UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.   20549

                                 FORM 10-K


                Annual Report Pursuant to Section 13 or 15(d)
                   of the Securities Exchange Act of 1934

[x] Annual Report under Section 13 or 15(d) of the Securities Exchange Act of
    1934 for the fiscal year ended June 30, 2002
                                     or
[ ] Transition Report under Section 13 or 15(d) of the Securities Exchange Act
    of 1934 for the transition period _____________________.

                          Commission File No. 0-8874

                           AMBER RESOURCES COMPANY
            (Exact name of registrant as specified in its charter)

          Delaware                                   84-0750506
(State or other jurisdiction of          (I.R.S. Employer Identification No.)
 incorporation or organization)

Suite 1400, 475 Seventeenth Street, Denver, Colorado          80202
    (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code:  (303) 293-9133

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

Securities registered pursuant to Section 12(g) of the Exchange Act:

Common Stock, $.0625 par value     (Title of Class)

Check whether issuer (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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-K contained in this form, and no disclosure will be contained,
to the best of Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [X]

The aggregate market value as of the Company's voting stock held by non-
affiliates of the Company as of September 27, 2002 could not be determined
because there is no established public trading market.

As of October 1, 2002 4,666,185 shares of registrant's Common Stock $.0625 par
value were issued and outstanding.

                The Index to Exhibits appears at Page 34



<PAGE>
                             TABLE OF CONTENTS


                                   PART I

                                                                         PAGE


ITEM 1.   DESCRIPTION OF BUSINESS ....................................     3
ITEM 2.   PROPERTIES .................................................     7
ITEM 3.   LEGAL PROCEEDINGS ..........................................    21
ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ........    22

                                  PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
          STOCKHOLDER MATTERS ........................................    22
ITEM 6.   SELECTED FINANCIAL DATA ....................................       23
ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION ..    23
ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK ..    29
ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ................    29
ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
          ON ACCOUNTING AND FINANCIAL DISCLOSURE .....................    29


                                  PART III

ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
          COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT ..........    30
ITEM 11.  EXECUTIVE COMPENSATION .....................................    31
ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
          AND MANAGEMENT .............................................    31
ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS .............    32

                                   PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
          ON FORM 8-K ................................................    33




     The terms "Amber," "Company," "we," "our," and "us" refer to Amber
Resources Company and its subsidiaries unless the context suggests otherwise.











                                      1

<PAGE>
CAUTIONARY STATEMENT FOR PURPOSES OF THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS

     GENERAL. We are including the following discussion to inform our existing
and potential security holders generally of some of the risks and
uncertainties that can affect us and to take advantage of the "safe harbor"
protection for forward-looking statements afforded under federal securities
laws.  From time to time, our management or persons acting on our behalf make
forward-looking statements to inform existing and potential security holders
about us.  These statements may include projections and estimates concerning
the timing and success of specific projects and our future (1) income, (2) oil
and gas production, and (3)capital spending.  Forward-looking statements are
generally accompanied by words such as "estimate," "project," "predict,"
"believe," "expect," "anticipate," "plan," "goal" or other words that convey
the uncertainty of future events or outcomes.  Sometimes we will specifically
describe a statement as being a forward-looking statement.  In addition,
except for the historical information contained in this report, the matters
discussed in this report are forward-looking statements.  These statements by
their nature are subject to certain risks, uncertainties and assumptions and
will be influenced by various factors.  Should any of the assumptions
underlying a forward-looking statement prove incorrect, actual results could
vary materially.

     We believe the factors discussed below are important factors that could
cause actual results to differ materially from those expressed in a forward-
looking statement made herein or elsewhere by us or on our behalf. The factors
listed below are not necessarily all of the important factors.  Unpredictable
or unknown factors not discussed herein could also have material adverse
effects on actual results of matters that are the subject of forward-looking
statements.  We do not intend to update our description of important factors
each time a potential important factor arises.  We advise our shareholders
that they should (1) be aware that important factors not described below could
affect the accuracy of our forward-looking statements and (2) use caution and
common sense when analyzing our forward-looking statements in this document or
elsewhere, and all of such forward-looking statements are qualified by this
cautionary statement.

     -    Historically, natural gas and crude oil prices have been volatile.
          These prices rise and fall based on changes in market demand and
          changes in the political, regulatory and economic climate and
          other factors that affect commodities markets generally and are
          outside of our control.

     -    Projecting future rates of oil and gas production is inherently
          imprecise.  Producing oil and gas reservoirs generally have
          declining production rates.

     -    Changes in the legal, political and/or regulatory environment
          could have a material adverse effect on our future results of
          operations and financial condition.  Our ability to economically
          produce and sell any future oil and gas production may be affected
          and could possibly be restrained by a number of legal, political
          and regulatory factors, particularly with respect to our offshore
          California properties which are the subject of significant
          political controversy due to environmental concerns.

     -    Our drilling operations are subject to various risks common in the
          industry, including cratering, explosions, fires and
          uncontrollable flows of oil, gas or well fluids.

                                      2
                                 PART I

ITEM 1.     DESCRIPTION OF BUSINESS

     (a)  Business Development

     Amber Resources Company ("Amber," "we" or "us") is engaged in the
exploration, development and production of oil and gas properties.  Our
business is conducted onshore in the continental United States and in the U.S.
coastal waters offshore California.  As of June 30, 2002, our principal assets
include interests in three undeveloped Federal units located in the Santa
Barbara Channel and the Santa Maria Basin offshore California. On July 1, 2001
we sold all of our proved producing properties for $107,044 to Delta Petroleum
Corporation ("Delta").  The sale price was calculated at the properties' net
present value discounted at 10% (PV10%)as determined by third party,
independent engineers.  There continue to be uncertainties as to the timing of
the development of our offshore properties.  (See "Description of Properties";
Item 2 herein.)

     We were established as a Delaware corporation on January 17, 1978.  Our
offices are located at Suite 1400, 475 17th Street, Denver, Colorado 80202.
As of June 30, 2002, Delta owned 4,277,977 shares (91.68%) of our outstanding
common stock.  We are managed by Delta under a management agreement effective
October 1, 1998 which provides for the sharing of the management between the
two companies and allocation of related expenses.

     At June 30, 2002, we had an authorized capital of 5,000,000 shares of
$0.10 par value preferred stock of which no shares were issued and 25,000,000
shares of $0.0625 common stock of which 4,666,185 shares were issued and
outstanding.

     (b)  Business of Issuer.

     During the year ended June 30, 2002, we were engaged in only one
industry, namely the acquisition, exploration and development of offshore oil
and gas properties and related business activities.  Our oil and gas
operations now are comprised solely of the development of our offshore
interests in undeveloped offshore Federal leases and units near Santa Barbara,
California.  We have no production and no proved reserves.

          (1)     Principal Products or Services and Their Markets.  Although
we do not currently have any production, we anticipate that the principal
products to be produced by us will be crude oil and natural gas.  It is
anticipated that these products will be generally sold at the wellhead to
purchasers in the immediate area where the product would be produced.  The
principal markets for oil and gas are refineries and transmission companies
which have facilities near our producing properties.

          (2)     Distribution Methods of the Products or Services.  We do not
currently have any oil or gas production.  Generally, when a company does have
production, oil is picked up and transported by the purchaser from the
wellhead.  In some instances a fee is charged for the cost of transporting the
oil, which fee is deducted from or accounted for in the price paid for the
oil.  Natural gas wells are connected to pipelines generally owned by the
natural gas purchasers.  A variety of pipeline transportation charges are
usually included in the calculation of the price paid for the natural gas.

                                    3

<PAGE>
          (3)     Status of Any Publicly Announced New Product or Service.  We
have not made a public announcement of, and no information has otherwise
become public about, a new product or industry segment requiring the
investment of a material amount of our total assets.

          (4)     Competitive Business Conditions.  Oil and gas exploration
and development acquisition of undeveloped properties is a highly competitive
and speculative business.  We compete with a number of other companies,
including major oil companies and other independent operators which are more
experienced and which have greater financial resources.  We do not hold a
significant competitive position in the oil and gas industry.

          (5)     Sources and Availability of Raw Materials and Names of
Principal Suppliers.  Oil and gas may be considered raw materials essential to
our business.  The acquisition, exploration, development, production, and sale
of oil and gas are subject to many factors which are outside of our control.
These factors include national and international economic conditions,
availability of drilling rigs, casing, pipe, and other equipment and supplies,
proximity to pipelines, the supply and price of other fuels, and the
regulation of prices, production, transportation, and marketing by the
Department of Energy and other federal and state governmental authorities.

          (6)     Dependence on One or a Few Major Customers.  The loss of any
customer would not have a material adverse effect on our business because of
the availability of alternative customers and the marketability of the oil and
gas in the regions where our undeveloped properties are located.  We currently
do not have any oil or gas production and consequently we do not currently
have any customers.

          (7)     Patents, Trademarks, Licenses, Franchises, Concessions,
Royalty Agreements and Labor Contracts.  We do not own any patents,
trademarks, licenses, franchises, concessions, or royalty agreements except
oil and gas interests acquired from industry participants, private landowners
and state and federal governments.  We are not a party to any labor contracts.

          (8)     Need for Any Governmental Approval of Principal Products or
Services.  Except that we must obtain certain permits and other approvals from
various governmental agencies prior to drilling wells and producing oil and/or
natural gas, we do not need to obtain governmental approval of our principal
products or services.  Governmental approval, however, has been a major
impediment to the development of our undeveloped properties.

          (9)     Government Regulation of the Oil and Gas Industry.

          General.
          -------

          Our business is affected by numerous governmental laws and
regulations, including energy, environmental, conservation, tax and other laws
and regulations relating to the energy industry.  Changes in any of these laws
and regulations could have a material adverse effect on our business.  In view
of the many uncertainties with respect to current and future laws and
regulations, including their applicability to us, we cannot predict the
overall effect of such laws and regulations on our future operations.


                                    4

<PAGE>
          The following discussion contains summaries of certain laws and
regulations and is qualified in its entirety by the foregoing.

          Environmental Regulation.
          ------------------------

          Together with other companies in the industries in which we
participate, we are subject to numerous federal, state, and local
environmental laws and regulations concerning our oil and gas operations,
products and other activities.  In particular, these laws and regulations
require the acquisition of permits, restrict the type, quantities, and
concentration of various substances that can be released into the environment,
limit or prohibit activities on certain lands lying within wilderness,
wetlands and other protected areas, regulate the generation, handling,
storage, transportation, disposal and treatment of waste materials and impose
criminal or civil liabilities for pollution resulting from oil, natural gas
and petrochemical operations.

          Governmental approvals and permits are currently, and may in the
future be, required in connection with our operations. The duration and
success of obtaining such approvals are contingent upon a significant number
of variables, many of which are not within our control.  To the extent such
approvals are required and not obtained, operations may be delayed or
curtailed, or we may be prohibited from proceeding with planned exploration or
development.

          Environmental laws and regulations are expected to have an
increasing impact on our operations, although it is impossible to predict
accurately the effect of future developments in such laws and regulations on
our future earnings and operations.  Some risk of environmental costs and
liabilities is inherent in our operations and products, as it is with other
companies engaged in similar businesses, and there can be no assurance that
material costs and liabilities will not be incurred.  However, we do not
currently expect any material adverse effect upon our results of operations or
financial position as a result of compliance with such laws and regulations.

          Although future environmental obligations are not expected to have a
material adverse effect on our results of operations or financial condition,
there can be no assurance that future developments, such as increasingly
stringent environmental laws or enforcement thereof, will not cause us to
incur substantial environmental liabilities or costs.

          Hazardous Substances and Waste Disposal.
          ---------------------------------------

          We do not currently own or lease any interests in any producing
properties.  It is possible, however, that we might acquire interests in
producing properties or that some of our non-producing properties may become
productive in the future.  The U.S. Comprehensive Environmental Response,
Compensation and Liability Act ("CERCLA") and comparable state statutes impose
strict, joint and several liability on owners and operators of sites and on
persons who disposed of or arranged for the disposal of "hazardous substances"
found at sites where hydrocarbons or other waste is found to have been
disposed of or released on or under their properties.  The Resource
Conservation and Recovery Act ("RCRA") and comparable state statutes govern
the management and disposal of wastes.

                                    5

<PAGE>
Although CERCLA currently excludes petroleum from cleanup liability, many
state laws affecting our operations impose clean-up liability regarding
petroleum and petroleum related products.

          In addition, although RCRA currently classifies certain exploration
and production wastes as "non-hazardous," such wastes could be reclassified as
hazardous wastes thereby making such wastes subject to more stringent handling
and disposal requirements.  If such a change in legislation were to be
enacted, it could have a significant impact on our operating costs, as well as
the gas and oil industry in general.

          Oil Spills.
          ----------

          Under the Federal Oil Pollution Act of 1990, as amended ("OPA"), (i)
owners and operators of onshore facilities and pipelines, (ii) lessees or
permittees of an area in which an offshore facility is located and (iii)
owners and operators of tank vessels ("Responsible Parties") are strictly
liable on a joint and several basis for removal costs and damages that result
from a discharge of oil into the navigable waters of the United States.  These
damages include, for example, natural resource damages, real and personal
property damages and economic losses.  OPA limits the strict liability of
Responsible Parties for removal costs and damages that result from a discharge
of oil to $350 million in the case of onshore facilities, $75 million plus
removal costs in the case of offshore facilities, and in the case of tank
vessels, an amount based on gross tonnage of the vessel. However, these limits
do not apply if the discharge was caused by gross negligence or willful
misconduct, or by the violation of an applicable Federal safety, construction
or operating regulation by the Responsible Party, its agent or subcontractor
or in certain other circumstances.

          In addition, with respect to certain offshore facilities, OPA
requires evidence of financial responsibility in an amount of up to $150
million.  Tank vessels must provide such evidence in an amount based on the
gross tonnage of the vessel.  Failure to comply with these requirements or
failure to cooperate during a spill event may subject a Responsible Party to
civil or criminal enforcement actions and penalties.

