----

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

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------|------------------------------------------------------------------------------------------|

| Nevada(State or other jurisdictionOf incorporation or organization) |   | 26-0841675(IRS EmployerIdentification No.) |
|---------------------------------------------------------------------|--------|--------------------------------------------|

| Large accelerated filer [  ] | Accelerated filer [  ] |
|----------------------------------------|----------------------------------|
| Non-accelerated filer [  ]   | Smaller reporting company [x]    |

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|       |                                                                                                                                                             | Page          |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
| PART I.    | UNAUDITED FINANCIAL INFORMATION                                                                                                                                  |          |
|       |                                                                                                                                                             |          |
| Item 1.    | Interim Financial Statements                                                                                                                                     |          |
|       |                                                                                                                                                             |          |
|       | Balance SheetsJanuary 31, 2011 (unaudited) and July 31, 2010                                                                                                     |  3       |
|       |                                                                                                                                                             |          |
|       | Statements of Operations (unaudited)Three and Six Months Ended January 31, 2011 and 2010and Cumulative Amounts from July 8, 2003 (Inception) to January 31, 2011 |   4 |
|       |                                                                                                                                                             |          |
|       | Statements of Cash Flows (unaudited)Six Months Ended January 31, 2011 and 2010and Cumulative Amounts from July 8, 2003 (Inception) to January 31, 2011           |   5 |
|       |                                                                                                                                                             |          |
|       | Notes to Financial Statements (unaudited)                                                                                                                        | 6             |
|       |                                                                                                                                                             |          |
| Item 2.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                      | 11            |
|       |                                                                                                                                                             |          |
| Item 3.    | Quantitative and Qualitative Disclosures About Market Risk                                                                                                       | 12            |
|       |                                                                                                                                                             |          |
| Item 4.    | Controls and Procedures                                                                                                                                          | 13            |
|       |                                                                                                                                                             |          |
| PART II.   | OTHER INFORMATION                                                                                                                                                |          |
|       |                                                                                                                                                             |          |
| Item 1.    | Legal Proceedings                                                                                                                                                | 13            |
|       |                                                                                                                                                             |          |
| Item 1A.   | Risk Factors                                                                                                                                                     | 13            |
|       |                                                                                                                                                             |          |
| Item 2.    | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                      | 13            |
|       |                                                                                                                                                             |          |
| Item 3.    | Defaults Upon Senior Securities                                                                                                                                  | 13            |
|       |                                                                                                                                                             |          |
| Item 4.    | (Removed and Reserved)                                                                                                                                           | 14            |
|       |                                                                                                                                                             |          |
| Item 5.    | Other Information                                                                                                                                                | 14            |
|       |                                                                                                                                                             |          |
| Item 6.    | Exhibit Index                                                                                                                                                    | 14            |
|       |                                                                                                                                                             |          |
| Signatures |                                                                                                                                                             | 15            |

