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, 2001
                                    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, 2001 was
approximately $54,000.




As of June 27, 2001, 105,851,974 shares of the Issuer's common
stock were issued and outstanding of which 52,133,093 shares were
held by non-affiliates. As of June 27, 2001, 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 $0.125 bid, was approximately $6,516,637.

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 ("Rowell"), is materially involved in
such evaluations 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
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, 2001, 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, 2001 were
approximately as follows:

               Location        Gross Acres      Net Acres
               Utah                7,234           7,234
               Wyoming             6,738           4,799
               Montana             4,442           2,961
               Total              18,414          14,994

     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 30,000 gross
acres at fiscal year ended March 31, 2001. 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, 2001 and 2000, revenues from oil
and gas lease royalties during such period were approximately
$42,000 and $25,000 respectively, reflecting the upturn in the
domestic oil industry.  (See "Consolidated Financial Statements")

     The Company's oil and gas leasehold inventory remains at
approximately 45,000 net acres at the year ended March 31, 2001,
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 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, 2001 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 thereupon. Aggregate rentals paid by the Company
during the years ended March 31, 2001 and 2000 for all oil and
gas properties leased by it were approximately $1,000 and $4,000,
respectively. 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 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 2001, 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, 2001
and 2000, revenues contributed to the Company's consolidated
revenues by PIC were approximately $6,000 and $5,000,
respectively. The decrease in revenue contributed by PIC for such
fiscal periods, as compared to prior fiscal years, reflects the
depth of the downturn in the domestic oil and gas industry. 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 - Biofuels Technology

     The Company continues to research and develop ("R&D") its
biofuels technologies for the recycle of ordinary municipal solid
waste, garbage, trash, paper and plastic material streams
("Municipal Waste") into recycled products and feedstock for the
production of electricity and ethanol transportation fuel (the
"Biofuels Technology").

     Working with its engineering and management contractor, W.J.
Scales & Company of Boerne, Texas (the "Scales Group"), the
Company believes it has developed a commercial application for
the Biofuels Technology at several potential biofuels plant
project sites in the Northeast United States (the "Mayfair
Project") where Municipal Waste landfills and transfer stations
charge some of the highest dump rates ("Tip Fee") in the U.S. for
the disposal of Municipal Waste.

     If operations commence, it is anticipated that the Mayfair
Project would utilize the Biofuels Technology in a facility that
combines a Municipal Waste recycle plant, an ethanol fuel
production plant and an electric generating power plant. The
facility would separate Municipal Waste into separate inorganic
and organic recovery streams. The inorganic stream products would
be sold into the existing commercial salvage ("Salvage") market
and the organic stream products would be converted into
electricity and ethanol transportation fuel. There can be no
assurance that the required capital would be available to develop
the Mayfair Project, and even if adequate capital is available,
there can be no assurance that the Biofuels Technology would
perform on a commercial basis.

     The Company's future operating results will depend on its
ability to obtain adequate financing to actually construct the
Mayfair Project. Expenses incurred for the Mayfair Project
development are being accounted for under line item "Research and
Development Costs".

     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 R&D effort to commercialize its
second business, the commercial development of its Biofuels
Technology, designed to economically solve the critical problem
of disposing of Municipal Waste through the 100% recycle of
Municipal Waste into useful products saleable at a profit. 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 technologies from the
Company's long experience and work conducted at its former
"Research Center" in Utah.

     Based on its R&D efforts, the Company believes 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 Municipal Waste through new generation enviro-
friendly manufacturing plants fed by Municipal Waste. These
plants would combine recycling, electric power and ethanol fuel
production at several regional biofuels plant sites.

     The Company further believes that its innovative Biofuels
Technology would create a profit generating solution for two
major contemporary domestic issues. First, it would provide an
opportunity to significantly reduce the volume of Municipal Waste
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. The reason for
such optimism is the high landfill and incineration Tip Fee costs
to dispose of Municipal Waste. The high Tip Fee received by the
Company would subsidize the Celmat feedstock cost thus lowering
ethanol fuel production costs by approximately 75% compared to
the conventional corn-based method of ethanol fuel production.

