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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-QSB

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended January
31, 2007

OR

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACTFor the transition period from _____________ to
_____________

Commission file number 000-52152

EXPLORTEX ENERGY
INC.(Exact name of small business issuer as specified in its
charter)

|Nevada                                           | 98-0489027                       
|------------------------------------------------ | ---------------------------------
|(State or other jurisdiction of incorporation or | (IRS Employer Identification No.)
|organization)                                    |                                  

Suite 2410, 650 West Georgia Street, PO Box
11524Vancouver, British Columbia, Canada, V6B 4N7(Address of
principal executive offices)

(604) 689-8336(Issuers telephone number)

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 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 [ ] No [ X ]

State the number of shares outstanding of each of the issuers
classes of equity stock, as of the latest practicable date: 3,100,000 shares of
common stock issued and outstanding as of March 12, 2007.

Transitional Small Business Disclosure Format (Check one): Yes [
] No [X]

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- 2 -

PART I  FINANCIAL INFORMATION

|Item 1. | Financial Statements
|------- | --------------------

The accompanying unaudited financial statements of Explortex
Energy Inc. (the Company) have been prepared in accordance with the
instruction from Form 10-QSB pursuant to the rules and regulations of the
Securities and Exchange Commission and, therefore, do not include all
information and notes normally provided in audited financial statements and
should be read in conjunction with the Companys audited financial statements
for the year ended April 30, 2006. In the opinion of management, the
accompanying statements contain all adjustments necessary to present fairly the
financial position of the Company as of January 31, 2007, and its results of
operations, stockholders equity, and its cash flows for the three and nine
month periods ended January 31, 2007 and 2006. The results for these interim
periods are not necessarily indicative of the results for the entire year.

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|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Balance Sheet                    
|(Unaudited)                      

|(Expressed in
      U.S. Dollars)                                                    |   |             |  
|------------------------------------------------------------------------------------ | - | ----------- | -
|                                                                                     |   | January 31, |  
|                                                                                     |   | 2007        |  
|ASSETS                                                                               |   |             |  
|Current assets                                                                       |   |             |  
|Cash and cash equivalents                                                            | $ | 5,540       |  
|Oil and gas
      property,unproven (Note 3)                                         |   | 47,402      |  
|Total assets                                                                         | $ | 52,942      |  
|                                                                                     |   |             |  
|LIABILITIES                                                                          |   |             |  
|Current liabilities                                                                  |   |             |  
|Accounts payable and accrued expenses                                                | $ | 11,058      |  
|STOCKHOLDERS EQUITY                                                                 |   |             |  
|Share capital                                                                        |   |             |  
|Common stock, $0.001 par value, 75,000,000 shares
      authorized, 3,100,000 issued |   |             |  
|and outstanding                                                                      |   | 3,100       |  
|Additional paid-in capital                                                           |   | 81,400      |  
|Deficit accumulated during the exploration stage                                     |   | (42,616     | )
|Total
      stockholders equity                                                     |   | 41,884      |  
|Total liabilities and stockholders equity                                           | $ | 52,942      |  

The accompanying notes are an integral part of these
financial statements.

---

|EXPLORTEX ENERGY INC.                                                   
|------------------------------------------------------------------------
|(An exploration stage enterprise)                                       
|For the period from inception (March 25, 2004) to January
      31, 2007
|Statements of Stockholders Equity                                      
|(Unaudited)                                                             

|(Expressed in
      U.S. Dollars)   |  |              |  |   |         |  |   |             |  |   |               |   |   |         |  
|----------------------------------- |  | ------------ |  | - | ------- |  | - | ----------- |  | - | ------------- | - | - | ------- | -
|                                    |  |              |  |   |         |  |   |             |  |   | Deficit       |   |   |         |  
|                                    |  |              |  |   |         |  |   |             |  |   | accumulated   |   |   |         |  
|                                    |  |              |  |   |         |  |   | Additional  |  |   | during        |   |   | Total   |  
|                                    |  | Common Stock |  |   | paid-in |  |   | exploration |  |   | Stockholders |  
|                                    |  | Shares       |  |   | Amount  |  |   | capital     |  |   | stage         |   |   | equity  |  
|Balance,March 25, 2004 (inception)  |  | -            |  | $ | -       |  | $ | -           |  | $ | -             |   | $ | -       |  
|Net loss for the
      period       |  | -            |  |   | -       |  |   | -           |  |   | (2,000        | ) |   | (2,000  | )
|Balance,April 30, 2004              |  | -            |  |   | -       |  |   | -           |  |   | (2,000        | ) |   | (2,000  | )
|Stock issued at $0.001 per share in |  |              |  |   |         |  |   |             |  |   |               |   |   |         |  
|May 2004                            |  | 2,000,000    |  |   | 2,000   |  |   | -           |  |   | -             |   |   | 2,000   |  
|Net loss for the
      period       |  | -            |  |   | -       |  |   | -           |  |   | (269          | ) |   | (269    | )
|Balance,April 30, 2005              |  | 2,000,000    |  |   | 2,000   |  |   | -           |  |   | (2,269        | ) |   | (269    | )
|Stock issued at $0.075 per share in |  |              |  |   |         |  |   |             |  |   |               |   |   |         |  
|January 2006                        |  | 500,000      |  |   | 500     |  |   | 37,000      |  |   | -             |   |   | 37,500  |  
|Stock issued at $0.075 per share in |  |              |  |   |         |  |   |             |  |   |               |   |   |         |  
|April 2006                          |  | 500,000      |  |   | 500     |  |   | 37,000      |  |   | -             |   |   | 37,500  |  
|Net loss for the
      period       |  | -            |  |   | -       |  |   | -           |  |   | (5,220        | ) |   | (5,220  | )
|Balance,April 30, 2006              |  | 3,000,000    |  |   | 3,000   |  |   | 74,000      |  |   | (7,489        | ) |   | 69,511  |  
|Stock issued at $0.075 per share in |  |              |  |   |         |  |   |             |  |   |               |   |   |         |  
|May 2006                            |  | 100,000      |  |   | 100     |  |   | 7,400       |  |   | -             |   |   | 7,500   |  
|Net loss for the
      period       |  | -            |  |   | -       |  |   | -           |  |   | (35,127       | ) |   | (35,127 | )
|Balance,January 31, 2007            |  | 3,100,000    |  | $ | 3,100   |  | $ | 81,400      |  | $ | (42,616       | ) | $ | 41,884  |  