----

|   |
|--------|

|                                                                                                                                                                                           |   | January 31,2011 |                                                  |    | July 31,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|-------------------------------------------------------|---------|--------------|--------|
|                                                                                                                                                                                           |   |
|                                                                                                                                                                                           |   | (Unaudited)     |                                                  |    |         |   |
| ASSETS                                                                                                                                                                                         |   |            |                                                  |    |         |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |
| Current Assets                                                                                                                                                                                 |   |            |                                                  |    |         |   |
| Cash and cash equivalents                                                                                                                                                                      |   | $               | 24,990                                                |    |         | $      | 2,491 |   |
| Accounts receivable                                                                                                                                                                            |   |            | 58,000                                                |    |         |   | - |   |
| Prepaid expenses                                                                                                                                                                               |   |            |         1,015 |    |         |   | - |   |
| Total Current Assets                                                                                                                                                                           |   |            |        84,005      |    |         |   | 2,491 |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Deferred financing costs, net                                                                                                                                                                  |   |            | 27,528                                                |    |         |   | 4,375 |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Oil and gas properties at cost – full cost method                                                                                                                                        |   |            | 603,957                                               |    |         |   | 293,696 |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Total Assets                                                                                                                                                                                   |   | $               | 715,490                                               |    |         | $      | 300,562 |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT)                                                                                                                                                  |   |            |                                                  |    |         |   |   |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Current Liabilities                                                                                                                                                                            |   |            |                                                  |    |         |   |   |   |
| Accounts payable and accrued liabilities                                                                                                                                                       |   | $               | 50,541                                                |    |         | $      | 81,388 |   |
| Accounts payable – related party                                                                                                                                                         |   |            | 126,615                                               |    |         |   |  106,055 |   |
| Notes payable                                                                                                                                                                                  |   |            | 105,000                                               |    |         |   |   105,000 |   |
| Total Current Liabilities                                                                                                                                                                      |   |            | 282,156                                               |    |         |   |   292,443 |   |
|  Long Term Liabilities                                                                                                                                                                    |   |            |                                                  |    |         |   |   |   |
| Notes payable                                                                                                                                                                                  |   |            | 544,709                                               |    |         |   | 115,000 |   |
| Asset retirement obligation                                                                                                                                                                    |   |            | 3,235                                                 |    |         |   | 1,171 |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Total Liabilities                                                                                                                                                                              |   |            | 830,100                                               |    |         |   | 408,614 |   |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Stockholders’ (Deficit)                                                                                                                                                                  |   |            |                                                  |    |         |   |   |   |
| Preferred stock - $0.0001 par value; authorized – 250,000,000 shares Issued and outstanding – nil                                                                                  |   |            | -                                                     |    |         |   | - |   |
| Common stock - $0.0001 par value; authorized – 500,000,000 shares Issued and outstanding – 60,250,000 shares at January 31, 2011 and 60,050,000  shares at July 31, 2010 |   |            | 6,025                                            |    |         |   | 6,005  |   |
| Paid in capital                                                                                                                                                                                |   |            | 54,975                                                |    |         |   | 28,495 |   |
| (Deficit) accumulated during the development stage                                                                                                                                             |   |            | (175,610                                              | )  |         |   | (142,552 | )  |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Total Stockholders’ (Deficit)                                                                                                                                                            |   |            | (114,610                                              | )  |         |   | (108,052 | )  |
|                                                                                                                                                                                           |   |            |                                                  |    |         |   |   |   |
| Total Liabilities and Stockholders’ (Deficit)                                                                                                                                            |   | $               | 715,490                                               |    |         | $      | 300,562 |   |

