================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                   FORM 10-QSB

[ X ]   Quarterly Report pursuant to Section 13 or 15(d) of the Securities
        Exchange Act of 1934

        For the period ended September 30, 2006.

[   ]   Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act
        of 1934

        For the transition period                    to
                                  ------------------    -----------------------

                  Commission File Number   000-51033
                                           ---------


                             MONDIAL VENTURES, INC.
 -------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


             Nevada                                      Pending
--------------------------------           -------------------------------------
(State or other jurisdiction of               (IRS Employer Identification No.)
--------------------------------
incorporation or organization)
------------------------------

8416 Angus Drive
Vancouver, British Columbia, Canada                                V6P 1L3
-----------------------------------------                  ---------------------
(Address of principal executive offices)                    (Postal or Zip Code)


Issuer's  telephone number, including area code:      778-238-1650
                                                --------------------


                                      None
--------------------------------------------------------------------------------
   (Former name, former address and former fiscal year, if changed since last
                                     report)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Securities  Exchange  Act of 1934  during the  preceding  12
months (or for such  shorter  period  that the issuer was  required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days Yes [ X ] No [ ]

Indicate by check mark whether the registrant is a shell company (as  defined in
Rule 12b-2 of the  Exchange  Act).  Yes [ X ]    No  [    ]

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest  practicable date:  9,800,000 Shares of $0.001 par value
common stock outstanding as of November o, 2006.

<page>












                             MONDIAL VENTURES, INC.

                         (An Exploration Stage Company)

                              FINANCIAL STATEMENTS

                               September 30, 2006

                                   (Unaudited)












BALANCE SHEETS

INTERIM STATEMENTS OF OPERATIONS

INTERIM STATEMENTS OF CASH FLOWS

NOTES TO THE INTERIM FINANCIAL STATEMENTS


<page>


                              MONDIAL VENTURES INC.
                         (An Exploration Stage Company)
                                 BALANCE SHEETS
<table>
<caption>
                                                                                  September 30,     December 31,
                                                                                       2006             2005
                                                                                       ----             ----
                                                                                   (Unaudited)
                                           ASSETS

                                                                             <c>                <c>
Current
   Cash                                                                         $            283   $            547
                                                                                ================   =================


                             LIABILITIES AND STOCKHOLDERS' DEFICIT

Current
   Accounts payable and accrued liabilities                                     $          5,800   $          7,442
   Due to related party - Note 4                                                          35,609             20,201
                                                                                ----------------   -----------------
                                                                                          41,409             27,643
                                                                                ----------------   -----------------
Stockholders' Deficiency
  Common stock (Note 5)
   75,000,000 shares authorized, $0.001 par value
      9,800,000 shares issued and outstanding
      (December 2005-9,800,000)                                                            9,800              9,800
Additional paid-in capital                                                                19,800             19,800
Deficit accumulated during the exploration stage                                  (       70,726)    (       56,696)
                                                                                ----------------   -----------------
                                                                                  (       41,126)    (       27,096)
                                                                                ----------------   -----------------
                                                                                $            283   $            547
                                                                                ================   =================
</table>

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

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                        INTERIM STATEMENTS OF OPERATIONS
                                   (Unaudited)
<table>
<caption>
                                                    Three         Three          Nine            Nine         May 29, 2002
                                                Months ended  Months ended   Months ended     Months ended   (Inception) to
                                               September 30,  September 30,  September 30,   September 30,    September 30,
                                                    2006          2005          2006             2005             2006
                                                    ----          ----          ----             ----             ----

                                              <c>         <c>            <c>             <c>               <c>
Expenses
   Office and general                            $     339    $      157     $   2,353       $     415         $  9,471
   Professional fees                                 4,914             -        11,177           4,856           48,755
   Mineral property acquisition cost (Note 3)            -             -             -               -           12,000
   Transfer agent                                        -             -           500               -              500
                                                 ----------   -----------    ----------      ----------        ---------
Net loss                                         $  (5,253)   $     (157)    $ (14,030)      $  (5,271)        $(70,726)
                                                 ==========   ===========    ==========      ==========        =========


