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**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K/A**

**Amendment      No. 1**

|   | ** **R | **ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|--------|-------------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | £** ** | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|--------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

**000-51425**

**RANCHER      ENERGY CORP.**

| Nevada                                                                                       | 98-0422451                                                           |
|----------------------------------------------------------------------------------------------|----------------------------------------------------------------------|
| (State                or other jurisdiction of incorporation                or organization) | (I.R.S.                EmployerIdentification                Number) |

| 999-18th                Street, Suite 1740 Denver,                Colorado 80202           |
|--------------------------------------------------------------------------------------------|
| (Address                of principal executive offices, including zip                code) |

| (303)                629-1125                          |
|--------------------------------------------------------|
| (Telephone                number, including area code) |

**Securities      registered pursuant to Section 12(b) of the Act:**
**None.**

**Securities      registered pursuant to Section 12(g) of the Act: **

| Title                of each class                        |
|-----------------------------------------------------------|
| Common                Stock, par value $0.00001 per share |

| Large                accelerated filer o | Accelerated                filer R | Non-accelerated                filer o |
|------------------------------------------|------------------------------------|----------------------------------------|

**DOCUMENTS      INCORPORATED BY REFERENCE**

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**EXPLANATORY      NOTE**

**TABLE      OF CONTENTS**

|                      |   |                                                                                                                              |   | **PAGE                  NO.** |
|---------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|
| PART                  III |   |                                                                                                                              |   | 1                             |
| Item                  10. |   | Directors,                  Executive Officers and Corporate Governance.                                                          |   | 1                             |
| Item                  11. |   | Executive                  Compensation.                                                                                          |   | 6                             |
| Item                  12. |   | Security                  Ownership of Certain Beneficial Owners and Management and Related                  Stockholder Matters. |   | 13                            |
| Item                  13. |   | Certain                  Relationships and Related Transactions, and Director                  Independence.                      |   | 18                            |
| Item                  14. |   | Principal                  Accountant Fees and Services.                                                                          |   | 19                            |
| PART                  IV  |   |                                                                                                                              |   | 20                            |
| Item                  15. |   | Exhibits,                  Financial Statement Schedules.                                                                         |   | 20                            |

**PART      III**

**ITEM      10.**
**DIRECTORS,      EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.**

| **Name**                                   |   | **Age** |   | **Positions                Held**                           |   | **Beginning                of Term of Service** |
|--------------------------------------------|--------|---------|--------|-------------------------------------------------------------|--------|-------------------------------------------------|
| John                Works                  |   | 52      |   | Director,                President, Chief Executive Officer |   | May 18,                2006                |
| William                A. Anderson         |   | 68      |   | Director                                                    |   | April 20,                2007              |
| Joseph                P. McCoy             |   | 56      |   | Director                                                    |   | April 20,                2007              |
| Patrick                M. Murray           |   | 64      |   | Director                                                    |   | April 20,                2007              |
| Myron                (Mickey) M. Sheinfeld |   | 77      |   | Director                                                    |   | April 20,                2007              |
| Mark                Worthey                |   | 49      |   | Director                                                    |   | February 16,                2007           |
| Andrew                Casazza              |   | 39      |   | Chief                Operating Officer                      |   | October 3,                2006             |
| Daniel                Foley                |   | 52      |   | Chief                Financial Officer                      |   | January 15,                2007            |
| John                Dobitz                 |   | 51      |   | Senior                Vice President                        |   | October 2,                2006             |

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**John      Works - Director, President & Chief Executive Officer**

**William      A. Anderson - Director**

**Joseph      P. McCoy - Director**

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**Patrick      M. Murray - Director**

**Myron      (Mickey) M. Sheinfeld - Director**

**Mark      Worthey - Director**

**Andrew      Casazza - Chief Operating Officer**

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**Daniel      Foley - Chief Financial Officer**

** **

**John      Dobitz - Senior Vice President, Engineering**

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**Committees      of the Board of Directors**

**Audit      Committee**

**Compensation      Committee**

**Nominating      and Corporate Governance Committee**

**Compliance      with Section 16(a) of the Securities Exchange Act of 1934**

**Code      of Business Conduct and Ethics**

*www.rancherenergy.com*
*.*

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**ITEM      11.**
**EXECUTIVE      COMPENSATION.**

**Compensation      Discussion and Analysis**

*Compensation      Philosophy*

|  | · | Pay                competitively to attract, retain, and motivate named executive                officers; |
|--|--------|------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | · | Relate                total compensation for each named executive officer to overall company                performance as well as individual                performance; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|  | · | Aggregate                the elements of total compensation to reflect competitive market                requirements and to address strategic business                needs; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | · | Expose                a portion of each named executive officer’s compensation to risk, the                degree of which will positively correlate to the level of the named                executive officer’s responsibility and performance;                and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|  | · | Align                the interests of our named executive officers with those of our                stockholders. |
|--|--------|-------------------------------------------------------------------------------------------------------------------|

*Executive      Compensation Program Overview*

|  | · | base                salary; |
|--|--------|-----------------------------|

|   |   |   |
|--------|--------|--------|
|  | · | long-term                incentive compensation; and |
|--|--------|------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|  | · | other                welfare and health benefits. |
|--|--------|---------------------------------------------------|

*Base      Salary*

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|  | · | the                qualifications, experience, and performance of the particular executive                officer; |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | · | the                compensation paid to persons having similar duties and responsibilities                in                other competitive institutions; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | · | the                nature of our business, the complexity of its activities, and the                importance of the executive’s contribution to the success of the                business. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Equity      Awards*

