U.S. SECURITIES AND EXCHANGE COMMISSION
                         Washington, D. C.  20549

                                FORM 10-KSB

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

                 FOR THE FISCAL YEAR ENDED March 31, 2002
                                    OR
       [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                                    THE
                SECURITIES EXCHANGE ACT OF 1934 (the "Act")

                      Commission file number: 0-9336

                        STANDARD ENERGY CORPORATION
        (Name of Small Business Issuer as specified in its
                                   charter)

              Utah                             87-0338149
(State or other jurisdiction of           (I.R.S. Employer
 incorporation or organization)            Identification No.)

          363 Bearcat Drive
        Salt Lake City, Utah                   84115-2517
(Address of principal executive offices)      (Zip Code)

Issuer's telephone number, including area code: (801) 364-9000

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: $.01
Par Value Common Stock

Check whether the Issuer (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Act during the preceding 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    .

Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B contained in this form, and no
disclosure will be contained, to the best of Issuer's knowledge,
in definitive proxy or information statement incorporated by
reference in Part III of this Form 10-KSB, or any amendment to
this Form 10-KSB    .

The Issuer's revenue for the fiscal year ended March 31, 2002 was
approximately $38,000.




As of June 27, 2002, 105,851,974 shares of the Issuer's common
stock were issued and outstanding of which 52,486,927 shares were
held by non-affiliates. As of June 27, 2002, the aggregate market
value of shares held by non-affiliates, based upon the closing
price reported by the Bulletin Board market reporting system,
operated by Nasdaq of $0.03 bid, was approximately $1,574,608.

ITEM 1.  DESCRIPTION OF BUSINESS

General

 Standard Energy Corporation's ("the Company") principal business
is, and historically has been, the acquisition of unproven oil
and gas leaseholds, primarily with the intent of reselling such
leaseholds to third-parties. Historically, the Company has
acquired primarily federal oil and gas leaseholds through the
Bureau of Land Management's ("BLM") leasing program. The Company
also obtains leases through purchases in competitive bidding
programs offered by various state agencies, principally the
States of Utah and Wyoming (the "Leasing Programs").

     The Company evaluates the geologic potential of the leases,
which it proposes to acquire, based primarily upon geologic
information available through the Company's wholly-owned
subsidiary, Petroleum Investment Company ("PIC"). The Company's
President, Dean W. Rowell, is materially involved in such evalu-
ations which are based, among other factors, upon the results of
prior exploratory and developmental activities on adjacent and
contiguous properties, current lease sale trends and Mr. Rowell's
40-year experience in the domestic oil and gas business.

     The Company, which is known within the industry as a buyer
and seller of leases, typically is approached by a potential
buyer for one or more of its leasehold interests. Negotiations
generally ensue and a dollar price and retained royalty interest
is agreed upon and a sale concludes.

Oil and Gas Leases

     The Company had limited participation in the Leasing
Programs from 1986 through the year ended March 31, 2002, except
through its participation agreements with certain unrelated third
parties on a limited basis. The Company presently has limited
funds available to participate in the Leasing Programs. The
Company believes that the deposit feature of the Leasing Programs
have made the Company's participation in such Leasing Programs
very difficult as the deposit feature penalizes many of the less
capitalized participants and provides a substantial advantage to
Leasing Program participants which have greater financial
resources than the Company.  (See "Management's Discussion and
Analysis of Financial Condition and Results of Operations")



     The location and gross and net acreage of the Company's
inventory of oil and gas leaseholds at March 31, 2002 were
approximately as follows:

     Location        Gross Acres      Net Acres
     Utah                3,465           2,207
     Wyoming             1,243           1,243
     Montana             4,442           2,961
     Total               9,150           6,411

     A gross acre consists of 100% of the working interest. A net
acre is calculated by gross acres multiplied by the percentage of
working interest owned.

     The above chart does not include the Company's interest in
unrelated third-party leasehold acquisitions and leasehold sales.
Third-party leasehold inventory was approximately 9,000 gross
acres and 4,500 net acres at fiscal year ended March 31, 2002.
Also during the fiscal period, the Company's ability to acquire
additional leaseholds was adversely affected. Because the Company
has no financial basis in such leaseholds, the Company's
financial statements and the foregoing acreage charts do not
reflect the acquisition of such newly acquired leaseholds. As
third-party leasehold sales take place, revenue is recorded under
line item "Sales of oil and gas leasehold interest.

     Management has adopted a policy of periodically evaluating
each of the leaseholds held by the Company to determine whether
the current market value of a leasehold justifies making
additional rental payments with respect thereto. Based upon such
evaluation, the Company abandons (writes off) those leaseholds
for which it does not wish to continue making rental payments.
The amount of acreage abandoned and sold by the Company in each
of the last two fiscal years has caused the Company's balance of
inventory to decline over the course of such period, primarily
due to past downturns in the domestic oil industry. No
independent appraisals are obtained by the Company on leases
purchased, nor is there an independent committee of the Board of
Directors which evaluates any of its leases.

     The Company's policy is to acquire and hold leaseholds in
inventory for a period generally not longer than five years in
order to maximize the gain to the Company on such leasehold
costs. The Company does not advertise for the sale of leases
owned by it, but rather believes that most of its leasehold
purchasers become aware of the Company's leaseholds through an
examination of BLM records or other means. During the Company's
two fiscal years ended March 31, 2002 and 2001, revenues from oil
and gas lease royalties during such period were approximately
$31,000 and $42,000 respectively, reflecting little change in the
domestic oil industry during the previous year.  (See
"Consolidated Financial Statements")



     The Company's oil and gas leasehold inventory is
approximately 11,000 net acres at the year ended March 31, 2002,
including leaseholds acquired under third-party agreements.
Although its leasing activity was reduced substantially due to
the sharp decline in exploration activities during the last five
fiscal years, the Company believes it can continue its present
lines of business, including the purchase and sale of newly
acquired oil and gas leaseholds, due to the increase in the price
of domestic oil and gas during the past two years.

     The Company retains a royalty interest, ranging from 1% to
6%, in substantially all of the leaseholds which it has resold.
Since 1981, the Company has not received any substantial earnings
from retained royalty interests in resold leaseholds. The
majority of the leases acquired by the Company are leaseholds
granted by the BLM subject to a 12-1/2% gross royalty interest in
favor of the federal government's BLM.

     The majority of the Company's inventory of undeveloped
leases are subject to the jurisdiction of the BLM, with the
balance being leased from agencies of various Rocky Mountain
states. As a result of the advance lease deposits required under
the Leasing Programs, and the Company's current working capital
difficulties, it may be expected that the percentage of leases
acquired in the future from such states may increase. BLM
leaseholds granted under the Leasing Program are leased by the
BLM at an annual rental of $1.50 per acre, and $2.00 per acre for
leases acquired and held for more than five years.

     The majority of the Company's BLM leasehold inventory at
March 31, 2002 consists of BLM leaseholds granted after January
1, 1994, and generally have an initial term of ten years, which
may be extended for an additional two years if during the initial
term such leasehold is "improved" by the commencement of drilling
activities thereon. Aggregate rentals paid by the Company for all
oil and gas properties leased by it were zero during the period
ended March 31, 2002 and approximately $800 for the comparable
2001 period. The Company retains the right to reacquire the lease
if the purchaser fails to make rental payments due to the BLM on
leases sold to such unrelated third-parties by the Company.

Leasing Programs

     The federal government's Leasing Program is administered by
the BLM pursuant to the Minerals Leasing Act of 1920, as amended.
Under such Act, properties are made available to the public by
means of a competitive bidding system. Properties receiving no
bid are assigned to the Leasing Program. In the Leasing Program,
applicants filing for a given leasehold by a set date are deemed
to have filed simultaneously with other applicants and thus are
eligible to participate in the drawing. Under the Leasing
Program, applicants are required to deposit the first year rental
payments for each property applied for at the time of filing an
application. Funds advanced to the BLM as deposits do not bear
interest.

