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 December 31, 2002

[   ]     Transition report under Section 13 or 15(d) of the Securities Exchange
          Act

          For the transition period from ______________ to _______________

Commission file number    33-15528-D


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

           Colorado                                              84-1028449
 ------------------------------                               -----------------
(State or Other Jurisdiction of                              (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)


           2050 South Oneida Street, Suite 106, Denver, Colorado 80224
           ----------------------------------------------------------
          (Address of Principal Executive Offices, Including Zip Code)

                                 (303) 692-9468
                 ----------------------------------------------
                (Issuer's Telephone Number, Including Area Code)


State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 4,869,000 shares of common stock were
outstanding at February 13, 2003.

Transitional Small Business Disclosure Format (Check One):

                                  Yes     No  X
                                     -----  -----

<PAGE>


                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                                      INDEX


                                                                     Page Number
                                                                     -----------
PART I.          FINANCIAL INFORMATION

        Item 1.  Consolidated Financial Statements:

                 Consolidated Balance Sheets as of                        2
                 December 31, 2002 (unaudited) and September 30, 2002

                 Unaudited Consolidated Statements of Operations          4
                 For the Three Months ended December 31, 2002 and 2001

                 Unaudited Consolidated Statements of Cash Flows          5
                 For the Three Months ended December 31, 2002 and 2001

                 Notes to Consolidated Financial Statements               6

        Item 2.  Management's Discussion and Analysis of                  12
                 Financial Condition and Results of Operations

PART II.         OTHER INFORMATION                                        15


                                        1

<PAGE>


Item 1.  Financial Statements.


                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS

                                                    December 31,   September 30,
                                                        2002           2002
                                                     (Unaudited)     (Audited)
                                                     ----------     ----------
Current assets
         Cash                                        $  104,860     $   54,064
         Investment in securities                       402,084        300,743
         Accounts receivable                             54,267         24,373
         Accounts receivable-legal and insurance         39,968        110,195
         Prepaid expense                                  9,155         15,148
                                                     ----------     ----------

Total current assets                                    610,334        504,523
                                                     ----------     ----------

Mineral properties                                       38,706         38,706
Proved and unproved oil and gas
         properties, successful efforts method
         net of accumulated depletion                   564,060        564,334

Property and equipment:
         Gas pipeline, net of
           accumulated depreciation                     158,785        161,685
         Property and equipment, net of
           accumulated depreciation                      42,145         44,045
                                                     ----------     ----------

Net property and equipment                              200,930        205,730

Investments in securities, at market                     16,904         47,800
                                                     ----------     ----------

Total assets                                         $1,430,934     $1,361,093
                                                     ==========     ==========


See Notes to Consolidated Financial Statements.

                                        2


<PAGE>


Item 1.  Financial Statements. (Continued)


                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                     December 31,  September 30,
                                                        2002           2002
                                                     (Unaudited)     (Audited)
                                                     -----------    -----------


Current liabilities
         Accounts payable and accrued expenses       $    62,773    $    41,497
                                                     -----------    -----------

Total current liabilities                                 62,773         41,497
                                                     -----------    -----------

Stockholders' equity:
Preferred Stock, no par value, authorized
         1,000,000 shares; none issued                      --             --
Common Stock, no par value, authorized
         10,000,000 shares; 4,869,000 issued
         and outstanding on September 30, 2002
         and December 31, 2002                         3,167,782      3,167,782
Accumulated deficit                                   (1,816,811     (1,894,931
Unrealized gain on investment in securities               17,190         46,745
                                                     -----------    -----------

Total stockholders' equity                             1,368,161      1,319,596
                                                     -----------    -----------

Total liabilities and stockholders' equity           $ 1,430,934    $ 1,361,093
                                                     ===========    ===========


See Notes to Consolidated Financial Statements.

                                        3


<PAGE>
<TABLE>
<CAPTION>


Item 1.  Financial Statements. (Continued)


                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



                                                      Three Months Ended December 31,
                                                            2002         2001
                                                        -------------------------

Revenue
         <S>                                            <C>           <C>
         Oil and gas sales                              $    78,595   $    34,305
         Pipeline income                                     49,852        29,466
         Interest and other                                   3,377         3,010
         Gain on securities sale                               --           2,421
                                                        -----------   -----------

                  Total                                     131,824        69,202
                                                        -----------   -----------


Expenses
         Oil and gas operating expense                       20,857        13,390
         Pipeline operating expense                          31,777        38,264
         General and administrative                          57,910        88,648
         Depletion, depreciation and amortization            11,900        18,450
                                                        -----------   -----------

