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 December 31, 2004.

[ ] 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 December 31, 2004 was
45,071,402.


<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.....................................................9

ITEM 3.  CONTROLS AND PROCEDURES............................................11

                                     PART II


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K...................................11

SIGNATURES..................................................................12

INDEX TO EXHIBITS...........................................................13

CERTIFICATIONS..............................................................14

























<PAGE>


                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
<TABLE>
<CAPTION>

                                                                        December 31,            September 30,
                                                                            2004                    2004
                                                                        ---------------         ----------------
                                                                        (Unaudited)
CURRENT ASSETS
<S>                                                                     <C>                     <C>
   Cash                                                                 $         813           $      1,673
                                                                        -------------           -----------

          TOTAL CURRENT ASSETS                                                    813                  1,673
                                                                        -------------           ------------

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

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

          TOTAL ASSETS                                                  $         813           $      1,673
                                                                        =============           ============


                     LIABILITIES AND STOCKHOLDERS' (DEFICIT)


CURRENT LIABILITIES
   Accounts Payable and Accrued Liabilities                             $     168,795           $    151,106
   Accounts Payable - Related Party                                             2,250                      -
                                                                        -------------           ------------

           TOTAL CURRENT LIABILITIES                                          171,045                151,106
                                                                        -------------           ------------

STOCKHOLDERS' (DEFICIT)
   Common Stock, $.002 Par Value, 500,000,000
     Shares Authorized, 45,071,402 Shares
     Issued and Outstanding                                                   185,334                185,334
   Additional Paid-In-Capital                                              46,740,082             46,740,082
   Retained Deficit                                                       (42,075,648)           (42,054,849)
   Unrealized Loss on Securities Available-
     For-Sale                                                              (5,020,000)            (5,020,000)
                                                                        --------------          ------------

           TOTAL STOCKHOLDERS' (DEFICIT)                                     (170,232)              (149,433)
                                                                        -------------           ------------

           TOTAL LIABILITIES AND
             STOCKHOLDERS' (DEFICIT)                                    $         813           $      1,673
                                                                        =============           ============
</TABLE>




                          The accompanying notes are an
            integral part of these consolidated financial statements.
                                       F-1


<PAGE>


                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                               Three Months Ended        Three Months Ended
                                                                December 31, 2004          December 31, 2003
                                                               ------------------------   -----------------------

<S>                                                                  <C>                      <C>
REVENUE -Oil and Gas Sales                                           $            -           $       39,952
                                                                     --------------           --------------

COST OF REVENUE
   Lease Operating                                                                -                   80,226
   Production Taxes                                                               -                    1,850
   Depreciation, Depletion and Amortization                                       -                    4,827
                                                                     --------------           --------------

         TOTAL COST OF REVENUE                                                    -                   86,903
                                                                     --------------           --------------

         GROSS LOSS                                                               -                  (46,951)
                                                                     --------------           --------------

EXPENSES
   General and Administrative                                                20,799                   82,694
   Interest Expense                                                               -                    6,662
                                                                     --------------           --------------

         TOTAL EXPENSES                                                      20,799                   89,356
                                                                     --------------           --------------

         (LOSS) BEFORE INCOME TAXES                                         (20,799)                (136,307)

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


         NET LOSS                                                    $      (20,799)          $     (136,307)
                                                                     ==============           ==============

WEIGHTED AVERAGE NUMBER OF
  SHARES OUTSTANDING                                                     45,071,402               45,071,402
                                                                     ==============           ==============

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





                 The accompanying notes are an integral part of
                    these consolidated financial statements.
                                      F - 2

<PAGE>


                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY

                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>



                                                                   Three Months Ended        Three Months Ended
                                                                    December 31, 2004          December 31, 2003
                                                                   -----------------------    -----------------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                   <C>                        <C>
   Net (Loss)                                                         $        (20,799)          $      (136,307)
   Adjustment to Reconcile Net (Loss) to Net Cash
     From Operating Activities
      Depreciation, Depletion and Amortization                                       -                     5,413
   Changes in Operating Assets and Liabilities
      Related Party Receivable/Payable                                           2,250                    46,904
      Prepaid and Other Assets                                                       -                    56,250
      Accounts Payable and Accrued Expenses                                     17,689                    13,488
                                                                      ----------------           ----------------

