SECURITIES AND EXCHANGE COMMISSION

Washington D.C.  20549



FORM 10-QSB



Quarterly Report Under Section 13 or 15 (d)

Of the Securities Exchange Act of 1934



For Quarter Ended:March 31, 2008



Commission File Number:000-09419



MATRIX ENERGY SERVICES CORPORATION

(Exact name of registrant as specified in its charter)



NEVADA

        84-0811647


(State or other jurisdiction of

        (IRS Employer Identification No.)


incorporation or organization)



378 North Main, #124; Layton, Utah   84041

(Address of principal executive offices)



Registrant's telephone number including area code:

        (801) 273-9300






Former Address, 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 such shorter period that the registrant was required to file such reports)YesXNo



and (2) has been subject to such filing requirements for the past 90 days.

        YesX

        No




Indicate by check mark whether the registrant is a shell company (as defined Rule 12b-2 of the Exchange Act).YesXNo



10,144,405

(Number of shares of common stock the registrant had

outstanding as ofMay 15, 2008)








TABLE OF CONTENTS



PART I



ITEM 1  FINANCIAL STATEMENTS

        3ITEM 2  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

        8ITEM 3  CONTROLS AND PROCEDURES

        10






PART II



ITEM 6  EXHIBITS AND REPORTS ON FORM 8-K

        11INDEX TO EXHIBITS

        11SIGNATURES

        12









PART I



ITEM 1 - FINANCIAL STATEMENTS



The condensed financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission.



In the opinion of the Company, all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the financial position of the Company as of March 31, 2008 and the results of its operations and changes in its financial position from September 30, 2007 through March 31, 2008 have been made.  The results of the Companys operations for such interim period are not necessarily indicative of the results to be expected for the entire year.



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Matrix Energy Services Corporation

Consolidated Balance Sheets



AssetsMarch
31,
2008
(Unaudited)

        September 30,
2007Current AssetsCash

        $                    -

        $             4,100Total Current Assets

        $                    -

        $             4,100Liabilities and Stockholders (Deficit)`Current LiabilitiesAccounts Payable and Accrued Expenses

        $          20,237

        $         208,095`

        Accrued Interest Payable

        66,864

        52,407Notes Payable

        75,959

        266,549Total Current Liabilities

        563,060

        527,051Stockholders  (Deficit)Common Stock; $.001 Par Value; 500,000,000                Shares Authorized; 10,092,667 and 92,667 shares       Issued and Outstanding as of March 31, 2008 and       September 30, 2007, respectively.

        10,093

        93Additional Paid-In Capital

        46,916,323

        46,925,323Retained (Deficit)

        (47,489,476)

        (47,448,367)Total Stockholders(Deficit)

        (563,060)

        (522,951)Total Liabilities & Stockholders (Deficit)

        $                   -

        $            4,100






See Notes to Financial Statements.



4







Matrix Energy Services Corporation

Consolidated Statements of Operations

(Unaudited)



For the Three Month
Ended March 31,

        For the Six MonthsEnded March 31,2008

        2007

        2008

        2007REVENUE

        $               -

        $              -

        $              -

        $                -EXPENSESGeneral & Administrative

        11,767

        9,259

        23,452

        10,049Interest

        7,352

        6,333

        17,657

        12,564Total Expenses

        19,119

        15,592

        41,109

        22,613Loss Before Other Income (Expenses) and Income Taxes

        (19,119)

        (15,592)

        (41,109)

        (22,613)Gain on Settlement of Debt

        -

        -

        -

        180,406(Loss)  Income Before Income Taxes

        (19,119)

        (15,592)

        (41,109)

        157,793Income Taxes

        -

        -

        -

        -Net (Loss) Income

        $    (19,119)

        $  (15,592)

        $ (41,109)

        $    157,793Weighted Average Number Of Shares Outstanding

        10,092,667

        92,667

        10,092,667

        92,667Net (Loss) Income Per Share:

        $        (0.00)

        $      (0.17)

        $      (0.00)

        $          1.70




See Notes to Financial Statements.