     The Company's Biofuels Technology is comprised of six basic
elements:

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

     Harvesting Celmat:  Harvesting the organic Celmat products,
consisting of paper products, yard and wood wastes, etc. from the
total Municipal Waste stream. The organic Celmat is approximately
60% of the total volume of the Municipal Waste 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 Technology the inverted
sugars are converted into C6 and C5 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 Technology 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 Electricity:  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 electricity for sale to the local or
regional power grid systems. The sales value of the excess
electricity has not been included in the Business Plan financial
proforma.

     Producing Distilled Water:  Approximately 90 gallons of 100%
pure distilled water would be  produced for each ton of Municipal
Waste processed. Profitable uses include pharmaceutical and
cosmetics products. Its use could also reduce maintenance of
commercial laundries, boilers, heat exchanger tubes, etc. The
bottle value of the distilled water 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 electricity. 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 useable to produce such things as vehicle
side panels and bumpers.

     The Biofuels Technology would recycle 100% of Municipal
Waste 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.



     At the full 12-Module design and, based upon current studies
and information, the Mayfair Project would consist of a Municipal
Waste 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 Municipal Waste (6,000
tons per day) within a 12-Module design, converting the 2,000,000
tons per year of Municipal Waste 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 total construction/refit cost of the 12-Module
design would be approximately $250,000,000 and would require
approximately 500 new employees and some 200 construction
employees over a 30-month construction period.

      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
Municipal Waste. 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.

     All of the Company's R&D has been funded through private
sources, which include the construction and operation of two
former research pilot plants in Utah. In 1982, the first pilot
plant was built at an old west side industrial site and
successfully recovered research amounts of alcohol and lignin
from Celmat. It consumed 5 tons per 8 hour shift. Almost every
waste cellulosic material was tested including Municipal Waste.

     In 1990, a second pilot plant was scaled-up to process 150
tons per day of Municipal Waste and constructed on the Weber
County, Utah landfill. Municipal Waste was chosen as the
feedstock due to (1) the prospects of a $60 per ton Tip Fee
disposal contract for the feedstock (a negative cost factor) and
(2) the 60% by volume Celmat content of the Municipal Waste. The
pilot plant successfully recovered a homogeneous Celmat from the
Municipal Waste processed and produced commercial amounts of
alcohol and lignin from the processed Celmat over an approximate
6-month operating period.






     In 1994, a third scale up commercial design was completed to
produce 7 megawatts of electricity and 25,000 gallons of ethanol
fuel from 500 tons per day of Municipal Waste. It was dubbed the
commercial "Module" due to its modular design using off-the-shelf
equipment and materials. During scale-up plant design, the
Company began looking for a site to install the first commercial
Module that had Municipal Waste infrastructure, existing
Municipal Waste operating permits and Municipal Waste Tip Fee
disposal contracts.

     Municipal Waste is a plentiful feedstock material that can
negatively impact health. Its safe and economic disposal is one
of the largest expenditures made by most municipalities. While
daily volume of waste produced by households and businesses is
increasing, so is the opposition to proposed locations for new
incinerator plants and landfills. The Company believes that its
100% Municipal Waste recycle Biofuels Technology would provide a
socially beneficial, environmentally safe and technologically
sound alternative to the problem of Municipal Waste disposal. At
the same time it would produce ethanol, an enviro-friendly
renewable 112 octane ethanol fuel alternative to gasoline. Any
municipality or combination of municipalities that generate 6000
tons of Municipal Waste per day could support a regional
12-Module Mayfair Project.

     The Mayfair Project debt repayment is anticipated from
profits generated by the combination of Tip Fees paid by
municipalities for the disposal of Municipal Waste and revenues
received from the sale of ethanol fuel produced from the Celmat
feedstock obtained from Municipal Waste. The same Tip Fees that
municipalities currently pay for Municipal Waste disposal would
provide negative cost feedstock for the Celmat fed Ethanol Plant.
This would compare to costs of nearly $100 per ton for the same
glucose equivalent paid by ethanol producers that use corn
feedstock.

     It is the Tip Fee, electricity sales and ethanol fuel
production, made possible by the Company's enviro-friendly
proprietary Biofuels Technology that, together, could provide a
municipality with the economic recycle and disposal of 100% of
the items in Municipal Waste, eliminating the need for future
Municipal Waste landfills and incineration plants.