          NET CASH (USED) IN
            OPERATING ACTIVITIES                                                  (860)                  (14,252)
                                                                      ----------------           ---------------

CASH FLOWS FROM FINANCING ACTIVITIES
   Increase in Related Party Note Payable                                            -                       413
                                                                      ----------------           ----------------

          NET CASH PROVIDED BY
           FINANCING ACTIVITIES                                                      -                       413
                                                                      ----------------           ---------------

NET (DECREASE) IN CASH                                                            (860)                  (13,839)

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

CASH AT END OF PERIOD                                                 $            813           $         1,557
                                                                      ================           ===============

SUPPLEMENTAL SCHEDULE OF CASH FLOW
  INFORMATION
   Cash Paid During the Year For:
   Interest                                                           $              -           $         1,500
                                                                      ================           ===============
   Income Taxes                                                       $              -           $             -
                                                                      ================           ===============
</TABLE>








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

                                       F-3


<PAGE>


                MATRIX ENERGY SERVICES CORPORATION AND SUBSIDIARY


                          NOTES 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, (the "Company") 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 three-month period ended
     December 31, 2004, are not necessarily indicative of the results that may
     be expected for the year ending September 30, 2005.

NOTE 2: CURRENT OPERATIONS

     During the year ended September 30, 2004, the operator of the Company's oil
     and gas wells, a related party, foreclosed on the Company's oil and gas
     properties due to nonpayment of operating expenses. As part of the
     foreclosure and settlement, the Company transferred substantially all of
     its assets and liabilities to MOROIL, a related party of both the Company
     and the operator of the oil and gas interests.


     Currently, the Company is actively seeking possible merger and acquisition
     opportunities. The Company has had no operations since September 9, 2004,
     other than certain general and administrative expenses.



















                                       F-4



<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 subsidiary 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 is currently seeking possible merger and acquisition opportunities.
The Company has had no operations since September 9, 2004.

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 first quarter of Fiscal 2005, Matrix Energy Services Corporation and
its subsidiary (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.



<PAGE>


Results of Operations

Revenues

Gross revenues for the three months ended December 31, 2004, were $0 compared to
$39,952 for the same period in 2003. There were no revenues in the current
period because the Company has had no operations since September 9, 2004 (see
notes to financial statements).

Costs and Expenses

Cost of revenues for the three months ended December 31, 2004, were $0 compared
to $86,903 for the same period in 2003. The Company has had no operations since
September 9, 2004 (see notes to financial statements).

General and administrative expenses were $20,799 for the three months ended
December 31, 2004 compared to $89,356 for the same period in 2003. 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 months ended December 31, 2004, were $0 compared to
$46,951 for the same period in 2003. Again, the Company had no current
operations.

Net losses for the three months ended December 31, 2004, were $20,799 compared
to $136,307 for the same period in 2003. The losses for the current period were
significantly smaller than for the same period in 2003 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 December 31, 2004, the Company's only asset was cash in the amount of $813 as
compared to $1,673 at September 30, 2004. The Company's working capital deficit
of $170,232 at December 31, 2004 compared to a working capital deficit of
$149,433 at September 30, 2004 shows an increase in working capital deficit of
$20,799 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' equity in the Company was $170,232 as of December 31, 2004,
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.






<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.





<PAGE>


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      The Company filed 2 reports on Form 8-K
                  during the first quarter of the fiscal year ending September
                  30, 2005.




<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      February 15, 2005   /S/Joe Bill Bennett
                              ----------------------------------------------
                              Joe Bill Bennett, Chief Executive Officer



 Date     February 15, 2005   /S/Mark S. Zouvas
                              ----------------------------------------------
                              Mark S. Zouvas, Chief Financial Officer


<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.



<PAGE>