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


                           FORM 10-QSB

(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

          For the quarterly period ended JUNE 30, 2001


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


                       Commission file number 0-12809


                        GOLDEN CHIEF RESOURCES, INC.
     (Exact name of small business issuer as specified in its charter)


     State of Kansas                                            48-0846635
(State or other jurisdiction of                               (IRS Employer
incorporation or organization)                                 I. D. Number)


            3109 Carlisle, #100, Dallas, Texas 75204
            (Address of principal executive offices)

                         (214) 754-9161
        (Issuer's telephone number, including area code)


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

  There were 277,786,890 shares of common stock, No Par Value,
                outstanding as of June 30, 2001.

Transitional Small Business Disclosure Format (check one);  Yes [  ]  No [X]




                                     1

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PART I.   FINANCIAL INFORMATION
Item 1.   Financial Statements

     REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

Golden Chief Resources, Inc.
Dallas, Texas

We have reviewed the accompanying balance sheet of Golden Chief Resources,
Inc. (a development stage enterprise) (the "Company") as of June 30, 2001,
and the related statements of operations, stockholders' equity, and cash
flows for the three and nine months ended June 30, 2001 and 2000 and the
cumulative information for the period from August 1998 until June 30, 2001.
These financial statements are the responsibility of the Company's
management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical review
procedures to financial data and making inquiries of persons responsible for
financial and accounting matters. It is substantially less in scope than an
audit conducted in accordance with generally accepted auditing standards,
the objective of which is the expression of an opinion regarding the
financial statements taken as a whole.  Accordingly, we do not express such
an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements for them to be in
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet as of September 30, 2000, and the related
statements of operations, stockholders' equity and cash flows for the year
then ended (not presented herein); and in our report dated February 10,
2001, we expressed an opinion on those financial statements which was
qualified based on the Company's ability to continue as a going concern.  In
our opinion, the information set forth in the accompanying balance sheet as
of September 30, 2000 is fairly stated in all material respects in relation
to the balance sheet from which it has been derived.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  As discussed in Note 1 of the
selected information for financial statements, the Company discontinued
previous operations in 1986 and is currently in the process of establishing
business activity.  At the date of these financial statements, the Company
has acquired assets and is in the process of raising capital. However,
significant revenues have not been generated and the Company has a
significant deficit in stockholders' equity. These facts raise substantial
doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also discussed in Note 1.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.


 /s/ Robert Early & Company
ROBERT EARLY & COMPANY, P.C.
Abilene, Texas

August 15, 2001
                                     2

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                        Golden Chief Resources, Inc.
                      (A Development Stage Enterprise)
                             Balance Sheets

                                                     June 30,   September 30,
                                                      2001         2000
                                                    ---------    ---------
                                                   (Unaudited)

                                 ASSETS

Current Assets:
   Cash                                              $    102    $   5,156
   Accounts receivable-related party                   11,200       24,500
   Prepaid expenses                                    12,500      101,250
                                                    ---------    ---------
      Total Current Assets                             23,802      130,906
                                                    ---------    ---------
Property and  Equipment
   Oil and gas properties (non-producing)             285,849       61,971
     Less Accumulated depletion                       (20,421)      (5,420)
                                                    ---------    ---------
      Total Property and Equipment                    265,428       56,551

Other Assets:
   Investment in nonmarketable security                20,000       20,000
                                                    ---------    ---------
   TOTAL ASSETS                                     $ 309,230    $ 207,457
                                                    =========    =========


                  LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
   Current Liabilities
      Accounts payable                               $207,149    $  96,831
      Accrued expenses                                     -         1,150
      Accrued expense due to related parties          435,724      237,006
      Net profits interest payable                     74,443           -
                                                    ---------    ---------
   Total Current Liabilities                          717,316      334,987
                                                    ---------    ---------

Stockholders' Equity:
  Common stock, no par value (500,000,000 shares
    authorized, 277,789,890 and 169,741,890
    outstanding)                                    1,581,232    1,398,276
  Accumulated deficit                                (994,640)    (994,640)
  Deficit accumulated during the development stage   (994,678)    (531,166)
                                                    ---------    ---------
      Total Stockholders' Equity                     (408,086)    (127,530)
                                                    ---------    ---------

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $ 309,230    $ 207,457
                                                    =========    =========

See accompanying selected information and accountants' report.
                                      3

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<TABLE>
<CAPTION>
                        Golden Chief Resources, Inc.
                    (A Development Stage Enterprise)
                        Statement of Operations
         For Three and Nine Months Ended June 30, 2001 and 2000
                              (Unaudited)