                  Total                                     122,444       158,752
                                                        -----------   -----------


Net income (loss) from operations                             9,380       (89,550)
Legal settlement                                             68,740          --
                                                        -----------   -----------


Net income (loss)                                       $    78,120   $   (89,550)
                                                        ===========   ===========

Basic income (loss) per common share                    $       .02   $      (.02)
                                                        ===========   ===========
Diluted income (loss) per common share                  $       .02   $      (.02)
                                                        ===========   ===========
Weighted average number of shares outstanding             4,869,000     4,869,000
                                                        ===========   ===========

Diluted weighted average number of shares outstanding     5,006,720     4,869,000
                                                        ===========   ===========


See Notes to Consolidated Financial Statements.

                                        4
</TABLE>

<PAGE>


Item 1.  Financial Statements. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)



                                                 Three Months Ended December 31,
                                                       2002         2001
                                                    -----------------------
Cash flows from operating activities:
Net income (loss)                                   $  78,120    $ (89,550)
Adjustment to reconcile net income (loss) to net
   cash provided (used) by operating activities:
         Depreciation, Depletion and Amortization      11,900       18,450
         Gain on sale of securities                      --         (2,421)
Changes in operating assets and liabilities:
         Decrease in prepaid expense                    5,993       14,393
         Increase (decrease) in accounts
          and notes receivable                         40,333       (6,872)
         Increase in current liabilities               21,276        8,289
                                                    ---------    ---------

Net cash flow provided (used) by operations           157,622      (57,711)
                                                    ---------    ---------

Cash flows from investing activities:

Proceeds from sale of investment securities              --         78,868
Additions to oil and gas properties                    (6,826)     (30,360)
Purchase of securities                               (100,000)        --
                                                    ---------    ---------

Net cash flows provided (used) by
   investing activities                              (106,826)      48,508
                                                    ---------    ---------

Net increase (decrease) in cash                        50,796       (9,203)

Cash at beginning of period                            54,064        9,203
                                                    ---------    ---------

Cash at end of period                               $ 104,860    $    --
                                                    =========    =========



                       Schedule of Non-cash Investing Activities
                       -----------------------------------------

(Decrease) in unrealized gain
         on securities available for sale           $ (29,555)   $ (26,864)
                                                    =========    =========


See Notes to Consolidated Financial Statements

                                        5

<PAGE>


Item 1.  Financial Statements. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

THE COMPANY

     Monument Resources, Inc, (the "Company") was organized under the laws
of the State of Colorado on October 1, 1984. We are in the business of acquiring
and brokering mineral and oil and gas properties and exploring, developing, and
selling production from our oil and gas properties. Our mineral property is in
Montana. Our oil and gas properties are in Webb and Knox counties, Texas,
Leavenworth County, Kansas and Kimball County, Nebraska. We also operate a gas
pipeline in conjunction with our Leavenworth gas wells.

     We have a substantial investment in mineral and oil and gas properties. We
may not have sufficient capital to fully explore our mineral holdings or to
develop some of our oil and gas properties, which would require additional
investment. We have in the past relied on joint venture partners to supply most
of the funds needed to explore or develop our properties, and may also rely on
such partners for similar funding in the future. The ability to obtain outside
funding may be critical to our exploration and development efforts of some of
our properties. As a result of these factors, recovery of our investments in
these properties cannot be assured.

CONSOLIDATION

     The accompanying consolidated financial statements include the accounts of
our Company, and its wholly owned Kansas subsidiary, COG Transmission
Corporation. All inter-company transactions and balances have been eliminated in
consolidation.

EARNINGS PER SHARE

     We have adopted Statement of Financial Accounting Standards No. 128 ("SFAS
No. 128"), addressing earnings per share. SFAS No. 128 established the
methodology of calculating basic earnings per share and diluted earnings per
share. The calculations differ by adding any instruments convertible to common
stock (such as stock options, warrants, and convertible preferred stock) to
weighted average shares outstanding when computing diluted earnings per share.

