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| x      | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934                                         |
|--------|---------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                            |
|   | FOR THE QUARTERLY PERIOD ENDED May 31, 2008                                                                                     |
|   |                                                                                                                            |
|   | OR                                                                                                                              |
|   |                                                                                                                            |
| o      | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to |

|   | Nevada                                                         |   | 38-3707552                        |   |
|--------|----------------------------------------------------------------|--------|-----------------------------------|--------|
|   | (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |   |

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|                                        | Index |
|---------------------------------------------|-------|
| Balance Sheets                              | F-1   |
| Statements of Operations                    | F-2   |
| Statements of Cash Flows                    | F-3   |
| Condensed Notes to the Financial Statements | F-4   |

----

|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | May 31 |     |   | February 28 |      |
|------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|-------------|-----------|
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2008   |     |   | 2008        |      |
| ASSETS                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |
|                                           | CURRENT ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |     |   |        |      |
|                                           | Cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $      | 240      |   |        | $         | 70 |   |
|                                           | Total Current Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 240      |   |        |      | 70 |   |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |   |
|                                           | FIXED ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |     |   |        |      |   |   |
|                                           | Office equipment, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 0        |   |        |      | 0 |   |
|                                           | Software, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 0        |   |        |      | 0 |   |
|                                           | Total Fixed Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 0        |   |        |      | 0 |   |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |   |
|                                           | TOTAL ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $      | 240      |   |        | $         | 70 |   |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |   |
|                                           | CURRENT LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |     |   |        |      |   |   |
|                                           | Accounts payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $      | 34,170   |   |        | $         | 34,170 |   |
|                                           | Accounts payable - related party                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 120,000  |   |        |      | 60,000 |   |
|                                           | Total Current Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 154,300  |   |        |      | 94,170 |   |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |   |
|                                           | COMMITMENTS AND CONTINGENCIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | -        |   |        |      | - |   |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |   |
|                                           | STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |     |   |        |      |   |   |
|                                           | Preferred stock, 20,000,000 shares authorized, no par value;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |     |   |        |      |   |   |
|                                           | zero shares issued and outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | -        |   |        |      | - |   |
|                                           | Common stock, 500,000,000 shares authorized, $0.00001 par value;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |     |   |        |      |   |   |
|                                           | 137,250,000 shares issued and outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 290      |   |        |      | 290 |   |
|                                           | Additional paid-in capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 77,060   |   |        |      | 77,060 |   |
|                                           | Accumulated deficit from development stage                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | (231,450 | )      |        | (171,450) |   |
|                                           | Total Stockholders' Equity (Deficit)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (154,100 | )      |        |      | (94,100 | ) |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |     |   |        |      |   |   |
|                                           | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                  |   | $      | 240      |   |        | $         | 70 |   |

