UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

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

     For the quarterly period ended: November 30, 2003

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

     For the transition period from ________ to ________.


                         Commission file number 0-10093

                             Golf Rounds.com, Inc.
           ----------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

          Delaware                                59-1224913
-------------------------------                 ----------------
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                  Identification No.)

            111 Village Parkway, Building 2, Marietta, Georgia 30067
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                                  770-951-0984
                       ----------------------------------
                           (Issuer's telephone number)

                                       N/A
                       ---------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

     Check  whether  the issuer (1) 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  registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days.
                                 Yes X No_______

     State the number of shares  outstanding of each of the issuer's  classes of
common equity as of the latest  practicable  date:  As of January 12, 2003,  the
issuer  had  3,447,377  shares  of  common  stock,  par  value  $.01 per  share,
outstanding.

     Transitional Small Business  Disclosure Format (check one): Yes _____ No X




<PAGE>



PART I - FINANCIAL INFORMATION

Item 1. -  Financial Statements

                              GOLF ROUNDS.COM, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                                   (Unaudited)

                                                       November 30,
                                                            2003
                                                       ------------

ASSETS

CURRENT ASSETS:

      Cash and cash equivalents                        $2,619,405
      Deferred merger costs                               120,495
      Prepaid expenses                                     22,917
                                                        ---------
      Total current assets                             $2,762,817
                                                       ----------
      Total Assets                                     $2,762,817
                                                       ==========


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable and accrued expenses                $    84,983
                                                     -----------
  Total current liabilities                               84,983
                                                     -----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  Common stock, $.01 par value,
    12,000,000  shares authorized,
    3,447,377 issued and outstanding                     34,473
  Additional capital in excess of par value           4,773,866
  Accumulated deficit                                (2,130,505)
                                                    -----------

Total stockholders' equity                            2,677,834
                                                    -----------


Total Liabilities and Stockholders' Equity           $2,762,817
                                                     ==========



   See accompanying notes to the condensed consolidated financial statements.

                                       2

<PAGE>


                              GOLF ROUNDS.COM, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                                       <C>                   <C>

                                                            For the three months
                                                             ended November 30,
                                                    -----------------------------------
                                                           2003                 2002
                                                        ---------           ----------


EXPENSES:
  General, administrative and other                     $  48,192            $  48,547
                                                        ---------            ---------

  TOTAL EXPENSES                                           48,192               48,547
                                                        ---------            ---------

LOSS FROM OPERATIONS                                      (48,192)             (48,547)
                                                        ---------            ---------

OTHER INCOME:
  Interest and dividends                                    3,508                8,096
                                                        ---------            ---------

NET LOSS                                                $ (44,684)           $ (40,451)
                                                        =========            =========

BASIC AND DILUTED NET LOSS PER COMMON SHARE             $    (.01)           $    (.01)
                                                        =========            =========

WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING                                      3,447,377            3,447,377
                                                        =========            =========
</TABLE>



   See accompanying notes to the condensed consolidated financial statements.

                                       3


<PAGE>



                              GOLF ROUNDS.COM, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                                        <C>               <C>

                                                             For the three months
                                                            ended November 30,
                                                    ---------------------------------
                                                           2003               2002
                                                       -----------       ------------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                           $   (44,684)       $   (40,451)
  Adjustments to reconcile net loss to
    net cash used in operating activities:
      Increase or decrease in:
        Prepaid expenses                                  13,750             13,714
        Accounts payable                                   8,478            (23,993)
        Litigation settlement payable                        -              (30,000)
        Accrued liabilities                                8,550              7,550
                                                       ---------          ---------

  NET CASH USED IN OPERATING ACTIVITIES                  (13,906)           (73,180)
                                                       ---------          ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Deferred merger costs                                  (69,815)               -
                                                       ---------          ---------
  NET CASH USED IN INVESTING ACTIVITIES:                 (69,815)               -
                                                       ---------          ---------

NET DECREASE IN CASH AND CASH EQUIVALENTS                (83,721)           (73,180)

CASH AND CASH EQUIVALENTS - beginning                  2,703,126          2,902,827
                                                       ---------          ---------

CASH AND CASH EQUIVALENTS - ending                    $2,619,405         $2,829,647
                                                      ==========         ==========
</TABLE>



   See accompanying notes to the condensed consolidated financial statements.


