10QSB

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

(Mark One)

[ X ] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

             For the quarterly period ended March 31, 2008

[   ] Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______________ to _______________

Commission file number:  033-15528

MONUMENT RESOURCES, INC.

(Exact name of Small Business Issuer as Specified in its Charter)

Colorado	84-1028449
(State or Other Jurisdiction of	(I.R.S. Employer Identification No.)
Incorporation or Organization)

2050 South Oneida Street, Suite 106, Denver, Colorado 80224

(Address of Principal Executive Offices, Including Zip Code)

(303) 692-9468

(Issuer’s Telephone Number, Including Area Code)

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 common equity, as of the latest practicable date: 7,719,000 shares of common stock were outstanding at April 30, 2008.

Transitional Small Business Disclosure Format (Check One):   Yes ___No __X__

MONUMENT RESOURCES, INC. AND SUBSIDIARY

INDEX

		Page Number
PART I.	FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Balance Sheets as of March 31, 2008 and September 30, 2007.	2-3
	Condensed Consolidated Statements of Operations for the Three Months and Six Months ended March 31, 2008 and 2007.	4
	Condensed Consolidated Statements of Cash Flowsfor the Six Months ended March 31, 2008 and 2007.	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Controls and Procedures	17
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	18
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults Upon Senior Securities	18
Item 4.	Submission of Matters to a Vote of Security Holders	18
Item 5.	Other Information	18
Item 6.	Exhibits	18
	Signatures	19
	Exhibit Index	20

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Item 1. Financial Statements.

MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,		September 30,
	2008		2007
ASSETS	(Unaudited)
Current assets
Cash and cash equivalents	$	865,888	$	213,808
Marketable securities, available-for-sale		204,361		394,725
Accounts receivable		51,730		32,316
Prepaid expenses and other assets		6,294		17,293
Total current assets		1,128,273		658,142
Proved and unproved oil and gas
properties, successful efforts method,
net of accumulated depletion		642,040		653,790
Property and equipment:
Gas pipeline, net of
accumulated depreciation		212,870		225,799
Property and equipment, net of
accumulated depreciation		372,635		317,945
Net property, equipment and pipeline		585,505		543,744
Total assets	$	2,355,818	$	1,855,676

See Notes to Condensed Consolidated Financial Statements.

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Item 1. Financial Statements. (Continued)

MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			September 30,
	2008			2007
LIABILITIES AND STOCKHOLDERS’ EQUITY	(Unaudited)
Current liabilities
Accounts payable and accrued expenses	$	29,602		$	36,866
Asset retirement obligation		113,185			113,185
Total liabilities		142,787			150,051
Stockholders’ equity:
Preferred Stock, no par value, authorized  1,000,000 shares; none issued		-			-
Common Stock, no par value, authorized  10,000,000 shares; 7,719,000 and 5,319,000  shares issued and outstanding, respectively		3,890,518			3,290,518
Accumulated (deficit)		(1,681,013	)		(1,578,784	)
Accumulated other comprehensive (loss) income		3,526			(6,109	)
Total stockholders’ equity		2,213,031			1,705,625
Total liabilities and stockholders’ equity	$	2,355,818		$	1,855,676

See Notes to Condensed Consolidated Financial Statements.

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Item 1. Financial Statements. (Continued)

MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months						Six Months
	Ended March 31,						Ended March 31,
	2008			2007			2008			2007
Revenue
Oil and gas sales	$	76,433		$	19,934		$	111,165		$	86,431
Pipeline income		24,555			8,977			34,721			38,913
Total revenue		100,988			28,911			145,886			125,344
Expenses
Oil and gas operating expense		13,346			12,747			26,003			35,902
Pipeline operating expense		37,947			61,013			74,282			109,736
General and administrative		53,055			57,112			113,563			119,768
Depletion, depreciation and amortization		24,778			24,877			48,286			42,965
Total operating expenses		129,126			155,749			262,134			308,371
Net income (loss) from operations		(28,138	)		(126,838	)		(116,248	)		(183,027	)
Other income and (expense)
(Loss) on sale of securities		-			(226	)		-			(226	)
Interest income and other		5,309			13,435			14,019			22,342
Net income (loss)	$	(22,829	)	$	(113,629	)	$	(102,229	)	$	(160,911	)
Basic and diluted (loss) income per common share	$	(.00	)	$	(.02	)	$	(.02	)	$	(.02	)
Basic and dilutive weighted average number of shares outstanding		6,031,088			5,319,000			5,673,098			5,319,000

See Notes to Condensed Consolidated Financial Statements.

