10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

OR

[    ] TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

From the transition period from ___________ to ____________.

Commission File Number 333-138111

PREMIER OIL FIELD SERVICES, INC.

(Exact name of small business issuer as specified in its charter)

Nevada	27-2262066
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

534 Savanna Hill Lane, Rockwall, Texas 75032

(Address of principal executive offices)

(972) 772-9493

(Issuer's telephone number)

N/A

(1713 Moorish Lane, Heath, Texas 75032)

Indicate by check mark whether the registrant (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 large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer [  ]	Accelerated Filer [  ]
Non-Accelerated Filer [  ]	Smaller Reporting Company [X]

Indicate by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act: Yes[  ] No [X].

Indicate by check mark whether the registrant has submitted electronically and posted on its website, if any, every Interactive File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS325.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files), Yes [ ] No [X ]

As of November 15, 2013, there were 7,346,336 shares of Common Stock of the issuer outstanding.

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TABLE OF CONTENTS

	PART I FINANCIAL STATEMENTS
Item 1	Consolidated Financial Statements	3
Item 2	Management’s Discussion and Analysis or Plan of Operation	12
Item 4	Controls and Procedures	14
	PART II OTHER INFORMATION
Item 6	Exhibits	15
	Signatures	15

2

PREMIER OIL FIELD SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2013 AND DECEMBER 31, 2012
ASSETS		September 30, 2013			December 31, 2012
Current Assets		(Unaudited)
Cash and Cash Equivalents	$	26,879		$	57,741
Accounts Receivable (net of allowance for doubtful accounts of $0 and $0)		1,164			226,814
Other Assets		7,046			1,950
Total Current Assets		35,089			286,505
Fixed Assets (net of accumulated depreciation of $357,207 and $345,121)		63,168			172,460
TOTAL ASSETS	$	98,257		$	458,965
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	34,051		$	49,616
Accrued Expenses		342			—
Accrued Tax Expense		—			—
Current Portion of Settlement Payable (Note 6)		—			35,672
Current Portion of Notes Payable		10,714			29,128
Total Current Liabilities		45,107			114,416
Long Term Liabilities:
Loan From Shareholder		7,707			39,608
Long Term Accounts Payable		—			200
Notes Payable		42,426			142,704
Less: Current Portion of Notes Payable		(10,714	)		(29,128	)
Total Long Term Liabilities		39,419			153,384
TOTAL LIABILITIES		84,526			267,800
Stockholders’ Equity
Preferred stock, $0.001 par value, 20,000,000 authorized,
-0-  issued and outstanding at September 30, 2013 and December 31, 2012		0			0
Common stock, $0.001 par value, 50,000,000 authorized,
7,346,336 and 7,346,336 issued and outstanding at September 30, 2013 and December 31, 2012		7,346			7,346
Additional Paid in capital		277,862			277,862
Retained Earnings/(Accumulated Deficit)		(271,477	)		(94,043	)
Total Stockholders’ Equity		13,731			191,165
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	98,257		$	458,965
See accompanying summary of accounting policies and notes to consolidated financial statements.

3

PREMIER OIL FIELD SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(Unaudited)

	Three Months Ended						Nine months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
REVENUES
Third Party Revenues	$	—		$	41,450		$	652,450		$	253,799
Related Party Revenues		—			—			—			—
TOTAL REVENUES		—			41,450			652,450			253,799
COST of SALES (inclusive of depreciation of $7,570 and  $28,113 for three months and  $44,088 and $78,029 for nine months)		16,084			34,124			453,544			112,179
Gross Profit		(16,084	)		7,326			198,906			141,620
Operating Expenses:
Depreciation and Amortization		—			251			341			754
Other General and Administrative		21,166			14,334			385,104			228,410
Total Operating Expenses		21,166			14,585			385,445			229,164
Operating Income (Loss)		(37,250	)		(7,259	)		(186,539	)		(87,544	)
Other Income (Expense)
Interest Income		2			15			14			49
Gain (Loss) on Disposal of Assets		—			11,613			12,974			11,613
Interest Expense		(315	)		2,493			(3,883	)		(8,942	)
Total Other Income (Expense)		(313	)		14,121			9,105			2,720
Net Income before Income Tax Expense		(37,563	)		6,862			(177,434	)		(84,824	)
Provision for Income Tax (Expense)		—			—			—			—
Net Income (Loss) after Income Tax Expense	$	(37,563	)	$	6,862		$	(177,434	)	$	(84,824	)
Basic and Diluted Loss per share	$	(0.01	)	$	0.00		$	(0.02	)	$	(0.01	)
Weighted Average Shares Outstanding:
Basic and Diluted		7,346,336			7,346,336			7,346,336			7,346,336

See accompanying summary of accounting policies and notes to consolidated financial statements.

4

PREMIER OIL FIELD SERVICES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
For the Year Ended December 31, 2012 and The Nine months Ended September 30, 2013
	Common Shares		Common Amount		Additional Paid In Capital		Retained Earnings/ (Accumulated Deficit)			Total
Balance at  January 1, 2012		7,346,336	$	7,346	$	277,862	$	(196,249	)	$	88,959
Net Income		0		0		0		102,206			102,206
Balance at December 31, 2012		7,346,336		7,346		277,862		(94,043	)		191,165
Net Income (Loss)		0		0		0		(177,434	)		(177,434	)
Balance at  September 30, 2013 (unaudited)		7,346,336	$	7,346	$	277,862	$	(271,477	)	$	13,731
See accompanying summary of accounting policies and notes to consolidated financial statements.

