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, 2004

                           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 [X] No [__]

The  number of shares outstanding of  the issuer's common stock, par value $.001
per share, at March 31, 2004, was 37,019,271 shares.


<PAGE>
                        MOUNTAINS WEST EXPLORATION, INC.


                          FINANCIAL STATEMENTS FOR THE
                        THREE-MONTHS ENDED MARCH 31, 2004
                                   (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, 2004 and the related statements of operations for the
three-months ended March 31, 2004 and 2003, and cash flows for the three-months
ended March 31, 2004 and 2003, included in the accompanying Securities and
Exchange Commission 10-QSB for the period ended March 31, 2004. 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, 2003, 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 March 31, 2004, is fairly stated in all material respects in
relation to the balance sheet from which it has been derived.


Michael Johnson & Co, LLC
May 21, 2004

/s/Michael Johnson & Co, LLC

<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.
                                 Balance Sheets
                                  (Unaudited)

<S>                                                                     <C>                     <C>

                                                                          March 31,              December 31,
                                                                             2004                    2003
                                                                        ---------------         ---------------

ASSETS

   Current Assets:
      Cash                                                                     $ 6,997                $ 11,711
                                                                        ---------------         ---------------

         Total Current Assets                                                    6,997                  11,711
                                                                        ---------------         ---------------

   Fixed Assets:
      Office Equipment                                                          15,819                  15,819
      Leases & Well Equipment                                                    1,236                   1,236
                                                                        ---------------         ---------------
                                                                                17,055                  17,055
      Less: Accumulated Depreciation                                           (14,361)                (14,253)
                                                                        ---------------         ---------------

         Total Fixed Assets                                                      2,694                   2,802
                                                                        ---------------         ---------------

   Other Assets:
      Undeveloped Property                                                       1,540                   1,540
      Leases                                                                    10,045                       -
      Mineral Interests                                                         12,740                  12,740
                                                                        ---------------         ---------------

         Total Other Assets                                                     24,325                  14,280
                                                                        ---------------         ---------------

TOTAL ASSETS                                                                  $ 34,016                $ 28,793
                                                                        ===============         ===============


LIABILITIES AND STOCKHOLDERS' EQUITY

   Current Liabilities:
      Accounts Payable                                                           2,500                       -
      Current Portion - Long-Term Debt                                           5,787                  18,744
                                                                        ---------------         ---------------

         Total Current Liabilities                                               8,287                  18,744
                                                                        ---------------         ---------------

   Long-Term Debt:
      Long-Term Debt                                                            61,292                  49,516
                                                                        ---------------         ---------------

      Total Long-Term Debt                                                      61,292                  49,516
                                                                        ---------------         ---------------

   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)                                           (1,590,349)             (1,594,253)
                                                                        ---------------         ---------------

         Total Stockholders' Equity (Deficit)                                (35,563)                (39,467)
                                                                        ---------------         ---------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                    $ 34,016                $ 28,793
                                                                        ===============         ===============

</TABLE>
See Accountants Review Report

<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.

                            Statements of Operations
                                  (Unaudited)
<S>                                                                  <C>                 <C>


                                                                        Three-Months Ended
                                                                             March 31,
                                                                     2004                 2003
                                                                     ----                 ----

Revenue:
   Oil and Gas Income                                                  $ 29,987            $ 16,656
                                                                     -----------         ----------
Total Income                                                             29,987              16,656
                                                                     -----------         ----------
   Cost of Goods Sold                                                     1,000                 271
                                                                     -----------         ----------
      Net Income                                                         28,987              16,385
                                                                     -----------         ----------
Costs and Expenses:
    Operating Expenses                                                   12,635               7,397
    Administration Expenses                                               12,448               1,882
                                                                     -----------         ----------
Total Expenses                                                           25,083               9,279
                                                                     -----------         ----------
Net Loss from Operations                                                $ 3,904             $ 7,106
                                                                     ===========         ==========

Per Share Information:

     Weighted average number
     of common shares outstanding                                    37,019,721          37,019,721
                                                                     -----------         ----------
Net Loss per common share                                              *                    *
                                                                     ===========         ==========
* Less than $.01
</TABLE>

See Accountants Review Report

<PAGE>
<TABLE>
<CAPTION>

                        MOUNTAINS WEST EXPLORATION, INC.
                         Stockholders' Equity (Deficit)
                                 March 31, 2004
                                  (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 stocks                        (990,279)              (991)                    -            (991)

