<PAGE>   1
                                    FORM 10-Q/A


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

         [X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended March 31, 2000

                                       OR

         [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934

            For the transition period from ____________ to ____________

                         Commission file number 0-20760

                            GREKA Energy Corporation
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Colorado                                             84-1091986
---------------------------------                          -------------------
  (State or other jurisdiction                             (I.R.S. Employer
of incorporation of organization)                          Identification No.)

                630 Fifth Avenue, Suite 1501, New York, NY 10111
                ------------------------------------------------
                     (Address of principal executive office)

                                 (212) 218-4680
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not applicable
                   ------------------------------------------
                     (Former name, former address and former
                   fiscal year, if changed since last report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  X  Yes     No
                                          ---     ---

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                 PROCEEDINGS DURING THE PRECEDING FIVE YEARS

     Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.  X Yes   No
                      ---   ---


                  APPLICABLE ONLY TO CORPORATE ISSUERS

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date:

As of May 3, 2001, GREKA had 4,550,005 shares of Common Stock, no par value per
share, outstanding.


<PAGE>   2




                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                             Page
<S>                                                                         <C>
PART I - FINANCIAL INFORMATION ..........................................      3

Item 1.  Financial Statements ...........................................      3

   Condensed Consolidated Balance Sheets as of March 31, 2000
     (Unaudited) and December 31, 1999 ..................................      3
   Condensed Consolidated Statements of Operations for the
      Three Month Periods Ended March 31, 2000 and 1999 (Unaudited) .....      4
   Condensed Consolidated Statements of Cash Flows for the
      Three Month Periods Ended March 31, 2000 and 1999 (Unaudited) .....      5
   Notes to Condensed Consolidated Financial Statements (Unaudited) .....      6

Item 2.  Management's Discussion and Analysis of Financial
   Condition and Results of Operation ...................................      7

Item 3.  Quantitative and Qualitative Disclosures About Market Risk .....     15

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings ..............................................     15

Item 2.  Changes in Securities and Use of Proceeds ......................     15

Item 3.  Defaults Upon Senior Securities ................................     15

Item 4.  Submission of Matters to a Vote of Security Holders ............     15

Item 5.  Other Information ..............................................     15

Item 6.  Exhibits and Reports on Form 8-K ...............................     15

SIGNATURE ...............................................................     16
</TABLE>



<PAGE>   3

This 10Q/A is filed certain adjustments and the impact of a change in accounting
principle on the quarter reported herein, which were cumulatively reflected in
our annual report on Form 10K for our year end December 31, 2000.

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

                    GREKA ENERGY CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                              FOR THE PERIODS ENDED


<TABLE>
<CAPTION>
                                                                     March 31,             December 31,
                                                                        2000                   1999
                                                                   ------------           --------------
                                                                    (Unaudited)
<S>                                                                 <C>                   <C>
                                     ASSETS
Current Assets
        Cash and equivalents                                        $   93,753               $   97,319
        Restricted Cash                                                      -                1,000,000
        Accounts receivable trade, net of
           allowance for doubtful accounts of
           $1,343,852 (1999) and $983,472 (2000)                     4,773,621                4,681,823
        Inventories                                                  7,446,351                4,253,277
        Other current assets                                         1,975,554                1,951,554
                                                                    ----------               ----------
                  Total Current Assets                              14,289,279               11,983,973
                                                                    ----------               ----------

Property and Equipment
        Investment in limestone property,
           at cost                                                   3,675,973                3,675,973
        Oil and gas properties (full cost method)                   29,510,282               29,653,061
        Land                                                        17,119,702               17,210,814
        Plant and equipment                                         26,944,144               26,875,661
                                                                    ----------               ----------
                                                                    77,250,101               77,415,509

        Less accumulated depletion, depreciation
           and amortization                                         (8,124,735)              (7,128,995)


        Other Assets                                                 1,749,754                1,943,196
                                                                   -----------              -----------
                  Total Assets                                     $85,164,399              $84,213,683
                                                                   ===========              ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

        Accounts payable and accrued expenses                      $ 9,942,725              $ 8,235,627
        Current maturities of long term notes and
           notes payable                                            13,094,419               13,173,296
        Short term borrowing                                         5,083,426                4,750,685
                                                                   -----------              -----------

                  Total Current Liabilities                         28,120,570               26,159,608

Long Term debt, net of current Portion                              15,695,298               15,695,825

Other Liabilities                                                    9,092,005                8,979,927

Stockholder's Equity
        Common Stock, no par value, 50,000,000
           Shares authorized and issued 4,339,940                   37,261,043               37,261,043
        Accumulated comprehensive income                               (19,243)                 (19,243)
        Accumulate deficit                                          (4,985,274)              (3,863,477)
                                                                   ------------             ------------
        Total Stockholders' Equity                                  32,256,526               33,378,323
                                                                   -----------              -----------
                                                                   $85,164,399              $84,213,683
                                                                   ===========              ===========
</TABLE>