5

PREMIER OIL FIELD SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED September 30, 2013 and 2012 (Unaudited)
		September 30, 2013			September 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$	(177,434	)	$	(84,824	)
Adjustments to reconcile net income to net cash
used by operating activities:
Depreciation Expense		44,429			78,783
Bad Debt Expense Loss on Sale of Asset		1,164 (12,974)			—
Changes in assets and liabilities:
Decrease in Accounts Receivable		224,486			17,408
(Increase) in Other Current Assets		(5,096	)		(170	)
(Decrease) Accounts Payable		(51,436	)		(50,542	)
Increase (Decrease) Accrued Expenses		342			(24,058	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		23,481			(63,403	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sale of Assets		77,836			119,239
Purchase of Fixed Assets		—			(235,618	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		77,836			(116,379	)
CASH FLOWS FROM FINANCING ACTIVITES
Sale of Stock for Cash		—			—
Payments on Shareholder Loan		(31,901	)		48,921
Payments on Note Payable		(100,278	)		(138,842	)
Proceeds from Notes Payable		—			215,655
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(132,179	)		125,734
NET CHANGE IN CASH AND CASH EQUIVALENTS		(30,862	)		(54,048	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		57,741			112,895
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	26,879		$	58,847
SUPPLEMENTAL DISCLOSURES
Cash Paid During the Period for Interest Expense	$	3,883		$	8,942
(Gain) Loss on Sale of Assets	$	(12,974	)	$	—
Cash Paid During the Period for Income Taxes	$	—		$	—
See accompanying summary of accounting policies and notes to consolidated financial statements.

6

 PREMIER OIL FIELD SERVICES, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2013

(Unaudited)

NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities, History and Organization:

Premier Oil Field Services, Inc. (The “Company” or "Premier") serves the oil and gas industry with down-hole drilling motors. These motors are used in the oil and gas well drilling process to drill out frac plugs and other debris in the well bore.  The Company is located in Rockwall, Texas and was incorporated on June 29, 2009 under the laws of the State of Nevada.

Premier Oil Field Services, Inc., is the parent company of Coil Tubing Motors Corporation, (“CTM”), a company incorporated under the laws of the State of Texas. CTM was established in June 2006.

Premier is a private holding company established under the laws of Nevada on June 29, 2009, was formed in order to acquire 100% of the outstanding membership interests of CTM.  On September 30, 2009, Premier issued 7,000,000 shares of common stock in exchange for a 100% equity interest in CTM.  As a result of the share exchange, CTM became the wholly owned subsidiary of Premier.  As a result, the members of CTM owned a majority of the voting stock of Premier.  The transaction was accounted for as a reverse merger whereby CTM was considered to be the accounting acquirer as its members retained control of Premier after the exchange, although Premier is the legal parent company.  The share exchange was treated as a recapitalization of Premier.  As such, CTM, (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if Premier had always been the reporting company and then on the share exchange date, had changed its name and reorganized its capital stock.  The share exchange transaction was effected to change the state of incorporation to allow the opportunity for a reduction of franchise taxes under the new Texas franchise tax calculations and to facilitate the initial public offering.  At the time of the exchange transaction, Premier had no assets or liabilities and CTM had assets of approximately $409,000 with equity of approximately $81,800.

The capital structure of Premier is presented as a consolidated entity as if the transaction had been effected in 2006 to consistently reflect the number of shares outstanding. However, the capital structure as presented is different that the capital structure that appears in the historical statements of CTM, in earlier periods due to the recapitalization accounting.

The Company operates on a calendar year-end.    Due to the nature of their operations, the Company operates in only one business segment.

Basis of Accounting and Consolidation:

The Company prepares its financial statements on the accrual basis of accounting.  It has one wholly owned subsidiary, Coil Tubing Motors, Corporation, which is consolidated. All intercompany balances and transactions are eliminated.  

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations.

Unaudited Interim Financial Statements:

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations for interim financial information. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring accruals) necessary to present fairly the balance sheets, statements of operations and statements of cash flows for the periods presented in accordance with accounting principles generally accepted in the United States. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to SEC rules and regulations. It is presumed that users of this interim financial information have read or have access to the audited financial statements and footnote disclosure for the preceding year contained in the Company’s Annual Report on Form 10-K. filed on April 16, 2013 and amended on April 19, 2013. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

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Significant Accounting Policies:

The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application.  The application of accounting principles requires the estimating, matching and timing of revenue and expense.

The financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud.  The Company's system of internal  accounting control is designed to assure, among other items, that  1) recorded  transactions  are valid;  2) valid  transactions  are recorded;  and  3) transactions  are  recorded in the proper  period in a timely  manner to produce financial  statements which present fairly the financial  condition,  results of operations  and cash  flows of the  Company  for the  respective  periods  being presented.

Cash and Cash Equivalents:

All highly liquid investments with original maturities of six months or less are included in cash and cash equivalents.  All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments:

In accordance with the reporting requirements of ASC 820,  the Company  calculates the fair value of its assets and  liabilities which qualify as financial  instruments  under this statement and includes this additional information in the notes to the financial statements  when the fair value is different  than the  carrying  value of those financial instruments.  

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate  their fair values due to the short-term maturities of these instruments.  The carrying amount of the Company’s marketable securities and capital leases approximate fair value due to the stated interest rates approximating market rates.

Accounts Receivable:

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts.  On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections.  The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due.  A receivable is considered past due if payments have not been received within agreed upon invoice terms.   The Company provides an allowance for all receivables that are greater than 90 days old. Allowances for Doubtful Accounts totaled $0 and $0 at September 30, 2013 and December 31, 2012, respectively.  Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10.  Revenue will be recognized only when all of the following criteria have been met:

• Persuasive evidence of an arrangement exists;

• Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided;

• The price is fixed and determinable; and

• Collectability is reasonably assured.

All services are billed when rendered and payment is due upon receipt of invoice. Revenue is recorded net of any sales taxes charged.

Advertising:

The Company did not incur any advertising expenses in the three and nine months ended September 30, 2013 and 2012.

Cost of Sales:

Cost of sales consists primarily of shop supplies, contract labor, field related expenses, and deprecation on equipment used in providing services.

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Income Taxes:

The Company has adopted ASC 740-10 which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable.

Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered.  As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).

 Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

Recently Issued Accounting Pronouncements:

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Employee Benefit Plans:

The Company has no employee benefit plans.

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.   As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.  The Company may elect to take advantage of the benefits of this extended transition period in the future.

