UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB/A

                Quarterly Report Pursuant to Section 13 or 15(d)
                   of the Securities and Exchange Act of 1934

                  For the quarterly period ended March 31, 2002

                         Commission File Number: 0-32507

                             Energy Producers, Inc.
                             ----------------------
             (Exact name of registrant as specified in its charter.)

            Nevada                                         88-0345961
            ------                                         ----------
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                         Identification No.)

7944 E. Beck Lane, Suite 200 Scottsdale, Arizona                  71764
------------------------------------------------                  -----
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code: (480) 778-0488

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 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 [ ]

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock as of the latest practical date:

            11,791,812 Shares of common stock issued and outstanding


<PAGE>

                             ENERGY PRODUCERS, INC.
                   (formerly Sterling Market Positions, Inc.)

                                  CONSOLIDATED
                              FINANCIAL STATEMENTS

                       FOR THE PERIOD ENDED MARCH 31, 2002

<PAGE>

                             ENERGY PRODUCERS, INC.
                   (formerly Sterling Market Positions, Inc.)
                                 (Consolidated)

                              FINANCIAL STATEMENTS

             For the Periods Ended March 31, 2002 and March 31, 2001

<TABLE>
Financial Statements
<CAPTION>

<S>                                                                             <C>
Balance Sheets - Assets.......................................................  F3

Liabilities and Stockholders' Equity..........................................  F4

Statements of Operations......................................................  F5

Statement of Stockholders' Equity.............................................  F6

Statements of Cash Flows......................................................  F7

Notes to Consolidated Financial Statements....................................  F8

</TABLE>



                                       F2

<PAGE>

                             ENERGY PRODUCERS, INC.
                   (formerly Sterling Market Positions, Inc.)
                                 (Consolidated)
                                    Unaudited

                                 BALANCE SHEETS

                   As of March 31, 2002 and December 31, 2001

<TABLE>
<CAPTION>
ASSETS

                                                     March 31,                  December 31,
                                                     2002                       2001
                                                     ----                       ----
<S>                                                  <C>                        <C>
Current Assets
Cash                                                 $        12,882            $       24,803
Accounts Receivable                                           26,570                    15,907
Inventory                                                     50,507                    50,507
Notes and other receivables                                    2,500                     2,500
                                                          ----------                ----------

         Total Current Assets                                 92,459                    93,717
                                                            --------                  --------

Property and Equipment:
Land                                                           9,000                     9,000
Building/Improvements                                         47,184                    47,184
Equipment                                                     86,747                    92,247
  Less:  accumulated depreciation                           (101,706)                 (106,717)
                                                            ---------                 ---------
     Net Property and Equipment                               41,225                    41,714
                                                           ---------                  --------
Oil and Gas Leases:                                        1,340,428                 1,340,428

  Less:  accumulated amortization                             (3,846)                   (3,402)
                                                         ------------               -----------
     Net Oil and Gas Properties                            1,336,582                 1,337,026
                                                           ---------                 ---------
Total Net Properties and Equipment                         1,377,807                 1,378,740
                                                           ---------                 ---------
         Total Assets                                $     1,470,266            $    1,472,457
                                                          ==========                ==========
</TABLE>

   The accompanying notes are an integral part of these financial statements.
                                       F3

<PAGE>

                             ENERGY PRODUCERS, INC.
                   (formerly Sterling Market Positions, Inc.)
                                 (Consolidated)
                                  (Unaudited)

                                 BALANCE SHEETS

                   As of March 31, 2002 and December 31, 2001

<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY

                                                              March 31,                          December 31,
                                                              2002                               2001
                                                              ----                               ----
<S>                                                           <C>                                <C>
Current Liabilities:
Accounts payable                                              $    48,752                        $     53,489
Taxes payable                                                         498                                 498
Notes payable                                                     328,100                             389,776
Accrued interest                                                   48,026                              38,536
                                                                 --------                             -------

     Total Current Liabilities                                    425,376                             482,299
                                                                 --------                             -------

Long-Term Liabilities:
Notes payable                                                     338,982                             400,164
Due to shareholders                                               856,853                             673,454
                                                                 --------                             -------

     Total Long-term Liabilities                                1,195,835                           1,073,618
                                                                ---------                           ---------

         Total Liabilities                                      1,621,211                           1,555,917
                                                                ---------                           ---------

Stockholders' Equity:
Common stock:
  Authorized 200,000,000
  shares at $0.001 par value.
  Issued and outstanding at
  March 31, 2002 11,791,812
  and 11,741,812 at
  December 31, 2001                                                11,792                              11,742

Preferred stock:
  Authorized 50,000,000
  shares at $0.001 par value.
  Issued and outstanding:  None.