                               Cumulative
                               During the
                               Development         Three Months              Nine Months
                                 Stage           2001        2000         2001          2000
                               -----------    ---------   ----------    ---------    ---------
<S>                            <C>            <C>         <C>           <C>          <C>
Revenues
  Oil and gas                  $   135,567    $  31,629   $    7,971    $ 117,148    $  16,109
  Other                              1,938           -         1,000           -         1,097
                               -----------    ---------   ----------    ---------    ---------
    Total Revenues                 137,505       31,629        8,971      117,148       17,206
                               -----------    ---------   ----------    ---------    ---------
Costs of Revenues
  Lease operating expenses         144,838       27,499       15,758      103,066       33,937
  Depletion                         20,421        3,268        2,562       15,001        4,063
                               -----------    ---------   ----------    ---------    ---------
    Total Costs of Revenues        165,259       30,767       18,320      118,067       38,000
                               -----------    ---------   ----------    ---------    ---------
      Gross Profit/(Loss)          (27,754)         862       (9,349)        (919)     (20,794)
                               -----------    ---------   ----------    ---------    ---------
Operating Expenses:
  Director and officer
    compensation                   520,982       72,499       60,000      196,667      172,258
  Consulting fees                   10,000           -            -            -         1,000
  Professional fees                254,717       85,370        1,400      164,527       41,037
  Public relations                  87,500       12,500       50,000       37,500       50,000
  Rent                              12,690        1,800        1,290        5,400        2,580
  Travel                            51,311        5,762        5,488       28,211       17,198
  Other                             71,686       10,755       11,759       30,288       22,288
                               -----------    ---------   ----------    ---------    ---------
    Total Operating Expenses     1,008,886      188,686      129,937      462,593      306,361
                               -----------    ---------   ----------    ---------    ---------
Loss from Operations            (1,036,640)    (187,824)    (139,286)    (463,512)    (327,155)

Other Income/(Expense)
  Gain/(loss) on sale of
    investments                     41,331           -            -            -        (5,015)
  Unrealized gain on
    investments                         -            -            -            -         4,941
  Interest income                      631           -            -            -           113
                               -----------    ---------   ----------    ---------    ---------
Loss before income taxes          (994,678)    (187,824)    (139,286)    (463,512)    (327,116)
  Income taxes                          -            -            -            -            -
                               -----------    ---------   ----------    ---------    ---------
Net Loss                       $  (994,678)   $(187,824)  $ (139,286)   $(463,512)   $(327,116)
                               ===========    =========   ==========    =========    =========
Loss per Share                 $     (0.01)   $   (0.00)  $    (0.00)   $   (0.00)   $   (0.00)
                               ===========    =========   ==========    =========    =========
Weighted Average Shares
    Outstanding                142,363,036  277,096,780  163,662,659  238,839,472  158,884,135
                               ===========  ===========  ===========  ===========  ===========
</TABLE>
See accompanying selected information and accountants' report.
                                      4

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<PAGE>
                        Golden Chief Resources, Inc.
                      (A Development Stage Enterprise)

                     Statement of Stockholders' Equity
             For the Period from August 1998 to June 30, 2001
                                (Unaudited)

                                                                     Deficit
                                                                   Accumulated
                                                                    During the
                                       Common Stock    Accumulated Development
                           Date    Shares       Amount    Deficit     Stage
                          ----- -----------  ----------  ---------  ---------
Balances, 10/01/96               32,217,050  $  994,640  $(994,640) $      -
Net income for the year                  -           -          -          -
                                -----------  ----------  ---------  ---------
Balances, 09/30/97               32,217,050     994,640   (994,640)        -

Shares issued for ser-
 vices and expenses       09/98  15,941,000       1,594         -          -
Net (loss) for the year                  -           -          -      (1,594)
                                -----------  ----------  ---------  ---------
Balances, 09/30/98               48,158,050     996,234   (994,640)    (1,594)

Shares issued for:
 Expenses                 10/98   5,688,920       2,477         -          -
 Marketable securities    12/98   7,219,320       7,219         -          -
 Cash                     01/99     330,000       3,300         -          -
 Marketable securities    02/99     894,600       8,946         -          -
 Consulting               03/99     500,000      10,000         -          -
 Cash                     04/99     200,000       2,000         -          -
 Expenses                 04/99     200,000       4,000         -          -
 Cash                     07/99     450,000       9,000         -          -
 Marketable securities    07/99   1,375,000      27,500         -          -
Net (loss) for the year                  -           -          -     (74,342)
                                -----------  ----------  ---------  ---------
Balances, 09/30/99               65,015,890   1,070,676   (994,640)   (75,936)

