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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 10-QSB



xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934



For the Quarterly Period Ended August 31, 2007



 ̈TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934



For the Transition Period From

to



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Commission File Number: 333-133079



SUMMIT EXPLORATION INC.

(Exact name of registrant as specified in its charter)



|Nevada                                                               |  | 20-4475552                                      
|-------------------------------------------------------------------- |  | ------------------------------------------------
|(State or other jurisdiction of
      incorporation or organization) |  | (I.R.S. Employer
      Identification
      No.)



5190 Neil Road, Suite 430, Reno Nevada                                                           89501

(Address of principal executive
offices)                                                                     (Zip Code)



Registrant's telephone number, including area code:    (866) 680 7649



Indicate by check mark whether the registrant (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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x     No ̈





Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes x
    No ̈



APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by court.

Yes  ̈    
No ̈



APPLICABLE ONLY TO CORPORATE ISSUERS



State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date: Common, $0.0001 par value per share: 8,162,800 outstanding as of October 4, 2007.

Transitional Small Business Disclosure Format (check one):

Yes  ̈     Nox





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Summit Exploration Inc.
(An Exploration Stage Company)
August 31, 2007



|                                  | Index
|--------------------------------- | -----
|Balance Sheets                    | F-2  
|Statements of Operations          | F-3  
|Statements of Cash Flows          | F-4  
|Notes to the Financial Statements | F-5  

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Summit Exploration Inc.
(An Exploration Stage Company)
Balance Sheets
(Expressed in US dollars)

|                                                               |                               |         |          | August 31,  |         | February 28,
|-------------------------------------------------------------- | ----------------------------- | ------- | -------- | ----------- | ------- | ------------
|                                                               |                               |         |          | 2007        |         | 2007        
|                                                               |                               |         |          | $           |         | $           
|                                                               |                               |         |          | (unaudited) |         |             
|ASSETS                                                         |                               |         |          |            
|                                                               |                               |         |          |             |         |             
|Current Assets                                                 |                               |         |          |            
|                                                               | Cash                          |         | 355,347  |             | 385,266
|                                                               |                               |         |          |             |        
|                                                               |                               |         |          |             |         |             
|Total Current Assets                                           | 355,347                       |         | 385,266 
|                                                               |                               |         |          |             |         |             
|Property and Equipment                                         | 1,178                         |         | -       
|                                                               |                               |         |         
|                                                               |                               |         |          |             |         |             
|Total Assets                                                   |                               | 356,525 |          | 385,266    
|                                                               |                               |         |          |            
|                                                               |                               |         |          |             |         |             
|                                                               |                               |         |          |             |         |             
|LIABILITIES AND STOCKHOLDERS' EQUITY                           |                               |         |         
|                                                               |                               |         |          |             |         |             
|Current Liabilities                                            |                               |         |          |            
|                                                               |                               |         |          |             |         |             
|                                                               | Accounts payable              | 2,741   |          | 2,864      
|                                                               | Accrued liabilities (Note 4)  | 1,409   |          | 1,409      
|                                                               | Due to related party (Note 3) | -       |          | 30,000     
|                                                               |                               |         |          |            
|                                                               |                               |         |          |             |         |             
|Total Liabilities                                              |                               | 4,150   |          | 34,273     
|                                                               |                               |         |          |            
|                                                               |                               |         |          |             |         |             
|Commitments and Contingencies (Note 1)                         |                               |         |         
|                                                               |                               |         |          |             |         |             
|Stockholders' Equity                                           |                               |         |          |            
|                                                               |                               |         |          |             |         |             
|Common stock: 50,000,000 shares authorized, $0.0001 par value, |                               |         |         
|8,162,800 shares issued and outstanding                        | 817                           |         | 817     
|                                                               |                               |         |          |             |         |             
|Additional Paid-in Capital                                     | 460,464                       |         | 415,464 
|                                                               |                               |         |          |             |         |             
|Deficit Accumulated During the Exploration Stage               | (108,906)                     |         | (65,288)
|                                                               |                               |         |         
|                                                               |                               |         |          |             |         |             
|Total Stockholders' Equity                                     | 352,374                       |         | 350,993 
|                                                               |                               |         |         
|                                                               |                               |         |          |             |         |             
|Total Liabilities and Stockholders' Equity                     | 356,525                       |         | 385,266 
|                                                               |                               |         |         

