| Colorado                                                       | 84-1508638                                 |
|----------------------------------------------------------------|--------------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |  (I.R.S. Employer Identification No.) |
|                                                           |                                       |
|                                                           |                                       |
|  P.O. Box 141 Westminster, Colorado                       |  80036                                |
| (Address of Principal Executive Offices)                       |   (Zip Code)                     |

| LargeAccelerated Filer [] |   | AcceleratedFiler [] |   | Non-Accelerated Filer [] (Do not check if a smaller reporting company) |   | Smaller ReportingCompany [X] |
|---------------------------|--------|---------------------|--------|----------------------------------------------------------------------------------|--------|------------------------------|

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|   | Part 1 - Financial Information                                                |      |   |
|--------|-------------------------------------------------------------------------------|-----------|--------|
|   |                                                                          |      |   |
|   | Item 1 - Financial Statements (Unaudited)                                     |   3  |   |
|   |                                                                          |      |   |
|   | Item 2 - Management’s Discussion and Analysis and Results of Operations |  9   |   |
|   |                                                                          |      |   |
|   | Item 3 - Quantitative and Qualitative Disclosures about Market Risk           |   12 |   |
|   |                                                                          |      |   |
|   | Item 4 - Controls and Procedures                                              |   13 |   |
|   |                                                                          |      |   |
|   | Part 2 - Other Information                                                    |      |   |
|   |                                                                          |      |   |
|   | Item 1 - Legal Proceedings                                                    |  13  |   |
|   |                                                                          |      |   |
|   | Item 2 - Sales of Unregistered Equity Securities and Use of Proceeds          |   13 |   |
|   |                                                                          |      |   |
|   | Item 3 - Defaults upon Senior Securities                                      |   13 |   |
|   |                                                                          |      |   |
|   | Item 4 - Submission of Matters to a Vote of Security Holders                  |   13 |   |
|   |                                                                          |      |   |
|   | Item 5 - Other Information                                                    |   13 |   |
|   |                                                                          |      |   |
|   | Item 6 - Exhibits                                                             |   14 |   |

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|                                                                                       |   |         |        |   |      |   |
|--------------------------------------------------------------------------------------------|--------|--------------|-------------|--------|-----------|--------|
|                                                                                       |   | December 31, |        |   | March 31, |   |
| ASSETS                                                                                     |   | 2006         |        |   | 2007      |   |
| Current assets                                                                             |   |         |        |   |      |   |
|     Cash and cash equivalents                                          |   | $            | 9,626       |   |      | $      | 55,773 |   |
|     Prepaid expenses                                                   |   |         | -           |   |      |   | 43,184 |   |
|     Revenue receivable                                                 |   |         | -           |   |      |   | 43,154 |   |
| Total current assets                                                                       |   |         | 9,626       |   |      |   | 142,111 |   |
|                                                                                       |   |         |        |   |      |   |   |   |
| Furniture and equipment, at cost net of accumulated                                        |   |         |        |   |      |   |   |   |
|     depreciation of $19,437(2006) and $29,353(2007)                    |   |         | 330,235     |   |      |   | 429,184 |   |
|                                                                                       |   |         |        |   |      |   |   |   |
|                                                                                       |   |         |        |   |      |   |   |   |
|                                                                                       |   |         |        |   |      |   |   |   |
|                                                                                       |   | $            | 339,861     |   |      | $      | 571,295 |   |
|                                                                                       |   |         |        |   |      |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                      |   |         |        |   |      |   |   |   |
| Current liabilities                                                                        |   |         |        |   |      |   |   |   |
|     Accounts payable                                                   |   | $            | 51,675      |   |      | $      | 182,808 |   |
|     Accrued expenses                                                   |   |         | -           |   |      |   | 22,624 |   |
|     Accrued payroll taxes                                              |   |         | 273,976     |   |      |   | 306,311 |   |
|     Notes payable & advances related parties                       |   |         | 419,375     |   |      |   | 522,126 |   |
|                                                                                       |   |         |        |   |      |   |   |   |
| Total current liabilities                                                                  |   |         | 745,026     |   |      |   | 1,033,869 |   |
|                                                                                       |   |         |        |   |      |   |   |   |
| Stockholders' deficit                                                                      |   |         |        |   |      |   |   |   |
|     Convertible Class A preferred stock; $10 face value,               |   |         |        |   |      |   |   |   |
|        1,000,000 shares authorized                           |   |         |        |   |      |   |   |   |
|        Series 1, 30,000 shares authorized, 0 (2006)          |   |         |        |   |      |   |   |   |
|        and 0 (2007) shares issued and outstanding            |   |         | -           |   |      |   | - |   |
|    Series 2, 25,000 shares authorized, 0 (2006)                             |   |         |        |   |      |   |   |   |
|        and 0 (2007) shares issued and outstanding            |   |         | -           |   |      |   | - |   |
|     Common stock, no par value; 499,000,000 shares                     |   |         |        |   |      |   |   |   |
|        authorized, 307,155,754 (2006) and 362,155,754 (2007) |   |         | 12,810,628  |   |      |   | 12,992,003 |   |
|        shares issued and outstanding                         |   |         |        |   |      |   |   |   |
|     Accumulated deficit                                                |   |         | (13,201,268 | )      |      |   | (13,440,052 | ) |
|     Notes receivable from sale of stock                                |   |         | (14,525     | )      |      |   | (14,525 | ) |
|                                                                                       |   |         |        |   |      |   |   |   |
| Total stockholders' deficit                                                                |   |         | (405,165    | )      |      |   | (462,574 | ) |
|                                                                                       |   |         |        |   |      |   |   |   |
|                                                                                       |   |         |        |   |      |   |   |   |
|                                                                                       |   | $            | 339,861     |   |      | $      | 571,295 |   |