     During fiscal 2002, the BLM took approximately 50 days, from
the date funds were required to be deposited, to process refunds
of deposits with respect to unawarded leases, which permitted
participants to "rollover" their refunds into payments of advance
deposits in the subsequent Leasing Program drawing period.
However, there can be no assurance as to how long the BLM will
take to refund such deposits in the future.

     The BLM has on several previous occasions, since the Mineral
Leasing Act of 1920, suspended and/or modified the BLM Leasing
Program. No assurance can be given that current Leasing Programs
will not be subsequently eliminated, modified or suspended, or
that the Company will be able to actively participate in or
derive profits from the Leasing Programs.

Geological Information Services

     The Company, through its wholly-owned subsidiary, PIC,
provides a variety of geologic lease evaluation services. PIC
makes available to subscribers monthly reports containing
information which evaluates leases offered in the Leasing
Programs. Such information includes comprehensive geologic data,
recommendations and reports with respect to leaseholds offered in
the Leasing Programs, including PIC's evaluation of the
production prospects of such leaseholds and, frequently, an
estimated resale value for such leaseholds, the names of selected
participants, results of auction sales and drawings, and other
information. In addition to such monthly reports, PIC also sells
information with respect to individual oil and gas properties
throughout the Rocky Mountain area.

     The geologic and other information which PIC makes available
through its reporting services is obtained from different
sources, including PIC's internal files which contain well and
land oil and gas exploration data on a historical basis in the
nine-state area comprising the Rocky Mountain region. Such data
is interpreted and summarized by PIC's part-time in-house
geologists and landmen.

     PIC, through a wholly-owned subsidiary, also provides oil
and gas mapping services with respect to properties located
throughout the Rocky Mountain region. PIC prepares base survey
and geologic maps on various scales, reflecting significant oil
and gas well drilling activity in a particular area.

     During the Company's two fiscal years ended March 31, 2002
and 2001, revenues contributed to the Company's consolidated
revenues by PIC were approximately $7,000 and $6,000,
respectively. The decrease in revenue contributed by PIC for such
fiscal periods, as compared to prior fiscal years, reflects
little change in the domestic oil and gas industry during the
previous year. Low oil prices since the initial 1986 collapse of
worldwide oil prices caused PIC to terminate the services of
several employees, including its geologists. Should higher oil
prices hold for several years it is possible that PIC could again
produce higher revenues for the consolidated business of the
Company. (See "Management's Discussion and Analysis of Financial
Condition and Results of Operations")

Oil and Gas Exploration and Production

     The Company's oil and gas exploration and production
operations are presently insignificant and no reserve information
is available.

Competition

     The Company experiences substantial competition in its
business of buying and selling oil and gas leaseholds. The
Company's competitors include oil companies, as well as numerous
independent operators, many of whom have substantially greater
resources than the Company and its affiliates. The Leasing
Programs, and in particular, the feature which requires advance
deposit of annual lease rentals at the time of applying for such
leases, has the effect of favoring companies with financial
resources greater than the Company's and its affiliates'.

     With respect to its geologic information services, the
Company experiences competition from individual operators who
advise as to the geologic potential of properties listed for
lease under the Leasing Programs and other oil and gas
properties, as well as from publishers of newsletters providing
certain information similar to that which the Company makes
available to its subscribers. The Company believes itself to be a
factor in the geologic information services industry in the Rocky
Mountain States, premised upon the quality and volume of its land
records, the number of subscribers to its publications and the
extremely limited number of competitors, comprised mostly of
individuals, offering similar, but what management believes to be
less complete services to the general public.

     The Company's competitors in oil and gas exploration,
development and production include major oil companies, numerous
independent oil and gas companies, individual proprietors and
drilling programs. Many of such competitors possess greater
financial resources than those available to the Company.

Research and Development of the Biofuels Technologies

     Essentially, the Company has two principal businesses. They
are its traditional oil and gas exploration and production
business that has, during the past 20-years, provided in excess
of $13,000,000 to conduct the research and development ("R&D")
effort to commercialize its second business, the commercial
development of its "Biofuels Technologies", designed to
economically solve the critical problem of disposing of municipal
solid waste ("MSW") through the 100% recycle of MSW into useful
products saleable at a profit.

     Management of the Company believes its R&D efforts have
produced trade secret and know-how protection which, in the
future, should produce valuable patent protection to the
Company's Biofuels Technologies from the Company's long
experience and work conducted at its former "Research Center".

     Based on its R&D efforts, the Company believes its biofuels
plant project near Philadelphia (the "Mayfair Project") would be
the first business to economically produce ethanol transportation
fuel from low-cost organic cellulosic materials ("Celmat")
consisting of mostly paper products easily harvested from MSW
through new generation enviro-friendly manufacturing plants fed
by MSW, which plants would combine recycling, electric power and
ethanol fuel production at several regional biofuels plant sites.

     The Company further believes that its innovative Biofuels
Technologies would create a profit generating solution for three
major contemporary domestic issues. First, it would provide an
opportunity to significantly reduce the volume of MSW that
currently must be landfilled or incinerated. Second, it offers a
low-cost method of producing ethanol fuel, the only known
commercially viable and publicly accepted renewable low-polluting
transportation fuel that the Company believes someday will
compete in price at the pump with gasoline. Third, it offers a
low-cost method of producing electric power from clean burning
lignin fuel. The reason for such optimism is the high dump rates
("Tip Fee") currently paid by municipalities to landfills and
incinerators for the dispose of MSW.

     The Company's Biofuels Technologies is comprised of five
basic elements:

     Recycling MSW:  Receiving and separating inorganic "Salvage"
products including aluminum, copper, steel, iron, glass,
plastics, sand, gravel, dirt, etc. from the organic products in
MSW and selling those inorganic items into local and world
Salvage markets. New separating techniques are introduced,
otherwise, the recycle processes are the same process used in
many present-day commercial MSW recycle operations. The inorganic
portion is approximately 40% of the total volume of MSW.

     Harvesting Celmat:  Harvesting the organic Celmat products,
consisting of paper products, yard and wood wastes, etc. from the
total MSW stream. The organic Celmat is approximately 60% of the
total volume of the MSW stream.

     Reducing Celmat into inverted sugars and "Lignin":  Lignin
is the polymeric substance and cementing material that forms the
woody cell walls of all plant life. Inverted sugars are inside
the woody cell walls. Using the Biofuels Technologies the
inverted sugars are converted into base sugars. These rich
carbohydrates are mostly glucose and xylose fermentable into 200
proof alcohol.

     Producing ethanol fuel:  Ethanol fuel has an octane rating
of 112, much higher than any gasoline. It is produced by blending
5% gasoline with 100% anhydrous alcohol (200 proof/113 octane).
Anhydrous alcohol is a natural alcohol usually made from corn.
Manufacturing alcohol from Celmat has never been economically
successful due to the high cost to extract the fermentable
sugars. The Biofuels Technologies uses several unique processes
to separate the Lignin from the fermentable sugars that reduce
the manufacturing costs dramatically and, based upon current
studies and information, make possible the manufacture of ethanol
fuel for approximately $0.30 per gallon.

     Generating Electric Power:  The recovered Salvage plastics
and Lignin would provide about 50% of the boiler fuel mix.
Together with the addition of 50% natural gas for burner tip
control efficiency, enough steam would be produced to power an
entire Mayfair Project with total electrical self-sufficiency,
plus a substantial amount of excess electric power for sale to
the local or regional power grid systems. The sales value of the
excess electric power has not been included in the Business Plan
financial proforma.

     Ethanol fuel is currently used primarily as an additive to
boost the octane rating of premium grade gasolines. Lignin would
be used as a boiler fuel to produce plant electric power. After
further research, Lignin may have a higher value as a specialty
chemical in the petro-chemical industry to produce a non-toxic
replacement base plastics resin usable to produce such things as
vehicle side panels and bumpers.