*Employment      Agreements*

*.*
*** ***

**Summary      Compensation Table**

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| **Name                and Principal Position**                                           |   | **Fiscal****Year** |   | **Salary** |   | **Bonus** |   | **Option****Awards****(A)** |    | **All                Other****Compen-sation****(B)** |   | **Total** |   |
|------------------------------------------------------------------------------------------|--------|--------------------|--------|------------|--------|-----------|--------|-----------------------------|---------|------------------------------------------------------|--------|-----------|--------|
|                                                                                     |   |               |   |       |   |      |   |                        |    |                                                 |   |      |   |
| John                WorksPresident                & Chief Executive Officer(C)       |   |               | 2007   |       | $      | 150,000   |   | $                           | — |                                                 | $      | 1,694,000 |   | $ | — |   | $ | 1,844,000 |   |
|                                                                                     |   |               |   |       |   |      |   |                        |    |                                                 |   |      |   |   |   |   |
| Daniel                FoleyChief                Financial Officer                        |   |               | 2007   |       | $      | 37,500    |   | $                           | — |                                                 | $      | 2,073,143 |   | $ | — |   | $ | 2,110,643 |   |
|                                                                                     |   |               |   |       |   |      |   |                        |    |                                                 |   |      |   |   |   |   |
| Andrew                CasazzaChief                Operating Officer                      |   |               | 2007   |       | $      | 80,000    |   | $                           | — |                                                 | $      | 847,947   |   | $ | — |   | $ | 927,947 |   |
|                                                                                     |   |               |   |       |   |      |   |                        |    |                                                 |   |      |   |   |   |   |
| John                DobitzSenior                Vice President                           |   |               | 2007   |       | $      | 84,792    |   | $                           | 50,000  |                                                 | $      | 2,041,920 |   | $ | 29,009 |   | $ | 2,205,721 |   |
|                                                                                     |   |               |   |       |   |      |   |                        |    |                                                 |   |      |   |   |   |   |
| Andrei                StytsenkoPresident                & Chief Executive Officer(D) |   |               | 2007   |       | $      | —   |   | $                           | — |                                                 | $      | —   |   | $ | — |   | $ | — |   |

| (A) | The                amount in this column reflects the total grant date fair value for                financial statement reporting purposes for awards granted in the                fiscal                year ended March 31, 2007, in accordance with FAS 123(R). There were                no awards granted prior to fiscal 2007. Please refer to Note 7 of                the                Notes to Financial Statements of our audited financial statements                for the                fiscal year ended March 31, 2007, which begin on page F-8, for a                discussion of the assumptions made in the valuation of the stock                option                awards. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | For                Mr. Dobitz, Other Compensation included costs for moving expenses,                fees                for consulting work prior to becoming an employee, an automobile                allowance, and contributions to Mr. Dobitz’ 401(k)                account. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | Mr.                Works also served as a member of our Board of Directors for no additional                compensation. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (D) | Mr.                Stytsenko served for no compensation as our President & CEO through                May 15, 2006 when Mr. Works became our President & CEO. Mr. Stytsenko                also served as a member of our Board of Directors through April 20,                2007                for no compensation. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Employment      Agreements; Potential Payments Upon Termination or      Change-in-Control**

***Employment      Agreements***

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***Potential      Payments Upon Termination or Change-in-Control***

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|                       |   | **By                Company****Without                Cause** |                                             | **By                Officer for****Good                Reason** |   |
|----------------------------|--------|---------------------------------------------------------------|--------------------------------------------------|-----------------------------------------------------------------|--------|
| Mr.                Works   |   | $                                                             | 56,250        |                                                            |   | —        |   |
| Mr.                Casazza |   | $                                                             | 80,000        |                                                            | $      | 80,000        |   |
| Mr.                Foley   |   | $                                                             | 90,000        |                                                            | $      | 90,000        |   |
| Mr.                Dobitz  |   | $                                                             | 92,500        |                                                            | $      | 92,500        |   |

**Grants      of Plan Based Awards Table**

| **Name**                            |   | **Grant                Date ** |                                   | **All Other****Stock Awards:****Number                of****Shares                of Stock or Units** |   | **All                Other****Option Awards:****Number                of****Securities****Underlying****Options** |   | **Exercise or****Base                Price****of                Option****Awards** |                                    | **Closing                Market Price of Common Stock on Date of Grant** |   |
|-------------------------------------|--------|-------------------------------------|----------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|-----------------------------------------|--------------------------------------------------------------------------|--------|
| John                Works           |   |                                | 5/15/06       |                                                                                                            |   | —                                                                                       |   |                                                                                    | 4,000,000      |                                                                     | $      | .00001      |   | $ | 1.45      |   |
|                                |   |                                |                                   |                                                                                                            |   |                                                                                                                   |   |                                                                                    |                                    |                                                                     |   |   |   |   |   |   |
| Daniel                Foley         |   |                                | 1/15/07       |                                                                                                            |   | —                                                                                       |   |                                                                                    | 1,000,000      |                                                                     | $      | 3.19      |   | $ | 3.19      |   |
|                                |   |                                |                                   |                                                                                                            |   |                                                                                                                   |   |                                                                                    |                                    |                                                                     |   |   |   |   |   |   |
| Andrew                Casazza       |   |                                | 10/2/06       |                                                                                                            |   | —                                                                                       |   |                                                                                    | 750,000        |                                                                     | $      | 1.75      |   | $ | 1.75      |   |
|                                |   |                                |                                   |                                                                                                            |   |                                                                                                                   |   |                                                                                    |                                    |                                                                     |   |   |   |   |   |   |
| John                Dobitz          |   |                                | 10/16/06      |                                                                                                            |   | —                                                                                       |   |                                                                                    | 1,500,000      |                                                                     | $      | 2.10      |   | $ | 2.10      |   |
|                                |   |                                |                                   |                                                                                                            |   |                                                                                                                   |   |                                                                                    |                                    |                                                                     |   |   |   |   |   |   |
| Andrei                Stytsenko (A) |   |                                | —       |                                                                                                            |   | —                                                                                       |   |                                                                                    | —        |                                                                     |   | —      |   |   |   |   |