Paid in capital                                                   694,745                             684,795
Accumulated deficit                                              (857,482)                           (779,997)
                                                                 ---------                           ---------

         Total Stockholders' Equity                              (150,945)                            (83,460)
                                                                 ---------                            --------
         Total Liabilities and
           Stockholders' Equity                               $ 1,470,266                      $    1,472,457
                                                                =========                           =========

</TABLE>

   The accompanying notes are an integral part of these financial statements.
                                       F4

<PAGE>

                             ENERGY PRODUCERS, INC.
                   (formerly Sterling Market Positions, Inc.)
                                 (Consolidated)
                                   (Unaudited)

                             STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                     Three Months Ended              Three Months Ended
                                                     March 31,                          March 31,
                                                     2002                               2001
                                                     ----                               ----
<S>                                                  <C>                                <C>
Revenues:
  Oil Revenues                                       $     57,802                       $      112,316
  Cost of Sales                                           (22,268)                             (15,888)
                                                          -------                                              -----------
     Net Oil Revenues                                      35,534                               96,428
                                                          -------                                               ----------

  Subsidiary Sales:                                         3,083                                5,774
  Cost of Goods Sold                                       (1,524)                              (1,598)
                                                          -------                               -------
     Net Subsidiary Sales                                   1,559                                4,176
                                                          -------                               ------

Total Net Revenues                                         37,093                              100,604

Operating Expenses:
  Depreciation and Amortization                              (933)                                (802)
  Selling, General and Administrative                     (90,921)                            (122,782)
                                                          --------                            ---------

     Total Operating Expenses                             (91,854)                            (123,584)
                                                          --------                            ---------

     Gain (Loss) from operations                          (54,761)                             (22,980)
                                                          ---------                            --------

Other Income (Expense):
  Sale of assets                                            5,500                                    -
  Provision for federal income tax                             -0-                                  -0-
  Interest Expense                                        (28,224)                             (17,962)
                                                          --------                             --------

     Total Other Income (Expense)                         (22,724)                             (17,962)
                                                          --------                             --------

Income (Loss) before provision for
   income taxes                                           (77,485)                             (40,942)
Provision for income taxes                                     -0-                                  -0-
                                                          --------                            ---------

Net Income (Loss)                                    $    (77,485)                      $      (40,942)
                                                          ========                           ==========

Number of Outstanding Shares                           11,791,812                           10,996,812

Earnings per share                                              -                                    -

</TABLE>

   The accompanying notes are an integral part of these financial statements.
                                       F5

<PAGE>


                             ENERGY PRODUCERS, INC.
                   (formerly Sterling Market Positions, Inc.)

                        STATEMENT OF STOCKHOLDERS' EQUITY
           From October 4, 1995 (date of inception) to March 31, 2002


<TABLE>
<CAPTION>
                                                                                                       Accumulated
                                                                    Common  Stock        Paid in       Deficit During
                                                               Shares          Amount    Capital       Development     Totals
                                                               ------          ------    -------       -----------     ------
<S>                                                            <C>             <C>       <C>           <C>             <C>
Shares issued at inception
  to initial shareholders                                       1,250,000         1,250                                     1,250
Capital contributed by shareholder                                                            71,920                       71,920
Net (loss) for the year 1995                                                                               (31,096)       (31,096)
        Balance December 31, 1995                               1,250,000         1,250       71,920       (31,096)       (42,074)

Capital contributed by shareholder                                                           290,087                      290,087

Net (loss) for the year 1996                                                                              (332,088)      (332,088)
Balance December 31, 1996                                       1,250,000         1,250      362,007      (363,184)            73

Capital contributed by shareholder                                               51,046                                    51,046

Net (loss) for the year 1997                                                                               (51,046)       (51,046)
Balance December 31, 1997                                       1,250,000         1,250      413,053      (414,230)            73

Capital contributed by shareholder                                                            71,913                       71,913

Net (loss) for the year 1998                                                                               (71,986)       (71,986)
Balance December 31, 1998                                       1,250,000         1,250      484,966      (486,216)            -0-

Stock surrendered by shareholder
  and retired to treasury                                        (189,023)         (189)         189

Issuance of stock for reverse
 acquisition of Energy Producers
 Group, Inc.                                                    9,820,835         9,821      114,108                      123,929