         The operators of our undeveloped offshore California properties will
be primarily liable for oil spills and are required by the MMS to carry
certain types of insurance and to post bonds in that regard.  We are generally
liable for oil spills as a non-operating working interest owner.

          Offshore Production.
          -------------------

          Offshore oil and gas operations in U.S. waters are subject to
regulations of the United States Department of the Interior which currently
impose strict liability upon the lessee under a Federal lease for the cost of
clean-up of pollution resulting from the lessee's operations, and such lessee
could be subject to possible liability for pollution damages.  In the event of
a serious incident of pollution, the Department of the Interior may require a
lessee under Federal leases to suspend or cease operations in the affected
areas.  Our leases are undeveloped and currently pose no liability for
pollution damages.

                                    6

<PAGE>
          (10)     Research and Development.  We do not engage in any research
and development activities.  Since its inception, Amber has not had any
customer or government-sponsored material research activities relating to the
development of any new products, services or techniques, or the improvement of
existing products.

          (11)     Environmental Protection.  Because we are engaged in the
business of acquiring, operating, exploring for and developing natural
resources, we are subject to various state and local provisions regarding
environmental and ecological matters.  Therefore, compliance with
environmental laws may necessitate significant capital outlays, may materially
affect our earnings potential, and could cause material changes in our
proposed business.  At the present time, however, these laws do not materially
hinder nor adversely affect our business.  Capital expenditures relating to
environmental control facilities have not been material to the operation of
Amber since its inception.  In addition, we do not anticipate that such
expenditures will be material during the fiscal year ending June 30, 2003.

          (12)     Employees.  We have no full time employees.


ITEM 2.  PROPERTIES

     (a)  Office Facilities:

          We share offices with Delta under a management agreement with Delta.
Under this agreement, we pay Delta a quarterly management fee of $25,000 for
our share of rent, secretarial and administrative, accounting and management
services of Delta's officers and employees.

     (b)  Oil and Gas Properties

          We own interests in undeveloped offshore Federal leases and units
located near Santa Barbara, California.  We sold all of our onshore producing
properties to Delta on July 1, 2001.  As such, no oil and gas revenues were
recorded during fiscal 2002.  We did not file oil and gas reserve estimates
with any Federal authority or agency other than the SEC during the years ended
June 30, 2001 and 2000.  No reserves estimates were prepared for the year
ended June 30, 2002 as all remaining leases are undeveloped.

          Offshore Federal Waters: Santa Barbara, California Area
          -------------------------------------------------------

          We own interests in three undeveloped federal units located in
federal waters offshore California near Santa Barbara.

          The Santa Barbara Channel and the offshore Santa Maria Basin are the
seaward portions of geologically well-known onshore basins with over 90 years
of production history.  These offshore areas were first explored in the Santa
Barbara Channel along the near shore three mile strip controlled by the state.
New field discoveries in Pliocene and Miocene age reservoir sands led to
exploration into the federally controlled waters of the Pacific Outer
Continental Shelf ("POCS"). Although significant quantities of oil and gas
have been produced and sold from drilling conducted on POCS leases between
1966 and 1989, we do not, however, own any interest in any offshore California
production and there is no assurance that any of our undeveloped properties
will ever achieve production.

                                    7

<PAGE>
          Most of the early offshore production was from Pliocene age
sandstone reservoirs.  The more recent developments are from the highly
fractured zones of the Miocene age Monterey Formation.  The Monterey is
productive in both the Santa Barbara Channel and the offshore Santa Maria
Basin.  It is the principal producing horizon in the Point Arguello field, the
Point Pedernales field, and the Hondo and Pescado fields in the Santa Ynez
Unit.  Because the Monterey is capable of relatively high productive rates,
the Hondo field, which has been on production since late 1981, has already
surpassed 224 million Bbls of oil production and 411 Bcf of gas production.
All told, offshore fields producing from the Monterey as of the end of
calendar 2000 have produced 526 million Bbls of oil and 544 Bcf of gas.

          California's active tectonic history over the last few million years
has formed the large linear anticlinal features which trap the oil and gas.
Marine seismic surveys have been used to locate and define these structures
offshore.  Recent seismic surveying utilizing modern 3-D seismic technology,
coupled with exploratory well data, has greatly improved knowledge of the size
of reserves in fields under development and in fields for which development is
planned.  Currently, 11 fields are producing from 18 platforms in the Santa
Barbara Channel and offshore Santa Maria Basin.   Implementation of extended
high-angle to horizontal drilling methods is reducing the number of platforms
and wells needed to develop reserves in the area.  Use of these new drilling
methods and seismic technologies is expected to continue to improve
development economics.

          Leasing, lease administration, development and production within the
Federal POCS all fall under the Code of Federal Regulations administered by
the MMS.  The EPA controls disposal of effluents, such as drilling fluids and
produced waters.  Other Federal agencies, including the Coast Guard and the
Army Corps of Engineers, also have oversight on offshore construction and
operations.

          The first three miles seaward of the coastline are administered by
each state and are known as "State Tidelands" in California.  Within the State
Tidelands off Santa Barbara County, the State of California, through the State
Lands Commission, regulates oil and gas leases and the installation of
permanent and temporary producing facilities.  Because the three units in
which we own interests are located in the POCS seaward of the three mile
limit, leasing, drilling, and development of these units are not directly
regulated by the State of California.  However, to the extent that any
production is transported to an on-shore facility through the state waters,
our pipelines (or other transportation facilities) would be subject to
California state regulations.  Construction and operation of any such
pipelines would require permits from the state.   Additionally, all
development plans must be consistent with the Federal Coastal Zone Management
Act ("CZMA").   In California the decision of CZMA consistency is made by the
California Coastal Commission.

          The Santa Barbara County Energy Division and the Board of
Supervisors will have a significant impact on the method and timing of any
offshore field development through its permitting and regulatory authority
over the construction and operation of on-shore facilities.  In addition, the
Santa Barbara County Air Pollution Control District has authority in the
federal waters off Santa Barbara County through the Federal Clean Air Act as
amended in 1990.


                                    8

<PAGE>
          Each working interest owner will be required to pay its
proportionate share of these costs based upon the amount of the interest that
it owns.  The size of our working interest in these units varies from .87% to
6.97%.  We may be required to farm out all or a portion of our interests in
these properties to a third party if we cannot fund our share of the
development costs.  There can be no assurance that we can farm out our
interests on acceptable terms.

          These units have been formally approved and are regulated by the
MMS.  While the Federal Government has recently attempted to expedite the
process of obtaining permits and authorizations necessary to develop the
properties, there can be no assurance that it will be successful in doing so.

          We do not act as operator of any offshore California properties and
consequently will not generally control the timing of either the development
of the properties or the expenditures for development unless we choose to
unilaterally propose the drilling of wells under the relevant operating
agreements.

          The MMS initiated the California Offshore Oil and Gas Energy
Resources (COOGER) Study at the request of the local regulatory agencies of
the three counties (Ventura, Santa Barbara and San Luis Obispo) affected by
offshore oil and gas development.  A private consulting firm completed the
study under a contract with the MMS.  The COOGER Study presents a long-term
regional perspective of potential onshore constraints that should be
considered when developing existing undeveloped offshore leases.  The COOGER
Study projects the economically recoverable oil and gas production from
offshore leases which have not yet been developed.  These projections are
utilized to assist in identifying a potential range of scenarios for
developing these leases.  These scenarios are compared to the projected
infrastructural, environmental and socioeconomic baselines between 1995 and
2015.

          No specific decisions regarding levels of offshore oil and gas
development or individual projects will occur in connection with the COOGER
Study.  Information presented in the study is intended to be utilized as a
reference document to provide the public, decision makers and industry with a
broad overview of cumulative industry activities and key issues associated
with a range of development scenarios.  We have attempted to evaluate the
scenarios that were studied with respect to properties located in the eastern
and central subregions (which include the Sword Unit and the Gato Canyon Unit)
and the results of such evaluation are set forth below:

          Scenario 1     No new development of existing offshore leases.  If
          this scenario were ultimately to be adopted by governmental
          decision makers as the proper course of action for development,
          our offshore California properties would in all likelihood have
          little or no value.  In this scenario we would seek to cause the
          Federal government to reimburse us for all money spent by us and
          our predecessors for leasing and other costs and for the value of
          the oil and gas reserves found on the leases through our
          exploration activities and those of our predecessors.





                                    9

<PAGE>
          Scenario 2     Development of existing leases, using existing
          onshore facilities as currently permitted, constructed and
          operated (whichever is less) without additional capacity.  This
          scenario includes modifications to allow processing and
          transportation of oil and natural gas with different qualities.
          It is likely that the adoption of this scenario by the industry as
          the proper course of action for development would result in lower
          than anticipated costs, but would cause the subject properties to
          be developed over a significantly extended period of time.

          Scenario 3     Development of existing leases, using existing
          onshore facilities by constructing additional capacity at existing
          sites to handle expanded production.  This scenario is currently
          anticipated by our management to be the most reasonable course of
          action although there is no assurance that this scenario will be
          adopted.

          Scenario 4     Development of existing leases after
          decommissioning and removal of some or all existing onshore
          facilities.  This scenario includes new facilities, and perhaps
          new sites, to handle anticipated future production. Under this
          scenario we would incur increased costs but that revenues would be
          received more quickly.

          We have also evaluated our position with regard to the scenarios
with respect to properties located in the northern sub-region (which includes
the Lion Rock Unit), the results of which are as follows:

          Scenario 1     No new development of existing offshore leases.  If
          this scenario were ultimately to be adopted by governmental
          decision-makers as the proper course of action for development,
          our offshore California properties would in all likelihood have
          little or no value.  In this scenario we would seek to cause the
          Federal government to reimburse us for all money spent by us and
          our predecessors for leasing and other costs and for the value of
          the oil and gas reserves found on the leases through our
          exploration activities and those of our predecessors.

          Scenario 2     Development of existing leases, using existing
          onshore facilities as currently permitted, constructed and
          operated (whichever is less) without additional capacity.  This
          scenario includes modifications to allow processing and
          transportation of oil and natural gas with different qualities.
          It is likely that the adoption of this scenario by the industry as
          the proper course of action for development would result in lower
          than anticipated costs, but would cause the subject properties to
          be developed over a significantly extended period of time.

          Scenario 3     Development of existing leases, using existing
          onshore facilities by constructing additional capacity at existing
          sites to handle expanded production.  This scenario that is
          currently anticipated by our management to be the most reasonable
          course of action although there is no assurance that this scenario
          will be adopted.



                                    10

<PAGE>
            Scenario 4     Development of existing offshore leases, using
            existing onshore facilities with additional capacity or adding new
            facilities to handle a relatively low rate of expanded
            development.  This scenario is similar to #3 above but would
            entail increased costs for any new facilities.

          Scenario 5     Development of existing offshore leases, using
          existing onshore facilities with additional capacity or adding new
          facilities to handle a relatively higher rate of expanded
          development.  Under this scenario we would incur increased costs
          but revenues would be received more quickly.

          The development plans for the various units (which have been
submitted to the MMS for review) currently provide for 22 wells from one
platform set in a water depth of approximately 300 feet for the Gato Canyon
Unit; 63 wells from one platform set in a water depth of approximately 1,100
feet for the Sword Unit; and 183 wells from two platforms for the Lion Rock
Unit (in which we own only a 1% net profits interest and do not own any
working interest).

          On the Lion Rock Unit, Platform A would be set in a water depth of
approximately 507 feet, and Platform B would be set in a water depth of
approximately 484 feet.  The reach of the deviated wells from each platform
required to drain each unit falls within the reach limits now considered to be
"state-of-the-art."  The development plans for the Rocky Point Unit provide
for the inclusion of the Rocky Point leases in the Point Arguello Unit upon
which the Rocky Point leases would be drilled from existing Point Arguello
platforms with extended reach drilling technology.  The approximate distances
required to drain the Rocky Point leases range from 2,276 feet to 13,999 feet
at proposed total vertical depths ranging from 6,620 feet to 7,360 feet.

          Current Status.  On October 15, 1992 the MMS directed a Suspension
of Operations (SOO), effective January 1, 1993, for the POCS undeveloped
leases and units.  The SOO was directed for the purpose of preparing what
became known as the COOGER Study.  Two-thirds of the cost of the Study was
funded by the participating companies in lieu of the payment of rentals on the
leases. Additionally, all operations were suspended on the leases during this
period. On November 12, 1999, as the COOGER Study drew to a conclusion, the
MMS approved requests made by the operating companies for a Suspension of
Production (SOP) status for the POCS leases and units.  During the period of a
SOP, the lease rentals resume and each operator is generally required to
perform exploration and development activities in order to meet certain
milestones set out by the MMS.  The milestones that were established by the
MMS for the properties in which we own an interest were established through
negotiations by the MMS on behalf of the United States government and the
operators on behalf of the working interest owners.  We did not directly
participate in these negotiations.  Until recently, progress toward the
milestones was monitored by the operator in quarterly reports submitted to the
MMS.  In February 2000 all operators completed and timely submitted to the MMS
a preliminary "Description of the Proposed Project".  This was the first
milestone required under the SOP.  Quarterly reports were also prepared and
submitted for all the subsequent quarters.





                                    11


<PAGE>
          On June 22, 2001, however, a Federal Court in the case of California
v. Norton, et al (discussed below) ordered the MMS to set aside its approval
of the suspensions of our offshore leases and to direct suspensions, including
all milestone activities, for a time sufficient for the MMS to provide the
State of California with a consistency determination under federal law.  As a
result of this order, on July 2, 2001 the MMS directed suspensions of
operations for all of our offshore California leases for an indefinite period
of time and suspended all of the related milestones.  The ultimate outcome and
effects of this litigation are not certain at the present time.  To continue
to carry out the requirements of the MMS, all operators of the units in which
we own non-operating interests are prepared to meet the next milestone leading
to development of the leases, but the status of the milestones is presently
uncertain in light of the Norton ruling.  The United States government has
filed a notice of its intent to appeal the court's order in the Norton case.