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Item 1. Financial Statements. (Continued)

MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended March 31,
	2008			2007
Cash flows from operating activities:
Net loss	$	(102,229	)	$	(160,911	)
Adjustment to reconcile net loss to net
cash (used in) operating activities:
Depreciation, depletion and amortization		48,286			42,965
Loss on sale of securities		-			226
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses
and other assets		10,999			(20,826	)
(Increase) decrease in accounts and
other receivables		(19,414	)		31,560
Decrease in accounts payable
and accrued expenses		(7,264	)		(33,282	)
Net cash flow (used in) operations		(69,622	)		(140,268	)
Cash flows from investing activities:
Purchase of land		-			(95,191	)
Additions to equipment		(78,297	)		(37,565	)
Additions to oil and gas properties		-			(9,590	)
Proceeds from sale of investment securities		199,999			19,675
Purchase of investment securities		-			(200,000	)
Net cash flows (used in) provided by investing activities		121,702			(322,671	)
Cash flows from financing activities:
Proceeds from sale of common stock in private
placement memorandum		600,000			-
Net cash flow provided by financing activities		600,000			-
Net increase (decrease) in cash and cash equivalents		652,080			(462,939	)
Cash and cash equivalents at beginning of period		213,808			719,188
Cash and cash equivalents at end of period	$	865,888		$	256,249
Schedule of Non-cash Investing Activities
Decrease in unrealized loss
on securities available for sale	$	9,635		$	1,815

See Notes to Condensed Consolidated Financial Statements

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Item 1.   Financial Statements (Continued).

MONUMENT RESOURCES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

THE COMPANY

Monument Resources, Inc, (the “Company”) was organized under the laws of the State of Colorado on October 1, 1984.  We are in the business of acquiring and brokering mineral and oil and gas properties and exploring, developing, and selling production from our oil and gas properties.  Our oil and gas properties are in Leavenworth County, Kansas.  We also operate a gas pipeline in conjunction with our Leavenworth gas wells.

We have a substantial investment in oil and gas properties.  We may not have sufficient capital to fully develop some of our gas properties, which would require additional investment.  We have in the past relied on joint venture partners to supply most of the funds needed to explore or develop our properties, and may also rely on such partners for similar funding in the future.  Our ability to obtain outside funding may be critical to our development efforts of some of our properties.

BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements are unaudited.  However, in the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation.  Interim results of operations are not necessarily indicative of results for subsequent interim periods or the remainder of the year.  These financial statements should be read in conjunction with our Annual Report on Form 10-KSB for the year ended September 30, 2007.

Except for the historical information contained in this Form 10-QSB, this Report contains forward-looking statements that involve risks and uncertainties.  Our actual results could differ materially from those discussed in this Report.  Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Report and in our Annual Report on Form 10-KSB for the year ended September 30, 2007.

CONSOLIDATION

The accompanying condensed consolidated financial statements include the accounts of our Company, and our wholly owned Kansas subsidiary, COG Transmission Corporation.  All inter-company transactions and balances have been eliminated in consolidation.

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Item 1.    Financial Statements (Continued).

REVENUE RECOGNITION

Sales of oil and gas production and pipeline income are recognized at the time of delivery of the product to the purchaser.

EARNINGS PER SHARE

     We have adopted Statement of Financial Accounting Standards (“SFAS”) No. 128, addressing earnings per share.  SFAS No. 128 established the methodology of calculating basic earnings per share and diluted earnings per share.  The calculations differ by adding any instruments convertible to common stock (such as stock options, warrants, and convertible preferred stock) to weighted average shares outstanding when computing diluted earnings per share.  As of March 31, 2008 all warrants outstanding were excluded from earnings per share as their affect would be anti-dilutive.

OIL AND GAS PROPERTIES

We follow the successful efforts method of accounting for our oil and gas activities.  Under this method, costs associated with the acquisition, drilling and equipping of successful exploratory and development wells are capitalized.  Geological and geophysical costs, delay rentals and drilling costs of unsuccessful exploratory wells are charged to expense as incurred.  Depletion and depreciation of the capitalized costs for producing oil and gas properties are provided by the unit-of-production method based on proved oil and gas reserves.  Undeveloped and unproved properties are periodically assessed for possible impairment due to un-recoverability of costs invested.  Developed and proved properties are periodically assessed under the accounting rules of SFAS No. 144, “Accounting for the Impairment and Disposal of Long-Lived Assets”.  Cash received for partial conveyances of property interests is treated as a recovery of cost and no gain or loss is recognized.