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

                                       3
<PAGE>   4

                    GREKA ENERGY CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   FOR THE THREE MONTH PERIODS ENDED MARCH 31
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                      2000             1999
                                                  -----------      -----------
<S>                                               <C>              <C>
Revenues                                          $ 9,680,426      $   353,102
                                                  -----------      -----------
                  Total Revenues                    9,680,426          353,102

Expenses
        Production costs                            5,374,899          212,985
        General and administrative                  1,429,301          424,736
        Depletion, depreciation and
           Amortization                             1,173,170          218,375

        Other expense                                 707,115
                                                  -----------      -----------
                  Total Expenses                    8,684,485          856,096
                                                  -----------      -----------

Operating Income (Loss)                               995,941         (502,994)
                                                  -----------      -----------

Other Income (Expense)
        Equity in pre-merger loss of Saba                  --         (553,483)
        Other                                              --           26,317
        Interest expense                           (1,197,585)        (103,420)
                                                  -----------      -----------

                  Other Income (Expense), Net      (1,027,370)        (630,586)
                                                                   -----------
Income (Loss) before Income Tax                    (1,197,585)      (1,133,580)

Minority Interest in Loss (Earnings)
    of Consolidated Subsidiary                             --            1,038
                                                  -----------      -----------
Loss due to accounting change                        (853,109)

Provision for Taxes                                   (67,044)              --
                                                  -----------      -----------

Net Income (Loss)                                 $(1,121,797)     $(1,132,542)
                                                  ===========      ===========


Net Income (Loss) per Common Share - Basic        $     (0.26)     $     (0.38)
                                                  ===========      ===========

Net Income (Loss) per Common Share - Diluted      $     (0.26)     $     (0.38)
                                                  ===========      ===========
Weighted Average Common Shares Outstanding
    Basic                                           4,339,940        3,025,655
                                                  ===========      ===========
    Diluted                                         4,494,546        3,025,655
                                                  ===========      ===========
</TABLE>

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

                                       4
<PAGE>   5

                    GREKA ENERGY CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                   FOR THE THREE MONTH PERIODS ENDED MARCH 31,
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                                 2000             1999
                                                             -----------      -----------
Cash flows from Operating Activities
<S>                                                          <C>              <C>
        Net Income (Loss)                                    $(1,121,797)     $(1,132,542)
        Adjustments to reconcile net loss
        Net cash used in operating activities:

        Depletion, depreciation and
           Amortization                                        1,173,170          218,375
        Equity in pre-merger loss of Saba                             --          553,483
        Minority Interest in (losses) of
           Consolidated subsidiary                                    --           (1,038)
        Change in Accounting Policy                              853,109

        Changes in:

        Accounts receivable                                     (908,202)        (181,034)
        Other assets                                          (3,023,632)        (349,054)
        Accounts payable and accrued
           liabilities                                         1,707,198          404,522
                                                             -----------      -----------
                  Net Cash Provided (Used)
                   in Operating Activities                       496,250         (487,288)

Cash Flows from Investing Activities

        Expenditures for property and equipment                 (245,952)          (1,146)
        Expenditures for acquisition of Saba,
           net of cash acquired                                       --          260,318
                                                             -----------      -----------
        Net Cash Provided by (Used In)
           investing Activities                                 (245,952)         259,172
                                                             -----------      -----------
Cash Flows from Financing Activities

        Proceeds from notes payable and
           long-term debt                                             --        1,000,000
        Principal payments on notes
           payable and long-term debt                           (253,864)          (6,771)
        Net proceeds from issuance of common stock                                     --
                                                             -----------      -----------
Net Cash Provided (Used) by Financing
        Activities                                              (253,864)         993,229
                                                             -----------      -----------
Net Increase (Decrease) in Cash and
        cash Equivalents                                          (3,566)         765,113
Cash and Cash Equivalents at Beginning
        of Period                                                 97,319          250,212
                                                             -----------      -----------
Cash and Cash Equivalents at End of Period                   $    93,753      $ 1,015,325
                                                             ===========      ===========
</TABLE>


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


                                       5
<PAGE>   6

                    GREKA ENERGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         The accompanying unaudited condensed consolidated financial statements
have been prepared on a basis consistent with the accounting principles and
policies reflected in the financial statements for the year ended December 31,
1999, and should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's 1999 Form 10-K/A. In the
opinion of management, the accompanying unaudited condensed consolidated
financial statements contain all adjustments (which, except as otherwise
disclosed herein, consist of normal recurring accruals only) necessary to
present fairly the Company's consolidated financial position as of March 31,
2000,and the consolidated results of operations for the three month periods
ended March 31, 2000 and 1999, and the consolidated cash flows for the three
month periods ended March 31, 2000 and 1999.