Basic and diluted net loss per common share      $   (0.01)   $    (0.01)    $   (0.01)      $   (0.01)
                                                 ==========   ===========    ==========      ==========
Weighted average number of common shares
   outstanding                                   9,800,000     9,800,000     9,800,000       9,800,000
                                                 ==========   ===========    ==========      ==========
</table>



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

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                        INTERIM STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<table>
<caption>
                                                                         Nine                 Nine              May 29, 2002
                                                                     Months ended         Months ended         (Inception) to
                                                                    September 30,         September 30,        September 30,
                                                                         2006                 2005                  2006
                                                                         ----                 ----                  ----

                                                              <c>                <c>                   <c>
Cash Flows From Operating Activities
   Net loss                                                       $  (    14,030)   $    (      5,271)    $  (       70,726)
   Adjustment to reconcile net loss to net cash from operating
     activities
     Increase in prepaid expenses                                              -         (      5,000)                    -
     Increase (decrease) in accounts payable and accrued
       liabilities                                                   (     1,642)        (      2,780)                5,800
                                                                  --------------    -----------------     ------------------
Net cash used in operating activities                                (    15,672)        (     13,051)       (       64,926)
                                                                  --------------    -----------------     ------------------
Cash Flows From Financing Activities
   Proceeds from the issuance of common stock                                  -                    -                29,600
   Due to related party                                                   15,408               12,727                35,609
                                                                  --------------    -----------------     ------------------
Net cash provided by financing activities                                 15,408               12,727                65,209
                                                                  --------------    -----------------     ------------------
Increase (decrease) in cash                                          (       264)        (        324)                  283

Cash, beginning                                                              547                  967                     -
                                                                  --------------    -----------------     ------------------
Cash, ending                                                      $          283    $             643     $             283
                                                                  ==============    =================     ==================


Supplemental Cash Flow Information Cash paid during the period for:
   Interest                                                       $            -    $               -     $               -
                                                                  --------------    -----------------     -----------------
   Income taxes                                                   $            -    $               -     $               -
                                                                  --------------    -----------------     -----------------
</table>


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

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                               September 30, 2006
                                   (Unaudited)

Note 1        Nature and Continuance of Operations
              ------------------------------------
              The  Company  was  incorporated  in the State of Nevada on May 29,
              2002 and is in the  business of  acquisition  and  exploration  of
              mineral  properties.  The  Company  is  considered  to be  in  the
              exploration stage with respect to its mineral property.

              The  Company  has  acquired  a  mineral  property  located  in the
              Province of British  Columbia,  Canada and has not yet  determined
              whether this  property  contains  reserves  that are  economically
              recoverable.  The recoverability of amounts from the property will
              be  dependent  upon  the  discovery  of  economically  recoverable
              reserves, confirmation of the Company's interest in the underlying
              property, the ability of the Company to obtain necessary financing
              to  satisfy  the  expenditure   requirements  under  the  property
              agreement and to complete the development of the property and upon
              future profitable production or proceeds for the sale thereof.

              Going Concern
              The  Company  commenced  operations  on May 29,  2002  and has not
              realized any revenues since  inception.  The Company has a deficit
              accumulated  to September  30, 2006 in the amount of $70,726.  The
              ability of the Company to continue as a going concern is dependent
              on raising  capital to fund its business  plan and  ultimately  to
              attain  profitable  operations.  Accordingly,  these factors raise
              substantial  doubt as to the  Company's  ability to  continue as a
              going  concern.  The  Company  to  date  has  funded  its  initial
              operations  through the  issuance of  9,800,000  shares of capital
              stock for  proceeds  of $29,600  and loans from  directors  in the
              amount of  $35,609.  Management  plans to raise  additional  funds
              through  issuance of  additional  capital  stock and further loans
              from directors.

              Unaudited Interim Financial Statements

              The accompanying  unaudited interim financial statements have been
              prepared  in  accordance   with  generally   accepted   accounting
              principles  for  interim   financial   information  and  with  the
              instructions  to Form  10-QSB  of  Regulation  S-B.  They  may not
              include  all  information  and  footnotes  required  by  generally
              accepted accounting  principles for complete financial statements.
              However,  except as disclosed herein,  there have been no material
              changes in the information disclosed in the notes to the financial
              statements  for the period ended  December  31, 2005.  The interim
              unaudited financial  statements should be read in conjunction with
              those  financial  statements for the year ended December 31, 2005.
              In the opinion of Management, all adjustments considered necessary
              for a fair  presentation,  consisting  solely of normal  recurring
              adjustments, have been made. Operating results for the nine months
              ended  September  30, 2006 are not  necessarily  indicative of the
              results  that may be  expected  for the year ending  December  31,
              2006.