     The Company expects a substantial interest to develop for
its Biofuels Technology for at least 10-years, possible only
because the Company believes that each metropolitan area in the
Northeast USA would eventually desire to use the Company's 100%
recycle Biofuels Technology to dispose of their Municipal Waste.
In turn, the Municipal Waste derived Celmat would reduce the
direct cost of producing ethanol fuel from about $1.25 per gallon
in real terms to about $0.30 per gallon in real terms by
substituting low-cost Municipal Waste derived Celmat in place of
high-cost corn. The Company expects its business to be profitable
above industry averages due to the Tip Fee incentive to recycle
rather than landfill and incinerate Municipal Waste,
technological advances invented by the Company, and the
availability of Municipal Waste (raw materials) in both good and
bad economic times (recession-resistance).

     The Company initiated a search for a way to commercially
exploit the Biofuels Technology. Idled plants and plants
operating uneconomically, were initially considered the most
appropriate and viable alternative, resulting in the development
of the South Bend Project, which is based upon refitting
operating ethanol plants and operating Municipal Waste
incineration plants into biofuels plants utilizing the Company's
Biofuels Technology. The Company is still considering this
approach with owners of currently operating ethanol plants,
Municipal Waste incineration plants and Municipal Waste transfer
stations.

     The Company has previously announced that it was conducting
discussions with the City of Philadelphia and with Swatara Coal
Company, near Pottsville, Pennsylvania, regarding the possibility
of constructing a grassroots Municipal Waste fed ethanol plant
complex in those locations. The discussions are continuing,
however, the high cost and time required to obtain necessary
permits make these options less attractive at this time.

     Working with its advisors, the Company is currently pursuing
the purchase of several permitted Municipal Waste transfer
stations located in the Northeast USA. The advantages of
purchasing an operating facility are many. An existing transfer
station already has permits for receiving Municipal Waste,
thereby eliminating the "not in my backyard" opposition that new
construction elicits. New permits would be required only for
ethanol production and sale. Because the receiving, sorting and
recycling operations would already be operational, acquiring an
existing recycle facility would require less time for build-out,
refit and to construct the Ethanol and Power Plant facilities. At
June 27, 2001, the Company had not completed agreements for the
purchase of an existing facility, nor is there any guarantee that
such agreements would be concluded.

     On October 25, 2000, the Company executed a second
underwriting agreement with Triad Capital Associates ("Triad"), a
New Jersey based private placement organization, to obtain a
$100,000,000 loan (the "Loan") for the construction and retrofit
of an initial 4-Module design Mayfair Project plant at an
appropriate site in the Northeast USA. Upon Loan closing, for
which there is no assurance, and upon receipt of any Loan draw
amount from a lender obtained by Triad, the Company may own less
than 100% of a Mayfair Project depending on a number of still

unknown factors. At June 27, 2001, the Company had paid Triad and
its affiliates initial underwriting fees of $195,000 and had not
yet acquired an appropriate plant site. The Company can give no
assurance a site would be available, or that if a site is
available, that the Company can obtain the permits necessary to
operate a Mayfair Project at the site obtained.

     The Mayfair Project, fundamentally, is only an engineering
concept where the Company is contemplating the construction
retrofit of an existing industrial Municipal Waste plant complex
utilizing the Company's Biofuels Technology to manufacture
electricity, ethanol transportation fuel and other saleable
products derived and harvested from the contents of Municipal
Waste. The Company is pursuing the Loan and other financing ideas
through two wholly-owned subsidiaries, Mayfair Energy
Corporation, a Pennsylvania corporation, and Biofuels, Inc., a
Utah corporation. 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, 2001.

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 business.

     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, 2001, 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, 2001 was
approximately as follows:

               Location        Gross Acres      Net Acres
               Utah                7,234           7,234
               Wyoming             6,738           4,799
               Montana             4,442           2,961
               Total              18,414          14,994


     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

     None.

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, 2001.