The accompanying notes are an integral part of these
financial statements

---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Statements of Operations         
|(Unaudited)                      

|(Expressed in
      U.S. Dollars)   |                |                |                |                |               
|----------------------------------- | -------------- | -------------- | -------------- | -------------- | --------------
|                                    | Cumulative     |                |                |                |               
|                                    | March 25, 2004 | Three Months   | Three Months   | Nine Months    | Nine Months   
|                                    | (inception) to | Ended          | Ended          | Ended          | Ended         
|                                    | January 31,    | January 31,    | January 31,    | January 31,    | January 31,   
|                                    | 2007           | 2007           | 2006           | 2007           | 2006          
|                                    |                |                |                |                |               
|General and administrative expenses |                |                |                |                |               
|Bank charges                        | $ 539          | $ 21           | $ 25           | $ 388          | $ 61          
|Management fees                     | 1,500          | -              | -              | -              | -             
|Office expenses                     | 312            | -              | -              | 312            | -             
|Professional fees                   | 31,850         | 3,000          | 3,321          | 27,179         | 3,321         
|Transfer agent and filing fees      | 5,808          | 534            | 462            | 4,641          | 462           
|Travel and entertainment            | 2,723          | 2,723          | -              | 2,723          | -             
|                                    |                |                |                |                |               
|Loss before interest income         | $ (42,732)     | $ (6,278)      | $ (3,808)      | $ (35,243)     | $ (3,844)     
|                                    |                |                |                |                |               
|Interest income                     | 116            | -              | -              | 116            | -             
|                                    |                |                |                |                |               
|Net loss                            | $ (42,616)     | $ (6,278)      | $ (3,808)      | $ (35,127)     | $ (3,844)     
|                                    |                |                |                |                |               
|Basic and diluted loss per share    |                |                |                |                |               
|Net loss
      per share            |                | $
      (0.00) | $
      (0.00) | $
      (0.01) | $
      (0.00)
|                                    |                |                |                |                |               
|Weighted average number of          |                |                |                |                |               
|common shares outstanding           |                | 3,100,000      | 2,038,043      | 3,093,478      | 2,012,601     

The accompanying notes are an integral part of these
financial statements.

---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Statements of Cash Flows         
|(Unaudited)                      

|(Expressed in
      U.S. Dollars)                      |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|------------------------------------------------------ | - | -------------- | - | - | ------------ | - | - | ------------ | - | - | ----------- | - | - | ----------- | -
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|                                                       |   | Cumulative     |   |   |              |   |   |              |   |   |             |   |   |             |  
|                                                       |   | March 25, 2004 |   |   | Three Months |   |   | Three Months |   |   | Nine Months |   |   | Nine Months |  
|                                                       |   | (inception) to |   |   | Ended        |   |   | Ended        |   |   | Ended       |   |   | Ended       |  
|                                                       |   | January 31,    |   |   | January 31,  |   |   | January 31,  |   |   | January 31, |   |   | January 31, |  
|                                                       |   | 2007           |   |   | 2007         |   |   | 2006         |   |   | 2007        |   |   | 2006        |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Cash flows from (used in) operating
      activities   |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Net loss for the period                                | $ | (42,616        | ) | $ | (6,278       | ) | $ | (3,808       | ) | $ | (35,127     | ) | $ | (3,844      | )
|Changes in non-cash working capital
      items:       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|- accounts payable and
      accrued expenses          |   | 11,058         |   |   | 651          |   |   | 3,321        |   |   | 9,708       |   |   | 3,321       |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Net cash used
      in operating activities            |   | (31,558        | ) |   | (5,627       | ) |   | (487         | ) |   | (25,419     | ) |   | (523        | )
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Cash flows used in investing activities                |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Oil and gas properties                                 |   | (47,402        | ) |   | (5,335       | ) |   | -            |   |   | (47,402     | ) |   | -           |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Net cash used in investing activities                  |   | (47,402        | ) |   | (5,335       | ) |   | -            |   |   | (47,402     | ) |   | -           |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Cash flows from financing activities                   |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Proceeds from issuance of common stock                 |   | 84,500         |   |   | -            |   |   | 37,500       |   |   | 7,500       |   |   | 37,500      |  
|Due to a related party                                 |   | -              |   |   | -            |   |   | 257          |   |   | -           |   |   | 257         |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Net cash from financing activities                     |   | 84,500         |   |   | -            |   |   | 37,757       |   |   | 7,500       |   |   | 37,757      |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Increase (decrease) in cash and cash
      equivalents |   | 5,540          |   |   | (10,962      | ) |   | 37,270       |   |   | (65,321     | ) |   | 37,234      |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Cash and cash equivalents,beginning of period          |   | -              |   |   | 16,502       |   |   | 151          |   |   | 70,861      |   |   | 187         |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Cash and cash equivalents, end of period               | $ | 5,540          |   | $ | 5,540        |   | $ | 37,421       |   | $ | 5,540       |   | $ | 37,421      |  
|                                                       |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Supplemental cash flow information:                    |   |                |   |   |              |   |   |              |   |   |             |   |   |             |  
|Interest expenses paid                                 | $ | -              |   | $ | -            |   | $ | -            |   | $ | -           |   | $ | -           |  
|Income taxes paid                                      |   | -              |   |   | -            |   |   | -            |   |   | -           |   |   | -           |  
|                                                       |   |                |   |   |              |   |  

The accompanying notes are an integral part of
these financial statements.



