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**FORM      10-QSB**

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

| [  ] | **TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE                ACT** |
|----------------|---------------------------------------------------------------------------------------------------|

**333-147501**

**HOMELAND      RESOURCES LTD.**

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

**6801      Los Trechos NE, Albuquerque NM 87109**

**(505)      264-0600**

**Not      Applicable**

**6,000,000      shares of Common Stock, $.001 par value, as of December 15,      2007**

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**HOMELAND      RESOURCES LTD.**

|                                                                                                                                                                                                                                                                              | **Page** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| PART                I.    FINANCIAL INFORMATION                                                                                                                                                                                                               |     |
|                                                                                                                                                                                                                                                                              |     |
|     Item                1.  Financial Statements                                                                                                                                                                                                    |     |
|                                                                                                                                                                                                                                                                              |     |
|      Condensed                Balance SheetsOctober                31, 2007 (unaudited) and July 31, 2007                                                                                                                                                | 3        |
|                                                                                                                                                                                                                                                                              |     |
|      Condensed                Statements of Operations (unaudited)Three                Months Ended October 31, 2007 and 2006and                Cumulative Amounts from July 8, 2003 (Inception) to October 31,                2007                 | 4        |
|      Condensed                Statements of Cash Flows (unaudited)Three                Months Ended October 31,                2007 and 2006and                Cumulative Amounts from July 8, 2003 (Inception) to October 31,                2007  | 5        |
|      Notes                to                Condensed Financial Statements (unaudited)                                                                                                                                                                   | 6        |
|                                                                                                                                                                                                                                                                              |     |
|     Item                2.  Management’s Discussion and Analysis or Plan of                Operation                                                                                                                                          | 8        |
|                                                                                                                                                                                                                                                                              |     |
|     Item                3.  Controls and Procedures                                                                                                                                                                                                 | 9        |
|                                                                                                                                                                                                                                                                              |     |
| PART                II.   OTHER INFORMATION                                                                                                                                                                                                                        |     |
|                                                                                                                                                                                                                                                                              |     |
|     Item                1.  Legal Proceedings                                                                                                                                                                                                       | 9        |
|                                                                                                                                                                                                                                                                              |     |
|     Item                2.  Unregistered Sales of Equity Securities and Use of                Proceeds                                                                                                                                              | 9        |
|                                                                                                                                                                                                                                                                              |     |
|     Item                3.  Defaults Upon Senior Securities                                                                                                                                                                                         | 10       |
|                                                                                                                                                                                                                                                                              |     |
|     Item                4.  Submission of Matters to a Vote of Security                Holders                                                                                                                                                      | 10       |
|                                                                                                                                                                                                                                                                              |     |
|     Item                5.  Other Information                                                                                                                                                                                                       | 10       |
|                                                                                                                                                                                                                                                                              |     |
|     Item                6.  Exhibits                                                                                                                                                                                                                | 10       |
|                                                                                                                                                                                                                                                                              |     |
|     Signatures                                                                                                                                                                                                                                                | 11       |

----

| **HOMELAND                RESOURCES LTD.** |
|--------------------------------------------|

| (An                Exploration Stage Company) |
|-----------------------------------------------|

| ** **CONDENSED                BALANCE SHEETS |
|---------------------------------------------------|

|                                                                                                |   | **October                31,****2007****(Unaudited)** |        |   | July                31,2007(Audited) |   |
|-----------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|-------------|--------|--------------------------------------|--------|
|                                                                                                |   |                                                  |        |   |                                 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |
| **ASSETS**                                                                                          |   |                                                  |        |   |                                 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |
| **Current                assets**                                                                   |   |                                                  |        |   |                                 |   |
| Cash                and cash                equivalents                                             |   | **$**                                                 | **35**      |   |                                 | $      | 175 |   |
| Prepaids                                                                                            |   | ** **                                            | **-**       |   |                                 |   | - |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| Total                Current                Assets                                                  |   | ** **                                            | **35**      |   |                                 |   | 175 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| **Mineral                property**(Note 3)                                                         |   | ** **                                            | **876**     |   |                                 |   | 876 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| **Total                assets**                                                                     |   | **$**                                                 | **911**     |   |                                 | $      | 1,051 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY (DEFICIENCY)**                          |   |                                                  |        |   |                                 |   |   |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| **Current                liabilities**                                                              |   |                                                  |        |   |                                 |   |   |   |
| Accounts                payable and accrued                liabilities                              |   | **$**                                                 | **18,924**  |   |                                 | $      | 5,402 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| Total                Current                Liabilities                                             |   | ** **                                            | **18,924**  |   |                                 |   | 5,402 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| **Total                liabilities**                                                                |   | ** **                                            | **18,924**  |   |                                 |   | 5,402 |   |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| **Stockholders’                equity (deficiency)**                                          |   |                                                  |        |   |                                 |   |   |   |
| Common                stock - $0.001 par                value; authorized – 75,000,000 shares |   |                                                  |        |   |                                 |   |   |   |
| Issued                and outstanding –                6,000,000 shares                       |   | ** **                                            | **6,000**   |   |                                 |   | 6,000 |   |
| Capital                in excess of par                value                                        |   | ** **                                            | **24,000**  |   |                                 |   | 24,000 |   |
| (Deficit)                accumulated during                the development stage                    |   | ** **                                            | **(48,013** | **)**  |                                 |   | (34,351 | ) |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| Total                stockholders’ equity                (deficiency)                         |   | ** **                                            | **(18,013** | **)**  |                                 |   | (4,351 | ) |
|                                                                                                |   |                                                  |        |   |                                 |   |   |   |
| **Total                liabilities and stockholders’ equity (deficiency)**                    |   | **$**                                                 | **911**     |   |                                 | $      | 1,051 |   |