Oil and Gas Property

         The Company periodically reviews the carrying value of its oil and gas
properties in accordance with requirements of the full cost method of
accounting. Under these rules, capitalized costs of oil and gas properties may
not exceed the present value of estimated future net revenues from proved
reserves, discounted at 10%, plus the lower of cost or fair market value of
unproved properties ("ceiling"). Application of this ceiling test generally
requires pricing future revenue at the prices in effect as of the end of each
reporting period and requires a writedown for accounting purposes if the ceiling
is exceeded.

Business Segments

         The Company`s operations are in three industry segments: Integrated
Operations (California refinery and E&P), E&P Americas, and E&P International.
Information about the Company's operation by segment as of and for the three
month period ended March 31, 2000, is as follows:

<TABLE>
<CAPTION>
                                 Integrated           E&P               E&P           Corp. &
                                 Operations         Americas           Int'l            Other             Total
                                ------------      ------------      ------------     ------------      ------------
Three Months
Ended March 31, 2000
--------------------
<S>                             <C>               <C>               <C>              <C>               <C>
Total Oil and Gas
    Revenue                     $  1,951,422      $  2,826,845      $    253,368     $ (1,895,227)        3,136,408
Refinery Revenue                   6,544,018                                                              6,544,018
                                ------------      ------------      ------------     ------------      ------------
Total Revenue                      8,495,440         2,826,845           253,368       (1,895,227)        9,680,426
                                ------------      ------------      ------------     ------------      ------------
Production Costs                     704,630           740,517            56,068                0         1,501,215
Refinery Costs                     5,768,911                                           (1,895,227)        3,873,684
Gross Profit                       2,021,899         2,086,328           197,300                0         4,305,527
Other Expenses                       746,073           397,676            46,533          239,019         1,429,301
Other Expense                        707,115                                                                707,115
DD&A Expenses                        705,916           413,762            53,492                0         1,173,170
Interest and other
    (expenses) income                677,092            84,000            14,197          422,296         1,197,585
Loss in Accounting due
    to change                        853,109                                                                853,109
Provisions for Taxes                                                                       67,044            67,044
                                ------------      ------------      ------------     ------------      ------------
Net income (loss)               $ (1,667,406)     $  1,190,890            83,078         (728,359)       (1,121,797)
                                ============      ============      ============     ============      ============
Capital Expenditures            $    833,933      $    192,206      $    303,179     $          0      $  1,329,318
Identifiable Assets             $ 59,713,297      $ 18,832,356      $  8,270,094     $     92,061      $ 86,907,808
                                ============      ============      ============     ============      ============
</TABLE>


NOTE 2 - INVENTORY

Inventory is stated at the lower of cost, determined on a first-in, first-out
basis or market and includes material, labor and manufacturing overhead costs.
Due to the continuous manufacturing process, there is no significant work in
process at any time. Inventory consists of the following at March 31, 2000:

<TABLE>
<S>                                   <C>
Raw Material .......................   $ 2,888,538
Finished goods......................     4,557,813
                                       -----------
   Total ...........................   $ 7,446,351
                                       ===========
</TABLE>


NOTE 3 - STATEMENT OF CASH FLOWS

Following is certain supplemental information regarding cash flows for the three
month periods ended March 31, 2000 and 1999:


<TABLE>
<CAPTION>
                                              2000                     1999
                                          ------------               --------
<S>                                       <C>                        <C>
          Interest paid                   $  1,103,169               $103,420
          Income taxes paid                         --                     --
</TABLE>


Non-cash investing and financing transactions are as follows:

A promissory note ($345,290), bearing interest at the rate of 13.5%, that was
due to the seller of an oil and gas property, which was acquired by Saba in
December 1997, was cancelled by the seller as part of a settlement. The settled
amount is part of the accounts payable at March 31, 2000.

                                       6
<PAGE>   7

NOTE 4 - CONTINGENCIES

In 1993, GREKA's subsidiary acquired a producing mineral interest in California
from a major oil company. At the time of acquisition, the subsidiary's
investigation revealed that a discharge of diluent, a light, oil-based fluid
which is often mixed with heavier grades of crude had occurred on the acquired
property. The purchase agreement required the seller to remediate the area of
the diluent spill. After the subsidiary assumed operation of the property, it
became aware of additional diluent contamination and believes the major oil
company is responsible to remediate these areas as well. The subsidiary has
notified the seller of its obligation to remediate. Notwithstanding the
subsidiary's compliance in proceeding with any required remediation on seller's
account, the subsidiary is committed to hold the seller accountable for the
required remediation. Since the investigation is not complete, an accurate
estimate of cost cannot be made.