 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 2000
     First Quarter  ..........    $  0.32        $  0.11
     Second Quarter ..........       0.20           0.12
     Third Quarter  ..........       0.20           0.09
     Fourth Quarter ..........       0.21           0.12
          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  ..........    $  0.12        $  0.25
      (through June 27, 2001)

Approximate Number of Equity Security Holders:

        Title of Class                holders as of June 27, 2000

Common Stock, par value $0.01 per share:         2,200
Preferred Stock, par value $0.01 per share:      None Issued



     As of June 27, 2001, there were 105,851,974 shares of common
stock outstanding and approximately 2,200 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 fiscal
period ended March 31, 2001 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 due
to the increase in crude oil, natural gas and electric power
prices during the past year. If these worldwide price increases
hold firm for another year, the Company plans to enter the
wholesale electric power generation business with one of several
energy developers on its Geyser Prospect in Emery County, Utah.

     During the 2002 fiscal period, the Company continues its R&D
efforts to commercialize its Biofuels Technology for the recycle
of Municipal Waste into saleable products and the recovery of
Celmat, convertible into electricity and ethanol transportation
fuel. As a result of these efforts, management believes that the
Company has developed what appears to be a commercial application
of the Biofuels Technology for its future Mayfair Project. The
Mayfair Project details are described in the Mayfair Project
Business Plan prepared by the Company and the Scales Group and
further described above under the heading Research and
Development - Biofuels Technology. 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
Technology 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 $54,000 for
the fiscal period ended March 31, 2001, compared with
approximately $36,000 for the corresponding 2000 fiscal period.
Cash requirements during the fiscal 2001 period were obtained
from a combination of internally generated cash flow from
operations, asset sales, and the sale of the Company's common
stock to private individuals to be held for investment only.

     The Company realized revenues from oil and gas lease
royalties of approximately $42,000 for the fiscal period ended
March 31, 2001, compared with approximately $25,000 for the
corresponding 2000 fiscal period. Oil production revenues
continue to increase reflecting current high worldwide crude oil
prices which should also create higher oil and gas leasehold
sales in future years. Revenues from the sale of the Company's
geologic information services were approximately $6,000 for
fiscal period ended March 31, 2001, compared with approximately
$6,000 for the corresponding 2000 fiscal period.

     The Company incurred expenses related to the Company's oil
and gas leasehold sales of approximately $1,000 for the fiscal
period ended March 31, 2001, compared to approximately $4,000 for
the comparable fiscal 2000 period. Expenses associated with the
Company's geologic information services were approximately $5,000
for the fiscal period ended March 31, 2001, compared to
approximately $5,000 for the comparable fiscal 2000 period.
General and administrative expense for the fiscal period ended
March 31, 2001, were approximately $108,000, compared to
approximately $116,000 for the comparable 2000 fiscal period.

     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 2001 fiscal period, the
Company created a line item for R&D costs to better distinguish
expenses between general and administrative expense and the
expenses related to its various Biofuels Projects. R&D costs were
approximately $246,000 for the fiscal period ended March 31,
2001, compared to approximately $243,000 in fiscal 2000.

     The Company's net loss for the fiscal period ended March 31,
2001 was approximately $311,000, compared to approximately
$336,000 for comparable 2000 fiscal period. The Company
anticipates that it will continue to operate at a loss for the
2002 fiscal year, ended March 31, 2002, due to continued R&D
costs and costs related to its oil and gas business.

     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 the
remainder of fiscal 2002, nor does it expect significant
leasehold sales in the foreseeable future, unless the domestic
oil and gas industry improves with higher oil and gas prices for
a sustained period. It will take more than only the past two
years of improving prices before exploration companies are
convinced that prices have stabilized from low worldwide crude
oil prices over the past 15-years. The domestic oil and gas
industry is not expected to boom in the short-term due to
negative U.S. Government environmental policies toward oil and
gas exploration and production in the U.S.

     The Company has available at March 31, 2001, unused tax
operating loss carry forward of approximately $4,200,000 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 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.  (See "Consolidated Financial
Statements")

Financial Condition

     Management is aggressively exploring additional financing
alternatives for ongoing and future operations of the Company and
expects to enter 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 1986, 1993 and 1998
worldwide collapse of crude oil prices 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 biomass material research
and development 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 45,000 net acres at March 31, 2001,
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 approximate $4,200,000
tax loss carry forward, and (5) 5,252,556 shares of Biomass.

