# SECURITIES AND
EXCHANGE COMMISSION

# Washington, D.C. 20549

# FORM 10-QSB

(Mark One)

[X]   Quarterly  report under Section 13 or 15(d) of the Securities  Exchange
         Act of 1934 for the quarterly  period ended  September 30, 2003.

[  ]  Transition  report  under  Section  13 or  15(d)  of the  Securities
         Exchange  Act of 1934  for the  transition  period
         from ____________ to ____________               .

``

``

|                                | 
|------------------------------- | 
|Nevada                          | 
|(State or other jurisdiction of | 
|incorporation or organization)  | 

``

``

Check whether the registrant: (1) filed all reports required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 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.

The number of outstanding shares of the registrant's  common stock,  $0.001
par  value  (the  only  class of  voting  stock),  as of  November 14, 2003 was
6,312,500.

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TABLE OF CONTENTS



|                  |                                          |                                                                                                                                                                      |    |      |   | 
|----------------- | ---------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -- | ---- | - | 
|                  |                                          |                                                                                                                                                                      |    | Page
|                  |                                          |                                                                                                                                                                      |    |     
|PART I.           |                                          |                                                                                                                                                                      |    |     
|                  | ITEM 1. FINANCIAL STATEMENTS             |                                                                                                                                                                      |    | 3    |  
|                  |                                          | Unaudited Balance Sheet as of September 30, 2003                                                                                                                     |    |      | 4 | 
|                  |                                          | Unaudited
      Statement of Operations for the three and nine months ended September 30, 2003 and 2002 and the period since Date of Inception to September 30, 2003 |    |      | 5 | 
|                  |                                          | Unaudited
      Statement of Cash Flows for the nine months ended September 30, 2003 and 2002 and the period since Date of Inception to September 30, 2003           |    |      | 6 | 
|                  |                                          | Notes to Financial Statements                                                                                                                                        |    |      | 7 | 
|                  |                                          |                                                                                                                                                                      |    |      |   | 
|                  | ITEM 2. MANAGEMENT'S PLAN OF OPERATION   |                                                                                                                                                                      |    | 8    |  
|                  | ITEM 3. CONTROLS AND PROCEDURES          |                                                                                                                                                                      |    | 10   |  
|PART II.          |                                          |                                                                                                                                                                      |    |     
|                  | ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K |                                                                                                                                                                      |    | 10   |  
|                  | SIGNATURES                               |                                                                                                                                                                      |    | 11   |  
|INDEX TO EXHIBITS |                                          |                                                                                                                                                                      | 12 |     

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# PART I

# ITEM 1. FINANCIAL
STATEMENTS

As used herein, the term
Company refers to Star Energy Corporation (formerly known as Cairo
Acquisitions, Inc.), a Nevada corporation, unless otherwise indicated. In the opinion of
management, the accompanying unaudited financial statements included in this Form 10-QSB
reflect all adjustments (consisting only of normal recurring accruals) necessary for a
fair presentation of the results of operations for the periods presented. The results of
operations for the periods presented are not necessarily indicative of the results to be
expected for the full year.

---

STAR
ENERGY CORPORATION

(A
Development Stage Company)

UNAUDITED
BALANCE SHEET

September 30,
2003

`ASSETS

Current assets:
   Cash                                                                                           $                 3,199
   Accounts receivable                                                                                             10,159
                                                                                                     ---------------------

                                                                                                                   13,358

Oil and gas properties                                                                                             90,000
                                                                                                     ---------------------

   Total assets                                                                                   $               103,358
                                                                                                     =====================

                            LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
 Accounts payable                                                                                 $                 4,695
 Related party payable                                                                                              2,500
                                                                                                     ---------------------

  Total current liabilities                                                                                         7,195
                                                                                                     ---------------------


Commitments                                                                                                             -

Stockholders' equity:
 Preferred stock, $.001 par value, 5,000,000 shares

  authorized, no shares issued and outstanding                                                                          -
 Common stock, $.001 par value, 50,000,000 shares
  authorized, 6,312,500 shares issued and outstanding                                                               6,312
 Additional paid-in capital                                                                                       102,614
 Deficit accumulated during the development stage                                                                (12,763)
                                                                                                     ---------------------