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                               September 30, 2006
                                   (Unaudited)


Note 2        Summary of Significant Accounting Policies
              ------------------------------------------
              The  financial  statements  of the Company  have been  prepared in
              conformity with generally  accepted  accounting  principles in the
              United States of America and are stated in US dollars.

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

              Foreign Currency Translation
              ----------------------------
              Transaction   amounts   denominated  in  foreign   currencies  are
              translated  at exchange  rates  prevailing at  transaction  dates.
              Carrying values of monetary assets and liabilities are adjusted at
              each balance sheet date to reflect the exchange rate at that date.
              Non-monetary assets and liabilities are translated at the exchange
              rate on the  original  transaction  date.  Gains and  losses  from
              restatement  of  foreign   currency  assets  and  liabilities  are
              included in the  statements of  operations.  Revenues and expenses
              are  translated  at the rates of exchange  prevailing on the dates
              such items are recognized in the statements of operations.

              Comprehensive Income
              ---------------------
              The  Company  has  adopted   Statement  of  Financial   Accounting
              Standards  ("SFAS")  No. 130,  "Reporting  Comprehensive  Income".
              Comprehensive  income is comprised of foreign currency translation
              adjustments.  Comprehensive  income  results  from the  change  in
              equity from  transactions,  events and  circumstances,  other than
              those  resulting from  investments by owners and  distribution  to
              owners.

              Mineral Properties and Exploration Costs
              -----------------------------------------
              Mineral property exploration and development costs are expensed as
              incurred until such time as economic reserves are quantified.  The
              Company  has  considered  the  guidance  under  EITF  04-2 and has
              determined that  capitalization  of mineral  property  acquisition
              costs is  inappropriate  at the  current  stage  of the  Company's
              mineral property  exploration  activities.  To date, the Company's
              mineral  interests consist mainly of exploration stage properties.
              Furthermore,  there is uncertainty as to the Company's  ability to
              fund the exploration work necessary to determine if the properties
              have recoverable  reserves or any future economic  benefits.  As a
              result,  acquisition  costs to date are  considered to be impaired
              and  accordingly,  have  been  written  off  as  mineral  property
              expenditures.

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                               September 30, 2006
                                   (Unaudited)

Note 2        Summary of Significant Accounting Policies - (continued)
              ------------------------------------------

              Mineral Properties and Exploration Costs (continued)
              ----------------------------------------
              The Company has adopted the provisions of SFAS No. 143 "Accounting
              for Asset Retirement  Obligations" which establishes standards for
              the initial measurement and subsequent  accounting for obligations
              associated  with  the  sale,  abandonment,  or other  disposal  of
              long-lived   tangible   assets   arising  from  the   acquisition,
              construction  or  development  and for normal  operations  of such
              assets.  As at September 30, 2006, any potential costs relating to
              the retirement of the Company's mineral property interests has not
              yet been determined.

              Impairment of Long-lived Assets
              -------------------------------
              Long-lived  assets are reviewed for impairment in accordance  with
              SFAS No.  144,  "Accounting  for the  Impairment  or  Disposal  of
              Long-lived  Assets".  Under SFAS No. 144,  these assets are tested
              for  recoverability  whenever  events or changes in  circumstances
              indicate that their carrying  amounts may not be  recoverable.  An
              impairment  charge is recognized for the amount, if any, which the
              carrying value of the asset exceeds the fair value.

              Net Loss per Share
              ------------------
              Basic loss per share  includes  no  dilution  and is  computed  by
              dividing  loss  available to common  stockholders  by the weighted
              average  number  of  common  shares  outstanding  for the  period.
              Dilutive  losses  per share  reflect  the  potential  dilution  of
              securities that could share in the losses of the Company.  Because
              the Company  does not have any  potentially  dilutive  securities,
              diluted loss per share is equal to basic loss per share.

