U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                 Quarterly Report under Section 13 or 15 (d) of
                         Securities Exchange Act of 1934


                       For the Period ended March 31, 2007

                        Commission File Number 333-140445


                             SAWADEE VENTURES, INC.
                 (Name of small business issuer in its charter)

        Nevada                       1000                       20-5619324
(State of incorporation)     (Primary SIC Number)       (IRS Employer ID Number)

                           #208-828 Harbourside Drive
                      North Vancouver, B.C. Canada V7P 3R9
                               Phone (604)904-8481
                                Fax (604)904-9431
          (Address and telephone number of principal executive offices)

                            Michael M. Kessler, Esq.
                       3436 American River Drive, Suite 11
                              Sacramento, CA 95864
                               Phone (916)239-4000
                                Fax (916)239-4008
                 (Name, Address and phone of Agent for Service)

Check 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 shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [X] No [ ]

There were 18,000,000 shares of Common Stock outstanding as of March 31, 2007.
<PAGE>
                             SAWADEE VENTURES, INC.
                        (An Exploration Stage Enterprise)
                                  Balance Sheet
                           (Expressed in U.S. Dollars)


<TABLE>
<CAPTION>
                                                                    Unaudited          Audited as of
                                                                  March 31, 2007     December 31, 2006
                                                                  --------------     -----------------
<S>                                                                  <C>                <C>
                                   A S S E T S

CURRENT ASSETS
  Cash                                                               $  8,200            $ 14,000
                                                                     --------            --------
      Total Current Assets                                              8,200              14,000
                                                                     --------            --------


      Total  Assets                                                  $  8,200            $ 14,000
                                                                     ========            ========

                             L I A B I L I T I E S

CURRENT LIABILITIES
  Accounts Payable and Accrued Liabilities                              1,165               3,165
                                                                     --------            --------
      Total Current Liabilities                                         1,165               3,165
                                                                     --------            --------

                      S T O C K H O L D E R S ' E Q U I T Y

Common Stock
  75,000,000 authorized shares, par value $0.001
  18,000,000 shares issued and outstanding                             18,000              18,000
Additional Paid-in-Capital                                                 --                  --
Deficit accumulated during exploration stage                          (10,965)             (7,165)
                                                                     --------            --------
      Total Stockholders' Equity                                        7,035              10,835
                                                                     --------            --------

      Total Liabilities and Stockholders' Equity                     $  8,200            $ 14,000
                                                                     ========            ========
</TABLE>

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

                                       2
<PAGE>
                             SAWADEE VENTURES, INC.
                        (An Exploration Stage Enterprise)
                             Statement of Operations
                           (Expressed in U.S. Dollars)

<TABLE>
<CAPTION>
                                                                           Period from
                                                                        September 26, 2006
                                                     Three Months      (Date of inception)
                                                        Ended                through
                                                    March 31, 2007        March 31, 2007
                                                    --------------        --------------
<S>                                                  <C>                   <C>
REVENUES:
  Revenues                                           $        --           $        --
                                                     -----------           -----------
      Total Revenues                                          --                    --

EXPENSES:
  Operating Expenses
    Impairment of mineral property                                               4,000
    General and Adminstrative                              2,300                 3,065
    Professional Fees                                      1,500                 3,900
                                                     -----------           -----------
      Total Expenses                                       3,800                10,965
                                                     -----------           -----------

      Net loss from Operations                            (3,800)              (10,965)

PROVISION FOR INCOME TAXES:
  Income Tax Benefit                                          --                    --
                                                     -----------           -----------
      Net Income (Loss) for the period               $    (3,800)          $   (10,965)
                                                     ===========           ===========

Basic and Diluted Earnings Per Common Share                (0.00)                (0.00)
                                                     -----------           -----------

Weighted Average number of Common Shares
 used in per share calculations                        5,752,577             5,752,577
                                                     ===========           ===========
</TABLE>