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Summit Exploration Inc.
(An Exploration Stage Company)
Statements of Operations
(Expressed in US dollars)

|                                       |                            |              |           |              |           |            |           |            |           | Accumulated     
|-------------------------------------- | -------------------------- | ------------ | --------- | ------------ | --------- | ---------- | --------- | ---------- | --------- | ----------------
|                                       |                            |              |           |              |           |            |           |            |           | From February   
|                                       |                            | Three months |           | Three months |           | Six months |           | Six months |           | 23, 2006 (Date  
|                                       |                            | ended        |           | ended        |           | ended      |           | ended      |           | of Inception) to
|                                       |                            | August 31,   |           | August 31,   |           | August 31, |           | August 31, |           | August 31       
|                                       |                            | 2007         |           | 2006         |           | 2007       |           | 2006       |           | 2007            
|                                       |                            | $            |           | $            |           | $          |           | $          |           | $               
|                                       |                            |              |           |              |           |            |           |            |           |                 
|                                       |                            |              |           |              |           |            |           |            |           |                 
|                                       |                            |              |           |              |           |            |           |            |           |                 
|Revenue                                | -                          |              | -         |              | -         |            | -         |            | -        
|                                       |                            |              |           |              |           |            |           |            |          
|                                       |                            |              |           |              |           |            |           |            |          
|Expenses                               |                            |              |           |              |           |            |           |            |          
|                                       |                            |              |           |              |           |            |           |            |          
|                                       | Foreign exchange loss      | -            |           | 900          |           | -          |           | 1,385      |           | 11,245          
|                                       | General and administrative | 18,505       |           | 8,261        |           | 40,388     |           | 18,138     |           | 82,229          
|                                       | Professional fees          | 3,184        |           | 2,000        |           | 9,434      |           | 4,500      |           | 22,153          
|                                       |                            |              |           |              |           |            |           |            |           |                 
|                                       |                            |              |           |              |           |            |           |            |           |                 
|Total Expenses                         | 21,689                     |              | 11,161    |              | 49,822    |            | 24,023    |            | 115,627  
|                                       |                            |              |           |              |           |            |           |            |          
|                                       |                            |              |           |              |           |            |           |            |          
|Other Income                           |                            |              |           |              |           |            |           |            |          
|                                       | Interest income            | 3,364        |           | 426          |           | 6,204      |           | 517        |           | 6,721           
|                                       |                            |              |           |              |           |            |           |            |           |                 
|                                       |                            |              |           |              |           |            |           |            |          
|Net loss for the Period                | (18,325)                   |              | (10,735)  |              | (43,618)  |            | (23,506)  |            | (108,906)
|                                       |                            |              |           |              |           |            |           |            |          
|                                       |                            |              |           |              |           |            |           |            |          
|Net Loss Per Share - Basic and Diluted | -                          |              | -         |              | (0.01)    |            | -         |            |          
|                                       |                            |              |           |              |           |            |           |            |          
|                                       |                            |              |           |              |           |            |           |            |          
|Weighted Average Shares Outstanding    | 8,162,800                  |              | 4,565,000 |              | 8,162,800 |            | 4,782,600 |            |          
|                                       |                            |              |           |              |           |            |           |            |          