----

|                                                 |   | Nine Months Ended |             |    | Nine Months Ended |    |             | Six Months Ended |   |    | Six Months Ended |   |   | August 23, 2004 (Inception) to |             |
|------------------------------------------------------|--------|------------------------|------------------|---------|-----------------------------|---------|------------------|------------------|--------|---------|------------------|--------|--------|--------------------------------|------------------|
|                                                 |   | May 31,                |             |    | May 31,                     |    |             | February 28,     |   |    | February 28,     |   |   | May 31,                        |             |
|                                                 |   | 2008                   |             |    | 2007                        |    |             | 2008             |   |    | 2007             |   |   | 2008                           |             |
|                                                 |   | (unaudited)            |             |    | (unaudited)                 |    |             | (unaudited)      |   |    | (unaudited)      |   |   | (unaudited)                    |             |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |
| REVENUES                                             |   | $                      | -                |    |                        | $       | -                |             |   | $       | -                |   |   | $                              | -                |   |   | $ | - |   |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| EXPENSES                                             |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| Office                                               |   |                   | 85               |    |                        |    | -                |             |   |    | 85               |   |   |                           | -                |   |   |   | 14,584 |   |
| Professional fees                                    |   |                   | 141,600          |    |                        |    | -                |             |   |    | 81,600           |   |   |                           | -                |   |   |   | 228063 |   |
| Loss on disposition of fixed assets & dep.  |   |                   | 25,017           |    |                        |    | 0                |             |   |    | 25,017           |   |   |                           | -                |   |   |   | 25107 |   |
| Reverse accounts payable to related party            |   |                   | (44,322          | )       |                        |    | 0                |             |   |    | (44,322          | )      |   |                           | 0                |   |   |   | (44,322 | ) |
| Depreciation and amortization                        |   |                   | 0                |    |                        |    | 5,301            |             |   |    | 0                |   |   |                           | 3,354            |   |   |   | 8108 |   |
| TOTAL EXPENSES                                       |   |                   | 122,380          |    |                        |    | 5,301            |             |   |    | 62,380           |   |   |                           | 3,354            |   |   |   | 231450 |   |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| LOSS FROM OPERATIONS                                 |   |                   | (122,380         |  ) |                        |    | (5,301           | )                |   |    | (62,380          | )      |   |                           | (3,354      | ) |   |   | (231,450 | ) |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES                             |   |                   | (122,380         | )       |                        |    | (5,301           | )                |   |    | (62,380          | )      |   |                           | (3,354           | ) |   |   | (231,450 | ) |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| INCOME TAXES                                         |   | -                      |             |    | -                           |    |             | -                |   |    | -                |   |   | -                              |             |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| NET LOSS                                             |   |                   | (122,380         | )       |                        |    | (5,301           | )                |   |    | (62,380          | )      |   |                           | (3,354           | ) |   |   | (231,450 | ) |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| NET LOSS PER COMMON SHARE,                           |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
|  BASIC AND DILUTED                              |   | $                      | nil         |    |                        |  $ | nil         |             |   |  $ | nil         |   |   |  $                        | nil         |   |   |   |   |   |
|                                                 |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER   OF          |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| COMMON STOCK SHARES                                  |   |                   |             |    |                        |    |             |             |   |    |             |   |   |                           |             |   |   |   |   |   |
| OUTSTANDING, BASIC AND DILUTED                       |   |                   | 137,250,00  |    |                        |    | 28,862,500  |             |   |    | 28,862,500  |   |   |                           | 25,652,930  |   |   |   |   |   |

