**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        D.C. 20549**

**FORM        10-K/A**

**Amendment        No.1**

| x | **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 ofincorporation                  or organization) | (I.R.S.                  EmployerIdentification                  Number) |

**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                  |   | Name                  of Each ExchangeOn                  Which Registered |
|-------------------------------------------------------------|--------|----------------------------------------------------------------------------|
| Common                  Stock, par value $0.00001 per share |   | N/A                                                                        |

| Large accelerated filer    ̈      |                                                                             | Accelerated filer  ̈         |
|----------------------------------------------------------------|----------------------------------------------------------------------------------|--------------------------------------------|
| Non-accelerated filer      ̈ | (Do not check if a smaller reporting company) | Smaller reporting company x |

**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.                                                                                        | 5                 |
| Item                12. | Security                Ownership of Certain Beneficial Owners and Management and Related                Stockholder Matters. | 9                 |
| Item                13. | Certain                Relationships and Related Transactions, and Director                Independence.                      | 13                |
| Item                14. | Principal                Accountant Fees and Services.                                                                        | 14                |
| PART                IV  |                                                                                                                          | 14                |
| Item                15. | Exhibits,                Financial Statement Schedules.                                                                       | 14                |

**PART      III**

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

| **Name**                                   |   | **Age** |   | **Positions                Held**                                                                   |   | **Beginning                of Term****of                Service** |
|--------------------------------------------|--------|---------|--------|-----------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|
| John                Works                  |   | 54      |   | Director,                President, Chief Executive Officer, Chief Financial                Officer |   | May 18,                2006                                  |
| William                A. Anderson         |   | 69      |   | Director                                                                                            |   | April 20,                2007                                |
| Joseph                P. McCoy             |   | 57      |   | Director                                                                                            |   | April 20,                2007                                |
| Patrick                M. Murray           |   | 65      |   | Director                                                                                            |   | April 20,                2007                                |
| Myron                (Mickey) M. Sheinfeld |   | 78      |   | Director                                                                                            |   | April 20,                2007                                |
| Mark                Worthey                |   | 50      |   | Director                                                                                            |   | February 16,                2007                             |
| Richard                Kurtenbach          |   | 53      |   | Chief                Accounting Officer                                                             |   | August                27, 2007                                    |

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**John      Works - Director, President, Chief Executive Officer and Chief Financial      Officer**

**William      A. Anderson - Director**

**Joseph      P. McCoy - Director**

----

**Patrick      M. Murray - Director**

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

**Mark      Worthey – Director**

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**Richard      Kurtenbach – Chief Accounting Officer**

**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**

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**Code      of Business Conduct and Ethics**

*www.rancherenergy.com*
*.*

| **ITEM                11.** | **EXECUTIVE                  COMPENSATION.** |
|-----------------------------|----------------------------------------------|

