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, 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 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, 2001
-----------------------------                    ------------------------------
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 --  November 30, 2000 .........................3

        Condensed Statements of Operations -- Three and Six Months
          Ended November 30, 2000 and 1999.....................................4

        Condensed Statements of Cash Flows for the Six
          Months Ended November 30, 2000 and 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.............................................................8






                                       2
<PAGE>



                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

Item 1.        Financial Statements

                             Condensed Balance Sheet
                                November 30, 2000
                                   (Unaudited)
<TABLE>
<S>                                                                 <C>

         ASSETS

CURRENT ASSETS:
      Cash and temporary cash investments                             $  12,000
      Marketable securities                                               4,100
                                                                      ----------
         TOTAL CURRENT ASSETS                                            16,100

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

OTHER ASSETS                                                              1,900
                                                                      ----------
                                                                      $  18,000
                                                                      ==========

      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
      Accounts payable - affiliates                                  $    9,700

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                                            (1,901,300)
      Unrealized holding loss on
         marketable equity securities                                    (2,100)
                                                                     -----------
                                                                          8,300
                                                                     -----------
                                                                     $   18,000
                                                                     ===========

</TABLE>




                                       3

<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Operations
                                   (Unaudited)

<TABLE>
<S>                           <C>               <C>         <C>        <C>


                                Three Months Ended             Six Months Ended
                                    November 30,                  November 30,
                               ---------------------        --------------------
                               2000             1999        2000            1999
                               ----             ----        ----            ----

REVENUES:
    Interest                  $   100         $  100        $  300      $   200

COSTS AND EXPENSES:
    General and
        administrative          5,200          5,800         9,000        6,600
                              --------        -------      --------     --------
NET INCOME (LOSS)             $(5,100)       $(5,700)      $(8,700)     $(6,400)
                              ========        =======      ========      =======
INCOME (LOSS)
    PER SHARE                 $      *       $ (0.02)      $      *     $ (0.02)
                              ========       ========      ========     ========
WEIGHTED AVERAGE
    NUMBER OF SHARES
    OUTSTANDING               7,809,794      267,975       7,809,794    267,975
                              =========      ========      =========    ========
</TABLE>

* Less than $.01 per share.


            See accompanying notes to condensed financial statements.
                                       4

<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<S>                                                     <C>             <C>

                                                             Six Months Ended
                                                                November 30,
                                                          ----------------------
                                                          2000             1999
                                                          ----             ----
CASH FLOWS FROM OPERATING ACTIVITIES:                   $(8,700)        $(6,400)
      Net Loss
      Adjustments to reconcile
         net loss to net cash
         used in operating activities:
      Increase in accounts
         payable - affiliate                              9,000           6,500
                                                         -------         -------
NET CASH PROVIDED BY
      OPERATING ACTIVITIES                                  300             100
                                                         -------         -------

NET INCREASE IN CASH
      AND CASH EQUIVALENTS                                  300             100

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                                11,700          11,300
                                                        -------          -------
CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                                     $12,000         $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 November  30, 2000,  the  Condensed
Statements  of Operations  for the three and six months ended  November 30, 2000
and 1999,  and the  Condensed  Statements of Cash Flows for the six months ended
November  30,  2000 and  November  30,  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 November 30,  2000,  the results of  operations  for the six and three months
ended November 30, 2000 and 1999, 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, 2000 Form 10- KSB.

     3) The results of operations  for the periods  ended  November 30, 2000 and
1999 are not necessarily indicative of the operating results 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 $10,000 during the six months ended
November  30,  2000.  This  decreased  working  capital to $6,400 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  $9,000  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,  2001  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 six months ended November 30, 2000 or the  corresponding six months of
the prior year ended November 30, 1999. The Company recorded  interest  revenues
of $300 and $200,  respectively  on funds  held in  interest  bearing  accounts,
during the six month periods ending November 30, 2000 and November 30, 1999.

     General and administrative  costs increased by $2,400 during the six months
ending  November  30,  2000 from the same  period  of the  previous  year.  This
increase is primarily as a result of increased  stock transfer fees.  Operations
resulted in losses of $8,700 and $6,400 for the six months  ended  November  30,
2000 and 1999, respectively.

     The Company'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 November 30, 2000.

                                   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, 2001                     By:  /s/ Harold F. Herron
                                               ---------------------------------
                                               HAROLD F. HERRON,
                                               Chief Executive Officer



Date: January 5, 2001                     By:   /s/ Robert Scott Lorimer
                                                --------------------------------
                                                ROBERT SCOTT LORIMER,
                                                Principal Financial
                                                Officer and Chief
                                                Accounting Officer





                                       8
<PAGE>