                                       4
<PAGE>


                              GOLF ROUNDS.COM, INC.
              CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)



NOTE 1 - BASIS OF PRESENTATION

     The accompanying  unaudited  condensed  consolidated  balance sheet of Golf
Rounds.com,  Inc.  (the  "Company")  as of November  30, 2003 and the  unaudited
condensed  consolidated   statements  of  operations  and  cash  flows  for  the
three-months  ended November 30, 2003 and 2002 reflect all material  adjustments
which,  in the opinion of management,  are necessary for a fair  presentation of
results for the interim periods.  Certain  information and footnote  disclosures
required under generally accepted  accounting  principles have been condensed or
omitted  pursuant to the rules and  regulations  of the  Securities and Exchange
Commission,  although the Company  believes that the disclosures are adequate to
make the information  presented not  misleading.  These  consolidated  financial
statements should be read in conjunction with the year-end financial  statements
and notes thereto included in the Company's Annual Report on Form 10-KSB for the
year ended August 31, 2003, as filed with the Securities and Exchange Commission
on November 25, 2003.

     The results of operations for the three-months  ended November 30, 2003 and
2002 are not necessarily indicative of the results to be expected for the entire
fiscal year or for any other period. Prior year's financial statements have been
reclassified to conform to the current year's presentation.


NOTE 2 - LOSS PER SHARE

     Net loss per common share is based on the weighted average number of shares
outstanding during the applicable  period.  Excluded from the net loss per share
calculations  for  the  three-months  ended  November  30,  2003  and  2002  are
contingently  issuable  shares  that,  if included,  would have an  antidilutive
effect.


NOTE 3 - DEFERRED MERGER COSTS

     On September  19, 2003,  the Company and its wholly owned  subsidiary,  DPE
Acquisition Corp., acquired on September 2, 2003 ("Merger Sub"), entered into an
agreement and plan of reorganization and merger ("Merger Agreement") with Direct
Petroleum  Exploration,  Inc. ("DPE").  DPE is a development-stage  company that
owns patented technology for the direct detection of hydrocarbon reserves.

     The Merger Agreement  provides for the merger ("Merger") of Merger Sub with
and into DPE, with DPE surviving the Merger as a wholly owned  subsidiary of the
Company. The Merger is expected to be consummated by April 30, 2004.


                                       5
<PAGE>

     The  Merger  will  result  in a change  of  control  of the  Company.  Upon
consummation of the Merger,  the DPE Shareholders  will hold at least 60% of the
Company's  outstanding  shares. This change in ownership may restrict the future
utilization of the Company's existing net tax benefit carryforwards.

     In addition,  the current Board of Directors and executive  officers of the
Company will resign at the effective  time.  The Board of Directors  immediately
following the effective time shall consist of six persons  designated by DPE and
one person designated by the outgoing board of the Company.

     If the Merger is consummated, the Company shall pay at the effective time a
finders  fee  ("Fee")  to  the  respective  finders.  Two  of  the  finders  are
shareholders of the Company. Pursuant to the terms of the Finders Fee Agreement,
the Fee  will be paid by  issuing  the  finders  the  shares  of  Company  stock
representing an aggregate of 5% of the outstanding  shares; of which the Finders
who are  shareholders  will receive,  in the aggregate,  shares of Company stock
equal to 2.5% of the outstanding shares.  Assuming no adjustment  resulting from
the Company's cash position on the closing date, the aggregate  number of shares
of Company stock to be issued as the Fee shall be 492,482.




                                       6

<PAGE>

Item 2.  Management's Discussion and Analysis or Plan of Operation

     This Form 10-QSB contains forward-looking statements that may involve known
and unknown  risks,  uncertainties  and other  factors that may cause our actual
results and  performance in future  periods to be materially  different from any
prior periods or performance suggested by these statements.