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|                                                |   |            |        |   |            |   |        |            |   |   |            |   |
|-----------------------------------------------------|--------|-----------------|-------------|--------|-----------------|--------|-------------|-----------------|--------|--------|-----------------|--------|
|                                                |   | Three Months    |        |   | Three Months    |   |        | Six Months      |   |   | Six Months      |   |
|                                                |   | Ending June 30, |        |   | Ending June 30, |   |        | Ending June 30, |   |   | Ending June 30, |   |
|                                                |   | 2006            |        |   | 2007            |   |        | 2006            |   |   | 2007            |   |
| Revenues                                            |   |            |        |   |            |   |        |            |   |   |            |   |
|    Oil & gas revenue             |   | $               | -           |   |            | $      | 108,864     |            |   | $      | -               |   |   | $ | 112,797 |   |
|    Other income                      |   |            | 25,540      |   |            |   | -           |            |   |   | 28,540          |   |   |   | - |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Total revenues                                      |   |            | 25,540      |   |            |   | 108,864     |            |   |   | 28,540          |   |   |   | 112,797 |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Operating expenses                                  |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
|    Oil & gas operating expenses  |   |            | -           |   |            |   | 133,568     |            |   |   | -               |   |   |   | 138,268 |   |
|    Depreciation                      |   |            | 544         |   |            |   | 9,680       |            |   |   | 1,088           |   |   |   | 9,915 |   |
|    Rent                              |   |            | 725         |   |            |   | 518         |            |   |   | 725             |   |   |   | 1,143 |   |
|    Other operating expenses          |   |            | 51,171      |   |            |   | 127,876     |            |   |   | 120,874         |   |   |   | 187,161 |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Total operating expenses                            |   |            | 52,440      |   |            |   | 271,642     |            |   |   | 122,687         |   |   |   | 336,487 |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Net loss from operations                            |   |            | (26,900     | )      |            |   | (162,778    | )               |   |   | (94,147         | )      |   |   | (223,690 | ) |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Other income (expense):                             |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
|     Minority interest           |   |            | 5,624       |   |            |   | -           |            |   |   | 7,608           |   |   |   | - |   |
|     Loss on sale of investments |   |            | -           |   |            |   | -           |            |   |   | -               |   |   |   | - |   |
|     Extinguishment of debt      |   |            | 242,312     |   |            |   | -           |            |   |   | 340,171         |   |   |   | 7,530 |   |
|     Interest expense            |   |            | -           |   |            |   | (11,798     | )               |   |   | -               |   |   |   | (22,623 | ) |
|     Interest income             |   |            | -           |   |            |   | -           |            |   |   | -               |   |   |   | - |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Total other income (expense)                        |   |            | 247,936     |   |            |   | (11,798     | )               |   |   | 347,779         |   |   |   | (15,093 | ) |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Net income (loss)                                   |   | $               | 221,036     |   |            | $      | (174,576    | )               |   | $      | 253,632         |   |   | $ | (238,783 | ) |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Basic and diluted loss per share                    |   |            | *           |   |            |   | *           |            |   |   | *               |   |   |   | * |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
|                                                |   |            |        |   |            |   |        |            |   |   |            |   |   |   |   |   |
| Weighted average common shares outstanding          |   |            | 280,100,000 |   |            |   | 359,000,000 |            |   |   | 278,290,000     |   |   |   | 350,000,000 |   |

