UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                 FORM 10-Q

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

              For the quarterly period ended March 31, 2010

OR

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

          For the transition period from __________ to __________

                      Commission File Number 000-53199

                       PRECISION PETROLEUM CORPORATION
           (Exact name of registrant as specified in its charter)

                 Nevada                         71-1029846
       State or other jurisdiction of       (I.R.S. Employer
       incorporation or organization        Identification No.)

            624 W. Independence Suite 101 A. Shawnee, OK 74804
                (Address of principal executive offices)

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

Indicate by check mark whether the registrant (1) has 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
registrant 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 large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See the definitions of "large accelerated filer," "accelerated
filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [ ]                    Accelerated filer  [ ]

Non-accelerated filer  [ ]                      Smaller reporting company [X]
(Do not check if a smaller reporting company)

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.   Yes [ ]   No [ ]

SEC 1296 (02-08)                                Potential persons who are to
respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB control
number.

APPLICABLE ONLY TO CORPORATE ISSUERS:

Number of shares outstanding of the registrant's class of common stock as
of May 18, 2010: 44,400,000

                                      1
<PAGE>


                       Precision Petroleum Corporation

                           INDEX TO THE FORM 10-Q

                For the quarterly period ended March 31, 2010


                                                                 PAGE
                                                                 ----
PART I     FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
           Balance Sheets                                        F-1
           Statements of Operations and Comprehensive Income     F-2
           Statement of Stockholders' Deficit                    F-3
           Statements of Cash Flows                              F-4
           Notes to the Financial Statements                     F-5 to F-13
ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS                   3
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET
           RISK                                                  5
ITEM 4.    CONTROLS AND PROCEDURES                               5
ITEM 4T.                                                         5

PART II    OTHER INFORMATION                                     5
ITEM 1.    LEGAL PROCEEDINGS                                     5
ITEM 1A.   RISK FACTORS                                          5
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND
           USE OF PROCEEDS                                       5
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES                       6
ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS   6
ITEM 5.    OTHER INFORMATION                                     6
ITEM 6.    EXHIBITS                                              6
           SIGNATURES                                            7




















                                      2
<PAGE>


                       PRECISION PETROLEUM CORPORATION
                                BALANCE SHEETS

<TABLE>
<CAPTION>

                                                   March 31,    September 30,
                                                     2010           2009
                                                  ------------  ------------
                                                  (Unaudited)     (Audited)
<S>                                               <C>           <C>
                                    ASSETS
Current
  Cash and cash equivalents                       $     6,282   $    12,944
  Accounts receivable, net                             70,135        14,600
  Other receivables                                         -        10,028
  Participation deposits                               57,500        46,000
                                                  ------------  ------------
          Total Current Assets                        133,917        83,572

Oil and gas properties, -using full
 cost accounting                                      948,112       993,980
   Less accumulated depletion                         (65,540)      (26,442)
                                                  ------------  ------------
    Oil and gas properties-Net                        882,572       967,538
                                                  ------------  ------------
          Total Assets                            $ 1,016,489   $ 1,051,110
                                                  ============  ============

                                  LIABILITIES
Current Liabilities
  Accounts payable and accrued liabilities        $   116,985   $    48,342
  Advances                                             92,416        67,500
  Short-term notes payable                            993,980       993,980
                                                  ------------  ------------
  Total Current Liabilities                         1,203,381     1,109,822
                                                  ------------  ------------
          Total Liabilities                         1,203,381     1,109,822
                                                  ------------  ------------

                             STOCKHOLDERS' DEFICIT
Capital stock
  Authorized:
    200,000,000 common stock, $0.001 par value;
  Issued and outstanding:
    44,400,000 common shares (2009: 44,400,000)        44,400        44,400
Additional paid-in capital                             82,691        82,691
Accumulated deficit during the exploration stage     (153,653)     (153,653)
Accumulated deficit                                  (160,330)      (32,150)
                                                  ------------  ------------
          Total Stockholders' Deficit                (186,892)      (58,712)
                                                  ------------  ------------
          Total Liabilities And
          Stockholders' Deficit                   $ 1,016,489   $ 1,051,110
                                                  ============  ============
</TABLE>

