FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549


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

    For the Quarterly Period Ended March 31, 2002


                           Commission File Number: 0-9500


                           MOUNTAINS WEST EXPLORATION, INC.
        (Exact name of small business issuer as specified in its charter)

                 New Mexico                                    85-0280415
        (State or other jurisdiction of                      (I.R.S. Employer
        incorporation or organization)                       Identification No.)

P.O. Box 754, Trinidad, Colorado                              81802
--------------------------------                            --------
(Address of principal executive offices)                   (Zip Code)

Issuer's telephone number, including area code: 719-846-2623

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

The  number of shares outstanding of  the issuer's common stock, par value $.001
per share, at March 31, 2002, was 37,019,271 shares.
<PAGE>

PART  I
                        MOUNTAINS WEST EXPLORATION, INC.


                          FINANCIAL STATEMENTS FOR THE
                        THREE-MONTHS ENDED MARCH 31, 2002
                                   (UNAUDITED)

<PAGE>


                           MICHAEL JOHNSON & CO., LLC
                          Certified Public Accountants
                        9175 East Kenyon Ave., Suite 100
                             Denver, Colorado 80237

Michael B. Johnson C.P.A.                             Telephone:  (303) 796-0099
Member:  A.I.C.P.A.                                         Fax:  (303) 796-0137
Colorado Society of C.P.A.s




                            ACCOUNTANTS REVIEW REPORT

Board of Directors
Mountains West Exploration, Inc.
Trinidad, CO

We have reviewed the accompanying balance sheet for Mountains West Exploration,
Inc. for March 31, 2002 and the related statements of operations for the
three-months ended March 31, 2002 and 2001, and cash flows for the three-months
ended March 31, 2002 and 2001, included in the accompanying Securities and
Exchange Commission 10-QSB for the period ended March 31, 2002. These financial
statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. The review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States, the objective
of which is the expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying financial statements for them to be in conformity
with accounting principles generally accepted in the United States.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2, conditions
exist which raise substantial doubt about the Company's ability to continue as a
going concern unless it is able to generate sufficient cash flows to meet its
obligations and sustain its operations. Management's plans in regard to these
matters are described in Note 2. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

We have  previously  audited,  in accordance with auditing  standards  generally
accepted in the United  States,  the balance sheet as of December 31, 2001,  and
the related  statements of operations,  stockholders'  equity (deficit) and cash
flows for the year then  ended  (not  presented  herein).  In our  report  dated
January  16,  2004 we  expressed  an  unqualified  opinion  on  those  financial
statements.  In our  opinion,  the  information  set  forth in the  accompanying
balance sheet as of March 31, 2002, is fairly stated in all material respects in
relation to the balance sheet from which it has been derived.

/s/Michael Johnson & Co, LLC
Michael Johnson & Co, LLC
July 28, 2004

<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.
                                 Balance Sheets


<S>                                                                     <C>                     <C>


                                                                          March 31,              December 31,
                                                                             2002                    2001
                                                                        ---------------         ---------------

ASSETS

   Current Assets:
      Cash                                                                     $ 2,608                   $ 702
                                                                        ---------------         ---------------

         Total Current Assets                                                    2,608                     702
                                                                        ---------------         ---------------

   Fixed Assets:
      Office Equipment                                                          14,470                  14,470
      Leases & Well Equipment                                                    1,236                   1,236
                                                                        ---------------         ---------------
                                                                                15,706                  15,706
      Less: Accumulated Depreciaiton                                           (13,978)                (13,978)
                                                                        ---------------         ---------------

         Total Fixed Assets                                                      1,728                   1,728
                                                                        ---------------         ---------------

   Other Assets:
      Undeveloped Property                                                       1,540                   1,540
      Mineral Interest                                                          12,140                  12,140
                                                                        ---------------         ---------------

         Total Other Assets                                                     13,680                  13,680
                                                                        ---------------         ---------------

TOTAL ASSETS                                                                  $ 18,016                $ 16,110
                                                                        ===============         ===============


LIABILITIES ANDSTOCKHOLDERS' EQUITY

   Current Liabilities:
      Accounts Payable                                                           2,400                       -
      Current Portion - Long-Term Debt                                           2,343                   2,343
                                                                        ---------------         ---------------

         Total Current Liabilities                                               4,743                   2,343
                                                                        ---------------         ---------------

   Long-Term Debt:
      Long-Term Debt                                                            32,657                  32,657
                                                                        ---------------         ---------------

      Total Long-Term Debt                                                      32,657                  32,657
                                                                        ---------------         ---------------

