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             U.S. SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           FORM 10-QSB

     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934

          For the quarterly period ended March 31, 1997

               Commission File Number:  33-15528-D

            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
-----------------------------------------------------------------
(Exact name of Small Business Issuer as Specified in its Charter)

         Colorado                                    84-1028449
----------------------------                 ---------------------------------
(State of other jurisdiction               (IRS Employer Identification No.)
of incorporation or organization)

513 Wilcox Street, Suite 220, PO Box 1450, Castle Rock, CO  80104
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    Address of Principal Executive Offices, Including Zip Code

                          (303) 688-3993
                    --------------------------
                   (Issuer's telephone number)

Check whether the issuer (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.

                    Yes [X]          No [ ]

As of May 12, 1997, 7,147,000 shares of common stock, no par value per share,
were outstanding.
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                              INDEX

PART I.   FINANCIAL INFORMATION                    Page Number

       Balance sheets as of March 31, 1997
       and September 30, 1996                          3

       Statements of Operations for the
       Three Months and Six Months ended
       March 31, 1997 and 1996                         5

       Statements of Cash Flows for the 
       Six Months Ended March 31, 1997 and 1996        6

       Notes to Financial Statements                   7

       Management's Discussion and Analysis
       of Financial Condition and results of
            operations                                11
                                2
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                   PART II.  OTHER INFORMATION

            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                          BALANCE SHEETS

                              ASSETS

                                         (Unaudited)          (Audited)
                                           March 31,         September 30,
                                             1997                1996
                                          -----------        ------------
Current Assets
  Cash                                    $   116,944         $    329,677
  Investment in Securities (Note 5)           613,898              596,325
  Accounts Receivable                          43,743               15,953
  Prepaid Expense                               3,175               11,554
                                          -----------         ------------
Total Current Assets                          777,760              953,509

Mineral Properties                             92,718               91,023
Proved and Unproved Oil & Gas
  properties, successful efforts method
  net of accumulated depletion (Note 2)     1,675,114            1,676,316

Property and equipment:
  Gas pipeline, net of accumulated
  depreciation (Note 4)                       278,607              289,978
  Property and Equipment, net of
  accumulated depreciation (Note 4)            72,882               58,741
                                          -----------         ------------
Net Property and Equipment                    351,489              348,719

Investment in Securities, at Market
 (Note 5)                                     274,896              491,914
                                          -----------         ------------
Total Assets                               $3,171,977           $3,561,481
                                          -----------         ------------

                See Notes to Financial Statements.
                                3
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                          BALANCE SHEETS

               LIABILITIES AND STOCKHOLDERS EQUITY

                                         (Unaudited)          (Audited)
                                           March 31,         September 30,
                                             1997                1996
                                          -----------       ------------
Current Liabilities
  Accounts Payable and Accrued Expenses   $   29,451         $   22,320
  Accounts Payable, Stockholder                  -0-             54,431
                                          -----------       ------------
Total Current Liabilities                 $   29,451         $   76,751

Stockholder's equity:
Preferred Stock, No Par Value, authorized
  1,000,000 shares; none issued
Common Stock, No Par Value, authorized
  10,000,000 shares; 7,587,000 issued 
  and outstanding on September 30, 1996 
  and 7,647,000 shares issued and 
  7,147,000 shares outstanding on 
  March 31, 1997 (Note 3)                3,546,210           3,531,210
Accumulated Deficit                     (  582,171)          ( 531,985)
Unrealized Gain on Investment in 
  Securities                               268,487             485,505
                                        -----------        ------------
                                         3,232,526           3,484,730

Less common stock in treasury,
  at cost, 500,000 shares (note 3)       (  90,000)                -0-
                                        -----------       ------------
Total Stockholders Equity                3,142,526          3,484,730
                                        -----------       ------------
Total Liability and 
  Stockholder's Equity                  $3,171,977         $3,561,481
                                        -----------       ------------

                See Notes to Financial Statements.
                                4
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                     STATEMENT OF OPERATIONS
                           (UNAUDITED)

