```
**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, 2002

[  ]     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) 754-9160
                                 --------------
                (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 52,078,699 shares of common stock, No Par Value,
                        outstanding as of June 30, 2002.

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

                                       1
**PART I.   FINANCIAL INFORMATION**

Item 1.   Financial Statements

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

                                 Balance Sheets**

                                                June 30,        September 30,
                                                 2002               2001
                                              -------------------------------
                                              (Unaudited)

                                     ASSETS

Current Assets:
      Cash                                   $  (151)             $  142
      Accounts receivable-related party        9,567              22,617
                                               -----              ------
           Total Current Assets                9,416              22,759

Property and  Equipment
      Oil and gas properties                 338,604             288,020
        Less Accumulated depletion           (29,255)            (22,342)
                                         ---------------     ----------------
           Total Property and Equipment      309,349             265,678
                                         ---------------     ----------------

Other Assets:
      Investment in nonmarketable security       -0-              20,000
                                        ----------------    ----------------

      TOTAL ASSETS                         $ 318,765           $ 308,437
                                        ========================================

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
      Current Liabilities
           Accounts payable                $ 351,593           $ 156,880
           Accrued expenses                      -                73,369
           Accrued expense due to
           related parties                   625,560             493,726
           Net profits interest payable       72,202              72,202
                                        ---------------     ----------------
      Total Current Liabilities            1,049,355             796,177
                                        ---------------     ----------------

Stockholders' Equity:
      Common stock, no par value
           (500,000,000 shares
           authorized, 52,078,699
           and 27,878,699 outstanding)     2,864,232           1,596,232
           Additional Paid-in Capital         15,000              15,000
      Accumulated deficit                   (994,640)           (994,640)
      Deficit accumulated during the
          development stage               (2,615,183)         (1,104,332)
                                        ---------------     ----------------
           Total Stockholders' Equity       (730,591)           (487,740)
                                        ---------------     ----------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 318,765           $ 308,437
                                        ===============     ================

                     See accompanying selected information.

                                       F-1
**Golden Chief Resources, Inc.
                        (A Development Stage Enterprise)

                             Statement of Operations
             For Three and Nine Months Ended June 30, 2002 and 2001
                                   (Unaudited)**

                                       Cumulative
                                       During the
                                       Development    Three Months       Nine Months
                                         Stage        2002       2001    2002       2001
                                     ----------------------------------------------------------

Revenues
      Oil and gas                     $ 203,457     $ 8,538    $ 7,971     $ 35,213    $ 16,109
      Other                               1,938           -      1,000            -       1,097
                                     ----------     -------    -------     --------    --------
           Total Revenues               205,395       8,538      8,971       35,213      17,206
                                     ----------     -------    -------     --------    --------
Costs of Revenues
      Lease operating expenses          223,417      14,320     15,758       68,461      33,937
      Depletion                          29,254       1,354      2,562        6,913       4,063
                                     ----------     -------    -------     --------    --------
           Total Costs of Revenues      252,671      15,674     18,320       75,374      38,000
                                     ----------     -------    -------     --------    --------
           Gross Profit/(Loss)          (47,276)     (7,136)    (9,349)     (40,161)    (20,794)
                                     ----------     -------    -------     --------    --------
Operating Expenses:
      Director and officer
        compensation                    740,982           -     60,000      132,500     172,258
      Consulting fees                   913,200           -          -      903,200       1,000
      Professional fees                 581,887     181,750      1,400      290,830      41,037
      Public relations                  183,140      13,140     50,000      108,140      50,000
      Rent                               16,290           -      1,290        1,800       2,580
      Travel                             83,047       2,266      5,488       19,521      17,198
      Other                              91,302       2,819     11,759       14,679      22,288
                                     ----------     -------    -------      -------     -------
           Total Operating Expenses   2,609,848     199,975    129,937    1,470,670     306,361
                                     ----------     -------    -------    ---------    --------

Loss from Operations                 (2,657,124)   (207,111)  (139,286)  (1,510,831)   (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             (2,615,162)   (207,111)  (139,286)  (1,510,831)   (327,116)

      Income taxes                            -           -          -            -           -
                                      ---------     -------     ------    ---------     --------

Net Loss                           $ (2,615,162) $ (207,111) $ (139,286)$(1,510,831)$   (327,116)
                                  =============  ==========  ==========  ==========    ==========

(Loss) per Share                   $      (0.10) $    (0.00) $    (0.00) $    (0.04)   $   (0.01)
                                  =============  ==========  ==========  ==========    ==========

Weighted Average Shares Outstanding  25,369,424  49,012,032  27,778,689   39,423,143  24,567,578
                                  =============  ==========  ==========  ===========  ===========

                     See accompanying selected information.