**Summary      Compensation Table**

| **Name                and****Principal                Position**                             |   | **Fiscal Year** |   | **Salary** |   | **Bonus** |   | **Option****Awards (A)** |    | **All Other****Compensation (B)** |   | **Total** |   |
|----------------------------------------------------------------------------------------------|--------|----------------------|--------|------------|--------|-----------|--------|-------------------------------|---------|---------------------------------------------|--------|-----------|--------|
|                                                                                         |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |
| John                Works                                                                    |   |                 | 2008   |       | $      | 225,000   |   | $                             | 22,500  |                                        | $      | —   |   | $ | 9,000 |   | $ | 256,500 |   |
| President                & Chief                                                         |   |                 | 2007   |       | $      | 150,000   |   | $                             | — |                                        | $      | 1,694,000 |   | $ | — |   | $ | 1,844,000 |   |
| Executive                Officerand                Chief FinancialOfficer                (C) |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
|                                                                                         |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
| Richard                Kurtenbach                                                            |   |                 | 2008   |       | $      | 105,499   |   | $                             | 17,500  |                                        | $      | 94,756    |   | $ | 599 |   | $ | 218,204 |   |
| Chief                Accounting                                                              |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
| Officer                (D)                                                                   |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
|                                                                                         |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
| Daniel                Foley                                                                  |   |                 | 2008   |       | $      | 78,460    |   | $                             | — |                                        | $      | —   |   | $ | 56,995 |   | $ | 135,455 |   |
| Chief                FinancialOfficer                (E)                                     |   |                 | 2007   |       | $      | 37,500    |   | $                             | — |                                        | $      | 2,073,143 |   | $ | — |   | $ | 2,110,643 |   |
|                                                                                         |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
| Andrew                Casazza                                                                |   |                 | 2008   |       | $      | 160,000   |   | $                             | 16,000  |                                        | $      | —   |   | $ | 6,400 |   | $ | 182,400 |   |
| Chief                Operating                                                               |   |                 | 2007   |       | $      | 80,000    |   | $                             | — |                                        | $      | 847,947   |   | $ | — |   | $ | 927,947 |   |
| Officer                (F)                                                                   |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
|                                                                                         |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |
| John                Dobitz                                                                   |   |                 | 2008   |       | $      | 185,000   |   | $                             | 68,500  |                                        | $      | —   |   | $ | 20,937 |   | $ | 274,437 |   |
| Senior                Vice                                                                   |   |                 | 2007   |       | $      | 84,792    |   | $                             | 50,000  |                                        | $      | 2,041,920 |   | $ | 29,009 |   | $ | 2,205,721 |   |
| President                (G)                                                                 |   |                 |   |       |   |      |   |                          |    |                                        |   |      |   |   |   |   |   |   |   |

| (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, 2008, in accordance with FAS 123(R). Please                refer to Note 7 of the Notes to Financial Statements of our audited                financial statements for the fiscal year ended March 31, 2008, which                begin                on page F-19, for a discussion of the assumptions made in the valuation                of                the stock option awards. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (B) | For                Mr. Works, Mr. Casazza and Mr. Kurtenbach, Other Compensation represents                contributions to their respective 401(k) account. For Mr. Foley,                Other                Compensation represents contributions to 401(k) account ($3,138)                and fees                for consulting work subsequent to his resignation. For Mr. Dobitz,                Other                Compensation in Fiscal Year 2008 included contributions to his 401(k)                account ($7,400) and payment for accrued vacation as his resignation                date                ($13,537) and Other Compensation in Fiscal Year 2007 included costs                for                moving expenses, fees for consulting prior to becoming our employee,                an                automobile allowance and contributions to his 401(k) account. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (D) | Mr.                Kurtenbach was appointed our Chief Accounting Officer on August 27,                2007. |
|-----|-------------------------------------------------------------------------------------------------------------|

| (E) | Mr.                Foley resigned his position as our Chief Financial Officer the Company                on                August 31, 2007. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (F) | Mr.                Casazza resigned his position as our Chief Operating Officer effective                April 30, 2008. |
|-----|--------------------------------------------------------------------------------------------------------------------------|

| (G) | Mr.                Dobitz resigned his position as our Senior Vice President                Engineering effective                March 31, 2008. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

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

***Employment      Agreements***

----

***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.                Kurtenbach  |   | $                                                               | 87,500       |                                                           | $      | 87,500 |   |
| Mr.                Casazza (A) |   |                                                            | 80,000       |                                                           |   | 80,000 |   |

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

|                              |   | **Option Awards**                            |                      |
|-----------------------------------|--------|---------------------------------------------------|---------------------------|
|                              |   | **Number of****Securities**                  |                      | **Number of****Securities****Underlying** |   |   |   |   |   |
|                              |   | **Underlying****Unexercised****Options (#)** |                      | **Unexercised****Options (#)****(A)** |   | **Option****Exercise** |   | **Option****Expiration** |   |
| **Name**                          |   | **Exercisable**                                   |                      | **Unexercisable** |   | **Price** |   | **Date** |   |
|                              |   |                                              |                      |   |   |   |   |   |   |
| John                Works         |   |                                              | —                   |   |   | 1,250,000 |   | $ | .00001 |   |   | None |   |
|                              |   |                                              |                      |   |   |   |   |   |   |   |   |   |   |
| Richard                Kurtenbach |   |                                              | —                   |   |   | 450,000 |   | $ | .045 |   |   | 8/27/12 |   |
|                              |   |                                              |                      |   |   |   |   |   |   |   |   |   |   |
| John                Dobitz        |   |                                              | 500,000                (B | ) |   |   |   |   |   |   |   |   |   |