                               Three months          Six months
                                     Ended March 31,       Ended March 31,
                                     1997       1996       1997      1996
                                  ----------  ---------  ---------  ---------
Revenue
  Oil & Gas Sales                     75,752      2,545    133,785      4,405
  Interest                            11,195      6,685     21,869     10,739
  Other                                9,454        -0-      9,454        -0-
  Gain on stock sale                    -0-      69,325        -0-     69,325
                                  ----------  ---------  ---------  ---------
Total                                 96,401     78,555    165,108     84,469

Expenses
  Oil & Gas Operating Expense         42,583      1,133     67,481      1,569
  Dry Hole Costs                      15,000        -0-     15,000        -0-
  General and Administrative          55,550     20,379     93,100     43,293
  Depletion, Depreciation and
  Amortization                        21,218      1,872     39,713      2,972

Total                                134,351     23,384    215,294     47,834

Net Profit (Loss) Before Taxes       (37,950)    55,171   ( 50,186)    36,635

Income Taxes                             -0-      7,000        -0-      7,000

Net Profit (Loss)                    (37,950)    48,171   ( 50,186)    29,635

Net Profit (Loss) per share              -0-        .01        -0-        -0-

Weighted Average number 
  of shares outstanding            7,626,330  4,587,000  7,606,662  4,587,000

                See Notes to Financial Statements.
                                5
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                     STATEMENT OF CASH FLOWS
                           (UNAUDITED)

                                                Six Months Ended March 31, 
                                                   1997            1996
                                                ----------      ----------
Cash Flows from operating activities:

Net Income (Loss)                               (   50,186)         29,635
Items not requiring cash:
  Depreciation, Depletion & Amortization            39,713           2,972
  Decrease in Prepaid expense                        8,379         
  Increase in Accounts Receivable               (   27,790)     (    5,284)
  Increase (decrease) in Accounts
  Increase in Investment in Securities          (   17,573)            -0-
  Increase (decrease) in Accounts
    Payable and accrued expenses                (   47,300)          6,491
                                                ----------      ----------
Net Cash flow from operations                   (   94,757)         33,814
                                                ----------      ----------
Cash flows from investing activities:

Loan to oil company                                    -0-       ( 300,000)
Additions to oil and gas properties             (   39,281)      (  25,611)
Additions to mineral properties                 (    1,695)      (     888)
Additions to vehicles and equipment             (    2,000)            -0-
Recovery of cost of oil and gas properties             -0-          10,000
                                                ----------      ----------
Net Cash Flows from investing activities:       (   42,976)      ( 316,499)
                                                ----------      ----------
Cash flows from financing activities:

Deferred acquisition credit                            -0-          20,000
Sale of common stock                                15,000             -0-
Repurchase of common stock                      (   90,000)            -0-
                                                ----------      ----------
Net cash flows from financing activities:       (   75,000)         20,000
                                                ----------      ----------
Net decrease in cash                            (  212,733)      ( 262,685)

Cash at beginning of period                        329,677         446,954
                                                ----------      ----------
Cash at end of period                              116,944         184,269
                                                ----------      ----------
                                6
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                  NOTES TO FINANCIAL STATEMENTS

NOTE 1.

NATURE OF OPERATIONS

The Company is engaged in the acquisition of mineral prospects and oil and gas
properties.  The Company's mineral prospects are in Montana and Western
Canada.  The Company's oil and gas properties and areas of interest are in
Nebraska, Kansas and Texas.  Much of the Company's business has focused
primarily on brokering prospects, though in the past year it has acquired oil
and gas production in Nebraska, Kansas and Texas.

USE OF ESTIMATES

The Company uses estimates in the preparation of its financial statements,
primarily in the determination of depletion and realizable value of its
investments in securities.  Management has calculated depletion costs of its
producing oil properties based on its estimate of recoverable reserves. 
Management has estimated the realizable market value of its investment in
Southern Africa Minerals Corporation and Layfield Resources, Inc. based on the
trading price on the Toronto Stock Exchange and the Vancouver Stock Exchange
respectively.