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Summit Exploration Inc.
(An Exploration Stage Company)
Statements of Cash Flows
(Expressed in US dollars)
(unaudited)

|                                                |                                                            |                                          |            |          |            |          | For the period  
|----------------------------------------------- | ---------------------------------------------------------- | ---------------------------------------- | ---------- | -------- | ---------- | -------- | ----------------
|                                                |                                                            |                                          |            |          |            |          | from February   
|                                                |                                                            |                                          | Six months |          | Six months |          | 23, 2006 (Date  
|                                                |                                                            |                                          | ended      |          | ended      |          | of Inception) to
|                                                |                                                            |                                          | August 31  |          | August 31  |          | August 31       
|                                                |                                                            |                                          | 2007       |          | 2006       |          | 2007            
|                                                |                                                            |                                          | $          |          | $          |          | $               
|Cash Flows Used in Operating Activities         |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                | Net Loss for the period                                    |                                          | (43,618)   |          | (23,506)   |          | (108,906)       
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                | Adjustments to reconcile net cash to operating activities: |                                          |            |          |            |          |                 
|                                                |                                                            | Depreciation                             |            | 68       |            | -        |                 
|                                                |                                                            | Donated services                         |            | 45,000   |            | -        |                 
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                | Change in operating assets and liabilities:                |                                          |            |          |            |          |                 
|                                                |                                                            | Accounts payable and accrued liabilities |            | (123)    |            | (552)    |                 
|                                                |                                                            | Due to related party                     |            | (30,000) |            | 15,000   |                 
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                |                                                            |                                          |            |          |            |          |                 
|Net Cash Used in Operating Activities           |                                                            | (28,673)                                 |            | (9,058)  |            | (59,688)
|                                                |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |         
|Cash Flows From Investing Activities            |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                | Purchase of property and equipment                         |                                          | (1,246)    |          | -          |          | (1,246)         
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                |                                                            |                                          |            |          |            |         
|Net Cash Flows From Investing Activities        |                                                            | (1,246)                                  |            | -        |            | (1,246) 
|                                                |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |         
|Cash Flows From Financing Activities            |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                | Proceeds from issuance of common shares                    |                                          | -          |          | 100,000    |          | 416,281         
|                                                |                                                            |                                          |            |          |            |          |                 
|                                                |                                                            |                                          |            |          |            |         
|Net Cash Flows Provided by Financing Activities |                                                            | -                                        |            | 100,000  |            | 416,281 
|                                                |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |         
|Increase (Decrease) in Cash                     |                                                            | (29,919)                                 |            | 90,942   |            | 355,347 
|                                                |                                                            |                                          |            |          |            |         
|Cash -  Beginning of Period                     |                                                            | 385,266                                  |            | 1        |            | -       
|                                                |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |         
|Cash - End of  the Period                       |                                                            | 355,347                                  |            | 90,943   |            | 355,347 
|                                                |                                                            |                                          |            |          |            |         
|                                                |                                                            |                                          |            |          |            |         
|Supplemental Disclosure                         |                                                            |                                          |            |          |            |         
|                                                | Interest paid                                              |                                          | -          |          | -          |          | -               
|                                                | Income taxes paid                                          |                                          | -          |          | -          |          | -               
|                                                |                                                            |                                          |            |          |            |          |                 

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Summit Exploration Inc.
(An Exploration Stage Company)
Notes to the Financial Statements
August 31, 2007
(unaudited)

1.     Nature of Operations and Continuance of Business

Summit Exploration Inc. (the "Company") is an Exploration Stage Company as defined by Statement of Financial Accounting Standard ("SFAS") No. 7 "Accounting and Reporting By Development Stage Enterprises"incorporated under the laws of the State of Nevada on February 23, 2006. The Company is engaged in the acquisition, exploration, and development of oil and gas properties. As at August 31, 2007, the Company does not own an oil and gas property interest and is searching for new oil and gas properties which meet its investment criteria.