                                      F-1
<PAGE>


                       PRECISION PETROLEUM CORPORATION
                          STATEMENTS OF OPERATIONS
                                 (Unaudited)

<TABLE>
<CAPTION>

                          Three Months Ended           Six Months Ended
                               March 31,                  March 31,
                      --------------------------  --------------------------
                          2010          2009          2010          2009
                      ------------  ------------  ------------  ------------
<S>                   <C>           <C>           <C>           <C>
Revenues
 Oil and gas sales    $    37,945   $         -   $   100,957   $         -
                      ------------  ------------  ------------  ------------
   Total Revenues          37,945             -       100,957             -
                      ------------  ------------  ------------  ------------

Expenses
General and
  administrative           19,902             -        42,045             -
 Mineral claims expense         -             -             -         4,464
 Lease operating           17,570             -        23,044             -
 Production taxes           2,732             -         7,268             -
 Bad debt expense          13,851             -        13,851             -
 Depreciation,
  depletion and
  amortization             14,413             -        39,098             -
 Interest expense          32,411             -        57,261             -
 Legal and accounting      15,704         4,268        28,399        13,747
 Loss on sale of oil
  and gas properties        9,502             -         9,502             -
 Management fees            3,000             -         6,000             -
 Rent expense               1,794             -         2,669             -
                      ------------  ------------  ------------  ------------
   Total Expenses         130,879         4,268       229,137        18,211
                      ------------  ------------  ------------  ------------

Net loss                  (92,934)       (4,268)     (128,180)      (18,211)

Other Comprehensive loss
  Foreign currency
   translation
   adjustment                   -        (3,017)            -        (1,233)
                      ------------  ------------  ------------  ------------

Other Comprehensive
 Loss                 $   (92,934)  $    (7,285)  $  (128,180)  $   (19,444)
                      ============  ============  ============  ============

Basic loss per share  $     (0.00)  $     (0.00)  $     (0.00)  $     (0.00)
                      ============  ============  ============  ============

Weighted average number
 of shares outstanding-
 basic                 44,400,000    44,400,000    44,400,000    44,400,000
                      ============  ============  ============  ============
</TABLE>

                                      F-2
<PAGE>


                       PRECISION PETROLEUM CORPORATION
                     STATEMENTS OF STOCKHOLDERS' DEFICIT
                   For the six months ended March 31, 2010
                                 (Unaudited)

<TABLE>
<CAPTION>


                                                Accumulated
             Common Shares    Addi-               Deficit   Other
           ------------------ tional   Accum-     During    Compre-
                        Par   Paid-in  ulated   Exploration hensive
             Number    Value  Capital  Deficit     Stage    Income   Total
           ---------- ------- ------- ---------- ---------- ------ ----------
<S>        <C>        <C>     <C>     <C>        <C>        <C>    <C>
Balance,
as of
Sept. 30,
2008       44,400,000  44,400  67,635         -   (122,290)   297     (9,958)

Payable paid
by previous
directors and
officers            -       -  15,056         -          -      -     15,056

Foreign
currency
gain (loss)         -       -       -         -          -   (297)      (297)

Net loss for
the year            -       -       -   (32,150)   (31,363)     -    (63,513)
           ---------- ------- ------- ---------- ---------- ------ ----------

Balance,
as of
Sept. 30,
2009       44,400,000 $44,400 $82,691 $ (32,150) $(153,653) $   -  $ (58,712)

Net loss                               (128,180)                    (128,180)
           ---------- ------- ------- ---------- ---------- ------ ----------

Balance
as of
March 31,
2010       44,400,000 $44,400 $82,691 $(160,330) $(153,653) $   -  $(186,892)
           ========== ======= ======= ========== ========== ====== ==========
</TABLE>