| (A) | Mr.                Stytsenko served as our President & CEO through May 15, 2006 when Mr.                Works became our President &CEO. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

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**Outstanding      Equity Awards at Fiscal Year-end Table**

|                                  |   | **Option                  Awards**                                           |    |
|---------------------------------------|--------|------------------------------------------------------------------------------|---------|
|                                  |   | **Number                  of Securities Underlying Unexercised Options (#)** |    | **Number                  of Securities Underlying Unexercised Options (#)                  (B)** |   | **Option                  Exercise** |   | **Option                  Expiration** |   |
| **Name**                              |   | **Exercisable**                                                              |    | **Unexercisable** |   | **Price** |   | **Date** |   |
|                                  |   |                                                                         |    |   |   |   |   |   |   |
| John                  Works           |   |                                                                         | 750,000 |   |   | 2,250,000 |   | $ | .00001 |   |   | None |   |
|                                  |   |                                                                         |         |   |   |  |   |   |  |   |   |  |   |
| Daniel                  Foley         |   |                                                                         | — |   |   | 1,000,000 |   | $ | 3.19 |   |   | 1/15/12 |   |
|                                  |   |                                                                         |         |   |   |  |   |   |  |   |   |  |   |
| Andrew                  Casazza       |   |                                                                         | 187,500 |   |   | 562,500 |   | $ | 1.75 |   |   | 10/2/11 |   |
|                                  |   |                                                                         |         |   |   |  |   |   |  |   |   |  |   |
| John                  Dobitz          |   |                                                                         | — |   |   | 1,500,000 |   | $ | 2.10 |   |   | 10/16/11 |   |
|                                  |   |                                                                         |         |   |   |  |   |   |  |   |   |  |   |
| Andrei                  Stytsenko (A) |   |                                                                         | — |   |   | — |   |   | — |   |   | — |   |

| (A) | Mr.                Stytsenko served as our President & CEO through May 15, 2006 when Mr.                Works became our President &CEO. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Mr.                Works’ options vest 250,000 shares quarterly for each quarter ended from                May 31, 2007 through May 31, 2009. Mr. Foley’s options vest 333,333 shares                annually from January 15, 2008 through January 15, 2010. Mr. Casazza’s                options vest 187,500 shares annually from October 2, 2007 through                October                2, 2009. Mr. Dobitz’s options vest 500,000 shares annually from October                16, 2007 through October 16, 2009. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Option      Exercises and Stock Vested Table**

|                                |   | **Option                Awards  **                                |      |
|-------------------------------------|--------|------------------------------------------------------------------------|-----------|
|  **Name**                      |   | **Number of Shares****Acquired on Exercise ** |      | **Value Realized****on                Exercise (A) ** |   |
|                                |   |                                                                   |      |   |   |
| John                Works           |   |                                                                   | 1,000,000 |   | $ | 1,450,000 |   |
|                                |   |                                                                   |      |   |   |   |   |
| Daniel                Foley         |   |                                                                   | —   |   |   | — |   |
|                                |   |                                                                   |      |   |   |   |   |
| Andrew                Casazza       |   |                                                                   | —   |   |   | — |   |
|                                |   |                                                                   |      |   |   |   |   |
| John                Dobitz          |   |                                                                   | —   |   |   | — |   |
|                                |   |                                                                   |      |   |   |   |   |
| Andrei                Stytsenko (B) |   |                                                                   | —   |   |   | — |   |

| (A) | The                value realized is equal to the amount that is taxable to the plan                participant,                which was the difference                between the market price of the underlying securities at exercise                and the                exercise price of the options. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Mr.                Stytsenko served as our President & CEO through May 15, 2006 when Mr.                Works became our President &CEO. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

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**Pension      Benefits**

**Non-Qualified      Deferred Compensation**

**Director      Compensation **

***Cash      Compensation and Equity Compensation***

| **Name**                        |   | **Fees Earned****Or                Paid****In Cash** |    | **Stock****Awards** |   | **Option****Awards                (A)** |   | **All                Other Compensation** |   | **Total** |   |
|---------------------------------|--------|----------------------------------------------------------------|---------|---------------------|--------|-----------------------------------------|--------|-------------------------------------------|--------|-----------|--------|
|                            |   |                                                           |    |                |   |                                    |   |                                      |   |      |   |
| Mark                Worthey (B) |   |                                                           | — |                |   | —                                 |   | $                                         | 10,583 |      |   | — |   | $ | 10,583 |   |

| (A) | Option                Award compensation reflects the total grant date fair value as measured                in                accordance with FAS 123(R). Please refer to Note 7 of the Notes to                Financial Statements for a discussion of the assumptions made in                the                valuation of the stock option awards. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | On                February 16, 2007, we granted Mr. Worthey 10,000 stock options                with an exercise price per share of $1.63, the fair market value                of our                common stock on the date of grant. The option vests 50% on the first                anniversary date of the grant date and 50% on the second anniversary                date                of the grant date, and is exercisable for a ten-year term. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Compensation      Committee Interlocks and Insider Participation**