INVESTMENT IN SECURITIES

We follow SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities,” in accounting for our security investments.  In accordance with SFAS No. 115, our investment in securities has been classified as available-for-sale because they are being held for an indefinite period of time.  Under the available-for-sale classification, the securities are recorded as an asset at current market value on the balance sheet with an equal amount representing unrealized gains and losses recorded as a component of stockholders’ equity.  The current market value is derived from market quotations as of the end of each quarter.  At the time of sale, a gain or loss is recognized in the statement of operations using the cost basis of securities sold as determined by specific identification.

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Item 1. Financial Statements (Continued).

COMPREHENSIVE INCOME

We have adopted SFAS No. 130, “Reporting Comprehensive Income”, which establishes standards for reporting comprehensive income. This pronouncement requires that all items recognized under accounting standards as components of comprehensive income, as defined in the pronouncement, be reported in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income includes changes in equity during a period, except those resulting from investments by owners and distributions to owners. Under comprehensive income, we report unrealized gains and losses on investments in debt and equity securities as changes in equity.

ASSET RETIREMENT OBLIGATIONS

We have adopted SFAS No. 143, “Accounting for Asset Retirement Obligations”.  SFAS No. 143 addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs.  We have adopted SFAS No. 143 and recorded our estimated obligations.

RECENT ACCOUNTING PRONOUNCEMENTS

In March 19, 2008, the Financial Accountants Standards Board (“FASB”) issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities which required enhanced disclosures about derivative instruments and hedging activities.  It is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged.  We anticipate SFAS No. 161 will not have a material impact on our financial statements.

NOTE 2 -- ESTIMATES AND RISKS

The oil and gas industry is subject, by its nature, to environmental hazards and cleanup costs for which we carry liability insurance.  At this time, we know of no substantial costs from environmental accidents or events for which we may be currently liable.  In addition, our oil and gas business makes us vulnerable to changes in wellhead prices of crude oil and natural gas.  Such prices have been volatile in the past and can be expected to be volatile in the future.  By definition, proved reserves are based on current oil and gas prices. Price declines reduce the estimated proved reserves and increase annual amortization expense (which is based on proved reserves).

In evaluating our business, readers of this report should carefully consider the following factors in addition to the other information presented in this report and in our other reports filed with the SEC that advise interested parties of the risks and factors that may affect our business.  As noted elsewhere herein, the future conduct of our business and discussions of possible future activities is dependent upon a number of factors, and there can be no assurance that we will be able to conduct our operations as contemplated herein.  These risks include, but are not limited to:

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Item 1.     Financial Statements (Continued).

NOTE 2 -- ESTIMATES AND RISKS (CONTINUED)

§   The fact that we are reliant on a single gas purchaser under an agreement that requires us to maintain certain quality standards.

§   The possibility that our gas transmission facilities and equipment may experience mechanical difficulties and breakdowns substantially curtailing our gas deliverability.

§   Severe weather conditions are typical in our area of operations and may cause interruptions of our ability to produce and/or deliver gas to our purchaser.

§   Our limited financial resources may impede our ability to maintain gas deliveries at current levels and our ability to increase such levels.

§   The possibility that the described operations, reserves, or development, re-completion or production activities will not be completed, continued or realized on economic terms, if at all.

§   The development and production of oil and gas enterprises attendant with high risk, including the risk of fluctuating prices for oil and natural gas.

§   Not developing adequate reserves despite expending large sums of money.

§   Test results and reserve estimates may not be accurate.

§   The possibility that the estimates on which we are relying are inaccurate and that unknown or unexpected future events may occur that will tend to reduce our ability to operate successfully, if at all.

§   Although we currently do not have active operations in the mining segment, mining exploration and mining have inherent risks including the environment, low prices for commodities, competition from better financed companies and the risk of failure in either exploration or mining.  There is no assurance we will be able to compete successfully in the exploration and mining business should that course of action be undertaken.

NOTE 3 -- SEGMENT INFORMATION

We operate in two industry segments within the United States: (1) oil and gas exploration and development, and (2) a gas transmission pipeline.

Identified assets by industry are those assets that are used in our operations in each industry.  Corporate assets are principally cash, investment securities, furniture, and fixtures.

We have adopted SFAS No. 131, which requires the presentation of descriptive information about reportable segments which is consistent with that made available to us in order to assess performance.