                                     F-3
<PAGE>


                       PRECISION PETROLEUM CORPORATION
                          STATEMENTS OF CASH FLOWS
                                 (Unaudited)

<TABLE>
<CAPTION>

                                                        Six months ended
                                                            March 31,
                                                      ----------------------
                                                         2010        2009
                                                      ----------  ----------
<S>                                                   <C>         <C>
Operating Activities
  Net loss for the period                             $(128,180)  $ (18,211)
  Adjustments for items not effecting cash:
    Depletion, depreciation and amortization             39,098           -
    Mineral claim fee                                         -       4,464
    Loss on sale of assets                                9,502           -
  Change in non-cash working capital balances
  related to operations
    Accounts receivable                                 (55,535)          -
    Due from others                                      10,028           -
    Accounts payable and accrued liabilities             68,643      (9,853)
                                                      ----------  ----------
Cash used in operating activities                       (56,444)    (23,600)
                                                      ----------  ----------

Investing Activities
  Acquisition of oil and gas properties                 (28,634)          -
  Sale proceeds from oil and gas properties              65,000           -
  Participation deposits                                (11,500)          -
                                                      ----------  ----------
Cash provided by investing activities                    24,866           -
                                                      ----------  ----------

Financing Activities
  Contribution of capital                                     -      15,056
  Advances                                               24,916      10,051
                                                      ----------  ----------
Cash provided by financing activities                    24,916      25,107
                                                      ----------  ----------

Effect of foreign currency translation                        -      (1,233)

Increase (decrease) in cash during the year              (6,662)        274

Cash, beginning balance                                  12,944        (274)
                                                      ----------  ----------

Cash, ending balance                                  $   6,282   $       -
                                                      ==========  ==========

Supplemental disclosure of cash flow information
  Cash paid during the year for income taxes          $       -   $       -
                                                      ==========  ==========
  Cash paid during the year for interest              $       -   $       -
                                                      ==========  ==========
</TABLE>

                                     F-4
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


Note 1  Interim Reporting

The accompanying financial statements of Precision Petroleum Corporation have
not been audited by independent public accountants.  In the opinion of
management, the accompanying financial statements reflect all adjustments
necessary to present fairly our financial position at March 31, 2010 and our
income, stockholder's deficit and cash flows for the six months ended March
31, 2010 and 2009. All such adjustments are of a normal recurring nature.  In
preparing the accompanying financial statements, management has made certain
estimates and assumptions that affect reported amounts in the financial
statements and disclosures of contingencies.  Actual results may differ from
those estimates.  The results for interim periods are not necessarily
indicative of annual results.

Certain disclosures have been condensed or omitted from these financial
statements.  Accordingly, these financial statements should be read with the
financial statements included in our 2009 Annual Report on Form 10-K.


Note 2  Nature and Continuance of Operations

Precision Petroleum Corporation (the "Company") was incorporated under the
name of "Tidewater Resources, Inc." under the laws of the State of Nevada on
February 7, 2007.  On October 27, 2008 the Company changed its name to
Precision Petroleum Corporation.  The Company has established its corporate
offices in Shawnee, Oklahoma.  The Company is engaged primarily in the
acquisition, development, production, exploration for, and the sale of oil,
gas and natural gas liquids.  All business activities are conducted in
Oklahoma and the Company sells its oil and gas to a limited number of
domestic purchasers.   The Company does not operate the leases they own a
working and overriding royalty interests and are invoiced monthly for joint
operating costs and receive revenues from third party purchasers of oil and
gas chosen by the operators.

