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

                                  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 March 31, 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:          778-895-2062
                                               -----------------------------


                                      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 [ ] No [ X ]

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

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 June 21, 2006.

<page>













                             MONDIAL VENTURES, INC.

                         (An Exploration Stage Company)

                          INTERIM FINANCIAL STATEMENTS

                                 March 31, 2006

                                   (Unaudited)












BALANCE SHEETS

INTERIM STATEMENTS OF OPERATIONS

STATEMENT OF STOCKHOLDERS' EQUITY

INTERIM STATEMENTS OF CASH FLOWS

NOTES TO THE INTERIM FINANCIAL STATEMENTS

                                      -2-

<page>

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

                                                                             <c>                <c>
Current
   Cash                                                                         $          6,009   $            547
                                                                                ================   ================

                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY
                    ----------------------------------------
Current

   Accounts payable and accrued liabilities                                     $          8,950   $          7,442
   Due to related party - Note 4                                                          27,701             20,201
                                                                                ----------------   ----------------
                                                                                          36,651             27,643
                                                                                ----------------   ----------------
Stockholders' Deficiency
  Common stock (Note 5)
   75,000,000 shares authorized, $0.001 par value
      9,800,000 shares issued and outstanding                                              9,800              9,800
Additional paid-in capital                                                                19,800             19,800
Deficit accumulated during the exploration stage                                  (       60,242)    (       56,696)
                                                                                -----------------  -----------------
                                                                                  (       30,642)    (       27,096)
                                                                                -----------------  -----------------
                                                                                $          6,009   $            547
                                                                                =================  =================
</table>

   The accompanying notes are an integral part of these financial statements

                                      -3-

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                        INTERIM STATEMENTS OF OPERATIONS
                                   (Unaudited)

<table>
<caption>
                                                                                                         May 29, 2002
                                                                                                     (Inception) to March
                                                              March 31,             March 31,                 31,
                                                                2006                  2005                   2006
                                                                ----                  ----                   ----

                                                      <c>                   <c>                  <c>
Expenses
   Professional fees                                     $           2,500     $           2,428     $          40,078
   Office and general                                                  546                   176                 7,664
   Mineral property acquisition cost (Note 3)                            -                     -                12,000
   Transfer agent                                                      500                     -                   500
                                                         -----------------     ------------------    ------------------
Net loss for the year                                    $           3,546     $           2,604     $          60,242
                                                         =================     ==================    ==================


Basic and diluted net loss per share                     $           0.01      $           0.01
                                                         =================     =================
Weighted average number of shares outstanding                   9,800,000             9,800,000
                                                         =================     =================

</table>

   The accompanying notes are an integral part of these financial statements

                                      -4-

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                        INTERIM STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<table>
<caption>
                                                                                                                May 29, 2002
                                                                                                               (Inception) to
                                                                      March 31,             March 31,            March 31,
                                                                         2006                 2005                  2006
                                                                         ----                 ----                  ----

                                                               <c>                  <c>                  <c>
Cash Flows From Operating Activities
   Net loss                                                       $  (        3,546)   $  (        2,604)    $  (       60,242)
   Adjustment to reconcile net loss to net cash from
   operating activities
     Increase (decrease) in accounts payable and accrued                      1,508                2,519                 8,950
     liabilities
                                                                  ------------------   ------------------    ------------------
Net cash flows used in operating activities                          (        2,038)      (           85)       (       51,292)
                                                                  ------------------   ------------------    ------------------
Cash Flows From Financing Activities
   Proceeds from the issuance of common stock                                     -                    -                29,600
   Due to related party                                                       7,500                    -                27,701
                                                                  ------------------   ------------------    ------------------
Net cash from financing activities                                            7,500                    -                57,301
                                                                  ------------------   ------------------    ------------------
Increase (decrease) in cash during year                              (        5,462)      (           85)               6,009

Cash, beginning of period                                                       547                  967                     -
                                                                  -----------------    ------------------    ------------------
Cash, end of period                                               $           6,009    $             882     $           6,009
                                                                  =================    ==================    ==================

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

   The accompanying notes are an integral part of these financial statements

                                      -5-

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                   STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)