CONCENTRATION OF CUSTOMERS

The Company's revenues and cash flow in the near term will come from the sale
of its investments in securities and from its oil and gas properties.  The
cash realized from the sale of securities is dependent on the market prices on
Canadian exchanges and on the demand for large blocks of stock.  Revenues and
cash from oil and gas operations will likely be concentrated in a few
purchasers as well as the then market prices of petroleum production.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited, condensed financial statements have been prepared
in accordance with Item 310 of Regulation SB and 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 adjustments) considered necessary
for a fair presentation have been included.  Operating results for the period
ended March 31, 1997 are not necessarily indicative of the results that may be
expected for the fiscal year ending September 30, 1997.  These statements
should be read in conjunction with the financial statements and notes thereto
included in Form 10-KSB for the fiscal year ended September 30, 1996.

MINERAL PROPERTIES

Costs of acquiring, exploring and developing specific mineral properties are
capitalized on a property by property basis until the commercial viability of
each property is determined.  When a property reaches the production stage,
the related capitalized costs will be amortized, using the units of production
method on the basis of periodic estimates of ore reserves.  Mining properties
are periodically assessed for impairment of value and any impairments are
charged to operations at the time of impairment.  Should a property be sold or
abandoned, its capitalized costs are charged to operations and gain or loss
recognized.
                                7
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

OIL AND GAS PROPERTIES

The Company follows the successful efforts method of accounting for its oil
and gas activities.  Under this accounting method, costs associated with the
acquisition, drilling and equipping of successful exploratory and development
wells are capitalized.  Geological and geophysical costs, delay rentals and
drilling costs of unsuccessful exploratory wells are charged to expenses as
incurred.  Depletion and depreciation of the capitalized costs for producing
oil and gas properties are provided by the unit-of-production method based on
proved oil and gas reserves.  Undeveloped properties are periodically assessed
for possible impairment due to unrecoverability of costs invested.  Cash
received for partial conveyances of property interests are treated as a
recovery of cost and no gain or loss is recognized.

PROPERTY, EQUIPMENT AND GAS PIPELINE

Depreciation and amortization of property and equipment are expenses in
amounts sufficient to relate the expiring costs of depreciable assets to
operation over estimated service lives, principally using the straight-line
method.  Estimated service lives range from three to eight years.  The gas
pipeline is being amortized on units-of-gas production method based on the
production of the gas wells served by the pipeline.  When such assets are sold
or otherwise disposed of, the cost of accumulated depreciation are removed
from the accounts and any resulting gain or loss is reflected in operations in
the period realized.

The Financial Accounting Standards Board recently issued Standard No. 128,
Earnings per Share.  The statements simplifies the standards for computing
earnings per share and makes them compatible to international standards. 
FAS128 supersedes Accounting Principles board Opinion No. 15 and replaces the
presentation of primary EPS with a presentation of basic EPS.  The standard
also requires dual presentation of basic and diluted EPS on the face of income
statement for all entities with complex capital structures and provides
evidence on other computation charges.

The Company is aware of this new standard but does not know what the expected
impact the new standard will have, if any, on the financial position and the
results of operations of the Company once the standard is adopted.

NOTE 2.  OIL AND GAS ACTIVITIES

In November 1995, the Company acquired an interest in three producing oil
wells in Kimball County, Nebraska for $22,000 in cash.

Effective April 1, 1996, the company acquired oil and gas properties and a gas
pipeline from Crescent Oil & Gas Corporation ("Crescent").  The purchase
included the Leavenworth Kansas proved producing and proved undeveloped gas
properties and the nearby gas pipeline, various equipment associated with the
pipeline, proved producing and proved undeveloped gas properties in Texas
known as the Galvan Ranch property and proved producing and proved undeveloped
oil properties and related surface equipment in the East Voss Field.  These
properties constitute the major percentage of the oil and gas reserves of the
Company at December 31, 1996.  The company valued the purchase at $2,600,000,
based on the estimated fair value of the property.  In addition to the oil and 
gas properties, the Company purchased 100% of the stock of C.O.G. Transmission
                                8
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

Corporation ("COG"), which had title to the gas pipeline prior to the sale to
the Company.  No purchase value was allocated to the purchase of COG by the
Company.