**Compensation      Committee Report**

**ITEM      12.**
**SECURITY      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER      MATTERS.**

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| **Name                  and Address of Beneficial Owner**                                                                                                                                  |   | **Number                  of Shares Beneficially****Owned                  (1),(2)** |   | **Percent                  of Common Stock****Outstanding                  (3)** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|
| John                  Works, Director, President & Principal Executive Officer                  (4)999-18th                  Street, Suite 1740Denver,                  Colorado 80202 |   | 2,250,000                                                                            |   | 2.09%                                                                            |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| William                  A. Anderson, Director (5)999-18th                  Street, Suite 1740Denver,                  Colorado 80202                                                      |   | 132,603                                                                              |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| Joseph                  P. McCoy, Director (6)999-18th                  Street, Suite 1740Denver,                  Colorado 80202                                                          |   | 125,685                                                                              |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| Patrick                  M. Murray (7)999-18th                  Street, Suite 1740Denver,                  Colorado 80202                                                                  |   | 115,411                                                                              |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| Myron                  (Mickey) M. Sheinfeld (8)999-18th                  Street, Suite 1740Denver,                  Colorado 80202                                                        |   | 115,411                                                                              |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| Mark                  Worthey, Director (9)999-18th                  Street, Suite 1740Denver,                  Colorado 80202                                                             |   | 122,603                                                                              |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| John                  Dobitz, Senior Vice President, Engineering (10)999-18th                  Street, No. 1740Denver,                  Colorado 80202                                     |   | 0                                                                                    |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| Andrew                  F. Casazza, Chief Operating Officer (11)999-18th                  Street, Suite 1740Denver,                  Colorado 80202                                        |   | 187,500                                                                              |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| Daniel                  P. Foley, Chief Financial Officer (12)999-18th                  Street, Suite 1740Denver,                  Colorado 80202                                          |   | 0                                                                                    |   | *                                                                                |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| All                  Officers, Directors as a Group (9 persons)                                                                                                                       |   | 3,049,213                                                                            |   | 2.84%                                                                            |
|                                                                                                                                                                                       |   |                                                                                 |   |                                                                             |
| Old                  Westbury Real Return Fund (13)c/o                  Bessemer Trust630                  5th                  AvenueNew                  York, New York 10111            |   | 10,882,224                                                                           |   | 9.79%                                                                            |

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| **Name                  and Address of Beneficial Owner** |   | **Number                  of Shares Beneficially****Owned                  (1),(2)** |   | **Percent                  of Common Stock****Outstanding                  (3)** |
|-----------------------------------------------------------|--------|--------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|

| JANA                  Piranha Master Fund, Ltd. (14)c/o                  JANA Partners LLC200                  Park AvenueSuite                  3300New                  York, New York 10166 |   | 11,170,729 |   | 9.95%  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|--------|
|                                                                                                                                                                                           |   |       |   |   |
| Millennium                  Global Investments Limited (15)57-59                  St. James StreetLondon,                  United Kingdom SW1A 1LD                                             |   | 10,856,103 |   | 9.67%  |
|                                                                                                                                                                                           |   |       |   |   |
| RAB                  Special Situations (Master) Fund Ltd. (16)c/o                  RAB Capital PLC1                  Adam StreetLondon,                  United Kingdom WC2N 6LE              |   | 10,177,597 |   | 9.09%  |
|                                                                                                                                                                                           |   |       |   |   |
| Morgan                  Stanley & Co. for a/c Persistency Capital (17)1221                  Avenue of the Americas28th                  FloorNew                  York, New York 10020     |   | 6,785,063  |   | 6.15%  |
|                                                                                                                                                                                           |   |       |   |   |
| Hound                  Performance, LLC (18)101                  Park Ave, 47th FloorNew                  York, NY 10178212-984-2420                                                           |   | 5,868,250  |   | 5.35%  |
|                                                                                                                                                                                           |   |       |   |   |
| SPGP                  (19), (20)17                  Avenue MatignonParis,                  France 75008                                                                                        |   | 6,511,250  |   | 5.94%  |