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

                                       3
<PAGE>
                             SAWADEE VENTURES, INC.
                        (An Exploration Stage Enterprise)
                        Statement of Stockholders' Equity
      For the period from September 26, 2006 (inception) to March 31, 2007
                           (Expressed in U.S. Dollars)

<TABLE>
<CAPTION>
                                                                   $0.001      Paid-In    Accumulated   Stockholders'
                                                     Shares       Par Value    Capital      Deficit        Equity
                                                     ------       ---------    -------      -------        ------
<S>                                               <C>           <C>        <C>            <C>            <C>
Balance, September 26, 2006 (Date of Inception)            --    $       --    $     --   $       --     $       --

Stock Issued for cash at $0.001 per share          18,000,000        18,000          --           --         18,000
 on December 1, 2006

Net Loss for the Period                                    --            --          --       (7,165)        (7,165)
                                                   ----------    ----------    --------   ----------     ----------

Balance, December 31, 2006                         18,000,000    $   18,000    $     --   $   (7,165)    $   10,835

Net Loss for the Period                                    --            --          --       (3,800)        (3,800)
                                                   ----------    ----------    --------   ----------     ----------

Balance, March 31, 2007                            18,000,000    $   18,000    $     --   $  (10,965)    $    7,035
                                                   ==========    ==========    ========   ==========     ==========
</TABLE>

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

                                       4
<PAGE>
                             SAWADEE VENTURES, INC.
                        (An Exploration Stage Enterprise)
                             Statement of Cash Flows
                           (Expressed in U.S. Dollars)

<TABLE>
<CAPTION>
                                                                           Period from
                                                                        September 26, 2006
                                                     Three Months      (Date of inception)
                                                        Ended                  to
                                                    March 31, 2007        March 31, 2007
                                                    --------------        --------------
<S>                                                  <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                            $  (3,800)             $ (10,965)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
     Impairment of mineral property                          --                  4,000
     Accounts Payable and Accrued Liabilities            (2,000)                 1,165
                                                      ---------              ---------
Net Cash Provided from Operating Activities              (5,800)                (5,800)
                                                      ---------              ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Mineral property option payment                                               (4,000)
                                                      ---------              ---------
Net Cash Used in Investing Activities                        --                 (4,000)
                                                      ---------              ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Common Stock issued for cash                                                  18,000
                                                      ---------              ---------
Net Cash Provided from Financing Activities                   0                 18,000
                                                      ---------              ---------

Net Increase in Cash                                     (5,800)                 8,200
                                                      ---------              ---------

Cash Balance,  Begin Period                              14,000                     --
                                                      ---------              ---------

Cash Balance,  End Period                             $   8,200              $   8,200
                                                      =========              =========
</TABLE>

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

                                       5
<PAGE>
                             SAWADEE VENTURES, INC.
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS


1.  DESCRIPTION  OF  BUSINESS,  HISTORY  AND SUMMARY OF  SIGNIFICANT  ACCOUNTING
POLICIES

DESCRIPTION  OF  BUSINESS  AND  HISTORY  -  Sawadee  Ventures,  Inc.,  a  Nevada
corporation,  (hereinafter  referred to as the "Company" or "Sawadee  Ventures")
was  incorporated  in the State of Nevada on September 26, 2006. The Company was
formed to engage in the  acquisition,  exploration  and  development  of natural
resource  properties  of merit.  During the period  ending March 31,  2007,  the
Company  entered into an option  agreement  to acquire  certain  mineral  claims
located in British Columbia (refer to Note 3).

The Company's operations have been limited to general administrative operations,
initial  property  staking and  investigation,  and is considered an Exploration
Stage Company in accordance with Statement of Financial Accounting Standards No.
7.

The  Company  will review and further  develop  the  accounting  policies as the
business plan is implemented.

The  Company  filed a form SB-2  Registration  Statement  in  connection  with a
planned  prospectus  offering of up to 18,000,000 shares of the Company's common
stock at a price of $0.002 per share for gross  proceeds  of $36,000 on February
5, 2007.  On February 22, 2207 the Company  amended its filing in a Form SB-2/A.
The  Company's  filing was  declared  effective by the  Securities  and Exchange
Commission o March 2, 2007.

