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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 December 31, 1996

                      Commission File Number: 33-15528-D

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

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

       513 Wilcox Street, Suite 220, PO Box 1450, Castle Rock, Colorado 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 ---   No -X-

As of February 12, 1997, 7,587,000 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 December 31, 1996
         and September 30, 1996                               3

         Statements of Operations for the 
         Three Months Ended December 31, 1996 and 1995        3

         Statements of Cash Flows for the 
         Three Months Ended December 31, 1996 and 1995        4

         Notes to Financial Statements                        5

         Management's Discussion and Analysis
         of Financial Condition and Results of
         Operations                                           8

PART II. OTHER INFORMATION                                    10
                                   -2-
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                MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                              BALANCE SHEETS
                                
                             ASSETS
                                           (Unaudited)          (Audited)
                                           December 31,       September 30,
                                              1996                1996    
Current Assets
 Cash                                      $  272,389          $  329,677
 Investment in Securities                     604,825             596,325
 Accounts Receivable                           40,753              15,953
 Prepaid Expense                                6,539              11,554

Total Current Assets                          924,506             953,509

Mineral Properties                             91,023              91,023
Proved and Unproved Oil & Gas
  properties, successful efforts method
  net of accumulated depletion (Note 2)     1,666,775           1,676,316
Property and equipment:
  Gas pipeline, net of accumulated
  depreciation (Note 2)                       287,844             289,978
  Property and Equipment, net of
  accumulated depreciation (note)              55,000              58,741

Net Property and Equipment                    342,844             348,719

Investment in Securities, at Market 
 (Note 2)                                     491,914             491,914

Total Assets                               $3,517,062          $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)
                                             December 31,    September 30,
                                                1996              1996    
Current Liabilities
 Accounts Payable and Accrued Expenses       $   24,224       $   22,320
 Accounts Payable, Stockholder                   20,344           54,431

Total Current Liabilities                        44,568           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; issued and outstand-
  ing - 7,587,000 on September 30, 1996
  and December 31, 1996                       3,531,210        3,531,210
Accumulated Deficit                          (  544,221)      (  531,985)
Unrealized Gain on Investment in    
  Securities (Note 1)                           485,505          485,505

Total Stockholders Equity                     3,472,494        3,484,730

Total Liability and Stockholder's Equity     $3,517,062       $3,561,481
See Notes to Financial Statements.
                                   -4-
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                  MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                          STATEMENT OF OPERATIONS
                                (UNAUDITED)

                                         Three Months Ended December 31, 
                                           1996                  1995 
Revenue
 Oil and Gas Sales                      $  58,033             $   1,691
 Interest                                  10,674                 4,054

Total                                      68,207                 5,745

Expenses
 Oil and Gas Operating Expense             24,898                   200
 General and Administrative                37,550                22,981
 Depletion, Depreciation and 
  Amortization                             18,495                 1,100

Total                                      80,943                24,281

Net Loss Before Taxes                   (  12,236)            (  18,536)

Income Taxes                                 -0-                   -0-  

Net                                     (  12,236)            (  18,536)

Net Loss per Share                          Nil                  Nil   

Weighted Average number of 
  shares outstanding                    6,847,200             4,587,000
See Notes to Financial Statements.
                                   -5-
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                  MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                          STATEMENT OF CASH FLOWS 
                                (UNAUDITED)

                                         Three Months Ended December 31, 
                                           1996                  1995 

Cash flows from operating activities:
  Net (loss) Income                      $( 12,236)           $( 18,536)
  Items not requiring cash:             
   Amortization/Depreciation and 
    Depletion Services contributed 
    by officers                             18,495                1,100 

Changes in operating assets and 
 liabilities:
  Decrease in prepaid Expense                5,015                 -0-  
  Increase (decrease) in accounts                            
   payable and accrued expenses          (  32,183)               2,363
     (Increase) Decrease in accounts
     receivable and accrued income       (  24,800)           (     284)
Net Cash Flows from Operations           (  45,709)           (  15,357)

Cash Flows from investing activities:
 Investment in Securities                (   8,500)                -0-
  Loan to Oil Company                                         (  81,000)
  Acquisition of oil and gas 
   properties                            (   3,079)           (  22,333)
  Additions to mineral properties             -0-             (     888)
  Recovery of cost of oil and gas 
   properties                                 -0-                10,000

Net Cash Flows from investing 
 activities                              (  11,579)           (  94,221)

Net increase (decrease) in cash          (  57,288)           ( 109,578)
Cash at beginning of period                329,677              446,954 
Cash at end of period                   $  272,389           $  337,376 
See Notes to Financial Statements.
                                   -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 Colorado, 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 Exchange.

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 December 31, 1996 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.
                                   -7-
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                  MONUMENT RESOURCES, INC. AND SUBSIDIARIES

                        NOTES TO FINANCIAL STATEMENTS 
                                 (Continued)

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.

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 expense 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 and accumulated depreciation are removed
from the accounts and any resulting gain or loss is reflected in operations in
the period realized.
                                   -8-
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                  MONUMENT RESOURCES, INC. AND SUBSIDIARIES
                        NOTES TO FINANCIAL STATEMENTS
                                 (Continued)

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 East Voss, Texas.  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
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.
                                   -9-
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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 December 31, 1996, the Company had a total $272,389 in cash and $879,938
in working capital compared to $329,677 in cash and $876,758 in working
capital at September 30, 1996, reflecting a decrease in cash of $57,288 and an
increase in working capital of $3,180.  The decrease in cash during this
period was the result of the paydown of accounts payable to Powerhouse
Resources, Inc. of approximately $36,000 relating to the Kansas and Texas
acquisition and an increase in general and administrative costs of
approximately $14,000 cause by increased audit, legal and consulting fees
associated with the Company's expanded activities.  

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 from $1,691 in the
quarter ended December 31, 1995 to $58,033 in the quarter ended December 31,
1996 due to the  revenue from oil and gas properties in Kansas and Texas which
were acquired during April 1996.  Interest income increased by $6,620 to
$10,674 due to the higher level of cash on hand during the quarter ended
December 31, 1996.

Oil and Gas Operating expenses increased significantly from $200 in the
quarter ended December 31, 1995, to $24,898 in the quarter ended December 31,
1996, due to the expenses involved in operating the newly acquired Kansas and
Texas properties.
                                   -10-
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General and Administrative expense totalled $37,550 compared to $22,981 during
the quarter ended December 31, 1995 reflecting an increase of approximately
$14,570 or 63%.  This increase was due to an increase in audit and accounting
fees and legal fees associated with recent acquisitions.  Rent expense
increased from $900 per quarter to approximately $4,285.00 per quarter because
the Company now maintain offices in Denver as well as Castle Rock, Colorado. 
Officers salary increased $3,000 from $6,000 a quarter at December 31, 1995 to
$9,000 for the quarter ended December 31, 1996.
                                   -11-
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                  MONUMENT RESOURCES, INC. AND SUBSIDIARIES

                         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.
                                   -12-
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                 MONUMENT RESOURCES, INC. AND SUBSIDIARIES

                                 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.
                                   (Registrant)

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

Date:     February 12, 1997
                                   -13-
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