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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

FORM 10-QSB

[X]
     Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934FOR THE QUARTERLY PERIOD ENDED MAY 31, 2007OR[  ]
     Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from to


Commission file number 333-141440CHANCERY RESOURCES, INC.(Exact name of registrant as specified in its charter)

Nevada
     None(State or other jurisdiction of incorporation or organization)
     (IRS Employer Identification No.)


422 Richards Street3rdFloorVancouver, British ColumbiaCanada V6B 2Z4(Address of principal executive offices, including zip code.)(778) 688-0474(Registrant's telephone number, including area code)

The Company is a Shell company: Yes [X] No [  ]

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 [  ]

As of July 27, 2007, the Company had 5,000,000 shares of common stock outstanding.

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PART I

ITEM 1.      INTERIM FINANCIAL STATEMENTSChancery Resources, Inc.(An Exploration Stage Company)May 31, 2007





IndexBalance Sheets
     F1Statements of Operations
     F2Statements of Cash Flows
     F3Notes to the Financial Statements
     F4




















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Chancery Resources, Inc.(An Exploration Stage Company)Balance Sheets(Expressed in US dollars)May 31,
     
     November 30,2007
     
     2006$
     
     $(unaudited)ASSETSCurrent AssetsCash
     6,913
     
     16,290Prepaid expenses (Note 5)
     
     
     15,000Total Assets
     6,913
     
     31,290LIABILITIES AND STOCKHOLDERS DEFICITCurrent LiabilitiesAccounts payable
     1,890
     
     834Due to related party (Note 3(b))
     35,205
     
     35,155Total Liabilities
     37,095
     
     35,989Contingencies and Commitments (Notes 1 and 5)Stockholders DeficitPreferred Stock, 100,000,000 shares authorized, $0.00001 par value;No shares issued and outstanding
     
     
     Common Stock, 100,000,000 shares authorized, $0.00001 par value;5,000,000 shares issued and outstanding
     50
     
     50Donated Capital (Note 3(a))
     4,250
     
     1,250Deficit Accumulated During the Exploration Stage
     (34,482
     )
     (5,999
     )Total Stockholders Deficit
     (30,182
     )
     (4,699
     )Total Liabilities and Stockholders Deficit
     6,913
     
     31,290




(The Accompanying Notes are an Integral Part of These Financial Statements) 
F-1

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Chancery Resources, Inc.(An Exploration Stage Company)Statements of Operations(Expressed in US dollars)(unaudited)Accumulated From
     
     For the
     
     For the
     
     FromSeptember 12, 2006
     
     Three months
     
     Six months
     
     September 12, 2006(Date of Inception)
     
     Ended
     
     Ended
     
     (Date of Inception)to May 31,
     
     May 31,
     
     May 31,
     
     to November 30,2007
     
     2007
     
     2007
     
     2006$
     
     $
     
     $
     
     $Revenue
     
     
     
     
     
     
     ExpensesGeneral and administrative
     24,453
     
     17,035
     
     23,929
     
     524Management services (Notes 3(a))
     4,250
     
     1,500
     
     3,000
     
     1,250Impairment of mineral property costs
     3,700
     
     
     
     
     
     3,700Rent (Note 3(a))
     2,079
     
     788
     
     1,554
     
     525Total Expenses
     34,482
     
     19,323
     
     28,483
     
     5,999Net Loss for the Period
     (34,482
     )
     (19,323
     )
     (28,483
     )
     (5,999
     )Net Loss Per Share  Basic and Diluted
     
     
     
     
     (0.01
     )
     Weighted Average Common Shares Outstanding
     
     
     5,000,000
     
     5,000,000
     
     5,000,000












(The Accompanying Notes are an Integral Part of These Financial Statements) 
F-2

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Chancery Resources, Inc.(An Exploration Stage Company)Statements of Cash Flows(Expressed in US dollars)(unaudited)For the
     