     The Biofuels Technologies would recycle 100% of MSW
delivered to the Mayfair Project plant site by independent
private carter/haulers into a stream of inorganic Salvage and
organic Celmat. The Salvage would be harvested and sold into
local and world salvage markets while the Celmat would be
harvested as feedstock for the ethanol fuel production plant for
processing into enviro-friendly renewable ethanol fuel at a total
net cost of approximately $0.30 per gallon compared to the corn-
based method net cost of approximately $1.25 per gallon. The
renewable Lignin cost recovery is included in the cost to produce
ethanol fuel.

     Based upon current studies and information, the full
12-Module design Mayfair Project would consist of a MSW fed
recycle plant (the "Recycle Plant"), a Celmat fed ethanol fuel
production plant (the "Ethanol Plant") and a Salvage plastic/
Lignin/natural gas fired power plant (the "Power Plant"). The
design capacity of the Recycle Plant would process approximately
2,000,000 tons per year of MSW (6,000 tons per day) within a
12-Module design, converting the 2,000,000 tons per year of MSW
into approximately 1,200,000 tons per year of Celmat (3,700 tons
per day) which, in turn, would produce approximately 80,000,000
gallons per year of ethanol fuel (240,000 gallons per day).
Operations would ramp-up in 4-Module sequences until the
12-Module design becomes fully operational.

     The Company's former Research Center provided the Company
with sufficient data to design and construct the 12-Module design
Mayfair Project for the 100% recycle solution to the disposal of
MSW. The 12-Module proprietary design package data is available
to entities expressing a written desire to invest funds in the
Mayfair Project. Written materials include flow sheets, mass and
energy balance, vendor equipment suppliers, construction design,
operating plans, insurance guarantees and qualification of the
selected construction contractors.

     The Mayfair Project, fundamentally, is only an engineering
concept where the Company is contemplating the construction
retrofit of an existing industrial MSW plant complex utilizing
the Company's Biofuels Technologies to manufacture electric
power, ethanol transportation fuel and other saleable products
derived and harvested from the contents of MSW.

     The Company is pursuing a $100,000,000 third-party loan (the
"Loan") and other financing ideas through two wholly-owned
subsidiaries, Mayfair Energy Corporation, a Pennsylvania
corporation ("Mayfair"), and Biofuels, Inc., a Utah corporation
to construct an initial 4-Module design biofuels plant. Final
engineering plans and final financial arrangements with unrelated
third-parties for the Loan and engineering contracts on the
Mayfair Project were not finalized or completed as of June 27,
2002.

Government Regulations

     The Company's business is subject to extensive federal,
state and local regulation. Management believes that the Company
operations are in material compliance with applicable laws, but
is unable to predict what additional government regulations, if
any, affecting the Company's business, may be enacted in the
future; how existing or future laws and regulations might be
interpreted; or whether the Company will be able to comply with
such laws and regulations either in the markets in which it
presently conducts business or wishes to commence and conduct
business in the future.

     There can be no assurance that either the states or the
federal government would not impose additional regulations upon
the Company's activities which might adversely affect the
Company's business.

Insurance

     The Company does not currently have in force general
liability insurance coverage but does have renters liability
coverage on its headquarters office space. There can be no
assurance the coverage limits of the Company's policy would be
adequate, or that the Company can obtain liability insurance in
the future on acceptable terms, or at all.

Environmental Matters

     The Company is not aware of any pending or threatened claim,
investigation, or enforcement action regarding environmental
issues which if determined adversely to the Company, would have
an adverse effect upon the capital expenditures, earnings, or
competitive position of the Company.

Employees

     As of June 27, 2002, the Company had three employees,
including two executive officers and one part time employee. In
addition, the Company's practice in connection with the Leasing
Programs is to contract with geologists and landmen to assist the
Company in the preparation of geologic information reports, etc.
as needed. None of the Company's employees are represented by a
union or subject to a collective bargaining agreement and the
Company has never experienced a work stoppage. The Company
believes its employee relations to be good.

Item 2.  PROPERTIES

Headquarters

     The Company's executive offices are located in a 4,000
square foot building. The premises are leased from a
non-affiliated party, at an annual rental of approximately
$35,000 per year. Such space is shared with Trachyte Oil Company
("Trachyte"), an affiliate of the Company, who pays the Company
approximately $11,000 per year for such shared space. Management
is of the opinion that such cost is comparable to or below normal
rates in the area and believes that such facilities are adequate
for the Company needs in the proximate future.

Oil and Gas Leaseholds

     The location and gross and net acreage of the Company's
inventory of oil and gas leaseholds at March 31, 2002 was
approximately as follows:

     Location        Gross Acres      Net Acres
     Utah                3,465           2,207
     Wyoming             1,243           1,243
     Montana             4,442           2,961
     Total               9,150           6,411

 A gross acre consists of 100% of the working interest. A net
acre is calculated by gross acres multiplied by the percentage of
working interest owned.

Item 3.  LEGAL PROCEEDINGS

     On February 4, 2002 a Civil Action Complaint was filed in
the Court of Common Pleas, Philadelphia, Pennsylvania, against
the Company and Mayfair Energy Corporation, a wholly-owned
subsidiary of the Company, in which the compliant alleges that
the Company and its subsidiary are in default, among other
things, of an amount due to Klehr, Harrison, Harvey, Branzburg &
Eller, LLP, attorney's at law in the amount of $48,275.98.  The
Company's Philadelphia counsel, Schafkopf & Burgess, LLC, filed
answers to the complaint, where the Company and Mayfair demand
judgement in their favor, asking for dismissal of all counts.

     At June 27, 2002 this action is still pending.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to the Company's shareholders for
a vote during the fiscal year ended March 31, 2002.



                                     PART II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
SECURITY HOLDER MATTERS

Price Range of Common Stock

     The Company's shares of Common Stock are traded on the over
the counter Bulletin Board ("OTCBB") electronic quotation
service, operated by The Bulletin Board, Inc., an affiliate of
The Nasdaq Stock Market, Inc. The following table sets forth the
high and low bid quotations of the Company's common stock for the
periods indicated, as reported by the OTCBB. The quotations set
forth below represent prices between dealers and do not include
retail markups, markdowns or commissions and may not represent
actual transactions.

                                     Bid Price
                                 High           Low
      Fiscal Year 2001
 First Quarter  ..........    $  0.24        $  0.12
 Second Quarter ..........       0.36           0.17
 Third Quarter  ..........       0.30           0.11
 Fourth Quarter ..........       0.19           0.11
      Fiscal Year 2002
 First Quarter  ..........    $  0.25        $  0.12
 Second Quarter ..........       0.19           0.08
 Third Quarter  ..........       0.10           0.06
 Fourth Quarter ..........       0.09           0.03
      Fiscal Year 2003
 First Quarter  ..........    $  0.06        $  0.03
  (through June 27, 2002)

Approximate Number of Equity Security Holders:

        Title of Class                holders as of June 27, 2002

Common Stock, par value $0.01 per share:         1,800
Preferred Stock, par value $0.01 per share:      None Issued

     As of June 27, 2002, there were 105,851,974 shares of common
stock outstanding and approximately 1,800 stockholders of record.
The number of stockholders of record does not include an
indeterminate number of stockholders whose shares are held by
brokers and fiduciary depositories in "street name". Management
believes there are in excess of 3,000 beneficial stockholders of
the Company's common stock, including fiduciary depository firms.

Dividends

     The Company has neither declared nor paid any dividends on
its Common Stock since the inception of the Company, and the
Board of Directors does not contemplate the payment of dividends
in the foreseeable future. Any decision as to the future payment
of dividends will depend on the earnings and financial position
of the Company and such other factors as the Board of Directors
may deem relevant. It is the present intention of management to
utilize all available funds for the development of the Company's
business.