          On January 9, 2002, we and several other plaintiffs filed a lawsuit
in the United States Court of Federal Claims in Washington, D.C. alleging that
the U.S. Government has materially breached the terms of forty undeveloped
federal leases, some of which are part of our Offshore California properties.
The Complaint is based on allegations by the collective plaintiffs that the
United States has materially breached the terms of certain of their Offshore
California leases by attempting to deviate significantly from the procedures
and standards that were in effect when the leases were entered into, and by
failing to carry out its own obligations relating to those leases in a timely
and fair manner.  More specifically, the plaintiffs have alleged that the
judicial determination in the California v. Norton case that a 1990 amendment
to the Coastal Zone Management Act required the Government to make a
consistency determination prior to granting lease suspension requests in 1999
constitutes a material change in the procedures and standards that were in
effect when the leases were issued.  The plaintiffs have also alleged that the
United States has failed to afford them the timely and fair review of their
lease suspension requests which has resulted in significant, continuing and
material delays to their exploratory and development operations.

          The forty undeveloped leases are located in the Offshore Santa Maria
Basin off the coast of Santa Barbara and San Luis Obispo counties, and in the
Santa Barbara Channel off Santa Barbara and Ventura counties.  None of these
leases is currently impaired, but in the event that there is some future
adverse ruling by the California Coastal Commission under the Coastal Zone
Management Act and we decide not to appeal such ruling to the Secretary of
Commerce, or the Secretary of Commerce either refuses to hear our appeal of
any such ruling or ultimately makes a determination adverse to us, it is
likely that some or all of these leases would become impaired and written off
at that time.

          In addition, it should be noted that our pending litigation against
the United States is predicated on the ruling of the lower court in California
v. Norton.  The United States has appealed the decision of the lower court to
the 9th Circuit Court of Appeals.  In the event that the United States is not
successful in its appeal(s) of the lower court's decision in the Norton case
and the pending litigation with us is not settled, it would be necessary for
us to reevaluate whether the leases should be considered impaired at that
time.




                                    12

<PAGE>
          As the ruling in the Norton case currently stands, the United States
has been ordered to make a consistency determination under the Coastal Zone
Management Act, but the leases are still valid.  If through the appellate
process the leases are found not to be valid for some reason, or if the United
States is finally ordered to make a consistency determination and either does
not do so or finds that development is inconsistent with the Coastal Zone
Management Act, it would appear that the leases would become impaired even
though we would undoubtedly proceed with our litigation.  It is also possible
that other events could occur during the appellate process that would cause
the leases to become impaired, and we will continuously evaluate those factors
as they occur.

          The suit seeks compensation for the lease bonuses and rentals paid
to the Federal Government, exploration costs and related expenses.  The total
amount claimed by all lessees for bonuses and rentals exceeds $1.2 billion,
with additional amounts for exploration costs and related expenses. In
addition, our claim for exploration costs and related expenses will also be
substantial.

          On May 18, 2001 (prior to the Norton decision), a revised
Development and Production Plan for the Point Arguello Unit was submitted to
the MMS and the California Coastal Commission ("CCC") for approval.  If
approved by the CCC, this plan would enable development of the Rocky Point
Unit from the Point Arguello platforms that are already in existence.

          Under law, the CCC is typically required to make a determination as
to whether or not the Plan is "consistent" with California's Coastal Plan
within three months of submission, with a maximum of three months' extension
(a total of six months).  By correspondence dated August 7, 2001, however, the
Unit operator requested that the CCC suspend the consistency review for the
revised Development and Production Plan since the MMS had temporarily stopped
work on the processing of the plan as the result of the Norton decision.

          Although it currently appears likely that the CCC may require some
additional supplemental information to be provided with respect to some
aspects of air and water quality when its review continues, we believe that
the Rocky Point Development and Production Plan that was submitted meets the
requirements established by applicable federal regulations.  In accordance
with these regulations, the Plan includes very specific information regarding
the planned activities, including a description of and schedule for the
development and production activities to be performed, including plan
commencement date, date of first production, total time to complete all
development and production activities, and dates and sequences for drilling
wells and installing facilities and equipment, and a description of the
drilling vessels, platforms, pipelines and other facilities and operations
located offshore which are proposed or known by the lessee (whether or not
owned or operated by the lessee) to be directly related to the proposed
development, including the location, size, design, and important safety,
pollution prevention, and environmental monitoring features of the facilities
and operations.  The current Development and Production Plan calls for
drilling activities to be conducted from the existing Point Arguello platforms
using extended reach drilling techniques with oil and gas production to be
transported through existing pipelines to existing onshore production
facilities.  The plan does not require the construction of new platforms,
pipelines or production facilities.


                                    13

<PAGE>
          In accordance with applicable federal regulations, the following
supporting information accompanies the Development and Production Plan: (1)
geological and geophysical data and information, including: (i) a plat showing
the surface location of any proposed fixed structure or well; (ii) a plat
showing the surface and bottomhole locations and giving the measured and true
vertical depths for each proposed well; (iii) current interpretations of
relevant geological and geophysical data; (iv) current structure maps showing
the surface and bottomhole location of each proposed well and the depths of
expected productive formations; (v) interpreted structure sections showing the
depths of expected productive formations; (vi) a bathymetric map showing
surface locations of fixed structures and wells or a table of water depths at
each proposed site; and (vii) a discussion of seafloor conditions including a
shallow hazards analysis for proposed drilling and platform sites and pipeline
routes.

          As required by federal regulations, the information contained in the
Plan contains proposed precautionary measures, including a classification of
the lease area, a contingency plan, a description of the environmental
safeguards to be implemented, including an updated oil-spill response plan;
and a discussion of the steps that have been or will be taken to satisfy the
conditions of lease stipulations, a description of technology and reservoir
engineering practices intended to increase the ultimate recovery of oil and
gas, i.e., secondary, tertiary, or other enhanced recovery practices; a
description of technology and recovery practices and procedures intended to
assure optimum recovery of oil and gas; a discussion of the proposed drilling
and completion programs; a detailed description of new or unusual technology
to be employed; and a brief description of the location, description, and size
of any offshore and land-based operations to be conducted or contracted for as
a result of the proposed activity; including the acreage required in
California for facilities, rights-of-way, and easements, the means proposed
for transportation of oil and gas to shore; the routes to be followed by each
mode of transportation; and the estimated quantities of oil and gas to be
moved along such routes; an estimate of the frequency of boat and aircraft
departures and arrivals, the onshore location of terminals, and the normal
routes for each mode of transportation.

          As required, the Plan also provides a list of the proposed drilling
fluids, including components and their chemical compositions, information on
the projected amounts and rates of drilling fluid and cuttings discharges, and
methods of disposal, and specifies the quantities, types, and plans for
disposal of other solid and liquid wastes and pollutants likely to be
generated by offshore, onshore, and transport operations and, regarding any
wastes which may require onshore disposal, the means of transportation to be
used to bring the wastes to shore, disposal methods to be utilized, and the
location of onshore waste disposal or treatment facilities.

          In order to comply with federal regulations, the Plan also addresses
the approximate number of people and families to be added to the population of
local nearshore areas as a result of the planned development, provides an
estimate of significant quantities of energy and resources to be used or
consumed including electricity, water, oil and gas, diesel fuel, aggregate, or
other supplies which may be purchased within California, and specifies the
types of contractors or vendors which will be needed, although not
specifically identified, and which may place a demand on local goods and
services.


                                    14

<PAGE>
          The Plan also identifies the source, composition, frequency, and
duration of emissions of air pollutants and provides a narrative description
of the existing environment with an emphasis placed on those environmental
values that may be affected by the proposed action.  This section of the Plan
contains a description of the physical environment of the area covered by the
Plan and includes data and information obtained or developed by the lessee
together with other pertinent information and data available to the lessee
from other sources.  The environmental information and data includes a
description of the aquatic biota, including fishery and marine mammal use of
the lease, the significance of the lease and identifies the threatened and
endangered species and their critical habitat.

          The Plan also addresses environmentally sensitive areas (e.g.,
refuges, preserves, sanctuaries, rookeries, calving grounds, coastal habitats,
beaches, and areas of particular environmental concern) which may be affected
by the proposed activities, the predevelopment, ambient water-column quality
and temperature data for incremental depths for the areas encompassed by the
plan, the physical oceanography, including ocean currents described as to
prevailing direction, seasonal variations, and variations at different water
depths in the lease, and describes historic weather patterns and other
meteorological conditions, including storm frequency and magnitude, wave
height and direction, wind direction and velocity, air temperature,
visibility, freezing and icing conditions, and ambient air quality listing,
where possible, the means and extremes of each.

          The Plan further identifies other uses of the area, including
military use for national security or defense, subsistence hunting and
fishing, commercial fishing, recreation, shipping, and other mineral
exploration or development and describes the existing and planned monitoring
systems that are measuring or will measure impacts of activities on the
environment in the planning area.   As required, the Plan provides an
assessment of the effects on the environment expected to occur as a result of
implementation of the Plan, and identifies specific and cumulative impacts
that may occur both onshore and offshore, and describes the measures proposed
to mitigate these impacts.  These impacts are quantified to the fullest extent
possible including magnitude and duration and are accumulated for all
activities for each of the major elements of the environment (e.g., water and
biota).  The Plan also provides a discussion of alternatives to the activities
proposed that were considered during the development of the Plan, including a
comparison of the environmental effects.

          As required, the Plan provides certain supporting information with
respect to the projected emissions from each proposed or modified facility for
each year of operation and the bases for all calculations, including, for each
source, the amount of the emission by air pollutant expressed in tons per year
and frequency and duration of emissions; for each proposed facility, the total
amount of emissions by air pollutant expressed in tons per year, the frequency
distribution of total emissions by air pollutant expressed in pounds per day
and, in addition for a modified facility only, the incremental amount of total
emissions by air pollutant resulting from the new or modified source(s); and a
detailed description of all processes, processing equipment and storage units,
including information on fuels to be burned; and a schematic drawing which
identifies the location and elevation of each source.



                                    15

<PAGE>
          In order to continue to carry out the requirements of the MMS when
they resume, all operators of the units in which we own non-operating
interests are prepared to complete any studies and project planning necessary
to commence development of the leases.  Where additional drilling is needed,
the operators will bring a mobile drilling unit to the POCS to further
delineate the undeveloped oil and gas fields.

          Cost to Develop Offshore California Properties.  The cost to develop
all of the offshore California properties in which we own an interest,
including delineation wells, environmental mitigation, development wells,
fixed platforms, fixed platform facilities, pipelines and power cables,
onshore facilities and platform removal over the life of the properties
(assumed to be 38 years), is estimated to be slightly in excess of $3 billion.
Our share of such costs over the life of the properties is estimated to be
approximately $27,000,000.

          To the extent that we do not have sufficient cash available to pay
our share of expenses when they become payable under the respective operating
agreements, it will be necessary for us to seek funding from outside sources.
Likely potential sources for such funding are currently anticipated to include
(a) public and private sales of our Common Stock (which may result in
substantial ownership dilution to existing shareholders), (b) bank debt from
one or more commercial oil and gas lenders, (c) the sale of debt instruments
to investors, (d) entering into farm-out arrangements with respect to one or
more of our interests in the properties whereby the recipient of the farm-out
would pay the full amount of our share of expenses and we would retain a
carried ownership interest (which would result in a substantial diminution of
our ownership interest in the farmed-out properties), (e) entering into one or
more joint venture relationships with industry partners, (f) entering into
financing relationships with one or more industry partners, and (g) the sale
of some or all of our interests in the properties.

          It is unlikely that any one potential source of funding would be
utilized exclusively.  Rather, it is more likely that we will pursue a
combination of different funding sources when the need arises.  Regardless of
the type of financing techniques that are ultimately utilized, however, it
currently appears likely that because of our small size in relation to the
magnitude of the capital requirements that will be associated with the
development of the subject properties, we will be forced in the future to
issue significant amounts of additional shares, pay significant amounts of
interest on debt that presumably would be collateralized by all of our assets
(including our offshore California properties), reduce our ownership interest
in the properties through sales of interests in the property or as the result
of farmouts, industry financing arrangements or other partnership or joint
venture relationships, or to enter into various transactions which will result
in some combination of the foregoing.  In the event that we are not able to
pay our share of expenses as a working interest owner as required by the
respective operating agreements, it is possible that we might lose some
portion of our ownership interest in the properties under some circumstances,
or that we might be subject to penalties which would result in the forfeiture
of substantial revenues from the properties.





                                    16

<PAGE>
          While the costs to develop the offshore California properties in
which we own an interest are anticipated to be substantial in relation to our
small size, management believes that the opportunities for us to increase our
asset base and ultimately improve our cash flow are also substantial in
relation to our size.  Although there are several factors to be considered in
connection with our plans to obtain funding from outside sources as necessary
to pay our proportionate share of the costs associated with developing our
offshore properties (not the least of which is the possibility that prices for
petroleum products could decline in the future to a point at which development
of the properties is no longer economically feasible), we believe that the
timing and rate of development in the future will in large part be motivated
by the prices paid for petroleum products.

          To the extent that prices for petroleum products were to decline
below their recent levels, it is likely that development efforts will proceed
at a slower pace such that costs will be incurred over a more extended period
of time.  If petroleum prices remain at current levels, however, we believe
that development efforts will intensify.  Our ability to successfully
negotiate financing to pay our share of development costs on favorable terms
will be inextricably linked to the prices that are paid for petroleum products
during the time period in which development is actually occurring on each of
the subject properties.