NOTE 2 – FIXED ASSETS

Fixed assets at September 30, 2013 and December 31, 2012 are as follows:

	September 30, 2013			December 31, 2012
Office  Equipment	$	9,748		$	9,748
Trucks & Trailers		28,286			125,492
Machinery &  Equipment		382,341			382,341
Less: Accumulated Depreciation		(357,207	)		(345,121	)
Total Fixed Assets	$	63,168		$	172,460

Depreciation expense for the three months ended September 30, 2013 and 2012 was $7,570 and $28,365, respectively. Depreciation expense for the nine months ended September 30, 2013 and 2012 was $44,429 and $78,783, respectively.

In January 2013 the Company sold a vehicle for $29,586 and realized a loss of $3,109 on the transaction. In June the Company disposed of a vehicle generating a gain of $16,083.

In February 2012 the Company purchased a trailer for $128,907 and due to misrepresentation by the seller the trailer was returned in August 2012 and the bank released the Company of its obligation which was $114,599 at the time. Other income of $11,613 was recorded on the settlement. In September 2012 the Company purchased a new trailer for $63,118.

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NOTE 3 – EQUITY

The Company is authorized to issue 20,000,000 preferred shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2013 and December 31, 2012, there were zero shares issued and outstanding.

The Company is authorized to issue 50,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2013 and December 31, 2012, there were 7,346,336 and 7,346,336 shares issued and outstanding, respectively.

NOTE 4 – COMMITMENTS AND CONTINGENCIES

The Company operates out of a mobile trailer as it is on-site at gas fields. The Company uses the President’s home address as its mailing address.

At September 30, 2013, the Company had the following outstanding notes payable:

• Vehicle loan from Alliance Bank, dated September 17, 2012, originally for $52,119, at an annual interest rate of 4.75% due August 17, 2017.  Amount due at September 30, 2013 was $42,426.  The current principal amount due in one year is $10,714.

NOTE 5 – INCOME TAXES

The Company has adopted ASC 740-10, which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset).   Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The cumulative tax effect at the expected tax rate of 25% of significant items comprising the Company’s net deferred tax amounts as of September 30, 2013 and December 31, 2012 are as follows:

Deferred tax asset related to:

	September 30,			December 31,
	2013			2012
Prior Year	$	33,748		$	59,300
Utilization of NOL		—			(25,552	)
Tax Benefit for Current Period		44,359			—
Net Operating Loss Carryforward	$	78,107		$	33,748
Less: Valuation Allowance		(78,107	)		(33,748	)
Net Deferred Tax Asset	$	0		$	0

The Company now has a cumulative net operating loss at September 30, 2013 of $271,477 and a cumulative net operating loss carry-forward of $94,043 at December 31, 2012,

NOTE 6 – LEGAL PROCEEDINGS

The Company is involved in one legal proceeding. On June 15, 2010, the Company was served with a lawsuit from National Oilwell Varco LP (“VARCO”), a vendor of the Company, for $114,065, related to unpaid invoices from October 25, 2007 to September 30, 2008  During April, 2011 the Company agreed to a settlement that would require the Company to pay $122,304 over the next 24 months in equal installments of $5,096 month. The parties to the settlement also signed a judgment for $140,000 that will only be filed in the event of a default by the Company. As of August 9, 2012 the Company failed to make payments in May, June and July and technically is in default, therefore the Company accrued an additional $29,141 ($25,935 of principal and $3,206 of interest) to true-up the balance to the $140,000 original judgment, as agreed. In August 2012 the Company and VARCO agreed that the Company will resume payments by August 20, 2012 and will continue to make such payments by the 15^th of each month thereafter as set forth in the original agreement. The final payment will now be due by September 15, 2013. In consideration for this agreement the Company agreed to pay VARCO an additional $1,500. VARCO retains the right to execute the original agreement should the Company breach this amendment. The balance owed at September 30, 2013 and December 31, 2012 was $0 and $35,672, respectively.

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NOTE 7 – FINANCIAL CONDITION AND GOING CONCERN

The Company has a retained deficit through September 30, 2013 totaling $271,477 and negative working capital of $10,018.   Although the Company has retained earnings it has a history of an accumulated deficit and it is uncertain whether additional working capital will be required to develop its business operations.

The Company has experienced no loan defaults, labor stoppages, legal proceedings or any other operating interruption in 2013.  Therefore, these items will not factor into whether the business continues as a going concern, and accordingly, management has not made any plans to dispose of assets or factor receivables to assist in generating working capital.

The Company intends to raise additional working capital either through private placements, and/or bank financing, or additional loans from Management if there is need for liquidity. Management may also consider reducing administrative costs. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, and/or bank financing necessary to support the Company’s working capital requirements.  To the extent that funds generated from private placements, and/or bank financing are insufficient, the Company will have to raise additional working capital.   No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital is not generated from operations, financing is not available, or the Management cannot loan sufficient funds, the Company may not be able to continue its operations.

Management believes that the efforts it has made to promote its operation will continue for the foreseeable future.  These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 8 – REVENUE CONCENTRATION

The Company provides drilling services to the oil and gas industry and has one significant customer from which 100% of revenues were derived during the nine months ended September 30, 2013.

Customers	2013 Revenue	%	2012 Revenue	%
A – Related Party	$0	0.0%	$0	0.0%
B	652,450	100.0	224,039	88.3
C	0	0.0	14,100	5.6
Others	0	0.0	15,660	6.1
TOTAL	$652,450	100.0%	$253,779	100.0%

None of the Company’s revenue for the nine months ended September 30, 2013 was generated from services performed for an entity controlled by the Company’s chief executive officer.

NOTE 9 – SUBSEQUENT EVENTS

No reportable subsequent events were noted as of the date of the report

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Item 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS

Executive Overview

The first fiscal quarter of 2013 was very positive for the Company. UInfortunately during the second fiscal quarter the revenues declined as the Company was unable to renew contracts. This has carried over to the fiscal third and fourth quarters as new contacts have not been signed.