Net Loss for 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 Year                                    -                  -               (16,483)        (16,483)
                                            ----------         ----------           -----------       ---------
Balance - December 31, 2003                 37,019,721          1,554,786            (1,594,253)        (39,467)
                                            ----------         ----------           -----------       ---------
Net Profit for Period                                -                  -                 3,904            3,904
                                            ----------         ----------           -----------       ---------
Balance - March 31, 2004                    37,019,721         $1,554,786           $(1,590,349)      $ (35,563)
                                            ==========         ==========           ===========       =========
</TABLE>
See Accountants Review Report

<PAGE>
<TABLE>
<CAPTION>

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


<S>                                                                                       <C>                      <C>

                                                                                             Three-Months Ended
                                                                                                   March 31,
                                                                                        2004                   2003
                                                                                        ----                   ----

Cash Flows from Operating Activities:

   Net Profit                                                                             $ 3,904                  $ 7,106
   Adjustments to reconcile net loss to net cash used
      by operating activities
   Depreciation                                                                               108                       -
   Changes in operating assets and liabilities
      Increase in Accounts Payable                                                          2,500                       -
      (Increase) in Other Assets                                                          (10,045)                      -
                                                                                          -------                   -------
Net Cash Used in Operating Activities                                                      (3,533)                    7,106
                                                                                          -------                   -------
Cash Flows from Financing Activities:
   Payments on Notes Payable                                                               (1,181)                      -
                                                                                          -------                   -------
Net Cash Used for Financing Activities                                                     (1,181)                      -
                                                                                          -------                   -------
Net Increase in Cash & Cash Equivalents                                                    (4,714)                    7,106

Beginning Cash & Cash Equivalents                                                          11,711                    1,613
                                                                                          -------                   -------
Ending Cash & Cash Equivalents                                                            $ 6,997                  $ 8,719
                                                                                          =======                   =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Cash paid for interest                                                                 $ 297                    $ 297
                                                                                          =======                   =======
     Cash paid for Income Taxes                                                               $ -                     $ -
                                                                                          =======                   =======
</TABLE>
See Accountants Review Report

<PAGE>





                        MOUNTAINS WEST EXPLORATION, INC.
                          Notes to Financial Statements
                                 March 31, 2004




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,
2004 and the results of operations for the three-months ended March 31, 2004 and
2003, and cash flows for the three-months ended March 31, 2004 and 2003. 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, 2003.

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,"  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 4,000  acres for coal bed
methane in northern  New Mexico,  none of which are explored or  developed.  The
Company is currently considering options for developing these minerals.


<PAGE>


Changes in Financial Condition

During the quarter the Company experienced a decrease in cash position to $6,997
from year end 2002 of $11,711.  The  Company's  total debt  increased by $11,000
approximately  during  the  quarter  as a  result  of  leasing  activities.  The
Company's total liabilities are approximately $61,292. It is Management's belief
that  the  Company  will be  able to meet  its  operating  expenses  during  the
remainder of the fiscal year.

RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2004, COMPARED TO SAME
PERIOD IN 2003.

     The company had revenue from methane  production  in the quarter in 2004 of
$29,987  compared to $16,656 in 2003.  The cost of goods sold was $1,000 in 2004
and $271 in 2003. The operating  expenses were $12,635 and $7,397 in the quarter
in 2004 and 2003  respectively.  Administration  expense was $12,448 in 2004 and
$1,882 in 2003 in the  quarter.  Total  expenses  were $25,083 in the quarter in
2004  compared to $9,279 in the same quarter in 2003.  The profit on  operations
was $3,904 in the  quarter  in 2004  compared  to $7,106 in the same  quarter in
2003.  The decrease in profit was due to increased  administration, salaries and
expenses.

The profit per share was nominal in the period in 2004 and 2003. Management
expects that the revenue and expense  will  continue at its current rate for the
balance of 2004 barring unusual economic conditions.



<PAGE>

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.

         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 $69,000,  $8,267 of which is current, $6,997
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 in the next quarter of approximately $250,000.



<PAGE>

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

Other than the judgment  described in the Company's annual report on form 10KSB,
incorporated  herein by reference,  management knows of no legal  proceedings or
unsatisfied judgments which have not been provided for in any court or agency to
which the Company or any of its officers or directors are or may be a party.

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.                                          May 24, 2004
- --------------------------------------------------------
Robert A. Doak, Jr.   President, Chief Executive Officer
                             and Chief Financial Officer