MANAGEMENT OF COMPANY - The Company filed its articles of incorporation with the
Nevada Secretary of State on September 26, 2006,  indicating Sandra L. Miller on
behalf of Resident Agents of Nevada, Inc. as the sole incorporator.  The initial
list of officers  filed with the Nevada  Secretary of State on November 3, 2006,
indicates  the sole  director  Douglas  Ford as the  President,  Secretary,  and
Treasurer.

GOING CONCERN - The Company has incurred net losses of approximately $10,965 for
the period from  September 26, 2006 (Date of  Inception)  through March 31, 2007
and has  commenced  limited  operations,  raising  substantial  doubt  about the
Company's  ability  to  continue  as a going  concern.  The  Company  will  seek
additional  sources of capital through the issuance of debt or equity financing,
but there can be no assurance the Company will be  successful  in  accomplishing
its objectives.

The  ability of the  Company to  continue  as a going  concern is  dependent  on
additional  sources  of  capital  and the  success of the  Company's  plan.  The
financial  statements do not include any adjustments  that might be necessary if
the Company is unable to continue as a going concern.

YEAR END - The Company's year end is December 31.

                                       6
<PAGE>
                             SAWADEE VENTURES, INC.
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS


1.  DESCRIPTION  OF  BUSINESS,  HISTORY  AND SUMMARY OF  SIGNIFICANT  ACCOUNTING
POLICIES (continued)

USE OF ESTIMATES - The  preparation  of the  financial  statements in conformity
with  generally  accepted  accounting  principles  requires  management  to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the financial  statements and the reported amount of revenue and expenses during
the reporting period. Actual results could differ from those estimates.

INCOME  TAXES - The Company  accounts for its income  taxes in  accordance  with
Statement of Financial  Accounting  Standards  ("SFAS") No. 109,  which requires
recognition of deferred tax assets and liabilities  for future tax  consequences
attributable to differences  between the financial statement carrying amounts of
existing assets and  liabilities  and their  respective tax basis and tax credit
carry  forwards.  Deferred tax assets and liabilities are measured using enacted
tax rates  expected  to apply to  taxable  income  in the  years in which  those
temporary  differences  are expected to be  recovered or settled.  The effect on
deferred tax assets and  liabilities  of a change in tax rates is  recognized in
operations in the period that includes the enactment date.

Management feels the Company will have a net operating loss carryover to be used
for future  years.  The Company has recorded a valuation  allowance for the full
potential tax benefit of the operating loss  carryovers  due to the  uncertainty
regarding realization.

NET  LOSS  PER  COMMON  SHARE - The  Company  computes  net  loss  per  share in
accordance  with SFAS No. 128,  Earnings  per Share  ("SFAS  128") and SEC Staff
Accounting  Bulletin No. 98 ("SAB 98"). Under the provisions of SFAS 128 and SAB
98, basic net loss per share is computed by dividing  the net loss  available to
common  stockholders  for the period by the weighted average number of shares of
common stock outstanding  during the period. The calculation of diluted net loss
per share gives effect to common stock  equivalents;  however,  potential common
shares are  excluded  if their  effect is  anti-dilutive.  For the  period  from
September 26, 2006 (Date of Inception)  through March 31, 2007,  the Company had
no potentially dilutive securities.

STOCK-BASED  COMPENSATION  - The Company has not adopted a stock option plan and
has not granted any stock options.  Accordingly no stock-based  compensation has
been recorded to date.

LONG-LIVED  ASSETS - In accordance  with Financial  Accounting  Standards  Board
("FASB") SFAS No. 144,  "Accounting for the Impairment or Disposal of Long-Lived
Assets",  the carrying value of intangible assets and other long-lived assets is
reviewed on a regular basis for the existence of facts or circumstances that may
suggest  impairment.  The  Company  recognizes  impairment  when  the sum of the
expected  undiscounted future cash flows is less than the carrying amount of the
asset.  Impairment  losses,  if any,  are measured as the excess of the carrying
amount of the asset over its estimated fair value.