Employees

We currently employ one employee, the President. The Company contracted three contract employees, one field technician, one field consultant and one administrative consultant. Currently the Company only contracts the administrative consultant on a temporary basis.

RESULTS FOR THE NINE MONTHS ENDED September 30, 2013 and 2012

Our quarter ended on September 30, 2013.  Any reference to the end of the fiscal quarter refers to the end of the first quarter for the period discussed herein.

REVENUE.  Revenue for the three months ended September 30, 2013 was $0 compared to $41,450 for the three month period ended September 30, 2012.   The decrease in sales of $41,450 is due to the non-renewal of contracts in the fiscal second and third quarters of 2013.

Revenue for the nine months ended September 30, 2013 was $652,450 compared to $253,799 for the nine month period ended September 30, 2012.   The increase in sales of $398,651 is due to a number of large jobs with our largest customer and additional revenues related to chemical use and reprocessing of the chemicals in the hydraulic fracking process that were started in the fiscal first quarter and completed in the fiscal second quarter. The sales were $210,300 for comparative fracking services versus 2012 ($253,799) and $442,150 for the chemical use and reprocessing versus $0 in 2012.

GROSS PROFIT.  Gross profit for the three months ended September 30, 2013 was a loss of $16,084 or -100%, compared to $7,326 or 17.7%, for the three months ended September 30, 2012.   Backing out depreciation expense of $7,570 and $28,113 for 2013 and 2012, respectively, gross margin would be -100% compared to 85.5%, respectively. The change is attributable to the non-renewal of contracts.

Gross profit for the nine months ended September 30, 2013 was $198,906 or 30.5%, compared to $141,620 or 55.8%, for the nine months ended September 30, 2012.   Backing out depreciation expense of $44,088 and $78,029 for 2013 and 2012, respectively, gross margin would be 37.2% compared to 86.5%, respectively, a decrease of 49.3% points (about $320,000). The change is attributable costs related to using and reprocessing of chemicals: equipment rental and supplies $260,000 and contract services $99,000.

OPERATING EXPENSES. Total operating expenses for the three months ended September 30, 2013 were $21,1661 compared to $14,585 for the three months ended September 30, 2012. Depreciation expense included in the operating expense was $0 and $251, respectively, for the three months ended September 30, 2013 and 2012. The net increase of $6,832 is related to travel and contract services.

Total operating expenses for the nine months ended September 30, 2013 were $385,445 compared to $229,164 for the nine months ended September 30, 2012. Depreciation expense included in the operating expense was $341 and $754, respectively, for the nine months ended September 30, 2013 and 2012. The net increase of $156,694 is related to a net increase in salaries/contract services of $180,000 as the Company incurred $265,000 of compensation to the President. This was partially off-set by a decrease in rent and other related facility costs (no longer renting building space).

NET INCOME. Net income/loss for the periods ended September 30, 2013 and 2012 was a loss of $37,563 and income of $6,862 respectively for the three months ended September 30 and losses of $177,434 and $84,824 respectively for the nine months ended September 30.   Reasons for the changes are discussed above.

LIQUIDITY AND CAPITAL RESOURCES.

Trends, events or uncertainties impact on liquidity:

The Company knows of no trends, additional events or uncertainties that would impact liquidity other than the volatility of the oil and gas market.

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In addition to the preceding, the Company plans for liquidity needs on a short term and long term basis as follows:

Short Term Liquidity

The Company has a retained deficit of $271,477 as of September 30, 2013.   The Company has relied on external sources of financing to assist short-term working capital needs; through bank loans and shareholder advances.  The Company has negative working capital of $10,018 and cash flows from operations for the nine months ended September 30, 2013 were $23,481.

Long Term Liquidity

The long term liquidity needs of the Company are projected to be met primarily through the cash flow provided by operations. Cash flow from Operating Activities is expected to remain positive through 2013.

Capital Resources

As of September 30, 2013, the Company had capital commitments of $42,426 for vehicles purchased.  As of the date of this filing the Company had no additional commitments other than what is disclosed in the footnotes to the financial statements.  

Trends, events or uncertainties

The Company, since its inception in 2006, has not experienced noticeable revenue trends.   Revenue follows the oil market and when prices increase business usually remains strong.  Historically, when oil prices fall, revenue for the Company decreases.

Material Changes in Financial Condition

WORKING CAPITAL: Working Capital as of September 30, 2013 decreased by about $182,000 to negative $10,018, versus $172,100 as of December 31, 2012.  

STOCKHOLDER’S EQUITY: Stockholder’s Equity as of September 30, 2013 decreased by $177,434 due to the net loss.

GOING CONCERN: The Company has negative working capital of $10,018 and a retained deficit of $271,477 as of  September 30, 2013, and it has a history of losses and a retained deficit. Because of this history of an accumulated deficit and prior loses, the Company may require additional working capital to survive. The Company may need to raise additional working capital either through private placements or bank loans or loans from management if there is need for liquidity to alleviate the substantial doubt to continuing as a going concern. There are no assurances that the Company will be able to do any of these. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital cannot be generated, the Company may not be able to continue its operations.

Management Advisors

Yorkdale Capital, LLC advises and assists the President with many aspects related to the regulatory filings including assistance with the consolidation of financial statements for audit. Yorkdale Capital, LLC or its principals are shareholders and invoices the Company reasonable fees for professional services monthly. The accounts payable balance at September 30, 2013 was $14,700 and at December 31, 2012 was $4,250.

Item 3:  Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2013.  This evaluation was accomplished under the supervision and with the participation of our chief executive officer / principal executive officer, and chief financial officer / principal financial officer who concluded that our disclosure controls and procedures are not effective.

13

Based upon an evaluation conducted for the period ended September 30, 2013, our Chief Executive and Chief Financial Officer as of September 30, 2013 and as of the date of this Report, has concluded that as of the end of the periods covered by this report, we have identified the following material weakness of our internal controls:

•   Reliance upon third party financial reporting consultants for review of critical accounting areas and disclosures and material non-standard transaction.

•   Lack of sufficient accounting staff which results in a lack of segregation of duties necessary for a good system of internal control.

