quarter of the
prior year ended August 31, 1999. In both periods however,  the Company recorded
interest revenue of $100 on funds held in interest bearing accounts.

     General and  administrative  costs  increased by $2,900  during the quarter
ended August 31, 2000 from the same period of the previous  year.  This increase
was  primarily in contract  services  that  included  printing  expenses for the
Company's  annual meeting that were not incurred  during the period ended August
31,  1999.  Operations  resulted  in losses of $3,600 and $700 for the  quarters
ended August 31, 2000 and 1999, respectively.

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

                                        7

<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 August 31, 2000.

                                        8

<PAGE>

                                   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: October 1, 2000                       By:     /s/  Harold F. Herron
                                                    ----------------------------
                                                    HAROLD F. HERRON,
                                                    Chief Executive Officer



Date: October 1, 2000                       By:     /s/  Robert Scott Lorimer
                                                    ----------------------------
                                                    ROBERT SCOTT LORIMER,
                                                    Principal Financial Officer
                                                    and Chief Accounting Officer

                                        9

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