---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Notes to Financial Statements    
|January 31, 2007                 
|(Unaudited)                      
|(Expressed in
      U.S. Dollars)

|1. | Basis of Presentation
|-- | ---------------------

The accompanying unaudited interim
balance sheet, statements of operations, statements of shareholders equity and
cash flows reflected all adjustments, consisting of normal recurring adjustments
that are, in the opinion of management, necessary for a fair presentation of the
financial position of the Company, at January 31, 2007 and the results of
operations, shareholders equity and cash flows for the interim period ended
January 31, 2007. The accompanying unaudited financial statements have been
prepared in accordance with the instruction from Form 10-QSB pursuant to the
rules and regulations of the Securities and Exchange Commission and, therefore,
do not include all information and notes normally provided in audited financial
statements and should be read in conjunction with the Companys audited
financial statements for the fiscal year ended April 30, 2006. The result of
operations for the interim periods presented is not necessarily indicative of
the results to be expected for the full year.

| | a) | Organization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | Explortex Energy Inc. (the Company) was formed on March
      25, 2004 under the laws of the State of Nevada. On November 9, 2005, the
      Company changed its name from Anacot Technologies to Explortex Energy
      Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The Company is in the business of exploring for oil and
      gas. The Company has not yet determined whether its properties contain
      resources that may be economically recoverable. The Company therefore has
      not reached the operating stage and is considered to be an exploration
      stage company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The recoverability of resource property costs is
      dependent upon the existence of economically recoverable reserves,
      confirmation of the Companys interest in the underlying properties, the
      ability of the Company to obtain necessary financing to complete the
      exploration and upon future profitable production.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | b) | Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The accompanying financial statements have been prepared
      in conformity with generally accepted accounting principles in the United
      States of America, which contemplates continuation of the Company as a
      going concern. However, the Company has sustained substantial operating
      losses in recent years resulting in a substantial accumulated deficit. As
      of January 31, 2007, the Company had a total of $5,540 in cash and a
      working capital deficit of $5,518. These factors raise substantial doubt
      about the Companys ability to continue as a going concern. The ability of
      the Company to meet its commitments as they become payable is dependent on
      the ability of the Company to obtain necessary financing or achieving a
      profitable level of operations. To meet these objectives, the Company
      plans to seek additional equity and expects to raise funds through private
      or public equity investment in order to support existing operations and
      expand the range and scope of its business. There is no assurance that
      such additional funds will be available for the Company on acceptable
      terms, if at all. Management believes that actions presently taken to
      revise the Companys operating and financial requirements provide the
      opportunity for the Company to continue as a going concern. The Companys
      ability to achieve these objectives cannot be determined at this time.
      There are no assurances that the Company will be successful in achieving
      these goals.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The Company has not generated any material operating
      revenues to date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Notes to Financial Statements    
|January 31, 2007                 
|(Unaudited)                      
|(Expressed in
      U.S. Dollars)

|2. | Significant Accounting Policies
|-- | -------------------------------

| | a) | Cash and Cash Equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | Cash equivalents comprise certain highly liquid
      instruments with a maturity of three months or less when purchased. As at
      January 31, 2007, cash and cash equivalents consist of cash
only.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | b) | Accounting Estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The preparation of the financial statements in conformity
      with generally accepted accounting principles in the United States of
      America requires management to make estimates and assumptions that affect
      the reported amounts of 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 and assumptions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | c) | Concentration of Credit Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The Company places its cash and cash equivalents with
      high credit quality financial institutions. As of January 31, 2007, the
      Company had no balance in a bank beyond insured limits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | d) | Oil and Gas Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The Company utilizes the full-cost method of accounting
      for petroleum and natural gas properties. Under this method, the Company
      capitalizes all costs associated with acquisition, exploration and
      development of oil and natural gas reserves, including leasehold
      acquisition costs, geological and geophysical expenditures, lease rentals
      on undeveloped properties and costs of drilling of productive and
      non-productive wells into the full cost pool on a country by country
      basis. As of January 31, 2007, the Company had no properties with proven
      reserves. When the Company obtains proven oil and gas reserves,
      capitalized costs, including estimated future costs to develop the
      reserves proved and estimated abandonment costs, net of salvage, will be
      depleted on the units-of-production method using estimates of proved
      reserves. The costs of unproved properties are not amortized until it is
      determined whether or not proved reserves can be assigned to the
      properties. Until such determination is made the Company assesses annually
      whether impairment has occurred, and includes in the amortization base
      drilling exploratory dry holes associated with unproved
  properties.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The Company applies a ceiling test to the capitalized
      cost in the full cost pool. The ceiling test limits such cost to the
      estimated present value, using a ten percent discount rate, of the future
      net revenue from proved reserves, based on current economic and operating
      conditions. Specifically, the Company computes the ceiling test so that
      capitalized cost, less accumulated depletion and related deferred income
      tax, do not exceed an amount (the ceiling) equal to the sum of: (A) The
      present value of estimated future net revenue computed by applying current
      prices of oil and gas reserves (with consideration of price changes only
      to the extent provided by contractual arrangements) to estimated future
      production of proved oil and gas reserves as of the date of the latest
      balance sheet presented, less estimated future expenditures (based on
      current cost) to be incurred in developing and producing the proved
      reserves computed using a discount factor of ten percent and assuming
      continuation of existing economic conditions; plus (B) the cost
  of                                                                                                                              