     Effective March, 17, 2000, Biomass changed its name to
Austin Farms, Inc. ("Austin Farms") to pursue the pig farming
business and exit the biomass material research and development
business. Due to the proposed issuance of additional shares of
Biomass to Austin Farm shareholders, the Company does not expect
to hold in excess of 5% of the common stock of Austin Farms upon
completion of the 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, 2001, the Biomass shares had little value at a bid price of
$0.00 and asked $0.05 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's control.






     For the period ended March 31, 2001, 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 $108,000 at
the end of the period, and (2) he continues to loan the Company
funds through his 100% owned privately-held Utah corporation,
Trachyte with an outstanding loan balance of approximately
$400,850, plus interest of $54,428 for a total of $455,278 at the
period ended March 31, 2001.

     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".
These amounts largely offset the Company's cash flow difficulties
and its annual operating deficit of approximately $352,000.  (See
"Consolidated Financial Statements").

     Since fiscal 1991, Trachyte has materially supported the
Company financially largely due to 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 Technology and the
commercialization of the Project, otherwise the Company would
have been unable to pursue these goals. Final plans and final
financial arrangements had not been completed for the Project at
June 27, 2001.

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.   Aggressively pursue financing for the Mayfair Project
          with its underwriter, other current financial contacts
          and attorneys.

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

     3.   Continue design and development of the Mayfair Project.

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



     5.   Engage an investor relations representative to
          disseminate information about the Company, its
          technologies, the Mayfair Project and 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 and Trachyte, and 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, 2001, Rowell
beneficially owned approximately 48% of the common stock of the
Company and 100% of the common stock of Trachyte.

     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       63       CEO/President/Chairman
     Pamela K. Nelson     43       Vice President/Secretary
     Michael M. Cannon    53       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, Trashfuel 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 25 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, Trashfuel 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, and is a director of the Company's wholly-owned
subsidiaries, PIC, and EnviroSystems.

     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.  Administrative Action.  On January 10, 2001, the
Securities and Exchange Commission (the "Commission") issued an
Order pursuant to Section 21C of the Securities Exchange Act of
1934 (the "Exchange Act") against Dean W. Rowell ("Rowell")
requiring Rowell to cease and desist from committing or causing
any violations or future violations of Sections 13(d) and 16(a)
of the Exchange Act and Rules 13d-1, 13d-2, 16a-3 thereunder.
Rowell, without admitting or denying the allegations in the
Commission's Order, consented to the entry of the Order finding
that: (1) he failed to timely file a Schedule 13D and thirty-one
amendments thereto, resulting in delinquencies ranging from three
weeks to nineteen years and nine months; and (2) he failed to
timely file a Form 3, failed to timely file seventy-five Forms 4
(with delinquency period ranging from three weeks to seventeen
years and ten month), and three Forms 5 (with delinquency period
ranging from five years and ten months to seven years and eleven
months.

     Simultaneously with the entry of the Commission's Order, the
Commission filed a civil action against Rowell pursuant to
Section 21(d)(3) of the Exchange Act alleging violations of the
ownership reporting provisions and seeking from Rowell a civil
penalty. Without admitting or denying the Commission's
allegations, Rowell consented to entry of a final judgement
imposing a penalty of $10,000 which penalty Rowell paid to the
Commission on January 17, 2001.

     On January 10, 2001, the Commission issued an Order pursuant
to Section 21C of the Securities Exchange Act of 1934 against
Pamela K. Nelson ("Nelson") requiring Nelson to cease and desist
from committing or causing any violations or future violations of
Sections 13(g) and 16(a) of the Exchange Act and Rules 13d-1,
13d-2, 16a-3 thereunder. Nelson, without admitting or denying the
allegations in the Commission's Order, consented to the entry of
the Order finding that: (1) she failed to timely file a Schedule
13G and one amendment thereto, resulting in delinquencies of more
than eleven years and three months, and ten years and seven
months, respectively; and (2) failed to timely file a Form 3,
failed to timely file twenty-four Forms 4 (with delinquency
periods ranging from more than one month to more than twelve
years and eleven months), and three Forms 5 (with delinquency
periods ranging from more than five years and ten months to seven
years and ten months). Nelson was not penalized in this action.