Item 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

General

     The Company's primary oil and gas business, the brokerage of
leasehold interests, has not materially changed during the period
ended March 31, 2002 due to the lack of capital to pursue the
purchase of new leases. In light of this lack of capital the
Company has been exploring other ways of generating revenues.

     During the 2003 fiscal period, the Company continues R&D
efforts of its Biofuels Technologies for the recycle of ordinary
MSW into recycled saleable products and the recovery of Celmat
believed by the Company to be convertible into electric power and
ethanol transportation fuel.

     As a result of its R&D efforts, and after working with its
engineering and management contractor, W.J. Scales & Company of
Boerne, Texas (the "Scales Group"), management believes that the
Company has developed what appears to be a commercial application
of the Biofuels Technologies for the future recovery of inorganic
materials and Celmat from the recycle of MSW at its Mayfair
Project. The Mayfair Project would be located in the Northeast
U.S., probably near Philadelphia, where MSW landfills and
transfer stations charge the highest Tip Fee in the U.S. for the
disposal of MSW.

     If operations commence, it is anticipated that the Mayfair
Project would utilize the Biofuels Technologies in a facility
that combines a MSW Recycle Plant, Ethanol Plant and an electric
Power Plant. The facility would separate MSW into separate
inorganic and organic recovery streams. The inorganic stream
products would be sold into the existing commercial Salvage
markets and the organic stream products would be converted into
specialty products such as electric power and ethanol
transportation fuels.

     There can be no assurance that the required capital will be
available to construct the Mayfair Project and there can be no
assurance that the Biofuels Technologies will perform on a
commercial basis. The Company's future operating results will
depend on its ability to obtain adequate financing to construct
the Mayfair Project. Expenses incurred for the Mayfair Project
are currently being accounted for under line item "Research and
Development Costs".

Results of Operations

     The Company realized revenues of approximately $38,000 for
the fiscal year ended March 31, 2002, compared with approximately
$54,000 for the corresponding period ended March 31, 2001. Cash
requirements during the period were obtained from a combination
of internally generated cash flow from operations, loans, asset
sales, and the sale of Rule 144 investment stock to private
individuals.

     There were no revenues from oil and gas leasehold sales for
the fiscal period ended March 31, 2002, and approximately $6,000
for the corresponding period ended March 31, 2001. Leasehold
sales were zero, due to the Company's exploration inactivity.
Revenues from the sale of the Company's geologic information
services were approximately $7,000 for the fiscal period ended
March 31, 2002, compared with approximately $6,000 for the
corresponding period ended March 31, 2001. Revenues from the
Company's geologic information services have declined steadily
from the original collapse of world crude oil prices in 1986.
Recent world crude oil and natural gas price increases may
stimulate domestic drilling activity which would, once again,
create a need for the Company's geologic information services.
Revenue from oil production was approximately $31,000 for the
fiscal period ended March 31, 2002, compared to approximately
$42,000 for the corresponding period ended March 31, 2001. Oil
production revenues are steady as a result of increased world
crude oil and natural gas prices.

     The Company incurred expenses related to its oil and gas
leasehold sales of zero for the fiscal period ended March 31,
2002, compared to approximately $800 for the comparable period
ended March 31, 2001. Expenses associated with the Company's
geologic information services were approximately $6,000 for the
fiscal month period ended March 31, 2002, compared to
approximately $5,000 for the comparable period ended March 31,
2001.

     Expenses associated with the Company's oil production and
exploration activities were zero for the fiscal month period
ended March 31, 2002, due to the abandonment in fiscal 1998 of
the Company's last operated well. There were no costs for the
comparable period ended March 31, 2001, due to the Company's
exploration inactivity. General and administrative expense for
the fiscal month period ended March 31, 2002 were approximately
$118,000, compared to approximately $108,000 for the comparable
period ended March 31, 2002. These low figures reflect the
Company's basic inactivity in its oil and gas sector.

     During the previous three year period all of the Company's
R&D costs were expensed under line item General and
Administrative expense. During the 2002 fiscal period, the
Company created a line item for R&D costs to better distinguish
expenses between general and administrative expenses and the
expenses related to its various biofuels plant projects. These
costs were approximately $30,000 for the fiscal period ended
March 31, 2002, compared to approximately $246,000 for the
comparable period ended March 31, 2001.

     The Company's net loss for the 2002 fiscal period ended
March 31, 2002 was approximately $184,000, compared to
approximately $352,000 for comparable 2001 fiscal period and it
expects to operate at a loss for the 2003 fiscal period, due to
continued R&D costs incurred for the Mayfair Project, and costs
related to its oil and gas business. Mayfair Project costs are
accounted for under line item "Research and Development Costs".
(See "Consolidated Financial Statements")

     The Company does not expect to realize significant cash
flows from the sale of leasehold interests, geologic information
services, or oil production and exploration activities during
fiscal 2003, nor does it expect significant leasehold sales in
the foreseeable future, as the domestic oil industry activity
continues unchanged due to uncertain world crude oil and natural
gas prices.

     The Company has available at March 31, 2002, unused tax
operating loss carry forward of approximately $3,467,672 that may
be applied against future taxable income through 2020. No tax
benefit has been reported in the financial statements, because
the Company believes there is a 50% or greater chance the carry
forwards will expire unused. Accordingly, the potential tax
benefits of the loss carry forwards are offset by a valuation
account of the same amount.





Financial Condition

     Management continues to explore additional financing
alternatives for ongoing and future operations of the Company and
has entered into an agreement with the Scales Group for the
engineering, management, and construction of the Mayfair Project.
There is no assurance that the efforts of management or the
Scales Group to locate and secure additional financing will be
successful, and the failure to secure the Mayfair Project
financing would substantially alter management's assumptions as
herein presented.

     Revenue reduction in the Company's overall oil and gas
business is related to effects of the original worldwide collapse
of crude oil prices in 1986 and the corresponding reduced oil and
gas brokerage activity of the Company. Because of the reduced
activity in its oil and gas business and a 1992 loss of
approximately $4,100,000 in Biomass International, Inc.
("Biomass"), a former partially owned R&D subsidiary, the Company
is currently experiencing cash flow difficulties.

     The Company's most significant assets are (1) its oil and
gas production income, (2) its oil and gas leaseholds held for
resale, approximating 11,000 net acres at June 27, 2002,
including leaseholds acquired under its unrelated third-party
agreements, and (3) its plan for the full development of the
Mayfair Project. Other assets are; (4) the $3,467,672 tax loss
carry forward, and (5) 5,252,556 shares of Biomass. In 1994,
Biomass ceased to exist as an R&D organization and in March 2000,
Biomass was sold as a shell company to an unrelated third-party
under a reorganization plan, ending a 12 year R&D effort.

     Due to the proposed issuance of additional shares of Biomass
to the unrelated third-party purchaser, the Company does not
expect to hold in excess of 5% of the common stock of Biomass
upon completion of a transaction and expects to recover little,
if any, of its approximate $4,100,000 investment in Biomass
represented by 5,252,556 shares of Biomass common stock. At June
27, 2002, the Biomass shares had little value at a bid price of
$0.00 and asked $0.005 on the electronic OTC Pink Sheet market
system. With little or no volume on a daily basis, sales of the
Biomass shares appear impractical in the foreseeable future.

     In order to continue in existence the Company is in need of
additional financing from outside sources or from internal
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern. Management can
give no assurances that it will be successful in its endeavors to
resolve its cash flow difficulties or that it will be able to
retain and ultimately recover its costs in oil and gas leaseholds
held for resale.



     The financial statements do not include any adjustments
relating to the amounts and classification of assets,
liabilities, income or expenses that might be necessary should
the Company be unable to successfully resolve these uncertainties
and continue in existence.

     The Company foresees a need for additional equity financing
in order to continue in existence, and may, in the future, seek
to raise additional funds through asset sales, bank and/or other
loans, debt, or equity offerings. Any such equity offerings,
asset sales, or other financing may either be private or public
and may result in substantial dilution to the then existing
shareholders of the Company. Because of uncertainties existing in
the domestic oil and gas industry and the Mayfair Project, the
Company is not in a position to forecast future earnings or cash
flow. The Company's future is very fluid and largely dependent on
factors outside of its management control.