In 1995, GREKA's subsidiary agreed to acquire an oil and gas interest in
California on which a number of out of production oil wells had been drilled by
the seller. The acquisition agreement required that the subsidiary assume the
obligation to abandon any wells that the subsidiary did not return to
production, irrespective of whether certain consents of third parties necessary
to transfer the property to the subsidiary were obtained. A third party whose
consent was required to transfer the property did not consent to the transfer
and is holding the seller accountable for all remediation. Management believes
the subsidiary has no obligation to remediate this property because it believes
the seller did not give the subsidiary any consideration to enter into the
contract for the property. Notwithstanding the subsidiary's compliance in
proceeding with any required remediation on seller's account, the subsidiary is
committed to hold the seller accountable for the required obligations of the
property. Since the investigation is not complete, an accurate estimate of cost
cannot be made.

GREKA's subsidiary owns an asphalt refinery in Santa Maria, California, with
which significant environmental remediation obligations are associated. This
refinery was acquired from Conoco Inc. in 1994 and Conoco performs all
environmental obligations that arose during and as a result of its operations of
the refinery prior to the acquisition.

GREKA's subsidiaries, as is customary in the industry, are required to plug and
abandon wells and remediate facility sites on their properties after production
operations are completed. The cost of such operation will be significant and
will occur, from time to time, as properties are abandoned.

There can be no assurance that material costs for remediation or other
environmental compliance will not be incurred in the future. The occurrence of
such environmental compliance costs could be materially adverse to the Company.
No assurance can be given that the costs of closure of any of the Company's
subsidiaries' other oil and gas properties would not have a material adverse
effect on the Company.

Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations.

         GREKA Energy Corporation, a Colorado corporation ("GREKA" or the
"Company") is an independent integrated energy company committed to creating
shareholder value by capitalizing on consistent cash flow hedged from oil price
fluctuations within integrated operations, exploiting E&P opportunities and
penetrating new niche markets utilizing proprietary technology with an emphasis
on low cost short radius horizontal drilling technology patented by BP Amoco and
licensed to GREKA. GREKA has oil and gas production, exploration and development
activities in North America and the Far East, with primary areas of activity in
California, Louisiana, and China. In addition, GREKA owns and operates an
asphalt refinery in California through a wholly-owned subsidiary.

                                       7
<PAGE>   8

Business Strategy

           GREKA's objective is to build shareholder value through consistent
economic growth both in the increased throughput at its asphalt refinery and in
the growth of its reserves and production thereby creating an increase in net
asset value per share, cash flow per share and earnings per share. Management is
focused on a balanced program of low to medium risk exploitation and development
of its existing reserves utilizing its low cost horizontal short radius drilling
technology licensed from BP Amoco. This is balanced by rapid growth through the
acquisition of synergistic businesses such as the Saba Petroleum Company
("Saba") acquisition concluded during the first quarter of 1999. All asset and
capital investment decisions are measured and ranked by their risk-adjusted
impact on per share value.

         GREKA has established a three prong strategy that capitalizes on its
asset base to enhance shareholder value as follows:

         Integrated Hedged Operations

         Hedged operations of GREKA are planned to focus on the integration of
its Santa Maria (California) assets, including an asphalt refinery and interest
in heavy oil fields. The hedged operations are targeted to capitalize on the
stable asphalt market in California by providing a balance of equity and third
party feedstock (heavy oil) into the refinery. The integration of the refinery
(100% owned) with the interests in the heavy oil producing fields (100% working
interest) has successfully provided a stable hedge to GREKA on each equity
barrel (since June 1999). GREKA's strategy in these integrated assets is
two-fold:

1.   GREKA intends  to  proceed  with  acquisitions  that  enhance  the
     long-term feedstock supply to the refinery.

2.   GREKA intends to implement the proprietary BP Amoco Horizontal Drilling
     Technology to cost-efficiently boost production rates from the 150
     potential drilling locations identified in the Santa Maria Valley area of
     central California.

The two actions are targeted to increase throughput into the refinery from the
highest rate during 1999 of approximately 4,500 barrels per day to 10,000
barrels per day by year end 2002. It is anticipated that the profitability from
these integrated operations will not be affected by volatile oil prices. It is
also anticipated that, by using the equity barrels to supply the refinery,
working capital requirements should be lower and cash flow should be enhanced.
The continued stability of the price of asphalt, coupled with reduced costs for
processing and lifting, should create a substantial value for GREKA's
shareholders.