              Financial Instruments
              ---------------------
              The Company's  financial  instruments consist of cash and accounts
              payable and accrued  liabilities and amounts due to related party.
              Unless  otherwise  noted,  it is  management's  opinion  that  the
              Company is not exposed to significant interest, currency or credit
              risks arising from these financial instruments.  The fair value of
              these financial  instruments  approximates  their carrying values,
              unless otherwise noted.

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                               September 30, 2006
                                   (Unaudited)

Note 2         Summary of Significant Accounting Policies - (continued)
               ------------------------------------------

              Income Taxes
              ------------
              The Company follows the liability  method of accounting for income
              taxes. Under this method,  deferred tax assets and liabilities are
              recognized  for  the  future  tax  consequences   attributable  to
              differences  between the financial  statement  carrying amounts of
              existing assets and liabilities and their respective tax balances.
              Deferred tax assets and  liabilities are measured using enacted or
              substantially  enacted tax rates  expected to apply to the taxable
              income in the years in which those  differences are expected to be
              recovered  or  settled.  The  effect on  deferred  tax  assets and
              liabilities  of a change in tax rates is  recognized  in income in
              the period that  includes  the date of  enactment  or  substantive
              enactment.  A valuation  allowance  is provided  for  deferred tax
              assets if it is more  likely  than not that the  Company  will not
              realize  the future  benefit,  or if the future  deductibility  is
              uncertain.

              Stock-based Compensation
              ------------------------
              The  Company  has not  adopted  a stock  option  plan  and has not
              granted stock options.  Accordingly,  no stock-based  compensation
              has been recorded to date.

              Recent Accounting Pronouncements
              --------------------------------
              In February  2006, the FASB issued SFAS No. 155,  "Accounting  for
              Certain  Hybrid   Financial   Instruments-an   amendment  of  FASB
              Statements No. 133 and 140", to simplify and make more  consistent
              the accounting  for certain  financial  instruments.  SFAS No. 155
              amends SFAS No. 133,  "Accounting  for Derivative  Instruments and
              Hedging  Activities",  to permit fair value  remeasurement for any
              hybrid  financial  instrument  with an  embedded  derivative  that
              otherwise  would  require  bifurcation,  provided  that the  whole
              instrument  is accounted  for on a fair value basis.  SFAS No. 155
              amends SFAS No. 140, "Accounting for the Impairment or Disposal of
              Long-Lived Assets", to allow a qualifying  special-purpose  entity
              to hold a  derivative  financial  instrument  that  pertains  to a
              beneficial  interest  other  than  another  derivative   financial
              instrument.  SFAS No.  155  applies to all  financial  instruments
              acquired or issued after the beginning of an entity's first fiscal
              year  that  begins  after   September   15,  2006,   with  earlier
              application  allowed.  This  standard  is not  expected  to have a
              significant  effect on the  Company's  future  reported  financial
              position or results of operations.

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                               September 30, 2006
                                   (Unaudited)


Note 2        Summary of Significant Accounting Policies - (continued)
              ------------------------------------------

              Recent Accounting Pronouncements (continued)
              --------------------------------

              In March  2006,  the FASB issued  SFAS No.  156,  "Accounting  for
              Servicing of Financial  Assets, an amendment of FASB Statement No.
              140,  Accounting  for Transfers and Servicing of Financial  Assets
              and  Extinguishments of Liabilities".  This statement requires all
              separately  recognized servicing assets and servicing  liabilities
              be initially  measured at fair value, if practicable,  and permits
              for  subsequent  measurement  using either fair value  measurement
              with   changes  in  fair  value   reflected  in  earnings  or  the
              amortization and impairment requirements of Statement No. 140. The
              subsequent  measurement of separately  recognized servicing assets
              and servicing  liabilities at fair value  eliminates the necessity
              for entities  that manage the risks  inherent in servicing  assets
              and servicing  liabilities  with  derivatives to qualify for hedge
              accounting   treatment  and  eliminates  the  characterization  of
              declines in fair value as impairments or direct write-downs.  SFAS
              No. 156 is effective for an entity's  first fiscal year  beginning
              after  September 15, 2006.  This adoption of this statement is not
              expected  to have a  significant  effect on the  Company's  future
              reported financial position or results of operations.