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|                                                                         |   |                |        |   |   |   |       |                |   |   |                                |   |   |   |    |
|------------------------------------------------------------------------------|--------|---------------------|-------------|--------|--------|--------|------------|---------------------|--------|--------|-------------------------------------|--------|--------|--------|---------|
|                                                                         |   |                |        |   |   |   |       |                |   |   |                                |   |   |   |    |
|                                                                         |   |                |        |   |   |   |       |                |   |   |                                |   |   |   |    |
|                                                                         |   | Common Stock Shares |        |   | Amount |   |       | Accumulated Deficit |   |   | Notes Receivable from sale of stock |   |   | Total  |    |
|                                                                         |   |                |        |   |   |   |       |                |   |   |                                |   |   |   |    |   |   |   |   |   |
| Balance at December 31, 2006                                                 |   |                | 307,155,754 |   |   | $      | 12,810,628 |                |   | $      | (13,201,268                         | )      |   | $      | (14,525 | ) |   | $ | (405,165 | ) |
|     Issuance of common stock to directors                |   |                |        |   |   |   |       |                |   |   |                                |   |   |   |    |   |   |   |   |   |
|         and consultants for services |   |                | 55,000,000  |   |   |   | 181,375    |                |   |   | -                                   |   |   |   | -       |   |   |   | 181,375 |   |
|      Net loss                                       |   |                | -           |   |   |   | -          |                |   |   | (238,784                            | )      |   |   | -       |   |   |   | (238,784 | ) |
| Balance at June 30, 2007                                                     |   |                | 362,155,754 |   |   | $      | 12,992,003 |                |   | $      | (13,440,052                         | )      |   | $      | (14,525 | ) |   | $ | (462,574 | ) |