Shares issued for:
 Oil and gas properties   10/99  97,500,000          -          -          -
 Cash                     10/99     250,000      25,000         -          -
 Cash                     11/99      50,000       5,000         -          -
 Cash and subscription    12/99     100,000      10,000         -          -
 Cash                     01/00      51,000       5,100         -          -
 Cash                     02/00     260,000      26,000         -          -
 Cash                     03/00     145,000      14,500         -          -
 Cash                     06/00     270,000      27,000         -          -
 Public relations
    services              06/00     500,000      50,000         -          -
 Professional services    07/00   1,500,000     135,000         -          -
 Cash                     08/00     100,000      10,000         -          -
 Nonmarketable securities 09/00   4,000,000      20,000         -          -
Net (loss) for the year                  -           -          -    (455,230)
                                -----------  ----------  ---------  ---------
Balances, 09/30/00              169,741,890   1,398,276   (994,640)  (531,166)

                (Continued on next page)

See accompanying selected information and accountants' report.
                                     5

<PAGE>
<PAGE>
                        Golden Chief Resources, Inc.
                      (A Development Stage Enterprise)

                     Statement of Stockholders' Equity
             For the Period from August 1998 to June 30, 2001
                                (Unaudited)

(Continued from previous page)
                                                                     Deficit
                                                                   Accumulated
                                                                    During the
                                       Common Stock    Accumulated Development
                           Date    Shares       Amount    Deficit     Stage
                          ----- -----------  ----------  ---------  ---------

Shares issued for:
 Oil and gas properties   10/00  49,245,000      92,956         -          -
 Public relations services10/00   1,000,000      50,000         -          -
 Oil and gas property     04/01  53,800,000          -          -          -
 Financial consulting     04/01   3,000,000      30,000         -          -
 Legal services           04/01   1,000,000      10,000
Net (loss) for the period                -           -          -    (463,512)
                                -----------  ----------  ---------  ---------

Balances, June 30, 2001         277,786,890  $1,581,232  $(994,640) $(994,678)
                                ===========  ==========  =========  =========





See accompanying selected information and accountants' report.
                                     6

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                       Golden Chief Resources, Inc.
                    (A Development Stage Enterprise)

                        Statement of Cash Flows
                     (Increases/(Decreases) in Cash
              For Nine Months Ended June 30, 2001 and 2000
                              (Unaudited)

                                              Cumulative
                                              During the
                                             Development
                                                Stage       2001        2000
                                             ----------  ----------  ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                     $ (994,678) $ (463,512) $(327,116)
Adjustments to reconcile net loss to net
  cash provided/(used) by operations:
  Depletion                                      20,421      15,001      4,063
  Amortization of prepaid expenses              126,250     126,250         -
  Loss/(gain) on sale of securities             (41,331)         -       5,015
  Unrealized (gain) on securities                    -           -      (4,941)
  Stock issued for services and expenses        154,321      52,500     50,000
Changes in operating assets and liabilities:
  Accounts receivable                           (11,200)     13,300         -
  Accounts and accrued payables                 205,999     109,168    152,231
  Accrued expenses                              436,874     198,718         -
                                             ----------  ----------  ---------
NET CASH PROVIDED/(USED) BY OPERATING
    ACTIVITIES                                 (103,344)     51,425   (120,748)
                                             ----------  ----------  ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Costs of developing oil and gas properties     (93,893)    (31,922)   (57,982)
 Proceeds from sale of securities                96,027          -       6,016
 Purchase of marketable securities              (11,031)         -          -
                                             ----------  ----------  ---------
NET CASH USED IN INVESTING ACTIVITIES            (8,897)    (31,922)   (51,966)
                                             ----------  ----------  ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds stock sales                           136,900          -      87,600
 Repayment of production debt                   (24,557)    (24,557)        -
 Proceeds from short term notes                  10,000          -      10,000
 Repayment of short term notes                  (10,000)         -     (10,000)
                                             ----------  ----------  ---------
NET CASH PROVIDED/(USED) BY FINANCING
    ACTIVITIES                                  112,343     (24,557)    87,600
                                             ----------  ----------  ---------
 Increase/(decrease) in cash for period             102      (5,054)   (85,114)