                                       F-2
**Golden Chief Resources, Inc.
                        (A Development Stage Enterprise)

                        Statement of Stockholders' Equity
                From the Period from August 1998 to June 30, 2002
                                   (Unaudited)**
                                                                                                        Deficit
                                                                                                      Accumulated
                                                                      Additional                       During the
                                            Common Stock               Paid In         Accumulated     Development
                                 Date         Shares        Amount      Capital           Deficit          Stage

Balances, October 1, 1996                   $ 3,221,715   $ 994,640       $ -          $ (994,640)        $ -

Net income for the year                               -           -         -                   -           -
                                            -----------  ----------  -------------    ------------   -------------

Balances, September 30, 1997                  3,221,715     994,640         -            (994,640)          -

Shares issued for services and
      expenses                   09/98        1,594,100       1,594         -                   -           -
Net (loss) for the year                               -           -         -                   -      (1,594)
                                             ----------  ----------  -------------   ------------   -------------

Balances, September 30, 1998                  4,815,815     996,234         -            (994,640)     (1,594)

Shares issued for:
      Expenses                   10/98          568,892       2,477         -                   -           -
      Marketable securities      12/98          721,932       7,219         -                   -           -
      Cash                       01/99           33,000       3,300         -                   -           -
      Marketable securities      02/99           89,460       8,946         -                   -           -
      Consulting                 03/99           50,000      10,000         -                   -           -
      Cash                       04/99           20,000       2,000         -                   -           -
      Expenses                   04/99           20,000       4,000         -                   -           -
      Cash                       07/99           45,000       9,000         -                   -           -
      Marketable securities      07/99          137,500      27,500         -                   -           -
Net (loss) for the year                               -           -         -                   -     (74,342)
                               ---------    ------------  ----------    ----------   -------------   -----------

Balances, September 30, 1999                  6,501,599   1,070,676         -            (994,640)    (75,936)

Shares issued for:
      Oil and gas properties     10/99        9,750,000           -         -                   -           -
      Cash                       10/99           25,000      25,000         -                   -           -
      Cash                       11/99            5,000       5,000         -                   -           -
      Cash and subscription      12/99           10,000      10,000         -                   -           -
      Cash                       01/00            5,100       5,100         -                   -           -
      Cash                       02/00           26,000      26,000         -                   -           -
      Cash                       03/00           14,500      14,500         -                   -           -
      Cash                       06/00           27,000      27,000         -                   -           -
      Public relations services  06/00           50,000      50,000         -                   -           -
      Professional services      07/00          150,000     135,000         -                   -           -
      Cash                       08/00           10,000      10,000         -                   -           -
      Nonmarketable securities   09/00          400,000      20,000         -                   -           -
Net (loss) for the year                               -           -         -                   -    (455,230)
                              -----------  ------------  -----------   ------------   ------------   ----------

Balances, September 30, 2000                 16,974,199   1,398,276         -            (994,640)   (531,166)

                     See accompanying selected information.