     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. In the alternate, a Form 5 may be filed within
45 days after the end of the Company's fiscal year. 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 other than
the CEO, whose annual salary and bonus exceeded $100,000:

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     2001 $   -0-      -0-      $4,000       -0-
-0-
President/CEO      2000 $   -0-      -0-      $4,000       -0-
-0-
                   1999 $   -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, 2001. During the same period,
Rowell elected to sell stock in the Company due to limited
corporate cash flow to partially compensate 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. Dean W. Rowell, 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 Rowell a credit card but continues to
provide 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, 2001, 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)             50,913,781          48.1%

     Pamela K. Nelson                2,792,100           2.6%

     Michael M. Cannon                  13,000            .0%
     All Officers and Directors
       as a group                   53,718,881          50.7%
___________
(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 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 Rowell, without cost, in connection with Rowell's participa-
tion in the Leasing Programs.

     During the nine year period since fiscal 1991, Trachyte has
helped financially support the Company largely due to 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, 2001.

     During the fiscal period ended March 31, 2001, the Company
continued to experience severe cash flow difficulties which have
continued into the 2002 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, 2001 of approximately $455,000.
Neither Rowell nor Trachyte received any common stock in exchange
for debt forgiveness during the fiscal period ended March 31,
2001.

     On July 15, 1996, the Company formed Biofuels, Inc.
("Biofuels"), a wholly-owned subsidiary, for the purpose of
investing in and developing the Biofuels Technology for the
Mayfair Project. This effort was centered on management's belief


that a Celmat to ethanol technology 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, 2001.

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, 2001. 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

     NONE




































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, 2001
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, 2001
  Dean W. Rowell         (Principal Executive,
                         Financial and Accounting
                         Officer)





/s/ Pamela K. Nelson     Vice President             June 27, 2001
  Pamela K. Nelson       Corporate Secretary,
                         Treasurer and Director





/s/ Michael M. Cannon          Director             June 27, 2001
  Michael M. Cannon















                        STANDARD ENERGY CORPORATION
                             AND SUBSIDIARIES
                     CONSOLIDATED FINANCIAL STATEMENTS
                              March 31, 2001









































                        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

Board of Directors
Standard Energy Corporation
Salt Lake City, Utah

We have audited the accompanying consolidated balance sheet of
Standard Energy Corporation and Subsidiaries at March 31, 2001
and the related statements of operations, stockholders' equity
and cash flows for the years ended March 31, 2001 and 2000.
These financial statements are the responsibility of the
Company's management.  Our responsibility is to express an
opinion of these financial statements based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the consolidated 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 consolidated 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 aspects, the consolidated
financial position of Standard Energy Corporation and
Subsidiaries as of March 31, 2001 and the consolidated results of
their operations and their cash flows for the years ended March
31, 2001 and 2000, in conformity with generally accepted
accounting principles.

The accompanying financial statements have been prepared assuming
the Company will continue as a going concern.  As discussed in
Note 7 to the financial statements, the Company has incurred
significant losses, which have resulted in working capital and
accumulated deficits, which raises substantial doubt about its
ability to continue as a going concern.  Management's plans in
regard to these matters are also described in Note 7.  The
financial statements do not include any adjustments that might
result from the outcome of these uncertainties.



HJ& Associates
Salt Lake City, Utah
June 6, 2001


               STANDARD ENERGY CORPORATION AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS

                                  ASSETS



                                                   March 31,
                                                     2001
ASSETS

CURRENT ASSETS

  Cash                                            $   10,106

    Total Current Assets                              10,106

PROPERTY AND EQUIPMENT, net (Note 2)                  10,500

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

OTHER ASSETS

  Cash surrender - life insurance                        867
  Oil and gas leases held for resale (Note 3)         71,653
  Pledged drilling bonds (Note 3)                     25,000

    Total Other Assets                                97,520

    TOTAL ASSETS                                  $  118,126



















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

               STANDARD ENERGY CORPORATION AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS

              LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


                                               March 31,
                                                 2001


CURRENT LIABILITIES

  Accounts payable and accrued expenses     $   96,117
  Revolving line of credit                     107,739
  Note payable - related party (Note 5)        400,850