         FOR THE PERIOD FROM MAY 29, 2002 (INCEPTION) TO MARCH 31, 2006
                                   (Unaudited)
<table>
<caption>
                                                                                         Deficit
                                                                                       Accumulated
                                                                       Additional      During the
                                             Common Stock               Paid-in        Exploration
                                    --------------------------------
                                        Shares          Amount          Capital           Stage           Total
                                        ------          ------          -------           -----           -----

                                    <c>         <c>             <c>              <c>             <c>
Balance, May 29, 2002
(Inception) and December 31,
2002                                             -  $            -  $            -   $            -  $            -
Issuance of common stock
for cash at $0.001 per share,
December 2003                            9,600,000           9,600               -                -           9,600
Issuance of common stock
for cash at $0.10 per share,
December 2003                              200,000             200          19,800                -          20,000
Net loss                                         -               -               -       (    5,527)    (     5,527)
                                    --------------- --------------- --------------- ---------------- ---------------
Balance, December 31, 2003               9,800,000           9,800          19,800       (    5,527)         24,073

Net loss                                         -               -               -       (   35,841)    (    35,841)
                                    --------------- --------------- --------------- ---------------- ---------------
Balance, December 31, 2004               9,800,000           9,800          19,800       (   41,368)    (    11,768)

Net loss                                         -               -               -       (   15,328)    (    15,328)
                                    --------------- --------------- --------------- ---------------- ---------------
Balance, December 31, 2005               9,800,000           9,800          19,800       (   56,696)    (    27,096)

Net loss                                         -               -               -       (    3,546)    (     3,546)
                                    --------------- --------------- --------------- ---------------- ---------------
Balance, March 31, 2006                  9,800,000  $        9,800  $       19,800   $   (   60,242) $  (    30,642)
                                    =============== =============== =============== ================ ===============
</table>

   The accompanying notes are an integral part of these financial statements

                                      -6-

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                 March 31, 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 March  31,  2006 in the  amount  of  $60,242.  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.   Management   plans  to  raise
              additional funds through issuance of additional capital stock.

              The Company filed an SB2 Registration Statement, which enables the
              resale of 3,800,000 shares.

              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 three
              months ended March 31, 2006 are not necessarily  indicative of the
              results  that may be  expected  for the year ending  December  31,
              2006.

                                      -7-

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                 March 31, 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.  The
              significant  accounting  policies  adopted by the  Company  are as
              follows:

              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 Property
              ----------------
              Mineral property  acquisition,  exploration and development  costs
              are expensed as incurred until such time as economic  reserves are
              quantified.  To date the  Company has not  established  any proven
              reserves on its mineral property.

                                      -8-

<page>


                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                 March 31, 2006
                                   (Unaudited)

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

              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",  which was adopted effective January 1, 2002.
              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.

              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.

              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  reflects  the  potential  dilution  of
              securities that could share in the losses of the Company.  Because
              the Company does not have any potentially dilutive securities, the
              accompanying presentation is only of basic loss per share.

              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  December  2004,  the  Financial   Accounting  Standards  Board
              ("FASB")  issued  Statement  of  Financial   Accounting  Standards
              ("SFAS")  No.  123R,   Share-Based   Payment,   which  establishes
              standards for the accounting for  transactions  in which an entity
              exchanges  its equity  instruments  for goods or  services.  A key
              provision of this statement is the

                                      -9-

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                 March 31, 2006
                                   (Unaudited)

              Recent Accounting Pronouncements - (Cont'd)
              --------------------------------

              requirement  of a public  entity to measure  the cost of  employee
              services  received in exchange for an award of equity  instruments
              (including  stock  options)  based on the grant date fair value of
              the award.  That cost will be  recognized  over the period  during
              which an employee is required to provide  service in exchange  for
              the award (i.e., the requisite  service period or vesting period).
              This  standard  becomes  effective  for the  Company for its first
              annual or interim  period ended on or after December 15, 2005. The
              Company  will adopt SFAS 123R no later than the  beginning  of the
              Company's  fourth quarter ending December 31, 2005.  Management is
              currently  evaluating  the  potential  impact that the adoption of
              SFAS  123R  will  have on the  Company's  financial  position  and
              results of operations.