                                       F-3
**Golden Chief Resources, Inc.
                        (A Development Stage Enterprise)

                        Statement of Stockholders' Equity
                From the Period from August 1998 to June 30, 2002
                                   (Unaudited)**

(Continued)
                                                                                                 Deficit
                                                                                               Accumulated
                                                                     Additional                During the
                                           Common Stock               Paid In    Accumulated    Development
                                 Date      Shares        Amount       Capital      Deficit         Stage
                                ------    ------------- -------       ---------- ---------      -----------
Shares issued for:
      Oil and gas properties     10/00      4,924,500     92,956             -            -               -
      Professional services      10/00        200,000     65,000             -            -               -
      Options granted            03/01              -          -        15,000            -               -
      Oil and gas properties     04/01      5,380,000          -             -            -               -
      Professional services      04/01        400,000     40,000             -            -               -
Net (loss) for the year                             -          -             -            -        (573,166)
                                          -----------  ------------  ----------- ----------   -------------

Balances, September 30, 2001               27,878,699  1,596,232         15,000    (994,640)     (1,104,332)

Shares issued for:
      Consulting services        12/01      3,500,000    245,000              -           -               -
      Legal services             12/01      1,000,000     70,000              -           -               -
      Consulting services        01/02      2,900,000    225,000              -           -               -
      Legal services             01/02        200,000     28,000              -           -               -
      Consulting services        02/02      6,000,000    420,000              -           -               -
      Consulting services        03/02      1,200,000    108,000              -           -               -
      Legal services             04/02      4,000,000     80,000              -           -               -
      Reverse asset acquisition  05/02       (400,000)   (20,000)             -           -               -
      Legal services             05/02      2,000,000     40,000              -           -               -
      Professional services      06/02        800,000     12,000              -           -               -
      Legal services             06/02      3,000,000     60,000              -           -               -
Net (loss) for the year                             -          -              -           -      (1,303,720)
                                          -----------   --------  -------------   ------------    ==========

Balances, June 30, 2002                    52,078,699 $2,864,232        $15,000   $(994,640)    $(2,408,051)

                     See accompanying selected information.

                                       F-4
**Golden Chief Resources, Inc.
                        (A Development Stage Enterprise)

                             Statement of Cash Flows
                         (Increases/(Decreases) in Cash
                  For Nine Months Ended June 30, 2002 and 2001
                                   (Unaudited)**

                                                           Cumulative
                                                           During the
                                                           Development
                                                              Stage             2002        2001
                                                           -----------          -----       -----
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss                                          $    (2,615,162)  $  (1,510,831 $  (463,512)
     Adjustments to reconcile net loss to net
        cash provided/(used) by operations:
        Depletion                                               29,255           6,913      15,001
        Amortization of prepaid expenses                       126,250               -     126,250
        Loss/(gain) on sale of securities                      (41,331)              -           -
        Unrealized (gain) on securities                              -               -           -
        Stock issued for services and expenses               1,510,721       1,288,000      52,500
     Changes in operating assets and liabilities:
        Accounts receivable                                     (9,700)         13,052      13,300
        Accounts and accrued payables                          278,224         121,344     109,168
        Accrued expenses                                       698,929         131,834     198,718
                                                          ---------------  -------------  ------------

NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES               (68,932)         50,312      51,425
                                                          ---------------  -------------   ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
        Costs of developing oil and gas properties             (93,893)              -     (31,922)
        Proceeds from sale of securities                        96,027               -           -
        Purchase of marketable securities                      (11,031)              -           -
                                                          ---------------  -------------   ------------

NET CASH USED IN INVESTING ACTIVITIES                           (8,897)              -     (31,922)
                                                          ---------------  -------------   ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
        Proceeds stock sales                                   136,900               -           -
        Repayment of production debt                           (24,557)              -     (24,557)
        Proceeds from short term notes                          10,000               -           -
        Repayment of short term notes                          (10,000)              -           -
                                                          ---------------  -------------  ------------

NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES               112,343               -      (24,557)
                                                          ---------------  -------------  -------------

     Increase/(decrease) in cash for period                        102            (293)      (5,054)

        Cash, Beginning of period                                    -             142        5,156
                                                          ---------------   -------------  ------------

        Cash, End of period                               $        102     $      (151)   $     102
                                                          ===============   ============== ============

                     See accompanying selected information.