---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Notes to Financial Statements    
|January 31, 2007                 
|(Unaudited)                      
|(Expressed in
      U.S. Dollars)

| |    | property not being amortized; plus (C) the lower of cost
      or estimated fair value of unproven properties included in the costs being
      amortized; less (D) income tax effects related to differences between the
      book and tax basis of the property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | For unproven properties, the Company excludes from
      capitalized costs subject to depletion, all costs directly associated with
      the acquisition and evaluation of the unproved property until it is
      determined whether or not proved reserves can be assigned to the property.
      Until such a determination is made, the Company assesses the property at
      least annually to ascertain whether impairment has occurred. In assessing
      impairment the Company considers factors such as historical experience and
      other data such as primary lease terms of the property, average holding
      periods of unproved property, and geographic and geologic data. The
      Company adds the amount of impairment assessed to the cost to be amortized
      subject to the ceiling test. As of January 31, 2007, none of the Companys
      oil and gas properties were considered impaired.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | e) | Asset Retirement Obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | The Company recognizes a liability for future retirement
      obligations associated with the Companys oil and gas properties. The
      estimated fair value of the asset retirement obligation is based on the
      current cost escalated at an inflation rate and discounted at a credit
      adjusted risk-free rate. This liability is capitalized as part of the cost
      of the related asset and amortized over its useful life. The liability
      accretes until the Company settles the obligation.                                                                                                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | f) | Foreign Currency Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | The Company maintains its accounting records in U.S.
      Dollars, as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | At the transaction date, each asset, liability, revenue
      and expense is translated into U.S. dollars by the use of the exchange
      rate in effect at that date. At the period end, monetary assets and
      liabilities are remeasured by using the exchange rate in effect at that
      date. The resulting foreign exchange gains and losses are included in
      operations and have not been material to date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | g) | Fair Value of Financial Instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | The Companys financial instruments consist of cash and
      cash equivalents and accounts payable and accrued expenses. The carrying
      amounts of these financial instruments approximate fair value due to the
      short-term nature of these items. Management is of the opinion that the
      Company is not exposed to significant interest, currency or credit risks
      arising from these financial instruments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | h) | Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | The Company has adopted Statement of Financial Accounting
      Standards (SFAS) No. 109, Accounting for Income Taxes, which requires
      the Company to recognize deferred tax liabilities and assets for the
      expected future tax consequences of events that have been recognized in
      the Companys financial statements or tax returns using the liability
      method. Under this method, deferred tax liabilities and assets are
      determined based on the temporary differences between the financial
      statements and tax bases of assets and liabilities using enacted tax rates
      in effect in the periods in which the differences are expected to
      reverse.                                                                                                                                                                                                                       

---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Notes to Financial Statements    
|January 31, 2007                 
|(Unaudited)                      
|(Expressed in
      U.S. Dollars)

| | i) | Comprehensive Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | The Company adopted SFAS No. 130, Reporting
      Comprehensive Income which requires such things as the inclusion of
      foreign currency translation adjustments to be reported separately in its
      Statement of Stockholders Equity as part of other comprehensive income.
      The Company had no other comprehensive income for the periods
      presented.                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | j) | Loss Per Share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | Loss per share is computed by dividing the net loss
      attributable to common stockholders by the weighted average number of
      common shares outstanding during the period. The Company has adopted SFAS
      No. 128, Earnings Per Share. Diluted loss per share is equivalent to
      basic loss per share as there are no dilutive securities
    outstanding.                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | k) | Stock-based Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | Prior to May 1, 2006, the Company accounted for
      stock-based awards under the intrinsic value method, which followed the
      recognition and measurement principles of APB Opinion No. 25,
      Accounting for Stock Issued to Employees, and related
      Interpretations. The intrinsic value method of accounting resulted in
      compensation expense for stock options to the extent that the exercise
      prices were set below the fair market price of the Company's stock at the
      date of grant.                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | As of May 1, 2006, the Company adopted SFAS No. 123(R)
      using the modified prospective method, which requires measurement of
      compensation cost for all stock-based awards at fair value on the date of
      grant and recognition of compensation over the service period for awards
      expected to vest. The fair value of stock options is determined using the
      Black-Scholes valuation model, which is consistent with the Company's
      valuation techniques previously utilized for options in footnote
      disclosures required under SFAS No. 123, Accounting for Stock Based
      Compensation, as amended by SFAS No. 148, Accounting for Stock
      Based Compensation Transition and Disclosure.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | Since the Company did not issue stock options to
      employees during the three and nine months ended January 31, 2007 or 2006,
      there is no effect on net loss or earnings per share had the Company
      applied the fair value recognition provisions of SFAS No. 123(R) to
      stock-based employee compensation. When the Company issues shares of
      common stock to employees and others, the shares of common stock are
      valued based on the market price at the date the shares of common stock
      are approved for issuance.                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | l) | New Accounting Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | In September 2006, the FASB issued Statement of Financial
      Accounting Standards No. 157, Fair Value Measurements(FAS 157).
      FAS 157 defines fair value, establishes a framework for measuring fair
      value and expands disclosures about fair value measurements but does not
      require any new fair value measurements. FAS 157 is effective for
      financial statements issued for fiscal years beginning after November 15,
      2007, and interim periods within those fiscal years. The Company has not
      yet determined the impact of applying FAS 157.                                                                                                                                                 
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | In February 2007, the FASB issued Statement of Financial
      Accounting Standards No. 159, The Fair Value Option for Financial
      Assets and Financial Liabilities, (FAS 159). FAS 159 permits
      entities to choose to measure many financial instruments and certain
      other                                                                                                                                                                                                                                                                                                                                                                                                                                              