         Exploitation, Exploration & Production

         GREKA is focusing on return to production ("RTP") work that had been
ignored by Saba. Such RTP is expected to enhance the current production levels
and capitalize on current oil prices. GREKA plans to capitalize on its existing
portfolio of domestic and international exploitation and exploration projects
that are synergistic with GREKA's BP Amoco Horizontal Drilling Technology. GREKA
plans to specifically focus on its existing concessions in strategic locations,
such as China, where GREKA believes there is a significant, long-term demand for
energy and a niche advantage for the Company.

         BP Amoco Horizontal Drilling Technology

         GREKA plans to continuously pursue new, emerging opportunities in the
energy business to identify and evaluate niche markets for its proprietary
knowledge. Two specific niche targets are coal bed methane projects and gas
storage. These opportunities should provide significant upside from the use of
short horizontal laterals.

                                        8
<PAGE>   9

         Significant and lucrative markets exist for the application of the
niche technology for GREKA's short radius horizontal drilling know-how. Mature
fields are in abundance throughout the world where the operators are faced with
declining production, uncertain oil prices and upcoming costs to abandon and
plug the uneconomic wells at their production rates. Such an environment creates
a unique market for GREKA to acquire such fields through a conservative
selection process. Primary acquisition candidates will have existing production,
existing operating infrastructure and facilities, geological formations
conducive to the technology, well bores and pay zones under ten thousand feet
with sufficient recoverable oil in place. As an example, GREKA has found that
California is a unique opportunity due to its stringent new drilling
regulations. GREKA's activities are essentially "re-work" negating any lengthy
approvals through the regulatory authorities. Such an environment has created
"pockets" of opportunity whereby significant recoverable oil has been left in
place by the majors and owners which, rather than attempt a costly endeavor to
drill new wells in urban areas, choose to sell their oil and gas interests.
GREKA intends to pursue such opportunities.

Business Development of GREKA

         GREKA Energy Corporation was formed in 1988 as a Colorado corporation
under the name of Kiwi III, Ltd. On May 13, 1996, GREKA, then known as Petro
Union, Inc., filed a voluntary petition for relief pursuant to Chapter 11 of the
United States Bankruptcy Code. Current GREKA management acquired Petro Union,
Inc. and simultaneously procured on August 28, 1997, an order confirming Petro
Union's First Amended Plan of Reorganization from the Bankruptcy Court for the
Southern District of Indiana. The bankruptcy court approved the final accounting
and closed the bankruptcy proceedings on March 26, 1998.

         During 1998, management of GREKA focused substantially all of its
efforts on corporate restructuring, recapitalization and acquisition efforts and
an investment in a horizontal drilling pilot program in the Cat Canyon field in
California that all were part of implementing its strategic niche growth plan.
During the latter part of 1998 and early 1999, management was primarily focused
on the acquisition of Saba, which had substantial reserves suited to
exploitation by GREKA's horizontal drilling technology, and considerable
expenses were incurred in connection with the Saba transactions in the first
quarter of 1999. Due to the significance to GREKA of the Saba acquisition,
GREKA's management and staff devoted a substantial amount of time and effort to
the acquisition.

         On March 22, 1999, the Company, then known as Horizontal Ventures,
Inc., changed its name to GREKA Energy Corporation. Effective March 24, 1999,
GREKA acquired Saba as a wholly owned subsidiary.

         Immediately subsequent to the completion of the acquisition, management
commenced its strategy which resulted in the following material accomplishments:

o    In May 1999, the Company's subsidiary assumed full operation of its asphalt
     refinery which significantly increased, and is expected to continue to
     increase, operating cash flows.

o    Also in May 1999, the Company's subsidiaries secured financing with a new
     bank, BNY Financial Corporation ("BNY"), for $11 million which was later
     increased to $12 million in September 1999.

o    Further in May 1999, the Company's subsidiary paid $6 million to Bank One
     Texas, N.A. ("Bank One") to reduce the debt owed by Saba which was in
     default since 1998.

o    In June 1999, the Company's subsidiary sold its non-core assets in
     Colombia, further reducing its debt by $10 million while maintaining upside
     potential through either a repurchase option which has recently been
     exercised or a court order directing rescission of the sale.

o    In July 1999, the Company completed the acquisition of all of the Beaver
     Lake Resources Corporation (the owner of the Company's Canadian assets)
     shares it did not already own, thereby privatizing Beaver Lake as a wholly
     owned subsidiary. Greka issued approximately 68,000 shares to complete the
     acquisition of the minority interest.