     FromSix Months
     
     September 12, 2006Ended
     
     (Date of Inception)May 31,
     
     to November 30,2007
     
     2006$
     
     $Operating ActivitiesNet loss for the period
     (28,483
     )
     (5,999
     )Adjustment to reconcile net loss to net cash used inoperating activities:Donated services
     3,000
     
     1,250Changes in operating assets and liabilities:Prepaid expenses
     15,000
     
     (15,000
     )Accounts payable
     1,056
     
     834Due to related party
     50
     
     18,860Net Cash Used in Operating Activities
     (9,377
     )
     (55
     )Financing ActivitiesAdvances from related party
     
     
     16,295Proceeds from the issuance of common stock
     
     
     50Net Cash Provided by Financing Activities
     
     
     16,345Increase (Decrease) in Cash
     (9,377
     )
     16,290Cash - Beginning of Period
     16,290
     
     Cash - End of Period
     6,913
     
     16,290Supplemental DisclosuresInterest paid
     
     
     Income taxes paid
     
     
     




(The Accompanying Notes are an Integral Part of These Financial Statements) 
F-3

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Chancery Resources, Inc.(An Exploration Stage Company)Notes to the Financial StatementsMay 31, 2007(Expressed in US dollars)

|1. | Nature of Operations and Continuance of Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | The Company was incorporated in the State of Nevada on September 12, 2006. The Company is an Exploration Stage Company as defined by Statement of Financial Accounting Standard (SFAS) No. 7 Accounting and Reporting for Development Stage Enterprises. The Company has acquired a mineral property located in the Province of British Columbia, Canada, and has not yet determined whether this property contains reserves that are economically recoverable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|  
|   | These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenue since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at May 31, 2007, the Company has accumulated losses of $34,482 since inception and a working capital deficiency of $30,182. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
|  
|   | On June 8, 2007, the Company filed an amended SB-2 Registration Statement with the United States Securities and Exchange Commission that was declared effective on June 12, 2007 to offer up to 2,000,000 shares of common stock at $0.10 per share to raise proceeds of $200,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|  
|2. | Summary of Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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F-4

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Chancery Resources, Inc.(An Exploration Stage Company)Notes to the Financial StatementsMay 31, 2007(Expressed in US dollars)

|2. | Summary of Significant Accounting Policies (continued)
|-- | ------------------------------------------------------
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|   | e)                                                    
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F-5

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Chancery Resources, Inc.(An Exploration Stage Company)Notes to the Financial StatementsMay 31, 2007(Expressed in US dollars)

|2. | Summary of Significant Accounting Policies (continued)
|-- | ------------------------------------------------------
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|   | k)                                                    
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F-6

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Chancery Resources, Inc.(An Exploration Stage Company)Notes to the Financial StatementsMay 31, 2007(Expressed in US dollars)

|2. | Summary of Significant Accounting Policies (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | k)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|3. | Related Party Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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|4. | Mineral Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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|   | In September 2006, the Company, through its President, acquired 100% of the rights, title and interest in a mining claim located in the Province of British Columbia, Canada. Payment of $3,700 was required to acquire this mining claim and was paid by the President of the Company. The claim is registered in the name of the President of the Company, who has agreed to hold the claim in trust on behalf of the Company. The cost of the mineral property was initially capitalized. As at November 30, 2006, the Company recognized an impairment loss of $3,700, as it has not yet been determined whether there are proven or probable reserves on the property.
|  
|5. | Commitment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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|   | The Company has incurred $15,000 in legal fees during the three month period ended May 31, 2007 and is obligated to pay an additional $10,000 in legal fees once its SB-2 Registration Statement is declared effective. The SB-2 was declared effective on June 12, 2007.                                                                                                                                                                                                                                                                                                                                                                                                  
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F-7

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ITEM 2.      MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

This Form 10-QSB for the period ended May 31, 2007 includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking states are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

Plan of Operation

We are a start-up, exploration stage corporation and have not yet generated or realized any revenues from our business operations.