                                        6

<PAGE>


Item 1.  Financial Statements. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)


NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          (CONTINUED)

     The following is a reconciliation of the numerators and denominators used
in the calculations of our basic and diluted earnings (loss) per share for the
quarter ended December 31, 2002:

                                                   2002
                                    ------------------------------------
                                                                   Per
                                      Net                         Share
                                     Income         Shares        Amount
                                     ------         ------        ------
Basic earnings per share:
     Net income (loss)
     and share amounts              $ 78,120       4,869,000      $  .02

Dilutive securities:
     Stock options                      --           137,720         --
                                    --------       ---------      ------

Diluted earnings per share:
     Net income and
     assumed share conversion       $ 78,120       5,006,720      $  .02
                                    ========       =========      ======

     Because of net losses for the quarter ended December 31, 2001, the basic
and dilutive average outstanding shares are considered the same, since including
the shares would have an anti-dilutive effect on the loss per share calculation.

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. Proved and unproved
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

<PAGE>


Item 1.  Financial Statements. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)


NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          (CONTINUED)

OIL AND GAS PROPERTIES

     We follow the successful efforts method of accounting for 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 and unproved properties are periodically assessed for
possible impairment due to unrecoverability of costs invested. Developed and
proved properties are periodically assessed under the accounting rules of SFAS
No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of." Cash received for partial conveyances of property
interests are treated as a recovery of cost and no gain or loss is recognized.

INCOME TAXES

     We have made no provision for income taxes for the three-month period ended
December 31, 2002 since the net income will be offset by net operating loss
carryforwards. We had $1,421,916 of such carryforwards at September 30, 2002.

SFAS NO. 143

     On October 1, 2002 we adopted Financial Accounting Standards Board No. 143,
"Accounting for Asset Retirement Obligations" ("SFAS No. 143"). SFAS No. 143
addresses financial accounting and reporting for obligations associated with the
retirement of tangible long-lived assets and the associated asset retirement
costs. We are currently assessing the impact of this statement and, at this
time, cannot reasonably estimate the effect of the adoption of SFAS No. 143 on
our financial position, results of operations or cash flows.

NOTE 2 -- ESTIMATES AND RISKS

     The mining and oil and gas industries are subject, by their nature, to
environmental hazards and cleanup costs for which we carry catastrophe
insurance. At this time, we know of no substantial costs from environmental
accidents or events for which we may be currently liable. In addition, our oil
and gas business makes us vulnerable to changes in wellhead prices of crude oil
and natural gas. Such prices have been volatile in the past and can be expected
to be volatile in the future. By definition, proved reserves are based on
current oil and gas prices.

                                        8

<PAGE>


Item 1.  Financial Statements. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)


NOTE 2 -- ESTIMATES AND RISKS (CONTINUED)

Price declines reduce the estimated proved reserves and increase annual
amortization expense (which is based on proved reserves).

NOTE 3 -- STOCK OPTIONS

         The following schedule summarizes information with respect to options
granted under our equity plans:

                                        Number               Weighted Average
                                          of                 Exercise Price of
                                        Shares              Shares Under Plans
                                        ------              ------------------

Outstanding December 31, 2001           550,000                   $  .21
Granted                                    --                       --
Exercised                                  --                       --
Forfeited or expensed                      --                       --
                                        -------                   ------
Outstanding September 30, 2002          550,000                      .21
Granted                                    --                       --
Exercised                                  --                       --
Forfeited or expensed                      --                       --
                                        -------                   ------
Outstanding December 31, 2002           550,000                   $  .21
                                        =======                   ======

NOTE 4 -- SEGMENT INFORMATION

     We operate in three industry segments within the United States: (1) oil and
gas exploration and development, (2) mineral exploration and development, and
(3) gas transmission pipeline.

     Identified assets by industry are those assets that are used in our
operations in each industry. Corporate assets are principally cash, investment
securities, furniture, and fixtures.

     We have adopted SFAS No. 131, which requires the presentation of
descriptive information about reportable segments which is consistent with that
made available to us in order to assess performance.

     Our oil and gas segment derives its revenues from the sale of oil and gas.
Our mining segment receives its revenues primarily from the sale of minerals and
precious metals and from time to time from the sale of a mineral venture that it
has originated. Corporate income is primarily derived from interest income on
our funds held in money market accounts and the sale of securities. Our pipeline
segment derives revenue from the sale of natural gas from our gas fields in
Leavenworth County, Kansas.

                                        9

<PAGE>
<TABLE>
<CAPTION>


Item 1. Financial Statements. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)


NOTE 4 -- SEGMENT INFORMATION (CONTINUED)


     During the three months ended December 31, 2002, we had no inter-segment
revenues. The accounting policies applied by each segment are the same as those
we use in general.

     Net sales to one customer of our gas transmission pipeline segment totaled
$111,150, or approximately 84% of our revenues for the three months ended
December 31, 2002.