                                       7
<PAGE>
                             SAWADEE VENTURES, INC.
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS


1.  DESCRIPTION  OF  BUSINESS,  HISTORY  AND SUMMARY OF  SIGNIFICANT  ACCOUNTING
POLICIES (continued)

MINERAL PROPERTY COSTS - The Company has been in the exploration stage since its
inception on September  26, 2006 and has not yet realized any revenues  from its
planned operations,  being the acquisition and exploration of mining properties.
Mineral property  exploration  costs are expensed as incurred.  Mineral property
acquisition costs are initially  capitalized when incurred using the guidance in
EITF 04-02,  "Whether  Mineral  Rights Are Tangible or Intangible  Assets".  The
Company  assesses  the  carrying  costs  for  impairment  under  SFAS  No.  144,
"Accounting  for  Impairment  or Disposal  of Long Lived  Assets" at each fiscal
quarter  end.  When  it has  been  determined  that a  mineral  property  can be
economically developed as a result of establishing proven and probable reserves,
the costs then incurred to develop such property,  are  capitalized.  Such costs
will be amortized using the  units-of-production  method over the estimated life
of the probable  reserve.  If mineral  properties are subsequently  abandoned or
impaired, any capitalized costs will be charged to operations.

NEW ACCOUNTING  PRONOUNCEMENTS  - In February 2006, the FASB issued Statement of
Financial  Accounting Standards No. 155, Accounting for Certain Hybrid Financial
Instruments  ("SFAS No. 155"),  which amends  Statement of Financial  Accounting
Standards No. 133, Accounting for Derivative  Instruments and Hedging Activities
("SFAS No.  133") and  Statement  of  Financial  Accounting  Standards  No. 140,
Accounting for Transfers and Servicing of Financial  Assets and  Extinguishments
of Liabilities ("SFAS No. 140"). SFAS No. 155 permits fair value measurement for
any hybrid  financial  instrument  that  contains  an embedded  derivative  that
otherwise  would require  bifurcation,  establishes  a  requirement  to evaluate
interests  in  securitized  financial  assets  to  identify  interests  that are
freestanding  derivatives or hybrid financial  instruments  containing  embedded
derivatives. We do not expect the adoption of SFAS 155 to have a material impact
on the company's financial position, results of operations or cash flows.

In March 2006, the FASB issued Statement of Financial  Accounting  Standards No.
156, Accounting for Servicing of Financial Assets ("SFAS No. 156"), which amends
FASB  Statement  No. 140 ("SFAS No.  140").  SFAS 156 may be adopted as early as
January  1, 2006,  for  calendar  year-end  entities,  provided  that no interim
financial  statements  have been  issued.  Those not choosing to early adopt are
required to apply the  provisions  as of the  beginning of the first fiscal year
after  September  15, 2006.  The  intention of the new  statement is to simplify
accounting for separately  recognized servicing assets and liabilities,  such as
those common with  mortgage  securitization  activities,  as well as to simplify
efforts to obtain  hedge-like  accounting.  Specifically,  FAS No. 156 permits a
service using  derivative  financial  instruments  to report both the derivative
financial  instrument  and  related  servicing  asset  or  liability  by using a
consistent measurement  attribute,  or fair value. We do not expect the adoption
of SFAS 155 to have a  material  impact  on the  Company's  financial  position,
results of operations or cash flows.

                                       8
<PAGE>
                             SAWADEE VENTURES, INC.
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS


2. PROPERTY AND EQUIPMENT

As of March 31, 2007, the Company does not own any property and/or equipment.

3. MINERAL PROPERTY

Effective  December  31,  2006,  the  Company  entered  into a Mineral  Property
Purchase  Agreement (the  "Agreement")  with Cazador  Resources  Ltd., a private
British  Columbia  company,  whereby the Company obtained an option to acquire a
total of 3 mining  claims  covering  approximately  1,836  acres  located in the
Vernon Mining District of British Columbia (the "Lavington Property").