                                       F-5
**Golden Chief Resources, Inc.
                        (A Development Stage Enterprise)

                             Statement of Cash Flows
                         (Increases/(Decreases) in Cash
                  For Nine Months Ended June 30, 2002 and 2001
                                   (Unaudited)**

(Continued)                                     Cumulative
                                                During the
                                                Development
                                                   Stage          2002            2001
---------------------------------------------------------------------------------------
Supplemental Disclosures:

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

     Stock issued for:
        Various expenses                          3,771               -               -
        Consulting                            1,008,300         998,000               -
        Professional services                   344,000         290,000               -
        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.

                                       F-6
**Golden Chief Resources, Inc.
                        (A Development Stage Enterprise)

                  Selected Information for Financial Statements
                         Nine Months Ended June 30, 2002****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, 2001. In the opinion of Management,
all adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. Operating results for the nine-month
period ended June 30, 2002, are not necessarily indicative of the results that
may be expected for the year ending September 30, 2002.

**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
generating 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. Efforts to raise capital met with little success
during the year ended September 30, 2001. There is no guarantee that sufficient
capital can be raised 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 cash 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.

**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 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**

On December 17, 2001 a special meeting of shareholders was held in Dallas, Texas
at which the Company agreed to effect a reverse split of its common stock at a 1
for 10 ratio. This action was effective as soon as practical and was effected in
the trading of the Company's shares on January 2, 2002. All share and per-share
amounts have been presented as though the reverse split had occurred before any
period presented.

The meeting also approved the filing of an S-8 registration statement with the
Securities and Exchange Commission to allow the issuance of shares to
consultants, advisors and attorneys. The S-8 statement was filed on December 21,
2001 to register 25,000,000 post-reverse-split common shares for the above
stated purpose. The meeting also approved the change of corporate name to be
determined at a later date by management.

                                      F-7

In December 2001 the Company issued common shares pursuant to the S-8 filing to
Steve Owen in the amount of 2,500,000 shares valued at $175,000; Gene Maloney in
the amount of 1,000,000 shares valued at $70,000; and 1,000,000 shares to Aden
L. Vickers valued at $70,000. The shares to Mr. Owen were issued pursuant to his
agreement to provide specific consulting and advisory services in the area of
petroleum engineering, identification of possible asset acquisitions, and
petroleum geology services. The shares to Mr. Maloney were issued pursuant to
his financial consulting agreement with the Company. The shares to Mr. Vickers
were issued as payment for legal fees relative to the filing of the S-8
registration statement.

During the quarter ended March 31, 2002 the Company has issued an additional
9,100,000 shares pursuant to the S-8 registration statement as follows. Gene
Maloney was issued 1,900,000 shares (valued at $95,000) pursuant to his
consulting agreement. Steve Owen was issued 6,000,000 shares (valued at
$420,000) pursuant to his consulting and advisory agreement. William Andrew
Stack was issued 200,000 shares (valued at $28,000) pursuant to his agreement to
provide certain legal services to the Company. 2,200,000 shares (valued at
$238,000) were issued to Dr. Sarvotham Chary who has agreed to provide advisory
services in overseas markets.

During the quarter ended June 30, 2002 the Company has issued an additional
9,000,000 shares (valued at $180,000) pursuant to the S-8 registration statement
to consultants and attorneys pursuant to their agreement to provide certain
legal services to the Company. The Company also issued 800,000 restricted shares
to Vision Publishing for market research services which were valued at $12.000.

**NOTE 3:   CONTINGENCY**

Under the terms of the farm-out agreement with MJM Oil and Gas, Inc. on the JFS
Field, MJM is providing development funds for this property. Consistent with
this arrangement, MJM has a lien against the Company's interest in this field
until such time as the Company has repaid its share of all of the development
costs incurred by MJM in returning this field to production.

**NOTE 4:   STOCK OPTIONS**

At June 30, 2002, the Company had outstanding options for the purchase of its
common stock as presented below. These options are related to employment
agreements and services rendered to the Company.