          Gato Canyon Unit. We hold a 6.97% working interest, with capitalized
costs of $3,170,602, in the Gato Canyon Unit.  This 10,100 acre unit is
operated by Samedan Oil Corporation.  Seven test wells have been drilled on
the Gato Canyon structure.  Five of these were drilled within the boundaries
of the Unit and two were drilled outside the Unit boundaries in the adjacent
State Tidelands.  The test wells were drilled as follows: within the
boundaries of the Unit; three wells were drilled by Exxon, two in 1968 and one
in 1969; one well was drilled by Arco in 1985; and, one well was drilled by
Samedan in 1989.  Outside the boundaries of the Unit, in the State Tidelands
but still on the Gato Canyon Structure, one well was drilled by Mobil in 1966
and one well was drilled by Union Oil in 1967.  In April 1989, Samedan tested
the P-0460 #2 which yielded a combined test flow rate of 5,160 Bbls of oil per
day from six intervals in the Monterey Formation between 5,880 and 6,700 feet
of drilled depth. The Monterey Formation is a highly fractured shale
formation. The Monterey (which ranges from 500' to 2,900' in thickness) is the
main productive and target zone in many offshore California oil fields
(including our federal leases and/or units).

          The Gato Canyon field is located in the Santa Barbara Channel
approximately three to five miles offshore (see Map).  Water depths range from
280 feet to 600 feet in the area of the field.  Oil and gas produced from the
field is anticipated to be processed onshore at the existing Las Flores Canyon
facility (see Map).  Las Flores Canyon has been designated a "consolidated
site" by Santa Barbara County and is available for use by offshore operators.
Any processed oil is expected to be transported out of Santa Barbara County in
the All American Pipeline (see Map).  Offshore pipeline distances to access
the Las Flores site is approximately six miles.  Our share of the estimated
capital costs to develop the Gato Canyon field is approximately $20 million.





                                    17

<PAGE>
          As a result of the Norton case, the Gato Canyon Unit leases are
under directed suspensions of operations with no specified end date.  An
updated Exploration Plan is expected to include plans to drill an additional
delineation well when activities are resumed.  This well will be used to
determine the final location of the development platform.  Following the
platform decision, a Development Plan will be prepared for submittal to the
MMS and the other involved agencies.  Two to three years will likely be
required to process the Development Plan and receive the necessary approvals.

          Lion Rock Unit. We hold a 1% net profits interest, with capitalized
costs of $1,554,898, in the Lion Rock Unit.  The Lion Rock Unit is operated by
Aera Energy LLC.

          The Lion Rock Unit is located in the Offshore Santa Maria Basin
eight to ten miles from the coastline (see Map).  Water depths range from 300
feet to 600 feet in the area of the field.  It is anticipated that any oil and
gas produced at Lion Rock would be processed at a new facility in the onshore
Santa Maria Basin or at the existing Lompoc facility (see Map) and would be
transported out of Santa Barbara County in the All American Pipeline or the
Tosco-Unocal Pipeline (see Map).  Offshore pipeline distance will be eight to
ten miles depending on the point of landfill.

          As a result of the Norton case, the Lion Rock Unit is held under a
directed suspension of operations with no specified end date.  It is
anticipated that upon the resumption of activities there will be an
interpretation of the 3D seismic survey and the preparation of an updated Plan
of Development leading to production.   Additional delineation wells may or
may not be drilled depending on the outcome of the interpretation of the 3D
survey.

          Sword Unit.  We hold a .87% working interest, with capitalized costs
of $280,776, in the Sword Unit.  This 12,240 acre unit is operated by Conoco,
Inc. In aggregate, three wells have been drilled on this unit of which two
wells were completed and tested in the Monterey formation with calculated flow
rates of from 4,000 to 5,000 Bbls per day with an estimated average gravity of
10.6E API.  The two completed test wells were drilled by Conoco, one in 1982
and the second in 1985.

          The Sword field is located in the western Santa Barbara Channel ten
miles west of Point Conception and five miles south of Point Arguello field's
Platform Hermosa (see Map).  Water depths range from 1000 feet to 1800 feet in
the area of the field.  It is anticipated that the oil and gas produced from
the Sword Field will likely be processed at the existing Gaviota consolidated
facility and the oil would then be transported out of Santa Barbara County in
the All American Pipeline (see Map).  Access to the Gaviota plant is through
Platform Hermosa and the existing Point Arguello Pipeline system.  A pipeline
proposed to be laid from a platform located in the northern area of the Sword
field to Platform Hermosa would be approximately five miles in length.  Our
share of the estimated capital costs to develop the Sword field is
approximately $7 million.

          As a result of the Norton case, the Sword Unit leases are held under
directed suspensions of operations with no specified end date.  An updated
Exploration Plan is expected to include plans to drill an additional
delineation well when activities are resumed.

                                    18






--------------

map insert

--------------











































                                    19

<PAGE>
     (c)  Production
          ----------

          Since we sold our producing properties, we no longer have any sales
contracts in place. During the last three fiscal years we have not had, nor do
we now have, any long-term supply or similar agreements with governments or
authorities pursuant to which we acted as producer.  The following table sets
forth our average sales prices and average production costs during the periods
indicated:

                            Year Ended     Year Ended      Year Ended
                           June 30, 2002  June 30, 2001   June 30, 2000
                           -------------  -------------   -------------
   Average sales price:
      Oil (per barrel)        $   -        $29.61            $22.50
      Natural Gas (per Mcf)       -          4.85              2.32
      Production costs (per
         Mcf equivalent)          -          1.96              1.08

          The profitability of our oil and gas production activities is
affected by the fluctuations in the sale prices of our oil and gas production.
(see "Managements Discussion and Analysis of Plan of Operation").

          Impairment of Long Lived Assets
          -------------------------------

          Undeveloped Offshore California Properties
          ------------------------------------------

          We acquired many of our offshore properties in a series of
transactions from 1992 to the present.  These properties are carried at our
cost bases and have been subject to an impairment review on an annual basis.

          These properties will be expensive to develop and produce and have
been subject to significant regulatory restrictions and delays.  Substantial
quantities of hydrocarbons are believed to exist based on estimates reported
to us by the operator of the properties and the U.S. government's Mineral
Management Services.  The classification of these properties depends on many
assumptions relating to commodity prices, development costs and timetables.
We annually consider impairment of properties assuming that properties will be
developed.  Based on the range of possible development and production
scenarios using current prices and costs, we have concluded that the cost
bases of our offshore properties are not impaired at this time.  There are no
assurances, however, that when and if development occurs, we will recover the
value of our investment in such properties.

          We annually consider impairment of properties assuming that
properties will be developed.  Based on the range of possible development and
production scenarios using current prices and costs, we have concluded that
the cost bases of our offshore properties are not impaired at this time.
There are no assurances, however, that when and if development occurs, we will
recover the value of our investment in such properties.



                                    20

<PAGE>
     (d)  Productive Wells and Acreage.
          ----------------------------

          As of June 30, 2002 we had no producing oil and gas wells or
developed acreage.  Productive wells are producing wells capable of
production, including shut-in wells.  Developed acreage consists of acres
spaced or assignable to productive wells.

     (e)  Undeveloped Acreage.
          -------------------
          At June 30, 2002, we held undeveloped acreage by state as set forth
below:
                                        Undeveloped Acres (1)
            Location                     Gross           Net
            --------                     -----           ---

            California (1)               22,340          811

     (1)    Consists of Federal leases offshore near Santa Barbara,
            California.


     (f)  Drilling Activities
          -------------------

          During the year ended June 30, 2002, we did not participate in any
drilling activities.

ITEM 3.  LEGAL PROCEEDINGS

    On January 9, 2002, we and several other plaintiffs filed a lawsuit in the
United States Court of Federal Claims in Washington, D.C. alleging that the
U.S. Government has materially breached the terms of forty undeveloped federal
leases, some of which are part of our Offshore California properties. The
Complaint is based on allegations by the collective plaintiffs that the United
States has materially breached the terms of certain of their Offshore
California leases by attempting to deviate significantly from the procedures
and standards that were in effect when the leases were entered into, and by
failing to carry out its own obligations relating to those leases in a timely
and fair manner.  More specifically, the plaintiffs have alleged that the
judicial determination in the California v. Norton case that a 1990 amendment
to the Coastal Zone Management Act required the Government to make a
consistency determination prior to granting lease suspension requests in 1999
constitutes a material change in the procedures and standards that were in
effect when the leases were issued.  The plaintiffs have also alleged that the
United States has failed to afford them the timely and fair review of their
lease suspension requests which has resulted in significant, continuing and
material delays to their exploratory and development operations.

     The forty undeveloped leases are located in the Offshore Santa Maria
Basin off the coast of Santa Barbara and San Luis Obispo counties, and in the
Santa Barbara Channel off Santa Barbara and Ventura counties.  None of these
leases is currently impaired, but in the event that there is some future
adverse ruling by the California Coastal Commission under the Coastal Zone


                                    21


<PAGE>
Management Act and we decide not to appeal such ruling to the Secretary of
Commerce, or the Secretary of Commerce either refuses to hear our appeal of
any such ruling or ultimately makes a determination adverse to us, it is
likely that some or all of these leases would become impaired and written off
at that time.

     In addition, it should be noted that our pending litigation against the
United States is predicated on the ruling of the lower court in California v.
Norton.  The United States has appealed the decision of the lower court to the
9th Circuit Court of Appeals.  In the event that the United States is not
successful in its appeal(s) of the lower court's decision in the Norton case
and the pending litigation with us is not settled, it would be necessary for
us to reevaluate whether the leases should be considered impaired at that
time.

     As the ruling in the Norton case currently stands, the United States has
been ordered to make a consistency determination under the Coastal Zone
Management Act, but the leases are still valid.  If through the appellate
process the leases are found not to be valid for some reason, or if the United
States is finally ordered to make a consistency determination and either does
not do so or finds that development is inconsistent with the Coastal Zone
Management Act, it would appear that the leases would become impaired even
though we would undoubtedly proceed with our litigation.  It is also possible
that other events could occur during the appellate process that would cause
the leases to become impaired, and we will continuously evaluate those factors
as they occur.

     The suit seeks compensation for the lease bonuses and rentals paid to the
Federal Government, exploration costs and related expenses. The total amount
claimed by all lessees for bonuses and rentals exceeds $1.2 billion, with
additional amounts for exploration costs and related expenses.  In addition,
our claim for exploration costs and related expenses will also be substantial.

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

     None.

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
         MATTERS.

     (a)  Market or Markets:
          -----------------

          We currently have, and have had for the past three years, only
limited trading in the over-the-counter market and there is no assurance that
this trading market will expand or even continue.  Recent regulations and
rules by the SEC and the National Association of Securities Dealers virtually
assure that there will be little or no trading in our stock unless and until
we are listed on NASDAQ or another exchange.  There is no assurance that we
will be able to meet the requirements for such listing in the foreseeable
future.  Further, our capital stock may not be able to be traded in certain
states until and unless we are able to qualify, exempt or register our stock.
Quotations during 2002 and 2001 have not been available.


                                    22

<PAGE>
     (b)  Approximate Number of Holders of Common Stock:
          ---------------------------------------------

          The number of holders of record of our securities at October 1, 2002
was approximately 1,000.

     (c)  Dividends:
          ---------

          We have not declared any cash dividends and have no plan for the
payment of dividends on our Common Stock in the foreseeable future.  Future
payment of such dividends, if any, will depend on the applicable legal and
contractual restrictions including those discussed above, as well as our
financial condition and financial requirements and general conditions.

ITEM 6.  SELECTED FINANCIAL DATA

     The following selected financial information should be read in
conjunction with our financial statements and the accompanying notes.
<TABLE>
<CAPTION>
                                               Fiscal Years Ended June 30,
                             --------------------------------------------------------------------------------
                                 2002            2001              2000              1999              1998
                              ----          ----       ----              ----                   ----
<S>                          <C>             <C>               <C>               <C>               <C>
Total Revenues               $   81,817      $  119,425        $  100,245        $  989,390        $1,173,329
Income/(Loss) from
 Operations                  $  (46,765)     $  (42,628)       $  (67,494)       $  659,149        $  288,172
Income/(Loss)
 Per Share                   $    (0.01)     $        *        $    (0.01)       $     0.14        $     0.06
Total Assets                 $5,006,957      $5,062,208        $5,050,869        $5,059,825        $5,508,145
Total Liabilities            $    2,912      $   16,532        $   64,565        $  134,020        $  607,867
Stockholders' Equity         $5,004,045      $5,045,676        $4,986,304        $4,925,805        $4,900,278
Total Long Term Debt         $        -      $       -         $        -        $        -        $        -

* loss per share is less than $0.01

</TABLE>

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

     Liquidity and Capital Resources.
     -------------------------------

     General
     -------

     At June 30, 2002, we had a working capital deficit of $2,231 compared to
working capital of $6,315 at June 30, 2001.  Our working capital deficit and
our cash used in operating activities of $126,490 during fiscal 2002 was
primarily a result of decreased cash flow occurring after sale of our
producing properties at the beginning of the year.  The lack of cash flow from
operations may inhibit the Company from meeting its obligations in a timely
manner unless additional financing or the sale of properties occurs. However,
the Company has a receivable of $398,495 at June 30, 2002 from Delta.  If
necessary, Delta will repay its obligation to the Company to meet its
obligations for costs incurred with its offshore undeveloped California
properties.


