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 September 30, 2005


                           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.)

7609 Ralston Road, Arvada, Colorado                              80002
--------------------------------                            --------
(Address of principal executive offices)                   (Zip Code)

Issuer's telephone number, including area code: 303 422 8127


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 [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [X]  No [ ]

The  number of shares outstanding of  the issuer's common stock, par value $.001
per share, at September 30, 2005, was 37,019,271 shares.

<PAGE>
                        MOUNTAINS WEST EXPLORATION, INC.

                              FINANCIAL STATEMENTS

                       SIX-MONTHS ENDED SEPTEMBER 30, 2005
                                   (UNAUDITED)






<PAGE>




JASPERS + HALL, PC
CERTIFIED PUBLIC ACCOUNTANTS
--------------------------------------------------------------------------------
9175 E. Kenyon Avenue, Suite 100
Denver, CO 80237
303-796-0099

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have reviewed the accompanying  balance sheet of Mountains West  Exploration,
Inc. as of September 30, 2005,  and the related  statement of operations for the
three-month and nine-month period ended September 30, 2005, stockholders' equity
and cash flows for the  nine-months  ended  September 30, 2005.  These financial
statements are the responsibility of the Company's management.

We conducted  our review in  accordance  with  standards  of the Public  Company
Accounting  Oversight  Board (United  States).  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 standards of the Public Company Accounting Oversight Board (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  consolidated 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  operation.  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.

The financial  statements  for the year ended  December 31, 2004 were audited by
other  accountants,  whose report dated March 2, 2005,  expressed an unqualified
opinion on those  statements.  They have not performed  any auditing  procedures
since that date. In our opinion,  the information set forth in the  accompanying
balance sheet as of September 30, 2005 is fairly stated in all material respects
in relation to the balance sheet from which it has been derived.



Jaspers + Hall, PC
Denver, CO
October 11, 2005
/s/Jaspers + Hall, PC

                                      F-1

<PAGE>
<TABLE>
<CAPTION>



                        MOUNTAINS WEST EXPLORATION, INC.
                                 Balance Sheets

                                   (Unaudited)
<S>                                                                             <C>                         <C>

                                                                               September 30, 2005          December 31, 2004
ASSETS:

Current Assets:
     Cash                                                                                  $ -                    $ 30,637
                                                                                --------------------        --------------------
          Total current assets                                                               -                      30,637

Fixed Assets:
     Office Equipment                                                                        -                      15,819
     Lease & Well Equipment                                                                  -                       1,236
                                                                                --------------------        --------------------
                                                                                             -                      17,055
        Less: Accumulated Depreciation                                                       -                     (14,685)
                                                                                --------------------        --------------------
            Total fixed assets                                                               -                       2,370
                                                                                --------------------        --------------------

Other Assets:
    Undeveloped Property                                                                     -                       1,540
    Well Leases                                                                              -                      17,768
    Mineral Interest                                                                         -                      12,740
                                                                                --------------------        --------------------
        Total other assets                                                                   -                      32,048

TOTAL ASSETS                                                                               $ -                    $ 65,055
                                                                                ====================        ====================


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current Liabilities
     Accounts Payable                                                                      $ -                    $ 34,861
    Current Portion - Long-Term Debt                                                         -                      18,744
                                                                                --------------------        --------------------
          Total Current Liabilities                                                          -                      53,605
                                                                                --------------------        --------------------
Long-Term Debt
    Long-Term Debt                                                                           -                      24,484
                                                                                --------------------        --------------------
        Total long-term debt                                                                 -                      24,484
                                                                                --------------------        --------------------

Stockholders' Equity (Deficit)
     Common stock: authorized 50,000,000 shares, no par value
        999,994 issued and outstanding at December 2004 and
        September 2005
     Paid in Capital                                                                 1,579,786                   1,579,786
     Accumulated deficit                                                            (1,579,786)                 (1,592,820)
                                                                                --------------------        --------------------
Total Stockholder's Equity (Deficit)                                                         -                     (13,034)
                                                                                --------------------        --------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                       $ -                    $ 65,055
                                                                                ====================        ====================
</TABLE>

See accountants' review report

                                      F-2
<PAGE>
<TABLE>
<CAPTION>

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


                                                 Three Months Ended September 30,                Nine Months Ended September 30,
                                                     2005                 2004                      2005                  2004
                                                --------------------- ---------------------    --------------------- ---------------
<S>                                             <C>                   <C>                      <C>                   <C>