                                       9
<PAGE>   10

o    In August 1999, the Company entered into a term sheet to restructure Saba's
     9% senior subordinated debentures.

o    Also in August 1999, the Company's subsidiary emerged from voluntary
     bankruptcy following consummation of the sale of its non-core assets in
     Colombia.

o    Further in August 1999, the Company's subsidiary signed a production
     sharing contract with the China United Coalbed Methane Corporation Ltd. to
     jointly exploit coalbed methane (CBM) resources in China.

o    In November 1999, the Company's subsidiaries closed the financing of a $35
     million facility with GMAC Commercial Credit LLC to provide financing to
     reduce current liabilities and for future acquisitions.

o    Also in November 1999, the Company's subsidiary made an additional payment
     of $11.2 million to Bank One to reduce the defaulted debt owed by Saba.

o    Further in November 1999, the Company adopted a shareholder rights plan to
     preserve the long-term value of the Company for its shareholders.

o    In December 1999, the Company announced that its shares commenced trading
     on the Nasdaq National Market System.

o    In February  2000,  GREKA  announced  that it had the option to re-purchase
     Colombian  assets valued at  approximately  $65 million (PV-10) pursuant to
     the Company's calculations that a look-back provision,  under the agreement
     by which the assets were sold,  is three times  greater  than the  required
     valuation  threshold.  In March 2000, GREKA further announced that, subject
     to a court order  directing  rescission  of the sale,  it had exercised its
     option to re- purchase the  Colombian  assets for an estimated  cost of $12
     million which will result in the  Company's  receipt of assets with a PV-10
     value of  approximately  $65  million at December  31, 1999  (approximately
     $12.22 per share outstanding). (See Part II, Item 1-"Legal Proceedings")



                                       10
<PAGE>   11

Cautionary Information About Forward-Looking Statements

     This document contains forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act. All
statements, other than statements of historical facts, included in or
incorporated by reference into this Form 10-Q which address activities, events
or developments which the Company expects, believes or anticipates will or may
occur in the future are forward-looking statements. The words "believes,"
"intends," "expects," "anticipates," "projects," "estimates," "predicts" and
similar expressions are also intended to identify forward-looking statements.
These forward-looking statements include, among others, statements concerning:

* the benefits expected to result from GREKA's acquisition of Saba, including
* synergies in the form of increased revenues,
* decreased expenses and avoided expenses and expenditures that are expected
  to be realized as a result of the Saba acquisition, and
* the complementary nature of GREKA's horizontal drilling technology and certain
  oil reserves acquired with the acquisition of Saba, and

other statements of:

*    expectations,
*    anticipations,
*    beliefs,
*    estimations,
*    projections, and

other similar matters that are not historical facts, including such matters
     as:

*    future capital,
*    development and exploration  expenditures (including the timing, amount and
     nature thereof),
*    drilling and reworking of wells, reserve estimates(including estimates of
     future net revenues associated with such reserves and the present value of
     such future net revenues),
*    future production of oil and gas,
*    repayment of debt,
*    business strategies,
*    oil, gas and asphalt prices and demand,
*    exploitation and exploration prospects,
*    expansion and other development trends of the oil and gas industry, and
*    expansion and growth of business operations.

     These statements are based on certain assumptions and analyses made by the
management of GREKA in light of its experience and its perception of historical
trends, current conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances.

     GREKA cautions the reader that these forward-looking statements are subject
to risks and uncertainties, including those associated with:

*    the financial environment,
*    general economic, market and business conditions,
*    the regulatory environment,
*    business opportunities that may be presented to and pursued by GREKA,
*    changes in laws or regulations
*    exploitation and exploration successes,
*    availability to obtain additional financing on favorable conditions,
*    trend projections, and
*    other factors, many of which are beyond GREKA's control,

that could cause actual events or results to differ materially from those
expressed or implied by the statements. Such risks and uncertainties include
those risks and uncertainties identified in the Management's Discussion and
Analysis sections of this document and risk factors discussed from time to time
in the Company's filings with the Securities and Exchange Commission.

                                       11
<PAGE>   12

         Significant factors that could prevent GREKA from achieving its stated
goals include:

*    the inability of GREKA to obtain financing for capital expenditures and
     acquisitions,
*    declines in the market prices for oil, gas and asphalt, and
*    adverse changes in the regulatory environment affecting GREKA.

         The cautionary statements contained or referred to in this document
should be considered in connection with any subsequent written or oral
forward-looking statements that may be issued by GREKA or persons acting on its
or their behalf. GREKA undertakes no obligation to release publicly any
revisions to any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.