----

| **HOMELAND                RESOURCES LTD.** |
|--------------------------------------------|

| (An                Exploration Stage Company) |
|-----------------------------------------------|

| CONDENSED                STATEMENTS OF OPERATIONS |
|---------------------------------------------------|

| (Unaudited) |
|-------------|

|                                                                    |   | **Three                Months****Ended****October                31,**** 2007** |          |   | Three                Months EndedOctober                31, 2006 |   |      | CumulativeAmounts                FromInceptionToOctober                31, 2007 |   |
|-------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|---------------|--------|-----------------------------------------------------------------------|--------|-----------|--------------------------------------------------------------------------------------|--------|
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |
| **REVENUES**                                                            |   | **$**                                                                                | **-**         |   |                                                                  | $      | -         |                                                                                 |   | $ | 387 |   |
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
| **EXPENSES**                                                            |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
| General                and                Administrative                |   | **$**                                                                                | **12,856**    |   |                                                                  |   | 3,011     |                                                                                 |   | $ | 43,034 |   |
| Mineral                exploration                costs                 |   | ** **                                                                           | **806**       |   |                                                                  |   | 806       |                                                                                 |   |   | 3,726 |   |
| Oil                and gas property operating costs                     |   | ** **                                                                           | **-**         |   |                                                                  |   | -         |                                                                                 |   |   | 1,310 |   |
| Loss                on disposal of oil and gas                          |   | ** **                                                                           | **-**         |   |                                                                  |   | -         |                                                                                 |   |   | 330 |   |
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
|                                                                    |   | ** **                                                                           | **(13,662**   | **)**  |                                                                  |   | (3,817    | )                                                                                    |   |   | (48,400 | ) |
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
| **Net                (Loss)**                                           |   | **$**                                                                                | **(13,662**   | **)**  |                                                                  | $      | (3,817    | )                                                                                    |   | $ | (48,013 | ) |
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
| **Net                (Loss) Per Common Share**                          |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
| **Basic                and Diluted**                                    |   | **$**                                                                                | **(0.002**    | **)**  |                                                                  | $      | (0.001    | )                                                                                    |   | $ | (0.010 | ) |
|                                                                    |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
| **Weighted                average number of common shares outstanding** |   |                                                                                 |          |   |                                                                  |   |      |                                                                                 |   |   |   |   |
| **Basic                and Diluted**                                    |   | ** **                                                                           | **6,000,000** |   |                                                                  |   | 6,000,000 |                                                                                 |   |   | 5,011,076 |   |

----

| **HOMELAND                RESOURCES LTD.** |
|--------------------------------------------|

| (An                Exploration Stage Company) |
|-----------------------------------------------|

| CONDENSED                STATEMENTS OF CASH FLOWS |
|---------------------------------------------------|

| (Unaudited) |
|-------------|

|                                                                                                          |   | **Three                Months****Ended****October                31,**** 2007** |        |   | Three                Months EndedOctober                31, 2006 |   |   | CumulativeAmounts                FromInceptionToOctober                31, 2007 |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|-------------|--------|-----------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------|--------|
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                       |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |
| Net                (Loss)                                                                                     |   | **$**                                                                                | **(13,662** | **)**  |                                                                  | $      | (3,817 | )                                                                                    |   | $ | (48,013 | ) |
| Adjustments                to reconcile net (loss) to net cash (used) by operating                activities: |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Loss                on disposal of interest in oil and gas property                                           |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | 330 |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Change                in non-cash working capital item:                                                       |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Decrease                in                prepaids                                                            |   | ** **                                                                           | **-**       |   |                                                                  |   | 1,103  |                                                                                 |   |   | - |   |
| Increase                in accounts payable                and accrued liabilities                            |   | ** **                                                                           | **13,522**  |   |                                                                  |   | -      |                                                                                 |   |   | 18,924 |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Net                cash (used) by operating                activities                                         |   | ** **                                                                           | **(140**    | **)**  |                                                                  |   | (2,714 | )                                                                                    |   |   | (28,759 | ) |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                       |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Loan                receivable                                                                                |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | - |   |
| Purchase                of interest in oil and                gas property                                    |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | (3,830 | ) |
| Disposal                of interest in oil and                gas property                                    |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | 3,500 |   |
| Purchase                of undeveloped mineral                property                                        |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | (876 | ) |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Net                cash (used) in investing                activities                                         |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | (1,206 | ) |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES**                                                       |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Sale                of common                stock                                                            |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | 30,000 |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| Net                cash provided by financing                activities                                       |   | ** **                                                                           | **-**       |   |                                                                  |   | -      |                                                                                 |   |   | 30,000 |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| **Net                increase (decrease) in cash**                                                            |   | ** **                                                                           | **(140**    | **)**  |                                                                  |   | (2,714 | )                                                                                    |   |   | 35 |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| **Cash,                beginning of periods**                                                                 |   | ** **                                                                           | **175**     |   |                                                                  |   | 14,622 |                                                                                 |   |   | - |   |
|                                                                                                          |   |                                                                                 |        |   |                                                                  |   |   |                                                                                 |   |   |   |   |
| **Cash,                end of periods**                                                                       |   | **$**                                                                                | **35**      |   |                                                                  | $      | 11,908 |                                                                                 |   | $ | 35 |   |