   Cash, Beginning of period                         -        5,156     84,767
                                             ----------  ----------  ---------

   Cash, End of period                       $      102  $      102  $    (347)
                                             ==========  ==========  =========


See accompanying selected information and accountants' report.
                                     7

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<PAGE>
                      Golden Chief Resources, Inc.
                    (A Development Stage Enterprise)

                        Statement of Cash Flows
                     (Increases/(Decreases) in Cash
              For Nine Months Ended June 30, 2001 and 2000
                              (Unaudited)

(Continued)                                  Cumulative
                                              During the
                                             Development
                                                Stage       2001        2000
                                             ----------  ----------  ---------
Supplemental Disclosures:

 Cash payments for:
   Interest                                  $       -   $       -   $      -
   Income taxes                                      -           -          -

 Stock issued for:
   Various expenses                               3,771          -          -
   Consulting                                    10,300          -          -
   Professional services                         54,000          -          -
   Marketable securities                         43,665          -          -
   Prepaid professional services                135,000          -          -
   Prepaid public relations services             37,500      37,500         -
   Nonmarketable security                        20,000          -          -
   Fixed assets acquired with:
     Stock issuance                              92,956      92,956         -
     Net profits production payable              99,000      99,000         -



See accompanying selected information and accountants' report.
                                     8

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                       Golden Chief Resources, Inc.
                    (A Development Stage Enterprise)

             Selected Information for Financial Statements
                     Nine Months Ended June 30, 2001


NOTE 1:   BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions of Regulation S-B.  They do
not include all information and footnotes required by generally accepted
accounting principles for complete financial statements. However, except as
disclosed herein, there has been no material change in the information
included in the Company's Annual Report on Form 10-KSB for the year ended
September 30, 2000.  In the opinion of Management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included.  The report of Robert Early & Company, P.C.
commenting on their review accompanies the condensed financial statements
included in Item 1 of Part 1.  Operating results for the nine-month period
ended June 30, 2001, are not necessarily indicative of the results that may
be expected for the year ending September 30, 2001.

Development Stage Enterprise -- The Company returned to the development
stage in August 1998 when its President began the process of reinitializing
the Company from its dormant state.  This process has included identifying,
evaluating, structuring, and completing an agreement with a group with a
business plan, as discussed below.  The Company will be deemed to have
exited the development stage once it has generated operations and revenues
of significance.

Going Concern Issues -- The Company had no operations from 1986 until
November 1999.  In January 2000, activities begun in November 1999 started
generated revenues.  However, such revenues have not been significant enough
to overcome expenses.  Additional development of the properties acquired by
the Company and the rest of Management's plan of operations requires
significant additional capital generation.  Although efforts to raise
capital met with some success during the year ended September 30, 2000,
there is no guarantee that sufficient capital will be available to
accomplish the property development and plan of operations.  Management is
continuing its efforts to raise capital to be able to exploit the potentials
indicated by its oil and gas properties and to follow its plan of additional
oil and gas acquisitions.  The Company is not in significant danger of
dissolution as long as the Management controls the costs being incurred.
However, without the infusion of additional capital, the Company is not
currently in a position to initialize significant portions of its plan of
operations.  In March 2001, the Company entered into an agreement with a
consulting firm that is to assist the Company in obtaining capital,
reviewing current business development options, and developing other options
for the Company.

Oil and Gas Properties   The Company records its oil and gas producing
activities under the full cost method of accounting, and accordingly,
capitalizes all costs incurred in the acquisition, exploration, and
development of proved oil and gas properties, including the costs of

                                     9

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<PAGE>
abandoned properties, dry holes, geophysical costs, and annual lease
rentals.  In general, sales or other dispositions of oil and gas properties
are accounted for as adjustments to capitalized costs, with no gain or loss
recorded until the proceeds from dispositions exceed the Company's basis in
the full cost pool.

Depletion and amortization are computed on a composite units-of-production
method based on estimated proved reserves.  All leasehold, equipment, and
intangible costs associated with oil and gas properties are currently
included in the base for computation and amortization unless the property
has not been evaluated and no estimated reserves have been included for the
property in the Company's total reserves.  All of the Company's reserves are
located within the United States.


NOTE 2:   STOCK TRANSACTIONS

During October 2000, the Company issued 49,245,000 common shares to Red
River Properties, Inc.  (an entity controlled by the President of the
Company) in exchange for an additional 15% of the JFS field.  The Company
now owns a 25% working interest in this field.