| (A) | Mr.                Works’ options vest 250,000 shares quarterly for each quarter ended from                May 31, 2007 through May 31, 2009. Mr. Kurtenbach’s options vest 150,000                shares annually from August 27, 2008 through August 27, 2011. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Mr.                Dobitz resigned his position as Senior Vice President effective March                31,                2008. In accordance with the terms of the 2006 Stock Option Agreement,                Mr.                Dobitz was eligible to exercise vested options for a period of one                month                after resignation. Mr. Dobitz did not exercise any vested options                within                the requisite one month of the termination of his employment with                us. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Director      Compensation **

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***Cash      Compensation and Equity Compensation***

| **Name**                           |   | **Fees Earned****Or Paid****In Cash** |    | **Stock****Awards (A)** |   | **Option****Awards (B)** |   | **All Other Compensation** |   | **Total** |   |
|------------------------------------|--------|------------------------------------------------------|---------|------------------------------|--------|-------------------------------|--------|--------------------------------------|--------|-----------|--------|
|                               |   |                                                 |    |                         |   |                          |   |                                 |   |      |   |
| William                A. Anderson |   | $                                                    | — |                         | $      | 168,000                       |   | $                                    | 6,227  |      | $      | — |   | $ | 174,227 |   |
|                               |   |                                                 |    |                         |   |                          |   |                                 |   |      |   |   |   |   |   |   |
| Joseph                P. McCoy     |   | $                                                    | — |                         | $      | 177,000                       |   | $                                    | 6,227  |      | $      | — |   | $ | 183,227 |   |
|                               |   |                                                 |    |                         |   |                          |   |                                 |   |      |   |   |   |   |   |   |
| Patrick                M. Murray   |   | $                                                    | 16,000  |                         | $      | 147,000                       |   | $                                    | 6,227  |      | $      | — |   | $ | 169,227 |   |
|                               |   |                                                 |    |                         |   |                          |   |                                 |   |      |   |   |   |   |   |   |
| Myron                M. Sheinfeld  |   | $                                                    | 16,000  |                         | $      | 147,000                       |   | $                                    | 6,227  |      | $      | — |   | $ | 169,227 |   |
|                               |   |                                                 |    |                         |   |                          |   |                                 |   |      |   |   |   |   |   |   |
| Mark                Worthey        |   | $                                                    | — |                         | $      | 175,000                       |   | $                                    | 6,227  |      | $      | — |   | $ | 175,000 |   |