In order to remedy our existing internal control deficiencies, as our finances allow, we will hire additional accounting staff.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

14

PART II

Items No. 1, 2, 3, 4, 5 - Not Applicable.

Item No. 6 - Exhibits and Reports on Form 8-K

(a)  None

(b)   Exhibits

Exhibit Number		Name of Exhibit
31.1	Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

PREMIER OIL FIELD SERVICES, Inc.

By /s/ Lewis Andrews

Lewis Andrews, Chief Executive Officer

and Chief Financial Officer

Date: November 18, 2013

15

EX-31.1

EXHIBIT 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Lewis Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PREMIER OIL FIELD SERVICES, INC.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this amended report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change to the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 18, 2013

/s/ Lewis Andrews

Lewis Andrews

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Lewis Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-Q PREMIER OIL FIELD SERVICES, INC.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this amended report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change to the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 18, 2013

/s/ Lewis Andrews

Lewis Andrews

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of PREMIER OIL FIELD SERVICES, INC. (the “Company”) on Form 10-Q for the period ended September 30, 2013 as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Dated: November 18, 2013

/s/ Lewis Andrews

Name: Lewis Andrews

Title: Chief Executive Officer

Dated: November 18, 2013

/s/ Lewis Andrews

Name: Lewis Andrews

Title: Chief Financial Officer

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NOTE 10 SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

NOTE 9 SUBSEQUENT EVENTS

No reportable subsequent events were noted as of the date of the report

XML

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES:
Third party revenues	$ 0	$ 41,450	$ 652,450	$ 253,799
TOTAL REVENUES	0	41,450	652,450	253,799
Cost of sales (inclusive of depreciation of $44,088 and $78,029)	16,084	34,124	453,544	112,179
Gross Profit	(16,084)	7,326	198,906	141,620
Operating Expenses:
Other general and administative	21,166	14,585	385,445	229,164
Total operating expenses	21,166	14,585	385,445	229,164
Operating income (loss)	(37,250)	(7,259)	(186,539)	(87,544)
Other (income) expense:
Interest (income) expense, net	313	(2,508)	3,869	8,893
(Gain) Loss on sale of assets	0	(11,613)	(12,974)	0
Total other (income) expense net	313	(14,121)	(9,105)	(2,720)
Net Loss Before Income Taxes	(37,563)	6,862	(177,434)	(84,824)
Provision for Income Tax (Expense) Benefit	0	0	0	0
Net income (loss)	$ (37,563)	$ 6,862	$ (177,434)	$ (84,824)
Basic and diluted loss per share	$ (0.01)	$ 0	$ (0.02)	$ (0.01)
Weighted average shares outstanding: basic and diluted	7,346,336	7,346,336	7,346,336	7,346,336

XML

NOTE 3 EQUITY

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

NOTE 3 EQUITY

The Company is authorized to issue 20,000,000 preferred shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2013 and December 31, 2012, there were zero shares issued and outstanding.

The Company is authorized to issue 50,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2013 and December 31, 2012, there were 7,346,336 and 7,346,336 shares issued and outstanding, respectively.

XML

NOTE 8 REVENUE CONCENTRATION - NOTE 8 Customer Sales, Revenue (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Notes to Financial Statements
Customer A Related Party	$ 0	$ 0
Customer B	652,450	224,039
Customer C	0	14,100
Others	0	15,660
TOTAL	$ 652,450	$ 253,779

XML

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

21 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Basis of Accounting and Consolidation

Basis of Accounting and Consolidation:

The Company prepares its financial statements on the accrual basis of accounting. It has one wholly owned subsidiary, Coil Tubing Motors, Corporation, which is consolidated. All intercompany balances and transactions are eliminated.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations.

Cash and Cash Equivalents

Cash and Cash Equivalents:

All highly liquid investments with original maturities of three months or less are included in cash and cash equivalents. All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

In accordance with the reporting requirements of ASC 820, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments.

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturities of these instruments. The carrying amount of the Company’s marketable securities and capital leases approximate fair value due to the stated interest rates approximating market rates.

Accounts Receivable

Accounts Receivable:

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts. On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections. The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due. A receivable is considered past due if payments have not been received within agreed upon invoice terms. The Company provides an allowance for all receivables that are greater than 90 days old. Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Revenue Recognition

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10. Revenue will be recognized only when all of the following criteria have been met:

? Persuasive evidence of an arrangement exists; ? Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided; ? The price is fixed and determinable; and ? Collectability is reasonably assured.

All services are billed when rendered and payment is due upon receipt of invoice. Revenue is recorded net of any sales taxes charged.

Advertising

Advertising:

The Company did not incur any advertising expenses in the three and six months ended June 30, 2012 and 2011.

Cost of Sales

Cost of Sales:

Cost of sales consists primarily of shop supplies, field related expenses, and deprecation on equipment used in providing services.

Income Taxes

Income Taxes:

The Company has adopted ASC 740-10 which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable.

Earnings per Share

Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered. As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).

Use of Estimates

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements:

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Employee Benefit Plans

Employee Benefit Plans:

The Company has no employee benefit plans.