     For the fiscal period ended March 31, 2002, Dean W. Rowell,
the President of the Company, continues to secure and guarantee
loans for the Company: (1) He has guaranteed two credit cards up
to $110,000 with an outstanding balance of approximately $87,000
at the end of the period, and (2) he continues to loan the
Company funds through Trachyte, his 100% owned privately-held
Utah corporation, with an outstanding loan balance of $489,350,
plus accrued interest of $107,957 for a total amount of $597,307
owed to Trachyte at the period ended March 31, 2002. Expenses
incurred under the use of the credit cards are being accounted
for under line item "Revolving Line of Credit" and expenses
incurred under the loan agreement are being accounted for under
line item "Notes payable to related parties". (See "Consolidated
Financial Statements" above).

     Since fiscal 1991, Trachyte has materially supported the
Company financially largely due to Mr. Rowell's efforts to secure
loans from Trachyte for the Company. The several transactions
with Trachyte have provided the financial means for the Company
to pursue its R&D of the Biofuels Technologies and the
commercialization of the Mayfair Project, otherwise the Company
would have been unable to pursue these goals. Final plans and
final financial arrangements had not been completed for the
Mayfair Project at June 27, 2002.

Plan of Operation

     There have been no significant changes in capitalization or
financial status during the past two years that are not reflected
in the financial statements. The Company's plan of operation
during the next twelve (12) months includes the following:

 1.  Pursue financing for the Mayfair Project.

 2.  Continue R&D, testing MSW processing equipment and testing
     existing and newly developed cellulose enzymes.

 3.  Continue the design and development of the Mayfair
     Project into three businesses -- MSW recycle, ethanol
     fuel production and electric power generation.

 4.  Pursue oil and gas lease acquisition with third party
     investors and investigate the possibility of entering into
     the wholesale electric power generation business.

Inflation

     Inflation continues to apply moderate upward pressure on the
cost of goods and services including those purchased by the
Company. Management believes the net effect of inflation on
operations has been minimal during the past two years.

Recent Accounting Pronouncements

     There are no recent accounting pronouncements that will have
a material impact on the Company's financial statements.

Management's Conflicts of Interest

     Material conflicts of interest exist and will continue to
exist between the Company, Trachyte, and Mr. Rowell, who is also
the President of Trachyte, a privately-held Utah corporation,
whose current major activities are the exploration and production
of oil and gas resources. The Company's policy is to offer any
new oil and gas property purchase first to the Company and then
to Trachyte if the Company is unable to accept the financial
obligation of any transaction. At June 27, 2002, Mr. Rowell
beneficially owned approximately 48% of the common stock of the
Company and 100% of the common stock of Trachyte.

     Mr. Rowell owes a duty of due care and fair dealing to both
the Company and Trachyte and the resolution of duties and
conflicts in favor of one company over the other may impair his
duties to each company. It is likely that any conflict of
interest between the Company and Trachyte requiring a
determination may have to be settled in favor of the Company to
the detriment of Trachyte, as well as to the detriment of the
current and future shareholders of Trachyte.

Item 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The information required by this Item is submitted as a
separate section at the rear of this Form 10-KSB report.

Item 8.  CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
         AND FINANCIAL DISCLOSURE

 None.



                                 PART III

Item 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
         PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE
         ACT

 A.  Identification of Directors and Executive Officers. The
current directors and executive officers of the Company, who will
serve until the next annual meeting of shareholders or until
their successors are elected or appointed and qualified, are set
forth below:

Name       Age Position

Dean W. Rowell         64            CEO/President/Chairman
Pamela K. Nelson       44            Vice President/Secretary
Michael M. Cannon      54            Director

     Dean W. Rowell has been Chairman of the Board, President and
Chief Executive Officer and Chief Financial Officer of the
Company since its inception in April 1978 and was last elected by
shareholders in 1996. Mr. Rowell has been involved in the oil and
gas exploration and production industries for over 40 years.
Prior to serving in his present capacities with the Company, he
served as the president of a number of privately-held energy
related companies. Mr. Rowell is also a director and President of
the Company's wholly-owned subsidiaries, PIC, EnviroSystems,
Biofuels, Inc., and Mayfair Energy Corporation. Mr. Rowell
devotes approximately 80% of his time to the Company.

     Pamela K. Nelson was last elected in 1996 and has been a
Director of the Company since September 1978 and became a Vice
President of the Company in 1979 and Corporate Secretary in 1983.
Ms. Nelson has been involved in landwork and leasing services to
the oil and gas industry for the last 26 years. Ms. Nelson is
also a director, Vice President, Corporate Secretary and Manager
of land and lease operations for the Company's wholly-owned
subsidiary, PIC. She is a director, Vice President, Corporate
Secretary of EnviroSystems, Biofuels, Inc., and Mayfair Energy
Corporation, all wholly-owned subsidiaries of the Company. She
devotes all of her paid time to the Company.

     Michael M. Cannon, a cum laude graduate of the University of
Utah, joined the Company in March 1982 and in September 1982
became a Vice President and Director, with responsibility for
marketing and corporate communications. From January 1979 to
March 1982, Mr. Cannon was President of an advertising and public
relations agency, Cannon Communications, a substantial number of
whose clients were members of the United States House of
Representatives and the Senate. From November 1976 to January
1979, Mr. Cannon served as the press secretary for Gunn McKay, a
United States Representative from the State of Utah. In 1985 Mr.
Cannon served as a state director of the Independent Petroleum
Association of Mountain States and was. Mr. Cannon is presently
self-employed as a consultant in the Communications industry.
Mr. Cannon resigned as an Officer of the Company, effective July
1, 1985, but remains as an outside Director being last elected in
1996, Mr. Cannon has been associated with the Company for over
15-years.

     Each Director shall hold office until the next annual
meeting of shareholders or until his successor shall have been
duly elected and qualified. Officers are elected annually by, and
serve at the pleasure of, the Board of Directors.

 B.  Significant Employees. None.

 C.  Family Relationships. There are no family relationships
among the Company's officers and directors.

 D.  Other Involvement in Certain Legal Proceedings. There have
been no events under the bankruptcy act, no criminal proceedings
and no judgements or injunctions material to the evaluation of
the ability and integrity of any executive officer of the Company
in last five years.

 E.  Administration Action.  None

 F.  Compliance With Section 16(a). Section 16 of the Securities
Act of 1934 requires the filing of reports for sales of the
Company's common stock made by officers, directors and 10% or
greater shareholders. A Form 3 and Form 4 must be filed within
ten days after the end of the calendar month in which a sale or
purchase occurred. Based upon the review of Form 4, Form 3,
and/or Form 5 filed with the Company, the Company is not aware of
any delinquent filings of such forms by any reporting person.

Item 10.  EXECUTIVE COMPENSATION

 The following table sets forth the aggregate compensation paid
by the Company for services rendered during the last three years
to the Company's Chief Executive Officer and to the Company's
most highly compensated executive officers:















                     SUMMARY COMPENSATION TABLE
                        Annual Compensation

                                      Other Annual Restrict
Name and Principal             Commissions Compensation   Stock
Options
Position           Year Salary And Bonuses    (Auto)     Awards
SAR's

Dean W. Rowell     2002 $   -0-      -0-      $4,000       -0-
-0-
President/CEO      2001 $   -0-      -0-      $4,000       -0-
-0-
                   2000 $   -0-      -0-      $4,000       -0-
-0-

     None of the Company's executive officers received aggregate
cash and cash equivalent compensation exceeding $100,000 in any
of the last three fiscal years. No options to purchase any of the
Company's securities were granted to any reporting person during
the fiscal year ended March 31, 2002. During the same period, Mr.
Rowell elected to sell stock in the Company due to limited
corporate cash flow to partially compensate Mr. Rowell in absence
of a salary.