   Stockholders Equity
     Common stock, no par value, 50,000,000 shares                           1,554,786               1,554,786
        authorized, 37,019,721 shares issued and outstanding
     Retained Earnings (Deficit)                                            (1,574,170)             (1,573,676)
                                                                        ---------------         ---------------

         Total Stockholders' Equity (Deficit)                                  (19,384)                (18,890)
                                                                        ---------------         ---------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                    $ 18,016                $ 16,110
                                                                        ===============         ===============

See Accountants Review Report
</TABLE>


<PAGE>
<TABLE>
<CAPTION>

                         MOUNTAIN WEST EXPLORATION, INC.
                            Statements of Operations
                                  (Unaudited)



                                                                        Three-Months Ended
                                                                             March 31,
<S>                                                                  <C>                 <C>
              Three-Months Ended
                                                                             March 31,
                                                                     2002                 2001
                                                                     ----                 ----

Revenue:
   Oil and Gas Income                                                  $ 6,277              $ 6,816
                                                                     -----------         ----------
Total Income                                                             6,277                6,816
                                                                     -----------         ----------
   Cost of Goods Sold                                                        75                 271
                                                                     -----------         ----------
      Net Income                                                          6,202               6,545
                                                                     -----------         ----------
Costs and Expenses:
    Operating Expenses                                                    3,185               1,494
    Depreciation                                                              -                   5
    Administation Expenses                                                3,511               1,877
                                                                     -----------         ----------
Total Expenses                                                            6,696               3,376
                                                                     -----------         ----------
Other Income/Expenses:
    Interest Income                                                           -                  25
    Gain on Sale of Assets                                                    -                   -
    Interest Expense                                                          -                (891)
                                                                     -----------         ----------
Total Other Income/Expense                                                    -                (866)
                                                                     -----------         ----------
Net Profit from Operations                                               $ (494)            $ 2,303
                                                                     ===========         ==========

Per Share Information:

     Weighted average number
     of common shares outstanding                                    37,019,721          38,010,000
                                                                     -----------         ----------
Net Loss per common share                                              *                    *
                                                                     ===========         ==========
* Less than $.01


</TABLE>
See Accountants Review Report

<PAGE>
<TABLE>
<CAPTION>

                         MOUNTAIN WEST EXPLORATION, INC.
                             Statements of Cash Flow
                                   (Unaudited)

                                 Indirect Method
<S>                                                                                       <C>                     <C>
                                                                                                Three-Months Ended
                                                                                                  March 31,
                                                                                        2002                   2001
                                                                                        ----                   ----

Cash Flows from Operating Activities:

     Net Profit (Loss)                                                                     $ (494)                $ 2,303
     (Increase) Decrease in loans - shareholders                                            2,400                  (3,946)
                                                                                          -------                 -------
Net Cash Used in Operating Activities                                                       1,906                  (1,643)
                                                                                          -------                 -------
Net Increase in Cash & Cash Equivalents                                                     1,906                  (1,643)

Beginning Cash & Cash Equivalents                                                             702                   8,780
                                                                                          -------                 -------
Ending Cash & Cash Equivalents                                                            $ 2,608                 $ 7,137
                                                                                          =======                 =======
SUPPLEMENTAL DISCLOSUE OF CASH FLOW INFORMATION
     Cash paid for interest                                                                   $ -                   $ 891
                                                                                          =======                 =======
     Cash paid for Income Taxes                                                               $ -                     $ -
                                                                                          =======                 =======
</TABLE>
See Accountants Review Report

<PAGE>
<TABLE>
<CAPTION>


                        MOUNTAINS WEST EXPLORATION, INC.
                         Stockholders' Equity (Deficit)
                                 March 31, 2002
                                  (Unaudited)
<S>                                          <C>               <C>                   <C>               <C>

 COMMON STOCKS                     Retained            Total
                                                                                    Earnings        Stockholders'
                                          # of Shares          Amount              (Deficit)           Equity
                                          -----------          ------              ---------           ------

Balance - December 31, 2000                  38,010,000        $1,555,777            $(1,546,201)        $ 9,576

Cancellation of Stock                          (990,279)             (991)                     -            (991)

Net Profit for Year                                   -                 -                (27,475)        (27,475)
                                             ----------        ----------            -----------       ---------
Balance - December 31, 2001                  37,019,721         1,554,786             (1,573,676)        (18,890)
                                             ----------        ----------            -----------       ---------
Loss for Period                                       -                 -                   (494)           (494)
                                             ----------        ----------            -----------       ---------
Balance - March 31, 2002                     37,019,721        $1,554,786            $(1,574,170)      $ (19,384)
                                             ==========        ==========            ===========       =========