| (A) | Stock                Awards compensation reflects the grant date fair value as measured                in                accordance with FAS 123(R). During the fiscal year that ended March                31,                2008, we granted each director 100,000 shares of restricted stock                in                conjunction with his joining the Board that vested 20% on the date                of                grant and vests 20% per anniversary date thereafter. In addition                to the                foregoing restricted stock grant, each director received the following                shares of common stock during the last fiscal year as fees for his                service                on our Board and committees (as the case may be): Mr. Anderson received                166,266 shares; Mr., McCoy received 188,939 shares; Mr. Murray received                113,363 shares; Mr. Sheinfeld received 113,363 shares; and Mr. Worthey                received 166,266 shares. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Option                Award compensation reflects the total grant date fair value as measured                in                accordance with FAS 123(R). On April 20, 2007, we granted Mr. Anderson,                Mr. McCoy, Mr. Murray and Mr. Sheinfeld 10,000 stock options each,                with an                exercise price per share of $1.02, the fair market value of our common                stock on the date of grant. The options vest 20% per year on each                of the                first five anniversary dates of the grant date and are exercisable                for a                ten-year term. 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **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, Chief Executive Officer, Secretary                    and Treasurer (4) 999-18th                    Street, Suite 3400 Denver,                    Colorado 80202 |   |                                                                                        | 3,175,000  |                                                                                                       |   | 2.75 | % |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| William                    A. Anderson, Director (5) 999-18th                    Street, Suite 3400 Denver,                    Colorado 80202                                                                        |   |                                                                                        | 331,491    |                                                                                                       |   | * |   |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| Joseph                    P. McCoy, Director (6) 999-18th                    Street, Suite 3400 Denver,                    Colorado 80202                                                                            |   |                                                                                        | 351,423    |                                                                                                       |   | * |   |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| Patrick                    M. Murray, Director (7) 999-18th                    Street, Suite 3400 Denver,                    Colorado 80202                                                                          |   |                                                                                        | 251,653    |                                                                                                       |   | * |   |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| Myron                    (Mickey) M. Sheinfeld, Director (8) 999-18th                    Street, Suite 3400 Denver,                    Colorado 80202                                                                |   |                                                                                        | 251,653    |                                                                                                       |   | * |   |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| Mark                    Worthey, Director (9) 999-18th                    Street, Suite 3400 Denver,                    Colorado 80202                                                                               |   |                                                                                        | 324,491    |                                                                                                       |   | * |   |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| Richard                    E. Kurtenbach, Chief Accounting Officer (10) 999-18th                    Street, Suite 3400 Denver,                    Colorado 80202                                                     |   |                                                                                        | 150,000    |                                                                                                       |   | * |   |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| All                    Executive Officers and Directors as a Group (7 persons)                                                                                                                                       |   |                                                                                        | 4,835,711  |                                                                                                       |   | 4.19 | % |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| Millennium                    Global Investments Limited (11) 57-59                    St. James Street London,                    United Kingdom SW1A 1LD                                                           |   |                                                                                        | 11,647,117 |                                                                                                       |   | 9.64 | % |
|                                                                                                                                                                                                                 |   |                                                                                        |       |                                                                                                       |   |   |   |
| RAB                    Special Situations (Master) Fund Ltd. (12) (13) c/o                    RAB Capital PLC 1                    Adam Street London,                    United Kingdom WC2N 6LE                    |   |                                                                                        | 10,919,711 |                                                                                                       |   | 9.07 | % |

| (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. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (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 115,367,878 shares issued and outstanding                as of                July 7, 2008.                      |

| (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 3,000,000 shares of common stock. Of this total, : Mr.                Works                does not have beneficial ownership or control of 75,000 shares, which                have                been previously gifted by Mr. Works. Mr. Works also has beneficial                ownership and control over 25,000 shares of common stock that are                held by                The David Works Family Trust of which he is the trustee and 150,000                shares                that are held by trusts for the benefit of his minor children of                which he                is the trustee. Pursuant to the option, 250,000 shares will become                exercisable on August 31, 2008. The number of shares reported as                beneficially owned by Mr. Works anticipates his exercise of the 250,000                shares on August 31, 2008. The remaining portion of the unexercised                option                will vest at a rate of 250,000 shares per completed quarter of service                until May 31, 2009. Mr. 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. 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.                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.                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.                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) | Mr.                Worthey 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. 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Mr.                Kurtenbach has options to purchase 450,000 shares of common stock                at an                exercise price of $0.45 per share, which vest 33-1/3% on August 27,                2008,                33-1/3% on August 27, 2009, and 33-1/3% on August 27, 2010. The option                held by Mr. Kurtenbach is exercisable for 150,000 shares of common                stock                within the next 60 days. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  (11) | Includes                4,735,338 shares of our common stock held by Millennium Global High                Yield                Fund Limited and 1,578,446 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. |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | 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. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Based                solely on a July 7, 2008 stockholders’ list, no holder other than                Millennium Global Investments Limited and RAB Special Situations                (Master)                Fund Ltd., is shown as beneficially owning of record more than 5%                of the                Company’s securities, other than the nominee CEDE & Co. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Equity      Compensation Plan Information**