Capital contributed by shareholder                                                            27,325                       27,325
Net (loss) for the year 1999                                                                             (330,323)       (330,323)
Balance December 31, 1999                                      10,881,812        10,882      626,588     (816,539)       (179,069)

Stock issued as consideration for
  Loans and other services                                         10,000            10        1,240                        1,250
Net gain for the year 2000                                                                                 44,817          44,817
Balance December 31, 2000                                      10,891,812        10,892      627,828     (771,722)       (133,002)

Capital contributed by shareholders                               105,000           105       13,125                       13,230
Stock issued as consideration for loans
  and other services                                              745,000           745       43,842                       44,587
Net (loss) for the year 2001                                                                               (8,275)         (8,275)
Balance December 31, 2001                                      11,741,812        11,742      684,795     (779,997)        (83,460)

Stock issued as consideration for
  loans and other services                                         50,000            50        9,950                       10,000
Net loss for the quarter ended                                                                            (77,485)        (77,485)
March 31, 2002                                                 11,791,812        11,792      694,745     (857,482)       (150,945)
                                                               ==========        ======       ======      ========       =========

</TABLE>


   The accompanying notes are an integral part of these financial statements.
                                       F6

<PAGE>


                             ENERGY PRODUCERS, INC.
                   (formerly Sterling Market Positions, Inc.)
                                 (Consolidated)

                             STATEMENT OF CASH FLOWS
            For the Quarters Ended March 31, 2002 and March 31, 2001

<TABLE>
<CAPTION>
                                                                       Three Months Ended             Three Months Ended
                                                                       March 31,                      March 31,
                                                                       2002                           2001
                                                                       ----                           ----
<S>                                                                    <C>                            <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net profit (loss)                                                      $   (77,485)                   $     (40,942)
Non-cash adjustments to reconcile net income
to net cash provided by operating activities
   Depreciation and amortization                                               933                              802
   Accumulated depreciation reduction
     in connection with disposal                                            (5,500)                               -
Change in assets and liabilities
   (Increase) decrease in accounts receivable                              (10,663)                          21,695
   (Increase) decrease in inventory                                              -                            1,894
    Increase (decrease) in accounts payable                                 (4,239)                         (77,587)
    Increase (decrease) in accrued expenses                                  8,992                           74,526
                                                                             -----                           ------
Net cash provided (used) by operating
activities                                                                 (87,962)                         (19,612)
                                                                           --------                         --------

CASH FLOWS FROM INVESTING
ACTIVITIES:
  (Increase)decrease in notes receivable                                         -                            3,200
  Proceeds from sale of assets                                               5,500                                -
  Purchase of oil properties                                                     -                          (15,003)
                                                                            ------                          --------
Net cash provided (used) by Investing Activities                             5,500                          (11,803)
                                                                            ------                          --------

CASH FLOWS FROM FINANCING
ACTIVITIES:
(Increase) decrease in advances to shareholder                                   -                           (1,859)
Proceeds from notes payable                                                 83,000                           23,500
Repayment of notes payable                                                (205,858)                        (148,745)
Increase in shareholder notes payable                                      183,399                          106,417
Stock issued                                                                    50                              105
Contributed capital                                                          9,950                           13,125
                                                                          --------                           ------
Net cash provided (used)
by Financing Activities                                                     70,541                           (7,457)
                                                                          --------                           -------


NET INCREASE (DECREASE) IN CASH                                            (11,921)                         (38,872)

CASH BALANCE BEGINNING OF PERIOD                                            24,803                           47,610
                                                                            ------                           ------

CASH BALANCE END OF PERIOD                                              $   12,882                    $       8,738
                                                                         =========                          =======

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for during the year:
  Interest                                                                  28,224                           17,962
  Income Taxes                                                                  -0-                              -0-

</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       F7

<PAGE>


                             ENERGY PRODUCERS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       First Quarter Ended March 31, 2002
                                   (Unaudited)


NOTE 1 - UNAUDITED INTERIM INFORMATION

The accompanying  unaudited consolidated financial statements have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial  information  and with the  instructions to Form 10-QSB and Regulation
S-B.  Accordingly,  they do not include  all of the  information  and  footnotes
required by generally  accepted  accounting  principles  for complete  financial
statements. In the opinion of management,  all adjustments (consisting of normal
recurring  accruals)  considered  necessary  for a fair  presentation  have been
included. Operating results for the three-month period ending March 31, 2002 are
not  necessarily  indicative  of the results  that may be expected  for the year
ending  December  31,  2002.  For further  information,  refer to the  financial
statements  and  footnotes  thereto  included  in the  Company's  Form 10-KSB as
amended for the year ended December 31, 2001.