Our auditors have issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. There is no assurance we will ever reach this point. Accordingly, we must raise cash from sources other than the sale of minerals found on the property. Our only other source for cash at this time is investments by others in our public offering. We must raise cash to implement our project and stay in business. If we raise the minimum amount of money in this offering, we believe it will last twelve months.

We will be conducting research in the form of exploration of the property. Our exploration program is explained in as much detail as possible in the business section of our prospectus. We are not going to buy or sell any plant or significant equipment during the next twelve months.

Our exploration target is to find gold. Our success depends upon finding mineralized material. Mineralized material is a mineralized body, which has been delineated by appropriate spaced drilling or underground sampling to support sufficient tonnage and average grade of metals to justify removal. This includes a determination by our consultant if the property contains reserves. We have not selected a consultant as of the date of this report and will not do so until we complete our public offering, if that occurs, of which there is no assurance. If we dont find mineralized material or we cannot remove mineralized material, either because we do not have the money to do it or because it is not economically feasible to do it, we will cease operations and you will lose your investment.

In addition, we may not have enough money to complete our exploration of the property. If it turns out that we have not raised enough money to complete our exploration program, we will try to raise additional funds from a second public offering, a private placement or loans. At the present time, we have not made any plans to raise additional money and there is no assurance that we would be able to raise additional money in the future. In we need additional money and cant raise it, we will have to suspend or cease operations.





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We must conduct exploration to determine what amount of minerals, if any, exist on our properties and if any minerals which are found can be economically extracted and profitably processed.

The property is undeveloped raw land. Exploration and surveying has not been initiated and will not be initiated until we raise money in this offering. That is because we do not have money to start exploration. Once our public offering is concluded, we intend to start exploration for mineralized material. If we find mineralized material, we have to determine if it is economically feasible to remove it. Economically feasible means that the costs associated with the removal of the mineralized material will not exceed the price at which we can sell the mineralized material.

We do not claim to have any minerals or reserves whatsoever at this time on any of the property.

We intend to implement an exploration program which consists of core sampling. Core sampling is the process of drilling holes to a depth of up to 1,400 feet in order to extract a samples of earth. Mr. Gachallan, after confirming with our consultant, will determine where drilling will occur on the property. Mr. Gachallan will not receive fees for his services. The samples will be tested to determine if mineralized material is located on the property. Based upon the tests of the core samples, we will determine if we will terminate operations; proceed with additional exploration of the property; or develop the property. The proceeds from our public offering are designed to only fund the costs of core sampling and testing. We intend to take our core samples to analytical chemists, geochemists and registered assayers located in Vancouver, British Columbia. We have not selected any of the foregoing as of the date of this prospectus. We will only make the selections in the event we raise the minimum amount of this offering.

We estimate the cost of drilling will be $20.00 per foot drilled. The amount of drilling will be predicated upon the amount of money raised in this offering. If we raise the minimum amount of money, we will drill approximately 3,000 linear feet or 8 holes to depth of 300 feet. Assuming that we raise the maximum amount of money, we will drill approximately 7,000 linear feet, or up to 28 holes to a depth of 300 feet. We estimate that it will take up to three months to drill 28 holes to a depth of 300 feet each. We will pay a consultant up to a maximum of $5,000 per month for his services during the three month period or a total of $15,000. The total cost for analyzing the core samples will be $3,000. We will begin exploration activity 90 days after the completion of this public offering, weather permitting.

We do not intend to interest other companies in the property if we find mineralized materials. We intend to try to develop the reserves ourselves through the use of consultant. We have no plans to interest other companies in the property if we do not find mineralized material. To pay the consultant and develop the reserves, we will have to raise additional funds through a second public offering, a private placement or through loans. As of the date of this report, we have no plans to raise additional funds other than the funds being raised in our public offering. Further, there is no assurance we will be able to raise any additional funds even if we discover mineralized material and a have a defined ore body.





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If we are unable to complete any phase of exploration because we dont have enough money, we will cease operations until we raise more money. If we cant or dont raise more money, we will cease operations. If we cease operations, we dont know what we will do and we dont have any plans to do anything.