XML

NOTE 3 EQUITY (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Notes to Financial Statements
Preferred Stock, shares authorized	20,000,000	20,000,000
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares outstanding	0	0
Common Stock, shares authorized	50,000,000	50,000,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares outstanding	7,346,336	7,346,336

XML

NOTE 2 FIXED ASSETS (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Notes to Financial Statements
Depreciation Expense	$ 7,570	$ 28,365	$ 44,429	$ 78,783

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NOTE 7 FINANCIAL CONDITION AND GOING CONCERN (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Notes to Financial Statements
Accumulated Deficit	$ (271,477)	$ (94,043)
Working Capital	$ (10,018)

XML

NOTE 8 REVENUE CONCENTRATION - NOTE 8 Customer Sales, Percent (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Notes to Financial Statements
Customer A Related Party	$ 0	$ 0
Customer B	100	88
Customer C	0	6
Others	0	6
TOTAL	$ 100	$ 100

XML

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (177,434)	$ (84,824)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation expense	44,429	78,783
Bad debt expense	1,164	0
Loss on sale of assets	(12,974)	0
Change in assets and liabilities:
Accounts receivable	224,486	17,408
Other current assets	(5,096)	(170)
Accounts payable	(51,436)	(50,542)
Accrued expenses	342	(24,058)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	23,481	(63,403)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of assets	77,836	119,239
Purchase of fixed assets	0	(235,618)
NET CASH (USED IN) INVESTING ACTIVITIES	77,836	(116,379)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments on shareholder loan	(31,901)	48,921
Payments on notes payable	(100,278)	(138,842)
Proceeds from notes payable	0	215,655
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(132,179)	125,734
NET CHANGE IN CASH AND CASH EQUIVALENTS	(30,862)	(54,048)
CASH AND CASH EQUIVALENTS AT BEGINING OF PERIOD	57,741	112,895
CASH AND CASH EQUIVALENTS, END OF PERIOD	26,879	58,847
SUPPLEMENTAL DISCLOSURES:
Cash paid during period for interest expense	3,883	8,942
Non-cash impact on loss of sale of assets	$ (12,974)	$ 0

XML

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities, History and Organization:

Premier Oil Field Services, Inc. (The “Company” or "Premier") serves the oil and gas industry with down-hole drilling motors. These motors are used in the oil and gas well drilling process to drill out frac plugs and other debris in the well bore.  The Company is located in Rockwall, Texas and was incorporated on June 29, 2009 under the laws of the State of Nevada.

Premier Oil Field Services, Inc., is the parent company of Coil Tubing Motors Corporation, (“CTM”), a company incorporated under the laws of the State of Texas. CTM was established in June 2006.

Premier is a private holding company established under the laws of Nevada on June 29, 2009, was formed in order to acquire 100% of the outstanding membership interests of CTM.  On September 30, 2009, Premier issued 7,000,000 shares of common stock in exchange for a 100% equity interest in CTM.  As a result of the share exchange, CTM became the wholly owned subsidiary of Premier.  As a result, the members of CTM owned a majority of the voting stock of Premier.  The transaction was accounted for as a reverse merger whereby CTM was considered to be the accounting acquirer as its members retained control of Premier after the exchange, although Premier is the legal parent company.  The share exchange was treated as a recapitalization of Premier.  As such, CTM, (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if Premier had always been the reporting company and then on the share exchange date, had changed its name and reorganized its capital stock.  The share exchange transaction was effected to change the state of incorporation to allow the opportunity for a reduction of franchise taxes under the new Texas franchise tax calculations and to facilitate the initial public offering.  At the time of the exchange transaction, Premier had no assets or liabilities and CTM had assets of approximately $409,000 with equity of approximately $81,800.

The capital structure of Premier is presented as a consolidated entity as if the transaction had been effected in 2006 to consistently reflect the number of shares outstanding. However, the capital structure as presented is different that the capital structure that appears in the historical statements of CTM, in earlier periods due to the recapitalization accounting.

The Company operates on a calendar year-end.    Due to the nature of their operations, the Company operates in only one business segment.

Basis of Accounting and Consolidation:

The Company prepares its financial statements on the accrual basis of accounting.  It has one wholly owned subsidiary, Coil Tubing Motors, Corporation, which is consolidated. All intercompany balances and transactions are eliminated.  

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations.

Unaudited Interim Financial Statements:

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations for interim financial information. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring accruals) necessary to present fairly the balance sheets, statements of operations and statements of cash flows for the periods presented in accordance with accounting principles generally accepted in the United States. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to SEC rules and regulations. It is presumed that users of this interim financial information have read or have access to the audited financial statements and footnote disclosure for the preceding year contained in the Company’s Annual Report on Form 10-K. filed on April 16, 2013 and amended on April 19, 2013. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

Significant Accounting Policies:

The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application.  The application of accounting principles requires the estimating, matching and timing of revenue and expense.

The financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud.  The Company's system of internal  accounting control is designed to assure, among other items, that  1) recorded  transactions  are valid;  2) valid  transactions  are recorded;  and  3) transactions  are  recorded in the proper  period in a timely  manner to produce financial  statements which present fairly the financial  condition,  results of operations  and cash  flows of the  Company  for the  respective  periods  being presented.

Cash and Cash Equivalents:

All highly liquid investments with original maturities of three months or less are included in cash and cash equivalents.  All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments:

In accordance with the reporting requirements of ASC 820,  the Company  calculates the fair value of its assets and  liabilities which qualify as financial  instruments  under this statement and includes this additional information in the notes to the financial statements  when the fair value is different  than the  carrying  value of those financial instruments.  

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate  their fair values due to the short-term maturities of these instruments.  The carrying amount of the Company’s marketable securities and capital leases approximate fair value due to the stated interest rates approximating market rates.

Accounts Receivable:

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts.  On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections.  The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due.  A receivable is considered past due if payments have not been received within agreed upon invoice terms.   The Company provides an allowance for all receivables that are greater than 90 days old. Allowances for Doubtful Accounts totaled $0 and $0 at June 30, 2013 and December 31, 2012, respectively.  Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10.  Revenue will be recognized only when all of the following criteria have been met:

● Persuasive evidence of an arrangement exists;

● Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided;

● The price is fixed and determinable; and

● Collectability is reasonably assured.

All services are billed when rendered and payment is due upon receipt of invoice. Revenue is recorded net of any sales taxes charged.

Advertising:

The Company did not incur any advertising expenses in the three and nine months ended September 30, 2013 and 2012.

Cost of Sales:

Cost of sales consists primarily of shop supplies, contract labor, field related expenses, and deprecation on equipment used in providing services.

Income Taxes:

The Company has adopted ASC 740-10 which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable.

Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered.  As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

Recently Issued Accounting Pronouncements:

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Employee Benefit Plans:

The Company has no employee benefit plans.

