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 June 30, 2003


                           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 June 30, 2003, was 37,019,271 shares.

<PAGE>

PART  I
                           MOUNTAINS WEST EXPLORATION, INC.

                          FINANCIAL STATEMENTS FOR THE
                         SIX-MONTHS ENDED JUNE 30, 2003
                                   (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 June 30, 2003 and the related  statements of  operations  for the three
and  six-months  ended June 30, 2003 and 2002, and cash flows for the six-months
ended  June 30,  2003 and 2002,  included  in the  accompanying  Securities  and
Exchange  Commission  10-QSB for the period ended June 30, 2003. 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, 2002, and
the related statements of operations, stockholders' equity (deficit) and cash
flows for the year then ended (not presented herein). In our report dated
February 23, 2004, we expressed an unqualified opinion on those financial
statements. In our opinion, the information set forth in the accompanying
balance sheet as of June 30, 2003, 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
February 27, 2004

<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.
                                 Balance Sheets
                                  (Unaudited)

<S>                                                                            <C>                     <C>

                                                                                  June 30,              December 31,
                                                                                    2003                    2002
                                                                               ---------------         ---------------

ASSETS

   Current Assets:
      Cash                                                                            $ 3,044                 $ 1,613
                                                                               ---------------         ---------------

         Total Current Assets                                                           3,044                   1,613
                                                                               ---------------         ---------------

   Fixed Assets:
      Office Equipment                                                                 14,470                  14,470
      Leases & Well Equipment                                                           1,236                   1,236
                                                                               ---------------         ---------------
                                                                                       15,706                  15,706
      Less:  Accumulated Depreciation                                                 (13,983)                (13,983)
                                                                               ---------------         ---------------

         Total Fixed Assets                                                             1,723                   1,723
                                                                               ---------------         ---------------

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

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

TOTAL ASSETS                                                                         $ 18,447                $ 17,016
                                                                               ===============         ===============

LIABILITIES & STOCKHOLDERS' EQUITY

    Current Liabilities:
       Accounts Payable                                                                 5,000                   5,000
       Notes Payable - Wells Fargo                                                     37,866
       Current Portion - Long-Term Debt                                                 4,686                   9,372
                                                                               ---------------         ---------------

          Total Current Liabilities                                                    47,552                  14,372
                                                                               ---------------         ---------------

    Long-Term Debt:
        Long-Term Debt                                                                 30,314                  25,628
                                                                               ---------------         ---------------

           Total Long-Term Debt                                                        30,314                  25,628
                                                                               ---------------         ---------------

   Stockholders' Equity
     Common stock
        Common stock, no par value, 50,000,000 shares                               1,554,786               1,554,786
          authorized, 37,019,271 shares issued and outstanding
        Retained Earnings (Deficit)                                                (1,614,205)             (1,577,770)
                                                                               ---------------         ---------------

Total Shareholders' Equity (Deficit)                                                  (59,419)                (22,984)
                                                                               ---------------         ---------------

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                                             $ 18,447                $ 17,016
                                                                               ===============         ===============
See Accountants Review Report
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.
                            Statements of Operations
                                  (Unaudited)
<S>                                                          <C>                    <C>                   <C>

                                                                   Three-Months Ended                            Six-Months Ended
                                                                        June 30,                                      June 30,
                                                                2003                   2002                   2003             2002
                                                                ----                   ----                   ----             ----

Revenue:
    Oil & Gas Income                                            $ 8,093                $ 6,295              $ 24,749       $ 12,572
    Cost of Goods Sold                                                -                   (955)                 (271)        (1,030)

Total Income                                                      8,093                  5,340                24,478         11,542
                                                             ----------             ----------            ----------     -----------
Costs and Expenses:
     Operating Expenses                                          47,960                  3,245                55,357          6,430
     Administrative Expenses                                      3,686                  3,499                 5,568          7,010
                                                             ----------             ----------            ----------     -----------
Total Operating Expenses                                         51,646                  6,744                60,925         13,440
                                                             ----------             ----------            ----------     -----------
Other Income
      Interest Income                                                12                      -                    12              -
                                                             ----------             ----------            ----------     -----------
Total Other Income                                                   12                      -                    12              -
                                                             ----------             ----------            ----------     -----------
Net Loss                                                      $ (43,541)              $ (1,404)            $ (36,435)      $ (1,898)
                                                             ==========             ==========            ==========     ===========
Per Share Information:

     Weighted average number
     of common shares outstanding                            37,019,271             37,019,271            37,019,271     37,019,271
                                                             ----------             ----------            ----------     -----------
Net Loss per common share                                      *                      *                      *                    *
                                                             ==========             ==========            ==========     ===========

* Less than $.01
See Accountants Review Report
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.
                         Stockholders' Equity (Deficit)
                                 June 30, 2003
                                  (Unaudited)




<S>                                      <C>                <C>                 <C>                  <C>

                                                                                    Deficit
                                         COMMON STOCKS                           Accum. During          Total
                                                                                  Development             Stockholders'
                                          # of Shares          Amount                Stage             Equity
                                         ---------------    --------------      -----------------    ------------

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

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

Net Loss for the Year                                 -                 -                (27,475)        (27,475)
                                         ---------------    --------------      -----------------    ------------

Balance - December 31, 2001                  37,019,721         1,554,786             (1,573,676)        (18,890)
                                         ---------------    --------------      -----------------    ------------