     There have been no differences from our last annual report in the bases of
measuring segment profit or loss. There have been no material changes in the
amount of assets for any of our operating segments since the last annual report.

Segment information consists of the following:

                         Oil and Gas        Pipeline        Mining      Corporate      Consolidated
                         -----------        --------        ------      ---------      ------------

Revenues
     <S>                  <C>              <C>             <C>          <C>             <C>
     2002                 $  78,595        $  49,852       $    --      $   3,377       $  131,824
     2001                    34,305           29,466            --          5,431           69,202

Income (Loss)
From Operations
     2002                 $  48,738        $  15,175       $    --      $ (54,533)      $    9,380
     2001                     8,465          (13,208)           --        (84,807)         (89,550)

Identifiable Assets
     2002                 $ 586,074        $ 273,151       $  38,706    $ 533,003       $1,430,934
     2001                   601,070          256,845          53,616      481,379        1,392,910

Depreciation, Depletion
and Valuation Charged
to Identifiable Assets
     2002                 $   7,100        $   2,900       $    --      $   1,900       $   11,900
     2001                    12,450            4,410            --          1,590           18,450

Capital Expenditures
     2002                 $   6,826        $    --         $    --       $   --         $    6,826
     2001                    30,360             --              --           --             30,360


                                                  10
</TABLE>

<PAGE>


Item 1.  Financial Statements. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)


NOTE 5 -- OIL AND GAS ACTIVITIES

GALVAN RANCH PROPERTY, WEBB COUNTY, TEXAS

     Due to a reduction in the gas prices used in the oil and gas reserve
estimates, we recorded a $128,000 write down on the producing portion of the
Galvan Ranch property for the year ended September 30, 2001. This was in
addition to the $245,000 write down we experienced in the year ended September
30, 2000. The September 30, 2000 write down was due to the failure of the
property's operator on the non-producing portion of the property to continue the
leases on nearly 68,000 acres and thus we were deprived of the opportunity to
sell or develop the property. We filed suit against RME Petroleum Company, f/k/a
Union Pacific Resources Company (the property's former operator) on or about
February 13, 2001. We alleged that RME relinquished the lease to the Galvan
Ranch without providing notice to us as was required in an agreement and in an
operating agreement between RME and us. On November 21, 2002, we settled the
lawsuit with RME on terms acceptable to us.

KANSAS GAS PROJECT -- LEAVENWORTH COUNTY, KANSAS

     During the three months ended December 31, 2002, we recompleted one well in
the Leavenworth gas project. Additional zones were perforated in the upper and
lower McLouth formation. Overall results are being evaluated and should result
in a modest increase in gas volumes and reserves. Also, during the quarter ended
December 31, 2002, we acquired an additional five gas wells near our pipeline
system. Construction of from three to six miles of new pipeline will be required
to connect the new wells.

EAST VOSS OIL PROPERTY -- KNOX COUNTY, TEXAS

     We sold our working interest in the East Voss property as of July 1, 1999,
but retained a 7 1/2% royalty interest. While we have not been notified as to
the operator's plans for the property, we believe the property has considerable
potential and expect to continue to receive future income from our royalty
ownership

NOTE 6--SUBSEQUENT EVENTS

     During January 2003, we acquired a 159 acre oil and gas lease which
contains six gas wells. The lease is near our existing Leavenworth County,
Kansas gas project. We are in the process of testing the wells to determine
their productivity.

                                       11


<PAGE>


Item 2.  MANAGEMENT'S DISCUSSION AND ANALTYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                    MANAGEMENT'S DISCUSSION AND ANALTYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES

     As of December 31, 2002, we had $610,334 in current assets and $62,773 in
current liabilities, resulting in a positive working capital of $547,561. This
compares to $502,559 and $74,530 in current assets and current liabilities at
December 31, 2001 for a working capital balance of $428,029. The working capital
increase of $119,532, or 28%, was the result of a purchase of securities of
$100,000 and an increase in the value of our securities of $1,341, an increase
in cash of $50,800, reduction in accounts receivable of $40,933, and a reduction
of $5,993 in prepaid expense. Current liabilities increased $21,276, primarily
due to an increase in royalty payables of $10,700.

     At the present time, our primary source of cash for operations and
exploration is our current working capital, cash that can be raised by selling
shares held for investment or our investment in U.S. government treasury
securities and other corporate bonds and funds derived from our oil and gas
operations. We have in the past, and plan to in the future, rely on joint
venture partners or equity funding to supply some of the funds needed to
evaluate and develop our properties. Any inability we may have to raise
additional capital through a stock offering, to liquidate its securities
holdings or obtain third party funding may limit development of most of our
properties.