Compensation Pursuant to Plans

     None of the executive officers of the Company are parties to
an employment agreement with the Company. Mr. Rowell who is the
Company's Chairman of the Board, President, Chief Executive and
Chief Financial Officer will continue to serve the Company as
determined by the Board of Directors without a salary or
employment agreement. On April 1, 1997, the Company discontinued
the practice of providing Mr. Rowell a credit card but continues
to provide Mr. Rowell with an automobile at a cost of
approximately $4,000 per year.

     The Company has no other "plans" (as such term is used in
Item 402 of Regulation S-K) with respect to further executive
compensation.

Other Compensation

 Not applicable.

Compensation of Directors

     Directors of the Company receive no compensation for
services as such.

Termination of Employment and Change of Control Arrangements

      Not applicable.

Item 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

     The following table sets forth the number of shares
beneficially owned, as of June 27, 2002, by each Director of the
Company, by all officers and Directors as a group and by all
persons known to the Company as owning or possessing voting
control over five (5%) percent or more of the Company's
outstanding shares of Common Stock:

                                   Number        Percentage
                                 of Shares       of Shares
 Name and Address                  Owned        Outstanding

 Dean W. Rowell (1)             50,643,947          47.8%

 Pamela K. Nelson                2,708,100           2.6%

 Michael M. Cannon                  13,000            .0%
 All Officers and Directors
   as a group                   53,365,047          50.4%
___________
(1) This figure includes all of the shares owned by Trachyte.

Item 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Transactions with Management and Others

     Geologic and other information which PIC has or develops is
available to Mr. Rowell as an officer of the Company, and he may
use such information for the benefit of the Company in
determining which leases to buy or sell. Such information is also
available to Mr. Rowell, without cost, in connection with Mr.
Rowell's participation in the Leasing Programs.

     During the eleven year period since fiscal 1991, Trachyte
has helped financially support the Company largely due to Mr.
Rowell's efforts to secure loans from Trachyte for the Company
during periodic cash flow difficulties. During such periods, the
several transactions with Trachyte have provided the financial
means for the Company to pursue commercialization of the Mayfair
Project, otherwise the Company would have been unable to pursue
this goal. Final plans and final financial arrangements had not
been completed for the Mayfair Project as of June 27, 2002.

     During the fiscal period ended March 31, 2002, the Company
continued to experience severe cash flow difficulties which have
continued into the 2003 fiscal period. Since the Company has been
unable to repay any of the loans from Trachyte during the past
two fiscal periods, Trachyte has received a demand note from the
Company, including interest at 12% per annum, with a principal
and interest balance at March 31, 2002 of approximately $597,307.
Neither Mr. Rowell nor Trachyte received any common stock in
exchange for debt forgiveness during the period ended March 31,
2002.

     On July 15, 1996, the Company formed Biofuels, Inc., a
wholly- owned subsidiary, for the purpose of investing in and
developing the Biofuels Technologies for the Mayfair Project.
This effort was centered on management's belief that a Celmat to
ethanol technologies could be commercialized, based on the
Company's extensive experience at its former Research Center from
1982 through 1992, and its experience in developing the Mayfair
Project with the Scales Group through June 27, 2002.

Forward Looking Statements

     The forgoing discussion in "Management's Discussion and
Analysis of Financial Condition and Results of Operation" contain
forward-looking statements, within the meaning of Section 27A of
the Securities Act of 1933, as amended (the "Act") and Section
21E of the Act, which reflect Managements current views with
respect to the future events and financial performance. The
Company cautions that words used in this document such as
"experts", "anticipates", "believes" and "may" as well as similar
words and expressions identify and refer to statements describing
events that may or may not occur in the future, including among
other things, statements relating to anticipated growth and
increased profitability, as well as to statements relating to the
Company's strategic plan, including plans to develop the Mayfair
Project and to selectively acquire other companies. These
forward-looking statements and the matters to which they refer to
are subject to considerable risks and uncertainties that may
cause actual results to be materially different from those
described in this document, including, but not limited to future
financial performance and future events, competitive pricing for
services, costs of obtaining capital as well as national,
regional and local economic conditions. Actual results
could differ materially from those addressed in the forward-
looking statements. Due to such uncertainties and risks, readers
are cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this Form 10-KSB
report.

Indebtedness of Management

     Reference is made to Section above entitled "Transactions
with Management and Others".

Parents of Company

     The only parents of the Company, as defined in 12b-2 of the
Exchange Act, are the officers and directors of the Company. For
information regarding the share holdings of the Company's
officers and directors, see Item 11.



                                    PART IV

Item 13.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
     FORM 8-K

 A.  The Exhibits which are filed with this Report or which are
incorporated by reference are set forth in the Exhibits Index
below.

 B.  The Company filed no Form 8-K during the fiscal year ended
March 31, 2002. The financial statement information required by
this portion of Item 13 is submitted as a separate section at the
rear of this Report.

Exhibits to Form 10-KSB

There is only one exhibit to this Form 10-KSB filing:

 "Consent of Independent Auditors".



































                                  SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.

          STANDARD ENERGY CORPORATION




          By:  /s/ Dean W. Rowell
               Dean W. Rowell
               President
June 27, 2002
Salt Lake City, Utah


 Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the date
indicated:

    Signature                  Capacity           Date






/s/ Dean W. Rowell      President and Director     June 27, 2002
  Dean W. Rowell        (Principal Executive,
             Financial and Accounting Officer)





/s/ Pamela K. Nelson     Vice President             June 27, 2002
  Pamela K. Nelson       Corporate Secretary,
                         Treasurer and Director





/s/ Michael M. Cannon      Director                 June 27, 2002
  Michael M. Cannon














                        STANDARD ENERGY CORPORATION
                             AND SUBSIDIARIES
                     CONSOLIDATED FINANCIAL STATEMENTS

                              March 31, 2002













































                        C O N T E N T S


Independent Auditors' Report...............................3

Consolidated Balance Sheet.................................4

Consolidated Statements of Operations......................6

Consolidated Statements of Stockholders' Equity (Deficit)..7

Consolidated Statements of Cash Flows......................8

Notes to the Consolidated Financial Statements.............9





































                  INDEPENDENT AUDITORS' REPORT

The Board of Directors
Standard Energy Corporation
Salt Lake City, Utah

We have audited the accompanying consolidated balance sheet of
Standard Energy Corporation and Subsidiaries as of March 31,
2002, and the related consolidated statements of operations,
stockholders' equity (deficit) and cash flows for the years ended
March 31, 2002 and 2001.  These consolidated financial statements
are the responsibility of the Company's management.  Our
responsibility is to express an opinion of these consolidated
financial statements based on our audits.

We conducted our audits in accordance with accounting standards
generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the consolidated financial statements.  An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the consolidated
financial position of Standard Energy Corporation and
Subsidiaries as of March 31, 2002, and the results of their
operations and their cash flows for the years ended March 31,
2002 and 2001, in conformity with accounting principles generally
accepted in the United States of America.

The accompanying consolidated financial statements have been
prepared assuming that the Company will continue as a going
concern.  As discussed in Note 7 to the consolidated financial
statements, the Company has had no significant operating results
to date and has a working capital deficit of $772,441, which
together raises substantial doubt about its ability to continue
as a going concern.  Management's plans with regard to these
matters are also described in Note 7.  The consolidated financial
statements do not include any adjustments that might result from
the outcome of this uncertainty.