| **Plan Category**                                                               |   | Number of securities to beissued upon exercise ofoutstanding options,warrants and rights (a)  |      | Weighted-averageexerciseprice ofoutstanding options,warrantsand rights (b)  |   | Number of securitiesremaining available forfuture issuance underequity compensation plans(excluding securitiesreflected in column (a))(c) |   |
|--------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved                by security holders |   |                                                                                                                                                      | 1,431,000 |                                                                                                 | $      | 1.28                                                                                                                                                                                                  |   |   | 8,569,000 |   |
| Equity                compensation plans not approved by security holders (1)        |   |                                                                                                                                                      | 1,250,000 |                                                                                                 | $      | 0.00001                                                                                                                                                                                               |   |   | -0- |   |
| Total                                                                                |   |                                                                                                                                                      | 2,681,000 |                                                                                                 | $      | 0.68                                                                                                                                                                                                  |   |   | 8,569,000 |   |

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

**Transactions      With Related Parties**

|  **Date of Issue** |   | **Number of Shares Issued** |    | **Fair Market Value Per ****Share at Issue Date** |   |
|-----------------------------------|--------|--------------------------------------------|---------|--------------------------------------------------------------------------------------|--------|
| Jun                30, 2007       |   |                                       | 101,713 |                                                                                 | $      | 0.73 |   |
| Sep                30, 2007       |   |                                       | 181,098 |                                                                                 | $      | 0.41 |   |
| Dec                31, 2007       |   |                                       | 275,001 |                                                                                 | $      | 0.27 |   |
| Mar                31, 2008       |   |                                       | 190,385 |                                                                                 | $      | 0.39 |   |
| Jun                30, 2008       |   |                                       | 239,514 |                                                                                 | $      | 0.31 |   |

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**Director      Independence**

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

| **Type                of Fee**          |   | **Fiscal****2008** |    | **Fiscal****2007** |   |
|-----------------------------------------|--------|--------------------|---------|--------------------|--------|
| Audit                Fees (1)           |   | $                  | 171,413 |               | $      | 293,295 |   |
| Audit                - Related Fees (2) |   |               | 36,733  |               |   | 40,740 |   |
| Tax                Fees (3)             |   |               | 21,210  |               |   | 1,660 |   |
| All                Other Fees           |   |               | -       |               |   | **-** |   |
| Total                                   |   | $                  | 229,356 |               | $      | 335,695 |   |

| 1. |   | Audit                Fees include the aggregate fees incurred by us for professional services                rendered by Hein & Associates LLP for the audit of our annual                financial statements, review of financial statements included in                our Forms                10-Q and 1933 Act filings for the 2008 and 2007 fiscal                years |
|----|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. |   | Audit                - Related Fees include the aggregate fees incurred by us for professional                services rendered by Hein & Associates for their audit of the                pre-predecessor revenue and expenses, review of proxy and S-1 Registration                Statement, SEC comment letters.                                                           |
| 3. |   | Tax                Fees include the aggregate fees incurred by us for professional services                rendered by Hein & Associates for tax compliance and tax planning for                the 2008 and 2007 fiscal years.                                                                                                                                                |