These financial statements have been prepared in accordance with generally
accepted accounting principles applicable to a going concern, which assumes
that the Company will be able to meet its obligations and continue its
operations for its next fiscal year.  Realization values may be substantially
different from carrying values as shown and these financial statements do not
give effect to adjustments that would be necessary to the carrying values and
classifications of assets and liabilities should the Company be unable to
continue as a going concern.  At March 31, 2010, the Company had not yet
achieved profitable operations, has an aggregate accumulated deficit and
deficit accumulated during development stage of $160,330 and $153,653,


                                     F-5
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


respectively, has a working capital deficiency of $1,069,464, and expects to
incur further losses in the development of its business, all of which casts
substantial doubt about the Company's ability to continue as a going concern.
The Company's ability to continue as a going concern is dependent upon its
ability to generate future profitable operations and/or to obtain the
necessary financing to meet its obligations and repay its liabilities arising
from normal business operations when they come due.  Management has no formal
plan in place to address this concern but considers that the Company will be
able to obtain additional funds by equity financing and/or related party
advances, however there is no assurance of additional funding being
available. The accompanying financial statements do not include any
adjustments relating to the recoverability and classification of recorded
asset amounts or amounts and classification of liabilities that might result
from the outcome of this uncertainty.


Note 3  Summary of Significant Accounting Policies

The financial statements of the Company have been prepared in accordance with
accounting principles generally accepted in the United States of America.
Because a precise determination of many assets and liabilities is dependent
upon future events, the preparation of financial statements for a period
necessarily involves the use of estimates, which have been made using careful
judgment.  Actual results may vary from these estimates.

The financial statements have, in management's opinion, been properly
prepared within the framework of the significant accounting policies
summarized below:


Property and equipment

Equipment is recorded at cost.  Depreciation is provided using the straight
line method.  As of March 31, 2010 the Company did not have any property or
equipment.



                                     F-6
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


Oil and Gas Properties

The Company follows the full cost method of accounting for oil and gas
operations whereby all costs of exploring for and developing oil and gas
reserves are initially capitalized on a country-by-country (cost center)
basis.  Such costs include land acquisition costs, geological and geophysical
expenses, carrying charges on non-producing properties, costs of drilling and
overhead charges directly related to acquisition and exploration activities.

Costs capitalized, together with the costs of production equipment, are
depleted and amortized on the unit-of-production method based on the
estimated gross proved reserves.  Petroleum products and reserves are
converted to a common unit of measure, using 6 MCF of natural gas to one
barrel of oil.

Costs of acquiring and evaluating unproved properties are initially excluded
from depletion calculations.  These unevaluated properties are assessed
annually to ascertain whether impairment has occurred.  When proved reserves
are assigned or the property is considered to be impaired, the cost of the
property or the amount of the impairment is added to costs subject to
depletion calculations.

Future net cash flows from proved reserves using period-end, non-escalated
prices and costs are discounted to present value and compared to the carrying
value of oil and gas properties.


Assets Retirement Obligations

The Company recognizes the fair value of a liability for an assets retirement
obligation in the year in which it is incurred when a reasonable estimate of
fair value can be made.  The carrying amount of the related long-lived asset
is increased by the same amount as the liability.



                                     F-7
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


Changes in the liability for an asset retirement obligation due to the
passage of time will be measured by applying an interest method of
allocation.  The amount will be recognized as an increase in the liability
and an accretion expense in the statement of operations.  Changes resulting
from revisions to the timing or the amount of the original estimate of
undiscounted cash flows are recognized as an increase or a decrease in the
carrying amount of the liability for an asset retirement obligation and the
related asset retirement cost capitalized as part of the carrying amount of
the related long-lived asset.  At March 31, 2010, the Company's estimate of
asset retirement obligation was not material.


Impairment of Long-Lived Assets

The Company has adopted FASB Codification Topic 360-10 ("ASC 360-10"),
"Property, Plant, and Equipment", which requires that long-lived assets to be
held and used be reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be
recoverable.  Oil and gas properties accounted for using the full cost method
of accounting, a method utilized by the Company, are excluded from this
requirement, but will continue to be subject to the ceiling test limitations.
At March 31, 2010, the depreciation, depletion and amortization charge
included $0 related to the ceiling test limitations.