  Total stockholders' equity                                                                                       96,163
                                                                                                     ---------------------

  Total liabilities and stockholders' equity                                                      $               103,358
                                                                                                     =====================`

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STAR
ENERGY CORPORATION

(A
Development Stage Company)

UNAUDITED
STATEMENTS OF OPERATIONS

`Three Months Ended                      Nine Months Ended
                                                                            September 30,                          September 30,                   Cumulative
                                                                 ------------------------------------    -----------------------------------
                                                                       2003                2002               2003                2002              Amounts
                                                                 -----------------    ---------------    ----------------    ---------------    -----------------


Oil and gas sales                                            $             15,210                  -              15,210                  -               15,210
                                                                 -----------------    ---------------    ----------------    ---------------    -----------------


Costs of operations                                                         5,051                  -               5,051                  -                5,051
General and administrative costs                                              871                405               4,924              3,378               22,922
                                                                 -----------------    ---------------    ----------------    ---------------    -----------------

                                                                            5,922                405               9,975              3,378               27,973
                                                                 -----------------    ---------------    ----------------    ---------------    -----------------

          Income (loss) before income taxes                                 9,288              (405)               5,235            (3,378)             (12,763)


Provision for income taxes                                                      -                  -                   -                  -                    -
                                                                 -----------------    ---------------    ----------------    ---------------    -----------------

          Net income (loss)                                  $              9,288              (405)               5,235            (3,378)             (12,763)
                                                                 =================    ===============    ================    ===============    =================


Income (loss) per common share -

   basic and diluted                                         $                  -                  -                   -                  -
                                                                 =================    ===============    ================    ===============

Weighted average common shares -
  basic and diluted                                                     6,313,000          6,563,000           6,313,000          6,563,000
                                                                 =================    ===============    ================    ===============`

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STAR
ENERGY CORPORATION

(A
Development Stage Company)

UNAUDITED
STATEMENTS OF CASH FLOWS

`Nine Months Ended
                                                                             September 30,                 Cumulative
                                                                    ---------------------------------
                                                                         2003              2002              Amounts
                                                                    ---------------    --------------    ----------------
Cash flows from operating activities:

 Net income (loss)                                              $            5,235           (3,378)            (12,763)
 Adjustments to reconcile net income (loss)
  to net cash used in operating activities:

  Stock compensation expense                                                     -                 -               5,007

  Increase in accounts receivable                                         (10,159)                 -            (10,159)

  Increase (decrease) in accounts payable                                  (1,445)             3,333               4,695
                                                                    ---------------    --------------    ----------------


  Net cash used in operating activities                                    (6,369)              (45)            (13,220)
                                                                    ---------------    --------------    ----------------

Cash flows from investing activities:

 Purchase of oil and gas properties                                       (90,000)                 -            (90,000)
                                                                    ---------------    --------------    ----------------


Cash flows from financing activities:

 Increase in related party payable                                               -                 -               2,500

 Decrease in stock subscription receivable                                       -                 -                 445

 Issuance of common stock                                                   99,564                 -             103,474
                                                                    ---------------    --------------    ----------------


  Net cash provided by financing activities                                 99,564                 -             106,419
                                                                    ---------------    --------------    ----------------



  Net increase (decrease) in cash                                            3,195              (45)               3,199


Cash, beginning of period                                                        4                54                   -
                                                                    ---------------    --------------    ----------------


Cash, end of period                                             $            3,199                 9               3,199
                                                                    ===============    ==============    ================`

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# STAR ENERGY CORPORATION

# (A Development Stage
Company)

# NOTES TO UNAUDITED
FINANCIAL STATEMENTS

# September 30, 2003

Note 1  Basis of
Presentation

The accompanying unaudited condensed
financial statements have been prepared by management in accordance with the instructions
in Form 10-QSB and, therefore, do not include all information and footnotes required by
generally accepted accounting principles and should, therefore, be read in conjunction
with the Companys Form 10-KSB for the year ended December 31, 2002, filed with the
Securities and Exchange Commission. These statements do include all normal recurring
adjustments which the Company believes necessary for a fair presentation of the
statements. The interim operations are not necessarily indicative of the results to be
expected for the full year ended December 31, 2003.