     Although we intend to use joint venture or equity funding to explore,
acquire and, if warranted, develop our properties, the natural resource business
is nevertheless very capital intensive. We continue to seek joint venture
financing for our properties and to acquire properties with near-term revenue
generating capability. Our efforts to evaluate, identify and/or acquire such
revenue-generating prospects and to further develop our existing properties have
been ongoing during this past year, and, while we are optimistic, there is no
assurance that we will be successful in securing the required capital.

RESULTS OF OPERATIONS

     Due to an increase in sales prices received for our gas, revenue from our
oil, gas and pipeline sales increased significantly for the three months ended
December 31, 2002 when compared to the same period in 2001. While our production
increased 8.9%, the price received for our natural gas increased from an average
of $1.50 per MCF for the three months ended December 31, 2001 compared to an
average of $2.37 per MCF for the three months ended December 31, 2002, a 58%
increase. Oil and gas sales increased 129%, or $44,290, from $34,305 to $78,595.
Pipeline sales were $49,852 during the three months ended December 31, 2002 and
$29,466 for the three months ended December 31, 2001, a $20,386, or 69%
increase. Interest and other of $3,377 increased from $3,010 primarily due to an
increase in invested funds during the three months ended December 31, 2002.

                                       12

<PAGE>


Item 2.  MANAGEMENT'S DISCUSSION AND ANALTYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                    MANAGEMENT'S DISCUSSION AND ANALTYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                   (CONTINUED)


RESULTS OF OPERATIONS (CONTINUED)

No bonds were sold or matured during the three months December 31, 2002 compared
to $2,421 for the three months ended December 31, 2001. Oil and gas and pipeline
operating costs remained relatively constant when comparing the three months
ended December 31, 2002 to December 31, 2001.

     General and administrative expenses totaled $57,910 for the three months
ended December 31, 2002, compared to $88,648 for the three-month period ended
December 31, 2001. The decrease of $30,738 in general and administrative costs
was primarily due to the elimination of litigation expense relating to the
Galvan Ranch property located in Webb County, Texas which was settled in
November 2002.

CONTRACTUAL OBLIGATIONS

     We had only one contractual obligation as of December 31, 2002. The
following table lists our significant liabilities at December 31, 2002:

                                        Payments Due by Period

                             Less than      2-3      4-5       After
Contractual Obligations       1 year       years     years    5 years   Total
-----------------------       -------     -------   -------   -------  -------

Operating leases              $12,456     $  -0-    $  -0-    $  -0-   $12,456
                              -------     -------   -------   -------  -------

Total contractual cash
  obligations                 $12,456     $  -0-    $  -0-    $  -0-   $12,456
                              =======     =======   =======   =======  =======

     We lease our corporate offices in Denver, Colorado under the terms of an
operating lease, which expires on December 31, 2003. Yearly payments under the
lease are approximately $12,456.

     We have an operating lease on a gas compressor that we use in our pipeline
operation. The lease is renewable on a month-to-month basis at a rate of $1,950
per month or $23,400 per year.

     We also lease a compressor site from a third party. We can cancel the lease
upon thirty (30) day written notice. The lease payment for the calendar year
2003 is $7,000 and was paid in January 2003. If we elect to continue the lease
in 2004, the lease payment for that year will be $8,000.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

     We believe the following critical accounting policies affect our more
significant judgments and estimates used in the preparation of our Consolidated
Financial Statements.


                                       13

<PAGE>


Item 2. (Continued)

                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                    MANAGEMENT'S DISCUSSION AND ANALTYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                   (CONTINUED)


CRITICAL ACCOUNTING POLICIES AND ESTIMATES (CONTINUED)

Reserve Estimates:

     Our estimates of oil and natural gas reserves, by necessity, are
projections based on geological and engineering data, and there are
uncertainties inherent in the interpretation of such data as well as the
projection of future rates of production and the timing of development
expenditures. Reserve engineering is a subjective process of estimating
underground accumulations of oil and natural gas that are difficult to measure.
The accuracy of any reserve estimate is a function of the quality of available
data, engineering and geological interpretation and judgment. Estimates of
economically recoverable oil and natural gas reserves and future net cash flows
necessarily depend upon a number of variable factors and assumptions, such as
historical production from the area compared with production from other
producing areas, the assumed effects of regulations by governmental agencies and
assumptions governing future oil and natural gas prices, future operating costs,
severance and excise taxes, development costs and workover and remedial costs,
all of which may in fact vary considerably from actual results. For these
reasons, estimates of the economically recoverable quantities of oil and natural
gas attributable to any particular group of properties, classifications of such
reserves based on risk of recovery, and estimates of the future net cash flows
expected there from may vary substantially. Any significant variance in the
assumptions could materially affect the estimated quantity and value of the
reserves, which could affect the carrying value of our oil and gas properties
and/or the rate of depletion of the oil and gas properties. Actual production,
revenues and expenditures with respect our reserves will likely vary from
estimates, and such variances may be material.