Our oil and gas segment derives its revenues from the sale of oil and gas.   Corporate income is primarily derived from interest income on our funds held in money market accounts and the sale of government backed bonds.  Our pipeline segment derives revenue from the sale, transportation and compression of our gas in Leavenworth County, Kansas.

During the six months ended March 31, 2008 and 2007, we had no inter-segment revenues.  The accounting policies applied by each segment are the same as those we use in general.

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Item 1.    Financial Statements (Continued).

NOTE 3 -- SEGMENT INFORMATION (CONTINUED)

Net sales to one customer of our oil and gas segment totaled $98,290, or 88% of our revenues for the six months ended March 31, 2008 as compared to $86,431, or 100% for the six months ended March 31, 2007.

There have been no differences from our last annual report on Form 10-KSB in the bases of measuring segment profit or loss.  There have been no material changes in the amount of assets for any of our operating segments since our last annual report.

Segment information for the six months ended March 31, 2008 and 2007 is as follows:

	Oil and Gas		Pipeline			Corporate			Consolidated
Revenues
2008	$	111,165	$	34,721		$	14,019		$	159,905
2007		86,431		38,913			22,117			147,461
Net Income (Loss)
2008	$	65,372	$	(64,340	)	$	(103,261	)	$	(102,229	)
2007		26,294		(89,203	)		(98,002	)		(160,911	)
Depreciation, Depletion
and Valuation Charged
to Identifiable Assets
2008	$	19,790	$	24,779		$	3,717		$	48,286
2007		24,235		18,380			350			42,965
Capital Expenditures
2008	$	-	$	78,297		$	-		$	78,297
2007		16,816		125,286			244			142,346

Segment information as of March 31, 2008 compared to September 30, 2007 is as follows.

Identifiable Assets

March 31, 2008	$	812,431	$	465,017	$	1,078,370	$	2,355,818
September 30, 2007		724,531		502,809		628,336		1,855,676

NOTE 4 -- OIL AND GAS ACTIVITIES

KANSAS GAS PROJECT -- LEAVENWORTH COUNTY, KANSAS

During the quarter ended December 31, 2006, we purchased for $95,000 a 7+ acre parcel of land to be utilized as a new compressor site.  The actual construction and relocation of the compressor was completed during the quarter ended December 31, 2007.  We plan to continue a modest workover program on our existing gas wells to recomplete them in the upper McClouth and other gas zones.

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Item 1. Financial Statements (Continued).

NOTE 4 -- OIL AND GAS ACTIVITIES (CONTINUED)

KANSAS GAS PROJECT -- LEAVENWORTH COUNTY, KANSAS (CONTINUED)

During the quarter ended December 31, 2007, we completed the construction needed to move our gas sales compressor to the location we purchased in the quarter ended December 31, 2006.  Due to weather conditions and changes required by our gas purchaser, the project required a much longer period than estimated.  Therefore, we were unable to sell our gas production from October 8, 2007 through December 3, 2007, resulting in a loss of gas production estimated at 12,000 to 14,000 MCF with a loss of revenues of from $70,000 to $80,000 during the quarter ended December 31, 2007.

NOTE 5 – SHAREHOLDERS’ EQUITY

In a Unit Purchase Agreement dated March 5, 2008, the Company sold 2,400,000 Units, each Unit consisting of one share of common stock and one common stock purchase warrant, at $0.25 per Unit, for a total of $600,000 in proceeds, including $100,000 to an officer of the Company (see Note 7). Each warrant entitles the holder to purchase one share of common stock at an exercise price of $0.40 per share through March 4, 2010.  The Unit Purchase Agreement was offered in a Private Placement Memorandum.  The shares of common stock and those shares underlying the warrants contain certain registration rights in which the Company will attempt to comply on a best-efforts basis.

NOTE 6 -- COMPREHENSIVE INCOME (LOSS)

Comprehensive income is the total of net income and all other non-owner changes in equity.  Comprehensive income includes our net income and the change in unrealized gain (loss) on available for sale investments.  We report the unrealized gain on the investment in securities in our Condensed Consolidated Balance Sheets.  The table below details the changes during the six months ended March 31, 2008 and 2007, in our Accumulated Other Comprehensive Income balance and the components of our comprehensive income.