     (1) The  unaudited  financial  statements  include  the  accounts of Energy
Producers,  Inc. and include all  adjustments  (consisting  of normal  recurring
items) which are, in the opinion of management,  necessary to present fairly the
financial  position as of March 31, 2002 and the results of operations  and cash
flows for the three-month period ended March 31, 2002 and December 31, 2001. The
results of operations  for the  three-month  period ended March 31, 2002 are not
necessarily indicative of the results to be expected for the entire year.

     (2)  Earnings  (loss) per common  share are based on the  weighted  average
number of shares outstanding during the period.

Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

The discussion and analysis  contained herein should be read in conjunction with
the  preceding  financial  statements  and  the  information  contained  in  the
Company's  Form  10-KSB  as  amended.  Except  for  the  historical  information
contained  herein,  the matters  discussed in this  amended Form 10-QSB  contain
forward  looking   statements  that  are  based  on  management's   beliefs  and
assumptions, current expectations,  estimates, and projections.  Statements that
are not historical facts,  including,  without limitation,  statements which are
preceded  by,  followed  by, or  include  the words  "believes,"  "anticipates,"
"plans,"  "expects," "may," "should," or similar expressions are forward-looking
statements. Many of the factors that will determine the Company's future results
are beyond the ability of the Company to control or  predict.  These  statements
are subject to risks and uncertainties and, therefore, actual results may differ
materially.   All  subsequent  written  and  oral   forward-looking   statements
attributable  to the Company,  or persons  acting on its behalf,  are  expressed
qualified  in  their  entirety  by  these  cautionary  statements.  The  Company
disclaims any obligation to update any  forward-looking  statements whether as a
result of new information, future events, or otherwise.

Important factors may include, but are not limited to: the risk of a significant
natural disaster,  the inability of the Company to insure against certain risks,
fluctuations  in commodity  prices,  the inherent  limitations in the ability to
estimate  oil and gas  reserves,  changing  government  regulations,  as well as
general market  conditions,  competition  and pricing,  and other risks detailed
from time to time in the  Company's  SEC reports,  copies of which are available
upon request from the Company.

                                       F8

<PAGE>

Results of Operations
---------------------

Total  revenues for the  three-month  period ended March 31, 2002 decreased from
$118,090 at March 31, 2001 to $60,885 at March 31, 2002. The decrease in revenue
was due to the continuing effect of declining oil prices,  declining  production
rates, and considerable maintenance down time on producing wells.

Costs of  operations  increased by 36% from $17,486 at March 31, 2001 to $23,792
at the end of the first  quarter,  2002,  due to the cost of  operating  the oil
leases, including well repairs.

General and administrative expenses decreased from $123,584 at March 31, 2001 to
$91,854 for the first quarter 2002. These decreases were due to cost containment
measures taken.

The Company's net loss for the first quarter 2001 was ($40,942)  compared to net
loss of  ($77,485)  at March  31,  2002 due to loss of  revenues  and  increased
operating costs.

Liquidity and Capital Resources
-------------------------------

During the first  three-months  of 2002,  cash used in operating  activities was
$87,962 and investing  activities  provided  $5,500  primarily  from the sale of
assets. Financing activities provided $70,541 in cash. The Company does not have
enough  cash on hand to meet  its  current  obligations.  Although  the  Company
believes  that  it  will be able to  negotiate  extensions,  or  generate  loans
sufficient to meet, maintain, and remain up to date in its current and long-term
obligations.  There is no firm  assurance that it will be able to continue to do
so, and one or more of its  obligations  could enter default,  or fall behind in
its payments.

The monthly cost requirement to service existing contract debt is $36,302.00 and
is expected to remain steady for the next 12 months. Extensions and roll over of
existing  loans will  allow us to  maintain  this  level of  expense  and remain
current on all existing loans.

The  Company  will  require  an  additional  $39,000  monthly  for  General  and
Administrative  expenses.   Currently  Company  Management  and  Directors  have
provided these  expenses.  Although the Company  believes that  Management  will
continue to assist in providing funds,  there can be no firm assurance that they
will continue to do so in the long term.

The Company  anticipates  that it will be able to either  develop  its  existing
property or acquire  additional oil properties to provide increased cash flow by
debt or equity in the third to fourth  quarter of  operations.  This  additional
cash flow should allow the Company to cover its existing shortfalls.

PART II. OTHER INFORMATION

Item 1 - Legal Proceedings

The Company is not a party in any litigation at the present time.