5







Matrix Energy Services Corporation

Consolidated Statements of Cash Flows

(Unaudited)



For the Six Months EndedMarch 31,
2008

        March 31,
2007Cash Flows from Operating Activities:Net Income (Loss)

        $     (41,109)

        $     157,793Adjustments to Reconcile Net Income (Loss) to Net Cash From                Operating Activities:Gain on Settlement of Debt

        -

        (180,406)Changes in Operating Assets and Liabilities:Accrued Interest

        14,457

        12,564Accounts Payable and Accrued Expenses

        12,142

        2,334Net Cash (Used) by Operating Activities

        (14,509)

        (  7,715)Cash Flows from Investing ActivitiesNet Cash Provided (Used) by Investing Activities

        -

        -Cash Flows from Financing ActivitiesNotes Payable Borrowing

        9,410

        7,715Consulting Services for Stock

        1,000

        Net Cash Provided By Financing Activities

        10,410

        7,715(Decrease) in Cash

        (4,100)

        -Cash, Beginning of Period

        4,100

        -Cash, End of Period

        $                 -

        $                -Supplemental Schedule of Cash Flow InformationCash Paid For:Interest Paid

        $                 -

        $                -Income Taxes

        $                 -

        $                -




See Notes to Financial Statements.



6







Matrix Energy Services Corporation

Notes to the Financial Statements

March 31, 2008



NOTE 1  Interim Financial Statements



The financial statements for the three months ended March 31, 2008 were prepared from the books and records of the company.  Management believes that all adjustments have been made to the financial statements to make a fair presentation of the financial condition of the company as of March 31, 2008.  The results of the three months are not indicative of a full year of operation for the Company.



Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.  It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Companys September 30, 2007 audited financial statements.  The results of operations for the periods ended March 31, 2008 are not necessarily indicative of the operating results for the full year.





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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 July 2005.



The Company has had no operations since September 9, 2004. The Company is currently looking for a business opportunity. The Company intends to take advantage of any reasonable business proposal presented which management believes will provide the Company and its stockholders with a viable business opportunity. The board of directors will make the final approval in determining whether to complete any acquisition, and unless required by applicable law, the articles of incorporation, bylaws or by contract, stockholders' approval may not be sought.



The investigation of specific business opportunities and the negotiation, drafting, and execution of relevant agreements, disclosure documents, and other instruments will require management time and attention and will require the Company to incur costs for payment of accountants, attorneys, and others. If a decision is made not to participate in or complete the acquisition of a specific business opportunity, the costs incurred in a related investigation will not be recoverable. Further, even if agreement is reached for the participation in a specific business opportunity by way of investment or otherwise, the failure to consummate the particular transaction may result in theloss to the Company of all related costs incurred.



Currently, management is not able to determine the time or resources that will be necessary to complete the participation in or acquisition of any future business prospect. There is no assurance that the Company will be able to acquire an interest in any such prospects, products or opportunities that may exist or that any activity of the Company, regardless of the completion of any participation in or the acquisition of any business prospect, will be profitable.



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 ("the Company") to locate business opportunities, general market conditions. Although the Company 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 the Company or any other person that the objectives and plans of the Company will be achieved.



8







General



During the quarter ending March 31, 2008, the Company continued to pursue potential business opportunities 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 the Company should be read in conjunction with the consolidated financial statements of the Company and the notes thereto included in Item 1 of Part I of this Report.



Results of Operations



Revenues



The Company had no revenues for the three months ended March 31, 2008 and 2007. There have been no revenues since September 2004 due to the termination of operations.



Costs and Expenses



General and administrative expenses were $11,767 for the three months ended March 31, 2008 compared to $9,259 for the same period in 2007. Management anticipates expenses to remain similar in future quarters with the cessation of business operations.



Gross Loss



Loss for the three months ended March 31, 2008, was $19,119 compared to $15,592 for the same period in 2007.



Liquidity and Capital Resources



At March 31, 2008, the Company has minimal assets and is currently in the process of looking for business opportunities to merge with or acquire.  At minimum, the Company will need to raise additional capital through private funding to meet the financial needs of being a reporting company.  The Companys working capital deficit of $563,060 at March 31, 2008 compared to a working capital deficit of $522,951 at September 30, 2007.



Stockholders deficit in the Company was $563,060 as of March 31, 2008, compared to $522,951 at year-end on September 30, 2007.