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

**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 |

----

**EXHIBIT      INDEX**

| **Exhibit** |   | **Description**                                                                                                                                                                                                                    |
|-------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         |   | Amended                and Restated Articles of Incorporation (1)                                                                                                                                                                  |
| 3.2         |   | Articles                of Correction (2)                                                                                                                                                                                          |
| 3.3         |   | Amended                and Restated Bylaws (3)                                                                                                                                                                                     |
| 4.1         |   | Form                of Stock Certificate for Fully Paid, Non-Assessable Common Stock                of the                Company (4)                                                                                              |
| 4.2         |   | Form                of Unit Purchase Agreement (3)                                                                                                                                                                                 |
| 4.3         |   | Form                of Warrant Certificate (3)                                                                                                                                                                                     |
| 4.4         |   | Form                of Registration Rights Agreement, dated December 21, 2006                (5)                                                                                                                              |
| 4.5         |   | Form                of Warrant to Purchase Common Stock (5)                                                                                                                                                                        |
| 10.1        |   | Burke                Ranch Unit Purchase and Participation Agreement between Hot Springs                Resources Ltd. and PIN Petroleum Partners Ltd., dated February 6,                2006                (6)              |
| 10.2        |   | Employment                Agreement between John Works and Rancher Energy Corp., dated June 1,                2006 (7)                                                                                                        |
| 10.3        |   | Assignment                Agreement between PIN Petroleum Partners Ltd. and Rancher Energy                Corp.,                dated June 6, 2006 (7)                                                                        |
| 10.4        |   | Loan                Agreement between Enerex Capital, Corp. and Rancher Energy Corp.,                dated                June 6, 2006 (7)                                                                                    |
| 10.5        |   | Letter                Agreement between NITEC LLC and Rancher Energy Corp., dated June 7,                2006 (7)                                                                                                             |
| 10.6        |   | Loan                Agreement between Venture Capital First LLC and Rancher Energy Corp.,                dated June 9, 2006 (8)                                                                                               |
| 10.7        |   | Exploration                and Development Agreement between Big Snowy Resources, LP and Rancher                Energy Corp., dated June 15, 2006 (7)                                                                         |
| 10.8        |   | Assignment                Agreement between PIN Petroleum Partners Ltd. and Rancher Energy                Corp.,                dated June 21, 2006 (7)                                                                       |
| 10.9        |   | Purchase                and Sale Agreement between Wyoming Mineral Exploration, LLC and Rancher                Energy Corp., dated August 10, 2006 (6)                                                                        |
| 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 (9) |
| 10.11       |   | Rancher                Energy Corp. 2006 Stock Incentive Plan                (9)                                                                                                                                                   |
| 10.12       |   | Rancher                Energy Corp. 2006 Stock Incentive Plan Form of Option Agreement                (9)                                                                                                                          |
| 10.13       |   | Denver                Place Office Lease between Rancher Energy Corp. and Denver Place                Associates Limited Partnership, dated October 30, 2006 (10)                                                             |
| 10.14       |   | Finder’s                Fee Agreement between Falcon Capital and Rancher Energy Corp. (11)                                                                                                                                   |
| 10.15       |   | Amendment                to Purchase and Sale Agreement between Wyoming Mineral Exploration,                LLC                and Rancher Energy Corp. (12)                                                                       |
| 10.16       |   | Letter                Agreement between Certain Unit Holders and Rancher Energy Corp.,                dated                December 8, 2006 (3)                                                                               |
| 10.17       |   | Letter                Agreement between Certain Option Holders and Rancher Energy Corp.,                dated                December 13, 2006                (3)                                                             |
| 10.18       |   | Product                Sale and Purchase Contract by and between Rancher Energy Corp. and                the                Anadarko Petroleum Corporation, dated December 15, 2006 (13)                                      |
| 10.19       |   | Amendment                to Purchase and Sale Agreement between Nielson & Associates, Inc. and                Rancher Energy Corp. (14)                                                                                        |
| 10.20       |   | Securities                Purchase Agreement by and among Rancher Energy Corp. and the Buyers                identified therein, dated December 21, 2006 (5)                                                             |