Basic and Diluted Loss Per Share

Basic loss per share is computed using the weighted average number of shares
outstanding defined by FASB Accounting Standards Codification Topic 260,
"Earnings Per Share" during the period.  Fully diluted earnings (loss) per
share are computed similar to basic income (loss) per share except that the
denominator is increased to include the number of common stock equivalents
(primarily outstanding options and warrants).  Common stock equivalents
represent the dilutive effect of the assumed exercise of the outstanding
stock options and warrants, using the treasury stock method, at either the
beginning of the respective period presented or the date of issuance,
whichever is later, and only if the common stock equivalents are considered
dilutive based upon the Company's net income (loss) position at the
calculated date.  Diluted loss per share has not been provided as it would be
anti-dilutive.  As of March 31, 2010, the Company did not have any
outstanding stock options or warrants.



                                     F-8
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


Financial Instruments

The carrying value of cash, accounts receivable, other receivable, accounts
payable and accrued liabilities, short-term notes payable and due to related
party approximates their fair value because of the short maturity of these
instruments.  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.


Revenue Recognition

Revenue from the sale of the oil and gas production is recognized when title
passes from the operator of the oil and gas properties to purchasers.


Newly Issued Accounting Pronouncements

In January 2010, the FASB issued Accounting Standards Update 2010-01, "Equity
(Topic 505): Accounting for Distributions to Shareholders with Components of
Stock and Cash (A Consensus of the FASB Emerging Issues Task Force)". This
amendment to Topic 505 clarifies the stock portion of a distribution to
shareholders that allows them to elect to receive cash or stock with a limit
on the amount of cash that will be distributed is not a stock dividend for
purposes of applying Topics 505 and 260. Effective for interim and annual
periods ending on or after December 15, 2009, and would be applied on a
retrospective basis. The Company does not expect the provisions of ASU 2010-
01 to have a material effect on the financial position, results of operations
or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued
Accounting Standards Update 2010-03 (ASU 2010-03), Extractive Activities-Oil
and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures. This
amendment to Topic 932 has improved the reserve estimation and disclosure
requirements by (1) updating the reserve estimation requirements for changes
in practice and technology that have occurred over the last several decades
and (2) expanding the disclosure requirements for equity method investments.
This is effective for annual reporting periods ending on or after December
31, 2009. However, an entity that becomes subject to the disclosures because
of the change to the definition oil- and gas- producing activities may elect
to provide those disclosures in annual periods beginning after December 31,
2009. Early adoption is not permitted. The Company does not expect the
provisions of ASU 2010-03 to have a material effect on the financial
position, results of operations or cash flows of the Company.

                                     F-9
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


In January 2010, the FASB (Financial Accounting Standards Board) issued
Accounting Standards Update 2010-04 (ASU 2010-04), Accounting for Various
Topics-Technical Corrections to SEC Paragraphs.

In January 2010, the FASB (Financial Accounting Standards Board) issued
Accounting Standards Update 2010-05 (ASU 2010-05), Compensation - Stock
Compensation (Topic 718). This standard codifies EITF Topic D-110 Escrowed
Share Arrangements and the Presumption of Compensation.

In January 2010, the FASB (Financial Accounting Standards Board) issued
Accounting Standards Update 2010-06 (ASU 2010-06), Fair Value Measurements
and Disclosures (Topic 820): Improving Disclosures about Fair Value
Measurements. This amendment to Topic 820 has improved disclosures about fair
value measurements on the basis of input received from the users of financial
statements. This is effective for interim and annual reporting periods
beginning after December 15, 2009, except for the disclosures about
purchases, sales, issuances, and settlements in the roll forward of activity
in Level 3 fair value measurements. Those disclosures are effective for
fiscal years beginning after December 15, 2010, and for interim periods
within those fiscal years. Early adoption is permitted. The Company does not
expect the provisions of ASU 2010-06 to have a material effect on the
financial position, results of operations or cash flows of the Company.