Note 2  Additional
Footnotes Included By Reference

Except as indicated in Notes above,
there have been no other material changes in the information disclosed in the notes to the
financial statements included in the Companys Form 10-KSB for the year ended
December 31, 2002, filed with the Securities and Exchange Commission. Therefore, those
footnotes are included herein by reference.

---

# ITEM 2.

# MANAGEMENTS PLAN
OF OPERATION

When used in this discussion, the
words believes, anticipates, expects, and similar
expressions are intended to identify forward-looking statements. Such statements are
subject to certain risks and uncertainties, which could cause actual results to differ
materially from those projected. Readers are cautioned not to place undue reliance on
these forward-looking statements, that speak only as of the date hereof. The Company
undertakes no obligation to republish revised forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence of unanticipated
events. Readers are also urged to carefully review and consider the various disclosures
made by the Company that attempt to advise interested parties of the factors which affect
the Companys business, in this report, as well as the Companys periodic
reports on Forms 10-KSB, 10-QSB and 8-K filed with the Securities and Exchange Commission.

# General

The Company is an independent natural
gas producer involved in the exploration, development, production and sale of gas from
properties located in Webb County, Texas.

On July 2, 2003, the Company
purchased a 15% working interest (12% net revenue interest) in eight gas producing wells
held by Monument Resources, Inc., in exchange for $90,000, pursuant to an Assignment and
Bill of Sale dated effective as of June 1, 2003. The eight wells are on eight separate
parcels of land spread over 680 acres of the Galvan Ranch in Webb County, Texas.

# Results of Operations

# Sales

Sales for the three months ended
September 30, 2003 were $15,210 in comparison to $0 for the three month period ended
September 30, 2002. Sales for the nine months ended September 30, 2003 were $15,210 in
comparison to $0 the nine month period ended September 30, 2002. The recognition of
revenues over the current periods is attributable to the Companys purchase of net
revenue interest in eight gas producing wells in the current period. The Company
anticipates that sales revenue will continue to fluctuate with natural gas production and
prices over future periods.

# Income

Net income for the three months ended
September 30, 2003 was $9,288 from a net loss of $405 for the three month period ended
September 30, 2002, an increase of 2,393%. Net income for the nine months ended September
30, 2003 increased to $5,235 from a net loss of $3,378 for the nine month period ended
September 30, 2002, an increase of 255%. The significant increase in income as compared to
losses over the respective periods is directly attributable to the Companys purchase
of net revenue interest in eight gas producing wells in the current period. The Company
anticipates net income or loss to fluctuate with natural gas production and prices over
future periods.

---

# Expenses

Selling, general and administrative
expenses for the three months ended September 30, 2003, increased to $871 from $405 for
the three month period ended September 30, 2002, an increase of 115%. Selling, general and
administrative expenses for the nine months ended September 30, 2003 increased to $4,924
from $3,378 for the nine month period ended September 30, 2002, an increase of 46%. The
increase in selling general and administrative expenses over the periods can be attributed
to costs associated with the Companys acquisition of eight gas producing wells and
the commencement of operations. The Company anticipates that selling, general and
administrative expenses will remain relatively consistent over future periods.

Direct production expenses for the
three months ended September 30, 2003, were $5,051 as compared to $0 for the three month
period ended September 30, 2002. Direct production expenses for the nine months ended
September 30, 2003 were $5,051 as compared to $0 for the nine month period ended September
30, 2002. The increase in direct production expenses over the periods can be attributed to
the Companys acquisition of eight gas producing wells. The Company expects that
direct production expenses over future periods will remain relatively consistent.

# Income Tax Expense
(Benefit)

The Company has an income tax benefit
resulting from net operating losses to offset operating profit.

# Impact of Inflation

The Company believes that inflation
has had a negligible effect on operations over the past three years. The Company believes
that it can offset inflationary increases in the cost of materials and labor with
increased sales and improved operating efficiencies.