</TABLE>
See Accountants Review Report

<PAGE>
                        MOUNTAINS WEST EXPLORATION, INC.
                          Notes to Financial Statements
                                 March 31, 2002




Note 1 - Presentation of Interim Information:

In the opinion of the management of Mountains West Exploration, Inc., the
accompanying unaudited financial statements include all normal adjustments
considered necessary to present fairly the financial position as of March 30,
2002 and the results of operations for the three-months ended March 31, 2002 and
2001, and cash flows for the three-months ended March 31, 2002 and 2001. Interim
results are not necessarily indicative of results for a full year.

The financial statements and notes are presented as permitted by Form 10-QSB,
and do not contain certain information included in the Company's audited
financial statements and notes for the fiscal year ended December 31, 2001.

Note 2 - Going Concern:

The Company's financial statements have been presented on the basis that it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business.

The Company's ability to continue as a going concern is dependent upon its
ability to develop additional sources of capital or locate a merger candidate
and ultimately, achieve profitable operations. The accompanying financial
statements do not include any adjustments that might result from the outcome of
these uncertainties. Management is seeking new capital to revitalize the
Company.

<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Cautionary and Forward Looking Statements

     In addition to  statements of historical  fact,  this Form 10-QSB  contains
forward-looking statements. The presentation of future aspects of Mountains West
Exploration,  Inc.,  ("Mountains  West  Exploration,  Inc.,"  the  "Company"  or
"issuer")  found  in these  statements  is  subject  to a  number  of risks  and
uncertainties  that could cause actual results to differ  materially  from those
reflected in such statements.  Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect management's analysis only as
of the date hereof. Without limiting the generality of the foregoing, words such
as "may," "will," "expect," "believe," "anticipate," "intend," or "could" or the
negative  variations thereof or comparable  terminology are intended to identify
forward-looking statements.

     These forward-looking statements are subject to numerous assumptions, risks
and uncertainties that may cause Mountains West Exploration, Inc. actual results
to be  materially  different  from any future  results  expressed  or implied by
Mountains West Exploration, Inc. in those statements. Important facts that could
prevent  Mountains  West  Exploration,  Inc.  from  achieving  any stated  goals
include, but are not limited to, the following:

         Some of these risks might include, but are not limited to, the
following:

                  (a)      volatility or decline of the Company's stock price;

                  (b)      potential fluctuation in quarterly results;

                  (c)      failure of the Company to earn revenues or profits;

                  (d)      inadequate capital to continue or expand its busi-
                           ness, inability to raise additional capital or financ
                           -ing to implement its business plans;

                  (e)      failure to commercialize its technology or to make
                           sales;

                  (f)      rapid and significant changes in markets;

                  (g)      litigation with or legal claims and allegations by
                           outside parties;

                  (h)      insufficient revenues to cover operating costs.




<PAGE>

         There is no assurance that the Company will be profitable, the Company
may not be able to successfully develop, manage or market its products and
services, the Company may not be able to attract or retain qualified executives
and technology personnel, the Company's products and services may become
obsolete, government regulation may hinder the Company's business, additional
dilution in outstanding stock ownership may be incurred due to the issuance of
more shares, warrants and stock options, or the exercise of warrants and stock
options, and other risks inherent in the Company's businesses.

The Company undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the date hereof.
Readers should carefully review the factors described in other documents the
Company files from time to time with the Securities and Exchange Commission,
including the Quarterly Reports on Form 10-QSB and Annual Report on Form 10-KSB
filed by the Company in 2004 and any Current Reports on Form 8-K filed by the
Company.

The Company owns over small ownership interests in coal bed methane wells in Las
Animas county,  Colorado and has leases on 242 acres for coal bed methane
in Colorado, none of which are explored or developed.  The Company is
currently   considering   developing  these  minerals  itself  as  funds  become
available.

Results of Operations for the Quarter Ended March 31, 2002 Compared to Same
Period in 2003.

The company had revenues in the quarter of $6,277 in 2002  compared to $6,816 in
2001.  The cost of goods sold in the  quarter  was $75 and $271 in 2002 and 2001
respectively.  The company incurred  operating expenses of $3,185 in the quarter
in 2002 and $1,494 in the quarter in 2001.  The increase in  operating  expenses
was due to higher  production  revenues  . The  administration  expenses  in the
quarter were $3,511 in 2002 compared to $1,887 in 2001. The company had net loss
from  operations  of $(494) in the  quarter in 2002  compared to a net profit of
($2,303) in the quarter in 2001. The  profit/loss  per share was nominal in each
quarter.