HJ& Associates
Salt Lake City, Utah
May 21, 2002



               STANDARD ENERGY CORPORATION AND SUBSIDIARIES
                      Consolidated Balance Sheet

                                             ASSETS

                                           March 31,
                                              2002

CURRENT ASSETS

  Cash                                     $    1,978

    Total Current Assets                        1,978

PROPERTY AND EQUIPMENT, net(Note 2)             3,000

INVESTMENT IN OIL AND GAS PRODUCING
  PROPERTIES, net of depletion of
  $92,970 (Note 3)                                  -

OTHER ASSETS

  Cash surrender - life insurance               1,673
  Oil abd gas leases held for resale
  (Note 3)                                     71,653
  Pledged drilling bonds (Note 3)              25,000

    Total Other Assets                         98,326

    TOTAL ASSET                            $  103,304






















The accompanying notes are an integral part of these consolidated
financial statements

            STANDARD ENERGY CORPORATION AND SUBSIDIARIES
               Consolidated Balance Sheet (Continued)

            LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)


                                                     March 31,
                                                       2002


CURRENT LIABILITIES

  Accounts payable and accrued expenses             $  192,511
  Deferred lease income                                  5,208
  Revolving line of credit                              87,350
  Note payable - related party (Note 5)                489,350

    Total Current Liabilities                          774,419

COMMITMENTS AND CONTINGENCIES (Note 4)

STOCKHOLDERS' EQUITY (DEFICIT)

  Preferred stock, par value $0.01 per share
   authorized 10,000,000 shares, no shares
   issued and outstanding                                    -
  Common Stock; par value $.01 per share;
 200,000,000 shares authorized; 105,851,974
     shares issued and outstanding                   1,058,519
  Additional paid-in capital                         7,479,073
  Treasury stock                                       (83,253)
  Accumulated deficit                               (9,125,454)

    Total Stockholders' Equity (Deficit)              (671,115)

    TOTAL LIABILITIES AND STOCKHOLDERS'
     EQUITY (DEFICIT)                               $  103,304















The accompanying notes are an integral part of these consolidated
financial statements

           STANDARD ENERGY CORPORATION AND SUBSIDIARIES
              Consolidated Statements of Operations

                                        For the Years Ended
                                              March 31
                                           2002         2001

REVENUES

  Oil and gas information services      $    6,936   $    6,000
  Oil and gas leasehold interests                -        5,888
  Oil and gas lease royalties               31,334       41,735

    Total Revenues                          38,270       53,623

EXPENSES

  Oil and gas information services           6,187        5,343
  Oil and gas leasehold interests                -          837
  Depreciation, depletion and amortization   7,500        4,000
  Project Costs (Note 6)                    29,997      246,315
  General and administrative               118,137      107,758

    Total Expenses                         161,821      364,253

OPERATING LOSS                          $ (123,551)  $ (310,630)

  Interest and other income                  4,582       14,343
  Interest expense                         (65,566)     (56,022)

    Total Other Income (Expense)           (60,984)     (41,679)

NET LOSS                                $ (184,535)  $ (352,309)

BASIC LOSS PER SHARE                    $     (.00)   $     (.00)

WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING                    105,851,974   104,738,582














The accompanying notes are an integral part of these consolidated
financial statements

             STANDARD ENERGY CORPORATION AND SUBSIDIARIES
       Consolidated Statements of Stockholders' Equity (Deficit)
            For the Years Ended March 31, 2002 and 2001





                                            Additional
                               Common Stock   Paid-in
Accumulated
                                 Shares        Amount
Capital
   Deficit


Balance, March 31, 2000          1,037,420     (83,253)
105,261,974  $1,052,619  $ 7,412,973  $(8,588,610)

Common stock issued for cash
at $0.10 to $0.15
per share                                -           -
590,000     5,900        66,100            -

Net loss for the year ended
March 31, 2001                           -            -
 -         -            -     (352,309)

Balance, March 31, 2001          1,037,420     (83,253)
105,851,974  $1,058,519  $ 7,479,073  $(8,940,919)

Net loss for the year ended
March 31, 2002                           -            -
 -         -            -     (184,535)

Balance, March 31, 2002          1,037,420     (83,253)
105,851,974  $1,058,519  $ 7,479,073  $(9,125,454)















The accompanying notes are an integral part of these consolidated
financial statements

      STANDARD ENERGY CORPORATION AND SUBSIDIARIES
         Consolidated Statements of Cash Flows

                                         For the Years Ended
                                              March 31
                                           2002         2001
CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss                                $ (184,535) $(352,309)
  Adjustments to reconcile net loss to
    net cash used by operating activities:
  Depreciation, depletion and amortization     7,500      4,000
  Changes in assets and liabilities:
    Increase in accounts payable and
    accrued expenses                          96,394     60,074
  Increase in deferred rental income           5,208          -
  Net Cash Used by Operating Activities      (75,433)  (288,235)

CASH FLOWS FROM INVESTING ACTIVITIES
  Cash value - life insurance                   (806)     (867)

    Net Cash Used by Investing Activities       (806)     (867)

CASH FLOWS FROM FINANCING ACTIVITIES

  Payments on notes payable-related parties       -    (45,650)
  Proceeds from notes payable-related
    parties                                88,500      285,500
  Proceeds from notes payable                   -            -
  Net change to line of credit            (20,389)      13,497
  Proceeds from issuance of common
   stock                                        -       42,000

  Net Cash Provided by Financing
   Activities                              68,111      295,347

NET INCREASE (DECREASE) IN CASH            (8,128)       6,245

CASH AT BEGINNING OF YEAR                  10,106        3,861

CASH AT END OF YEAR                   $     1,978  $    10,106

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

CASH PAID FOR:
Interest                              $    12,037  $     2,647
Income taxes                          $         -  $         -
NON-CASH FINANCING ACTIVITIES
  Common stock issued for debt        $         -  $    30,000



The accompanying notes are an integral part of these consolidated
financial statements

        STANDARD ENERGY CORPORATION AND SUBSIDIARIES
        Notes to the Consolidated Financial Statements
                     March 31, 2002 and 2001

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The Company was organized under the laws of the State of Utah on
April 3, 1978.  The Company's principal business activity is the
acquisition and resale of unproven oil and gas leaseholds.  The
Company also provides a variety of geologic lease evaluation
services and information.  Further, the Company receives royalty
income from leasehold interests held by the Company.

Principles of Consolidation

The consolidated financial statements include the accounts of
Standard Energy Corporation and its wholly owned subsidiaries,
Standard EnviroSystems, Inc., Petroleum Investment Company,
Petroleum Map Service Company and Mayfair Energy Corporation
(formerly known as Mayfair Trashfuel Corporation) (the Company).
Significant intercompany accounts and transactions have been
eliminated in consolidation.

Oil and Gas Leasehold Interest Held for Resale

The Company's inventory of oil and gas leasehold interests held
primarily for resale to other parties is valued at the lower of
the costs to acquire the interests or market.  Cost of sales is
based on the cost of the specific leasehold interest sold.

Oil and Gas Activities

The Company follows the successful efforts method of accounting
for its oil and gas exploration and production activities as
prescribed by Statement No. 19 of the Financial Accounting
Standards Board.

Property and Equipment

Property and equipment are valued at cost and, except for oil and
gas properties, are depreciated or amortized principally by the
straight-line method over their estimated useful lives.  The
useful lives of property and equipment for purposes of financial
reporting range from five to seven years.








      STANDARD ENERGY CORPORATION AND SUBSIDIARIES
     Notes to the Consolidated Financial Statements
                March 31, 2002 and 2001

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICES (Continued)

Provision for Taxes

At March 31, 2002, the Company had net operating loss
carryforwards of $5,436,844 that may be offset against future
taxable income through 2020.  No tax benefit has been reported in
the financial statements, because the Company believes there is a
50% or greater chance the carryforwards will expire unused.
Accordingly, the potential tax benefits of the loss carryforwards
are offset by a valuation account of the same amount.