# Liquidity and Capital
Resources

Cash flow used in operations was
$6,369 for the nine months ended September 30, 2003, as compared to cash flow used in
operations of $45 for the nine months ended September 30, 2002. The significant increase
in negative cash flows from operating activities over the period is primarily attributable
to costs associated with operations and accounts that remain receivable over the current
period.

Cash flow generated from financing
activities was $99,564 for the nine months ended September 30, 2003 and $0 for the nine
months ended September 30, 2002.

The Company has a working capital
surplus of $6,163 as of September 30, 2003. The Company has funded its cash needs through
debt, an equity placement and operations through September 30, 2003.

# Capital Expenditures

The Company made $90,000 in capital
expenditures in connection with the purchase of its net revenue interest in eight gas
producing wells located on the Galvan Ranch, in Webb County, Texas for the nine months
ended September 30, 2003 and $0 in capital expenditures on property or equipment in the
nine months ended September 30, 2002.

---

# ITEM 3. CONTROLS AND
PROCEDURES

The Companys chief executive
officer and the Companys chief financial officer are responsible for establishing
and maintaining disclosure controls and procedures for the Company.

(a) Evaluation of
Disclosure Controls and Procedures

Based on their evaluation as of
September 30, 2003, the chief executive officer and the chief financial officer have
concluded that the Companys disclosure controls and procedures (as defined in Rule
13a-14(c) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) are effective
to ensure that information required to be disclosed by the Company in reports that the
Company files or submits under the Securities Exchange Act, as amended is recorded,
processed, summarized and reported within the time periods specified in the rules and
forms of the Securities and Exchange Commission.

(b) Changes in Internal
Controls

Based on their evaluation as of
September 30, 2003, the chief executive officer and the chief financial officer have
concluded that there were no significant changes in the Companys internal controls
over financial reporting or in any other areas that could significantly affect the
Companys internal controls subsequent to the date of his most recent evaluation,
including any corrective actions with regard to significant deficiencies and material
weaknesses.

# PART II

# ITEM 6. EXHIBITS AND
REPORTS ON FORM 8-K

|(a) |  | Exhibits Exhibits required to be attached by Item 601 of Regulation S-B
               are listed in the Index to Exhibits on page 12 of this Form 10-QSB, and are
               incorporated herein by this reference.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Reports on Form 8-K. No reports on Form 8-K were filed during the period
               covered by this Form 10-QSB.
|--- |  | --------------------------------------------------------------------------------------------------------------------

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# SIGNATURES

In accordance with the requirements
of the Securities Exchange Act of 1934, the registrant caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized, this 14thday of
November, 2003.

# STAR ENERGY CORPORATION

/s/ Dr. Nafi Onat

Dr. Nafi Onat

Chief Executive Officer
and Director

/s/ Ruairidh Campbell

Ruairidh CampbellChief
Financial Officer and Director

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### INDEX TO EXHIBITS

|Exhibit No. | Page No. | Description                                                                                                                                                                                                                                                                                                                   
|----------- | -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3(i)(a)     | *        | Articles of Incorporation of the Company (incorporated by reference from the Form 10-SB filed with the
                           Securities and Exchange Commission on February 3, 2000).                                                                                                                                    
|3(i)(b)     | *        | Amended Articles of Incorporation of the Company (incorporated by reference from the Form 10-KSB filed with
                           the Securities and Exchange Commission on March 11, 2003).                                                                                                                             
|3(ii)       | *        | Bylaws of the Company (incorporated by reference from the Form 10-SB filed with the Securities and Exchange
                           Commission on February 3, 2000).                                                                                                                                                       
|10(i)       | *        | Assignment and Bill of Sale between the Company and Monument Resources, Inc. in connection with that
                           acquisition of the Galvan Ranch wells interest (incorporated by reference from the Form 10-QSB filed with
                           the Securities and Exchange Commission on July 17, 2003).
|31(a)       | Attached | Certification of the Chief Executive Officer pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934,
                           as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                 
|31(b)       | Attached | Certification of the Chief Financial Officer pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934,
                           as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                 
|32(a)       | Attached | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                         
|32(b)       | Attached | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                         

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