The Company currently has no business operations, no oil and gas properties and as a result has no revenues and has not generated any cash flows from operations to fund its acquisition, exploration and development activities. The Company intends to rely upon the issuance of equity securities to finance its oil and gas property acquisitions and commence exploration and development on acquired properties, however there can be no assurance it will be successful in raising the funds necessary, or that a self-supporting level of operations will ever be achieved. The likely outcome of these future events is indeterminable. As at August 31, 2007, the Company has accumulated losses since inception of $108,906.  These factors raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustment to reflect the possible future effect on the recoverability and classification of the assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

Our plan of operations for the next 12 months is to continue assessment of various onshore exploration permits through the state and territorial governments in Australia with particular emphasis on Queensland. Upon completion of our assessment of government tendered permits we will submit our applications for an authority to explore. Additionally, we will continue discussions with third party permit holders with attention to potential joint venture partners in Queensland and South Australia and our assessment of the interests controlled and operated by them. We anticipate hiring an Australian based agent to act as our resident agent and commence a search for a qualified Australian based director and financial officer.

We rely principally on the issuance of common shares by private placements to raise funds to finance our business. There is no assurance that market conditions will continue to permit us to raise funds when required. If possible, we will issue more common shares at prices we determine, possibly resulting in dilution of the value of common shares. On June 26, 2007 we filed an SB-2 registration statement to register 15,000,000 shares for sale at $0.05 per share. The Securities and Exchange Commission declared the registration statement effective on July 11, 2007.

2. Summary of Significant Accounting Policies

a.           Basis of Presentation

These unaudited financial statements have been prepared in accordance with the instructions to SEC Form 10-QSB. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted pursuant to such instructions. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto as at February 28, 2007.

In the opinion of the Company's management, all adjustments considered necessary for a fair presentation of these unaudited financial statements have been included and all such adjustments are of a normal, recurring nature. Operating results for the six-month period ended August 31, 2007 are not necessarily indicative of the results that can be expected for the year ended February 28, 2008.

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Summit Exploration Inc.
(An Exploration Stage Company)
Notes to the Financial Statements
August 31, 2007
(unaudited)

2. Summary of Significant Accounting Policies (continued)

b.           Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  The Company regularly evaluates estimates and assumptions related to donated services and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

c.Comprehensive Loss

SFAS No. 130, "Reporting Comprehensive Income," establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at August 31, 2007 and 2006, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

d.           Recent Accounting Pronouncements

In February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities-Including and amendment of FASB Statement No. 115". SFAS No. 159 permits entities to choose to measure many financial instruments and certain other items at fair value. SFAS No. 159 is effective for financial statements issued for fiscal years beginning after November 15, 2007. As such, the Company is required to adopt these provisions at the beginning of the fiscal year ending February 28, 2009. The Company is currently evaluating the impact of SFAS No. 159 on its financial statements.

In September 2006, the SEC issued Staff Accounting Bulletin ("SAB") No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements." SAB No. 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current year financial statements. SAB No. 108 requires companies to quantify misstatements using a balance sheet and income statement approach and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative and qualitative factors. SAB No. 108 is effective for periods ending after November 15, 2006. The adoption of SAB No. 108 did not have a material effect on its financial statements.

In September 2006, the FASB issued SFAS No. 158 "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans-an amendment of  FASB Statements No. 87, 88, 106 and 132 (R)" SFAS No. 158 requires employers to recognize the over funded or under funded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through comprehensive income of a business entity or changes in unrestricted net assets of a not-for-profit organization. SFAS No. 158 also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions. The provisions of SFAS No. 158 are effective for employers with publicly traded equity securities as of the end of the fiscal year ending after December 15, 2006. As such, the Company is required to adopt these provisions effective this fiscal year end. The adoption of this statement has no material effect on the Company's reported financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements".SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements.  SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years.  As such, the Company is required to adopt these provisions at the beginning of the fiscal year ending February 28, 2009.  The Company is currently evaluating the impact of SFAS No. 157 on its financial statements.