The income tax benefit differs from the amount computed at
federal statutory rates of approximately 38% as follows:

                                For the Years Ended
                                                 March 31
                                            2002         2001

Income tax benefit at statutory rate    $  (70,123)  $  (133,877)
Change in valuation allowance               70,123       133,877

                                        $        -   $         -

Deferred tax assets (liabilities are comprised of the following:

                                or the Years Ended
                                                 March 31
                                            2002         2001

Income tax benefit at statutory rate    $(3,467,672) $(3,397,549)
Change in valuation allowance             3,467,672    3,397,549

                                        $        -    $         -

Due to the change in ownership provisions of the Tax Reform Act
of 1986, net operating loss carryforwards for Federal income tax
reporting purposes are subject to annual limitations. Should a
change in ownership occur, net operating loss carryforwards may
be limited as to use in future years.










         STANDARD ENERGY CORPORATION AND SUBSIDIARIES
        Notes to the Consolidated Financial Statements
                  March 31, 2002 and 2001

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Basic Loss Per Share

The computation of basic loss per share of common stock is based
on the weighted average number of shares of common stock
outstanding during the periods presented.  Common stock
equivalents have not been included because they are antidilutive
in nature.

                                   For Year Ended
                                  March 31, 2002

                          Loss        Shares       Per Share
                       (Numerator)  (Denominator)    Amount

                       $ (184,535)    105,851,974  $  ( .00)

                                   For Year Ended
                                   March 31, 2001
                           Loss        Shares       Per Share
                       (Numerator)  (Denominator)    Amount

                       $ (352,309)    104,738,582  $    (.00)


Cash Flows Statement

For purposes of statements of cash flows, the Company considers
all highly liquid debt investments purchased with a maturity of
three months or less to be cash equivalents.

Estimates

The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.









     STANDARD ENERGY CORPORATION AND SUBSIDIARIES
    Notes to the Consolidated Financial Statements
             March 31, 2002 and 2001

NOTE 2 - PROPERTY AND EQUIPMENT

The following is a summary of property and equipment - at cost,
less accumulated depreciation as of March 31, 2002:

              Computers                          $    7,711
              Furniture and fixtures                 51,393
              Printing systems                       35,648
              Well and land files and maps          305,000
                   Total                            399,752

                   Less: accumulated depreciation  (396,752)

                   Total                           $  3,000

Depreciation expense for the years ended March 31, 2002 and 2001
was $7,500 and $4,000, respectively.

NOTE 3 - OIL AND GAS PROPERTIES

The Company's primary oil and gas businesses, brokerage of
leasehold interests and sales related to its information
services, have decreased significantly over the past few years.
At March 31, 2002 the Company was holding of oil and gas leases
for resale with a cost basis of $71,189.

The Company has negotiated agreements with certain non affiliates
to provide capital to jointly participate in a leasing program
for oil and gas leases.  Under these agreements, the Company
provides raw data and services to identify potential leases.  The
Company earns approximately 40% gross interest in each leasehold
obtained.  Because the Company has no cost in the leases, its
share of the net proceeds is recognized as revenue when the
leases are sold and are recorded as sales of oil and gas
leasehold interests.

In connection with its lease brokerage activities, the Company
has included in other assets pledged certificates of deposit in
the amount of $25,000 which are to secure a statewide oil and gas
lease bond in the State of Utah and an individual lease bond in
the State of Wyoming.

NOTE 4 - COMMITMENTS AND CONTINGENCIES

Office Lease

The Company leases its office space on a month-to-month basis.



      STANDARD ENERGY CORPORATION AND SUBSIDIARIES
     Notes to the Consolidated Financial Statements
               March 31, 2002 and 2001

NOTE 5 - RELATED PARTY TRANSACTIONS

The Company signed a $50,000 note payable to Trachyte Oil Company
on March 31,1998.  The note bears interest at 12.00% and is due
upon demand.  The note is unsecured and has increased as funds
have been advanced.  The balance due at March 31, 2002 was
$489,350 plus accrued interest is $107,957.

NOTE 6 - PROJECT COSTS

During the year ended March 31, 2002 and 2001, the Company spent
$246,315 and $29,997 on Project costs associated with the Mayfair
Energy Project (the Project) near Bridgewater township Somerset
County, New Jersey.  The Company had entered into a long term
agreement.  The agreement is now null and void.

NOTE 7 - GOING CONCERN

These financial statements have been prepared assuming that the
Company will continue as a going concern.  The Company has
incurred significant losses in the past which have resulted in
working capital and accumulated deficits.  These deficits have
been caused primarily from the Company's investment in Biomass
International, Inc. (a development stage company)
and significantly reduced revenues from sales of its oil and gas
leasehold interests and information services.  Because of the
currently depressed conditions in the oil and gas industry,
coupled with the Company's cash flow difficulties, the Company's
ability to retain and ultimately recover its investments in oil
and gas leaseholds held for resale and other assets of the
Company, is uncertain at this time.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.  Management's plans in this regard are to seek
additional financing through loans or through the issuance of
equity securities and to seek increased sales related to its oil
and gas businesses.  However, management can give no assurance
that it will be successful in its endeavor to resolve its cash
flow difficulties or that it will be able to retain and
ultimately recover its cost in oil and gas leaseholds held for
resale and the other assets of the Company.  The financial
statements do not include any adjustments relating to the
recoverability and classification of liabilities, income or
expenses that might be necessary should the Company be unable to
continue as a going concern.






       STANDARD ENERGY CORPORATION AND SUBSIDIARIES
       Notes to the Consolidated Financial Statements
                 March 31, 2002 and 2001

NOTE 8 - CAPITAL STOCK

Preferred Stock

The Company has authorized 10,000,000 shares of preferred stock,
$0.01 par value with such rights, preferences and designations
and to be issued in such series as determined by the Board of
Directors.  No shares are issued and outstanding at March 31,
2002.

NOTE 9 - INDUSTRY SEGMENTS

The Company operates in three principal industries: oil and gas
information services, brokerage of oil and gas leasehold
interests and oil and gas exploration and production.
Information as to the Company's segments is summarized below as
of March 31 for the years then ended:

                                           2002             2001

Revenues
  Oil and gas information services      $  6,396        $   6,000
  Oil and gas leasehold interests              -            5,888
  Oil and gas leases royalties            31,334           41,735

                                        $ 38,270        $  53,623

Operating Profit (Loss)
  Oil and gas information services      $    749        $    657
  Oil and gas lease interest                   -           5,051
  Oil and gas royalties                   31,334          41,735
  Corporation and investment            (155,634)       (358,073)

                                       $(123,551)      $(310,630)

Identifiable Assets

  Oil and gas leases held for resale   $  71,653       $  71,653
  Pledged drilling bonds                  25,000          25,000
  Corporation and investment               6,651          13,063

                                       $ 103,304       $ 118,126

Depreciation, Depletion and
  Amortization                         $  7,500        $   4,000





      STANDARD ENERGY CORPORATION AND SUBSIDIARIES
     Notes to the Consolidated Financial Statements
               March 31, 2002 and 2001

NOTE 9 - INDUSTRY SEGMENTS (Continued)

The Company has no intersegment sales or sales to affiliated
customers.  Operating loss consists of total revenues less total
expenses, except for interest expense which has not been
allocated to any segment.  Identifi-able assets by segment
represent those assets that are used in the Company's operations
in each industry.  Corporate assets which are not allocated to
any segment are principally cash, short-term investments,
marketable securities and a portion of property and equipment.
Capital expenditures in fiscal 2002 and 2001 were insignificant.
The Company's oil and gas exploration and production operations
are presently insignificant and no reserve information is
available.

NOTE 10 - NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS

During the years ended December 31, 2001, and 2000, the Company
adopted the provisions of FASB Statement No. 140 "Accounting for
Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities (a replacement of FASB Statement No. 142,
"Goodwill and Other intangible Assets," FASB Statement No. 143,
"Accounting for Asset Retirement Obligations," FASB Statement No.
144, "Accounting for the Impairment or Disposal of Long-Lived
Assets," and FIN 44 "Accounting for Certain Transactions
Involving Stock Compensation (an interpretation of APB Opinion
No. 25)." The effect of these adopted provisions on the Company's
financial statement was not significant.