Net Loss for Year                                     -                 -                 (4,094)         (4,094)
                                         ---------------    --------------      -----------------    ------------

Balance - December 31, 2002                  37,019,721         1,554,786             (1,577,770)        (22,984)
                                         ---------------    --------------      -----------------    ------------

Net Loss for Period                                   -                 -                (36,435)        (36,435)
                                         ---------------    --------------      -----------------    ------------

Balance - March 31, 2003                     37,019,721        $1,554,786            $(1,614,205)      $ (59,419)
                                         ===============    ==============      =================    ============

See Accountants Review Report
</TABLE>


<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.
                            Statements of Cash Flow
                                  (Unaudited)
                                Indirect Method

<S>                                                                                      <C>                     <C>

                                                                                               Six-Months Ended
                                                                                                    June 30,
                                                                                        2003                   2002
                                                                                        ----                   ----
Cash Flows from Operating Activities:

     Net Profit (Loss)                                                                   $(36,435)               $ (1,898)
                                                                                         --------                --------
Net Cash Used in Operating Activities                                                     (36,435)                 (1,898)
                                                                                         --------                --------
Cash Flows from Financing Activities:
    Proceeds from Notes Payable                                                            37,866                       -
                                                                                         --------                --------
Net Cash Provided by Financing Activities                                                  37,866                       -
                                                                                         --------                --------
Net Increase in Cash & Cash Equivalents                                                     1,431                  (1,898)
                                                                                         --------                --------
Beginning Cash & Cash Equivalents                                                           1,613                   4,574
                                                                                         --------                --------
Ending Cash & Cash Equivalents                                                            $ 3,044                 $ 2,676
                                                                                         ========                ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Cash paid for interest                                                               $ 1,888                 $ 1,936
                                                                                         ========                ========
     Cash paid for Income Taxes                                                               $ -                     $ -
                                                                                         ========                ========

See Accountants Review Report
</TABLE>

<PAGE>
                        MOUNTAINS WEST EXPLORATION, INC.
                          Notes to Financial Statements
                                  June 30, 2003




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 June 30,
2003 and the results of operations for the three and six-months ended June 30,
2003 and 2002, and cash flows for the six-months ended June 30, 2003 and 2002.
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, 2002.

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 small  ownership  interests in producing coal bed methane wells
in Las  Animas  county,  Colorado  and has  leases on 242 net acres for coal bed
methane in  the same area which is not  explored or developed.  The Company
is currently considering option for developing these.

Results of Operations for the Quarter Ended June 30, 2003 Compared to the
Same Period in 2002.

During  the quarter  ended  June  30,  2003,  oil and gas sales  were
$8,093  compared to $6,295 for the same period in the prior year. The Company
had no other operating  income during the quarter.

The company had operating  expenses of $47,960 and $3,245 in the quarter in 2003
and 2002 respectively.  The company incurred  administrative  expenses of $3,686
and  $3,499  in 2003 and  2002  respectively  in the  quarter.  Total  operating
expenses  were $51,646 in the quarter in 2003  compared to $6,744 in the quarter
in 2002 due to increase in business  activity by the  company.  The net loss was
($43,541) in the quarter in 2003  compared to a ($1,404) net loss in the quarter
in 2002. The loss per share was nominal in the quarter in 2003 and 2002.
<PAGE>


The Company owns  minority  working  interests in coal bed methane  wells in Las
Animas county, Colorado. The coal bed methane gas wells discussed are located on
240 acres of these  minerals.  The  company  has also  acquired  2,400  acres of
undeveloped  leases in the Raton  Basin in northern  New Mexico.  The Company is
currently considering options for exploring these minerals.

Results of Operations for the Six Months Ended June 30, 2003 Compared to
Same Period in 2002.

The company had revenues of $24,749 in the period in 2003 compared to $12,572
in the period in 2002.  The dramatic increase was due to increased production
and higher gas prices from production sales.  The cost of goods sold was $271
and $1,030 in the six month period in 2003 and 2002 respectively.

The company experienced $55,357 in operating expense in the six month period in
2003 compared to $6,430 in such expense in the same period in 2002.  There was
administrative expense incurred in the period of $5,568 in 2003 and $7,010 in
2002.  The total operating expenses in the period were $60,925 in 2003 and
$13,440 in 2002.  The net loss for the period was ($36,435) in 2003 compared to
($1,898) in 2002.  The increased loss is due primarily to substantially
increased operating expenses.  The loss per share was nominal in the period in
2003 and 2002.

Changes in Financial Condition

Year to date  the  Company  experienced  an  increase  in cash  position  due to
increased revenue of the Company.  The Company's total debt increased by $38,000
during the year to date as a result of expense's  accruals.  The Company's total
liabilities are approximately $78,000.

Liquidity and Capital Resources

During the year to date,  the company had  increased  revenue,  but a marginally
increased cash position,  which was insufficient for any significant  operations
at quarter end.  The company had cash of $3,044 and  illiquid  assets of $15,000
approximately.

The company's only capital resources are its assets which may be illiquid and
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,   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
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, debt in excess of $78,000,  $47,552 of which is current, $3,044
in cash, minimal other liquid assets, and no capital commitments. The effects of
such conditions could easily be to cause the Company's bankruptcy.

     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.


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.                                          April 22, 2004
- --------------------------------------------------------
Robert A. Doak, Jr.   President, Chief Executive Officer
                             and Chief Financial Officer