SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB


                                   (Mark One)
[X]      Quarterly report under Section 13 or 15(d) of the Securities Exchange
         Act of 1934 for the quarterly period ended March 31, 2005.

[ ]      Transition report under Section 13 or 15(d) of the Securities
         Exchange Act of 1934 for the transition period from _______ to______ .


                        Commission file number:000-09419
                                    ---------


                       MATRIX ENERGY SERVICES CORPORATION
                       (FORMERLY POWER EXPLORATION, INC.)
-------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)





      NEVADA                                                 84-0811647
-------------------------------------------------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)




                   5416 Birchman Ave., Fort Worth, Texas 76107
                   -------------------------------------------
               (Address of principal executive office) (Zip Code)


                                 (817) 377-4464
                        ------------------------------
                           (Issuer's telephone number)


         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

                        Yes X            No
                            -              ----

         The number of outstanding shares of the issuer's common stock, $0.002
par value (the only class of voting stock), as of March 31, 2005 was 92,667,217.


<PAGE>


                                TABLE OF CONTENTS


                                     PART I


ITEM 1.  FINANCIAL STATEMENTS................................................3

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATION.........................7

ITEM 3.  CONTROLS AND PROCEDURES.............................................9

                                     PART II


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K....................................9

SIGNATURES...................................................................10

INDEX TO EXHIBITS............................................................11

CERTIFICATIONS...............................................................12
























                                       2
<PAGE>


                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS


                                     ASSETS
<TABLE>
<CAPTION>

                                                                          March 31,             September 30,
                                                                            2005                    2004
                                                                       ---------------         ----------------
                                                                        (Unaudited)
CURRENT ASSETS
<S>                                                                     <C>                     <C>
   Cash                                                                 $         434           $      1,673
                                                                        -------------           ------------


          TOTAL CURRENT ASSETS                                                    434                  1,673
                                                                        -------------           ------------

OTHER ASSETS
   Investments Available-For-Sale                                                   -                      -
                                                                        -------------            -----------

          TOTAL OTHER ASSETS                                                        -                      -
                                                                        -------------           ------------

          TOTAL ASSETS                                                  $         434           $      1,673
                                                                        =============           ============
</TABLE>



                      LIABILITIES AND STOCKHOLDERS' DEFICIT
<TABLE>
<CAPTION>

CURRENT LIABILITIES
<S>                                                                         <C>                  <C>
   Accounts Payable and Accrued Liabilities                                 $     168,654        $    151,106
   Accounts Payable - Related Party                                                 4,250                   -
                                                                             ------------        -------------

           TOTAL CURRENT LIABILITIES                                              172,904             151,106
                                                                             ------------        ------------

STOCKHOLDERS' EQUITY
   Common Stock, $.002 Par Value, 500,000,000
     Shares Authorized, 92,667,217 Shares
     Issued and Outstanding                                                       185,334             185,334
   Additional Paid-In-Capital                                                  46,740,082          46,740,082
   Retained Deficit                                                           (42,077,886)        (42,054,849)
   Unrealized Loss on Securities Available-
     For-Sale                                                                  (5,020,000)         (5,020,000)
                                                                            --------------        ------------

           TOTAL STOCKHOLDERS' (DEFICIT)                                         (172,470)           (149,433)
                                                                            --------------        ------------

           TOTAL LIABILITIES AND
             STOCKHOLDERS' (DEFICIT)                                       $          434        $      1,673
                                                                            ==============        ============
</TABLE>





                           The accompanying note is an
            integral part of these consolidated financial statements.


                                       3
<PAGE>


                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                   Three Months Ended                  Six Months Ended
                                                                       March 31,                          March 31,
                                                            ---------------------------------     -----------------
                                                               2005                2004               2005             2004
                                                            ------------        ------------      ------------       -----------

<S>                                                         <C>                 <C>              <C>                <C>
REVENUE - Oil and Gas Sales                                 $          -        $     47,115     $           -      $     87,067
                                                            ------------        ------------     -------------      ------------

COST OF REVENUE
     Lease Operating                                                   -              58,916                 -           139,142
     Production Taxes                                                  -               2,181                 -             4,031
     Depreciation, Depletion and
        Amortization                                                   -               4,828                 -             9,655
                                                            ------------        ------------       -----------       -----------

         TOTAL COST OF REVENUES                                        -              65,925                 -           152,828
                                                            ------------        ------------       -----------       -----------

         GROSS LOSS                                                    -             (18,810)                -           (65,761)
                                                            ------------        ------------       -----------       -----------

EXPENSES
     General and Administrative                                    2,238              57,315            23,037           140,009
     Interest Expense                                                  -               9,984                 -            16,646
                                                            ------------        ------------      ------------       -----------

          TOTAL EXPENSES                                           2,238              67,299            23,037           156,655
                                                            ------------        ------------      ------------       -----------

         (LOSS) BEFORE INCOME TAXES                               (2,238)            (86,109)          (23,037)         (222,416)
                                                            ------------        ------------      ------------       -----------

INCOME TAXES                                                           -                   -                 -                 -
                                                            ------------        ------------      ------------       -----------