In October 2000, the Company also issued 1,000,000 common shares to an
unrelated entity in exchange for promotional and stock monitoring services
valued at $50,000.

As discussed at Note 4, the Company issued 53,800,000 common shares to Red
River Properties for an interest in a Louisiana oil and gas field.  No value
was assigned to these shares because Red River is a related party and had no
basis in the property that it transferred to the Company.

In April 2001, the Company issued 3,000,000 common shares valued at $30,000
to a management consultant.  This issuance represents the stock portion of
the fee to be paid to the consultant for the first six months of services.
The remaining $30,000 was to be paid in cash.

The Company also issued 1,000,000 common shares valued at $10,000 to an
attorney as a retainer for legal services to be provided to the Company.


NOTE 3:   STOCK OPTIONS

During March 2001, the Company granted options to purchase the Company's
stock to its officers/directors, James Landrum, Michael McIlvain, and
Richard Hewitt for their diligent efforts to secure financing and maintain
the corporation's interests.  The grants consisted of options for 5,000,000
shares at an exercise price of $0.10 per share and options for 5,000,000
shares at an exercise price of $0.20 per share for each of these three
individuals.  All of these options expire on December 31, 2011.

At March 31, 2001, the Company had options outstanding for the purchase of
its common stock as presented below. These options are related to employment
agreements and services rendered to the Company.



                                     10

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<PAGE>
    Exercise Price             Exercise Period        # of Shares
    ---------------           ----------------        -----------
    $0.10 per share           Through 12/31/02            500,000
    $0.20 per share           Through 12/31/04            500,000
    $0.10 per share           Through 12/31/05          4,000,000
    $0.10 per share           Through 12/31/10         10,000,000
    $0.20 per share           Through 12/31/10         10,000,000
    $0.10 per share           Through 12/31/11         15,000,000
    $0.20 per share           Through 12/31/11         15,000,000
                                                      -----------
                                                       55,000,000
                                                      ===========


NOTE 4:   OIL AND GAS PROPERTIES

As discussed at Note 2, the Company acquired an additional 15% working
interest in the JFS field, a producing property, in October 2000.  Because
this property was acquired from a related party, the Company takes as its
basis that of the related party.  In this case, Red River Properties had a
basis in this 15% interest of $92,956.  As part of this acquisition, the
Company assumed liability for $99,000 of a production payment that had been
retained by an owner previous to Red River Properties.  This production
payment begins when the property has reached pay-out and continues until the
balance is repaid.  No interest expense is accruing on this amount.

During the six months ended March 2001, the Company has incurred $31,922 for
its share of the costs of reentering and reworking wells on this property
and reworking production equipment.  This property was placed into
production during January 2000.

In April 2001, the Company issued 53,800,000 common shares to Red River
Properties, Inc. in consideration for the assignment of a 3.75% interest in
the Kingsridge Field in Louisiana.  This property is currently producing a
combination of oil and gas.  It had historically produced, was taken out of
production, and was returned to production during 2000. The Company's basis
in this asset is zero because Red River Properties interest in this field
was a carried interest and required no investment from them.


NOTE 5:   EMPLOYMENT CONTRACT

During March 2001, the Company entered into an employment contract with
Richard Hewitt, director and the Company's secretary.  This contract has a
three-year initial term and provides for a base annual salary of $50,000
along with normal employee benefits available to any employee of the
Company.

The Company has existing employment contracts with James Landrum and Michael
McIlvain.  With the addition of this contract, the Company has contracted
with each of the three principal members of its management team.



                                     11

<PAGE>
<PAGE>
NOTE 6:   CONTINGENCY

In August 2000, the Company entered into an agreement to acquire all of the
outstanding shares of MJM Oil and Gas, Inc. in exchange for 215,000,000
common shares issued by the Company.  This transaction is contingent upon
the Company raising a minimum of $10,000,000 in funding to be available as
working capital for the development of properties owned by MJM and for
acquisition of other properties known of or identified by MJM.  As of the
date these financial statements are issued, the Company has not raised this
funding and the agreement has not been consummated.



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

General:

During the quarter ended June 30, 2001 the Company continued to develop
sources for outside financing, and also continued to review and evaluate
possible acquisitions.  The Company reviewed several possible acquisitions,
some of which would require capital infusions along with issuance of the
Company's common stock to complete the transaction.  While no transactions
were entered into, management is confident that with the heightened activity
in the energy industry certain transactions can be completed when adequate
financing is available.