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| (1) | Under                  SEC Rule 13d-3, a beneficial owner of a security includes any person                  who, directly or indirectly, through any contract, arrangement,                  understanding, relationship, or otherwise has or shares: (i) voting                  power, which includes the power to vote, or to direct the voting                  of                  shares; and (ii) investment power, which includes the power to                  dispose or direct the disposition of shares. Certain shares may                  be deemed                  to be beneficially owned by more than one person (if, for example,                  persons                  share the power to vote or the power to dispose of the shares).                  In                  addition, shares are deemed to be beneficially owned by a person                  if the                  person has the right to acquire the shares (for example, upon exercise                  of                  an option) within 60 days of the date as of which the information                  is                  provided. In computing the percentage ownership of any person,                  the amount                  of shares outstanding is deemed to include the amount of shares                  beneficially owned by such person (and only such person) by reason                  of                  these acquisition rights. As a result, the percentage of outstanding                  shares of any person as shown in this table does not necessarily                  reflect                  the person’s actual ownership or voting power with respect to the number                  of shares of common stock actually outstanding on the date of this                  Offering. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Except                  as indicated in the footnotes below, each person has sole voting                  and                  dispositive power over the shares                  indicated. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Percentages                  are based on an aggregate 106,952,406 shares issued and outstanding                  as of                  July 26, 2007. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (4) | Mr.                  Works was granted an option to purchase 4,000,000 shares of common                  stock                  at an exercise price of $0.00001 per share pursuant to which he                  has                  purchased 2,000,000 shares of common stock, of which 50,000 shares                  are                  held in trust for his minor children. The remaining portion of                  the                  unexercised option will vest at a rate of 1,000,000 shares from                  June 1, 2007 to May 31, 2008 at the rate of 250,000 shares per                  completed quarter of service and 1,000,000 shares from June 1, 2008                  to May 31, 2009 at the rate of 250,000 shares per completed quarter                  of service. Options to purchase 250,000 shares of common stock                  will vest                  within the next 60 days. Works’ options were issued prior to the adoption                  of our 2006 Stock Incentive Plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | On                  April 20, 2007, Mr. Anderson was granted an option to purchase 10,000                  shares of common stock pursuant to the 2006 Stock Option Plan at                  an                  exercise price of $1.02 per share, which will vest 20% or 2,000                  shares on                  each one year anniversary of the grant date and has a term of ten                  years.                  Mr. Anderson also has beneficial ownership and control over 10,000                  shares                  of common stock held by Anderson Securities Corp. The 100,000 shares                  held                  directly by Mr. Anderson are subject to the right of forfeiture                  and vested                  20% (or 20,000 shares) upon grant and 20% on each one year anniversary                  thereafter. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | On                  April 20, 2007, Mr. McCoy was granted an option to purchase 10,000                  shares of common stock pursuant to the 2006 Stock Option Plan at                  an                  exercise price of $1.02 per share, which will vest 20% or 2,000                  shares on                  each one year anniversary of the grant date and has a term of ten                  years.                  The 100,000 shares held by Mr. McCoy are subject to the right of                  forfeiture and vested 20% (or 20,000 shares) upon grant and 20%                  on each                  one year anniversary thereafter. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | On                  April 20, 2007, Mr. Murray was granted an option to purchase 10,000                  shares of common stock pursuant to the 2006 Stock Option Plan at                  an                  exercise price of $1.02 per share, which will vest 20% or 2,000                  shares on                  each one year anniversary of the grant date and has a term of ten                  years.                  The 100,000 shares held by Mr. Murray are subject to the right                  of                  forfeiture and vested 20% (or 20,000 shares) upon grant and 20%                  on each                  one year anniversary thereafter. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | On                  April 20, 2007, Mr. Sheinfeld was granted an option to purchase                  10,000 shares of common stock pursuant to the 2006 Stock Option                  Plan at an                  exercise price of $1.02 per share, which will vest 20% or 2,000                  shares on                  each one year anniversary of the grant date and has a term of ten                  years.                  The 100,000 shares held by Mr. Sheinfeld are subject to the right                  of                  forfeiture and vested 20% (or 20,000 shares) upon grant and 20%                  on each                  one year anniversary thereafter. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | The                  100,000 shares held by Mr. Worthey are subject to the right of                  forfeiture                  and vested 20% (or 20,000 shares) upon grant and 20% on each one                  year                  anniversary thereafter. Mr. Worthey also has an option to purchase                  10,000                  shares of common stock at an exercise price of $1.63 per share,                  which vest                  50% on the first anniversary and 50% on the second anniversary                  of the date                  of grant. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Mr.                  Dobitz has options to purchase 1,500,000 shares of common stock                  at an                  exercise price of $2.10 per share, which vest 33-1/3% on October 16,                  2007, 33-1/3% on October 16, 2008, and 33-1/3% on October 16,                  2009. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Mr.                  Casazza has options to purchase 750,000 shares of common stock                  at an                  exercise price of $1.75 per share, which vested 25% on October 2,                  2006, and will vest 25% on October 2, 2007, 25% on October 2,                  2008 and 25% on October 2,                  2009. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Mr.                  