----

|   |
|--------|

|                                                                  |   | Three Months Ended January 31, 2011 |       |   | Three Months Ended January 31, 2010 |   |       | Six Months Ended January 31, 2011 |   |   | Six Months Ended January 31, 2010 |   |   | CumulativeAmounts FromJuly 8, 2003(Inception)ToJanuary 31,2011 |       |
|-----------------------------------------------------------------------|--------|-------------------------------------|------------|--------|-------------------------------------|--------|------------|-----------------------------------|--------|--------|-----------------------------------|--------|--------|----------------------------------------------------------------|------------|
| REVENUES                                                              |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |
| Oil and gas revenue                                                   |   | $                                   | 68,860     |   |                                | $      | -          |                              |   | $      | 68,860                            |   |   | $                                                              | -          |   |   | $ | 68,860 |   |
| Other revenues                                                        |   |                                | -          |   |                                |   | -          |                              |   |   | -                                 |   |   |                                                           | -          |   |   |   | 387 |   |
| Total Revenues                                                        |   |                                | 68,860     |   |                                |   | -          |                              |   |   | 68,860                            |   |   |                                                           | -          |   |   |   | 69,247 |   |
|                                                                  |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| COSTS AND EXPENSES                                                    |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| Lease operating expenses                                              |   |                                | 2,280      |   |                                |   | -          |                              |   |   | 2,280                             |   |   |                                                           | -          |   |   |   | 2,280 |   |
| General and administrative                                            |   |                                | 17,362     |   |                                |   | 7,246      |                              |   |   | 47,480                            |   |   |                                                           | 16,088     |   |   |   | 165,004 |   |
| Consulting fees – related party                                 |   |                                | 7,500      |   |                                |   | 7,500      |                              |   |   | 30,000                            |   |   |                                                           | 7,500      |   |   |   | 45,000 |   |
| Depreciation, depletion, amortization and accretion                   |   |                                | 22         |   |                                |   | -          |                              |   |   | 44                                |   |   |                                                           | -          |   |   |   | 44 |   |
| Mineral exploration costs                                             |   |                                | -          |   |                                |   | -          |                              |   |   | -                                 |   |   |                                                           | 1,000      |   |   |   | 6,543 |   |
| Impairment on mineral property                                        |   |                                | -          |   |                                |   | -          |                              |   |   | -                                 |   |   |                                                           | -          |   |   |   | 875 |   |
| Loss on disposal of oil and gas property                              |   |                                | -          |   |                                |   | -          |                              |   |   | -                                 |   |   |                                                           | -          |   |   |   | 330 |   |
| TOTAL OPERATING EXPENSES                                              |   |                                | (27,164    | )      |                                |   | (14,746    | )                                 |   |   | (79,804                           | )      |   |                                                           | (24,588    | ) |   |   | (220,076 | ) |
|                                                                  |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| INCOME (LOSS) FROM OPERATIONS                                         |   |                                | 41,696     |   |                                |   | (14,746    | )                                 |   |   | (10,944                           | )      |   |                                                           | (24,588    | ) |   |   | (150,829 | ) |
|                                                                  |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| OTHER EXPENSES                                                        |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| Interest expense                                                      |   |                                | 11,427     |   |                                |   | -          |                              |   |   | 18,767                            |   |   |                                                           | -          |   |   |   | 21,309 |   |
| Amortization of deferred financing costs                              |   |                                | 2,222      |   |                                |   | -          |                              |   |   | 3,347                             |   |   |                                                           | -          |   |   |   | 3,472 |   |
| TOTAL OTHER EXPENSES                                                  |   |                                | 13,649     |   |                                |   | -          |                              |   |   | 22,114                            |   |   |                                                           | -          |   |   |   | 24,781 |   |
|                                                                  |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| Net Income (Loss)                                                     |   | $                                   | 28,047     |   |                                | $      | (14,746    | )                                 |   | $      | (33,058                           | )      |   | $                                                              | (24,588    | ) |   | $ | (175,610 | ) |
|                                                                  |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| Net Income (Loss) Per Common ShareBasic and Diluted                   |   | $                                   | 0.000      |   |                                | $      | (0.001     | )                                 |   | $      | (0.001                            | )      |   | $                                                              | (0.001     | ) |   |   |   |   |
|                                                                  |   |                                |       |   |                                |   |       |                              |   |   |                              |   |   |                                                           |       |   |   |   |   |   |
| Weighted average number of common shares outstandingBasic and Diluted |   |                                | 60,228,804 |   |                                |   | 60,000,000 |                              |   |   | 60,177,174                        |   |   |                                                           | 60,000,000 |   |   |   |   |   |