----

|                                          |   | Nine        |     |    | Nine        |   |   | Six          |   |   | Six          |   |   | From           |   |
|-----------------------------------------------|--------|-------------|----------|---------|-------------|--------|--------|--------------|--------|--------|--------------|--------|--------|----------------|--------|
|                                          |   | Months      |     |    | Months      |   |   | Months       |   |   | Months       |   |   | August 23,     |   |
|                                          |   | Ended       |     |    | Ended       |   |   | Ended        |   |   | Ended        |   |   | (Inception) to |   |
|                                          |   | May 31,     |     |    | May 31,     |   |   | February, 28 |   |   | February 28, |   |   | May 31,        |   |
|                                          |   | 2008        |     |    | 2007        |   |   | 2008         |   |   | 2007         |   |   | 2008           |   |
|                                          |   | (unaudited) |     |    | (unaudited) |   |   | (unaudited)  |   |   | (unaudited)  |   |   | (unaudited)    |   |
|                                          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |
| CASH FLOWS FROM OPERATING ACTIVITIES          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |
| Net loss                                      |   |        | (122,380 | )  |        |   | (5,301 | )            |   |   | (62,380      | )      |   |           | (3,354 | ) |   |   | (231,450 | ) |
| Adjustments to reconcile net loss to net cash |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| used by operating activities:                 |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Depreciation and amortization                 |   |        | 0        |    |        |   | 0      |         |   |   | 0            |   |   |           | 3,354  |   |   |   | 8,108 |   |
| Changes in asset and liabilities              |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Increase (decrease) in accounts payable       |   |        | 0        |    |        |   | 0      |         |   |   | 0            |   |   |           | 0      |   |   |   | 34,170 |   |
| Increase in (decrease) A/P- related party     |   |        | 0        |    |        |   | 0      |         |   |   | 0            |   |   |           | 0      |   |   |   | 0 |   |
| (Increase) decrease deposits                  |   |        | 0        |    |        |   | 0      |         |   |   | 0            |   |   |           | 0      |   |   |   | 0 |   |
| Net cash used by operating activities         |   |        | (122,380 | )       |        |   | (5,301 | )            |   |   | (62,380      | )      |   |           | (0     | ) |   |   | (189,172 | ) |
| CASH FLOWS FROM INVESTING ACTIVITIES          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Purchase of office equipment                  |   |        | 0        |    |        |   | -      |         |   |   | 0            |   |   |           | -      |   |   |   | (4,219 | ) |
| Purchase of software                          |   |        | 0        |    |        |   | -      |         |   |   | 0            |   |   |           | -      |   |   |   | (3,889 | ) |
| Net cash used by financing activities         |   | 0           |     |    | -           |   |   | 0            |   |   | -            |   |   | (8,108)        |   |
|                                          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Increase, (decrease) in related party A/P     |   |        | 122,380  |    |        |   | 0      |         |   |   | 62,380       |   |   |           | 0      |   |   |   | 120,000 |   |
| Net cash provided by financing activities     |   |        | 0        |    |        |   | 0      |         |   |   | 0            |   |   |           | 0      |   |   |   | 77,350 |   |
|                                          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Change in cash                                |   |        | 0        |    |        |   | 0      |         |   |   | 0            |   |   |           | 0      |   |   |   | 70 |   |
|                                          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Cash, beginning of period                     |   |        | 70       |    |        |   | 1,862  |         |   |   | 155          |   |   |           | 1,862  |   |   |   | - |   |
|                                          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Cash, end of period                           |   | $           | 240      |    |        | $      | 1,862  |         |   | $      | 70           |   |   |           | 1,862  |   |   |   | 240 |   |
|                                          |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW DISCLOSURES:           |   |        |     |    |        |   |   |         |   |   |         |   |   |           |   |   |   |   |   |   |
| Interest paid                                 |   | $           | -        |    |        | $      | -      |         |   |   | -            |   |   |           | -      |   |   |   | - |   |
| Income taxes paid                             |   | $           | -        |    |        | $      | -      |         |   |   | -            |   |   |           | -      |   |   |   | - |   |

----

----

|                                             |   | May 31,2008 |   |   | February 28,2008 |   |
|--------------------------------------------------|--------|-------------|--------|--------|------------------|--------|
| Office Equipment                                 |   |        | 0      |   |             |   | 0 |   |
| Software                                         |   |        | 0      |   |             |   | 0 |   |
| Less accumulated depreciation & amortization |   |        | 0      |   |             |   | 0 |   |
| Property and Equipment, net                      |   |        |   |   |             |   | 0 |   |

----

|                                   |   | May,2008 |    |   | February,2008 |   |
|----------------------------------------|--------|----------|---------|--------|---------------|--------|
| Net operating loss carry forward:      |   |     | 154,100 |   |          |   | 96,000 |   |
| Deferred tax asset                     |   |     | 52,394  |   |          |   | 32,640 |   |
| Deferred tax asset valuation allowance |   |     | (52,394 | )      |          |   | (32,640 | ) |
| Net deferred tax asset                 |   |     | -       |   |          |   | - |   |

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| Exhibit No. |   | Document Description                                                                                                                                                                          |
|-------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                          |
| 31.1        |   | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended. |
|        |   |                                                                                                                                                                                          |
| 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 and Chief Financial Officer).                 |

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|   | ARCTIC OIL & GAS CORP. |                                                                                                                                                                   |
|--------|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                       |                                                                                                                                                                   |   |
|   | BY:                        | PETER J. STERLING                                                                                                                                                      |   |
|   |                       | Peter J. Sterling, President, Principal Executive Officer, Treasurer, Principal Financial Officer, Principal Accounting Officer and a member of the Board of Directors |   |

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