Long-Term Potential

         Management believes that the results of operations for the three month
period ended March 31, 2000 and cash flows of GREKA reported herein should be
indicative of the expected future first quote results of operations and cash
flows of GREKA, since the results of operations of the Company's refinery are
somewhat seasonal due to seasonal fluctuations in the asphalt market. Asphalt
sales have been generally higher in the third quarter and lower in the first
quarter. Due to these seasonal fluctuations, results of operations for interim
quarterly periods may not be indicative of results which may be realized on an
annual basis. The results of the Company as reported herein, and which are
demonstrative of the successful implementation of management's business plan,
continue to reflect the long-term potential of the Company. The Company's EBITDA
is 29.7% of its revenue for the three months ended March 31, 2000, and it is
expected that, as the Company increases its revenues, its cash flows should
continue to increase.

Results of Operations

Comparison of Three Month Periods Ended March 31, 2000 and 1999

     Revenues increased from $353,102 for the first quarter of 1999 to
$9,680,426 for the first quarter of 2000 primarily as a result of the
acquisition effective March 24, 1999 of Saba and the restructuring of assets.

     Production costs increased from $212,985 for the first quarter of 1999 to
$5,374,899 for the first quarter of 2000 primarily as a result of a
significantly larger asset base of operations.

     General and administrative expenses increased from $424,736 for the first
quarter of 1999 to $1,429,301 for the first quarter of 2000 primarily as a
result of a significantly larger employee and operations base brought on with
the Saba acquisition.

     Depreciation, depletion and amortization increased from $218,375 for the
first quarter of 1999 to $1,173,170 for the first quarter of 2000 also primarily
as a result of significantly larger asset base of operations.

     Interest expense increased from $103,420 for the first quarter of 1999 to
$1,197,585 for the first quarter of 2000 primarily as a result of assumption of
Saba's debt as a result of the acquisition.

         The Company's accounting method for inventory was changed from the
first in, first out (FIFO) method to the average cost method effective January
1, 2000. The average cost method is preferable because the primary inventoriable
cost at the refinery is crude oil for which the price can fluctuate
significantly. The weighted average method balances the impact of short term
fluctuations in crude oil pricing on the Company's refinery inventory levels.
The Company recorded the effect of this change of $853,109 for the quarter ended
March 31, 2000.


                                       12



<PAGE>   13
Liquidity and Capital Resources

     The working capital deficit at March 31, 2000 of $13,831,291 decreased from
a working capital deficit of $37,976,391 at March 31, 1999. Current assets
increased $6,028,827 from $8,260,452 at March 31, 1999 to $14,289,279 at March
31, 2000 which includes a decrease of $921,572 in cash and cash equivalents from
$1,015,325 at March 31, 1999 to $93,753 at March 31, 2000. Approximately $7.4
million of refinery raw material and finished product inventory result from
refinery operations. Current liabilities decreased from $46,237,343 at March 31,
1999 to $28,120,570 at March 31, 2000, a decrease of $18,116,773 principally as
a result of refinancing of the majority of the acquired debt which had been in
default. The current portion of long term debt decreased $12,321,766 during the
period. The foregoing changes are a result of the acquisition of Saba and the
Company's assumption of the marketing and sales operations of its Santa Maria
refinery.

Cash Flows

     Cash used in operations improved from an outflow of $487,288 for the three
months ended March 31, 1999 to an inflow of $ 496,250 for the three months ended
March 31, 2000. Net income for the period, adjusted for non-cash charges,
provided $904,482 of cash inflow.

     The Company's net cash flows from investing activities decreased from a net
inflow of $259,172 for the three months ended March 31, 1999 to a net outflow of
$245,952.as a result of increased drilling and production activity.

     The Company's net cash provided by financing activities of $993,229 for the
three months ended March 31, 1999 compared to a net use of cash of $253,864 for
the three months ended March 31, 2000.

                                       13
<PAGE>   14

Liquidity

     Under the direction of GREKA's management and in accordance with its
business strategy, GREKA has improved its liquidity and expects to have low
capital requirements. Specifically, GREKA expects to fund its capex by its cash
flow and lines of credit in place.

Capital Expenditures

         The Company's growth is focused on acquisitions that are synergistic
with its technology. It is intended that such acquisitions will be achieved
concurrent with the closing of adequate financing. Operationally on the current
asset base, the Company expects to fund its annual capex by its cash flow and
lines of credit in place.

     Under the direction of GREKA's management and in accordance with its
business strategy, GREKA has improved its liquidity and expects to have low
capital requirements. The Company is current on all its interest payments, and
has sufficient cash flow for all of its operating and foreseen capital
requirements. Further, GREKA intends to achieve the following:

     *    Continue to execute an aggressive rework program to return to
          production existing wells on all properties that have shut-in wells.

     *    Utilize the in-house proprietary and cost effective horizontal
          drilling technology to enhance production in the Santa Maria Valley
          area.

     *    Continue to acquire assets to enhance the benefit of integrated
          operations that collectively provide for low cost operating expenses
          and high cash flow.