     Many factors will affect actual net cash flows, including:

     o    The amount and timing of actual production;

     o    Supply and demand for natural gas;

     o    Curtailments or increases in consumption by natural gas purchasers;
          and

     o    Changes in governmental regulations or taxation.

Property, Equipment and Depreciation:

     We follow the successful efforts method of accounting for oil and gas
properties. Under this method all productive costs incurred in connection with
the exploration for and development of oil and gas reserves are capitalized.
Such capitalized costs include lease acquisition, geological and geophysical
work, delay rentals, drilling, completing and equipping oil and gas wells,
including salaries, benefits and other internal salary related costs directly
attributable to these activities. Costs associated with production and general
corporate activities are expensed in the period incurred. Interest costs related
to unproved properties and properties under development are also capitalized to
oil and gas properties. If the net investment in oil and gas properties exceeds
an amount equal to the sum of (1) the standardized measure of discounted future
net cash flows from proved reserves, and (2) the lower of cost or fair market
value of properties in process of development and unexplored acreage, the excess
is charged to expense as additional depletion. Normal dispositions of oil and
gas properties are accounted for as adjustments of capitalized costs, with no
gain or loss recognized.

                                       14

<PAGE>


                     MONUMENT RESOURCES, INC. AND SUBSIDIARY
                          PART II -- OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

         See Note 5 to the Financial Statements included herein with respect to
         Legal Proceedings.

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 99.1
             Certification of Chief Executive Officer and Chief Financial
             Officer.

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




                                  EXHIBIT INDEX

  EXHIBIT
  NUMBER                   DESCRIPTION
  ------                   -----------

  99.1          Certification of Chief Executive and Financial Officer under
                Section 906 of the Sarbanes-Oxley Act of 2002.



                                       15

<PAGE>


                                   SIGNATURES

     In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                            MONUMENT RESOURCES, INC.
                                            (Registrant)


Date:  February 13, 2003                    By:  /s/  A.G. Foust
                                               --------------------------------
                                                      A.G. Foust, President
                                                      (Chief Executive Officer,
                                                      Principal Financial and
                                                      Accounting Officer) and
                                                      a Director


                                       16

<PAGE>


                                  CERTIFICATION

I, A.G. Foust, certify that:


1.   I have reviewed this Quarterly Report on Form 10-QSB of Monument Resources,
     Inc. and subsidiaries;

2.   Based on my knowledge,  this  Quarterly  Report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this Quarterly Report.

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  Quarterly  Report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of,  and for,  the  period  presented  in this
     Quarterly Report.

4.   I am responsible for establishing and maintaining  disclosure  controls and
     procedures  (as  defined in Exchange  Act Rules  13a-14 and 15d-14) for the
     registrant and have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to me by others within those
          entities,  particularly  during  the  period in which  this  Quarterly
          Report is being prepared;

     (b)  evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this Quarterly Report (the "Evaluation Date"); and

     (c)  presented  in  this  Quarterly   Report  my   conclusions   about  the
          effectiveness  of the disclosure  controls and procedures  based on my
          evaluation as of the Evaluation Date;

5.   I have disclosed,  based on my most recent evaluation,  to the registrant's
     auditors and the audit  committee of  registrant's  board of directors  (or
     persons performing the equivalent functions):

     (a)  all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified  for the  registrant's  auditors any  material  weakness in
          internal controls; and

     (b)  any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   I have  indicated  in this  Quarterly  Report  whether  or not  there  were
     significant  changes in internal  controls or in other  factors  that could
     significantly  affect internal  controls  subsequent to the date of my most
     recent  evaluation,   including  any  corrective  actions  with  regard  to
     significant deficiencies and material weakness.



Date:    February 13, 2003                    By: /s/ A.G. Foust
                                              Name:   A.G. Foust
                                              Title: Chief Executive Officer and
                                                     Chief Financial Officer