---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Notes to Financial Statements    
|January 31, 2007                 
|(Unaudited)                      
|(Expressed in
      U.S. Dollars)

items at fair value. The objective is
to improve financial reporting by providing entities with the opportunity to
mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply complex hedge accounting
provisions. FAS 159 is effective for financial statements issued for fiscal
years beginning after November 15, 2007. The Company has not yet determined the
impact of adopting FAS 159 on the Companys financial position.

|3. | Oil and Gas Property, Unproven
|-- | ------------------------------

In December 2005, the Company entered
into a participation agreement with PB Energy USA Ltd. (PB), for the right to
participate up to a 25% working interest in twenty-four wells by paying 33% of
the leasing, drilling, completing and pipeline costs. The wells will target the
Barnett Shale formation and will be located generally in the Dallas-Fort Worth
area of North Texas.

In May 2006, the Company elected to
participate in a 1% working interest in an exploration well in the Barnett
Shale, which represented 1.33% of the estimated leasing, drilling, completing
and pipeline costs. During the nine months ended January 31, 2007, the operator
voluntarily relinquished one-fifth of its 25% carried interest in the well due
to cost overruns. The Company now has a 1.07% working interest in the well.

During the nine months ended January
31, 2007, the Company advanced $42,067 and accrued a further $5,335 to the
operator of the well for its share of the cost. At January 31, 2007, $47,402 has
been spent on drilling, gathering and tie-in activities. The total costs
incurred and excluded from amortization for the Companys oil and gas properties
are summarized as follows:

| |                                    |  |   | Drilling and |  |   |        | 
| | ---------------------------------- |  | - | ------------ |  | - | ------ | 
| |                                    |  |   | Gathering    |  |   | Total  | 
| | Malcolm-Star, Barnett
      Shale  |  |   |              |  |   |        | 
| |                                    |  |   |              |  |   |        | 
| | Nine months ended January 31, 2007 |  | $ | 47,402       |  | $ | 47,402 | 
| |                                    |  |   |              |  |   |        | 
| | Total oil and gas properties       |  | $ | 47,402       |  | $ | 47,402 | 

As of January 31, 2007, the Companys
oil and gas properties are considered unproven. Based on the status of the
Companys exploration activities, management has determined that no impairment
has occurred.

|4. | Related Party Transactions
|-- | --------------------------

The Companys sole officer and director
acquired 2,000,000 shares of the Companys common stock at a price of $0.001 per
share for gross proceeds of $2,000 during the year ended April 30, 2005.

|5. | Income Taxes
|-- | ------------

As at January 31, 2007, the Company has
an estimated tax losses carryforward for tax purposes of $42,600 which begins to
expire in 2021. This amount may be applied against future federal taxable
income. The Company evaluates its valuation allowance requirements on an annual
basis based on projected future operations. When circumstances change and this
causes a change in managements

---

|EXPLORTEX ENERGY INC.            
|---------------------------------
|(An exploration stage enterprise)
|Notes to Financial Statements    
|January 31, 2007                 
|(Unaudited)                      
|(Expressed in
      U.S. Dollars)

judgement about the realizability of
deferred tax assets, the impact of the change on the valuation allowance is
generally reflected in current income.

The tax effects of temporary
differences that give rise to the Companys deferred tax asset are as follows:

| | Nine months ended January 31, |   | 2007    |   |   | 2006   |  
| | ----------------------------- | - | ------- | - | - | ------ | -
| | Loss carry forwards           | $ | 11,506  |   | $ | 1,038  |  
| | Valuation
      allowance     |   | (11,506 | ) |   | (1,038 | )
| |                               | $ | -       |   | $ | -      |  

|6. | Comparative Amounts
|-- | -------------------

Certain of the comparative amounts have
been reclassified to conform to the current periods presentation.

---

- 13 -

|Item 2. | Managements Discussion and Analysis or Plan
      of Operation.
|------- | ----------------------------------------------------------------

FORWARD LOOKING STATEMENTS

This Quarterly Report may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 that involve
risks and uncertainties. In particular such forward-looking statements may be
found in this section. The following discussion and analysis of the financial
condition and results of operations should be read in conjunction with the
financial statements and related notes included elsewhere in this Quarterly
Report. Words or phrases such as hope, expect, intend, plan or similar
expressions are generally intended to identify forward-looking statements. Those
statements involve risks and uncertainties that could cause actual results to
differ materially from the results discussed herein. The principal risks and
uncertainties that may affect our actual performance and results of operations
include the following: general economic conditions; exploration successes, the
acquisition of oil and gas assets, continued availability of capital and
financing; adverse weather; governmental regulations; changes in governmental
and public policy; changes in economic conditions specific to our business;
competition; availability of equipment and qualified personnel and unexpected
operational difficulties. Other risks and uncertainties may also affect the
outcome of our actual performance and results of operations. You are cautioned
not to place undue reliance on the forward-looking statements made in this
Managements Discussion and Analysis or Plan of Operations.