Overview

     General

     Golf Rounds.com, Inc. was incorporated in 1968. Until the fourth quarter of
fiscal 1992, we were engaged in the wholesale  distribution of aluminum  alloys,
steel and other specialty metals under the name American Metals Service, Inc. In
the fourth  quarter of fiscal 1992, we liquidated our assets and did not conduct
any business  operations until May 1999. At that time, we acquired the assets of
PKG Design,  Inc.,  the  developer  of  golfrounds.com  and  skiingusa.com,  two
sports-related  Internet  websites.  In connection with the acquisition of these
websites,  we changed  our name to Golf  Rounds.com,  Inc.  In August  2001,  we
determined to cease operations of our golfrounds.com and skiingusa.com  websites
since  continued  maintenance  of these websites was not a productive use of our
resources.  We still own the rights to these  domain  names and may sell them in
connection with a business combination.  Recently, our business plan has been to
serve as a vehicle for the acquisition of a target business that we believe will
have significant growth potential.

     Proposed Acquisition

     Implementing  our business  plan,  on September 19, 2003, we and our wholly
owned  subsidiary,  DPE  Acquisition  Corp.  ("Merger  Sub"),  entered  into  an
agreement  and  plan  of   reorganization   and  merger  with  Direct  Petroleum
Exploration,  Inc.  Direct  Petroleum is a  development-stage  company that owns
patented  technology for the direct  detection of hydrocarbon  reserves.  Direct
Petroleum's  technology has been used successfully  outside of the United States
for more than two years.

     The Merger  Agreement  provides  for the merger of Merger Sub with and into
Direct Petroleum, with Direct Petroleum surviving the merger as our wholly owned
subsidiary. The merger is expected to be consummated by April 30, 2004.

     Our Business Plan, if the Direct Petroleum Transaction is Not Consummated

     Although  we have signed a Merger  Agreement  with  Direct  Petroleum,  the
consummation of the merger is subject to many  conditions,  If the merger is not
consummated  we  intend  to  continue  to use  our  available  working  capital,
(currently  approximately  $2,677,834,  capital stock,  debt or a combination of
these to effect  another  business  combination  with a company  that desires to
establish a public trading market for its securities  while avoiding what it may
deem to be adverse consequences of undertaking a public offering itself, such as
time  delays,  significant  expense,  loss of voting  control and other  burdens
including significant  professional fees. The business combination may be with a
financially stable,  mature company or a company that is financially unstable or
in its early stages of development or growth.

     In seeking to attain  our  business  objective,  we will not  restrict  our
search to any particular  industry.  Rather,  we may  investigate  businesses of
essentially any kind or nature and participate in any type of business that may,
in our management's  opinion,  meet our business objectives as described in this
report.  We  emphasize  that the  description  in this  report  of our  business
objectives is extremely  general and is not meant to restrict the  discretion of
our management to search for and enter into potential business opportunities. We
have not chosen the  particular  business  in which we will  engage and have not
conducted any market studies with respect to any business or industry for you to
evaluate the possible  merits or risks of the target  business or the particular
industry  in which we may  ultimately  operate.  To the  extent we enter  into a
business  combination  with a financially  unstable  company or an entity in its
early stage of development or growth,  including  entities  without  established
records of sales or earnings,  we will become subject to numerous risks inherent
in the  business  and  operations  of  financially  unstable  and early stage or
potential emerging growth companies. In addition, to the extent that we effect a
business combination with an entity in an industry characterized by a high level
of risk, we will become subject to the currently  unascertainable  risks of that
industry.  An  extremely  high level of risk  frequently  characterizes  certain
industries that experience rapid growth. In addition,  although we will endeavor
to evaluate the risks inherent in a particular  industry or target business,  we
cannot assure you that we will properly ascertain or assess all significant risk
factors.

                                       7
<PAGE>

Results of Operations

     We have had no revenues  (other than  interest  income) since 1992 and will
not generate any revenues  (other than interest  income) until, at the earliest,
the  completion of a business  combination.  For the three months ended November
30, 2003 interest income was $3,508,  as compared to $8,096 for the three months
ended November 30, 2002. The decline in interest income was due to the reduction
in U.S. Treasury Securities and money market fund investments owned by us, which
are  reported  as cash and cash  eqivalents,  and lower  rates of return on such
investments.

