<PAGE>

                     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, 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, Dallas, Texas               75204
        (Address of principal executive offices)        (Zip Code)

         Issuer's telephone number, including area code: (214) 754-9160

Check whether the issuer (1) filed all reports required to be filed by Sections
13 or 15(d) of the Securities Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes [X]
No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

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

           There were 42,678,699 shares of common stock, No Par Value,
                       outstanding as of March 31, 2002.

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


<PAGE>


PART I.   FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

                          GOLDEN CHIEF RESOURCES, INC.
                        (A Development Stage Enterprise)

                                 BALANCE SHEETS


<Table>
<Caption>
                                                                       March 31,        September 30,
                                                                         2002                2001
                                                                      -----------       -------------
                                                                      (Unaudited)

<S>                                                                    <C>               <C>
                                                 ASSETS

Current Assets:
      Cash                                                             $       461       $       142
      Accounts receivable-related party                                     11,067            22,617
                                                                       -----------       -----------
           Total Current Assets                                             11,528            22,759

Property and  Equipment
      Oil and gas properties                                               338,604           288,020
        Less Accumulated depletion                                         (27,901)          (22,342)
                                                                       -----------       -----------
           Total Property and Equipment                                    310,703           265,678
                                                                       -----------       -----------

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

      TOTAL ASSETS                                                     $   342,231       $   308,437
                                                                       ===========       ===========

                                   LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
      Current Liabilities
           Accounts payable                                            $   339,264       $   156,880
           Accrued expenses                                                     --            73,369
           Accrued expense due to related parties                          626,225           493,726
           Net profits interest payable                                     72,202            72,202
                                                                       -----------       -----------
      Total Current Liabilities                                          1,037,691           796,177
                                                                       -----------       -----------


Stockholders' Equity:
      Common stock, no par value (500,000,000 shares
           authorized, 42,678,699 and 27,878,699 outstanding)            2,692,232         1,596,232
           Additional Paid-in Capital                                       15,000            15,000
      Accumulated deficit                                                 (994,640)         (994,640)
      Deficit accumulated during the development stage                  (2,408,051)       (1,104,332)
                                                                       -----------       -----------
           Total Stockholders' Equity                                     (695,459)         (487,740)
                                                                       -----------       -----------

      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                       $   342,231       $   308,437
                                                                       ===========       ===========
</Table>


     See accompanying selected information.



                                       2
<PAGE>


                          GOLDEN CHIEF RESOURCES, INC.
                        (A Development Stage Enterprise)

                             STATEMENT OF OPERATIONS
             For Three and Six Months Ended March 31, 2002 and 2001
                                   (Unaudited)


<Table>
<Caption>
                                              Cumulative
                                               During the              Three Months                         Six Months
                                              Development      -----------------------------       -----------------------------
                                                 Stage             2002             2001               2002             2001
                                              ------------     ------------     ------------       ------------     ------------

<S>                                           <C>              <C>              <C>                <C>              <C>
Revenues
      Oil and gas                             $    194,919     $     10,338     $     64,328       $     26,675     $     85,519
      Other                                          1,938               --               --                 --               --
                                              ------------     ------------     ------------       ------------     ------------
                  Total Revenues                   196,857           10,338           64,328             26,675           85,519
                                              ------------     ------------     ------------       ------------     ------------

Costs of Revenues
      Lease operating expenses                     209,097           22,507           20,266             54,141           75,567
      Depletion                                     27,900            1,861            8,020              5,558           11,733
                                              ------------     ------------     ------------       ------------     ------------
           Total Costs of Revenues                 236,997           24,368           28,286             59,699           87,300
                                              ------------     ------------     ------------       ------------     ------------

           Gross Profit                            (40,140)         (14,030)          36,042            (33,025)          (1,781)
                                              ------------     ------------     ------------       ------------     ------------

Operating Expenses:
      Director and officer compensation            740,982           60,000           64,167            132,500          124,168
      Consulting fees                              913,200          658,200               --            903,200               --
      Professional fees                            400,137           38,930           40,984            109,080           79,157
      Public relations                             170,000           95,000           12,500             95,000           25,000
      Rent                                          16,290               --            1,800              1,800            3,600
      Travel                                        80,781            7,243           11,501             17,255           22,449
      Other                                         88,483            3,514            8,489             11,860           19,533
                                              ------------     ------------     ------------       ------------     ------------
      Total Operating Expenses                   2,409,873          862,887          139,441          1,270,695          273,907
                                              ------------     ------------     ------------       ------------     ------------