              In  September  2006,  the FASB issued  SFAS No.  157,  "Fair Value
              Measures"  ("SFAS No. 157").  This  Statement  defines fair value,
              establishes  a framework  for  measuring  fair value in  generally
              accepted accounting  principles (GAAP),  expands disclosures about
              fair  value  measurements,  and  applies  under  other  accounting
              pronouncements  that  require or permit  fair value  measurements.
              SFAS No. 157 does not  require  any new fair  value  measurements.
              However,  the  FASB  anticipates  that  for  some  entities,   the
              application of SFAS No. 157 will change current practice. SFAS No.
              157 is effective for financial  statements issued for fiscal years
              beginning after November 15, 2007,  which for the Company would be
              its  fiscal  year  beginning  January  1,  2008.  The  Company  is
              currently  evaluating  the  impact  of SFAS  No.  157 but does not
              expect  that it  will  have a  material  impact  on its  financial
              statements.

              In  September  2006,  the FASB issued  SFAS No.  158,  "Employers'
              Accounting for Defined  Benefit  Pension and Other  Postretirement
              Plans." This Statement  requires an employer to recognize the over
              funded or under funded status of a defined benefit post retirement
              plan (other than a multiemployer plan) as an asset or liability in
              its statement of financial  position,  and to recognize changes in
              that funded  status in the year in which the changes occur through
              comprehensive  income.  SFAS No. 158 is effective for fiscal years
              ending after  December 15, 2006.  The Company does not expect that
              the  implementation  of SFAS No. 158 will have any material impact
              on its financial position and results of operations.

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                               September 30, 2006
                                   (Unaudited)


Note 2         Summary of Significant Accounting Policies - (continued)
               ------------------------------------------

              Recent Accounting Pronouncements (continued)
              --------------------------------

              In  September  2006,  the SEC  issued  Staff  Accounting  Bulletin
              ("SAB")   No.  108,   "Considering   the  Effects  of  Prior  Year
              Misstatements  when  Quantifying  Misstatements  in  Current  Year
              Financial  Statements."  SAB No. 108  addresses how the effects of
              prior year  uncorrected  misstatements  should be considered  when
              quantifying  misstatements  in current year financial  statements.
              SAB No. 108 requires companies to quantify  misstatements  using a
              balance  sheet  and  income  statement  approach  and to  evaluate
              whether  either  approach  results in quantifying an error that is
              material  in  light  of  relevant   quantitative  and  qualitative
              factors.  SAB  No.  108 is  effective  for  periods  ending  after
              November 15, 2006. The Company is currently  evaluating the impact
              of  adopting  SAB No. 108 but does not expect  that it will have a
              material effect on its financial statements.


Note 3        Mineral Property
              ----------------
              Mineral Claims, Port Alice
              --------------------------
              Pursuant to a mineral property  purchase  agreement dated December
              22, 2003, the Company acquired a 100% undivided  right,  title and
              interest  in and to four  mineral  claims  located in Port  Alice,
              British  Columbia,  Canada for $6,000,  paid by the  Company  upon
              closing of this agreement on January 5, 2004. An additional $6,000
              was paid for mineral property consulting services. The property is
              subject to a 2% net smelter returns royalty payable to the vendor.

              As the claims do not contain any known  reserves,  the acquisition
              costs were expensed during the year ended December 31, 2004.


Note 4        Related Party Transactions
              --------------------------
              At September  30, 2006,  the Company was indebted in the amount of
              $35,609  (December  31,  2005 - $20,201)  to a  director  for cash
              advances and expenses paid on behalf of the Company. These amounts
              are  unsecured,  bear no interest and have no  specified  terms of
              repayment.

              All related  party  amounts are in the normal course of operations
              and are  measured at the exchange  amount,  which is the amount of
              consideration established and agreed to by the related parties.

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                               September 30, 2006
                                   (Unaudited)


Note 5        Capital Stock

              During  December  2003,  the Company  issued  9,600,000  shares of
              common stock at a price of $0.001 per share for total  proceeds of
              $9,600 and  issued  200,000  shares of common  stock at a price of
              $0.10 per share for total proceeds of $20,000.