    Total Current Liabilities                  604,706


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                      (8,940,919)

    Total Stockholders' Equity (Deficit)     (486,580)

    TOTAL LIABILITIES AND STOCKHOLDERS'
      EQUITY (DEFICIT)                     $  118,126














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
                                     2001         2000

REVENUES

  Oil and gas leasehold interest   $    5,888   $    5,888
  Oil and gas information services      6,000        5,160
  Oil and gas lease royalties          41,735       24,950

    Total Revenues                     53,623       35,998

EXPENSES

  Oil and gas information services      5,343        5,042
  Oil and gas leasehold interests         837        3,974
  Depreciation, depletion and
     amortization                       4,000        4,000
  Research and development costs
    (Note 6)                          246,315      242,672
  General and administrative          107,758      116,317

    Total Expenses                    364,253      372,005

OPERATING LOSS                     $ (310,630)  $ (336,007)

  Interest income and other            14,343        1,315
  Interest expense                    (56,022)     (18,049)

    Total Other Income (Expense)      (41,679)     (16,734)

LOSS BEFORE EXTRAORDINARY GAIN       (352,309)    (352,741)

EXTRAORDINARY GAIN

  Gain on forgiveness of debt
   (Note 10)                                -       44,882

  Total Extraordinary Gain                  -       44,882

INCOME TAX EXPENSE                          -            -

NET LOSS                           $ (352,309)   $(307,859)

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

WEIGHTED AVERAGE NUMBER OF SHARES
 OUTSTANDING                       104,738,582   104,689,415


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

               STANDARD ENERGY CORPORATION AND SUBSIDIARIES
              Consolidated Statements of Stockholders' Equity
                For the Years Ended March 31, 2001 and 2000



             Additional
                           Treasury Stock                 Common
Stock           Paid-in         Accumulated
                         Shares     Amount            Shares

 Amount        Capital         Deficit

Balance, March 31, 1999    1,037,420 $  (83,253)    104,407,974
$ 1,044,079    $ 7,339,503     $(8,280,751)

Common stock issued for
cash at approximately
$0.10 per share                   -          -           854,000

      8,540         73,470               -

Net loss for the year
 ended March 31, 2000             -          -                 -

          -              -        (307,859)

Balance, March 31, 2001    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)










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
                                           2001       2000

CASH FLOWS FROM OPERATING ACTIVITES

  Net loss                              $ (352,309)  $ (307,859)
  Adjustments to reconcile net loss to
     net cash used by operating activities:
      Depreciation, depletion and
      amortization                           4,000        4,000
       Gain on forgiveness of debt               -      (44,882)

    Changes in assets and liabilities:
      Decrease in accounts receivable
         and other assets                        -       10,000
      Increase in accounts payable and
      accrued expenses                       60,074       30,284

  Net Cash Used by Operating Activities    (288,235)    (308,457)

CASH FLOWS FROM INVESTING ACTIVITIES

      Cash value - life insurance              (867)           -

Net Cash Used by Investment Activities         (867)           -

CASH FLOWS FROM FINANCING ACTIVITIES

  Payments on notes payable - related
   parties                                  (45,650)           -
  Proceeds from notes payable -
   parties                                  285,500      128,273
  Proceeds from notes payable                     -       30,000
  Proceeds from lines of credit              13,497       62,431
  Proceeds from issuance of common stock     42,000       82,010

      Net Cash Provided by
        Financing Activites                  295,347      302,714

NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                             6,245      (5,743)

CASH AT BEGINNING OF YEAR                      3,861        9,604

CASH AT END OF YEAR                      $    10,106  $     3,861

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

CASH PAID FOR:
Interest                                $     2,647  $    3,425
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, 2001 and 2000

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.

     Provisions for Taxes

     At March 31, 2001, the Company had net operating loss
     carryforwards of approximately $5,25,309 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.