     General,  administrative  and other  expenses  were  $48,192  for the three
months  ended  November  30,  2003,  as compared to $48,547 for the three months
ended  November  30,  2002.  Comparing  this year with last year's  expenses the
expense  differences  consisted of payroll expenses decreasing by $8,073 but the
following  expenses  increased over last years  expenses:  stockholder  services
expenses  of $3,512,  legal  expenses of $1,815,  taxes and  licenses of $1,360,
directors' and officers'  liability  insurance  expenses of $850, and accounting
fee expenses of $239.

     General,  administrative  and other  expenses  for the three  months  ended
November 30, 2003  consisted  primarily of directors'  and  officers'  liability
insurance  expenses of $13,750,  payroll  expenses of $8,074,  legal expenses of
$8,379,  audit and  accounting  fee  expenses  of $8,000,  stockholder  services
expenses of $5,112,  office  sharing  expenses of $2,700,  taxes and licenses of
$2,050 and miscellaneous expenses of $127.

Liquidity and Capital Resources

     At  November  30, 2003 cash and cash  equivalents  were  $2,619,405,  which
included  $1,998,110 that was invested in U.S. Treasury  Securities  maturing in
January of 2004 and earn  interest at  approximately  .94% annually and $599,678
invested in a money market account with an effective  yield of .30%. At November
30, 2003, working capital was $2,677,834.

     Cash flows used in operating  activities for the quarter ended November 30,
2003 of $13,906 primarily relate to general and  administrative  expenses.  Cash
flows used in  investing  activities  of $69,815  primarily  relate to  deferred
merger costs from the proposed merger with Direct Petroleum Exploration, Inc.

     If the merger is consummated,  our working capital after the merger will be
largely  comprised of our then remaining current cash assets. We anticipate that
after the merger we will use  substantially  all of our then working  capital to
fund the operations of the acquired business.  In addition,  we believe that the
new business  operations will require  additional capital to fund operations and
the further development and marketing of the acquired  technologies.  Currently,
our working capital on a non-merged basis is sufficient to last for more than 24
months, but if the merger is consummated there can be no assurance that the then
working capital will be sufficient for the anticipated combined operations which
will consist largely of the acquired business.  At the time of the merger, there
will have to be an  assessment  of the  capital  needs of the company on a going
forward basis to determine the future funding  requirements.  We have no funding
commitments at this time for our business or that of the acquired  business.  We
currently  believe  that if we need  capital in the  future,  we will be able to
raise  capital  through  sales  of its  equity  and  institutional  or  investor
borrowings,  although  we  cannot  assure  you we will be  able to  obtain  such
capital.



                                       8
<PAGE>



Item 3. Controls and Procedures

An evaluation of the effectiveness of our disclosure controls and procedures was
made as of November 30, 2003 under the supervision and with the participation of
our management,  including our chairman,  president and treasurer. Based on that
evaluation,  they  concluded  that our  disclosure  controls and  procedures are
effective to ensure that  information  required to be disclosed by us in reports
that we file or submit  under the  Securities  Exchange Act of 1934 is recorded,
processed,  summarized  and  reported  within  the  time  periods  specified  in
Securities  and Exchange  Commission  rules and forms.  During the most recently
completed fiscal quarter,  there has been no significant  change in our internal
control over financial reporting that has materially affected,  or is reasonably
likely to materially affect, our internal control over financial reporting.



Part 2:  OTHER INFORMATION

Item 6. - Exhibits and Reports on Form 8-K

(a) Exhibits Filed.

         Exhibit 31.1      Section 302 Certification of Chairman
         Exhibit 312       Section 302 Certification of President
         Exhibit 32.1      Section 906 Certification

(b) Reports on Form 8-K.

     On December 1, 2003, we filed a Current Report on Form 8-K, as amended by a
Current Report on Form 8-K/A, filed on December 1, 2003,  reporting events under
Items 4 and 7.



                                       9
<PAGE>



                                    SIGNATURE

     In accordance  with the  requirements  of the Exchange Act, the  registrant
caused this Form 10-QSB to be signed on its behalf by the undersigned, thereunto
duly authorized.




                                            GOLF ROUNDS.COM, INC.


Dated: January 12, 2004                     By: /s/ Robert H. Donehew
                                                __________________________
                                                   Robert H. Donehew
                                                   President and Treasurer
                                                   (Principal Financial Officer)



                                       10