In February 2010, the FASB (Financial Accounting Standards Board) issued
Accounting Standards Update 2010-08 (ASU 2010-08), Technical Corrections to
Various Topics. This amendment eliminated inconsistencies and outdated
provisions and provided the needed clarifications to various topics within
Topic 815. The amendments are effective for the first reporting period
(including interim periods) beginning after issuance (February 2, 2010),
except for certain amendments. The amendments to the guidance on accounting
for income taxes in reorganization (Subtopic 852-740) should be applied to
reorganizations for which the date of the reorganization is on or after the
beginning of the first annual reporting period beginning on or after December
15, 2008. For those reorganizations reflected in interim financial statements
issued before the amendments in this Update are effective, retrospective
application is required. The clarifications of the guidance on the embedded
derivates and hedging (Subtopic 815-15) are effective for fiscal years
beginning after December 15, 2009, and should be applied to existing
contracts (hybrid instruments) containing embedded derivative features at the
date of adoption. The Company does not expect the provisions of ASU 2010-08
to have a material effect on the financial position, results of operations or
cash flows of the Company.


                                     F-10
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


In February 2010, the FASB issued Accounting Standards Update 2010-09 (ASU
2010-09), Subsequent Events (TOPic 855), amending guidance on subsequent
events to alleviate potential conflicts between FASB guidance and SEC
requirements. Under this amended guidance, SEC filers are no longer required
to disclose the date through which subsequent events have been evaluated in
originally issued and revised financial statements. This guidance was
effective immediately and we adopted these new requirements for the period
ended March 31, 2010. The adoption of this guidance did not have a material
impact on our financial statements.

In April 2010, the FASB (Financial Accounting Standards Board) issued
Accounting Standards Update 2010-14 (ASU 2010-14), Accounting for Extractive
Activities - Oil and Gas. This amendment makes amendments to paragraph 932-
10-S99-1 due to SEC release No. 33-8995, Modernization of Oil and Gas
Reporting. The Company does not expect the provisions of ASU 2010-14 to have
a material effect on the financial position, results of operations or cash
flows of the Company.

The company evaluated all of the other recent accounting pronouncements
through ASU 2010-19 and deemed that they were immaterial.


Note 4  Oil and Gas Properties

a)  Effective July 1, 2009, the Company purchased various producing
properties located in Garvin County, Pottawatomie County, Nowata County and
Seminole County, Oklahoma.  The Company utilized short-term financing to
acquire these properties. The various net revenue acquired range from .2808%
to a 67.97% net revenue interest.  In October of 2009, the Company acquired
additional working interest in two of the leases.  In November of 2009, the
Company acquired a 70.10153% working interest in the Thompson #2 well,
located in Garvin County, Oklahoma.  The Company paid $10,000 down on this
well and signed an agreement to pay the balance of $18,634 within 30 days of
the agreement.

In an agreement dated on December 1, 2009, but made effective January 1,
2010, the Company sold all of its working interest in the Heath lease located
in Seminole County, Oklahoma.  The sales price for this transaction was
$55,000, to be paid on or before one year from the date of the agreement.
The Company received a payment in the amount of $4,583 from the purchaser
during the quarter ended March 31, 2010.  The balance due is $50,417.  The
amount due is not in default as of March 31, 2010.  A gain of $4,398 has been
recognized in the financial statements.


                                    F-11
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


On February 22, 2010, the Company sold all of its working interest in the
Jameson lease, retaining a three percent (3%) overriding royalty interest.
The sale price for this transaction was $10,000 and has been paid in full.
A loss of $13,900 has been recognized in the financial statements.

b)  On January 27, 2009, the Company entered into a Participation Agreement
with Nitro Petroleum Incorporated ("Nitro"), pursuant to which the Company
obtained from Nitro the right to participate in Phase One of Nitro's Powder
River Basin Project in Montana.  Nitro acquired certain oil and gas leases in
the Powder River Basin in Montana pursuant to a Memorandum of Understanding
dated January 26, 2009 with REDS, LLC.