Under the terms of the Agreement,  the Company paid $4,000 upon execution and in
order to maintain the option,  is required to pay a further  $5,000 on the first
anniversary  of the effective  date and $6,000 on the second  anniversary of the
effective  date.  Upon  completion  of  the  required  payments,  which  may  be
accelerated  at the  Company's  option,  the Company will own an undivided  100%
interest in the Lavington Property subject to a 1.5% net smelter return owing to
the vendor commencing upon commercial production being achieved.

Prior to completing the payments  required under the Agreement,  the Company has
the right to conduct  exploration and development  activities on the property at
its sole discretion and may, having provided notice to the vendor, terminate the
Agreement and relieve itself from any obligations thereunder.

The cost of the mineral property option was initially  capitalized.  The Company
has recognized an impairment  loss of $4,000,  as it has not yet been determined
whether there are proven or probable reserves on the property.

4. STOCKHOLDER'S EQUITY

The  Company has  75,000,000  shares  authorized  with a par value of $0.001 per
share.

A total of 18,000,000  shares of the  Company's  common stock were issued to the
sole  director of the  Company  pursuant to a stock  subscription  agreement  at
$0.001 per share for total proceeds of $18,000.

5. RELATED PARTY TRANSACTIONS

Douglas Ford,  the sole officer and director of the Company will not be paid for
any underwriting services that he performs on behalf of the Company with respect
to the Company's SB-2 prospectus offering.

                                       9
<PAGE>
                             SAWADEE VENTURES, INC.
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS


5. RELATED PARTY TRANSACTIONS (continued)

As of March 31, 2007 there are no other related party  transactions  between the
Company and any officers other than those mentioned above.

6. STOCK OPTIONS

As of March 31, 2007,  the Company does not have any stock options  outstanding,
nor  does  it have  any  written  or  verbal  agreements  for  the  issuance  or
distribution of stock options at any point in the future.

7. LITIGATION

As of March 31,  2007,  the  Company  is not  aware of any  current  or  pending
litigation which may affect the Company's operations.

8. SUBSEQUENT EVENTS

Pursuant to the Company's SB-2 registration statement,  declared effective March
2, 2007, the Company  received  subscription  proceeds of $36,000  together with
subscriptions  to purchase  18,000,000  shares of the Company's  common stock at
$0.002 per share.  Effective  April 13, 2007 the Company issued the common stock
subscribed for.

                                       10
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

RESULTS OF OPERATIONS

We are still in our exploration stage and have not generated any revenue.

We incurred operating expenses of $3,800 for the three month period ended March
31, 2007. These expenses consisted of general operating expenses incurred in
connection with the day to day operation of our business and the preparation and
filing of our periodic reports and registration statement.

Our net loss from inception through March 31, 2007 was $10,965.

In their report on our audited financial statements as at December 31, 2006, our
auditors expressed their doubt about our ability to continue as a going concern
unless we are able to raise additional capital and ultimately to generate
profitable operations.

LIQUIDITY AND CAPITAL RESOURCES

Our cash in the bank at March 31, 2007 was $8,200. In order to satisfy our cash
requirements we were required to complete our offering of 18,000,000 shares
registered pursuant to our SB-2 Registration Statement which became effective on
March 2, 2007. As of April 13, 2007 the offering was completed for total
proceeds to the company of $36,000 (18,000,000 shares at $0.002).

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements.

BUSINESS OPERATIONS OVERVIEW

Our registration statement became effective on March 2, 2007. Our offering of
18,000,000 common shares was completed on April 13, 2007. Our 12 month budget is
based on operations which will be funded by the $36,000 raised through our
offering.

Our plan of operation for the next twelve months is to complete the first phase
of exploration programs on the Lavington mineral property consisting of soil
sampling and prospecting, geochemical analyses; data evaluation and reporting.
In addition to the $20,000 we anticipate spending for Phase I of the exploration
program as outlined below, we anticipate spending an additional $15,000 on
professional fees, including fees payable in connection with compliance with
reporting obligations, general administrative costs, and lease option payments.
Total expenditures over the next 12 months are therefore expected to be $35,000,
which is the amount raised in our offering.