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Summit Exploration Inc.
(An Exploration Stage Company)
Notes to the Financial Statements
August 31, 2007
(unaudited)

2.     Summary of Significant Accounting Policies (continued)

d.           Recent Accounting Pronouncements (continued)

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statements No. 109" (FIN 48). FIN 48 clarifies the accounting for uncertainty in income taxes by prescribing a two-step method of first evaluating whether a tax position has met a more likely than not recognition threshold and second, measuring that tax position to determine the amount of benefit to be recognized in the financial statements. FIN 48 provides guidance on the presentation of such positions within a classified statement of financial position as well as on de-recognition, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The adoption of this standard did not have a material effect on the Company's results of operations or financial position.

e.           Re-classifications

Certain comparative figures have been re-classified to conform to the presentation of the current period.

3.     Related Party Transactions/Balances

The President of the Company provided management and consulting services to the Company in exchange for proceeds of $2,500 per month. On May 31, 2007, the Company owed $37,500 for consulting services provided by the President of the Company which was forgiven and recorded as donated capital.  Commencing June 1, 2007 the President donated his services to the Company at a fair value of $2,500 per month.  For the three month period ended August 31, 2007, the Company has recorded donated services of $7,500 (2006 - $nil).

4. Accrued Liabilities

As at August 31, 2007, accrued liabilities consist of $1,409 (February 28, 2007: $1,409) for professional fees.

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

Forward-Looking Statements

This Form 10-QSB includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Form 10-QSB, other than statements of historical facts, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including operating costs, future capital expenditures (including the amount and nature thereof), and other such matters are forward-looking statements. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions within the bounds of our knowledge of our business, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Because our stock is a penny stock, each time we refer to the Litigation Reform Act, the safe harbor does not apply.

Factors that could cause actual results to differ materially from those in forward-looking statements include: the change of business focus; continued availability of capital and financing; general economic, market or business conditions; acquisition opportunities or lack of opportunities; changes in laws or regulations; risk factors listed from time to time in our reports filed with the Securities and Exchange Commission; and other factors.

Summit Exploration Inc. ("Summit") is a Calgary, Alberta, Canada based oil and gas exploration stage company with limited operations. To date we have had no revenues, have achieved losses since inception, and have been issued a going concern opinion from our auditors. We have yet to identify or secure permits for any exploration activities. The bidding for and securing of exploration interests is highly competitive and there is material risk that we will be unable to secure oil and gas interests and carry out our plan of operations. Failure to do so will result in the failure of our business and the total loss of your investment. If we are successful in securing exploration interests we will require additional funding to discharge our exploration obligations. Should we fail to raise additional funds, we will be unable to carry out our plan of operations. Our operational efforts to date have been limited, focused primarily on general joint venture discussions, industry conference attendance and analysis of Cooper and Ermanga basin data and related property assessment in the Australian states of Queensland and South Australia. Within the next twelve months we intend to submit applications for new exploration permits to the Queensland state government and enter into agreements to acquire oil and gas interests through joint venture with existing permit holders in Queensland and South Australia.

Employees and Consultants

The Registrant has no employees. The company's President, Alan Hart, is retained as a consultant.

Plan of Operations

Our plan of operations for the next 12 months is to continue assessment of various onshore exploration permits through the state and territorial governments in Australia with particular emphasis on Queensland. Upon completion of our assessment of government tendered permits we will submit our applications for an authority to explore. Additionally, we will continue discussions with third party permit holders with attention to potential joint venture partners in Queensland and South Australia and our assessment of the interests controlled and operated by them. To date these discussions have centered on the specific requirements of the exploration programs including but not limited to play types, land title security, operating budgets and time commitments. Play type refers to a conceptual model for a hydrocarbon accumulation used by explorationists to develop prospects in a basin, region or trend. Though no definitive time can be placed on securing joint venture agreements we will attempt to secure joint venture property interests within the next 6 months. No formal agreement or understandings have been reached between the parties on any of our discussions and should we be successful in any of these efforts and secure exploration interests we shall require significant additional capital. We anticipate hiring an Australian based agent to act as our resident agent and commence a search for a qualified Australian based director and financial officer.