We do not intend to hire additional employees at this time. All of the work on the property will be conduct by unaffiliated independent contractors that we will hire. The independent contractors will be responsible for surveying, geology, engineering, exploration, and excavation. The geologists will evaluate the information derived from the exploration and excavation and the engineers will advise us on the economic feasibility of removing the mineralized material.

Limited Operating History; Need for Additional Capital

There is limited historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

To become profitable and competitive, we must remove and sell mineralized material. We are seeking equity financing to provide for the capital required to implement our research and exploration phases. We believe that the funds raised from our public offering, whether it be the minimum amount or the maximum amount, will allow us to operate for one year.

Liquidity and Capital Resources

To meet our need for cash we are attempting to raise money from our public offering. We cannot guarantee that we will be able to raise the minimum amount in our public offering to stay in business. Whatever money we do raise, will be applied to the items set forth in the Use of Proceeds section of our prospectus. If we find mineralized material and it is economically feasible to remove the mineralized material, we will attempt to raise additional money through a subsequent private placement, public offering or through loans. If we do not raise all of the money we need from this offering to complete our exploration of the property, we will have to find alternative sources, like a second public offering, a private placement of securities, or loans from our officers or others.

We have discussed this matter with our officers and directors and Mr. Gachallan has agreed to advance funds as needed until our public offering is completed or failed and has agreed to pay the cost of reclamation of the property should mineralized material not be found thereon. The foregoing agreement is oral, there is nothing in writing to evidence the same. While Mr. Gachallan has agreed to advance the funds, the agreement is unenforceable as a matter of law, since there is no consideration for the same. At the present time, we have not made any arrangements to raise additional cash, other than through our public offering. If we need additional cash and can't raise it we will either have to suspend operations until we do raise the cash, or cease operations entirely. Whether we raise the minimum amount or maximum amount, it will last a year.





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We acquired one property containing nine cells. We will begin our exploration plan upon completion of this offering. We expect to start exploration operations, weather permitting, within 90 days of completing this offering. As of the date of this prospectus we have yet to beging operations and therefore we have yet to generate any revenues.

Since inception, we have issued 5,000,000 shares of our common stock and received $50.

We issued 5,000,000 shares of common stock to our sole officer and director pursuant to the exemption from registration contained in Regulation S of the Securities Act of 1993. The purchase price of the shares was $50. This was accounted for as an acquisition of shares. Geoffrey Gachallan has covered our initial expenses of $35,205 including incorporation, accounting and legal fees and $3,700 for registering the property, all of which was paid directly to our staker, attorney and accountant. The amount owed to Mr. Gachallan is non-interest bearing, unsecured and due on demand. Further the agreement with Mr. Gachallan is oral and there is no written document evidencing the agreement.

As of May 31, 2007, our total assets were $6,913 and our total liabilities were $37,095, for a working capital deficit of $30,182.

ITEM 3.      CONTROLS AND PROCEDURES.

Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended May 31, 2007 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



















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PART II. OTHER INFORMATION

ITEM 2.      CHANGES IN SECURITIES AND USE OF PROCEEDS.

On June 12, 2007, the Securities and Exchange Commission declared our Form SB-2 Registration Statement effective, file number 333-141440, permitting us to offer up to 1,000,000 shares of common stock minimum, 2,000,000 shares of common stock maximum at $0.10 per share. There is no underwriter involved in our public offering. As of the date of this report, we have not sold any shares of common stock in our public offering.

ITEM 6.      EXHIBITS.

The following documents are included herein:

|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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SIGNATURES

In accordance with Section 13 or 15(d) of the Securities and Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this 27thday of July, 2007.

CHANCERY RESOURCES, INC.BY:
     GEOFFREY GACHALLANGeoffrey Gachallan, President, PrincipalExecutive Officer, Treasurer, PrincipalFinancial Officer, and Principal AccountingOfficer






























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