          NET LOSS                                          $     (2,238)       $    (86,109)    $     (23,037)     $   (222,416)
                                                            ============        ============     =============      ============

WEIGHTED AVERAGE NUMBER OF
     SHARES OUTSTANDING                                       92,667,217          45,071,402        92,667,217        45,071,402
                                                            ============        ============     =============      ============

NET (LOSS) PER SHARE
    Continuing Operations                                   $       (.00)       $       (.00)    $        (.00)     $       (.00)
                                                            ============        ============     =============      ============
</TABLE>
















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

                                       4
<PAGE>




                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY

                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                            FOR THE SIX MONTHS ENDED
                             MARCH 31, 2005 AND 2004
<TABLE>
<CAPTION>


                                                                                  2005                     2004
                                                                              --------------           -------------
CASH FLOW FROM OPERATING ACTIVITIES
<S>                                                                           <C>                      <C>
     Net (Loss)                                                               $     (23,037)           $    (222,416)
     Adjustments to Reconcile Net (Loss) to Net Cash
         From Operating Activities
             Depreciation, Depletion and Amortization                                     -                   10,829
     Changes in Operating Assets and Liabilities
         Related Party Receivable/Payable                                             4,250                   91,416
         Prepaid and Other Assets                                                         -                   93,750
         Accounts Payable and Accrued Expenses                                       17,548                   13,989
                                                                              -------------            -------------

                  NET CASH (USED) IN
                     OPERATING ACTIVITIES                                            (1,239)                 (12,432)
                                                                              -------------            -------------

CASH FLOW FROM FINANCING ACTIVITIES
     Increase in Related Party Note Payable                                               -                      830
                                                                              -------------            -------------

                  NET CASH PROVIDED BY
                     FINANCING ACTIVITIES                                                 -                      830
                                                                              -------------            -------------

NET (DECREASE) IN CASH                                                               (1,239)                 (11,602)

CASH AT BEGINNING OF PERIOD                                                           1,673                   15,396
                                                                              -------------            -------------

CASH AT END OF YEAR                                                           $         434            $       3,794
                                                                              =============            =============

SUPPLEMENTAL SCHEDULE OF CASH FLOW
     INFORMATION
             Cash Paid During the Period For:
                Interest                                                      $           -            $       3,000
                                                                              =============            =============
                Income Taxes                                                  $           -            $           -
                                                                              =============            =============
</TABLE>













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

                                       5
<PAGE>



                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY


                          NOTE TO FINANCIAL STATEMENTS
                                   (UNAUDITED)


NOTE 1: BASIS OF PRESENTATION

    The accompanying unaudited consolidated financial statements have been
    prepared in accordance with generally accepted accounting principals for
    interim financial information and with the instructions to Form 10-Q and
    Rule 10-01 of Regulations S-X. They do not include all information and notes
    required by generally accepted accounting principals for complete financial
    statements. However, except as disclosed, there has been no material change
    in the information disclosed in the notes to consolidated financial
    statements included in the Annual Report on Form 10-K of Matrix Energy
    Services Corporation for the year ended September 30, 2004. In the opinion
    of management, all adjustments (consisting of normal recurring accruals)
    considered necessary for a fair presentation have been included. Operating
    results for the six-month period ended March 31, 2005, are not necessarily
    indicative of the results that may be expected for the year ending September
    30, 2005.

































                                       6
<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Business

As used herein, the term "Company" refers to Matrix Energy Services Corporation
(formerly Power Exploration, Inc.), a Nevada corporation, and its subsidiaries
and predecessors, unless the context indicates otherwise. Originally
incorporated on October 31, 1979 in Colorado as Imperial Energy Corp., the
Company adopted its present name in May of 2002. Current management obtained
controlling ownership of the Company in October of 1999.

The Company, along with its wholly owned subsidiaries, is a developmental global
resource company engaged in oil and gas exploration. In addition to exploration
and development of new properties, the Company redevelops currently producing
oil and gas fields.

Forward Looking Statements

The information herein contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E
of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainty, including, without
limitation, the ability of Matrix Energy Services Corporation ("Matrix") to
continue its expansion strategy, changes in the real estate markets, labor and
employee benefits, as well as general market conditions, competition, and
pricing. Although Matrix believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of the
assumptions could be inaccurate, and therefore, there can be no assurance that
the forward-looking statements included in the Form 10QSB will prove to be
accurate. In view of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by Matrix or any other person that
the objectives and plans of Matrix will be achieved.

General

During the second quarter of Fiscal 2005, Matrix Energy Services Corporation and
its subsidiaries (hereinafter "Matrix" unless the context indicates otherwise)
continued to pursue capital financing alternatives and possible acquisition
targets in order to generate greater revenue and increase shareholder value.

The following discussion of the consolidated financial condition and results of
operations of Matrix should be read in conjunction with the consolidated
financial statements of Matrix and the notes thereto included in Item 1 of Part
I of this Report.