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.   As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.  The Company may elect to take advantage of the benefits of this extended transition period in the future.

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NOTE 4 COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

NOTE 4 COMMITMENTS AND CONTINGENCIES

The Company operates out of a mobile trailer as it is on-site at gas fields. The Company uses the President’s home address as its mailing address.

At September 30, 2013, the Company had the following outstanding notes payable:

• Vehicle loan from Alliance Bank, dated September 17, 2012, originally for $52,119, at an annual interest rate of 4.75% due August 17, 2017.  Amount due at September 30, 2013 was $42,426.  The current principal amount due in one year is $10,714.

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NOTE 2 FIXED ASSETS

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

FIXED ASSETS

Fixed assets at September 30, 2013 and December 31, 2012 are as follows:

		September 30, 2013			December 31, 2012
Office  Equipment	$	9,748		$	9,748
Trucks & Trailers		28,286			125,492
Machinery &  Equipment		382,341			382,341
Less: Accumulated Depreciation		(357,207	)		(345,121	)
Total Fixed Assets	$	63,168		$	172,460

Depreciation expense for the three months ended September 30, 2013 and 2012 was $7,570 and $28,365, respectively. Depreciation expense for the nine months ended September 30, 2013 and 2012 was $44,429 and $78,783, respectively.

In January 2013 the Company sold a vehicle for $29,586 and realized a loss of $3,109 on the transaction. In June the Company disposed of a vehicle generating a gain of $16,083.

In February 2012 the Company purchased a trailer for $128,907 and due to misrepresentation by the seller the trailer was returned in August 2012 and the bank released the Company of its obligation which was $114,599 at the time. Other income of $11,613 was recorded on the settlement. In September 2012 the Company purchased a new trailer for $63,118.

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NOTE 4 COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	Sep. 30, 2013
Notes to Financial Statements
Loan 1 Alliance Balance	$ 0
Loan 1 Alliance Current	0
Loan 2 FMC Balance	0
Loan 2 FMC Current	0
Loan 3 Alliance Balance	0
Loan 3 Alliance Current	0
Loan 4 Alliance Balance	0
Loan 4 Alliance Current	0
Loan 6 Alliance Balance	42,426
Loan 6 Alliance Current	10,714
Loan 5 Southside Balance	0
Loan 5 Southside Current	$ 0

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Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0	$ 0
Accumulated depreciation	$ (357,207)	$ (345,121)
Preferred stock, par or stated value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares outstanding	7,346,336	7,346,336

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NOTE 7 FINANCIAL CONDITION AND GOING CONCERN

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 7 FINANCIAL CONDITION AND GOING CONCERN

The Company has a retained deficit through September 30, 2013 totaling $271,477 and negative working capital of $10,018.   Although the Company has retained earnings it has a history of an accumulated deficit and it is uncertain whether additional working capital will be required to develop its business operations.

The Company has experienced no loan defaults, labor stoppages, legal proceedings or any other operating interruption in 2013.  Therefore, these items will not factor into whether the business continues as a going concern, and accordingly, management has not made any plans to dispose of assets or factor receivables to assist in generating working capital.

The Company intends to raise additional working capital either through private placements, and/or bank financing, or additional loans from Management if there is need for liquidity. Management may also consider reducing administrative costs. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, and/or bank financing necessary to support the Company’s working capital requirements.  To the extent that funds generated from private placements, and/or bank financing are insufficient, the Company will have to raise additional working capital.   No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital is not generated from operations, financing is not available, or the Management cannot loan sufficient funds, the Company may not be able to continue its operations.

Management believes that the efforts it has made to promote its operation will continue for the foreseeable future.  These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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Consolidated Statements of Operations (Parenthetical) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]
Depreciation Expense	$ 20,183	$ 24,958

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Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 26,879	$ 57,741
Accounts receivable (net of allowance for doubtful accounts of $0 and $0)	1,164	226,814
Other current assets	7,046	1,950
Total current assets	35,089	286,505
Fixed assets (net of accumulated depreciation of $357,207 and $345,121)	63,168	172,460
TOTAL ASSETS	98,257	458,965
Current Liabilities:
Accounts payable	34,051	49,616
Accrued expenses	342	0
Other liabilities - Settlement Payable	0	35,672
Current portion of notes payable	10,714	29,128
Total current liabilities	45,107	114,416
Long term liabilities:
Shareholder advances	7,707	39,608
Long term accounts payable	0	200
Notes payable	42,426	142,704
Less: Current portion of notes payable	(10,714)	(29,128)
Total long term liabilities	39,419	153,384
TOTAL LIABILITIES	84,526	267,800
Stockholders' Equity (Deficit)
Preferred stock, $0.001 par value, 20,000,000 authorized, 0 issued and outstanding	0	0
Common stock, $0.001 par value, 50,000,000 authorized, 7,346,336 and 7,000,000 issued and outstanding	7,346	7,346
Additional paid in capital	277,862	277,862
Accumulated deficit	(271,477)	(94,043)
Total Stockholders' Equity (Deficit)	13,731	191,165
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 98,257	$ 458,965

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NOTE 5 INCOME TAXES (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Notes to Financial Statements
EffectiveTax Rate	2500.00%
Cummulative Operating Loss Carryforward	$ (271,477)	$ (94,043)

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NOTE 5 INCOME TAXES - Deferred Tax Table (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Notes to Financial Statements
Prior Year	$ 33,748	$ 59,300
Utilization of NOL		(25,552)
Tax Benefit for Current Period	44,359	0
Net Operating Loss Carryforward	78,107	33,748
Less: Valuation Allowance	(78,107)	(33,748)
Net Deferred Tax Asset	$ 0	$ 0

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NOTE 6 LEGAL PROCEEDINGS

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

LEGAL PROCEEDINGS

The Company is involved in one legal proceeding. On June 15, 2010, the Company was served with a lawsuit from National Oilwell Varco LP (“VARCO”), a vendor of the Company, for $114,065, related to unpaid invoices from October 25, 2007 to September 30, 2008  During April, 2011 the Company agreed to a settlement that would require the Company to pay $122,304 over the next 24 months in equal installments of $5,096 month. The parties to the settlement also signed a judgment for $140,000 that will only be filed in the event of a default by the Company. As of August 9, 2012 the Company failed to make payments in May, June and July and technically is in default, therefore the Company accrued an additional $29,141 ($25,935 of principal and $3,206 of interest) to true-up the balance to the $140,000 original judgment, as agreed. In August 2012 the Company and VARCO agreed that the Company will resume payments by August 20, 2012 and will continue to make such payments by the 15^th of each month thereafter as set forth in the original agreement. The final payment will now be due by September 15, 2013. In consideration for this agreement the Company agreed to pay VARCO an additional $1,500. VARCO retains the right to execute the original agreement should the Company breach this amendment. The balance owed at September 30, 2013 and December 31, 2012 was $0 and $35,672, respectively.

