| 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, |        |   | September 30, |   |
| ASSETS                                                                                    |   | 2006         |        |   | 2007          |   |
| Current assets                                                                            |   |         |        |   |          |   |
|     Cash and cash equivalents                                         |   | $            | 9,626       |   |          | $      | 22,891 |   |
|     Prepaid expenses                                                  |   |         | -           |   |          |   | 43,184 |   |
|     Revenue receivable                                                |   |         | -           |   |          |   | 5,202 |   |
| Total current assets                                                                      |   |         | 9,626       |   |          |   | 71,277 |   |
|                                                                                      |   |         |        |   |          |   |   |   |
| Furniture and equipment, at cost net of accumulated                                       |   |         |        |   |          |   |   |   |
|     depreciation of $19,437 (2006) and $40,407 (2007)                 |   |         | 330,235     |   |          |   | 421,459 |   |
|                                                                                      |   |         |        |   |          |   |   |   |
|                                                                                      |   |         |        |   |          |   |   |   |
|                                                                                      |   |         |        |   |          |   |   |   |
|                                                                                      |   | $            | 339,861     |   |          | $      | 492,736 |   |
|                                                                                      |   |         |        |   |          |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                     |   |         |        |   |          |   |   |   |
| Current liabilities                                                                       |   |         |        |   |          |   |   |   |
|     Accounts payable                                                  |   | $            | 51,675      |   |          | $      | 138,783 |   |
|     Accrued expenses                                                  |   |         | -           |   |          |   | 32,421 |   |
|     Accrued payroll taxes                                             |   |         | 273,976     |   |          |   | 306,310 |   |
|     Notes payable & advances related parties                      |   |         | 419,375     |   |          |   | 522,126 |   |
|                                                                                      |   |         |        |   |          |   |   |   |
| Total current liabilities                                                                 |   |         | 745,026     |   |          |   | 999,640 |   |
|                                                                                      |   |         |        |   |          |   |   |   |
| 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 389,655,754 (2007) |   |         | 12,810,628  |   |          |   | 13,066,253 |   |
|       shares issued and outstanding                         |   |         |        |   |          |   |   |   |
|     Accumulated deficit                                               |   |         | (13,201,268 | )      |          |   | (13,558,632 | ) |
|     Notes receivable from sale of stock                               |   |         | (14,525     | )      |          |   | (14,525 | ) |
|                                                                                      |   |         |        |   |          |   |   |   |
| Total stockholders' deficit                                                               |   |         | (405,165    | )      |          |   | (506,904 | ) |
|                                                                                      |   |         |        |   |          |   |   |   |
|                                                                                      |   |         |        |   |          |   |   |   |
|                                                                                      |   | $            | 339,861     |   |          | $      | 492,736 |   |

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|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |
|-----------------------------------------------------|--------|----------------------|-------------|--------|----------------------|--------|-------------|----------------------|--------|--------|----------------------|--------|
|                                                |   | Three Months         |        |   | Three Months         |   |        | Nine Months          |   |   | Nine Months          |   |
|                                                |   | Ending September 30, |        |   | Ending September 30, |   |        | Ending September 30, |   |   | Ending September 30, |   |
|                                                |   | 2006                 |        |   | 2007                 |   |        | 2006                 |   |   | 2007                 |   |
| Revenues                                            |   |                 |        |   |                 |   |        |                 |   |   |                 |   |
|    Oil & gas revenue             |   | $                    | -           |   |                 | $      | 91,454      |                 |   | $      | -                    |   |   | $ | 204,250 |   |
|    Other income                      |   |                 | -           |   |                 |   | -           |                 |   |   | 28,540               |   |   |   | - |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Total revenues                                      |   |                 | -           |   |                 |   | 91,454      |                 |   |   | 28,540               |   |   |   | 204,250 |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Operating expenses                                  |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
|    Oil & gas operating expenses  |   |                 | -           |   |                 |   | 105,492     |                 |   |   | -                    |   |   |   | 243,760 |   |
|    Depreciation                      |   |                 | 544         |   |                 |   | 11,055      |                 |   |   | 1,632                |   |   |   | 20,970 |   |
|    Rent                              |   |                 | 475         |   |                 |   | 159         |                 |   |   | 1,200                |   |   |   | 1,302 |   |
|    Other operating expenses          |   |                 | 55,960      |   |                 |   | 81,531      |                 |   |   | 176,166              |   |   |   | 268,691 |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Total operating expenses                            |   |                 | 56,979      |   |                 |   | 198,237     |                 |   |   | 178,998              |   |   |   | 534,723 |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Net loss from operations                            |   |                 | (56,979     | )      |                 |   | (106,783    | )                    |   |   | (150,458             | )      |   |   | (330,473 | ) |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Other income (expense):                             |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
|     Minority interest           |   |                 | -           |   |                 |   | -           |                 |   |   | 7,608                |   |   |   | - |   |
|     Loss on sale of investments |   |                 | -           |   |                 |   | -           |                 |   |   | -                    |   |   |   | - |   |
|     Extinguishment of debt      |   |                 | -           |   |                 |   | -           |                 |   |   | 345,608              |   |   |   | 7,530 |   |
|     Interest expense            |   |                 | (1,583      | )      |                 |   | (11,798     | )                    |   |   | (1,583               | )      |   |   | (34,421 | ) |
|     Interest income             |   |                 | -           |   |                 |   | -           |                 |   |   | -                    |   |   |   | - |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Total other income (expense)                        |   |                 | (1,583      | )      |                 |   | (11,798     | )                    |   |   | 351,633              |   |   |   | (26,891 | ) |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Net income (loss)                                   |   | $                    | (58,562     | )      |                 | $      | (118,581    | )                    |   | $      | 201,175              |   |   | $ | (357,364 | ) |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Basic and diluted loss per share                    |   |                 | *           |   |                 |   | *           |                 |   |   | *                    |   |   |   | * |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
|                                                |   |                 |        |   |                 |   |        |                 |   |   |                 |   |   |   |   |   |
| Weighted average common shares outstanding          |   |                 | 289,150,000 |   |                 |   | 379,000,000 |                 |   |   | 281,844,000          |   |   |   | 367,000,000 |   |