In May 1996, the Company sold half of its interest in the Galvan Ranch
property for $565,000 in cash.  The Company recognized no gain or loss on the
transaction such the selling price equaled the basis assigned by the Company
at the time of purchase on April 1, 1996.

In January, 1997, the Company acquired a 5% working interest in three wells to
be drilled in Kimball County, Nebraska for $15,000. These wells were drilled
to the Cretaceous "J" Sand during March, 1997. No commercial quantities of oil
and gas were found and the wells were plugged and abandoned. The costs
incurred by the Company were written off to dry hole expense during the second
quarter.

NOTE 3.  STOCKHOLDER'S EQUITY

In 1993, the Company sold 1,152,000 shares of restricted common stock for
$288,000 ($0.25 per share) through a private placement.  On warrant was
attached to each share and was exercisable for a period of three years from
the completion of the offering (to 1997) at $0.25 per share.  on September 23,
1996, the Company extended the exercise period and amended the exercise price
of the warrants such that the warrants may be exercised from October 1, 1996
to February 1, 1997 at $0.25 per share and from February 1, 1997 to July 1,
1997 at $0.35 per share.  As of March 31, 1997, 60,000 warrants have been
exercised.

Effective April 1, 1996, the Company acquired various oil and gas properties
and a gas pipeline from Crescent Oil & Gas Corporation ("Crescent"), a wholly
owned subsidiary of Powerhouse Resources, Inc. ("Powerhouse"), in exchange for
3,000,000 shares of the Company's common stock and $225,000.  As part of the
sale, the Company has the first right of refusal to purchase any of its shares
offered for sale by Crescent, at the price offered as any bonafide purchase. 
During the quarter ended March 31, 1997, the Company repurchased 500,000
shares of its common stock for $90,000.

NOTE 4.  PROPERTY AND EQUIPMENT

The following is a summary of property and equipment at cost, less accumulated
depreciation:
                                    March 31, 1997    September 30, 1996
                                    --------------    ------------------
Land                                    $  12,500        $  12,500
Machinery and Equipment                    70,914           51,736
                                        ---------        ---------
                                           83,414           64,236
Less: Accumulated depreciation           ( 10,532)       (  5,495)
                                        ---------        ---------
Net property and equipment                 72,882          58,741
                                        ---------        ---------
Pipeline                                  300,764         300,000
Less: Accumulated amortization           ( 22,157)       ( 10,022)
                                        ---------       ---------
Net pipeline                              278,607         289,978
                                9
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

Depreciation expense charged to operations was $17,171 for the six months
ended March 31, 1997 and $15,033 for the fiscal year ended September 30, 1996.

The useful lives of property and equipment for purposes of computing
depreciation are:

     Machinery and equipment       5 years
     Pipeline                      Useful life of gas production,
                                   approximately 5 to 7 years.

NOTE 5.  INVESTMENT IN SECURITIES

The Company follows Statement of Financial Accounting Standards ("SFAS") 115,
"Accounting for Certain Investments in Debt and Equity Securities," in
accounting for its security investments.  In accordance with SFAS 115, the
Company's investments in securities have been classified as available for sale
since they are being held for an indefinite period of time.  Under the
available for sale classification, the securities are recorded at current
market value on the balance sheet with an offsetting amount representing
unrealized gains recorded as a component of stockholders' equity.

The current market value is derived from published newspaper quotations as of
March 31, 1997.  At the time of sale, a gain or loss is recognized in the
statement of operation using the cost basis of securities sold as determined
by specific identification.

The Company's investment in bonds consists of various U.S. government
financial instruments.  The Company considers these bonds to be currently
available for sale and has no timetable for sale or redemption.  Nevertheless,
the Company does not expect to hold the bonds to maturity.