The quarter ended June 30, 2000 was the third quarter of activity following
the change in control of the corporation on October 12, 1999.  The Company
continued a limited private placement of the Company's common stock in order
to raise working capital.  The Company continued the operation of the JFS
property in Dimmit County, Texas.  After significant efforts the operator
was able to place the property back on production in January of 2000.  The
property continues to produce, and further enhancement of the production is
expected to begin when funds become available. The Company is actively
engaged in reviewing acquisitions of producing properties in the oil and gas
sector, and as soon as funds are available, the Company expects to close
certain transactions.  The Company was able to effect the resumption of
trading of the Company's common stock on the over the counter market.  The
Company continues to explore possible transactions to further increase the
assets and operations of the Company.

Liquidity and Capital Resources:

During the current quarter revenues continued on the JFS property and began
on the Kingsridge property in Louisiana, and the Company expects to see
modest revenues until such point that further enhancement of the JFS
property can be accomplished.

Prior to September, 1998 several proposals were received to bring the
Company back into a viable operating status. These attempts included
contacting several companies or being contacted, all of which did not
materialize for various reasons.

During September, 1998, the management of the Company began the process of
bringing the Company back into compliance.  The fiscal year end is September
30; therefore, the first quarter was primarily getting corporate documents
and bookkeeping records together for the audit of 1998 and 1997.

                                     12

<PAGE>
<PAGE>
The assets as of June 30, 2001 were $309,230 consisting primarily of the JFS
property.  The Company's assets on September 30, 2000 were $207,457.

Revenues and Expenses:

The Company reported revenues of $31,529 during the current quarter, most of
which arose from the JFS property. The expenses incurred reflect the
increased activity of the period relative to the inactivity of the year
earlier quarter and the Company's efforts to resume trading of the common
stock.  The Company expects both revenues and expenses to increase as the
Company becomes more active.

The Company reported a loss of $187,824 for the three months ended June 30,
2001 as compared to a net loss of $139,286 for the previous year's quarter.
These results reflect the increased activity of the Company.  The Company
reported a loss of $463,512 for the nine months ending June 30, 2001 as
compared to a loss of $327,155 for the same period a year ago.  These
results also are reflective of the increased level of activity.

On March 5, 2001 the Company acquired a three and three quarters percent
(3.75%) working interest in the Kingsridge Field located in Lafourche
Parish, Louisiana effective April 1, 2001.  The Company acquired the
interest from Red River Properties, Inc., a major stockholder of the Company
in exchange for the issuance of 53,800,000 shares of the Company's common
stock to Red River Properties, Inc.  The Kingsridge Field was returned to
production early in the year 2000, and currently produces approximately 200
barrels of oil per day along with associated natural gas.  While the
Company's interest is small it does provide an additional revenue source for
the Company's operations.  The property is operated by Alpine Exploration
Companies of Dallas, Texas an unrelated third-party.

In April 2001, the Company issued 3,000,000 common shares valued at $30,000
to its new management consultant. This issuance represents the stock portion
of the fee to be paid to the consultant for the first six months of
services. The remaining $30,000 is to be paid in cash.

The Company also issued 1,000,000 common shares valued at $10,000 to an
attorney as a retainer for legal services to be provided to the Company.

No filings were made during the quarter on Form 8K.

Disclosure Regarding Forward-Looking Statements:

Where this Form 10-QSB includes "forward-looking" statements within the
meaning of Section 27A and Section 21E of the Securities Act, the Company
desires to take advantage of the "safe harbor" provisions thereof.
Therefore, the Company is including this statement for the express purpose
of availing itself of the protections of such safe harbor provisions with
respect to all of such forward-looking statements. The forward-looking
statements in this Form 10-QSB reflect the Company's current views with
respect to future events and financial performance. These forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ from those anticipated. These risks include, but
are not limited to, economic conditions within the industry, changing prices
for gas and oil, competition for leases, world-wide inventory levels,
accidents, and environmental regulations.  In this Form 10-QSB, the words

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"anticipates," "believes, "expects," "intends," "future" and similar
expressions identify forward-looking statements. The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect
events or circumstances that may arise after the date hereof. All subsequent
written and oral forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their entirety by
this section.



                              SIGNATURES

In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

                                      GOLDEN CHIEF RESOURCES, INC.


Date: August 17, 2001                 /s/   JAMES W. LANDRUM
                                      James W. Landrum, President


Date: August 17, 2001                 /s/   M. H. MCILVAIN
                                      M. H. McIlvain, Executive Vice President
                                      and Chief Financial Officer