                                       11
<PAGE>
                                                      Cost
Phase 1                                              ------
Soil sampling and prospecting (6 mandays)             4,500
Geochemical Analyses (100 soils, 50 rocks)            3,000
Geophysical Test Survey - (IP/Mag/VLF-EM)             9,500
Data evaluation and reporting                         2,000
Contingency                                           1,500
                                                    -------
subtotal                                             20,000

Phase 2
Geophysical Surveys (10 km IP-Mag-VLF)               15,000
Linecutting (10 km)                                  10,000
Diamond Drilling (1,000 feet @ $50/foot)             50,000
Drillcore sampling (250 samples @ $20/sample)         5,000
Geological supervision                               10,000
Data evaluation and reporting                         5,000
Contingency                                           5,000
subtotal                                            100,000
                                                    -------

Grand Total                                         120,000
                                                    =======

The above program costs are management's estimates based upon the
recommendations of the professional geologist's report and the actual project
costs may exceed our estimates. To date, we have not commenced exploration on
the Lavington mineral property.

We plan to commence the phase one exploration program on the claim in fall 2007.
The program should take approximately two and a half months to complete.
Following phase one of the exploration program, if it proves successful in
identifying mineral deposits and we are able to raise the necessary funds, of
which there is no guarantee, we intend to proceed with phase two of our
exploration program. The estimated cost of this program is $100,000 and will
take approximately three months to complete.

Subject to financing, we anticipate commencing the second phase of our
exploration program in spring 2008. We do not have any verbal or written
agreement regarding the retention of any qualified engineer or geologist for our
planned exploration program. We will require additional funding to proceed with
any subsequent recommended drilling work on the claim. We cannot provide
investors with any assurance that we will be able to raise sufficient funds to
fund any work after the first phase of the exploration program.

                                       12
<PAGE>
SIGNIFICANT ACCOUNTING POLICIES

The Company's financial statements are prepared using the accrual method of
accounting. The Company's year end is December 31, with its initial period being
from September 26, 2006 to December 31, 2006.

The unaudited financial statements as of March 31, 2007 included herein have
been prepared without audit pursuant to the rules and regulations of the U.S.
Securities and Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with general
accepted accounting procedures have been condensed or omitted pursuant to such
rules and regulations. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. It is suggested that these financial statements be read in
conjunction with our December 31, 2006 audited financial statements and notes
thereto, which can be found in our SB-2 Registration Statement on the SEC
website at www.sec.gov under our SEC File Number 333-140445.

USE OF ESTIMATES - The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amount of revenue and expenses during
the reporting period. Actual results could differ from those estimates.

INCOME TAXES - The Company accounts for its income taxes in accordance with
Statement of Financial Accounting Standards ("SFAS") No. 109, which requires
recognition of deferred tax assets and liabilities for future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax basis and tax credit
carry forwards. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on
deferred tax assets and liabilities of a change in tax rates is recognized in
operations in the period that includes the enactment date.

Management feels the Company will have a net operating loss carryover to be used
for future years. The Company has recorded a valuation allowance for the full
potential tax benefit of the operating loss carryovers due to the uncertainty
regarding realization.

NET LOSS PER COMMON SHARE - The Company computes net loss per share in
accordance with SFAS No. 128, Earnings per Share ("SFAS 128") and SEC Staff
Accounting Bulletin No. 98 ("SAB 98"). Under the provisions of SFAS 128 and SAB
98, basic net loss per share is computed by dividing the net loss available to
common stockholders for the period by the weighted average number of shares of
common stock outstanding during the period. The calculation of diluted net loss
per share gives effect to common stock equivalents; however, potential common
shares are excluded if their effect is anti-dilutive. For the period from
September 26, 2006 (Date of Inception) through March 31, 2007, the Company had
no potentially dilutive securities.

