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|     NEVADA |     84-0811647 |
|--------------------------------|------------------------------------|

| (State      or other jurisdiction of | (IRS      Employer Identification No.) |
|--------------------------------------|----------------------------------------|

| Registrant's      telephone number including area code: | (801)      497-9075 |
|---------------------------------------------------------|---------------------|

|   |       Yes      X        No ___ |
|--------|------------------------------------------------------------------------|

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|  Assets                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  December      31, 2007    (Unaudited) |   September      30,2007                   |
| Current Assets                                                                                                                           |   |   |
|                                                                                                                                     |  Cash |  $               285 |  $            4,100 |
|                                                                                                                                     |   |  Total      Current Assets |  $              285 |  $            4,100 |
|                                                                                                                                     |   |   |
|  Liabilities      and Stockholders’ (Deficit)                                                                                 |
|                                                                                                                                     |   |   |
|  Current Liabilities                                                                                                                |   |   |
|                                                                                                                                     |  Accounts      Payable and Accrued Expenses |  $     211,814 |  $         208,095 |
|                                                                                                                                     |  Accrued      Interest Payable |  59,512 |  52,407 |
|                                                                                                                                     |  Notes      Payable |      272,899 |         266,549 |
|                                                                                                                                     |   |  Total      Current Liabilities |     544,225 |          527,051 |
|                                                                                                                                     |   |   |
|  Stockholders’  (Deficit)                                                                                           |   |   |
|                                                                                                                                     |  Common      Stock; $.001 Par Value;      500,000,000                Shares      Authorized;  10,092,667 Shares Issued      and      Outstanding December 31, 2007 and      September      30, 2007, respectively |     10,093 |     93 |
|                                                                                                                                     |  Additional      Paid-In Capital |  46,916,323 |  46,925,323 |
|                                                                                                                                     |  Retained      Deficit |     (47,470,357) |    (47,448,367) |
|                                                                                                                                     |   |  Total      Stockholders’(Deficit) |          (543,941) |         (522,951) |
|              Total      Liabilities & Stockholders’ (Deficit) |  $               285 |  $            4,100 |

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|                                                                            | For      the Three MonthsEnded      December 31,                                                   |
|---------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
|                                                                            | 2007                                                                                               | 2006 |
| Revenues                                                                        | $                - | $               - |
|                                                                            |                                                                                               |   |
| Expenses                                                                        |                                                                                               |   |
|     General      and administrative                         | 11,684                                                                                             | 789 |
|     Interest      expense                                   | 10,305                                                                                             | 6,231 |
|           Total      Expenses | 21,989                                                                                             | 7,020 |
|                                                                            |                                                                                               |   |
| Operating      Loss                                                             | (21,989)                                                                                           | (37,916) |
|                                                                            |                                                                                               |   |
| Gain      on Forgiveness of Debt                                                | -                                                                                                  | - |
|                                                                            |                                                                                               |   |
| Net      Gain or (Loss)                                                         | $    (21,989)                                                                  | $    (7,020) |
|                                                                            |                                                                                               |   |
| Weighted      Average Number of Shares Outstanding                              | 10,092,667                                                                                         | 92,667 |
|                                                                            |                                                                                               |   |
| Net      Gain or (Loss) Per Share                                               | $      (0.002)                                                       | $      (0.08) |
|                                                                            |                                                                                               |   |

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|   |   |
|--------|--------|