                                       7
<PAGE>


Results of Operations

Revenues

Gross revenues for the three and six months ended March 31, 2005 were $0 and $0
compared to $47,115 and $87,067 for the same periods in 2004. There were no
revenues in the current period because the Company has had no operations since
September 9, 2004.

Costs and Expenses

Cost of revenues for the three and six months ended March 31, 2005 were $0 and
$0 compared to $65,925 and $152,828 for the same periods in 2004. The Company
has had no operations since September 9, 2004.

General and administrative expenses were $2,238 and $23,037 for the three and
six months ended March 31, 2005 compared to $57,315 and $140,009 for the same
periods in 2004. General and administrative fees decreased because prior years'
prepaid consulting fees have been fully amortized and the Company is currently
only incurring filing related expenses. Also, since the Company settled its debt
by issuing stock, it no longer is accruing any interest expense.

Gross Loss

Gross losses for the three and six months ended March 31, 2005 were $0 and $0
compared to $18,810 and $65,761 for the same periods in 2004. The Company has
had no operations since September 9, 2004.

Net losses for the three and six months ended March 31, 2005, were $2,238 and
$23,037 compared to $86,109 and $222,416 for the same periods in 2004. The
losses for the current periods were significantly smaller than for the same
periods in 2004 because the prepaid consulting fees from prior years were fully
amortized and general and administrative expenses have been reduced to only
those expenses necessary to meet public filing requirements.

Liquidity and Capital Resources

At March 31, 2005, the Company's only asset was cash in the amount of $434 as
compared to $1,673 at September 30, 2004. The Company's working capital deficit
of $172,470 at March 31, 2005 compared to a working capital deficit of $149,433
at September 30, 2004 shows an increase in working capital deficit of $23,037
for the year to date from the figure for the year ended September 30, 2004. The
working capital deficit was increased by borrowing from related parties to pay
general and administrative expenses and by current amounts payable to
non-related parties for filing related expenses.

Net stockholders' deficit in the Company was $172,470 as of March 31, 2005,
compared to $149,433 at year-end on September 30, 2004. This decrease is due to
general and administrative expenses and a lack of revenue.



                                       8
<PAGE>


ITEM 3.  CONTROLS AND PROCEDURES

The Company maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in the Company's Securities
Exchange Act reports is recorded, processed, summarized and reported within the
time periods specified in the Securities and Exchange Commission's rules and
forms, and that such information is accumulated and communicated to the
Company's management, including its Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required
disclosure.

During the 90-day period prior to the date of this report, an evaluation was
performed under the supervision and with the participation of the Company's
management, including the Chief Executive Officer and the Chief Financial
Officer, of the effectiveness of the design and operation of the Company's
disclosure controls and procedures. Based upon that evaluation, the Chief
Executive Officer and the Chief Financial Officer concluded that the Company's
disclosure controls and procedures were effective. There have been no
significant changes in the Company's internal controls or in other factors that
could significantly affect these controls, and no corrective actions taken with
regard to significant deficiencies or material weaknesses in such controls,
subsequent to the date of our most recent evaluation of internal controls.







PART II.  OTHER INFORMATION

ITEM 6.  Exhibits

(a)  Exhibits     Exhibits required to be attached by Item 601 of
                  Regulation S-B are listed in the Index to Exhibits on page 5
                  of this Form 10-QSB, and are incorporated herein by this
                  reference.

(b)  Reports on Form 8-K   None



                                       9
<PAGE>


SIGNATURES

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.


                                  Martix Energy Services Corporation.
                                  (Registrant)




Date      May 19, 2005   /S/Joe Bill Bennett
                        --------------------------------------------------
                        Joe Bill Bennett, Chief Executive Officer



 Date      May 19, 2005 /S/Mike S. Zouvas
                        --------------------------------------------------
                        Mark S. Zouvas, Chief Financial Officer

                                       10
<PAGE>


                                INDEX TO EXHIBITS





EXHIBIT    PAGE
NO.        NO.             DESCRIPTION

2.1                      * Plan of Reorganization and Change of Situs by which
                           Titan Energy Corp., and Power Exploration, Inc.
                           Changes Its Place of Incorporation.

2.2                      * Agreement and Plan of Merger Between Power
                           Exploration, Inc. (Nevada) and Power Exploration,
                           Inc. (Colorado). August 1, 1998.

2.3                      * Articles of Merger Between Power Exploration, Inc.
                           (Nevada) and Power Exploration, Inc. (Colorado).
                           August 1, 1998.

3.1                      * Articles of Incorporation of Imperial Energy dated
                           October 31, 1979.

3.2                      * Amendment to Articles of Incorporation dated June
                           26, 1984.

3.3                      * Amendment to Articles of Incorporation dated
                           September 25, 1996.

3.4                      * Amendment to Articles of Incorporation dated June
                           15, 1997, changing name to Oil Retrieval Systems,
                           Inc.

3.5                      * Articles of Incorporation of Power Exploration,
                           Inc. (Nevada) dated May 14, 1998.

3.6                      * By Laws of Power Exploration, Inc. (Nevada) Dated
                           June 1, 1998.

* Previously filed and incorporated herein by reference from the Form 10-KSB
filed January 14, 2000.


                                       11