----

|                                                                            |   |    Six MonthsEndedJanuary 31,2011 |     |          |  Six Months EndedJanuary 31,2010 |   |    | CumulativeAmounts FromJuly 8, 2003(Inception)ToJanuary 31,2011 |   |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|---------------|---------------------------------------|--------|---------|----------------------------------------------------------------|--------|
| OPERATING ACTIVITIES                                                            |   |                                             |     |          |                                  |   |    |                                                           |   |
| Net (loss)                                                                      |   | $                                                | (33,058  | )             |                                  | $      | (24,588 | )                                                              |   | $ | (175,610 | ) |
| Adjustments to reconcile net (loss) to net cash (used in) operating activities: |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| Impairment on mineral property                                                  |   |                                             | -        |          |                                  |   | -       |                                                           |   |   | 875 |   |
| Loss on disposal of interest in oil and gas property                            |   |                                             | -        |          |                                  |   | -       |                                                           |   |   | 330 |   |
| Amortization of deferred financing costs                                        |   |                                             | 3,347    |          |                                  |   | -       |                                                           |   |   | 3,472 |   |
| Depreciation, depletion, amortization and accretion                             |   |                                             | 44       |          |                                  |   | -       |                                                           |   |   | 44 |   |
| Change in non-cash working capital items:                                       |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| (Increase) in accounts receivable                                               |   |                                             | (58,000  | )             |                                  |   | -       |                                                           |   |   | (58,000 | ) |
| Increase (decrease) in accounts payable and accrued  liabilities      |   |                                             | (40,331  | )             |                                  |   | 24,505  |                                                           |   |   | 41,057 |   |
| Increase in accounts payable and accrued expenses – related party         |   |                                             | 30,000   |          |                                  |   | -       |                                                           |   |   | 136,055 |   |
| Increase in other current assets                                                |   |                                             | (1,015   | )             |                                  |   | -       |                                                           |   |   | (1,015 | ) |
| Net cash (used in) operating activities                                         |   |                                             | (99,013  | )             |                                  |   | (83     | )                                                              |   |   | (52,792 | ) |
|                                                                            |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| INVESTING ACTIVITIES                                                            |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| Purchase of interests in oil and gas properties                                 |   |                                             | (308,197 | )             |                                  |   | -       |                                                           |   |   | (604,551 | ) |
| Disposal of interest in oil and gas property                                    |   |                                             | -        |          |                                  |   | -       |                                                           |   |   | 3,500 |   |
| Purchase of undeveloped mineral property                                        |   |                                             | -        |          |                                  |   | -       |                                                           |   |   | (876 | ) |
| Net cash (used in) investing activities                                         |   |                                             | (308,197 | )   |                                  |   | -       |                                                           |   |   | (601,927 | ) |
|                                                                            |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| FINANCING ACTIVITIES                                                            |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| Proceeds from notes payable                                                     |   |                                             | 429,709  |          |                                  |   | -       |                                                           |   |   | 649,709 |   |
| Sale of common stock                                                            |   |                                             | -        |          |                                  |   | -       |                                                           |   |   | 30,000 |   |
| Net cash provided by financing activities                                       |   |                                             | 429,709  |          |                                  |   | -       |                                                           |   |   | 679,709 |   |
|                                                                            |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                  |   |                                             | 22,499   |          |                                  |   | (83     | )                                                              |   |   | 24,990 |   |
| Cash and cash equivalents, beginning of period                                  |   |                                             | 2,491    |          |                                  |   | 89      |                                                           |   |   | - |   |
| Cash and cash equivalents, end of period                                        |   | $                                                | 24,990   |          |                                  | $      | 6       |                                                           |   | $ | 24,990 |   |
|                                                                            |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| SUPPLEMENTAL CASH FLOW DISCLOSURES                                              |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| Cash paid for interest                                                          |   | $                                                | -        |          |                                  | $      | -       |                                                           |   | $ | - |   |
| Cash paid for income taxes                                                      |   | $                                                | -        |          |                                  | $      | -       |                                                           |   | $ | - |   |
| NON-CASH INVESTING AND FINANCING ACTIVITIES                                     |   |                                             |     |          |                                  |   |    |                                                           |   |   |   |   |
| Common shares issued in connection with borrowingsas deferred financing costs   |   | $                                                | 26,500   |          |                                  | $      | -       |                                                           |   | $ | 31,000 |   |