Item 2 - Changes in Securities

In January 2002, the Board of the Directors by its majority vote approved a sale
of common  stock under the terms of a  subscription  agreement.  The shares were
issued  pursuant to an exemption from  registration as provided in Section 4 (2)
of the Securities Act of 1933.

<TABLE>
<CAPTION>
Name                                Date             Share Amount              Consideration        Estimated Value
------                              -----            -----------------         ----------------     -------------------
<S>                                 <C>              <C>                       <C>                  <C>
Tim N. Martin                       Jan 19, 02       50,000                    $10,000              $10,000
and Audrey K.
Martin, Joint Tenants
with Right of Survivorship

</TABLE>

On January 19, 2002, the Board of Directors of the Company  approved and granted
by a majority  vote, a stock option for the purchase of shares of the  Company's
common stock to a certain non-affiliated individual for providing capital to the
Company by subscribing to the Company's  common  restricted  stock. The exercise
price of the  options is equal to or in excess of the fair  market  value of the
stock on the date of grant. A schedule of the option is as follows:

<TABLE>
<CAPTION>
                                    Number of                   % of Total                 Exercise or
                                    Securities Underlying       Options Granted            Base Price        Expiration
Name                                Options Granted (#)         in First Quarter           ($/sh)            Date
----                                -------------------         ----------------           ------            ----
<S>                                 <C>                         <C>                        <C>               <C>
Tim N. Martin                       100,000                       100%                     $1.00             April 19, 2004
And Audrey K.
Martin, Joint Tenants
with Right of Survivorship

</TABLE>

(1) The following are excerpts from certain  provisions  contained in the option
agreement listed above, and include but not limited to the following:

                                       F9
<PAGE>


The date of the agreement set forth in the table above is January 19, 2002;  the
vesting date for the option grants is ninety (90) days following the date of the
Agreement.  The  expiration  of the  agreement is two (2) years from the date of
vesting, valid until April 19, 2004.

The option shares all or part upon exercise must be paid for in cash. The option
shares  upon any  effective  registration  are  subject  to and will  require  a
separate lock up agreement to be entered into by the optionee. The option shares
contain  leak out  provisions  that will limit sale to no more than one sixth of
20% of the total  trading  volume for the month and the trading  volume shall be
the average daily volume for the previous twenty trading days.

If at any  time  after  the  date  of the  option  Agreement  and  prior  to the
expiration  of  all  Exercise   Period(s),   the  Company  proposes  to  file  a
registration  statement  to register  any Common  Stock (other than Common Stock
issued with respect to any  acquisition  or any  employee  stock  option,  stock
purchase or similar  plan) under the  Securities  Act of 1933,  as amended  (the
"Securities  Act") for sale to the public in an underwritten  offering,  it will
give prior written  notice to the Optionee of its intention to do so ("Notice of
Intent"). Upon the written request of the Optionee, made within 30 calendar days
after the receipt of any such notice  (which  request must specify the number of
Option Shares Optionee requests to be included in the registration), the Company
will effect the registration  under the Securities Act of the Option Shares.  If
the managing  underwriter  shall certify in writing that inclusion of all or any
of the Option Shares would materially  interfere with the proposed  distribution
and  marketing  of the  Common  Stock  in  respect  of  which  registration  was
originally to be then the Company may, upon written notice to the Optionee, have
the right to exclude from such  registration  such number of Option Shares which
it would  otherwise be required to register to reduce the total amount of Common
Stock to be registered to the maximum amount which can be marketed.

The shares were issued pursuant to an exception from registration as provided in
Section 4(2) of the Securities Act of 1933.

Item 3 - Defaults upon Senior Securities

None.

Item 4 - Submission of Matters to a Vote of Security Holders

On April 15, 2002 by consent of the  Shareholders  representing  at least 51% of
the issued and outstanding  common voting stock of the company the following was
approved:

     (a) The removal of Patrick B. Hammons as a director of the Company; and

     (b) To amend the Company  Bylaws to permit the Board of  Directors to amend
the bylaws unless applicable statutes require stockholder approval.

Item 5 - Other Information

None.

Item 6 - Exhibits and Reports on Form 8-K

     (a) There are no exhibits with this report.


                                       F10

<PAGE>


     (b) The  registrant  did not file any  reports  on Form  8-K  during  first
quarter ended March 31, 2002.

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                                          ENERGY PRODUCERS, INC.


                                                                /s/   Mel Herzog
                                                                ---   ----------
                                                                By:   Mel Herzog
                                                       Title:   Chairman and CEO

Date: July 13, 2002

                                       F11