Overview

We are a natural resource exploration stage company engaged in
the participation in the drilling of oil and gas properties in the United
States.

On December 1, 2005, we entered into a non-exclusive
participation agreement (the PB Energy Participation Agreement) with PB Energy
USA Ltd. (PB Energy). PB Energy has the right to participate in certain wells
to be drilled by Star of Texas Energy Services, Inc. (Star of Texas Energy
Services). Star of Texas Energy Services has arranged with land owners and
leaseholders for the rights to drill exploration wells targeting the Barnett
Shale formation in North Texas and has proposed to drill, as operator, one
exploration well a month for twenty-four months. As operator, Star of Texas
Energy Services retains a 25% working interest in each well that is to be
drilled by it as operator. These rights are defined in the participation
agreement to be entered into for each individual well drilled by Star of Texas
Energy Services. Star of Texas Energy Services has the right to assign part or
all of its 25% working interest to third parties.

The PB Energy Participation Agreement gives us the right, but
not the obligation, to participate up to a maximum 25% working interest, subject
to availability, in each exploration well to be drilled by Star of Texas Energy
Services. In order to purchase each 1% working interest in a well, we are
required to pay a project payment of approximately $35,000 per 1% working
participation interest. This amount is based on an estimated gross cost for the
horizontal drilling and completion attempt per well of $2,700,000 and the
requirement under the individual well participation agreement that the 75%
working interest participants are obligated to pay 100% of the actual drilling
and completion costs. In aggregate, we have the option to acquire up to a 25%
working interest in each well by paying up to 33.33% of all costs and expenses
incurred for the joint account under the operating agreement respecting the
drilling and completion of each well.

In May 2006, we elected to participate in our first exploration
well with Star of Texas Energy Services pursuant to the PB Energy Participation
Agreement. To date, we have made cash call payments of $42,067 and accrued a
further $5,335 for a 1% working interest in the Malcolm-Star #1H natural gas
horizontal well (Malcolm-Star). Based on our 1% working interest, we are
obliged to pay for 1.333% of the costs for drilling and completion of the well,
but will only be entitled to receive a 1% revenue interest in the well. Due to
cost overruns in the current period, the operator voluntarily relinquished

---

- 14 -

one-fifth of their 25% carried interest. As a result, the
Company is now entitled to a 1.07% working interest in the Malcolm-Star well.

The Malcolm-Star prospect consists of 211.8 acres in Wise
County, Texas, a core gas area of the Barnett Shale play of North Texas. Star of
Texas Energy Services has access to seismic geological data which shows the area
to be favorable for the drilling of a horizontal well. Star of Texas Energy
Services commenced drilling the Malcolm-Star well on May 22, 2006. The well was
drilled to a depth of 10,500 feet to test the Barnett Shale formation, which was
approximately 2,000 feet farther than expected. The estimated cost of our
proportionate share of the drilling and completion of this well was $35,532.
During the nine months ended January 31, 2007, we advanced Star of Texas Energy
Services $42,067 and accrued a further $5,335. The well experienced cost
overruns because the operator needed to twin the hole due to lost equipment. At
January 31, 2007, Star of Texas Energy Services had expended approximately
$47,402 on the drilling, completion and tie-in of the well. Star of Texas Energy
Services has advised the well will be subject to a fracture stimulation program
in the next three to four weeks. We believe the results of the Malcolm-Star well
will be available in the winter of 2007. We plan to continue to participate in
future exploration wells, subject to our achieving additional financing and
subject to our determination to proceed based on the results of the Malcolm-Star
well. There is no assurance that the Malcolm-Star well will be successful in
discovering commercial quantities of gas from which production can be obtained.
Gas pipeline infrastructure is approximately one mile from the well.

PLAN OF OPERATIONS

Our plan of operations for the next twelve months is to
complete the following objectives within the time periods specified, subject to
our obtaining the funding necessary for continued exploration:

1. We are participating in a 1.07% working interest in the
Malcolm-Star well in the Barnett Shale.  We have advanced $42,067 and
accrued a further $5,335 to the operator of the well which is estimated to cover
our 1.07% working interest in the costs to lease, drill, complete and tie-in the
well. The total cost of the well was estimated at $2,665,000 but has since risen
to approximately $3,500,000 due to the twining of the hole as a result of lost
equipment. The drilling of the Malcolm-Star well was completed in early
September 2006 and tied-in in October 2006. The well is awaiting a fracture
stimulation program in the next three to four weeks and we expect the results in
the winter of 2007.

2. If warranted by the results of the Malcolm-Star well, but
not conditional, we intend to participate in working interests in further
Barnett Shale exploration wells as proposed under the PB Energy Participation
Agreement. We would likely proceed with a further 1% working interest in a
Barnett Shale well as evaluated by Star of Texas Energy Services, subject to us
having sufficient financing. We expect the costs of the 1% working interest in
the well to be approximately $45,000. We anticipate that we will have to raise
additional funding in order to participation in new exploration wells. If we
obtain the necessary financing, we anticipate that we could participate in a
second well to be drilled during the spring or summer of 2007 and would take
approximately fifteen weeks to complete.

3. We anticipate spending approximately $1,500 in ongoing
general and administrative expenses per month for the next twelve months, for a
total anticipated expenditure of $18,000 over the next twelve months. The
general and administrative expenses will consist primarily of professional fees
for the audit and legal work relating to our regulatory filings throughout the
year, as well as transfer agent fees and general office expenses.