Six months ended March 31,  2008

Accumulated other comprehensive income (loss) at September 30, 2007	$	(6,109	)
Change in unrealized gain on securities held for sale		9,635
Accumulated other comprehensive income (loss) at March 31, 2008	$	3,526

Six months ended March 31, 2007

Accumulated other comprehensive income (loss) at September 30, 2006	$	(10,577	)
Change in unrealized gain on securities held for sale		1,815
Accumulated other comprehensive income (loss) at March 31, 2007	$	(8,762	)

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Item 1. Financial Statements (Continued).

NOTE 7 – RELATED PARTY TRANSACTIONS

On March 5, 2008, $100,000 was received from an officer of the Company in return for our issuance of 400,000 shares of common stock at $0.25 per share and 400,000 warrants to purchase shares of common stock at $0.40 per share. The shares and warrants were issued under the same terms and conditions as other participating investors. (See Note 5 – Stockholders’ Equity).

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Item 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

    AND RESULTS OF OPERATIONS.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2008, our current assets were $1,128,273 and current liabilities were $29,602 and we had working capital of $1,098,671 compared to current assets of $658,142 at September 30, 2007 and current liabilities of $36,866 at September 30, 2007 resulting in working capital at September 30, 2007 of $621,276.  Our working capital increased $477,395, or about 77%.  This increase in working capital is primarily due to the sale of 2,400,000 shares of common stock totaling $600,000 and partially offset by a net loss for the six months ended March 31, 2008 of $102,229.

Effective March 5, 2008, we sold 2,000,000 unregistered common shares of stock to an unaffiliated party and 400,000 shares of common stock to our president, A.G. Foust.  The price was $0.25 per share, which included warrants to buy an additional unregistered common share of stock for each share purchased.  The warrant exercise price is $0.40 per share and exercisable over two years.  The total funds we received for the sale was $600,000.  We plan to use these additional funds to re-complete some of our existing gas wells in Leavenworth County, Kansas and acquire additional gas wells and oil and gas leases in the Leavenworth County area.  Refer to our 8-K which was filed with the Securities and Exchange Commission on March 6, 2008 and Part II, Item 2 herein for additional details of this transaction.

At the present time, our primary source of cash for operations and exploration is our current working capital, cash that can be raised by selling our investment in U.S. government sovereign agency securities and other corporate bonds and funds derived from our oil and gas operations.  We have in the past, and plan in the future, to rely on joint venture partners or equity funding to supply some of the funds needed to evaluate and develop our properties.  Any inability we may have to raise additional capital through a stock offering, to liquidate our securities holdings or obtain third party funding may limit development of most of our properties.

RESULTS OF OPERATIONS

Three Months Ended March 31, 2008 vs. 2007

During the three months ended March 31, 2007, we were unable to sell gas for the months of February and March due to a requirement by our gas purchaser to install an additional control valve and line separator to better monitor our gas quality. Gas production increased from 5,985 MCF for the three month period ending March 31, 2007 to 16,606 MCF for the three month period ending March 31, 2008.  This increase of 10,621 MCF was a result of being able to sell gas the full three months of the quarter ended March 31, 2008.  The price received for our natural gas increased from an average of $5.40 per MCF for the three months March 31, 2007 to an average of $6.93 per MCF for the three months ended March 31, 2008, a 28% increase.  Gas sales increased 283%, or $56,499, from $19,934 to $76,433 for the three months ended March 31, 2007 and 2008, respectively.  This increase is due to the ability to sell gas all three months as discussed above.  Pipeline sales were $24,555 for the three months ended March 31, 2008 and

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Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

     AND RESULTS OF OPERATIONS (CONTINUED).

RESULTS OF OPERATIONS (CONTINUED)

Three Months Ended March 31, 2008 vs. 2007 (Continued)

$8,977 for the three months ended March 31, 2007, an increase of $15,578, or 174%.  Again, this increase was due to the ability to sell gas for the full three months ended March 31, 2008.

Interest and other revenue decreased to $5,309 for the three months ended March 31, 2008 from $13,435 for the three months ended March 31, 2007. This decrease of $8,126 was due to the decrease in our cash invested in interest bearing accounts.  Oil and gas operating costs increased $599, or 5% from $12,747 to $13,346 when comparing the three months ended March 31, 2007 to March 31, 2008.  Pipeline operating costs were $37,947 for the three months ended March 31, 2008 and $61,013 for the three months ended March 31, 2007, a decrease of $23,066, or 38% as a result of elimination of compressor rental costs and costs in this period in 2007 related to installing the new monitoring equipment and shut-off valve that were not incurred in 2008.

General and administrative expenses totaled $53,055 for the three months ended March 31, 2008, compared to $57,112 for the three-month period ended March 31, 2007.  This decrease of $4,057, or 7%, in general and administrative costs was primarily due to a decrease in legal and accounting fees.