Pursuant to the terms of the Participation Agreement, Nitro is being carried
to the tanks with respect to a 25% working interest in Phase One of the
Powder River Basin Project.  The Company is acquiring a 37.5% working
interest in Phase One of the Powder River Basin Project in exchange for an
agreement to pay 50% of the expenses of Phase One of the Powder River Basin
Project.  Additionally, the Company shall have the right to purchase up to a
37.5% working interest in Phase Two and Phase Three of the Powder River Basin
Project upon substantially the same terms as Phase One.  Nitro will be the
operator of all wells drilled during Phase One of the Powder River Basin
Project.

The Company has paid $57,500 towards the Participation Agreement with Nitro.
The payments have been recorded in the financial statements as participation
deposits.


Note 5  Notes Payable and Short-Term Financing

At March 31, 2010, the Company had a short term note payable to Sierra
Growth, Inc., an investment company located in Charlestown, Nevis.  This note
bears an interest rate of 10% per annum and is due upon demand.  If the
Holder makes a demand for repayment, the Company must repay the principal
balance of this note and accrued and unpaid interest thereon within sixty
(60) days.  Interest has been accrued in the amount of $37,586 as of March
31, 2010 and has a principal balance of $751,714.

At December 31, 2009, the Company had a short term note payable to Global
Energy, LLC an oil and gas company located in Shawnee, Oklahoma.  This note
bears an interest rate of 10% per annum and is payable upon demand.  If the
Holder makes a demand for repayment, the Company must repay the principal
balance of this note and accrued and unpaid interest thereon within sixty
(60) days.  Interest has been accrued in the amount of $12,113 as of March
31, 2010 and has a principal balance of $242,266.


                                     F-12
<PAGE>


                      PRECISION PETROLEUM CORPORATION
                       (A Production Stage Company)
                 NOTES TO THE INTERIM FINANCIAL STATEMENTS
                              MARCH 31, 2010
                               (Unaudited)


The company has also obtained financing from a consultant with a balance of
$29,254 (2008, $10,051) and also has received advances of $92,416 (2008, $0)
from unrelated third parties.  The balances are due on demand and are not
interest bearing.  However, Generally Accepted Account Principals (GAAP)
requires interest expense to be imputed on the outstanding balances of the
advances.  The Company has accrued interest in the amount of $7,562 for these
advances as of March 31, 2010 (2009, $0).


Note 6  Related Party Transactions

During the three months ended March 31, 2010 and 2009, the Company incurred
management fees charged by a director of the Company totaling $3,000 and $0.


Note 7  Common Stock

As of March 31, 2010 there were 44,400,000 shares of common stock issued and
outstanding.

Note 8  Subsequent Events

The Company has determined that there were no subsequent events that warrant
disclosure or recognition in the financial statements.













                                     F-13
<PAGE>


Management's Discussion and Analysis

As used in this Interim Report: (i) the terms "we", "us", "our" and the
"Company" mean Precision Petroleum Corporation (ii) "SEC" refers to the
Securities and Exchange Commission; (iii) "Exchange Act" refers to the United
States Securities Exchange Act of 1934, as amended; and (iv) all dollar
amounts refer to United States dollars unless otherwise indicated.

The following is a discussion of our plan of operations, results of
operations and financial condition as of and for the six months ended March
31, 2010.


Liquidity and Capital Resources

The Company had a cash balance of $6,282 as of March 31, 2010, compared to
cash balance of $12,944 as of September 30, 2009.  The Company had a working
capital deficiency of $1,069,464 as of March 31, 2010, compared to working
capital deficiency of $1,026,250 as of September 30, 2009.

The Company will continue to utilize the free labor of its directors and
stockholder until such time as funding is sourced from the capital markets.
It is anticipated that funding for the next twelve months will be required to
maintain the Company.


Results of Operations

For the six months ended March 31, 2010, the Company had revenue of $100,957
from production of oil and gas, as compared to $0 for the six months ended
March 31, 2009.

Cost of continued operations for the six months ended March 31, 2010 was
$229,137, resulting in a net loss for the period of $128,180.

Cost of continued operations for the six months ended March 31, 2009 was
$18,211, resulting in a net loss for the period of $19,444.