As at January 31, 2007, we had cash reserves of $5,540 and a
working capital deficit of $5,518. We anticipate that our cash will be
sufficient to enable us to pay for our general and administrative expenses for
the next six months. However, our ability to pay our obligations for the
Malcolm-Star well

---

- 15 -

and participate in further exploration wells will be subject to
us obtaining additional financing as these expenditures will exceed our cash and
working capital reserves.

During the twelve month period, we may or may not generate any
revenue dependent on the success of our 1.07% working interest in the
Malcolm-Star well. Accordingly, we will be required to obtain additional
financing in order to continue our plan of operations. We believe that debt
financing will likely not be an alternative for funding additional exploration
wells as we do not have tangible assets to secure any debt financing. We
anticipate that additional funding will be in the form of equity financing from
the sale of our common stock. However, we do not have any financing arranged and
we cannot provide investors with any assurance that we will be able to raise
sufficient funding from the sale of our common stock to fund participation in
additional exploration wells. In the absence of such financing, we will not be
able to continue exploration and our business plan will fail. Even if we are
successful in obtaining equity financing to fund additional exploration wells,
there is no assurance that we will obtain the funding necessary to pursue any
further exploration or have the funds to complete the Malcolm-Star well. If we
do not continue to obtain additional financing, we will not be able to continue
with our exploration plan.

RESULTS OF OPERATIONS

Revenues

We have had no operating revenues since our inception on March
25, 2004 through to the nine months ended January 31, 2007. We anticipate that
we will not generate any revenues unless our participation in the Malcolm-Star
well is successful and production of natural gas is achieved.

General and Administrative Expenses

Our general and administrative expenses for three and nine
months ended January 31, 2007 and 2006 are summarized below:

Three Months
      Ended January 31, 2007
    Three Months
      Ended January 31, 2006
    Nine Months
      Ended January 31, 2007
    Nine Months
      Ended January 31, 2006General and administrative expensesBank Charges
    $ 21
    $ 25
    $ 388
    $ 61Office expenses
    -
    -
    312
    -Professional Fees
    3,000
    3,321
    27,179
    3,321Transfer agent and filing Fees
    534
    462
    4,641
    462Travel and entertainment
    2,723
    -
    2,723
    -Total general and administrative expenses
    $6,278
    $ 3,808
    $ 35,243
    $ 3,844


Professional fees of $27,179 incurred during the nine months
ended January 31, 2007 related to the completion of our financing in May 2006,
the filing of our SB-2 registration statement with the Securities and Exchange
Commission and expenses associated with being a reporting company under the
Securities Exchange Act of 1934. During 2006 we incurred $3,321 in professional
fees for our financing in January 2006.

---

- 16 -

Transfer agent and filing fees represented amounts paid to keep
our corporation in good standing with State regulators and with the
establishment of our transfer agent.

During the nine months ended January 31, 2007, we incurred
travel and entertainment costs of $2,723 related to property investigation of
oil and gas properties in Texas.

LIQUIDITY AND CAPITAL RESOURCES

We had cash of $5,540 and a working capital deficit of $5,518
at January 31, 2007, compared to cash of $70,861 and working capital of $69,511
at April 30, 2006.

Plan of Operations

We estimate that our total expenditures over the next twelve
months will be approximately $18,000, as outlined above under the heading Plan
of Operations. We anticipate that our cash will be sufficient to enable us to
pay for our general and administrative expenses for the next six months.
However, our ability to pay our obligations for the Malcolm-Star well and
participate in further exploration wells will be subject to us obtaining
additional financing as these expenditures will exceed our cash and working
capital reserves. We anticipate that our cash and working capital will be
sufficient to enable us to sustain our operations for the next six months,
provided that we do not participate in any additional exploration wells during
this period. If we determine to proceed with participation in any additional
exploration wells during this period, then we will require additional financing.

Cash Used in Operating Activities

Cash used in operating activities was $25,419 for the nine
months ended January 31, 2007, compared with cash used in operating activities
of $523 for the nine months ended January 31, 2006. The increase in cash used in
operating activities reflects the increase in the net loss from $3,844 in 2006
to $35,127 in 2007. We anticipate that cash used in operating activities will
increase during the next year, as discussed under Plan of Operations.

Cash Used in Investing Activities

Cash used in investing activities was $47,402 for the nine
months ended January 31, 2007, compared with no cash used in investing
activities for the nine months ended January 31, 2006. The increase in cash used
in investing activities is a result of the drilling, completion and tie-in costs
of the Malcolm Star well during the period. Although we have accrued $5,335 for
future cash calls for the Malcolm Star well, further cost overruns could occur
and the Company would be committed to fund 1.33% of any such additional costs.

Cash from Financing Activities

We have funded our business to date primarily from sales of our
common stock. From our inception, on March 25, 2004, to January 31, 2007, we
have raised a total of $84,500 from private offerings of our securities. Gross
proceeds from the sale of shares of our common stock during the nine months
ended January 31, 2007 totaled $7,500, compared to $37,500 in such proceeds the
nine months ended January 31, 2006.

There are no assurances that we will be able to achieve further
sales of our common stock or any other form of additional financing. If we are
unable to achieve the financing necessary to continue our plan of operations,
then we will not be able to continue our exploration of additional wells and our
venture will fail.

---

- 17 -

Going Concern

We have not attained profitable operations and are dependent
upon obtaining financing to pursue any extensive exploration activities. For
these reasons our auditors stated in their report dated June 6, 2006 that they
have substantial doubt we will be able to continue as a going concern.