                                    23

<PAGE>
     Offshore Undeveloped Properties
     -------------------------------

     On January 9, 2002, we and several other plaintiffs filed a lawsuit in
the United States Court of Federal Claims in Washington, D.C. alleging that
the U.S. Government has materially breached the terms of forty undeveloped
federal leases, some of which are part of our Offshore California properties.
The suit seeks compensation for the lease bonuses and rentals paid to the
Federal Government, exploration costs and related expenses. The total amount
claimed by all lessees for bonuses and rentals exceeds $1.2 billion, with
additional amounts for exploration costs and related expenses.  The Complaint
is based on allegations by the collective plaintiffs that the United States
has materially breached the terms of certain of their Offshore California
leases by attempting to deviate significantly from the procedures and
standards that were in effect when the leases were entered into, and by
failing to carry out its own obligations relating to those leases in a timely
and fair manner.  More specifically, the plaintiffs  have alleged that the
judicial determination in the California v. Norton case that a 1990 amendment
to the Coastal Zone Management Act required the Government to make a
consistency determination prior to granting lease suspension requests in 1999
constitutes a material change in the procedures and standards that were in
effect when the leases were issued.  The plaintiffs have also alleged that the
United States has failed to afford them the timely and fair review of their
lease suspension requests which has resulted in significant, continuing and
material delays to their exploratory and development operations.  The forty
undeveloped leases are located in the Offshore Santa Maria Basin off the coast
of Santa Barbara and San Luis Obispo counties, and in the Santa Barbara
Channel off Santa Barbara and Ventura counties.  None of these leases are
currently impaired, but in the event that there is some future adverse ruling
by the California Coastal Commission under the Coastal Zone Management Act and
we decide not to appeal such ruling to the Secretary of Commerce, or the
Secretary of Commerce either refuses to hear our appeal of any such ruling or
ultimately makes a determination adverse to us, it is likely that some or all
of these leases would become impaired and written off at that time.  In
addition, it should be noted that our pending litigation against the United
States is predicated on the ruling of the lower court in California v. Norton.
The United States has appealed the decision of the lower court to the 9th
Circuit Court of Appeals.  In the event that the United States is not
successful in its appeal(s) of the lower court's decision in the Norton case
and the pending litigation with us is not settled, it would be necessary for
us to reevaluate whether the leases should be considered impaired at that
time.  As the ruling in the Norton case currently stands, the United States
has been ordered to make a consistency determination under the Coastal Zone
Management Act, but the leases are still valid.  If through the appellate
process the leases are found not to be valid for some reason, or if the United
States is finally ordered to make a consistency determination and either does
not do so or finds that development is inconsistent with the Coastal Zone
Management Act, it would appear that the leases would become impaired even
though Delta would undoubtedly proceed with its litigation.  It is also
possible that other events could occur during the appellate process that would
cause the leases to become impaired, and we will continuously evaluate those
factors as they occur.




                                    24

<PAGE>
     Capital Resources
     -----------------

     We do not currently have a credit facility with any bank and we have not
determined the amount, if any, that we could borrow against our remaining
properties.  Together with Delta, we will continue to seek additional sources
of both short-term and long-term liquidity to fund our working capital deficit
and our capital requirements for development of our properties, including
establishing a credit facility and/or sale of equity or debt securities
although there can be no assurance that we will be successful in our efforts.
Many of the factors which may affect our future operating performance and
liquidity are beyond our control, including oil and natural gas prices and the
availability of financing.

     After evaluation of the considerations described above, we believe that
our existing cash balances and funding from the advance to Delta and other
sources of funds will be adequate to fund our operating expenses and satisfy
our other current liabilities over the next year.

     Results of Operations - Fiscal 2002 Versus 2001
     -----------------------------------------------

     Net Income.  Our net losses for the years ended June 30, 2002 and 2001
were $46,765 and $42,628 respectively.

     Revenue.  Total revenue for the year ended June 30, 2002 was $81,817
compared to $119,425 for the year ended June 30, 2001.  Oil and gas sales for
the year ended June 30, 2002 were zero compared to $67,738 for the year ended
June 30, 2001 as we sold all of our producing properties.

     Gain on sale of oil and gas properties.  In fiscal 2002 we sold all of
our onshore producing properties to Delta at a gain of $73,960 which was
recognized after Delta sold to a third party.

     Other Revenue.  Other revenue includes amounts recognized from the
production of gas previously deferred pending determination of our interest in
the properties and proceeds from the sale of oil and gas properties.

     Production volumes and average prices received for the years ended June
30, 2002 and 2001 are as follows:

                                Year Ended             Year Ended
                               June 30, 2002          June 30, 2001
                               -------------          -------------
     Production:
        Oil (barrels)               -                      381
        Gas (Mcf)                   -                   11,630

     Average Price:
          Oil (per barrel)       $  -                  $ 29.61
          Gas (per Mcf)          $  -                  $  4.85

     Lease Operating Expenses.  Lease operating expenses for the year ended
June 30, 2002 were zero as we sold all of our producing properties compared to
$22,827 for the year ended June 30, 2001.  On an MCF equivalent basis
production expenses and taxes were $1.96 per Mcf equivalent for the year ended
June 30, 2001.

                                    25

<PAGE>
     Depletion Expense.  Depletion expense for the year ended June 30, 2001
was $10,608.  There was no depletion in the year ended June 30, 2002 as all
properties were sold on July 1, 2002.

     Exploration Expenses.  Exploration expenses consist of geological and
geophysical costs and lease rentals relating to our offshore properties.  We
incurred exploration costs of $19,772 and $17,482 for the years ended June 30,
2002 and 2001, respectively.

     General and Administrative Expenses.  General and administrative expense
for the year ended June 30, 2002 was $108,810 compared to $111,136 for the
year ended June 30, 2001.

     Results of Operations - Fiscal 2001 Versus 2000
     -----------------------------------------------

     Net Income.  Our net losses for the years ended June 30, 2001 and 2000
were $42,628 and $67,494, respectively.

     Revenue.  Total revenue for the year ended June 30, 2001 was $119,425
compared to $100,245 for the year ended June 30, 2000.  Oil and gas sales for
the year ended June 30, 2001 were $67,738 compared to $37,579 for the year
ended June 30, 2000.  The increase in oil and gas sales for the year ended
June 30, 2001 compared to the year ended June 30, 2000 is attributable to the
increase in oil and gas price during fiscal 2001.

     Other Revenue.  Other revenue includes amounts recognized from the
production of gas previously deferred pending determination of our interest in
the properties.

     Production volumes and average prices received for the years ended June
30, 2001 and 2000 are as follows:

                                     Year Ended             Year Ended
                                    June 30, 2001          June 30, 2000
                                   -------------          -------------
     Production:
        Oil (barrels)                     381                     488
        Gas (Mcf)                      11,630                  11,443

     Average Price:
          Oil (per barrel)            $ 29.61                 $ 22.50
          Gas (per Mcf)               $  4.85                 $  2.32

     Lease Operating Expenses.  Lease operating expenses for the year ended
June 30, 2001 was $22,827 compared to $15,528 for the year ended June 30,
2000.  On an MCF equivalent basis production expenses and taxes were $1.96 per
Mcf equivalent during the year ended June 30, 2001 compared to $1.08 for the
year ended June 30, 2000.

     Depletion Expense.  Depletion expense for the year ended June 30, 2001
was $10,608 compared to $14,417 for the year ended June 30, 2000.

     Exploration Expenses.  Exploration expenses consist of geological and
geophysical costs and lease rentals.  We incurred exploration costs of $17,482
and $7,189 for the years ended June 30, 2001 and 2000, respectively.

                                    26

<PAGE>
     General and Administrative Expenses.  General and administrative expense
for the year ended June 30, 2001 was $111,136 compared to $130,605 for the
year ended June 30, 2000.

     Critical Accounting Policies and Estimates
     ------------------------------------------

     The discussion and analysis of our financial condition and results of
operations were based upon the consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in
the United States.  The preparation of these financial statements requires us
to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses.  Our significant accounting policies are
described in Note 1 to our financial statements.  In response to SEC Release
No. 33-8040, "Cautionary Advise Regarding Disclosure About Critical Accounting
Policies," we have identified certain of these policies as being of particular
importance to the portrayal of our financial position and results of
operations and which require the application of significant judgment by
management.  We analyze our estimates, including those related to oil and gas
reserves, bad debts, oil and gas properties, marketable securities, income
taxes, derivatives, contingencies and litigation, and base our estimates on
historical experience and various other assumptions that we believe reasonable
under the circumstances.  Actual results may differ from these estimates under
different assumptions or conditions.  We believe the following critical
accounting policies affect our more significant judgments and estimates used
in the preparation of the Company's financial statements.

     Successful Efforts Method of Accounting
     ---------------------------------------

     We account for our natural gas and crude oil exploration and development
activities utilizing the successful efforts method of accounting.  Under this
method, costs of productive exploratory wells, development dry holes and
productive wells and undeveloped leases are capitalized.  Gas and oil lease
acquisition costs are also capitalized.  Exploration costs, including
personnel costs, certain geological and geophysical expenses and delay rentals
for gas and oil leases, are charged to expense as incurred.  Exploratory
drilling costs are initially capitalized, but charged to expense if and when
the well is determined not to have found reserves in commercial quantities.
The sale of a partial interest in a proved property is accounted for as a cost
recovery and no gain or loss is recognized as long as this treatment does not
significantly affect the unit-of-production amortization rate.  A gain or loss
is recognized for all other sales of producing properties.

     The application of the successful efforts method of accounting requires
managerial judgment to determine that proper classification of wells
designated as developmental or exploratory which will ultimately determine the
proper accounting treatment of the costs incurred.  The results from a
drilling operation can take considerable time to analyze and the determination
that commercial reserves have been discovered requires both judgment and
industry experience.  Wells may be completed that are assumed to be productive
and actually deliver gas and oil in quantities insufficient to be economic,
which may result in the abandonment of the wells at a later date.  Wells are
drilled that have targeted geologic structures that are both developmental and

                                     27

<PAGE>
exploratory in nature and an allocation of costs is required to properly
account for the results.  Delineation seismic incurred to select development
locations within an oil and gas field is typically considered a development
costs and capitalized but often these seismic programs extend beyond the
reserve area considered proved and management must estimate the portion of the
seismic costs to expense.  The evaluation of gas and oil leasehold acquisition
costs requires managerial judgment to estimate the fair value of these costs
with reference to drilling activity in a given area.  Drilling activities in
an area by other companies may also effectively condemn leasehold positions.

     The successful efforts method of accounting can have a significant impact
on the operational results reported when we are entering a new exploratory
area in hopes of finding a gas and oil field that will be the focus of future
development drilling activity.  The initial exploratory wells may be
unsuccessful and will be expensed.  Seismic costs can be substantial which
will result in additional exploration expenses when incurred.

     Reserve Estimates
     -----------------

     We do  not currently own any reserves and we do not currently have any
estimates of any gas or oil reserves.

     Impairment of Gas and Oil Properties
     ------------------------------------

     We review our gas and oil properties for impairment whenever events and
circumstances indicate a decline in the recoverability of their carrying
value.  We estimate the expected future cash flows of our gas and oil
properties and compare such future cash flows to the carrying amount of the
gas and oil properties to determine if the carrying amount is recoverable.  If
the carrying amount exceeds the estimated undiscounted future cash flows, we
will adjust the carrying amount of the gas and oil properties to their fair
value.  The factors used to determine fair value include, but are not limited
to, estimates of hydrocarbons that we believe are recoverable even though they
are not proved reserves, future commodity pricing, future production
estimates, anticipated capital expenditures, and a discount rate commensurate
with the risk associated with realizing the expected cash flows projected.

     Given the complexities associated with such estimates and the history of
price volatility in the gas and oil markets, events may arise that would
require us to record an impairment of the book values associated with our gas
and oil properties.  As a result of our review, we did not record an
impairment during the years ended June 30, 2002, 2001 or 2000.

     Recently Issued or Proposed  Accounting Standards and Pronouncements.
     --------------------------------------------------------------------

     In July 2001, the Financial Accounting Standards Board issued and
approved for issuance SFAS No. 143, "Accounting for Asset Retirement
Allocations."  SFAS No. 143 requires entities to record the fair value of a
liability for an asset retirement obligation in the period in which it is
incurred and a corresponding increase in the carrying amount of the related
long-lived asset and is effective for fiscal years beginning after June 15,
2002.  We are currently assessing the impact SFAS No. 143 will have on our
financial condition and results of operations.

                                     28

<PAGE>
     In August 2001, the FASB issued SFAS No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets, that superseded SFAS No. 121 and
APB Opinion No. 30.  SFAS 144 provides guidance on differentiating between
assets held and used, held for sale, and held for disposal other than by sale,
and the required valuation of such assets.  SFAS 144 is effective for fiscal
years beginning after December 15, 2001.  We are currently assessing the
impact SFAS No. 144 will have on our financial condition and results of
operations.

     Statement 145, Recission of FASB Statements No. 4, 44 and 64, Amendment
of FASB Statement No. 13, and Technical Corrections (SFAS No. 145) was issued
in April 2002.  This statement rescinds SFAS No. 4, Reporting Gains and Losses
from Extinguishment of Debt, which required all gains and losses from
extinguishment of debt to be aggregated and, if material, classified as an
extraordinary item, net of income taxes.  As a result, the criteria in APB 30
will now be used to classify those gains and losses.  Any gain or loss on the
extinguishment of debt that was classified as an extraordinary item in prior
periods presented that does not meet the criteria in APB 30 for classification
as an extraordinary item shall be reclassified.  The provisions of this
Statement are effective for fiscal years beginning after January 1, 2003.  We
do not believe the Company will be materially impacted by this statement.

     Statement 146, Accounting for Exit or Disposal Activities (SFAS No. 146),
was issued in June 2002.  SFAS No. 146 addresses significant issues regarding
the recognition, measurement and reporting of disposal activities, including
restructuring activities that are currently accounted in EITF Issue No. 94-3,
"Liability Recognition for Certain Employee Termination Activity."  SFAS No.
146 will be effective in January 2003.  We are currently assessing the impact
of SFAS No. 146.