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NOTE 6 LEGAL PROCEEDINGS (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Notes to Financial Statements
VARCO settlement balance	$ 0	$ 35,672

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NOTE 9 RECECNT ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2013

Accounting Changes and Error Corrections [Abstract]

NOTE 9 RECECNT ACCOUNTING PRONOUNCEMENTS

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

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NOTE 5 INCOME TAXES

9 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

NOTE 5 INCOME TAXES

The Company has adopted ASC 740-10, which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset).   Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The cumulative tax effect at the expected tax rate of 25% of significant items comprising the Company’s net deferred tax amounts as of September 30, 2013 and December 31, 2012 are as follows:

Deferred tax asset related to:

	September 30,			December 31,
	2013			2012
Prior Year	$	33,748			$59,300
Utilization of NOL		-			(25,552	)
Tax Benefit for Current Period		44,359			-
Net Operating Loss Carryforward	$	78,107		$	33,748
Less: Valuation Allowance		(78,107	)		(33,748	)
Net Deferred Tax Asset	$	0		$	0

The Company now has a cumulative net operating loss at September 30, 2013 of $271,477 and a cumulative net operating loss carry-forward of $94,043 at December 31, 2012,

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Consolidated Shareholders Equity (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Begining balance, APIC at Dec. 31, 2011		$ 277,862
Begining balance, stockholders' equity (deficit) at Dec. 31, 2011			(196,249)
Begining balance, amount at Dec. 31, 2011	7,346
Begining balance, shares outstanding at Dec. 31, 2011	7,346,336
Net income (loss)			102,206
Ending balance, APIC at Dec. 31, 2012		277,862
Accumulated Deficit at Dec. 31, 2012			(94,043)	(94,043)
Common stock, amount at Dec. 31, 2012	7,346
Common stock, shares outstanding at Dec. 31, 2012	7,346,336			7,346,336
Begining balance, stockholders' equity (deficit) at Dec. 31, 2012				191,165
Net income (loss)			(177,434)	(177,434)
Stockholders' equity (deficit) at Sep. 30, 2013				13,731
Accumulated Deficit at Sep. 30, 2013			(271,477)	(271,477)
Ending balance, APIC at Sep. 30, 2013		277,862
Common stock, amount at Sep. 30, 2013	$ 7,346
Common stock, shares outstanding at Sep. 30, 2013	7,346,336			7,346,336

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NOTE 2 FIXED ASSETS (Tables)

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

Fixed Assets

		Sept 30, 2013			December 31, 2012
Office  Equipment	$	9,748		$	9,748
Trucks & Trailers		28,286			125,492
Machinery &  Equipment		382,341			382,341
Less: Accumulated Depreciation		(357,207	)		(345,121	)
Total Fixed Assets	$	63,168		$	172,460

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NOTE 8 REVENUE CONCENTRATION

9 Months Ended

Sep. 30, 2013

Risks and Uncertainties [Abstract]

NOTE 8 REVENUE CONCENTRATION

The Company provides drilling services to the oil and gas industry and has one significant customer from which 100% of revenues were derived during the nine months ended September 30, 2013.

Customers	2013 Revenue	%	2012 Revenue	%
A – Related Party	$0	0.0%	$0	0.0%
B	652,450	100.0	224,039	88.3
C	0	0.0	14,100	5.6
Others	0	0.0	15,660	6.1
TOTAL	$652,450	100.0%	$253,779	100.0%

None of the Company’s revenue for the nine months ended September 30, 2013 was generated from services performed for an entity controlled by the Company’s chief executive officer.

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NOTE 2 FIXED ASSETS - Fixed Assets (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Notes to Financial Statements
Trucks & Trailers	$ 28,286	$ 125,492
Office Equipment	9,748	9,748
Machinery & Equipment	382,341	382,341
Less: Accumulated Depreciation	(357,207)	(345,121)
Total Fixed Assets	$ 63,168	$ 172,460

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NOTE 5 INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Deferred Tax Table

	September 30,			December 31,
	2013			2012
Prior Year	$	33,748			$59,300
Utilization of NOL		-			(25,552	)
Tax Benefit for Current Period		44,359			-
Net Operating Loss Carryforward	$	78,107		$	33,748
Less: Valuation Allowance		(78,107	)		(33,748	)
Net Deferred Tax Asset	$	0		$	0

T

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Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2013	Nov. 15, 2013
Document And Entity Information
Entity Registrant Name	Premier Oil Field Services, Inc.
Entity Central Index Key	0001488638
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 7,346,336
Entity Common Stock, Shares Outstanding		7,346,336
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2013

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NOTE 8 REVENUE CONCENTRATION (Tables)

21 Months Ended

Sep. 30, 2013

Risks and Uncertainties [Abstract]

Customer Sales, Revenue

Top Customers – Sales $	YTD 2013	YTD 2012
Customer A – Related Party	0	0
Customer B	652,450	224,039
Customer C	0	14,100
Others	0	15,660
TOTAL	652,450	253,779

Customer Sales, Percent

Top Customers – Sales %	YTD 2013	YTD 2012
Customer A – Related Party	0	0
Customer B	100	88
Customer C	0	6
Others	0	6
TOTAL	100	100