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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 |   |                | 82,500,000  |   |   |   | 255,625    |                |   |   | -                                   |   |   |   | -       |   |   |   | 255,625 |   |
|      Net loss                                       |   |                | -           |   |   |   | -          |                |   |   | (357,364                            | )      |   |   | -       |   |   |   | (357,364 | ) |
| Balance at September 30, 2007                                           |   |                | 389,655,754 |   |   | $      | 13,066,253 |                |   | $      | (13,558,632                         | )      |   | $      | (14,525 | ) |   | $ | (506,904 | ) |

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|                                                                                                                      |   | 2006   |     |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                                                      |   |   |     |   |   |   |
| Cash flows from operating activities:                                                                                     |   |   |     |   |   |   |
|     Net (loss) income                                                                                 |   | $      | 201,175  |   |   | $      | (357,364 | ) |
|     Adjustments to reconcile net loss to net                                                          |   |   |     |   |   |   |   |   |
|       cash used in operating activities:                                                    |   |   |     |   |   |   |   |   |
|           Depreciation and amortization                                 |   |   | 1,632    |   |   |   | 20,970 |   |
|           Loss related to subsidiary spun-off                           |   |   | -        |   |   |   | - |   |
|           Stock  and options issued for services and          |   |   |     |   |   |   |   |   |
|             interest on notes                                 |   |   | 113,800  |   |   |   | 255,625 |   |
|          Changes in assets and liabilities:                                  |   |   |     |   |   |   |   |   |
|             Accounts receivable                               |   |   | -        |   |   |   | (5,202 | ) |
|             Prepaid expenses                                  |   |   | 3,000    |   |   |   | (43,184 | ) |
|             Accounts payable                                  |   |   | (158,219 | )      |   |   | 119,442 |   |
|             Accrued expenses                                  |   |   | (358,795 | )      |   |   | 32,421 |   |
| Total adjustments                                                                                                         |   |   | (398,582 | )      |   |   | 380,072 |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Net cash provided (used) in operating activities                                                                          |   |   | (197,407 | )      |   |   | 22,708 |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                                     |   |   |     |   |   |   |   |   |
|      Purchase of property and equipment                                                          |   |   | (330,000 | )      |   |   | (112,194 | ) |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Net cash used in investing activities                                                                                     |   |   | (330,000 | )      |   |   | (112,194 | ) |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Cash flows from financing activities:                                                                                     |   |   |     |   |   |   |   |   |
|      Note Receivable from sale of stock                                                          |   |   | 158,486  |   |   |   | - |   |
|      Payment of dividend of subsidary stock                                                      |   |   | (10,608  | )      |   |   | - |   |
|      Reciept of advances - related parties                                                       |   |   | 392,403  |   |   |   | 102,751 |   |
|      Payment of advances - related parties                                                       |   |   | -        |   |   |   | - |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Net cash provided by financing activities                                                                                 |   |   | 540,281  |   |   |   | 102,751 |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                      |   |   | 12,874   |   |   |   | 13,265 |   |
| Cash and cash equivalents at beginning of period                                                                          |   |   | 224      |   |   |   | 9,626 |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                                |   | $      | 13,098   |   |   | $      | 22,891 |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                                         |   |   |     |   |   |   |   |   |
|                                                                                                                      |   |   | 2006     |   |   |   | 2007 |   |
|     Interest paid during the period                                                                   |   | $      | 1,583    |   |   | $      | 2,000 |   |
|     Income taxes paid during the period                                                               |   | $      | -        |   |   | $      | - |   |
|                                                                                                                      |   |   |     |   |   |   |   |   |
| Supplemental disclosure of non-cash investing and financing activities:                                                   |   |   |     |   |   |   |   |   |
|      During the nine months ended September 30, 2006 wages to officers and directors and fees to |   |   |     |   |   |   |   |   |
|         consultants of $140,850 were paid by the issuance of common stock         |   |   |     |   |   |   |   |   |
|      During the nine months ended September 30, 2007 wages to officers and directors and fees to |   |   |     |   |   |   |   |   |
|         consultants of $255,625 were paid by the issuance of common stock         |   |   |     |   |   |   |   |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | December 31, |    |   | September 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 22, 2010                           |
|                  |                                               |
|                  |                                               |
| By:    | /s/ John Herzog, Interim CFO                       |
|                  | John Herzog,                                       |
|                  | Interim Principal Financial and Accounting Officer |
|                  | Dated: December 22, 2010                           |

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