              In December  2004,  the FASB issued  SFAS No.  153,  Exchanges  of
              Non-monetary   Assets,   an  amendment  of  APB  Opinion  No.  29,
              Accounting  for  Non-monetary  Transactions  ("SFAS 153") SFAS 153
              requires that exchanges of non-monetary  assets are to be measured
              based on fair value and  eliminates the exception for exchanges of
              non-monetary, similar productive assets, and adds an exemption for
              non-monetary exchanges that do not have commercial substance. SFAS
              153 will be effective for fiscal periods  beginning after June 15,
              2005.  Management  does  not  believe  that the  adoption  of this
              standard will have a material  impact on the  Company's  financial
              position or results of operations.

              In May 2005,  the FASB  issued  SFAS 154,  Accounting  Changes and
              Error  Corrections.  This  Statement  replaces APB Opinion No. 20,
              Accounting Changes,  and SFAS No. 3, Reporting  Accounting Changes
              in Interim Financial Statements,  and changes the requirements for
              the  accounting  for  and  reporting  of a  change  in  accounting
              principle.  This  Statement  applies to all  voluntary  changes in
              accounting  principle.  The Company  believes this  Statement will
              have no impact on the financial statements of the Company.

              In  November  2005,  the FASB  issued FSP FAS 115-1 and FAS 124-1,
              "The   Meaning   of   Other-Than-Temporary   Impairment   and  Its
              Application  to  Certain  Investments"  ("FSP FAS  115-1"),  which
              provides  guidance on determining when investments in certain debt
              and  equity  securities  are  considered  impaired,  whether  that
              impairment  is   other-than-temporary,   and  on  measuring   such
              impairment   loss.   FSP  FAS  115-1  also   includes   accounting
              considerations  subsequent  to the  recognition  of an  other-than
              temporary   impairment  and  requires  certain  disclosures  about
              unrealized    losses   that   have   not   been    recognized   as
              other-than-temporary  impairments. FSP FAS 115-1 is required to be
              applied to reporting  periods  beginning  after December 15, 2005.
              The  Company  is  required  to adopt FSP FAS  115-1 in the  second
              quarter of fiscal 2006. Management does not expect the adoption of
              this  statement  will  have a  material  impact  on the  Company's
              results  of  operations  or  financial  condition.  Management  is
              currently  evaluating  the  impact,  which  the  adoption  of this
              standard will have on the Company's financial statements.

                                      -10-

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                 March 31, 2006
                                   (Unaudited)


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 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 March 31,  2006,  the  Company  was  indebted  in the amount of
              $27,701  (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.


Note 5        Common Stock
              ------------
              In 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.

              In December  2003,  the Company  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.


                                      -11-

<page>


                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                 March 31, 2006
                                   (Unaudited)


Note 6        Financial Instruments
              ---------------------
              The Company's  financial  instruments consist of cash and accounts
              payable and accrued  liabilities.  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.

Note 7        Segment Information
              -------------------
              The  Company  operates  in  one  reportable  segment,   being  the
              exploration of mineral properties, in Canada. All of the Company's
              identifiable assets are located in the United States.
















                                      -12-

<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.

                                      -13-

<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 March 31, 2006

We did not earn any  revenues  during the  three-month  period  ending March 31,
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 $3,546  for the  three-month
period ended March 31, 2006,  consisting of professional fees of $2,500,  office
and general costs of $546 and transfer agent fees of $500.

Our net loss increased  slightly in the three-month period ended March 31, 2006,
as  compared to the same  period in 2005  ($3,546 as  compared to $2,604).  This
increase was primarily  due to transfer  agent fees (from NIL in 2005 to $500 in
2006) and an increase in office and general  costs (from $176 in 2005 to $546 in
2006).

At  March  31,  2006,  we  had  cash  on  hand  of  $6,009  and  liabilities  of
$36,651consisting  of accounts  payable and  accrued  liabilities  of $8,950 and
$27,701 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  March  31,  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.

Conclusions

                                      -14-

<page>

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 March 31, 2006, we did not file any current
reports on Form 8-K.

                                      -15-

<page>

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:  June 21, 2006

Mondial Ventures, Inc.

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







                                      -16-