Future Financings

We anticipate continuing to rely on equity sales of our common
shares in order to continue to fund our business operations. Issuances of
additional shares will result in dilution to our existing shareholders. There is
no assurance that we will achieve any additional sales of our equity securities
or arrange for debt or other financing to fund our planned exploration
activities.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to stockholders.

Investment in Oil and Gas Properties

We utilize the full cost method to account for our investment
in oil and gas properties. Accordingly, all costs associated with acquisition
and exploration of oil and gas reserves, including such costs as leasehold
acquisition costs, interest costs relating to unproved properties, geological
expenditures and direct internal costs are capitalized into the full cost pool.
As of January 31, 2007, we had no proven oil and gas properties. When we obtain
proven oil and gas reserves, capitalized costs, including estimated future costs
to develop the reserves and estimated abandonment costs, net of salvage, will be
depleted on the units-of-production method using estimates of proved reserves.
Investments in unproved properties and major development projects including
capitalized interest, if any, are not amortized until proved reserves associated
with the projects can be determined. If the future exploration of unproved
properties is determined uneconomical, the amounts of such properties are added
to the capitalized cost to be amortized.

The capitalized costs included in the full cost pool are
subject to a ceiling test, which limits such costs to the aggregate of the
estimated present value, using an estimated discount rate, of the future net
revenues from proved reserves, based on current economic and operating
conditions and the estimated value of unproven properties.

|Item 8A. | Controls and Procedures.
|-------- | ------------------------

As required by Rule 13a-15 under the Exchange Act, we carried
out an evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures as of January 31, 2007, being the end of the
period covered by this quarterly report. This evaluation was carried out under
the supervision and with the participation of our Chief Executive Officer and
Chief Financial Officer, Mr. Chris Cooper. Based upon that evaluation, our Chief
Executive Officer and Chief Financial Officer concluded that our disclosure
controls and procedures are effective in timely alerting management to material
information relating to us required to be included in our periodic SEC filings
as at the end of the period covered by this report. There have been no changes
in our internal controls or in other factors that could significantly affect
internal controls subsequent to the date we carried out our evaluation.

Disclosure controls and procedures are controls and other
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SECs rules
and

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forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer and our Chief
Financial Officer, to allow timely decisions regarding required disclosure.

During our most recently completed fiscal quarter ended January
31, 2007 there were no changes in our internal control over financial reporting
that have materially affected, or are reasonably likely to affect, our internal
control over financial reporting.

The term internal control over financial reporting is defined
as a process designed by, or under the supervision of, our principal executive
and principal financial officers, or persons performing similar functions, and
effected by our board of directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles and includes those policies and
procedures that:

|(a) | Pertain to the maintenance of records that in reasonable
      detail accurately and fairly reflect the transactions and dispositions of
      our assets;                                                                                                                                                                                              
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                         
|(b) | Provide reasonable assurance that transactions are
      recorded as necessary to permit preparation of financial statements in
      accordance with generally accepted accounting principles, and that
      receipts and expenditures of our company are being made only in accordance
      with authorizations of our management and directors; and
|    |                                                                                                                                                                                                                                                                                                                                                         
|(c) | Provide reasonable assurance regarding prevention or
      timely detection of unauthorized acquisition, use or disposition of our
      assets that could have a material effect on the financial
    statements.                                                                                                                                      

PART II  Other Information

|Item 1. | Legal Proceedings.
|------- | ------------------

We are not party to any legal proceedings.

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

None.

|Item 3. | Default upon Senior Securities.
|------- | -------------------------------

None.

|Item 4. | Submission of Matters to a Vote of Security
      Holders.
|------- | ----------------------------------------------------------

No matters were submitted to our security holders for a vote
during the first, second and third quarter of our fiscal year ending April 30,
2007.

|Item 5. | Other Information.
|------- | ------------------

None.

|Item 6. | Exhibits.
|------- | ---------

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- 19 -

|Exhibit |                                                                                                                                                                                                                                      
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibit                                                                                                                                                                                                               
|3.1(1)  | Articles of Incorporation                                                                                                                                                                                                            
|3.2(1)  | By-Laws                                                                                                                                                                                                                              
|3.3(1)  | Certificate of Amendment, as filed
      with the Nevada Secretary of State                                                                                                                                                          
|10.1(1) | Participation Agreement between Explortex Energy
      Inc. and PB Energy USA Ltd. dated December 1, 2005                                                                                                                            
|10.2(1) | Participation Agreement between
      Explortex Energy Inc. and Star of Texas Energy Services, Inc. dated December
      1, 2005                                                                                                     
|31.1(2) | Certification of Chief
      Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b)
      of the Exchange Act.                                                                                                     
|32.1(2) | Certification
      of Chief Executive Officer and Chief Financial Officer pursuant Rule 13a-14(b)
      of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section
      906 of the Sarbanes- Oxley Act of 2002.

|(1) | Filed as an exhibit to our registration statement on
      Form SB-2 filed with the Commission on July 10, 2006.
|--- | ----------------------------------------------------------------------------------------------------------------
|    |                                                                                                                 
|(2) | Filed as an exhibit to this Form
  10-QSB                                                                       

SIGNATURES

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.

EXPLORTEX ENEGRY INC.

|Signature              |  | Title                                                     |  | Date          
|---------------------- |  | --------------------------------------------------------- |  | --------------
|                       |  | President, Chief Executive Officer,
      Chief Financial |  |               
|                       |  | Officer and Director (Principal
      Executive Officer   |  | March 12, 2007
|/s/ Chris
      Cooper |  | and Principal Accounting Officer)                         |  |               
|Chris Cooper           |  |                                                           |  |               

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