The Company expects to continue to receive revenues from the properties on
the Oklahoma properties and the Company expects for these revenues to
increase.  Planned exploration ventures should increase revenues for the
fiscal year ending September 30, 2010.




                                      3
<PAGE>


Going Concern

The Company has not attained profitable operations and is dependent upon
obtaining financing to pursue any extensive acquisitions and exploration
activities.  For these reasons, the Company's auditors stated in their report
on the Company's audited financial statements that they have substantial
doubt the Company will be able to continue as a going concern without further
financing.


Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial
condition, changes of financial condition, revenues, expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to investors.


Plan of Operation for the Next Twelve (12) Months

The following discussion of our plan of operation, financial condition,
results of operations, cash flows and changes in financial position should be
read in conjunction with our most recent financial statements and notes
appearing elsewhere in this Form 10-Q quarterly report and our Form 10-K/A
annual report filed February 22, 2010.

Our plan of operations for the current fiscal year is to maintain the current
properties we have and recomplete some of the properties that we feel will
generate more revenue.

During the twelve-month period following the date of our annual report, we
anticipate that we will continue generate revenue from our oil leases.
However, we anticipate that such revenue will not be sufficient to cover all
of our expenses. Accordingly, we will be required to obtain additional
financing in order to continue our plan of operations during and beyond the
next twelve months. We anticipate that additional funding could be in the
form of either debt or equity financing from the sale of our common stock.
However, we do not have any financing arranged and we cannot provide
investors with any assurance that we will be able to raise sufficient funding
to fund our operations. In the absence of such financing, our business plan
will fail. Even if we are successful in obtaining financing to fund our
operations, there is no assurance that we will obtain the funding necessary
to pursue any further exploration of our properties. If we do not obtain
additional financing, we may be forced to dispose of operating oil and gas
leases located in Oklahoma.


                                      4
<PAGE>


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide the
information required by this Item.


ITEM 4.  CONTROLS AND PROCEDURES

See Item 4T.


ITEM 4T.  CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this report, we conducted an
evaluation, under the supervision and with the participation of our chief
executive officer and chief financial officer of our disclosure controls and
procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of
1934 (the "Exchange Act")).  Based upon this evaluation, our chief executive
officer and chief financial officer concluded that our disclosure controls
and procedures are effective to ensure that information required to be
disclosed by us in the reports that we file or submit under the Exchange Act
is recorded, processed, summarized and reported, within the time periods
specified in the Securities and Exchange Commission's rules and forms.


Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting
during the current quarter that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.


                         PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

None.


ITEM 1A.  RISK FACTORS

As a smaller reporting company, we are not required to provide the
information required by this Item.



ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.


                                      5
<PAGE>


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

(a) Pursuant to Rule 601 of Regulation S-B, the following exhibits are
    included herein or incorporated by reference.

Exhibit
Number      Description

3.1         Articles of Incorporation, as Amended*
3.2         Bylaws*
31.1        Section 302 Certification - Chief Executive Officer
31.2        Section 302 Certification - Chief Financial Officer
32.1        Certification Pursuant to 18 U.S.C. Section 1350, as
            adopted pursuant to Section 906 of the Sarbanes-Oxley Act
            of 2002 - Chief Executive Officer.
32.2        Certification Pursuant to 18 U.S.C. Section 1350, as
            adopted pursuant to Section 906 of the Sarbanes-Oxley Act
            of 2002 - Chief Financial Officer.

* Incorporated by reference to our Form S-1 Registration Statement filed on
  April 24, 2008, SEC File Number 333-149823.



                                      6
<PAGE>


                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, on this 19th day
of May, 2010.

PRECISION PETROLEUM CORPORATION

Date: May 19, 2010                 By:    /s/ Richard Porterfield
      ------------                        -----------------------
                                   Name:  Richard Porterfield
                                   Title: President (principal
                                          executive officer)

                                   By:    /s/ James Kirby
                                          --------------------------------
                                   Name:  James Kirby
                                   Title: Treasurer (principal financial
                                          officer and principal accounting
                                          officer)



                                      7
<PAGE>