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|                                                                                                                |   |   |     |   |   |   |
|---------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                                                |   | 2006   |     |   | 2007   |   |
|                                                                                                                |   |   |     |   |   |   |
| Cash flows from operating activities:                                                                               |   |   |     |   |   |   |
|     Net (loss) income                                                                           |   | $      | 253,632  |   |   | $      | (238,784 | ) |
|     Adjustments to reconcile net loss to net                                                    |   |   |     |   |   |   |   |   |
|       cash used in operating activities:                                              |   |   |     |   |   |   |   |   |
|           Depreciation and amortization                           |   |   | 1,199    |   |   |   | 9,915 |   |
|           Loss related to subsidiary spun-off                     |   |   | -        |   |   |   | - |   |
|           Stock  and options issued for services and    |   |   |     |   |   |   |   |   |
|             interest on notes                           |   |   | -        |   |   |   | 181,375 |   |
|          Changes in assets and liabilities:                            |   |   |     |   |   |   |   |   |
|             Accounts receivable                         |   |   | -        |   |   |   | (43,154 | ) |
|             Prepaid expenses                            |   |   | (900     | )      |   |   | (43,184 | ) |
|             Accounts payable                            |   |   | (151,099 | )      |   |   | 163,468 |   |
|             Accrued expenses                            |   |   | (125,902 | )      |   |   | 22,624 |   |
| Total adjustments                                                                                                   |   |   | (276,702 | )      |   |   | 291,044 |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Net cash provided (used) in operating activities                                                                    |   |   | (23,070  | )      |   |   | 52,260 |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                               |   |   |     |   |   |   |   |   |
|      Purchase of property and equipment                                                    |   |   | -        |   |   |   | (108,864 | ) |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Net cash used in investing activities                                                                               |   |   | -        |   |   |   | (108,864 | ) |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Cash flows from financing activities:                                                                               |   |   |     |   |   |   |   |   |
|      Reciept of advances - related parties                                                 |   |   | 25,090   |   |   |   | 102,751 |   |
|      Payment of advances - related parties                                                 |   |   | -        |   |   |   | - |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Net cash provided by financing activities                                                                           |   |   | 25,090   |   |   |   | 102,751 |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                |   |   | 2,020    |   |   |   | 46,147 |   |
| Cash and cash equivalents at beginning of period                                                                    |   |   | 224      |   |   |   | 9,626 |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                          |   | $      | 2,244    |   |   | $      | 55,773 |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                                   |   |   |     |   |   |   |   |   |
|                                                                                                                |   |   | 2006     |   |   |   | 2007 |   |
|     Interest paid during the period                                                             |   | $      | -        |   |   | $      | - |   |
|     Income taxes paid during the period                                                         |   | $      | -        |   |   | $      | - |   |
|                                                                                                                |   |   |     |   |   |   |   |   |
| Supplemental disclosure of non-cash investing and financing activities:                                             |   |   |     |   |   |   |   |   |
|      During the six months ended June 30, 2006 wages to officers and directors and fees to |   |   |     |   |   |   |   |   |
|         consultants of $140,850 were paid by the issuance of common stock   |   |   |     |   |   |   |   |   |
|      During the six months ended June 30, 2007 wages to officers and directors and fees to |   |   |     |   |   |   |   |   |
|         consultants of $181,375 were paid by the issuance of common stock   |   |   |     |   |   |   |   |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | December 31, |    |   | June 30, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2006         |    |   | 2007     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |         |    |   |     |   |
|           Advances – Donald Prosser                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $            | 184,190 |   |     | $      | 224,290 |   |
|           Advances – Charles Gamber                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |         | 4,966   |   |     |   | 4,967 |   |
|           Advances – William Stewart                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |         | 75,219  |   |     |   | 95,219 |   |
|           Advances – John Herzog                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |         | --      |   |     |   | 2,650 |   |
|           Advances – Charles Davis                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |         | 125,000 |   |     |   | 165,000 |   |
|           Advances – Thomas Raabe                                                                                                  |   |         | 30,000  |   |     |   |  30,000 |   |
| Balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $            | 419,375 |   |     | $      | 522,126 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |         |    |   |     |   |   |   |
|     $430,000 of the advances bears interest at 9.7% per annum ;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |    |   |     |   |   |   |
|     $  62,026 of the advances bears interest at 8.0% per annum;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |         |    |   |     |   |   |   |
|     $  30,000 of the advances bears no interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |         |    |   |     |   |   |   |

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| 31.1 | Certification of CEO pursuant to Rule 13a-14(a)  or 15d-14(a) of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.2 | Certification of CFO pursuant to Rule 13a-14(a)  or 15d-14(a) of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 | Certification of CEO pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                          |
| 32.2 | Certification of CFRO pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                         |

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| By:    | /s/ Charles L. Gamber, CEO                         |
|-----------------------|----------------------------------------------------|
|                  | Charles L. Gamber, Principal Executive Officer     |
|                  | Dated: December 21, 2010                           |
|                  |                                               |
|                  |                                               |
| By:    | /s/ John Herzog, Interim CFO                       |
|                  | John Herzog,                                       |
|                  | Interim Principal Financial and Accounting Officer |
|                  | Dated: December 21, 2010                           |

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