Revenues:
    Oil and Gas Income                                      $ -             $ 57,320                 $ 111,520             $ 120,019
     Cost of Goods Sold                                     $ -                  $ -                         -                 1,000
                                                --------------------- ---------------------    --------------------- ---------------
        Net Income                                            -               57,320                   111,520               119,019

Costs and Expenses:
     Operating Expenses                                       -               29,381                    33,431                52,456
     Administration Expenses                              3,466                7,550                    30,637                24,643
                                                --------------------- ---------------------    --------------------- ---------------
Total Operating Expenses                                  3,466               36,931                    64,068                77,099

Net Income (Loss) from operations                        (3,466)              20,389                    47,452                41,920

Other Expense
     Mineral Interest Transferred                             -                    -                    12,740                     -
     Mineral Lease Expired                                    -                    -                    19,308                     -
     Write off of assets                                      -                    -                     2,370                     -
     Interest Expense                                                          1,156                         -                 3,646
                                                --------------------- ---------------------    --------------------- ---------------
Total Other Expense                                           -                1,156                    34,418                 3,646
                                                --------------------- ---------------------    --------------------- ---------------

Net Income (Loss)                                      $ (3,466)            $ 19,233                  $ 13,034              $ 38,274
                                                ===================== =====================    ===================== ===============

Per Share Information
     Weighted average number                            999,994              740,385                   999,994               740,385
     of common share outstanding                --------------------- ---------------------    --------------------- ---------------

Net income per common share                           *                   $ 0.03                   $ 0.01                $ 0.05

*  Less than $0.01
</TABLE>

See accountants' review report.

                                   F-3
<PAGE>
<TABLE>
<CAPTION>
                                                           MOUNTAINS WEST EXPLORATION, INC.
                                                               Statements of Cash Flows
                                                                      (Unaudited)
                                                                    Indirect Method



                                                                                                     Nine Months Ended September 30,

                                                                                                      2005                  2004
                                                                                                      ----                  ----
<S>                                                                                                  <C>                   <C>

Cash Flows from Operating Activities
     Net Income (Loss)                                                                               $ 13,034              $ 38,274
     Adjustments to reconcile net loss to cash used
     by operating activities
     Depreciation                                                                                           -                   324
     Changes in operating assets and liabilities
         (Decrease) Increase in accounts payable & accruals                                           (78,089)                2,500
         (Increase) Decrease in Other Assets                                                           34,418                (9,624)
                                                                                                     -------------------------------
Net Cash Used in Operating Activities                                                                 (30,637)               31,474

Cash Flows from Financing Activities
    Payments on Notes Payable                                                                               -               (36,089)
    Proceeds from Notes Payable                                                                             -                27,669
                                                                                                     -------------------------------
Net Cash Used for Financing Activities                                                                                       (8,420)

Net Decrease in Cash & Cash Equivalents                                                               (30,637)               23,054

Beginning Cash & Cash Equivalents                                                                      30,637                11,711
                                                                                                     -------------------------------
Ending Cash & Cash Equivalents                                                                            $ -              $ 34,765
                                                                                                     ===========         ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Cash paid for interest                                                                               $ -               $ 3,646
                                                                                                     ===========         ===========
     Cash paid for Income Taxes                                                                           $ -                   $ -
                                                                                                     ===========         ===========
</TABLE>

See Accountants' Review Report

                                      F-4

<PAGE>
<TABLE>
<CAPTION>
              MOUNTAINS WEST EXPLORATION, INC.
               Stockholders' Equity (Deficit)
                     September 30, 2005
                        (Unaudited)


                                                          COMMON STOCK                                                    Total
                                                                                                  Accumulated         Stockholders'
                                                       # of shares             Amount              Deficit          Equity (Deficit)
                                                       -----------             ------              -------          ----------------
<S>                                                     <C>                 <C>                   <C>                 <C>


Balance - December 31, 2001                                  740,385           $ 1,554,786         $(1,573,676)           $ (18,890)

Net Loss for Year                                                  -                     -              (4,094)              (4,094)
                                                        ------------------  ------------------    ------------------  --------------
Balance - December 31, 2002                                  740,385             1,554,786          (1,577,770)             (22,984)

Net Loss for Year                                                  -                     -             (16,483)             (16,483)
                                                        ------------------  ------------------    ------------------  --------------
Balance - December 31, 2003                                  740,385             1,554,786          (1,594,253)             (39,467)

Issuance of stock for cash                                   259,609                25,000                   -               25,000
Net Profit for Year                                                -                     -               1,433                1,433
                                                        ------------------  ------------------    ------------------  --------------
Balance - December 31, 2004                                  999,994             1,579,786          (1,592,820)             (13,034)

Net Income for Period                                              -                     -              13,034               13,034
                                                        ------------------  ------------------    ------------------  --------------
Balance - September 30, 2005                                 999,994           $ 1,579,786         $(1,579,786)                 $ -
                                                        ==================  ==================    ==================  ==============
See Accountants' Review Report
</TABLE>


                                      F-5

<PAGE>

                        MOUNTAINS WEST EXPLORATION, INC.
                          Notes to Financial Statements
                               September 30, 2005

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 September
30, 2005 and the results of operations for the  nine-months  ended September 30,
2005 and 2004,  and cash flows for the nine months ended  September 30, 2005 and
2004. 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, 2004.