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

     Market risk is the potential loss arising from adverse changes in market
rates and prices, such as foreign currency exchange and interest rates and
commodity prices.  We do not use financial instruments to any degree to manage
foreign currency exchange and interest rate risks and do not hold or issue
financial instruments to any degree for trading purposes.  All of our revenue
and related receivables are payable in U.S. dollars.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     Financial Statements are included beginning on Page F-1.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

     Not applicable.








                                     29

<PAGE>
                                  PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

     Information with respect to our executive officers and directors is set
forth below:

        Name             Age       Positions              Period of Service
---------------------    ---  ------------------------   -------------------

Aleron H. Larson, Jr.     57   Chairman of the Board,     May 1987 to Present
                               Secretary, and a Director

Roger A. Parker           40   President, Chief           May 1987 to Present
                               Executive Officer and
                               a Director

Jerrie F. Eckelberger     58   Director                   September 1996
                                                          to Present

Kevin K. Nanke            37   Treasurer and Chief        December 1999
                               Financial Officer          to Present

     The following is biographical information as to the business experience
of each of our current officers and directors.

     Aleron H. Larson, Jr., age 57, has operated as an independent in the oil
and gas industry individually and through public and private ventures since
1978.  Mr. Larson served as the Chairman, Secretary, CEO and a Director of
Chippewa Resources Corporation, a public company then listed on the American
Stock Exchange from July 1990 through March 1993 when he resigned after a
change of control.   Mr. Larson serves as Chairman of the Board, Secretary and
Director of Amber Resources Company ("Amber"), as well as Delta, which is our
majority-owned owner.  Mr. Larson practiced law in Breckenridge, Colorado from
1971 until 1974.  During this time he was a member of a law firm, Larson &
Batchellor, engaged primarily in real estate law, land use litigation, land
planning and municipal law.  In 1974, he formed Larson & Larson, P.C., and was
engaged primarily in areas of law relating to securities, real estate, and oil
and gas until 1978.  Mr. Larson received a Bachelor of Arts degree in Business
Administration from the University of Texas at El Paso in 1967 and a Juris
Doctor degree from the University of Colorado in 1970.

     Roger A. Parker, age 40, served as the President, a Director and Chief
Operating Officer of Chippewa Resources Corporation from July of 1990 through
March 1993 when he resigned after a change of control.  Mr. Parker serves as
President, Chief Executive Officer and Director of Amber and also Delta.  He
also serves as a Director and Executive Vice President of P & G Exploration,
Inc., a private oil and gas company (formerly Texco Exploration, Inc.).  Mr.
Parker has also been the President, a Director and sole shareholder of Apex
Operating Company, Inc. since its inception in 1987.  He has operated as an
independent in the oil and gas industry individually and through public and
private ventures since 1982.  He was at various times, from 1982 to 1989, a
Director, Executive Vice President, President and shareholder of Ampet, Inc.
He received a Bachelor of Science in Mineral Land Management from the

                                    30

<PAGE>
University of Colorado in 1983.  He is a member of the Rocky Mountain Oil and
Gas Association and the Independent Producers Association of the Mountain
States (IPAMS).

     Jerrie F. Eckelberger, age 58, is an investor, real estate developer and
attorney who has practiced law in the State of Colorado since 1971.  He
graduated from Northwestern University with a Bachelor of Arts degree in 1966
and received his Juris Doctor degree in 1971 from the University of Colorado
School of Law.  From 1972 to 1975, Mr. Eckelberger was a staff attorney with
the eighteenth Judicial District Attorney's Office in Colorado.  From 1975 to
present, Mr. Eckelberger has practiced law in Colorado and is presently a
member of the law firm of Eckelberger & Jackson, LLC.  Mr. Eckelberger
previously served as an officer, director and corporate counsel for Roxborough
Development Corporation.   Since March 1996, Mr. Eckelberger has acted as
President and Chief Executive Officer of 1998, Ltd., a Colorado corporation
actively engaged in the development of real estate in Colorado.  He is the
Managing Member of The Francis Companies, L.L.C., a Colorado limited liability
company, which actively invests in real estate and has been since June, 1996.
Additionally, since November, 1997, Mr. Eckelberger has served as the Managing
Member of the Woods at Pole Creek, a Colorado limited liability company,
specializing in real estate development.  He also serves on the Board of
Directors of Delta.

     Kevin K. Nanke, age 37, Treasurer and Chief Financial Officer of both
Amber and Delta, joined us in April 1995.  Since 1989, he has been involved in
public and private accounting with the oil and gas industry.  Mr. Nanke
received a Bachelor of Arts in Accounting from the University of Northern Iowa
in 1989.  Prior to working with us, he was employed by KPMG LLP.  He is a
member of the Colorado Society of CPA's and the Council of Petroleum
Accounting Society.

     There is no family relationship among or between any of our Officers
and/or Directors.

ITEM 11.  EXECUTIVE COMPENSATION.

     No officer or director received compensation directly from us during the
years ended June 30, 2002, 2001 and 2000.  Messrs. Larson, Parker, Nanke,
Chairman, President and Chief Financial Officer, respectively, are compensated
by Delta, which compensation is paid under a management agreement with us.  No
officer or director received stock appreciation rights, restricted stock
awards, options, warrants or other similar compensation reportable under this
section during any of the above referenced periods.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     (a) & (b) Security Holdings of Management and Persons Controlling more
than 5% of shares of Common Stock Outstanding on a Fully-Diluted Basis.






                                     31

<PAGE>
Name and Address of            Amount & Nature of
Beneficial Owners              Beneficial Ownership     Percent of Class
-------------------            --------------------     ----------------

Delta Petroleum Corporation       4,277,977 (1)             91.68% (1)
475 17th Street, Suite 1400
Denver, Colorado 80202

Roger A. Parker                   4,277,977 (1)             91.68% (1)
475 17th St., Ste. 1400
Denver, CO  80202

Aleron H. Larson, Jr.             4,277,977 (1)             91.68% (1)
475 17th St., Ste. 1400
Denver, CO  80202

Jerrie F. Eckelberger             4,277,977(1)              91.68% (1)
7120 East Orchard Road
Englewood, CO 80111

Kevin K. Nanke                    4,277,977 (1)             91.68% (1)
475 17th St., Ste 1400
Denver, Colorado 80202

Management as a Group (4 people)  4,277,977(1)              91.68% (1)

(1)   All shares are owned by Delta; Messrs. Larson, Parker and Nanke are
either officers, directors or shareholders of Delta. Mr. Eckelberger is   also
a director of Delta.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     Effective October 1, 1998, we entered into an agreement with Delta which
provides for the sharing of management between the two companies.  Under this
agreement we pay Delta $25,000 per quarter for our share of rent,
administrative, accounting and management services of Delta officers and
employees.  This agreement is cancellable by either party at any time.  It is
our opinion that fees paid to Delta for services rendered are comparable to
fees that would be charged by similarly qualified non-affiliated persons.
This agreement replaces a previous agreement which allocated similar expenses
based on our proportionate share of oil and gas production. The charges to us
for the provision of services by Delta were $100,000 for the years ended June
30, 2002, 2001 and 2000.  We had a receivable from Delta of $398,000 and
$404,000 recorded as a reduction in equity at June 30, 2002 and 2001,
respectively.

     On July 1, 2001, we sold all of our proved producing properties to Delta,
which owns over 91% of our issued and outstanding shares, for $107,044 as an
increase in the amount receivable from Delta.  The sale price was calculated
as being an amount equal to the net present value of the estimated
hydrocarbons beneath the properties using a discount rate of 10% as determined
by independent engineers.  Management believes that the terms of this
transaction were on terms no less favorable to us than could have been
obtained from an independent third party.



                                    32

<PAGE>
                                   PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

     (a)  Financial Statements:
          --------------------

          Independent auditors' report                                F-1

          Balance Sheet as of June 30, 2002 and 2001                  F-2

          Statements of Operations and Accumulated Deficit
            Years Ended June 30, 2002, 2001 and 2000                  F-3

          Statements of Cash Flows                                    F-4

          Notes to Financial Statements                               F-5


          Financial Statement Schedules:  None
          -----------------------------


     (b)  Reports on Form 8-K:  None
          -------------------


     (c)  Exhibits:
          --------

      The Exhibits listed in the Index to Exhibits appearing at page 34 are
filed as part of this report.























                                33


<PAGE>
                              INDEX TO EXHIBITS

(2)     Plan of Acquisitions, Reorganization, Arrangement, Liquidation, or
        Succession.  Not applicable.

(3)     Articles of Incorporation and Bylaws.  The Articles of Incorporation
        (Certificate of Incorporation) and Bylaws of the Registrant filed as
        Exhibits 4 and 5 to Registrant's Form S-1 Registration Statement filed
        August 28, 1978 with the Securities and Exchange Commission are
        incorporated herein by reference. The Restated Articles of
        Incorporation (Restated Certificate of Incorporation) dated January
        26, 1988 and Amendment to Restated Certificate of Incorporation dated
        September 18, 1989 are attached hereto as Exhibits 3.1 and 3.2,
        respectively.

(4)     Instruments Defining the Rights of Security Holders.

        4.1     Certificate of Designation of the Relative Rights of the Class
                A Preferred Stock of Amber Resources Company dated July 25,
                1989.  Incorporated by reference to Exhibit 4.1 of the
                Company's Form 10-KSB for the fiscal year ended June 30, 1997.

(9)     Voting Trust Agreement.  Not applicable.

(10)    Material Contracts.

        10.1     Agreement dated March 31, 1993 between Delta Petroleum
                 Corporation and Amber Resources Company.  Incorporated by
                 reference from Exhibit 10.1 of the Company's Form 10-KSB for
                 the fiscal year ended June 30, 1997.

        10.2     Amber Resources Company 1996 Incentive Plan.  Incorporated by
                 reference from Exhibit 99.1 of the Company's December 4, 1996
                 Form 8-K.

        10.3     Agreement between Amber Resources Company and Delta Petroleum
                 Corporation dated effective October 1, 1998.  Incorporated by
                 reference from Exhibit 10.2 of the Company's Form 10-KSB for
                 the fiscal year ended June 30, 1999.

        10.4     Purchase and Sale Agreement between Amber Resources Company
                 and Delta Petroleum Corporation dated July 1, 2001.
                 Filed herewith electronically.

(11)    Statement Regarding Computation of Per Share Earnings. Not applicable.

(12)    Statement Regarding Computation of Ratios. Not applicable.

(13)    Annual Report to Security Holders, Form 10-Q or Quarterly
        Report to Security Holders.  Not applicable.

(16)    Letter re: Change in Certifying Accountants. Not applicable.

(17)    Letter re: Director Resignation. Not applicable.


                                  34

<PAGE>
(18)    Letter Regarding Change in Accounting Principals. Not applicable.

(19)    Previously Unfiled Documents.  Not applicable.

(21)    Subsidiaries of the Registrant. Not applicable.

(22)    Published Report Regarding Matters Submitted to Vote of Security
        Holders. Not applicable.

(23)    Consent of Experts and Counsel.  Not applicable.

(24)    Power of Attorney.  Not applicable.

(27)    Financial Data Schedule. Not applicable.

(99)    Additional Exhibits. Not applicable.






































                                    35

<PAGE>
                          Independent Auditors' Report


The Board of Directors and Stockholders
Amber Resources Company:


We have audited the accompanying balance sheets of Amber Resources Company
(the "Company"), a subsidiary  of  Delta Petroleum Corporation, as of June 30,
2002 and 2001 and the related statements of operations and accumulated
deficit, and cash flows for each of the years in the three-year period ended
June 30, 2002. These financial statements are  the responsibility of the
Company's management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Amber Resources Company as of
June 30, 2002 and 2001, and the results of its operations and its cash flows
for each of the years in the three-year period ended June 30, 2002, in
conformity with accounting principles generally accepted in the United States
of America.




                                     s/KPMG
                                     KPMG LLP


Denver, Colorado
September 12, 2002
















                                    F-1


<PAGE>
AMBER RESOURCES COMPANY
BALANCE SHEETS
June 30, 2002 and 2001


                                                       2002         2001
                                                    ----------   ----------
ASSETS

Current Assets:
     Cash                                           $      681   $   14,992
     Accounts receivable                                     -        7,855
                                                    ----------   ----------
          Total current assets                             681       22,847
                                                    ----------   ----------
Property and Equipment:
     Oil and gas properties, at cost (using
       the successful efforts method
       of accounting):
     Undeveloped offshore California properties      5,006,276    5,006,276
     Developed onshore domestic properties                   -      203,053
                                                    ----------   ----------
                                                     5,006,276    5,209,329
     Less accumulated depreciation and depletion             -     (169,968)
                                                    ----------   ----------
          Net property and equipment                 5,006,276    5,039,361
                                                    ----------   ----------
                                                    $5,006,957   $5,062,208
                                                    ==========   ==========
LIABILITIES AND STOCKHOLDERS' EQUITY


Current  Liabilities:
     Accounts payable                               $    2,912   $   16,532
                                            ----------   ----------
          Total current liabilities                      2,912       16,532
                                                    ----------   ----------
Stockholders' Equity:
     Preferred stock, $.10 par value;
       authorized 5,000,000 shares of Class A
       convertible preferred stock, none issued              -            -
     Common stock, $.0625 par value;
       authorized 25,000,000 shares, issued
       4,666,185 shares at June 30, 2002 and 2001      291,637      291,637
     Additional paid-in capital                      5,755,232    5,755,232
     Accumulated deficit                              (644,329)    (597,564)
     Advance to parent                                (398,495)    (403,629)
                                                    ----------   ----------
     Total stockholders' equity                      5,004,045    5,045,676
                                                    ----------   ----------
Commitments
                                                    $5,006,957   $5,062,208
                                                    ==========   ==========

         See accompanying notes to consolidated financial statements.