              The  Company has not  granted  any stock  options or recorded  any
              stock-based compensation to date.























<page>

Forward-Looking Statements
--------------------------
This Form 10-QSB includes "forward-looking statements" within the meaning of the
"safe-harbor"  provisions  of the Private  Securities  Litigation  Reform Act of
1995.  Such statements are based on management's  current  expectations  and are
subject to a number of factors and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements.

All statements  other than  historical  facts  included in this Form,  including
without  limitation,   statements  under  "Plan  of  Operation",  regarding  our
financial position, business strategy, and plans and objectives of management of
the Company for the future operations, are forward-looking statements.

Although   management   believes  that  the   expectations   reflected  in  such
forward-looking  statements are  reasonable,  it can give no assurance that such
expectations will prove to have been correct. Important factors that could cause
actual results to differ materially from our expectations  include,  but are not
limited to,  market  conditions,  competition  and the  ability to  successfully
complete financing.

Item 2. Plan of Operation
-------------------------
Plan of Operation
-----------------
Our plan of operation for the twelve months following the date of this report is
to complete the recommended  grid  emplacement  and geological,  geochemical and
geophysical  surveys on the Q29 property.  We  anticipate  that the cost of this
program will be approximately  $10,000 and will take  approximately  sixty days,
including the interpretation of all data collected.

If results of this initial  exploration  program  indicate that the Q29 property
may  contain an  economic  mineral  deposit,  we will  proceed  with a follow up
trenching  program.  We expect the  trenching  program  will cost  approximately
$15,000  and  take  approximately  sixty  days to  complete.  We do not have any
arrangement with a qualified geologist to oversee the trenching program.

As well, we  anticipate  spending an additional  $12,500 on  professional  fees,
including fees payable in connection  with the filing of this  quarterly  report
and complying with reporting obligations.

Total  expenditures  over the next twelve  months are  therefore  expected to be
$37,500.

We will require additional funding in order to proceed with proposed exploration
and to cover administrative costs. We anticipate that additional funding will be
required  in the form of equity  financing  from the sale of our  common  stock.
However,  we  cannot  provide  any  assurance  that we  will  be  able to  raise
sufficient funding from the sale of our common stock to fund the second phase of
the  exploration  program.  We  believe  that  debt  financing  will  not  be an
alternative  for funding the complete  exploration  program.  We do not have any
arrangements in place for any future equity financing.

Our  cash  reserves  are not  sufficient  to meet our  obligations  for the next
twelve-month period. As a result, we will need to seek additional funding in the
near future. We currently do not have a specific plan of how we will obtain such
funding;  however,  we anticipate that additional funding will be in the form of
equity  financing from the sale of our common stock.  Our management is prepared
to provide us with short-term loans, although no such definitive arrangement has
been made. We have not placed financial  limitations on the amount of money that
management may lend to us.

At this time,  we cannot  provide  any  assurance  that we will be able to raise
sufficient  funding from the sale of our common stock or through a loan from our
directors to meet our  obligations  over the next twelve months.  We do not have
any arrangements in place for any future equity financing.

We have not and do not intend to seek debt  financing by way of bank loan,  line
of credit or otherwise.  Financial  institutions  do not typically lend money to
mineral exploration companies with no stable source of revenue.

<page>

If we do not secure  additional  funding for  exploration  expenditures,  we may
consider  seeking an arrangement with a joint venture partner that would provide
the  required  funding in  exchange  for  receiving  a part  interest in the Q29
property.  We have not undertaken any efforts to locate a joint venture partner.
There is no guarantee that we will be able to locate a joint venture partner who
will assist us in funding exploration expenditures upon acceptable terms. We may
also pursue acquiring interests in alternate mineral properties in the future.

If we are unable to arrange additional financing or find a joint venture partner
for the Q29 property, our business plan will fail and operations will cease.

Results Of Operations For Period Ending September 30, 2006

We did not earn any revenues during the nine-month  period ending  September 30,
2006. We have only recently  commenced the exploration stage of our business and
can provide no assurance that we will discover  economic  mineralization  on the
Q29 property.