Management anticipates that the Company will incur more costs including legal and accounting fees to locate and complete a merger or acquisition. At the present time the Company does not have the assets to meet these financial requirements. Additionally, the Company does not have substantial assets to entice potential business opportunities to enter into transactions with the Company.



9







It is unlikely that any revenue will be generated until the Company locates a business opportunity with which to acquire or merge. Management of the Company will be investigating various business opportunities. These efforts may cost the Company not only out of pocket expenses for its management but also expenses associated with legal and accounting costs. There can be no guarantee that the Company will receive any benefits from the efforts of management to locate business opportunities.



If and when the Company locates a business opportunity, management of the Company will give consideration to the dollar amount of that entity's profitable operations and the adequacy of its working capital in determining the terms and conditions under which the Company would consummate such an acquisition. Potential business opportunities, no matter which form they may take, will most likely result in substantial dilution for the Company's shareholders as it has only limited capital and no operations.  If a new business opportunity is found, the current management would most likely be changed.



The Company does not intend to employ anyone in the future, unless its present business operations were to change. The Company does intend to reimburse its officers and directors for out of pocket costs.



ITEM 3 - CONTROLS AND PROCEDURES.



(a) Evaluation of disclosure controls and procedures. The Company maintains disclosure controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934, is recorded, processed, summarized and reported within the time period specified in the rules and forms of the Securities and Exchange Commission.  The Companys management including its principal executive officer and its principal financial officer, based on their evaluation of the Companys disclosure controls over financial reporting and procedures (as defined in Exchange Act Rules 13a-14 (c)) in connection with the Periodic Report on Form 10-QSB as of March 31, 2008, have concluded that the Companys disclosure controls over financial reporting and procedures are adequate and effective as of March 31, 2008 for
the purposes set forth in the definition in Exchange Act rules.



(b) Changes in internal controls over financial reporting.  There were not any significant changes in the Companys internal controls over financial reporting or in other factors that could materially affect or is reasonably likely to materially affect, significantly affect the Companys internal controls subsequent to the date of their evaluation



10







PART II



OTHER INFORMATION



ITEM 6  EXHIBITS AND REPORTS ON FORM 8-K



INDEX TO EXHIBITS



Exhibits.  The following exhibits are attached as exhibits to this report.



Exhibit No.

        Page No.

        Description2.1

        -*-

        Plan of Reorganization and Change of Situs by which Titan Energy Corp., and Power Exploration, Inc. Changes Its Place of Incorporation2.2

        -*-

        Agreement and Plan of Merger Between Power Exploration, Inc. (Nevada) and Power Exploration, Inc. (Colorado) . August 1, 19982.3

        -*-

        Articles of Incorporator. Election of Officers and Directors of Power Exploration, Inc. (Nevada) . May 31, 19982.4

        -*-

        Action by Incorporator. Election of Officers and Directors of Power Exploration, Inc.(Nevada) . May 19982.5

        -*-

        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, 19793.2

        -*-

        Amendment to Articles of Incorporation dated June 26, 19843.3

        -*-

        Amendment to Articles of Incorporation dated September 25, 19963.4

        -*-

        Minutes of Special Shareholders Meeting Changing Name to Oil Retrieval Systems, Inc. dated May 14, 19973.5

        -*-

        Amendment to Articles of Incorporation dated June 15, 1997, Changing Name to Oil Retrieval Systems, Inc3.6

        -*-

        By Laws of the Corporation3.7

        -*-

        Articles of Incorporation of Power Exploration, Inc. (Nevada) dated May 14, 19983.8

        -*-

        By Laws of Power Exploration, Inc. (Nevada dated June 1, 199810.1

        -*-

        Convertible Debenture with Venture Resources, Inc. dated July 1, 2005.21.1

        *

        Subsidiaries of the Issuer






11









31.1

        **

        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

        **

        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 §§ 906 of the Sarbanes-Oxley Act of 2002




-*- Previously filed and incorporated herein by reference from the Form 10-KSB filed January 14, 2008 by the Company.



**  Attached as Exhibits to this report.



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 authorized officer.



Dated: May 15, 2008

        Matrix Energy Services Corporation.




By:/s/ James Anderson


James Anderson






12