|                                                                                                                                                                                                  |  For the Three Months  Ended                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                  |  December      31,2007                                                                                                                                                                           |  December      31,2006            |
|  Cash Flows from Operating      Activities:                                                                                                                                                      |                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                  |  Net      Income (Loss)                                                                                                                                                                          |  $(21,989)       |  $      (7,020) |
|  Adjustments      to Reconcile Net Income (Loss) to Net Cash      From                Operating      Activities: |                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                  | Consulting      Services                                                                                                                                                                              | 1,000 |  - |
|  Changes      in Operating Assets and Liabilities:                                                                                                                                               |                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                  |  Accrued      Interest                                                                                                                                                                           |  7,105 |  6,231 |
|                                                                                                                                                                                                  |  Accounts      Payable and Accrued Expenses                                                                                                                                                      |               3,719 |          (6,926) |
|                                                                                                                                                                                                  |                                                                                                                                                                                                  |  Net      Cash (Used) by Operating Activities |        (10,165) |          (7,715) |
|  Cash Flows from Investing      Activities                                                                                                                                                       |                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                  |                                                                                                                                                                                                  |  Net      Cash Provided (Used) by Investing Activities |                    - |                    - |
|  Cash Flows from Financing      Activities                                                                                                                                                       |                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                  |   Notes      Payable Borrowings                                                                                                                                                        |             6,350 |            (7,715) |
|                                                                                                                                                                                                  |                                                                                                                                                                                                  |  Net      Cash Provided By Financing Activities |           6,350 |          (7,715) |
|  (Decrease)      in Cash                                                                                                                                                                         |  3,815                                                                                                                                                                                           |  - |
|  Cash,      Beginning of Period                                                                                                                                                                  |                                 4,100 |                   - |
|  Cash,      End of Period                                                                                                                                                                        |  $          285                                                                                                                                |  $                - |
|  Supplemental Schedule of Cash Flow      Information                                                                                                                                             |                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                  |  Cash      Paid For:                                                                                                                                                                             |   |   |
|                                                                                                                                                                                                  |  Interest      Paid                                                                                                                                                                              |  $               - |  $                 - |
|                                                                                                                                                                                                  |  Income      Taxes                                                                                                                                                                               |  $               - |  $                 - |
|                                                                                                                                                                                                  |                                                                                                                                                                                                  |   |

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| Item      5. | Other      Information |
|--------------|------------------------|

|  Exhibit      No. |  Page      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 Incorporator. Election of Officers and Directors of Power Exploration,      Inc. (Nevada) . May 31, 1998                                                                                                                                                                                                    |
|  2.4              |  -*-           |  Action      by Incorporator. Election of Officers and Directors of Power Exploration,      Inc.(Nevada) . May 1998                                                                                                                                                                                                           |
|  2.5              |  -*-           |  Special      Action by the Executive Committee of Power Exploration, Inc. dated January      11, 1999 (Incorporated herein by reference from Exhibits to the Company's      Form 8-K field January 19, 1999)                                                                                                                 |
|  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              |  -*-           |  Minutes      of Special Shareholders Meeting Changing Name to Oil Retrieval Systems,      Inc. dated May 14, 1997                                                                                                                                                                                                            |
|  3.5              |  -*-           |  Amendment      to Articles of Incorporation dated June 15, 1997, Changing Name to Oil      Retrieval Systems, Inc                                                                                                                                                                                                            |
|  3.6              |  -*-           |  By      Laws of the Corporation                                                                                                                                                                                                                                                                                              |
|  3.7              |  -*-           |  Articles      of Incorporation of Power Exploration, Inc. (Nevada) dated May 14,      1998                                                                                                                                                                                                                                   |
|  3.8              |  -*-           |  By      Laws of Power Exploration, Inc. (Nevada dated June 1,  1998                                                                                                                                                                                                                                                          |
|  10.1             |  -*-           |  Convertible      Debenture with Venture Resources, Inc. dated July 1,  2005.                                                                                                                                                                                                                                                 |
|  21.1             |  *             |  Subsidiaries      of the Issuer                                                                                                                                                                                                                                                                                              |
|  31.1             |  Attached      |  Written      Statement of Chief Executive Officer and Chief Financial Officer with      respect to compliance with Section 302 of the Sarbanes-Oxley Act of      2002.                                                                                                                                                       |
|  32.2             |  Attached      |  Written      Statement of Chief Executive Officer and Chief Financial Officer      with  respect to compliance with Section 13(a) or 15(d)      of  the Securities Exchange Act of 1934 and pursuant to 18      U.S.C. §1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of      2002 |

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