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

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     Provisions for Taxes (Continued)

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

                                        For the Years Ended
                                               March 31,
                                          2001          2000
Income tax benefit at statutory rate   $(133,877)     $(116,986)
Change in valuation allowance            133,877        116,986

                                       $       -      $       -

     Deferred tax assets (liabilities) are comprised of the
following:

                                        For the Years Ended
                                               March 31,
                                          2001          2000

Income tax benefit at statutory rate  $(3,397,549)  $(3,263,372)
Change in valuation allowance           3,397,549     3,263,372

                                      $         -   $         -

     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.

     Basis 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, 2001
                              Loss        Shares       Per Share
                           (Numerator)  (Denominator)    Amount

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


                                       For Year Ended
                                       March 31, 2000
                              Loss        Shares       Per Share
                           (Numerator)  (Denominator)    Amount

                           $ (307,859)    104,689,415  $    (.00)



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

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     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.

     Reclassifications

     Certain reclassifications have been made to the 2000
     financial statements to conform to the current year's
     presentation.

NOTE 2 - PROPERTY AND EQUIPMENT

     The following is a summary of property and equipment - at
     cost, less accumulated depreciation as of March 31, 2001:

     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  (389,252)

          Total                           $ 10,500

     Depreciation expense for the years ended March 31, 2001 and
     2000 was $4,000 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, 2001 the Company was holding
     approximately $95,000 of oil and gas leases for resale.  In
     1998, an allowance of $23,811 was set up for possible
     unsaleable leases in the Grand Staircase Escalante National
     Park.

     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.

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

NOTE 3 - OIL AND GAS PROPERTIES (Continued)

     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.

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, 2001 was $400,850.

NOTE 6 - PROJECT COSTS

     During the year ended March 31, 2001, the Company spent
     $246,315 on project costs associates with the Mayfair Energy
     Project (the Project) near Bridgewater township Somerset
     County, New Jersey.  The Company entered into a loan
     agreement on May 4, 2000, whereby the Company will borrow
     $75,000,000 for Phase I of the Project.  Upon completion
     of Phase I, the lender will provide $100,000,000 of
     financing for Phase II, and upon completion of Phase II,
     they will provide $100,000,000 of financing for Phase III.
     The lender requires a 45% equity position in the ownership
     of the Project.

     The terms of the note include monthly interest only payments
     calculated using the six month Libor rate plus 3%, with a
     minimum to be not less than 9%, the rate being fixed for the
     term of loan at settlement.  The term of the loan is a five
     year balloon with two (2) one year extensions. One hundred
     percent (100%) of net profits is to be applied to principal
     prior to any dividends payments to shareholders. The loan is
     to be secured by any and all property, including the
     equipment, furniture, and fixtures of the Project.

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.

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

NOTE 7 - GOING CONCERN (Continued)

     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 recognizability and
     classification of liabilities, income or expenses that might
     be necessary should the Company be unable to continue as a
     going concern.

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, 2001.

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:

                                           2001           2000


Revenues
  Oil and gas information services      $  6,000        $   5,160
  Exploration and oil and gas leases      41,735           24,950
  Corporation and investment               5,888            5,888


                                        $ 53,623        $  35,998
  Operating Profit (Loss) Before
  Extraordinary Items
  Oil and gas information services      $ (5,343)       $ (5,042)
  Brokerage of leasehold interests          (837)         (3,974)

  Exploration and oil and gas leases      41,735          24,950
  Corporation and investment            (264,073)       (359,161)

                                       $(228,518)      $(336,007)

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

NOTE 9 - INDUSTRY SEGMENTS (Continued)

                                         2001            2000

Identifiable Assets
  Oil and gas information services    $  8,500        $  11,000
  Brokerage of leasehold interests      71,563           71,653
  Exploration and production            25,000           25,000
  Corporation and investment            13,063           13,104

                                      $118,126        $ 120,757
Depreciation, Depletion and
  Amortization
  Oil and gas information services    $  4,000        $   4,000

     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.  Identifiable 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
     2001 and 2000 were insignificant.  The Company's oil and gas
     exploration and production operations are presently
     insignificant and no reserve information is available.

NOTE 10 - GAIN ON RELEASE OF DEBT

     During the year ended March 31, 2000, the Company recognized
     a gain on release of debt of $44,882 which related to
     potential payroll taxes recorded in 1992, 1993 and 1994.
     The Company obtained a legal opinion that the statute of
     limitations had expired.