Foley has options to purchase 1,000,000 shares of common stock                  at an                  exercise price of $3.19 per share, which vest                  33-1/3% on January 15, 2008, 33-1/3% on January 15, 2009, and                  33-1/3% on January 15, 2010. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Old                  Westbury Real Return Fund holds warrants to purchase 6,666,666                  shares of                  common stock at $1.50 per share until March 30, 2012. The holder of                  such warrants does not have the right to exercise warrants if the                  holder                  would beneficially own in excess of 9.99% of the Company’s common stock;                  consequently, the number of shares beneficially owned includes                  warrants to                  purchase 1,820,771 shares of common stock. W. Preston Stahl, Andrew                  M.                  Parker and Harold S. Woolley have voting power and investment control                  over                  shares held by Old Westbury Real Return Fund. Bessemer Investor                  Services,                  Inc., a member of NASD, is an affiliate of Bessemer Investment                  Management                  LLC, the Adviser of Old Westbury Real Return                  Fund. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (14) | JANA                  Piranha Master Fund, Ltd. holds warrants to purchase 5,333,333                  shares of                  common stock at $1.50 per share until March 30, 2012. The holder of                  such warrants does not have the right to exercise the warrants                  if the                  holder would beneficially own in excess of 9.99% of the Company’s common                  stock. The number of shares beneficially owned includes warrants                  to                  purchase 5,227,126 shares of common stock. Barry Rosenskin and                  Gary Claer                  have voting power and investment control over shares held by JANA                  Piranha                  Master Fund, Ltd. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Includes                  4,142,078 shares of our common stock held by Millennium Global                  High Yield                  Fund Limited and 1,380,692 shares of our common stock held by Millennium                  Global Natural Resources Fund Limited. Joseph Strubel of Millennium                  Global                  Investments Limited has voting power and investment control over                  shares                  held by Millennium Global Natural Resources Fund Limited and shares                  held                  by Millennium Global High Yield Fund Limited. Millennium Global                  Natural                  Resources Fund Limited holds warrants to purchase 4,000,000 shares                  of                  common stock and Millennium Global High Yield Fund Limited holds                  warrants                  to purchase 1,333,333 shares of common stock. Millennium Global                  Investments Limited has voting and investment authority over the                  warrants                  held by Millennium Global Natural Resources Fund Limited and the                  warrants                  held by Millennium Global High Yield Fund Limited. The warrants                  are                  exercisable at $1.50 per share until March 30, 2012. The holder of                  these warrants does not have the right to exercise warrants if                  the holder                  would beneficially own in excess of 9.99% of the Company’s common stock. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (16) | Includes                  warrants to purchase 5,000,000 shares of common stock at $1.50                  per share                  until March 30, 2012, and of which the holder does not have the right                  to exercise warrants if the holder would beneficially own in excess                  of                  9.99% of the Company’s common stock. Credit Suisse Client Nominees (UK)                  Limited acts as custodian for RAB Special Situations (Master) Fund                  Limited. RAB Special Situations (Master) Fund Limited has voting                  power and                  investment control over shares of stock held by Credit Suisse Client                  Nominees (UK) Limited. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (17) | Includes                  warrants to purchase 3,333,333 shares of common stock at $1.50                  per share                  until March 30, 2012, and of which the holder does not have the right                  to exercise warrants if the holder would beneficially own in excess                  of                  9.99% of the Company’s common stock. Andrew Morris has voting power and                  investment control over shares held by Morgan Stanley & Co. for a/c                  Persistency Capital. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (18) | Includes                  1,803,213 shares of our common stock held by Hound Partners LP                  and                  1,387,871 shares of our common stock held by Hound Partners Offshore                  Fund                  LP. John Auerbach, as manager of Hound Performance, LLC, has voting                  and                  investment authority over the shares held by Hound Partners LP                  and the                  shares held by Hound Partners Offshore Fund LP. Hound Partners                  LP holds                  warrants to purchase 1,326,400 shares of common stock. Hound Partners                  Offshore Fund LP holds warrants to purchase to purchase 1,340,266                  shares                  of common stock. Hound Performance, LLC has voting and investment                  authority over the warrants held by Hound Partners LP and the warrants                  held by Hound Partners Offshore Fund LP. The warrants are exercisable                  at                  $1.50 per share until March 30, 2012, and of which the holder does                  not have the right to exercise warrants if the holder would beneficially                  own in excess of 9.99% of the Company’s common stock. In addition to the                  above-stated shares, John Auerbach has ultimate voting and investment                  over                  10,500 shares owned by Hound Partners                  LLC. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Includes                  warrants to purchase 2,666,666 shares of common stock at $1.50                  per share                  until March 30, 2012, and of which the holder does not have the right                  to exercise warrants if the holder would beneficially own in excess                  of                  9.99% of the Company’s common stock. Guy-Philippe Bertin and Dimitri Meyer                  have voting power and investment control over shares of stock owned                  by                  SPGP. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (20) | Based                  solely on a July 17, 2007 stockholders’ list, no holder other than                  Old Westbury Real Return Fund, JANA Piranha Master Fund, Ltd.,                  Millennium                  Global Investments Limited, RAB Special Situations (Master) Fund                  Ltd.,                  Morgan Stanley & Co. for a/c Persistency Capital, Hound Performance,                  LLC, and SPGP is shown as beneficially owning of record more than                  5% of                  the Company’s securities, other than the nominee CEDE & Co. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Equity      Compensation Plan Information**