                                       13
<PAGE>
STOCK-BASED COMPENSATION - The Company has not adopted a stock option plan and
has not granted any stock options. Accordingly no stock-based compensation has
been recorded to date.

LONG-LIVED ASSETS - In accordance with Financial Accounting Standards Board
("FASB") SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived
Assets", the carrying value of intangible assets and other long-lived assets is
reviewed on a regular basis for the existence of facts or circumstances that may
suggest impairment. The Company recognizes impairment when the sum of the
expected undiscounted future cash flows is less than the carrying amount of the
asset. Impairment losses, if any, are measured as the excess of the carrying
amount of the asset over its estimated fair value.

MINERAL PROPERTY COSTS - The Company has been in the exploration stage since its
inception on September 26, 2006 and has not yet realized any revenues from its
planned operations, being the acquisition and exploration of mining properties.
Mineral property exploration costs are expensed as incurred. Mineral property
acquisition costs are initially capitalized when incurred using the guidance in
EITF 04-02, "Whether Mineral Rights Are Tangible or Intangible Assets". The
Company assesses the carrying costs for impairment under SFAS No. 144,
"Accounting for Impairment or Disposal of Long Lived Assets" at each fiscal
quarter end. When it has been determined that a mineral property can be
economically developed as a result of establishing proven and probable reserves,
the costs then incurred to develop such property, are capitalized. Such costs
will be amortized using the units-of-production method over the estimated life
of the probable reserve. If mineral properties are subsequently abandoned or
impaired, any capitalized costs will be charged to operations.

NEW ACCOUNTING PRONOUNCEMENTS - In February 2006, the FASB issued Statement of
Financial Accounting Standards No. 155, ACCOUNTING FOR CERTAIN HYBRID FINANCIAL
INSTRUMENTS ("SFAS No. 155"), which amends Statement of Financial Accounting
Standards No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
("SFAS No. 133") and Statement of Financial Accounting Standards No. 140,
ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS
OF LIABILITIES ("SFAS No. 140"). SFAS No. 155 permits fair value measurement for
any hybrid financial instrument that contains an embedded derivative that
otherwise would require bifurcation, establishes a requirement to evaluate
interests in securitized financial assets to identify interests that are
freestanding derivatives or hybrid financial instruments containing embedded
derivatives. We do not expect the adoption of SFAS 155 to have a material impact
on the company's financial position, results of operations or cash flows.

In March 2006, the FASB issued Statement of Financial Accounting Standards No.
156, ACCOUNTING FOR SERVICING OF FINANCIAL ASSETS ("SFAS No. 156"), which amends
FASB Statement No. 140 ("SFAS No. 140"). SFAS 156 may be adopted as early as
January 1, 2006, for calendar year-end entities, provided that no interim
financial statements have been issued. Those not choosing to early adopt are
required to apply the provisions as of the beginning of the first fiscal year
after September 15, 2006. The intention of the new statement is to simplify
accounting for separately recognized servicing assets and liabilities, such as
those common with mortgage securitization activities, as well as to simplify
efforts to obtain hedge-like accounting. Specifically, FAS No. 156 permits a

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service using derivative financial instruments to report both the derivative
financial instrument and related servicing asset or liability by using a
consistent measurement attribute, or fair value. We do not expect the adoption
of SFAS 155 to have a material impact on the Company's financial position,
results of operations or cash flows.

In September 2006, FASB issued Financial Accounting Standards No. 157, "Fair
Value Measurements." This Statement defines fair value, establishes a framework
for measuring fair value in generally accepted accounting principles (GAAP), and
expands disclosures about fair value measurements. This Statement applies under
other accounting pronouncements that require or permit fair value measurements,
the Board having previously concluded in those accounting pronouncements that
fair value is the relevant measurement attribute. Accordingly, this Statement
does not require any new fair value measurements. However, for some entities,
the application of this Statement will change current practice. SFAS 157 is
effective in the first fiscal year that begins after November 15, 2007.