      Exercise Price                        Exercise Period                          # of Shares
      --------------                        ---------------                          -----------
      $0.10 per share                      Through 12/31/02                                50,000
      $0.20 per share                      Through 12/31/04                                50,000
      $0.10 per share                      Through 12/31/05                               400,000
      $0.10 per share                      Through 12/31/10                             1,000,000
      $0.20 per share                      Through 12/31/10                             1,000,000
      $0.10 per share                      Through 12/31/11                             1,500,000
      $0.20 per share                      Through 12/31/11                             1,500,000
                                                                                     ------------

                                                                                        5,500,000
                                                                                     ============

Changes in outstanding options during the year were as follows:

                  Options outstanding at September 30, 2001                             5,500,000
                     Expirations                                                                -
                     Grants                                                                     -
                                                                                     ------------

                  Options outstanding at June 30, 2002                                  5,500,000
                                                                                     ============

**NOTE 5:   SUBSEQUENT EVENTS**

The Company has entered into a letter of intent to acquire non-producing oil and
gas properties from Venture Energy, Inc. of Dallas, Texas. At the time of filing
the Company is reviewing the individual properties involved, and expects to
reach conclusion in the next two weeks.

                                       F-8

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

**General:**

The Company is actively engaged in reviewing acquisitions of producing and
non-producing properties in the oil and gas sector, and as soon as funds are
available the Company expects to close certain transactions. (See Liquidity and
Capital Resources below and Note 5 to the financial statements above.) The
operation of the JFS property continued with efforts to synchronize the
operation of the various components of the JFS field to enhance production of
natural gas.

On December 17, 2001 a special meeting of shareholders was held in Dallas, Texas
at which the Company agreed to effect a reverse split of its common stock at a 1
for 10 ratio. This action was effective as soon as practical and was effected in
the trading of the Company's shares on January 2, 2002. The meeting also
approved the filing of an S-8 registration statement with the Securities and
Exchange Commission to allow the issuance of shares to consultants, advisors and
attorneys. The S-8 statement was filed on December 21, 2001. The meeting also
approved the change of corporate name to be determined at a later date by
management.

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.

**Liquidity and Capital Resources:**

The Company continues to seek sufficient capital to finalize certain
transactions. Management has met with several parties who could potentially
assist in the above financing. While the overall energy industry is enjoying
continued positive results, the financing of small companies in the energy
sector is still difficult.

During the current quarter the Company's capital resources were extremely
limited. Company management expected that the one for ten reverse split of the
Company's common stock would result in improved marketability of the stock which
could allow for the Company to make limited private placements to bring in
capital for acquisitions and operations. To date only limited success has been
evident, but management continues to seek effective results in this area.

At June 30, 2002 the Company was actively engaged in reviewing acquisitions, and
seeking sufficient capital to close these transactions. The Company is hopeful
that these efforts will be fruitful during this fiscal year. During this quarter
the Company's management agreed to forego the accrual of their salaries until
liquidity and capital resources warrant a change.

During the quarter ended June 30, 2001 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.

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 $8,538 during the current quarter, most of
which was attributable to the JFS Property. Expenses during the quarter
reflected the use of the Company's stock to engage professionals in the legal
and public relations areas. Additional expenditures may be necessary in the
future to further this effort to bring sufficient capital.

The Company reported revenues of $31,529 during the quarter ended June 30, 2001,
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.

                                       2

The Company reported a loss of $207,111 for the three months ended June 30, 2002
as compared to a net loss of $187,824 for the previous year's quarter. The
Company reported a loss of $1,510,831 for the nine months ending June 30, 2002
as compared to a loss of $463,512 for the same period a year ago. These results
also are reflective of the increased level of activity.

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.

During the current the quarter the Company issued certain shares of the
Company's common stock, which are discussed more fully in Note 2 to the
financial statements.

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.

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.

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 "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.

                                       3

**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 12, 2002                         /s/   JAMES W. LANDRUM
                                                    James W. Landrum, President

Date: August 12, 2002                         /s/   M. H. MCILVAIN
                                                    M. H. McIlvain, Executive Vice President
                                                             and Chief Financial Officer
```