| **Plan                Category**                                              |   | Number of securities to be                issued upon exercise of outstanding options,warrants                and rights (a) |      | Weighted-average                exerciseprice                of outstanding options,                warrants and rights                (b) |   | Number of securitiesremaining available forfuture                issuance underequity compensation plans(excluding                securitiesreflected                in column (a))(c) |   |
|-------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity                compensation plans approved by security holders         |   |                                                                                                                                             | 3,335,000 |                                                                                                                                       | $      | 2.34                                                                                                                                                                                                                 |   |   | 6,665,000 |   |
| Equity                compensation plans not approved by security holders (1) |   |                                                                                                                                             | 3,000,000 |                                                                                                                                       | $      | 0.00001                                                                                                                                                                                                              |   |   | -0- |   |
| Total                                                                         |   |                                                                                                                                             | 6,335,000 |                                                                                                                                       | $      | 1.23                                                                                                                                                                                                                 |   |   | 6,665,000 |   |

**ITEM      13.**
**CERTAIN      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR      INDEPENDENCE.**

**Transactions      With Related Parties**

----

**Director      Independence**

**ITEM      14.**
**PRINCIPAL      ACCOUNTANT FEES AND SERVICES.**

| **Type                of Fee**        |   | **Fiscal****2007** |    | **Fiscal****2006** |   |
|---------------------------------------|--------|--------------------|---------|--------------------|--------|
| Audit                Fees (1)         |   | $                  | 268,845 |               | $      | 12,205 |   |
| Audit                Related Fees (2) |   |               | 29,750  |               |   | - |   |
| Tax                Fees (3)           |   |               | 1,580   |               |   | - |   |
| All                Other Fees (4)     |   |               | **-**   |               |   | - |   |
| Total                                 |   | $                  | 300,175 |               | $      | 12,205 |   |

| 1.   | Audit                Fees include the aggregate fees paid by us during the fiscal year                indicated for professional services rendered by Hein & Associates LLP                for the 2007 fiscal year and Williams and Webster, P.S. for the 2006                fiscal year for the audit of our annual financial statements, review                of                financial statements included in our Forms 10-Q and 1933 Act                filings. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 2.   | No                Audit Related Fees were paid to Williams and Webster, P.S during the                reported                fiscal periods.                                                                                                                                                                                                                                                                                                                                 |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 3.   | No                Tax Fees were paid to Williams and Webster, P.S during the reported                fiscal periods.                                                                                                                                                                                                                                                                                                                                                     |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.   | No                Other Fees were paid by us during the fiscal years indicated for                products                and services provided by Hein & Associates LLP or by Williams and                Webster, P.S, other than the services reported                above.                                                                                                                                                                                           |

**Audit      Committee Pre-Approval Policies and Procedures**

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**PART      IV**

**ITEM      15.**
**EXHIBITS,      FINANCIAL STATEMENT SCHEDULES.**

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**SIGNATURES**

|         |                                                                                                                                                         |                                   |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|
|         | **RANCHER                ENERGY CORP.**                                                                                                                      |
|    |                                                                                                                                                    |                              |
|              |                                                                                                                                                              | /s/ John              Works  |
|         | John              Works, President,              Chief Executive Officer, Principal Executive Officer, Director, Secretary,              and Treasurer  |
|         |                                                                                                                                                         |

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**EXHIBIT      INDEX**

| **Exhibit** |   | **Description**                                                                                                                                                                                                                    |
|-------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         |   | Amended                and Restated Articles of Incorporation (17)                                                                                                                                                                 |
| 3.4         |   | Amended                and Restated Bylaws (2)                                                                                                                                                                                     |
| 4.1         |   | Form                of Stock Certificate for Fully Paid, Non-Assessable Common Stock                of the                Company (1)                                                                                              |
| 4.2         |   | Form                of Unit Purchase Agreement (2)                                                                                                                                                                                 |
| 4.3         |   | Form                of Warrant Certificate (2)                                                                                                                                                                                     |
| 4.4         |   | Form                of Registration Rights Agreement, dated December 21, 2006                (3)                                                                                                                              |
| 4.5         |   | Form                of Warrant to Purchase Common Stock (3)                                                                                                                                                                        |
| 10.1        |   | Burke                Ranch Unit Purchase and Participation Agreement between Hot Springs                Resources Ltd. and PIN Petroleum Partners Ltd., dated February 6,                2006                (4)              |
| 10.2        |   | Employment                Agreement between John Works and Rancher Energy Corp., dated June 1,                2006 (5)                                                                                                        |
| 10.3        |   | Assignment                Agreement between PIN Petroleum Partners Ltd. and Rancher Energy                Corp.,                dated June 6, 2006 (5)                                                                        |
| 10.4        |   | Loan                Agreement between Enerex Capital, Corp. and Rancher Energy Corp.,                dated                June 6, 2006 (5)                                                                                    |
| 10.5        |   | Letter                Agreement between NITEC LLC and Rancher Energy Corp., dated June 7,                2006 (5)                                                                                                             |
| 10.6        |   | Loan                Agreement between Venture Capital First LLC and Rancher Energy Corp.,                dated June 9, 2006 (6)                                                                                               |
| 10.7        |   | Exploration                and Development Agreement between Big Snowy Resources, LP and Rancher                Energy Corp., dated June 15, 2006 (5)                                                                         |
| 10.8        |   | Assignment                Agreement between PIN Petroleum Partners Ltd. and Rancher Energy                Corp.,                dated June 21, 2006 (5)                                                                       |
| 10.9        |   | Purchase                and Sale Agreement between Wyoming Mineral Exploration, LLC and Rancher                Energy Corp., dated August 10, 2006 (4)                                                                        |
| 10.10       |   | South                Glenrock and South Cole Creek Purchase and Sale Agreement by and                between                Nielson & Associates, Inc. and Rancher Energy Corp., dated                October 1, 2006 (7) |
| 10.11       |   | Rancher                Energy Corp. 2006 Stock Incentive Plan                (7)                                                                                                                                                   |
| 10.12       |   | Rancher                Energy Corp. 2006 Stock Incentive Plan Form of Option Agreement                (7)                                                                                                                          |
| 10.13       |   | Employment                Agreement by and between John Dobitz and Rancher Energy Corp., dated                October 2, 2006 (7)                                                                                             |
| 10.14       |   | Denver                Place Office Lease between Rancher Energy Corp. and Denver Place                Associates Limited Partnership, dated October 30, 2006 (8)                                                              |
| 10.15       |   | Employment                Agreement between Andrew Casazza and Rancher Energy Corp., dated                October 23, 2006 (9)                                                                                                |
| 10.16       |   | Finder’s                Fee Agreement between Falcon Capital and Rancher Energy Corp. (10)                                                                                                                                   |
| 10.17       |   | Amendment                to Purchase and Sale Agreement between Wyoming Mineral Exploration,                LLC                and Rancher Energy Corp. (11)                                                                       |
| 10.18       |   | Letter                Agreement between Certain Unit Holders and Rancher Energy Corp.,                dated                December 8, 2006 (2)                                                                               |
| 10.19       |   | Letter                Agreement between Certain Option Holders and Rancher Energy Corp.,                dated                December 13, 2006                (2)                                                             |
| 10.20       |   | Product                Sale and Purchase Contract by and between Rancher Energy Corp. and                the                Anadarko Petroleum Corporation, dated December 15, 2006 (12)                                      |
| 10.21       |   | Amendment                to Purchase and Sale Agreement between Nielson & Associates, Inc. and                Rancher Energy Corp. (13)                                                                                        |
| 10.22       |   | Securities                Purchase Agreement by and among Rancher Energy Corp. and the Buyers                identified therein, dated December 21, 2006 (3)                                                             |