In September 2006, FASB issued Financial Accounting Standards No. 158,
"EMPLOYERS' ACCOUNTING FOR DEFINED BENEFIT PENSION AND OTHER POSTRETIREMENT
PLANS - AN AMENDMENT OF FASB STATEMENTS NO. 87, 88, 106, AND 132(R)." This
Statement improves financial reporting by requiring an employer to recognize the
overfunded or underfunded status of a defined benefit postretirement plan (other
than a multiemployer plan) as an asset or liability in its statement of
financial position and to recognize changes in that funded status in the year in
which the changes occur through comprehensive income of a business entity or
changes in unrestricted net assets of a not-for-profit organization. This
Statement also improves financial reporting by requiring an employer to measure
the funded status of a plan as of the date of its year-end statement of
financial position, with limited exceptions. SFAS 158 is effective. An employer
with publicly traded equity securities is required to initially recognize the
funded status of a defined benefit postretirement plan and to provide the
required disclosures as of the end of the first fiscal year ending after
December 15, 2006.

In February 2007, FASB issued Financial Accounting Standards No. 159, "THE FAIR
VALUE OPTION FOR FINANCIAL ASSETS AND FINANCIAL LIABILITIES--INCLUDING AN
AMENDMENT OF FASB STATEMENT NO. 115." This Statement permits entities to choose
to measure many financial instruments and certain other items at fair value. The
objective is to improve financial reporting by providing entities with the
opportunity to mitigate volatility in reported earnings caused by measuring
related assets and liabilities differently without having to apply complex hedge
accounting provisions. This Statement is expected to expand the use of fair
value measurement, which is consistent with the Board's long-term measurement
objectives for accounting for financial instruments. SFAS 159 is effective as of
the beginning of an entity's first fiscal year that begins after November 15,
2007.

ITEM 3. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer, we have
conducted an evaluation of the effectiveness of the design and operation of our

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disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
under the Securities and Exchange Act of 1934, as of the end of the period
covered by this report. Based on this evaluation, our principal executive
officer and principal financial officer concluded as of the evaluation date that
our disclosure controls and procedures were effective such that the material
information required to be included in our Securities and Exchange Commission
reports is recorded, processed, summarized and reported within the time periods
specified in SEC rules and forms relating to our company, particularly during
the period when this report was being prepared.

Additionally, there were no significant changes in our internal controls or in
other factors that could significantly affect these controls subsequent to the
evaluation date. We have not identified any significant deficiencies or material
weaknesses in our internal controls, and therefore there were no corrective
actions taken.

                           PART II - OTHER INFORMATION

ITEM 6. EXHIBITS

The following exhibits are included with this quarterly filing. Those marked
with an asterisk and required to be filed hereunder, are incorporated by
reference and can be found in their entirety in our Form SB-2 Registration
Statement, filed under SEC File Number 333-140445, at the SEC website at
www.sec.gov:

     Exhibit No.                       Description
     -----------                       -----------
        3.1         Articles of Incorporation*
        3.2         Bylaws*
       31.1         Sec. 302 Certification of Principal Executive Officer
       31.2         Sec. 302 Certification of Principal Financial Officer
       32.1         Sec. 906 Certification of Principal Executive Officer
       32.2         Sec. 906 Certification of Principal Financial Officer

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<PAGE>
                                   SIGNATURES

Pursuant to the requirements of Section 13(a) 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.

May 8, 2007                       Sawadee Ventures, Inc., Registrant


                                  By: /s/ Douglas E. Ford
                                     ------------------------------------------
                                     Douglas E. Ford, Chief Executive Officer &
                                     Sole Director

In accordance with the Exchange Act, this report has been signed below by the
following person on behalf of the registrant and in the capacities and on the
date indicated.

May 8, 2007                       Sawadee Ventures, Inc., Registrant


                                  By: /s/ Douglas E. Ford
                                     ------------------------------------------
                                     Douglas E. Ford, President, Secretary,
                                     Treasurer, Chief Executive Officer,
                                     Chief Financial Officer, and
                                     Principal Accounting Officer

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