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.

Note 3 - Capital Stock

All shares of stock have been retroactively  adjusted to show the results of the
1 for 50 reverse split as of April 14, 2005

                                       F-6

<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 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,  and the Company
may not be able to successfully develop, or manage any business, the Company may
not be able to  attract  or  retain  qualified  executives  and  personnel,  and
competition  and  government   regulation  may  hinder  the  Company's  business
attempts.  Further,  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 business.

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 2005 and any Current Reports on Form 8-K filed by the
Company.

Results of Operations for the Quarter Ended September 30, 2005 Compared to the
Same Period in 2004.

During the quarter ended September 30, 2005, there were no revenues  compared to
$57,320 in revenue for the same period in the prior year, which included, in
2004, a lawsuit settlement of $20,000 received.

The company had operating expenses of $0 and $29,381 in the quarters in 2005 and
2004 respectively.  The company incurred  administrative  expenses of $3,466 and
$7,550 in 2005 and 2004 respectively in the quarter.  Total expenses were $3,466
in the quarter in 2005 compared to $36,931 in the quarter in 2004.  The net loss
was ($3,466) the quarter in 2005 compared to a $19,233  profit in the quarter in
2004. The loss per share was nominal in the quarter in 2005 and there was a $.03
profit in 2004.


<PAGE>


Results of Operations for the Nine Months Ended September 30, 2005 Compared to
Same Period in 2004.

The company had revenues of $111,520 in the nine month  period in 2005  compared
to $120,019 in the period in 2004, from production sales from fractional working
interests. 2004 revenue also included a $20,000 lawsuit settlement.  The Company
divested itself of fractional producing working interests in June 2005, when the
production  was  unitized  by the  operator  and the  Company  was  notified  of
significant  back charges  against future  revenues,  as well as a significantly
reduced  ownership in the unit.  The cost of goods sold was $0 and $1,000 in the
nine month period in 2005 and 2004 respectively.

The company experienced $33,431 in operating expense in the nine month period in
2005  compared to $52,456 in such expense in the same period in 2004.  There was
administrative  expense incurred in the period of $30,637 in 2005 and $24,643 in
2004.  The total  operating  expenses  in the  period  were  $64,068 in 2005 and
$77,099 in 2004. The net profit for the period was $13,034 in 2005 compared to a
loss of  ($38,274)  in 2004.  The profit is due to revenue  generation  from gas
production in the first six months, and was used to pay accrued debt. The profit
per share was nominal in the period in 2005 and $.05 in 2004.

Changes in Financial Condition

Year to date the Company  experienced  a decrease  in cash  position to none at
quarter end. The Company's  total debt is none at the quarter end as a result of
expense accruals.  The Company's total liabilities are none. The company expects
the trend will be of losses due to no  revenues  and that they will  continue at
an increasing rate, in the future.

Liquidity and Capital Resources

Year to date, the company had a decreased cash position,  which is insufficient
for any significant operations. The company had no cash no at quarter end.

The company's only capital resources are its common stock which might be sold to
raise capital.

NEED FOR ADDITIONAL FINANCING

The Company does not have capital  sufficient to meet the Company's  cash needs,
to operate,  and pay debt, 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
capital may be a sufficient impediment to prevent it from accomplishing the goal
of expanding its operations.  There is no assurance,  that without funds it will
ultimately  allow  company to carry out its  business.  The Company will need to
raise  additional  funds to expand its  business  activities  in the next twelve
months.

<PAGE>

         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 no  business,
limited  capital,  no debt minimal cash, no other liquid assets,  and no capital
commitments.

     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 of approximately $250,000.

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)     3.10  Amendment to Bylaws
                32    906 Sarbanes-Oxley Certification
                31    302 Sarbanes-Oxley Certification

        (b)     Reports on Form 8-K.

                8K filed 7/7/2005
                8K filed 8/8/2005
<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.


Denis Iler                                          October 14, 2005
- --------------------------------------------------------
Denis Iler          President, Chief Executive Officer