U.S. 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 MARCH 31, 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 April 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 March 31, 2001,
and the related statements of operations, stockholders' equity, and cash
flows for the three and six months ended March 31, 2001 and 2000 and the
cumulative information for the period from August 1998 until March 31, 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

May 7, 2001

                                     2

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

                               Balance Sheets

                                                   March 31,  September 30,
                                                     2001         2000
                                                   ---------    ---------
                                                  (Unaudited)

                                 ASSETS

Current Assets:
   Cash                                            $     534    $   5,156
   Accounts receivable-related party                  21,200       24,500
   Prepaid expenses                                   58,750      101,250
                                                   ---------    ---------
      Total Current Assets                            80,484      130,906
                                                   ---------    ---------
Property and  Equipment
   Oil and gas properties (non-producing)            285,848       61,971
     Less Accumulated depletion                      (17,153)      (5,420)
                                                   ---------    ---------
      Total Property and Equipment                   268,695       56,551
                                                   ---------    ---------
Other Assets:
   Investment in non marketable security               20,000       20,000
                                                   ---------    ---------
   TOTAL ASSETS                                    $ 369,179    $ 207,457
                                                   =========    =========


                  LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
   Current Liabilities
      Accounts payable                             $ 196,004    $  96,831
      Accrued expenses                                    -         1,150
      Accrued expense due to related parties         356,473      237,006
      Net profits interest payable                    76,964           -
                                                   ---------    ---------
   Total Current Liabilities                         629,441      334,987
                                                   ---------    ---------

Stockholders' Equity:
   Common stock, no par value (500,000,000
    shares authorized, 219,986,890 and
    169,741,890 outstanding)                       1,541,232    1,398,276
   Accumulated deficit                              (994,640)    (994,640)
   Deficit accumulated during the
    development stage                               (806,854)    (531,166)
                                                   ---------    ---------
      Total Stockholders' Equity                    (260,262)    (127,530)
                                                   ---------    ---------
   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $ 369,179    $ 207,457
                                                   ---------    ---------

See accompanying selected information and accountants' report.
                                     3

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

                          Statement of Operations
           For Three and Six Months Ended March 31, 2001 and 2000
                                (Unaudited)

                               Cumulative
                               During the
                               Development         Three Months              Six Months
                                 Stage           2001        2000         2001          2000
                               -----------    ---------   ----------    ---------    ---------
<S>                            <C>          <C>          <C>          <C>          <C>
Revenues
   Oil and gas                 $   103,938    $  64,328   $    8,138    $  85,519    $   8,138
   Other                             1,938           -            97           -            97
                               -----------    ---------   ----------    ---------    ---------
   Total Revenues                  105,876       64,328        8,235       85,519        8,235
                               -----------    ---------   ----------    ---------    ---------
Costs of Revenues
   Lease operating expenses        117,339       20,266       18,179       75,567       18,179
   Depletion                        17,153        8,020        7,021       11,733        7,021
                               -----------    ---------   ----------    ---------    ---------
   Total Costs of Revenues         134,492       28,286       25,200       87,300       25,200
                               -----------    ---------   ----------    ---------    ---------
      Gross Profit                 (28,616)      36,042      (16,965)      (1,781)     (16,965)
                               -----------    ---------   ----------    ---------    ---------
Operating Expenses:
   Director and officer
    compensation                   448,483       64,167      104,258      124,168      112,258
   Consulting fees                  10,000           -         1,000           -         1,000
   Professional fees               169,347       40,984        8,335       79,157       39,637
   Public relations                 75,000       12,500           -        25,000           -
   Rent                             10,890        1,800        1,290        3,600        1,290
   Travel                           45,549       11,501        4,801       22,449       11,710
   Other                            60,931        8,489        5,778       19,533       10,529
                               -----------    ---------   ----------    ---------    ---------
   Total Operating Expenses        820,200      139,441      125,462      273,907      176,424
                               -----------    ---------   ----------    ---------    ---------
(Loss) from Operations            (848,816)    (103,399)    (142,427)    (275,688)    (193,389)

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        (806,854)    (103,399)    (142,427)    (275,688)    (193,350)

   Income taxes                         -            -            -            -            -
                               -----------    ---------   ----------    ---------    ---------
Net (Loss)                     $  (806,854)   $(103,399)  $ (142,427)   $(275,688)   $(193,350)
                               ===========    =========   ==========    =========    =========
(Loss) per Share               $     (0.01)   $   (0.00)  $    (0.00)   $   (0.00)   $   (0.00)
                               ===========    =========   ==========    =========    =========
Weighted Average Shares
 Outstanding                   129,361,158  219,986,690  163,086,143  219,710,819  156,507,928
                               ===========  ===========  ===========  ===========  ===========
</TABLE>
See accompanying selected information and accountants' report.
                                     4

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

                     Statement of Stockholders' Equity
             For the Period from August 1998 to March 31, 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)

See accompanying selected information and accountants' report.
                                     5

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

                     Statement of Stockholders' Equity
             For the Period from August 1998 to March 31, 2001
                                (Unaudited)
(Continued)
                                                                     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  $       -   $      -   $      -
 Public relations
   services               10/00   1,000,000      50,000         -          -
 Net (loss) for period                   -           -          -    (275,688)
                                -----------  ----------  ---------  ---------

Balances, 03/31/01              219,986,890  $1,541,232  $(994,640) $(806,854)
                                ===========  ==========  =========  =========