(Loss) from Operations                          (2,450,013)        (876,917)        (103,399)        (1,303,720)        (275,688)

Other Income/(Expense)
      Gain/(loss) on sale of investments            41,331               --               --                 --               --
      Unrealized gain on investments                    --               --               --                 --               --
      Interest income                                  631               --               --                 --               --
                                              ------------     ------------     ------------       ------------     ------------

(Loss) before income taxes                      (2,408,051)        (876,917)        (103,399)        (1,303,720)        (275,688)

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

Net (Loss)                                    $ (2,408,051)    $   (876,917)    $   (103,399)      $ (1,303,720)    $   (275,688)
                                              ============     ============     ============       ============     ============

(Loss) per Share                              $      (0.10)    $      (0.02)    $      (0.00)      $      (0.04)    $      (0.00)
                                              ============     ============     ============       ============     ============

Weighted Average Shares Outstanding             23,081,430       39,878,699       16,308,614         34,628,699       15,650,793
                                              ============     ============     ============       ============     ============
</Table>


     See accompanying selected information.



                                       3
<PAGE>

                          GOLDEN CHIEF RESOURCES, INC.
                        (A Development Stage Enterprise)

                        STATEMENT OF STOCKHOLDERS' EQUITY
               From the Period from August 1998 to March 31, 2002
                                   (Unaudited)


<Table>
<Caption>
                                                                                                                  Deficit
                                                                                                                Accumulated
                                                         Common Stock           Additional                       During the
                                                  --------------------------      Paid In       Accumulated      Development
                                         Date        Shares        Amount         Capital         Deficit          Stage
                                         ----     -----------    -----------    -----------     -----------     ------------

<S>                                     <C>       <C>           <C>            <C>             <C>             <C>
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)
</Table>


     See accompanying selected information.



                                       4
<PAGE>


                          GOLDEN CHIEF RESOURCES, INC.
                        (A Development Stage Enterprise)

                        STATEMENT OF STOCKHOLDERS' EQUITY
               From the Period from August 1998 to March 31, 2002
                                   (Unaudited)


(Continued)

<Table>
<Caption>
                                                                                                                Deficit
                                                                                                              Accumulated
                                                       Common Stock           Additional                       During the
                                                --------------------------      Paid In       Accumulated      Development
                                         Date      Shares        Amount         Capital         Deficit          Stage
                                         ----   -----------    -----------    -----------     -----------     ------------

<S>                                     <C>      <C>           <C>            <C>             <C>             <C>

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
Net (loss) for the year                                  --             --             --              --      (1,303,720)
                                                -----------    -----------    -----------     -----------     -----------

Balances, March 31, 2002                         42,678,699    $ 2,692,232    $    15,000     $  (994,640)    $(2,408,051)
</Table>


     See accompanying selected information.



                                       5
<PAGE>

                          GOLDEN CHIEF RESOURCES, INC.
                        (A Development Stage Enterprise)

                             STATEMENT OF CASH FLOWS
                         (Increases/(Decreases) in Cash
                  For Six Months Ended March 31, 2002 and 2001
                                   (Unaudited)


<Table>
<Caption>
                                                                     Cumulative
                                                                     During the
                                                                     Development
                                                                         Stage             2002             2001
                                                                     ------------     ------------     ------------

<S>                                                                  <C>              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net (loss)                                                      $ (2,408,051)    $ (1,303,720)    $   (275,688)
                                                                     ============
     Adjustments to reconcile net (loss) to
        net cash provided by operations:
        Depletion                                                          27,900            5,558           11,733
        Loss/(gain) on sale of securities                                 (41,331)              --               --
        Unrealized (gain) on securities                                        --               --               --
        Stock issued for services and expenses                          1,318,721        1,096,000           12,500
     Changes in operating assets and liabilities:
        Accounts receivable                                               (11,069)          11,552            3,300
        Prepaid expenses                                                   80,000               --           80,000
        Accounts and accrued payables                                     265,895          109,015           98,023
        Accrued expenses                                                  699,594          132,499          119,467
                                                                     ------------     ------------     ------------

NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES                          (68,340)          50,904           49,335
                                                                     ------------     ------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
        Costs of developing oil and gas properties                        (93,892)              --          (31,921)
        Proceeds from sale of securities                                   96,027               --               --
        Purchase of marketable securities                                 (11,031)              --               --
                                                                     ------------     ------------     ------------

NET CASH USED IN INVESTING ACTIVITIES                                      (8,896)              --          (31,921)
                                                                     ------------     ------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
        Proceeds stock sales                                              136,900               --               --
        Repayment of production debt                                      (22,036)              --          (22,306)
        Proceeds from short term notes                                     10,000               --               --
        Repayment of short term notes                                     (10,000)              --               --
                                                                     ------------     ------------     ------------

NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES                          114,864               --          (22,306)
                                                                     ------------     ------------     ------------

     Increase/(decrease) in cash for period                                   215             (319)          (4,622)

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

        Cash, End of period                                          $        461     $        461     $        534
                                                                     ============     ============     ============
</Table>


     See accompanying selected information.



                                       6
<PAGE>


                          GOLDEN CHIEF RESOURCES, INC.
                        (A Development Stage Enterprise)

                             STATEMENT OF CASH FLOWS
                         (Increases/(Decreases) in Cash
             For Three and Six Months Ended March 31, 2002 and 2001
                                   (Unaudited)


(Continued)

<Table>
<Caption>
                                                                    Cumulative
                                                                    During the
                                                                    Development
                                                                       Stage         2002        2001
                                                                    -----------   ---------    ---------

<S>                                                                  <C>          <C>          <C>
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
</Table>


     See accompanying selected information.



                                       7
<PAGE>


                          GOLDEN CHIEF RESOURCES, INC.
                        (A Development Stage Enterprise)

                  SELECTED INFORMATION FOR FINANCIAL STATEMENTS
               Three and Six Months Ended March 31, 2002 and 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, 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 six-month
period ended March 31, 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.


     See accompanying selected information.



                                       8
<PAGE>

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.

Also see the discussion regarding subsequent events at Note 5 below.


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 March 31, 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.

<Table>
<Caption>
                  Exercise Price                        Exercise Period                          # of Shares
                  --------------                        ---------------                          -----------

<S>                                                    <C>                                       <C>
                  $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
                                                                                                 ============
</Table>

Changes in outstanding options during the year were as follows:

<Table>
<S>                                                                                              <C>
                  Options outstanding at September 30, 2001                                         5,500,000
                     Expirations                                                                           --
                     Grants                                                                                --
                                                                                                 ------------

                  Options outstanding at March 31, 2002                                             5,500,000
                                                                                                 ============
</Table>


NOTE 5:   SUBSEQUENT EVENTS

Subsequent to the quarter ended March 31, 2002 the Company has issued an
additional 4,000,000 shares pursuant to the S-8 registration statement as
follows. William Andrew Stack was issued 4,000,000 shares (valued at $80,000)
pursuant to his agreement to provide certain legal services to the Company.


     See accompanying selected information.



                                       9
<PAGE>



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
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.) 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.

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 Company acquired an additional 15% working interest in the JFS field, a
producing property, in October 2000. This additional interest is burdened by a
net profits interest to an unrelated third-party that precludes the Company from
receiving the revenues from this interest until the net profits interest is
satisfied. The Company expects that, with current prices and production, the net
profits interest should be satisfied sometime in the distant future.

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 March 31, 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.

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 $10,338 during the quarter ending March 31,
2002. The increased expenses incurred reflect the efforts to bring in
consultants and advisors to effectively attract capital. The Company expects
both revenues and expenses to increase as the Company becomes more active.

The Company reported revenues of $64,328 during the quarter ending March 31,
2001, 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




                                       10
<PAGE>

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 8K.

SUBSEQUENT EVENTS:

See footnotes to the financial statements.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS:

Where this Form 10-QSB includes "forward-looking" statements within the meaning
of Section 27A 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. 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 10, 2002             /s/   JAMES W. LANDRUM
                                --------------------------
                                By:  James W. Landrum, President


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



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