----

| **Exhibit** |   | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.21       |   | Lock-Up                Agreement between Rancher Energy Corp. and Stockholders identified                therein, dated December 21, 2006 (5)                                                                                                                                                                                                                                                                                  |
| 10.22       |   | Voting                Agreement between Rancher Energy Corp. and Stockholders identified                therein, dated as of December 13, 2006 (5)                                                                                                                                                                                                                                                                             |
| 10.23       |   | Form                of Convertible Note (15)                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.24       |   | Employment                Agreement between Daniel Foley and Rancher Energy Corp., dated                January 12, 2007 (16)                                                                                                                                                                                                                                                                                                  |
| 10.25       |   | First                Amendment to Securities Purchase Agreement by and among Rancher Energy                Corp. and the Buyers identified therein, dated as of January 18, 2007                (17)                                                                                                                                                                                                                           |
| 10.26       |   | Rancher                Energy Corp. 2006 Stock Incentive Plan Form of Restricted Stock Agreement                (18)                                                                                                                                                                                                                                                                                                                |
| 10.27       |   | First                Amendment to Employment Agreement by and between John Works and Rancher                Energy Corp., dated March 14, 2007 (19)                                                                                                                                                                                                                                                                                 |
| 10.28       |   | Employment                Agreement between Richard Kurtenbach and Rancher Energy Corp., dated                August 3, 2007(20)                                                                                                                                                                                                                                                                                                    |
| 10.29       |   | Term                Credit Agreement between Rancher Energy Corp. and GasRock Capital                LLC,                dated as of October 16, 2007 (21)                                                                                                                                                                                                                                                                          |
| 10.30       |   | Term                Note made by Rancher Energy Corp. in favor of GasRock Capital LLC,                dated                October 16, 2007 (21)                                                                                                                                                                                                                                                                                    |
| 10.31       |   | Mortgage,                Security Agreement, Financing Statement and Assignment of Production                and                Revenues from Rancher Energy Corp. to GasRock Capital LLC, dated                as of                October 16, 2007 (22)                                                                                                                                                                          |
| 10.32       |   | Security                Agreement between Rancher Energy Corp. and GasRock Capital LLC, dated                as                of October 16, 2007 (21)                                                                                                                                                                                                                                                                             |
| 10.33       |   | Conveyance                of Overriding Royalty Interest by Rancher Energy Corp. in favor of                GasRock                Capital LLC, dated as of October 16, 2007 (21)                                                                                                                                                                                                                                                   |
| 10.34       |   | ISDA                Master Agreement between Rancher Energy Corp. and BP Corporation                North                America Inc., dated as of October 16, 2007 (21)                                                                                                                                                                                                                                                            |
| 10.35       |   | Restricted                Account and Securities Account Control Agreement by and among Rancher                Energy Corp., GasRock Capital LLC, and Wells Fargo Bank, National                Association, dated as of October 16, 2007 (21)                                                                                                                                                                                      |
| 10.36       |   | Intercreditor                Agreement by and among Rancher Energy Corp., GasRock Capital LLC,                and BP                Corporation North America Inc., dated as of October 16, 2007 (21)                                                                                                                                                                                                                               |
| 10.37       |   | First                Amendment to Denver Place Office lease between Rancher Energy Corp.                and                Denver Place Associates Limited Partnership, dated March 6, 2007                (19)                                                                                                                                                                                                                     |
| 10.38       |   | Carbon                Dioxide Sale & Purchase Agreement between Rancher Energy Corp. and                ExxonMobil Gas & Power Marketing Company, dated effective as of                February 1, 2008 (Certain portions of this agreement have been redacted                and have been filed separately with the Securities and Exchange Commission                pursuant to a Confidential Treatment Request). (22) |
| 16.1        |   | Letter                from Williams & Webster, P.S. regarding change in certifying                accountant (23)                                                                                                                                                                                                                                                                                                               |
| 21.1        |   | List                of Subsidiaries (18)                                                                                                                                                                                                                                                                                                                                                                                            |
| 31.1        |   | Certification                Pursuant to Rule 13a-14(a)/15d-14(a) (Chief Executive Officer)                *                                                                                                                                                                                                                                                                                                                        |
| 31.2        |   | Certification                Pursuant to Rule 13a-14(a)/15d-14(a) (Chief Financial Officer)                *                                                                                                                                                                                                                                                                                                                        |

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