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 Six Months Ended March 31, 2001 and 2000
                                (Unaudited)

                                              Cumulative
                                              During the
                                             Development
                                                Stage       2001        2000
                                             ----------  ----------  ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net (loss)                                  $ (806,854) $ (275,688) $(193,350)
 Adjustments to reconcile net (loss) to
 net cash provided by operations:
 Depletion                                       17,153      11,733      7,021
 Loss/(gain) on sale of securities              (41,331)         -       5,015
 Unrealized (gain) on securities                     -           -      (4,941)
 Stock issued for services and expenses         114,321      12,500         -
 Changes in operating assets and liabilities:
 Accounts receivable                            (21,200)      3,300         -
 Prepaid expenses                                80,000      80,000         -
 Accounts and accrued payables                  194,854      98,023     63,992
 Accrued expenses                               357,623     119,467         -
                                             ----------  ----------  ---------
NET CASH PROVIDED/(USED) BY OPERATING
 ACTIVITIES                                    (105,434)     49,335   (122,263)
                                             ----------  ----------  ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Costs of developing oil and gas
  properties                                    (93,892)    (31,921)   (51,782)
 Proceeds from sale of securities                96,027          -       6,016
 Purchase of marketable securities              (11,031)         -          -
                                             ----------  ----------  ---------
NET CASH USED IN INVESTING ACTIVITIES            (8,896)    (31,921)   (45,766)
                                             ----------  ----------  ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds stock sales                           136,900          -      85,600
 Repayment of production debt                   (22,036)    (22,036)        -
 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                                     114,864     (22,036)    85,600
                                             ----------  ----------  ---------
 Increase/(decrease) in cash for period             534      (4,622)   (82,429)

   Cash, Beginning of period                         -        5,156     84,767
                                             ----------  ----------  ---------
   Cash, End of period                       $      534  $      534  $   2,338
                                             ==========  ==========  =========



See accompanying selected information and accountants' report.
                                     7

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

                          Statement of Cash Flows
                       (Increases/(Decreases) in Cash
           For Three and Six Months Ended March 31, 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
             Three and Six Months Ended March 31, 2001 and 2000


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 three-month period
ended March 31, 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
abandoned properties, dry holes, geophysical costs, and annual lease

                                     9

<PAGE>
<PAGE>
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.


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.

    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
                                                      ===========






                                     10

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<PAGE>
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 $31,921 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.


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.


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.


NOTE 7:   SUBSEQUENT EVENTS

In April 2001, the Company has 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 a
producing, combination oil and gas field that has historically produced, but
was only returned to production in the year 2000.

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.


                                     11

<PAGE>
<PAGE>

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

General:

Hartsfield Capital Group

On March 27, 2001 Company entered into an agreement with Hartsfield Capital
Group of Alpharetta, Georgia in which they have agreed to provide consulting
services in the financial and merger and acquisition areas with the goal of
finishing the MJM transaction.  The six month agreement calls for the
Company to pay $5,000 per month and issue 3,000,000 shares of the Company's
restricted common stock to Hartsfield as compensation for the agreement.
The agreement also compensates Hartsfield for capital raised through them on
a sliding scale based on the funds actually raised.

The Company has been seeking a firm such as Hartsfield to assist it in its
financing efforts.  Hartsfield's financing efforts will center on capital
needed for a) the acquisition of joint interest partners' equity in MJM's
existing -producing oil and gas properties, b) continued development of
wells on operating properties, and c) follow-on merger or acquisition
opportunities not yet identified which may include various lease interests
or entire operating companies.

The quarter ended March 31, 2001 was highlighted by the engagement of the
Hartsfield Capital Group discussed more fully above.  Company operations
continued as per previous quarters with production continuing on the JFS
property and the Company's management continuing to seek the financing to
consummate the transaction with MJM Oil and Gas.

The quarter ended March 31, 2000 was the second 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 also placed the JFS property
in Dimmit County, Texas back on production.  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.


Liquidity and Capital Resources:

The Company continues to seek sufficient capital to finalize the transaction
with MJM Oil & Gas, Inc.  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.

The assets as of March 31, 2001 were $369,179 consisting primarily of the
JFS property.  The Company acquired this interest through the change of
control transaction on October 12, 1999 and the transaction of October 2000
whereby an additional 15% working interest in the JFS property was acquired.
The Company had assets of $207,457 on September 30, 2000 and assets of
$227,739 on December 31, 2000.  The Company did not have any assets or
liabilities on September 30, 1998 or on December 31, 1997.


Revenues and Expenses:

The Company reported revenues of $64,328 during the current quarter, all of
which arose from the JFS property.  The expenses incurred reflect the
increased activity of the period due mainly to the acquisition of the
additional 15% working interest in the JFS property.  The Company expects
both revenues and expenses to increase as the Company becomes more active.

The Company reported a loss of $103,399 for the three months ended March 31,
2001 as compared to a net loss of $142,427 for the previous year's quarter.
These results reflect the increased activity of the Company.  The Company
reported a loss of $275,688 for the six months ending March 31, 2001 as
compared to a loss of $196,350 for the same period a year ago.  These
results also are reflective of the increased level of activity.

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


Subsequent Events:

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.


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.



                              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:  May 15, 2001                   /s/   JAMES W. LANDRUM
                                      James W. Landrum, President


                                      /s/   M. H. MCILVAIN
                                      M. H. McIlvain, Executive Vice-
                                      President and Chief Financial
                                      Officer