We have been in operation only since February 23, 2006 and have experienced losses since that time. As of August 31, 2007, we have $351,197 in working capital. We have sufficient funds to carry out a limited plan of operations for the next sixteen months. If we are successful in securing exploration interests we will require additional funds. We rely principally on the issuance of common shares by private placements to raise funds to finance our business. There is no assurance that market conditions will continue to permit us to raise funds when required. If possible, we will issue more common shares at prices we determine, possibly resulting in dilution of the value of common shares. On June 26, 2007 we filed an SB-2 registration statement to register 15,000,000 shares for sale at $0.05 per share. The Securities and Exchange Commission declared the registration statement effective on July 11, 2007. Other than a resident Australian agent and potential future financial officer, we do not expect any significant increases in the number of employees in the near future.

We are an exploration stage shell company with limited operations and have not yet received revenues from operations, generated profitability or experienced positive cash flow from operations. We currently have no oil or gas properties or any known deposits of oil or gas. Our President has extensive experience in the oil and gas industry with specific industry experience in exploration in Australia and New Zealand. Mr. Hart has given us his undertaking to act as President and Director until March 31st, 2008.

Mr. Hart's responsibilities include data review, including geochemical and petrological review to determine petroleum source potential and reservoir quality, reinterpretation of existing seismic data and an initial assessment of potential budgets and work programs of properties presently under review in Australia.

If we are successful in securing exploration interests we will be obliged to complete proposed work programs to maintain our interests in good standing. There can be no certainty as to the costs of the future work program; however, we will require additional funds to discharge our exploration obligations whether the interests are acquired through joint venture or through government tender. We do not have sufficient capital to satisfy the potential future exploration expenditures and we will rely principally on the issuance of Common Stock to raise funds to finance the expenditures that we expect to incur should we secure exploration interests. Failure to raise additional funds will result in the failure to meet our obligations and the relinquishment of our interest in any future permit acquired. We have relied principally on the issuance of Common Stock in private placements to raise funds to support our business but there can be no assurance that we will be successful in raising additional funds through the issuance of additional equity.

We do not expect any significant purchases of plant and equipment or any increase in the number of employees in the near future.

Off balance-sheet arrangements

We do not have any off balance-sheet arrangements that have or are reasonably likely to have a current or future effect on the small business issuer's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Recent accounting pronouncements

There have been no recent accounting pronouncement since the filing of the Company's Form 10QSB, filed on July 13, 2007, that have a material impact on the Company's financial presentation and disclosure.

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, 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, 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 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.

There were no significant changes in the Company's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any significant deficiencies or material weaknesses of internal controls that would require corrective action.



Item 1. Legal Proceedings

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On June 19, 2006, the Securities and Exchange Commission declared our Form SB-2 Registration Statement effective, file number 333-133079, permitting us to offer a minimum of 2,500,000 shares and a maximum 5,000,000 shares at $0.10 per share. There is no underwriter involved in our public offering. On November 17, 2006, we completed our public offering by selling 3,162,800 shares of common stock and raising $316,280. As of August 31, 2007 we have spent $19,277 on office and administrative expenses and $17,224 on travel expenses.

Item 3. Defaults Upon Senior Securities

None

Item 4. Submissions of Matters to a Vote of Security Holders

None

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K

(a) Exhibits

|Exhibit No. | Exhibit Description                                                                                                                                            
|----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |                                                                                                                                                                
|31.1        | Certification of Principal Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended.
|            |                                                                                                                                                                
|32.1        | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Principal Executive Officer)           
|            |                                                                                                                                                                

(b) Reports on Form 8-K filed during the quarter.

None



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

|                       | SUMMIT EXPLORATION INC.(Registrant)
|---------------------- | -----------------------------------
|                       |                                    
|Dated: October 5, 2007 | BY:                                
|                       |                                    

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