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:      778-895-2062
                                               -----------------------


                                      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 [ 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 May 15, 2006.


<page>




                             MONDIAL VENTURES, INC.

                         (An Exploration Stage Company)

                              FINANCIAL STATEMENTS

                                 March 31, 2007

                                   (Unaudited)



BALANCE SHEETS

STATEMENTS OF OPERATIONS

STATEMENTS OF CASH FLOWS

NOTES TO THE FINANCIAL STATEMENTS

<page>

                              MONDIAL VENTURES INC.
                         (An Exploration Stage Company)
                                 BALANCE SHEETS


<table>
<caption>

                                                                                 March 31, 2007    December 31, 2006
                                                                                 --------------    -----------------
                                                                                   (Unaudited)         (Audited)
                                  ASSETS

                                                                             <c>                <c>
Current
   Cash                                                                         $          3,039   $          3,960
                                                                                ================   ================


                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current
   Accounts payable and accrued liabilities                                     $         15,340   $         13,685
   Due to related party - Note 2                                                          45,609             39,609
                                                                                ----------------   ----------------
                                                                                          60,949             53,294
                                                                                ----------------   ----------------
Stockholders' Deficiency
  Common stock
   75,000,000 shares authorized, $0.001 par value
   9,800,000 common shares (December 31, 2006 - 9,800,000)                                 9,800              9,800
Additional paid-in capital                                                                19,800             19,800
Deficit accumulated during the exploration stage                                  (       87,510)    (       78,934)
                                                                                ----------------   ----------------
                                                                                  (       57,910)    (       49,334)
                                                                                ----------------   ----------------
                                                                                $          3,039   $          3,960
                                                                                ================   ================
</table>


    The accompanying notes are an integral part of these financial statements


<page>

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


<table>
<caption>
                                                            Three months          Three months           May 29, 2002
                                                                ended                 ended          (Inception) to March
                                                              March 31,             March 31,                 31,
                                                                2007                  2006                   2007
                                                                ----                  ----                   ----

                                                      <c>                   <c>                   <c>
Expenses
   Mineral property costs (Note 3)                       $            -        $            -        $          12,000
   Office and general                                                  184                 1,046                10,978
   Professional fees                                                 8,392                 2,500                64,532
                                                         -----------------     -----------------     -----------------
Net loss                                                 $           8,576     $           3,546     $          87,510
                                                         =================     =================     =================


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


    The accompanying notes are an integral part of these financial statements

<page>

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



<table>
<caption>
                                                                     Three months         Three months          May 29, 2002
                                                                        ended                 ended            (Inception) to
                                                                      March 31,             March 31,            March 31,
                                                                         2007                 2006                  2007
                                                                         ----                 ----                  ----

                                                               <c>                  <c>                   <c>
Cash Flows From Operating Activities
   Net loss                                                       $  (        8,576)   $  (        3,546)    $  (       87,510)
   Change in non cash working capital item
     Accounts payable and accrued  liabilities                                1,655                1,508                15,340
                                                                  -----------------    -----------------     ------------------
Net cash flows used in operating activities                          (        6,921)      (        2,038)       (       72,170)
                                                                  -----------------    -----------------     ------------------
Cash Flows From Financing Activities
   Proceeds from the issuance of common stock                                     -                    -                29,600
   Due to related party                                                       6,000                7,500                45,609
                                                                  -----------------    -----------------     ------------------
Net cash provided by financing activities                                     6,000                7,500                75,209
                                                                  -----------------    -----------------     ------------------
Increase (decrease) in cash                                      (              921)     (         5,462)                3,039

Cash, beginning                                                               3,960                  547                     -
                                                                  -----------------    -----------------     ------------------
Cash, ending                                                      $           3,039    $           6,009     $           3,039
                                                                  =================    =================     ==================

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



    The accompanying notes are an integral part of these financial statements

<page>

                             MONDIAL VENTURES, INC.
                         (An Exploration Stage Company)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 March 31, 2007
                                   (Unaudited)

Note 1        Basis of Presentation

              Unaudited Interim Financial Statements
              The accompanying  unaudited interim financial statements have been
              prepared  in  accordance   with  generally   accepted   accounting
              principles for 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, 2006.  The  unaudited  interim
              financial  statements  should be read in  conjunction  with  those
              financial  statements for the year ended December 31, 2006. 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, 2007 are not necessarily  indicative of the
              results  that may be  expected  for the year ending  December  31,
              2007.

              Going Concern
              The Company has not  realized any revenues  since  inception.  The
              Company has a deficit  accumulated to March 31, 2007 in the amount
              of $87,510 and has a working  capital  deficiency of $57,910.  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 and
              further loans from directors.  These  financial  statements do not
              include  any  adjustments   relating  to  the  recoverability  and
              classification   of  recorded  assets,   or  the  amounts  of  and
              classification of liabilities that might be necessary in the event
              the Company cannot continue as a going concern.


Note 2        Related Party Transactions

              At March 31,  2007,  the  Company  was  indebted  in the amount of
              $45,609  (December  31,  2006 - $39,609)  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 3        Mineral Property

              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.

<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.

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.

<page>

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, 2007

We did not earn any  revenues  during the  three-month  period  ending March 31,
2007.  We are in 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 $8,576  for the  three-month
period  ended March 31,  2007,  consisting  of  professional  fees of $8,392 and
office and general costs of $184.

Our net loss increased  significantly in the three-month  period ended March 31,
2007,  as  compared  to the same  period in fiscal  2006  ($8,576 as compared to
$3,546).  This increase was due to increase in professional fees (from $2,500 in
2006 to $8,392 in 2006).

At March 31,  2007,  we had cash on hand of $3,039  and  liabilities  of $60,949
consisting of accounts  payable and accrued  liabilities  of $15,340 and $45,609
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  March  31,  2007.  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

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.

<page>

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, 2007, 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:  May 15, 2007

Mondial Ventures, Inc.

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