Investments in securities are summarized as follows at March 31, 1997 and
September 30, 1996:

Available for sale securities:

                               Gross
                             Unrealized      
                                Gain       Fair Value      Fair Value
                             At March 31   At March 31   At September 30
                             -----------   -----------   ---------------
common stock                   $268,487     $274,896       $  491,914
debt securities                     -0-      613,898          596,325
                               --------     --------       ----------
                               $268,487     $888,794       $1,088,239
                               --------     --------       ----------
                                10
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            MONUMENT RESOURCES, INC. AND SUBSIDIARIES

             MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 1997, the Company had a total of $116,944 in cash and $739,105
in working capital compared at September 30, 1996, reflecting a decrease of
$212,733 in cash and a $137,653 decrease in working capital.  The decrease in
cash during the six months ended March 31, 1997 was the result of additions to
mineral, oil and gas properties and vehicles and equipment of approximately
$60,000, the repurchase of Company stock for the treasury of $90,000, an
increase in accounts receivable of $28,000 and a reduction of accounts payable
of $38,000.

At the present time, the Company's primary source of cash for operations and
exploration is its current working capital, and cash which can be raised by
selling shares of SAF or Layfield and its investment in U.S. government
treasury securities.  The Company has, in the past and plans in the future, to
rely on joint venture partners or equity funding to supply most of the funds
needed to evaluate and develop its properties.  Any inability of the Company
to raise additional capital through a stock offering, to liquidate its
securities holding or obtain third party funding may limit development of most
of its properties.

Although the Company intend to use joint venture or equity funding to explore,
acquire and, if warranted, develop its properties, the natural resource
business is nevertheless very capital intensive.

The Company continues to seek joint venture financing for its properties and
to acquire properties with near term revenue generating capability. 
Management's efforts to evaluate, identify and/or acquire such revenue
generating prospects and to further develop its existing properties have been
ongoing during this past year and, while management is optimistic, there is no
assurance that the Company will be successful in securing the required
capital.

RESULTS OF OPERATIONS

Revenues from oil and gas sales increased significantly for the quarter and
six months ended March 31, 1997 from $2,545 and $4,405 to $75,752 and
$133,785, a 287% and 294% increase.  These increases were due to the
acquisition of producing oil and gas properties in Kansas and Texas during
April 1996.  Interest income increased by $4,510 to $11,195 during the quarter
and $11,130 to $21,869 for the six months ended March 31, 1997 due primarily
to increased investments in corporate government and municipal bonds.

Oil and gas operating expenses increased significantly from $1,133 and $1,569
for the quarter and six months ended March 31, 1997 to $42,583 and $67,481 due
to the expense involved in operating the newly acquired Kansas and Texas
properties.

General and Administrative expenses totaled $55,550 and $93,100 compared to
$20,379 and $43,293 for the three and six months periods ended March 31, 1997. 
These increases reflect an increase in administrative costs associated with
operating properties acquired in Kansas and Texas as well as increased audit,
accounting and legal fees associated with recent acquisitions.  Office expense
                                11
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increased from approximately $900 per quarter to approximately $5,600 per
quarter because the Company now maintains offices in Denver as well as Castle
Rock, Colorado.  Officers' salaries increased from $6,000 per quarter at March
31, 1996 to $9,000 per quarter at December 31, 1996 and $12,000 per quarter at
March 31, 1997.

                   PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS
            N/A

ITEM 2.     CHANGES IN SECURITIES
            N/A

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES
            N/A

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
            N/A

ITEM 5.     OTHER INFORMATION
            N/A

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            (a)  Exhibit 27 - Financial Data Schedule  Filed herewith
                                                       electronically.

            (b)  Reports on Form 8-K.  None.

                            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.

                           MONUMENT RESOURCES, INC.

                           By:  /s/ A.G. Foust
                                A.G. Foust
                                President (Chief Executive Officer,
                                Principal Financial and Accounting 
Date:  May 12, 1997                  Officer) and a Director
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