                                     F-2

<PAGE>
AMBER RESOURCES COMPANY
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
Years Ended June 30, 2002, 2001 and 2000

<TABLE>
<CAPTION>
                                                  Year Ended June 30
                                            2002           2001      2000
                                               ---------     ---------     ---------
<S>                                            <C>           <C>           <C>
Revenue:
     Oil and gas sales                         $       -     $  67,738     $  37,579
     Gain on sale of oil and gas properties       73,960             -             -
     Other revenue                                     -        51,667        62,656
     Other income                                  7,857            20            10
                                               ---------      --------     ---------
          Total revenue                           81,817       119,425       100,245


Operating expenses:
     Lease operating expenses                          -        22,827        15,528
     Depreciation and depletion                        -        10,608        14,417
     Exploration expenses                         19,772        17,482         7,189

     General and administrative, including
      $100,000 in 2002, 2001 and 2000 to parent  108,810       111,136       130,605
                                               ---------     ---------     ---------
          Total operating expenses               128,582       162,053       167,739
                                               ---------     ---------     ---------

          Net loss                               (46,765)      (42,628)      (67,494)

     Accumulated deficit at
          beginning of the year                 (597,564)     (554,936)     (487,442)
                                               ---------     ---------     ---------
     Accumulated deficit at
          end of the year                      $(644,329)    $(597,564)    $(554,936)
                                               =========     =========     =========

     Basic loss per share                      $  (0.01)    $    *         $   (0.01)

                                               =========     =========      =========
     Weighted average number of common
          shares outstanding                   4,666,185     4,666,185     4,666,185
                                               =========     =========     ========

     *loss per share is less than $0.01

</TABLE>


          See accompanying notes to consolidated financial statements.








                                     F-3

<PAGE>
AMBER RESOURCES COMPANY
STATEMENTS OF CASH FLOWS
Years Ended June 30, 2002, 2001 and 2000

<TABLE>
<CAPTION>
                                                             Year Ended June 30

                                                       2002             2001          2000
                                                    ---------         ---------     ---------
<S>                                                 <C>               <C>           <C>
Cash flows from operating activities:
   Net loss                                         $ (46,765)        $ (42,628)     $(67,494)

   Adjustments to reconcile net loss to cash
        used in operating activities:
      Gain on sale of oil and gas properties          (73,960)
      Depletion                                                          10,608       14,417
   Net changes in operating assets and operating
       liabilities:
   (Increase) decrease in trade accounts receivable     7,855            (4,855)       (1,000)
   Increase (decrease) in accounts payable trade      (13,620)            3,634        (6,799)
   Deferred revenue                                         -           (51,667)      (62,656)
                                                    ---------         ---------     ---------

Net cash used in operating activities                (126,490)          (84,908)     (123,532)
                                                    ---------         ---------     ---------
Cash flows from investing activities-
   Additions to property and equipment                      -            (7,522)            -
                                                    ---------         ---------     ---------
Net Cash used in investing activities                       -            (7,522)            -

Cash flows from financing activities-
   Changes in accounts receivable from and
     accounts payable to parent                       112,179           102,000       127,993
                                                    ---------         ---------     ---------

Net increase (decrease) in cash                       (14,311)            9,570         4,461
                                                    ---------         ---------     ---------

Cash at beginning of period                            14,992             5,422           961
                                                    ---------         ---------     ---------

Cash at end of period                               $     681          $ 14,992     $   5,422
                                                    ---------          --------     ---------

</TABLE>








         See accompanying notes to consolidated financial statements.








                                     F-4

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)

Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(1)  Summary of Significant Accounting Policies

     Organization

     Amber Resources Company ("the Company") was incorporated in January,
1978, and is principally engaged  in  acquiring, exploring, developing, and
producing offshore oil and gas properties. The Company owns interests in three
undeveloped oil and gas properties in federal units offshore California, near
Santa Barbara.  As of June 30, 2002, Delta Petroleum Corporation ("Delta")
owned 4,277,977 shares (91.68%) of the Company's common stock.

     Liquidity

     The Company has incurred losses from operations over the past several
years coupled with significant deficiencies in cash flow from operations for
the same period.  Additionally, during the year ended June 30, 2002 the
Company sold its remaining producing reserves to Delta for $107,044 an amount
equal to the properties net present value discounted at 10% as determined by
third party engineers.  These factors among others may indicate that without
increased cash flow from sale of oil and gas properties  or additional
financing the Company may not be able to meet its obligation in a timely
manner or be able to fund exploration and development of its remaining oil and
gas properties.  The Company believes that it could sell oil and gas
properties or obtain additional financing.  However, there can be no assurance
that such financing would be available in a timely fashion or on acceptable
terms.

     Oil and Gas Properties

    The Company follows the successful efforts method of accounting for its
oil and gas activities.  Accordingly, costs associated with the acquisition,
drilling, and equipping of successful exploratory wells are capitalized.

    Geological and geophysical costs, delay and surface rentals and drilling
costs of unsuccessful exploratory wells are charged to expense as incurred.
Costs of drilling development wells, both successful and unsuccessful, are
capitalized.

    Upon the sale or retirement of oil and gas properties, the cost thereof
and the accumulated depreciation and depletion are removed from the accounts
and any gain or loss is credited or charged to operations.

    Depreciation and depletion of capitalized acquisition, exploration and
development costs is computed on the units-of-production method by individual
fields as the related proved reserves are produced.  Capitalized costs of
undeveloped properties are assessed periodically on an individual field basis
and a provision for impairment is recorded, if necessary, through a charge to
operations.


                                     F-5

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)

Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(1)  Summary of Significant Accounting Policies, Continued

     Impairment of Long-Lived Assets

     Statement of Financial Accounting Standards 121 "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of"
(SFAS 121) requires that long-lived assets be reviewed for impairment when
events or changes in circumstances indicate that the carrying value of such
assets may not be recoverable.  For developed properties, the review consists
of a comparison of the carrying value of the asset with the asset's expected
future undiscounted cash flows without interest costs.

     Estimates of expected future cash flows represent management's best
estimate based on reasonable and supportable assumptions and projections.  If
the expected future cash flows exceed the carrying value of the asset, no
impairment is recognized.  If the carrying value of the asset exceeds the
expected future cash flows, an impairment exists and is measured by the excess
of the carrying value over the estimated fair value of the asset.  Any
impairment provisions recognized in accordance with SFAS 121 are permanent and
may not be restored in the future.

   The Company assesses developed properties on an individual field basis for
impairment on at least an annual basis.

     For undeveloped properties, the need for an impairment reserve is based
on the Company's plans for future development and other activities impacting
the life of the property and the ability of the Company to recover its
investment.  When the Company believes the cost of the undeveloped property is
no longer recoverable, an impairment charge is recorded based on the estimated
fair value of the property.

     Gas Balancing

     The Company uses the sales method of accounting for gas balancing of gas
production.  Under this method, all proceeds from production credited to the
Company are recorded as revenue until such time as the Company has produced
its share of the total estimated reserves of the property.  Thereafter,
additional amounts received are recorded as a liability.

     Earnings (Loss) per Share

     Basic earnings (loss) per share is computed by dividing net earnings
(loss) attributable to common stock by the weighted average number of common
shares outstanding during each period, excluding treasury shares.  The Company
does not have any dilutive instruments and as such, no diluted earnings per
share have been presented.





                                     F-6

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(1)  Summary of Significant Accounting Policies, Continued

     Use of 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 revenue and expenses during the
reported period. Significant estimates include oil and gas reserves, bad
debts, oil and gas properties, income taxes, contingencies and litigation.
Actual results could differ from these estimates.

     Recently Issued Accounting Standards and Pronouncements

     In July 2001, the Financial Accounting Standards Board approved for
issuance SFAS No. 143, "Accounting for Asset Retirement Obligations."  SFAS
No. 143 requires entities to record the fair value of a liability for an asset
retirement obligation in the period in which it is incurred and a
corresponding increase in the carrying amount of the related long-lived asset
and is effective for fiscal years beginning after June 15, 2002.  The Company
is currently assessing the impact SFAS No. 143 will have on its financial
condition and results of operations.

     In August 2001, the FASB issued SFAS No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets, that superseded SFAS No. 121 and
APB Opinion No. 30.  SFAS 144 provides guidance on differentiating between
assets held and used, held for sale, and held for disposal other than by sale,
and the required valuation of such assets.  SFAS 144 is effective for fiscal
years beginning after December 15, 2001.  The Company is currently assessing
the impact SFAS No. 144 will have on its financial condition and results of
operations.

     Statement 145, Recission of FASB Statements No. 4, 44 and 64, Amendment
of FASB Statement No. 13, and Technical Corrections (SFAS No. 145) was issued
in April 2002.  This statement rescinds SFAS No. 4, Reporting Gains and Losses
from Extinguishment of Debt, which required all gains and losses from
extinguishment of debt to be aggregated and, if material, classified as an
extraordinary item, net of income taxes.  As a result, the criteria in APB 30
will now be used to classify those gains and losses.  Any gain or loss on the
extinguishment of debt that was classified as an extraordinary item in prior
periods presented that does not meet the criteria in APB 30 for classification
as an extraordinary item shall be reclassified.  The provisions of this
Statement are effective for fiscal years beginning after January 1, 2003.  The
Company does not believe this statement will have a material impact to the
Financial Statements.




                                  F-7

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(1)  Summary of Significant Accounting Policies, Continued

     Statement 146, Accounting for Exit or Disposal Activities (SFAS No. 146),
was issued in June 2002.  SFAS No. 146 addresses significant issues regarding
the recognition, measurement and reporting of disposal activities, including
restructuring activities that are currently accounted in EITF Issue No. 94-3,
"Liability Recognition for Certain Employee Termination Activity."  SFAS No.
146 will be effective in January 2003.  The Company is currently assessing the
impact of SFAS No. 146.

(2)  Oil and Gas Properties

     On July 1, 2001, the Company sold all of its producing properties to
Delta Petroleum Corporation, our Parent, for $107,044.  The sales price for
the properties was fair value based on an evaluation performed by an unrelated
engineering firm.  The difference between the sales price received and the net
cost of the properties resulted in a gain of $73,960.  The properties were
ultimately sold by the Company's parent during fiscal 2002.  As such, the gain
was realized during fiscal 2002.

     Unproved Undeveloped Offshore California Properties

     The Company has ownership interests ranging from 87% to 6.97% in three
unproved undeveloped offshore California oil and gas properties with aggregate
carrying values of $5,006,000 on June 30, 2002 and 2001. These property
interests are located in proximity to existing producing federal offshore
units near Santa Barbara, California and represent the right to explore for,
develop and produce oil and gas from offshore federal lease units. Preliminary
exploration efforts on these properties have occurred and the existence of
substantial quantities of hydrocarbons has been indicated.  The recovery of
the Company's investment in these properties will require extensive
exploration and development activities (and costs) that cannot proceed without
certain regulatory approvals that have been delayed and is subject to other
substantial risks and uncertainties.

     Should the required regulatory approvals not be obtained or plans for
exploration and development of the properties not continue, the carrying value
of the properties would likely be impaired and written off.

     Even though the Company is not the designated operator of the properties
and regulatory approvals have not been obtained, the Company believes
exploration and development activities on these properties will occur and is
committed to expend funds attributable to its interests in order to proceed
with obtaining the approvals for the exploration and development activities.

     On January 9, 2002, Amber and several other plaintiffs filed a lawsuit in
the United States Court of Federal Claims in Washington, D.C. alleging that
the U.S. Government has materially breached the terms of forty undeveloped
federal leases, some of which are part of Amber's Offshore California
properties.  The Complaint is based on allegations by the collective
plaintiffs that the United States has materially breached the terms of certain
of their Offshore California leases by attempting to deviate significantly

                                    F-8

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(2) Oil and Gas Properties, Continued

from the procedures and standards that were in effect when the leases were
entered into, and by failing to carry out its own obligations relating to
those leases in a timely and fair manner.  More specifically, the plaintiffs
have alleged that the judicial determination in the California v. Norton case
that a 1990 amendment to the Coastal Zone Management Act required the
Government to make a consistency determination prior to granting lease
suspension requests in 1999 constitutes a material change in the procedures
and standards that were in effect when the leases were issued.  The plaintiffs
have also alleged that the United States has failed to afford them the timely
and fair review of their lease suspension requests which has resulted in
significant, continuing and material delays to their exploratory and
development operations.  The forty undeveloped leases are located in the
Offshore Santa Maria Basin off the coast of Santa Barbara and San Luis Obispo
counties, and in the Santa Barbara Channel off Santa Barbara and Ventura
counties.  None of these leases is currently impaired, but in the event that
there is some future adverse ruling by the California Coastal Commission under
the Coastal Zone Management Act and Amber decides not to appeal such ruling to
the Secretary of Commerce, or the Secretary of Commerce either refuses to hear
Amber's appeal of any such ruling or ultimately makes a determination adverse
to Amber, it is likely that some or all of these leases would become impaired
and written off at that time.  In addition, it should be noted that Amber's
pending litigation against the United States is predicated on the ruling of
the lower court in California v. Norton.  The United States has appealed the
decision of the lower court to the 9th Circuit Court of Appeals.  In the event
that the United States is not successful in its appeal(s) of the lower court's
decision in the Norton case and the pending litigation with Amber is not
settled, it would be necessary for Amber to reevaluate whether the leases
should be considered impaired at that time.  As the ruling in the Norton case
currently stands, the United States has been ordered to make a consistency
determination under the Coastal Zone Management Act, but the leases are still
valid.  If through the appellate process the leases are found not to be valid
for some reason, or if the United States is finally ordered to make a
consistency determination and either does not do so or finds that development
is inconsistent with the Coastal Zone Management Act, it would appear that the
leases would become impaired even though Amber would undoubtedly proceed with
its litigation.  It is also possible that other events could occur during the
appellate process that would cause the leases to become impaired, and Amber
will continuously evaluate those factors as they occur.