<PAGE>

The profit (loss) per share was nominal in the quarter in 2002 and 2001.  The
trend of net profits cannot be expected to continue in the future as operations
expenses and revenues may be volatile.

Changes in Financial Condition

     During the quarter the Company experienced an increase in cash position due
to the operating revenues of the Company.  The Company's total debt increased by
$2,400 from year end. The Company's total liabilities are approximately $37,400.
It is Management's belief that the Company will have revenue sufficient to cover
operating  expenses  and  administrative  expenses  during the  remainder of the
fiscal year.

NEED FOR ADDITIONAL FINANCING

     The Company does not have capital  sufficient  to meet the  Company's  cash
needs,   including  the  costs  of  compliance  with  the  continuing  reporting
requirements  of the  Securities  Exchange Act of 1934. The Company will have to
seek loans or equity  placements to cover such cash needs.  Lack of its existing
capital may be a sufficient impediment to prevent it from accomplishing the goal
of expanding its operations. There is no assurance,  however, that without funds
it will ultimately allow company to continue its business.

The  Company  will  need to raise  additional  funds  to  expand  its  business
activities in the next twelve months.

         No commitments to provide additional funds have been made by management
or  other  stockholders.  Accordingly,  there  can  be  no  assurance  that  any
additional  funds  will be  available  to the  Company  to allow it to cover its
expenses as they may be incurred.

         Irrespective   of  whether  the  Company's  cash  assets  prove  to  be
inadequate to meet the Company's  operational  needs,  the Company might seek to
compensate providers of services by issuances of stock in lieu of cash.

GOING CONCERN

     The Company's auditor has issued a "going concern" qualification as part of
his opinion in the Audit Report. There is substantial doubt about the ability of
the Company to continue as a "going concern." The Company has minimal  business,
limited capital, debt in excess of $37,000, $32,657 of which is current, $2,608
in cash, minimal other liquid assets, and no capital commitments. The effects of
such conditions could easily be to cause the Company's bankruptcy.
<PAGE>

     Management  hopes  to  seek  and  obtain  funding,  via  loans  or  private
placements  of stock  for  operations,  debt  and to  provide  working  capital.
Management  has  plans to seek  capital  in the  form of loans or stock  private
placements in the next year.


ITEM 3.  CONTROLS AND PROCEDURES

a.       Evaluation of Disclosure Controls and Procedures:

Disclosure controls and procedures are designed to ensure that information
required to be disclosed in the reports filed or submitted under the Exchange
Act is recorded, processed, summarized and reported, within the time period
specified in the SEC's rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed in the reports filed under the Exchange Act
is accumulated and communicated to management, including the Chief Executive
Officer and Chief Financial Officer, as appropriate, to allow timely decisions
regarding required disclosure. As of the end of the period covered by this
report, the Company carried out an evaluation, under the supervision and with
the participation of the Company's management, including the Company's Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of the Company's disclosure controls and procedures. Based
upon and as of the date of that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that the Company's disclosure controls and
procedures are effective to ensure that information required to be disclosed in
the reports the Company files and submits under the Exchange Act is recorded,
processed, summarized and reported as and when required.

b.       Changes in Internal Control over Financial Reporting:

There were no changes in the Company's internal control over financial reporting
identified in connection with the Company evaluation of these controls as of the
end of the period covered by this report that could have significantly affected
those controls subsequent to the date of the evaluation referred to in the
previous paragraph, including any correction action with regard to significant
deficiencies and material weakness.


<PAGE>

PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

        NONE

ITEM  2. CHANGES IN SECURITIES

        NONE

ITEM  3. DEFAULTS UPON SENIOR SECURITIES

        NONE

ITEM  4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDER

        NONE

ITEM  5.  OTHER INFORMATION

        NONE

ITEM  6. EXHIBITS AND REPORTS ON FORM 8-K

        (a)     32    906 Sarbanes-Oxley Certification
                31    302 Sarbanes-Oxley Certification

        (b)     Reports on Form 8-K.

                NONE
<PAGE>

  SIGNATURES

In accordance  with section 13 to 15 (d) of the Exchange Act, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


Robert A. Doak, Jr.                                          July 8, 2004
- --------------------------------------------------------
Robert A. Doak, Jr.   President, Chief Executive Officer
                             and Chief Financial Officer