----

----

|                                |   | January 31, 2011 |    |   | July 31, 2010 |   |
|-------------------------------------|--------|------------------|---------|--------|---------------|--------|
| Oil and Gas Properties              |   |             |    |   |          |   |
| Washita Bend 3D Exploration Project |   | $                | 357,542 |   |          | $      | 203,109 |   |
| 2010-1 Drilling Program             |   |             | 243,180 |   |          |   | 89,416 |   |
| Asset Retirement Cost               |   |             | 3,235   |   |          |   | 1,171 |   |
| Total                               |   | $                | 603,957 |   |          | $      | 293,696 |   |

----

|                 |   | January 31, 2011 |    |   | July 31, 2010 |   |
|----------------------|--------|------------------|---------|--------|---------------|--------|
| Radium Ventures 6.5% |   | $                | 55,000  |   |          | $      | 55,000 |   |
| Radium Ventures 6.5% |   |             | 50,000  |   |          |   | 50,000 |   |
| Radium Ventures 7.5% |   |             | 544,709 |   |          |   | 115,000 |   |
|                 |   |             |    |   |          |   |   |   |
| Total                |   | $                | 649,709 |   |          | $      | 220,000 |   |

----

----

----

----

----

| ·    | We relied on external consultants for the preparation of our financial statements and reports.  As a result, our sole officer may not be able to identify errors and irregularities in the financial statements and reports. |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·    | We had a sole officer who was also the sole director.  Therefore, there was an inherent lack of segregation of duties and a limited independent governing board. |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·    | We relied on an external consultant for administration functions, some of which did not have standard procedures in place for formal review by our sole officer. |
|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Regulation S-K Number | Exhibit                                                                                                                                  |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                   | Articles of Incorporation (1)                                                                                                            |
| 3.2                   | Amendment to Articles of Incorporation (1)                                                                                               |
| 3.3                   | Certificate of Change Pursuant to NRS 78.209 (2)                                                                                         |
| 3.4                   | Bylaws (1)                                                                                                                               |
| 10.1                  | Notice of Mining Claims HR #1-6, recorded by Luna County, New Mexico, on March 24, 2004 (1)                                              |
| 10.2                  | Confirmation of Agreement with Leroy Halterman dated August 1, 2007 (1)                                                                  |
| 10.3                  | Loan Commitment Letter from Wellington Financial Corporation dated August 1, 2007 (1)                                                    |
| 10.4                  | Notice of Intent to Hold the HR #1-6 Lode Mining Claims, filed with the Bureau of Land Management on August 15, 2007 (1)                 |
| 10.5                  | Notice of Intent to Hold the HR #1-6 Lode Mining Claims recorded by Luna County, New Mexico, on August 17, 2007 (1)                      |
| 10.6                  | Loan Commitment dated April 19, 2010 from Radium Ventures Corp. (3)                                                                      |
| 10.6                  | Loan Commitment dated May 11, 2010 from Radium Ventures Corp. (3)                                                                        |
| 10.6                  | Loan Agreement dated May 15, 2010 from Radium Ventures Corp. (3)                                                                         |
| 31.1                  | Rule 15d-14(a) Certification of Armando Garcia                                                                                           |
| 32.1                  | Certification of Armando Garcia Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002 |

| (1)   | Incorporated by reference to the exhibits to the registrant’s registration statement on Form SB-1 filed November 19, 2007, file number 333-147501. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Incorporated by reference to the exhibits to the registrant’s current report on Form 8-K filed June 29, 2009, file number 333-147501. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Incorporated by reference to the exhibits to the registrant’s current report on Form 8-K filed April 19, 2010, file number 333-147501 |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

| SIGNATURES |
|------------|

|                      | HOMELAND RESOURCES LTD. |
|---------------------------|-------------------------|
|                      |                    |   |
| Date: March 11, 2011 | By:                     | /s/ Armando Garcia |
|                      |                    | Armando Garcia |
|                      |                    | President, Secretary, Treasurer |
|                      |                    | (principal executive and financial officer) |

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