GREKA's management also believes that the disposition of non-core assets brings
opportunities for cost savings, and other synergies, resulting in improved cash
flow potential for the long-term growth of GREKA and of shareholder value.
Further, these dispositions give GREKA a stronger consolidated asset base upon
which it can rely in securing future financings, both equity and debt. However,
there is no assurance that any specific level of cost savings or other synergies
will be achieved or that such cost savings or other synergies will be achieved
within the time periods contemplated, or that GREKA will be able to secure
future financings.

Financing and Debt Restructuring Activities

     Outstanding debt and the Company's plans for payment or restructuring:

     *    Effective  January 1, 2000,  the  $500,000 and  $1,500,000  loans from
          International  Publishing Holding were consolidated into one loan with
          a maturity date of June 30, 2000,  bearing  interest at the rate of 9%
          per  annum  from  January  1, 2000  payable  quarterly,  with  monthly
          installment  payments  of  $100,000.  The  Company  paid  $180,000  in
          consideration  of extending  the loan from  December 31, 1999.  If the
          entire  unpaid  principal  and/or  accrued  interest  is not  paid  at
          maturity,  the amount of  principal  owed and rate of  increase  shall
          increase.  The  loan  is  collateralized  by  all of  the  issued  and
          outstanding shares of capital stock of a subsidiary of the Company.

     *    The Company is currently exchanging the Saba 9% senior subordinated
          debentures ($3.6 million) for new debentures of the Company. The
          Company's offer to exchange the Saba debentures expires on June 30,
          2000.

                                       14
<PAGE>   15

Inflation

         GREKA does not believe that inflation will have a material impact on
GREKA's future operations.

Item 3.   Quantitative and Qualitative Disclosures About Market Risk.

           At March 31, 2000, the Company's operations were not exposed to
market risks primarily as a result of changes in commodity prices, interest
rates and foreign currency exchange rates. The Company does not use derivative
financial instruments for speculative or trading purposes.

                          PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

         The following material developments occurred during the quarter ended
March 31, 2000 with respect to the legal proceedings reported in the GREKA
Annual Report on Form 10-K/A for the fiscal year ended December 31, 1999:

     As reported in the GREKA 1999 Annual Report on Form 10-K/A, in February
2000, GREKA's subsidiary filed an action against Omimex Resources, Inc. and its
subsidiaries seeking an order directing rescission of an asset purchase
agreement effective January 1, 1999 or, alternatively, directing specific
performance of the agreement by Omimex. The Company's subsidiary alleges claims
for breach of contract, breach of covenant of good faith and fair dealing,
negligent misrepresentation and fraudulent inducement and seeks damages. Omimex
alleges counter-claims of breach of contract and seeks declaratory judgment.
While the subsidiary plans to vigorously pursue all claims against Omimex and
defend all counter-allegations, the litigation is in its preliminary discovery
stages. The parties are working toward closing on the Company's re-purchase of
the Colombian assets whereupon they intend to dismiss their claims in the legal
proceedings.

         From time to time, the Company and its subsidiaries are a named party
in legal proceedings arising in the ordinary course of business. While the
outcome of such proceedings cannot be predicted with certainty, management does
not expect these matters to have a material adverse effect on the Company's
financial condition or results of operations.

Item 2.  Changes in Securities and Use of Proceeds.

     None.

Item 3.  Defaults Upon Senior Securities.

     The information required by this Item is incorporated herein by reference
to the discussion in Part I Item 1 of the Company's Form 10-K/A for the year
ended December 31, 1999 under the subheading "Financing and Debt Restructuring
Activities" at page 8.

Item 4.  Submission of Matters to a Vote of Security Holders.

       None.

Item 5.  Other Information.

         None.

Item 6.  Exhibits and Reports on Form 8-K.

     (a) Exhibits. The following exhibits are furnished as part of this report:

     Exhibit No.    Description

        11.1        Computation of Earnings per Common Share*

        27.1        Financial Data Schedule*

* Filed herewith

     (b) During the quarter for which this report is filed, GREKA filed the
following Reports on Form 8-K:

Current Report on Form 8-K dated February 18, 2000 which reported events under
Item 5, Other Events.

                                       15
<PAGE>   16

                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                            GREKA ENERGY CORPORATION

Date: May 9, 2001           By:/s/ Randeep S. Grewal
                               -------------------------------
                               Randeep S. Grewal, Chairman and
                               Chief Executive Officer




                                       16


<PAGE>   17
                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
     EXHIBIT
     NUMBER         DESCRIPTION
     -------        -----------
<S>                 <C>

        11.1        Computation of Earnings per Common Share*

        27.1        Financial Data Schedule*
</TABLE>

* Filed herewith