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**HOMELAND      RESOURCES LTD.**

**NOTE      1 – ORGANIZATION**

**NOTE      2 – BASIS OF ACCOUNTING**

**NOTE      3 – UNDEVELOPED MINERAL PROPERTY**

|   | During                the year ended July 31, 2004, the Company acquired six unpatented                lode                mining claims. The Company must perform annual assessment work of                $100 for                each claim or pay an annual maintenance fee of $100 per claim. These                claims are located in western Luna County, New Mexico and are collectively                known as the Home Ranch Prospect. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | No                exploration efforts have been conducted on the Company’s mineral property                and, accordingly, the ultimate recovery of the Company’s investment in                mineral property is dependent upon the discovery of commercially                profitable ore reserves through future exploration efforts and the                subsequent development or sale of such                reserves. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**HOMELAND      RESOURCES LTD.**

**NOTE      4 – OIL AND GAS PROPERTY**

**State      Red House #4      Project**

**NOTE      5 – LOAN COMMITMENT**

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**Item      2.  Management’s Discussion and Analysis or Plan of      Operation**

**Overview**

**General**

**Results      of Operations**

*Three      months ended October 31, 2007 compared to the three months ended October 31,      2006.*

**Liquidity      and Capital Resources**

**Off-Balance      Sheet Arrangements**

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**Going      Concern**

**Summary      of Significant Accounting Policies**

***Mineral      Property.  ***

**Forward      Looking Statements**

**Item      3.                      Controls      and Procedures**

**PART      II - OTHER INFORMATION**

**Item      1.                      Legal      Proceedings**

**Item      2.                      Unregistered      Sales of Equity Securities and Use of Proceeds**

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**Item      3.                      Defaults      Upon Senior Securities**

**Item      4.                      Submission      of Matters to a Vote of Security Holders**

**Item      5.                      Other      Information**

**Item      6.                      Exhibits**

| **Regulation                S-B****Number** | **Exhibit**                                                                                                                                                                                          |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |                                                                                                                                                                                                 |
| 2.1                                         | Articles                of Incorporation (1)                                                                                                                                                         |
|                                        |                                                                                                                                                                                                 |
| 2.2                                         | Amendment                to Articles of Incorporation (1)                                                                                                                                            |
|                                        |                                                                                                                                                                                                 |
| 2.3                                         | Bylaws                (1)                                                                                                                                                                            |
|                                        |                                                                                                                                                                                                 |
| 6.1                                         | Notice                of Mining Claims HR #1-6, recorded by Luna County, New Mexico, on                March                24, 2004 (1)                                                             |
|                                        |                                                                                                                                                                                                 |
| 6.2                                         | Confirmation                of Agreement with Leroy Halterman dated August 1, 2007                (1)                                                                                                |
|                                        |                                                                                                                                                                                                 |
| 6.3                                         | Loan                Commitment Letter from Wellington Financial Corporation dated August                1,                2007 (1)                                                                   |
|                                        |                                                                                                                                                                                                 |
| 6.4                                         | Notice                of Intent to Hold the HR #1-6 Lode Mining Claims, filed with the                Bureau of                Land Management on August 15, 2007 (1)                                |
|                                        |                                                                                                                                                                                                 |
| 6.5                                         | Notice                of Intent to Hold the HR #1-6 Lode Mining Claims recorded by Luna                County,                New Mexico, on August 17, 2007 (1)                                     |
|                                        |                                                                                                                                                                                                 |
| 10.2                                        | Consent                of Moore & Associates, Chartered (1)                                                                                                                                      |
|                                        |                                                                                                                                                                                                 |
| 11.1                                        | Opinion                Regarding Legality (1)                                                                                                                                                        |
|                                        |                                                                                                                                                                                                 |
| 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. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | **SIGNATURES** |
|--------|----------------|

|                                         | **HOMELAND              RESOURCES              LTD.** |                                                                       |
|----------------------------------------------|-------------------------------------------------------|----------------------------------------------------------------------------|
|                                         |                                                  |                                                                       |   |
| Date:                 December 14, 2007 | By:                                                   | /s/ Armando              Garcia                                       |   |
|                                         |                                                  |    Armando              Garcia                              |   |
|                                         |                                                  |    President,              Secretary, Treasurer             |   |
|                                         |                                                  |    (principal              executive and financial officer) |   |

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