We  incurred  operating  expenses  in the amount of $14,030  for the  nine-month
period ended  September 30, 2006,  consisting of  professional  fees of $11,177,
office and general costs of $2,353 and transfer agent fees of $500.

Our net loss increased  significantly  in the nine-month  period ended September
30, 2006,  as compared to the same period in fiscal 2005 ($14,030 as compared to
$5,271).  This increase was primarily due to increase in professional fees (from
$4,856 in 2005 to $11,177 in 2006) and an increase  in office and general  costs
(from $415 in 2005 to $2,353 in 2006).

At September  30, 2006, we had cash on hand of $283 and  liabilities  of $41,409
consisting of accounts payable and accrued liabilities of $5,800 and $35,609 due
to our president, Scott Taylor for loans he advanced to us.

We have not attained  profitable  operations  and are dependent  upon  obtaining
financing to pursue exploration  activities.  For these reasons, we believe that
there is substantial doubt that we will be able to continue as a going concern.

Item 3  Controls and Procedures
-------------------------------
Evaluation of Disclosure Controls

We evaluated the  effectiveness of our disclosure  controls and procedures as of
the end of our fiscal  quarter ended  September 30, 2006.  This  evaluation  was
conducted  with  the  participation  of our  chief  executive  officer  and  our
principal accounting officer.

Disclosure  controls  are  controls  and other  procedures  that are designed to
ensure that  information that we are required to disclose in the reports we file
pursuant  to  the  Securities  Exchange  Act of  1934  is  recorded,  processed,
summarized and reported.

Limitations on the Effective of Controls

Our  management  does not expect that our  disclosure  controls or our  internal
controls over  financial  reporting  will prevent all error and fraud. A control
system, no matter how well conceived and operated,  can provide only reasonable,
but no absolute,  assurance  that the  objectives  of a control  system are met.
Further, any control system reflects limitations on resources,  and the benefits
of a control system must be considered  relative to its costs. These limitations
also include the realities that judgments in  decision-making  can be faulty and
that  breakdowns  can occur  because of simple  error or mistake.  Additionally,
controls  can be  circumvented  by the  individual  acts  of  some  persons,  by
collusion of two or more people or by management override of a control. A design
of a control  system is also  based upon  certain  assumptions  about  potential
future conditions;  over time, controls may become inadequate because of changes
in conditions,  or the degree of compliance  with the policies or procedures may
deteriorate.  Because of the inherent  limitations in a  cost-effective  control
system, misstatements due to error or fraud may occur and may not be detected.

<page>

Conclusions

Based upon their  evaluation of our controls,  the chief  executive  officer and
principal  accounting  officer have concluded  that,  subject to the limitations
noted  above,  the  disclosure  controls  are  effective  providing   reasonable
assurance that material  information  relating to us is made known to management
on a timely basis during the period when our reports are being  prepared.  There
were no  changes in our  internal  controls  that  occurred  during the  quarter
covered by this report that have materially  affected,  or are reasonably likely
to materially affect our internal controls.

PART II- OTHER INFORMATION
--------------------------
Item 1. Legal Proceedings

We are not a party to any pending legal  proceeding.  Management is not aware of
any threatened litigation, claims or assessments.

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

None.

Item 3. Defaults Upon Senior Securities

None.

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

None.

Item 5. Other Information

None.

Item 6. Exhibits

 31.1     Certification pursuant to Rule 13a-14(a) under the Securities Exchange
          Act of 1934
 31.2     Certification pursuant to Rule 13a-14(a) under the Securities Exchange
          Act of 1934
 32.1     Certification pursuant to 18 U.S.C. Section 1350, as  adopted pursuant
          to Section 906 of the Sarbanes- Oxley Act of 2002
 32.2     Certification pursuant to 18 U.S.C. Section 1350, as  adopted pursuant
          to Section 906 of the Sarbanes- Oxley Act of 2002

During the  nine-month  period ended  September  30,  2006,  we did not file any
current reports on Form 8-K.

SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

Date:  November 9, 2006

Mondial Ventures, Inc.

/s/ Scott Taylor
------------------------------
Scott Taylor, President