----

| **Exhibit** |   | **Description** |
|-------------|--------|-----------------|

| 10.23 |   | Lock-Up                Agreement between Rancher Energy Corp. and Stockholders identified                therein, dated December 21, 2006 (3)                                                        |
|-------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.24 |   | Voting                Agreement between Rancher Energy Corp. and Stockholders identified                therein, dated as of December 13, 2006 (3)                                                   |
| 10.25 |   | Form                of Convertible Note (14)                                                                                                                                                              |
| 10.26 |   | Employment                Agreement between Daniel Foley and Rancher Energy Corp., dated                January 12, 2007 (15)                                                                        |
| 10.27 |   | First                Amendment to Securities Purchase Agreement by and among Rancher Energy                Corp. and the Buyers identified therein, dated as of January 18, 2007                (16) |
| 10.28 |   | Rancher                Energy Corp. 2006 Stock Incentive Plan Form of Restricted Stock Agreement                (20)                                                                                      |
| 10.29 |   | First                Amendment to Employment Agreement by and between John Works and Rancher                Energy Corp., dated March 14, 2007 (20)                                                       |
| 14.1  |   | Code                of Business Conduct and Ethics (18)                                                                                                                                                   |
| 16.1  |   | Letter                from Williams & Webster, P.S. regarding change in certifying                accountant(19)                                                                                      |
| 21.1  |   | List                of Subsidiaries (21)                                                                                                                                                                  |
| 31.1  |   | Certification                Pursuant to Rule 13a-14(a)/15d-14(a) (Chief Executive Officer)                (22)                                                                                           |
| 31.2  |   | Certification                Pursuant to Rule 13a-14(a)/15d-14(a) (Chief Financial Officer)                (22)                                                                                           |
| 32.1  |   | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002 (22)                                  |
| 32.2  |   | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002 (22)                                  |

| (1) | Incorporated                by reference from our Form SB-2 Registration Statement filed on                June 9, 2004 (File No.                333-116307). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated                by reference from our Current Report on Form 8-K filed on                December 18, 2006 (File No.                000-51425). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated                by reference from our Current Report on Form 8-K filed on                December 27, 2006 (File No.                000-51425). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Incorporated                by reference from our Quarterly Report on Form 10-Q/A filed on                August 28, 2006 (File No.                000-51425). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Incorporated                by reference from our Annual Report on Form 10-K filed on June 30,                2006 (File No. 000-51425). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Incorporated                by reference from our Current Report on Form 8-K filed on June 21,                2006 (File No. 000-51425). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Incorporated                by reference from our Current Report on Form 8-K filed on October 6,                2006 (File No. 000-51425). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Incorporated                by reference from our Current Report on Form 8-K filed on November 9,                2006 (File No. 000-51425). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Incorporated                by reference from our Current Report on Form 8-K filed on                November 14,2006 (File No.                000-51425). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (10) | Incorporated                by reference from our Current Report on Form 8-K/A filed on                November 14, 2006 (File No.                000-51425). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Incorporated                by reference from our Current Report on Form 8-K filed on December 4,                2006 (File No. 000-51425). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Incorporated                by reference from our Current Report on Form 8-K filed on                December 22, 2006 (File No.                000-51425). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Incorporated                by reference from our Current Report on Form 8-K filed on                December 27, 2006 (File No.                000-51425). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (14) | Incorporated                by reference from our Current Report on Form 8-K filed on January 8,                2007 (File No. 000-51425). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Incorporated                by reference from our Current Report on Form 8-K filed on January 16,                2007 (File No. 000-51425). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (16) | Incorporated                by reference from our Current Report on Form 8-K filed on January 25,                2007 (File No. 000-51425). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (17) | Incorporated                by reference from our Current Report on Form 8-K filed on April 3,                2007 (File No. 000-51425). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (18) | Incorporated                by reference from our Current Report on Form 8-K filed on June 6,                2007 (File No. 000-51425). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Incorporated                by reference from our Current Report on Form 8-K/A filed on August 9,                2006 (File No. 000-51425). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (20) | Incorporated                by reference from our Current Report on Form 8-K filed on March 20,                2007 (File No. 000-51425). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (21) | Incorporated                by reference from our Annual Report on Form 10-K filed on June 29,                2007 (File No. 000-51425). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (22) | Filed                herewith. |
|------|--------------------------------|

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