(3)  Preferred Stock

     The Board of Directors is authorized to issue 5,000,000 shares of
preferred stock having a par value of $0.10 per share.  As of the years ended
June 30, 2002 and 2001, no preferred stock was issued and outstanding.

(4)  Income Taxes

     At June 30, 2002 and 2001, the Company's significant deferred tax assets
and liabilities are summarized as follows:


                                     F-9

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)

Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(4)  Income Taxes, Continued

<TABLE>
<CAPTION>
                                       2002           2001          2000
                                           ----            ----          ----
<S>                                    <C>
 Deferred tax assets:
    Net operating loss
    carryforwards                       $  841,000       726,000       1,091,000

                                        ----------       -------       ---------
    Gross deferred tax assets              841,000       726,000       1,091,000

     Less valuation allowance             (841,000)     (635,000)       (768,000)
                                        ----------      --------       ---------
                                                 -        91,000         323,000
  Deferred tax liability:
    Oil and gas properties,
    principally due to differences
    in basis and depreciation and
    depletion                                    -       (91,000)       (323,000)
                                        ----------      --------       ---------
   Net deferred tax asset               $        -      $      -       $       -
                                        ==========      ========       =========
</TABLE>

     No income tax expense or benefit has been recorded for the years ended
June 30, 2002 and 2001 since the deferred income taxes that would have
otherwise been provided were offset by a decrease in the valuation allowance
for the net deferred tax assets.  The Company is consolidated in Delta's
income tax return and accounts for its income tax as if it filed a separate
return.  As Delta has a net operating loss carryforward and a valuation
allowance for deferred tax assets, the consolidation for income tax purposes
has no financial statement impact to the Company.

    At June 30, 2002, the Company had net operating loss carryforwards for
regular and alternative minimum tax purposes of approximately $2,215,000.  If
not utilized, the tax net operating loss carryforwards will expire during the
period from 2003 through 2022.  If not utilized, approximately $1.0 million of
net operating losses will expire over the next five years.

(5)  Related Party Transactions

     Effective October 1, 1998, the Company and Delta entered into an
agreement which provides for the sharing of management between the two
companies. Under this agreement the Company pays Delta $25,000 per quarter for
our share of rent, administrative, accounting  and management services of
Delta officers  and employees.  This agreement replaces a previous agreement
which allocated similar expenses based on the Company's proportionate share of
oil and gas production. The charges to us for the provision of services by
Delta were $100,000 for the year ended June 30, 2002, 2001 and 2000. We had a
non-interest bearing receivable from Delta of $398,495 and 403,629 recorded as
a reduction in equity at June 30, 2002 and 2001, respectively.

                                   F-10

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(5)  Related Party Transactions, Continued

     On July 1, 2001, the Company sold all of its proved producing properties
to Delta, which owns over 91% of the Company's issued and outstanding shares,
for $107,044 in cash.  The sale price was calculated as being an amount equal
to the net present value of the estimated hydrocarbons beneath the properties
using a discount rate of 10% as determined by independent engineers.
Management believes that the terms of this transaction were on terms no less
favorable to the Company than could have been obtained from an independent
third party.

(6)  Disclosures About Capitalized Costs, Costs Incurred and Major Customers

     Capitalized costs related to oil and gas producing activities are as
follows:
                                     June 30,      June 30,
                                      2002          2001
                                     --------      --------
  Undeveloped offshore
     California properties         $ 5,006,276     $ 5,006,276
  Developed onshore
     domestic properties                     -         203,053
                                   -----------     -----------
                                     5,006,276       5,209,329
  Accumulated depreciation
     and depletion                           -        (169,968)
                                   -----------     -----------
                                   $ 5,006,276     $ 5,039,361
                                   ===========     ============

     Costs incurred in oil and gas producing activities for the years ended
June 30, 2002, 2001 and 2000 are as follows:

                                     2002           2001         2000
                                     ----           ----         ----

     Intangible drilling costs    $     -          $ 7,522      $     -
     Exploration costs            $19,772          $17,482      $ 7,189

     A summary of the results of operations for oil and gas producing
activities, excluding general and administrative cost, for the years ended
June 30, 2002, 2001 and 2000 is as follows:

                                      2002          2001         2000
                                      ----          ----         ----
  Revenue:
    Oil and gas sales             $      -         $67,738      $37,579
  Expenses:
   Lease operating                       -          22,827       15,528
   Depletion                             -          10,608       14,417
   Exploration                      19,772          17,482        7,189
                                  --------         -------      -------
  Results of operations of oil
  Gas producing activities        $(19,772)        $16,821      $   445
                                  ========         =======      =======

                                     F-11

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(6)  Disclosures About Capitalized Costs, Costs Incurred and Major Customers,
     Continued

     Statement of Financial Accounting Standards 131 "Disclosures about
Segments of an Enterprise and Related Information" (SFAS 131) establishes
standards for reporting information about operating segments in annual and
interim financial statements.  SFAS 131 also establishes standards for related
disclosures about products and services, geographic areas and major customers.
The Company manages its business through one operating segment.

     As the Company had sold its producing properties in fiscal year 2002,
there were no 2002 customers, but in 2001, sales to three major customers
accounted for approximately 44%, 12% and 12% of oil and gas sales.  In 2000,
sales to two major customers accounted for approximately 44% and 12% of oil
and gas sales .

(7) Information Regarding Proved Oil and Gas Reserves (Unaudited)

    Proved Oil and Gas Reserves. Proved oil and gas reserves are the estimated
quantities of crude oil, natural gas, and natural gas liquids which geological
and engineering  data demonstrate with reasonable certainty to be recoverable
in future years from known reservoirs under existing economic and operating
conditions, i.e., prices and costs as of the date the estimate is made. Prices
include consideration of changes in existing prices provided only by
contractual arrangements, but not on escalations based upon future conditions.

     (i)  Reservoirs are considered proved if economic producibility is
     supported by either actual production or conclusive formation test.  The
     area of a reservoir considered proved includes (A) that portion
     delineated by drilling and defined by gas-oil and/or oil-water contacts,
     if any; and (B) the immediately adjoining portions not yet drilled, but
     which can be reasonably judged as economically productive on the basis of
     available geological and engineering data.  In the absence of information
     on fluid contacts, the lowest known structural occurrence of hydrocarbons
     controls the lower proved limit of the reservoir.

     (ii)  Reserves which can be produced economically through application of
     improved recovery techniques (such as fluid injection) are included in
     the "proved" classification when successful testing by a pilot project,
     or the operation of an installed program in the reservoir, provides
     support for the engineering analysis on which the project or program was
     based.

     (iii) Estimates of proved reserves do not include the following: (A) oil
     that may become available from known reservoirs  but is classified
     separately as  "indicated  additional reserves"; (B) crude oil, natural
     gas, and natural gas liquids, the recovery of which is subject to
     reasonable doubt because of uncertainty as to geology, reservoir
     characteristics, or economic factors; (C) crude oil, natural gas, and
     natural gas liquids, that may occur in underlaid prospects; and (D) crude
     oil, natural gas, and natural gas liquids, that may be recovered from oil
     shales, coal, gilsonite and other such sources.

                                    F-12

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(7) Information Regarding Proved Oil and Gas Reserves (Unaudited), Continued

     Proved developed oil and gas reserves are reserves that can be expected
to be recovered through existing wells with existing equipment and operating
methods. Additional oil and gas expected to be obtained through the
application of fluid injection or other improved recovery techniques for
supplementing the natural forces and mechanisms of primary recovery should be
included as "proved developed reserves" only after testing by a pilot project
or after the operation of an installed program has confirmed through
production response that increased recovery will be achieved.

      Proved undeveloped oil and gas reserves are reserves that are expected
to be recovered from new wells on undrilled acreage, or from existing wells
where a relatively major expenditure is required for recompletion. Reserves on
undrilled acreage shall be limited to those drilling units offsetting
productive units that are reasonably certain of production when drilled.
Proved reserves for other undrilled units can be claimed only where it can be
demonstrated with certainty that there is continuity of production from the
existing productive formation.  Under no circumstances should estimates for
proved undeveloped reserves be attributable to any acreage for which an
application of fluid injection or other improved recovery technique is
contemplated, unless such techniques have been proved effective by actual
tests in the area and in the same reservoir.

     A summary of changes in estimated quantities of proved reserves for the
years ended June 30, 2001 and 2000 are as follows:

                                                   Onshore
                                             -------------------
                                               GAS         OIL
                                              (MCF)       (BBLS)
                                             -------------------
     Balance at July 1, 1999                  186,590        835
       Revisions of quantity estimates         (8,148)     1,854
       Production                             (11,443)      (488)
                                             --------     ------
     Balance at June 30, 2000                 166,999      2,201

       Revisions of quantity estimates        (25,299)      (138)
       Production                             (11,630)      (381)
                                             --------     ------
     Balance at June 30, 2001                 130,070      1,682

     Sales of Producing Properties           (130,070)     1,682)
                                             --------     ------
     Balance at June 30, 2002                       -          -
                                             ========     ======

     Proved developed reserves:
       June 30, 2000                          166,999      2,201
       June 30, 2001                          130,070      1,682
       June 30, 2002                                -          -

                                   F-13

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2000
----------------------------------------------------------------------------

(7) Information Regarding Proved Oil and Gas Reserves (Unaudited), Continued

     Future net cash flows presented below are computed using year-end prices
and costs.  The Company has no proved reserves at June 30, 2002.  As such,
certain disclosures at June 30, 2002 have been eliminated.

     Future corporate overhead expenses and interest expense have not been
included.

     June 30, 2000

     Future cash inflows                         $  643,918
     Future costs:
      Production                                    292,258
      Development                                         -
      Income tax
                                                          -
                                                 ----------
                                                    351,660
     10% discount factor                            119,724
                                                 ----------
     Standardized measure of discounted
         net cash flows                          $  231,936

     June 30, 2001

     Future cash inflows                         $  343,937
     Future costs:
      Production                                    172,264
      Development                                         -
      Income taxes                                        -
                                                 ----------

     Future net cash flows                          171,673

     10% discount factor                             64,629
                                                 ----------

     Standardized measure of discounted future
        net cash flows                           $  107,044
                                                 ==========











                                    F-14

<PAGE>
AMBER RESOURCES COMPANY
(A subsidiary of Delta Petroleum Corporation)
Notes to Financial Statements
Years Ended June 30, 2002 and 2001
----------------------------------------------------------------------------

(7) Information Regarding Proved Oil and Gas Reserves (Unaudited), Continued

     The principal sources of changes in the standardized measure of
discounted net cash flows during the year ended June 30, 2002, 2001 and 2000
are as follows:

<TABLE>
<CAPTION>
                                                   2002          2001          2000
                                                   ----          ----          ----
<S>                                              <C>            <C>          <C>
 Beginning of year                               $107,044       $231,936     $203,958

 Sales of oil and gas produced during the
   period , net of production costs                     -        (44,911)     (20,321)
 Net change in prices and production costs              -        (51,512)      78,265
 Changes in estimated future development costs          -              -            -
 Revisions of previous quantity estimates,
   estimated timing of development and other            -        (51,663)     (50,362)
 Sale of reserves in place                       (107,044)             -            -
 Accretion of discount                                  -         23,194       20,396
                                                 --------       --------     --------
 End of year                                     $      -       $107,044     $231,936
                                                 ========       ========     ========

</TABLE>




























                                    F-15

<PAGE>
                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, we have caused this Form 10-K to be signed on our behalf
by the undersigned, thereunto duly authorized, in the City of Denver and State
of Colorado on the 7th day of October, 2002.

                                  AMBER RESOURCES COMPANY


                                  By: /s/ Roger A. Parker
                                     ----------------------------------------
                                     Roger A. Parker, Chief Executive Officer


                                  By: /s/ Kevin K. Nanke
                                     ---------------------------------------
                                     Kevin K. Nanke, Chief Financial Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934, we
have duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

Signature and Title                                  Date


/a/ Aleron H. Larson, Jr.                       October 7, 2002
-------------------------------
Aleron H. Larson, Jr., Director

/s/ Roger A. Parker                             October 7, 2002
-------------------------------
Roger A. Parker, Director


-------------------------------
Jerrie F. Eckelberger, Director

                              CERTIFICATIONS

     I, Roger A. Parker, certify that:

     1.  I have reviewed this annual report on Form 10-K of Amber Resources
Company;

     2.  Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report; and

     3.  Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report.


Dated: October 7, 2002               /s/ Roger A. Parker
                                     -------------------------------------
                                     Roger A. Parker
                                     Chief Executive Officer
                                     (Principal Executive Officer)

<PAGE>
     I, Kevin K. Nanke, certify that:

     1.  I have reviewed this annual report on Form 10-K of Amber Resources
Company;

     2.  Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report; and

     3.  Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report.


                                    /s/ Kevin K. Nanke
Dated: October 7, 2002              -------------------------------------
                                    Kevin K. Nanke
                                    Chief Financial Officer
                                    (Principal Financial Officer)


                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
                          AND CHIEF FINANCIAL OFFICER OF
                            AMBER RESOURCES COMPANY
                         PURSUANT TO 18 U.S.C. SECTION 1350


     We certify that, to the best of our knowledge, the Annual Report on Form
10-K of Amber  Resources Company for the period ending June 30, 2002:

     (1)  complies with the requirements of Section 13(a) or 15(d) of the
Securities and Exchange Act of 1934; and

     (2)  the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of Delta
Petroleum Corporation.


/s/ Roger A. Parker                     /s/ Kevin K. Nanke
-----------------------------------     -----------------------------------
Roger A. Parker                         Kevin K. Nanke
Chief Executive Officer                 Chief Financial Officer

October 7, 2002                         October 7, 2002