A net loss of $22,829 was recorded for the three months ended March 31, 2008 as compared to a net loss of $113,629 for the same period ended March 31, 2007.  This decreased loss of $90,800 was primarily the result of decreased production while installing the new monitoring equipment and shut-off valve during 2007 and our corresponding production increase in 2008 with full three months production.

Six Months Ended March 31, 2008 vs. 2007

           Gas production decreased from 25,942 MCF for the six month period ending March 31, 2007 to 23,253 MCF for six month period ending March 31, 2008.  This decrease of 2,689 MCF was a result of the curtailment of production due to the compressor relocation during October, November and December of 2007 being a period of historically higher production than the shut down during February and March 2007.  The price received for our natural gas increased from an average of $5.41 per MCF for the six months ended March 31, 2007 to an average of $6.60 per MCF for the six months ended March 31, 2008, a 22% increase.  Oil and gas sales increased 29%, or $24,734, from $86,431 to $111,165 for six months ended March 31, 2007 and 2008, respectively.  This increase is due to the higher average price of gas.  Pipeline sales were $34,721 for the six months ended March 31, 2008 and $38,913 for the six months ended March 31, 2007, a decrease of $4,192, or 11%.  This decrease was due to the reduced production for the six months ended March 31, 2008.

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Item 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION

     AND RESULTS OF OPERATIONS (CONTINUED).

Six Months Ended March 31, 2008 vs. 2007 (Continued)

Interest and other revenue decreased to $14,019 for the six months ended March 31, 2008 from $22,342 for the six months ended March 31, 2007. This decrease of $8,323 was due to the decrease in our cash invested in interest bearing accounts.  Oil and gas operating costs decreased $9,899, or 28% from $35,902 to $26,003 when comparing the six months ended March 31, 2007 to March 31, 2008.  This decrease was primarily due to reduced production while our sales compressor site was being moved. We believe that the new compressor site move and new upgraded equipment will enable us to have a more stable gas sales system with reduced operating expenses. Pipeline operating costs were $74,282 for the six months ended March 31, 2008 and $109,736 for the six months ended March 31, 2007, a decrease of $35,454, or 32% as a result of elimination of compressor rental costs and costs in this period in 2007 related to installing the new monitoring equipment and shut-off valve that were not incurred in 2008.

General and administrative expenses totaled $113,563 for the six months ended March 31, 2008, compared to $119,768 for the six month period ended March 31, 2007.  This decrease of $6,205, or 5%, in general and administrative costs was primarily due to decreased legal and accounting fees.

A net loss of $102,229 was recorded for the six months ended March 31, 2008 as compared to a net loss of $160,911 for the same period ended March 31, 2007.  This decreased loss of $58,682 was primarily the result of decreased production and greater expenses during the six months ended March 31, 2007 associated with the new monitoring equipment and shut-off valve installed in that period.

CONTRACTUAL OBLIGATIONS

We have no contractual obligations as of March 31, 2008.

We lease our corporate offices in Denver, Colorado on a month-to-month basis.  Yearly payments under the lease are $12,456.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our Condensed Consolidated Financial Statements.

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Item 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION

     AND RESULTS OF OPERATIONS (CONTINUED).

Reserve Estimates:

Our estimates of oil and natural gas reserves, by necessity, are projections based on geological and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures.  Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure.  The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgment.  Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions, such as historical production from the area compared with production from other producing areas, the assumed effects of regulations by governmental agencies and assumptions governing future oil and natural gas prices, future operating costs, severance and excise taxes, development costs and workover and remedial costs, all of which may in fact vary considerably from actual results.  For these reasons, estimates of the economically recoverable quantities of oil and natural gas attributable to any particular group of properties, classifications of such reserves based on risk of recovery, and estimates of the future net cash flows expected there from may vary substantially.  Any significant variance in the assumptions could materially affect the estimated quantity and value of the reserves, which could affect the carrying value of our oil and gas properties and/or the rate of depletion of the oil and gas properties.  Actual production, revenues and expenditures with respect our reserves will likely vary from estimates, and such variances may be material.

Many factors will affect actual net cash flows, including:

·   The amount and timing of actual production;

·   Supply and demand for natural gas;

·   Curtailments or increases in consumption by natural gas purchasers; and

·   Changes in governmental regulations or taxation.

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Item 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION

     AND RESULTS OF OPERATIONS (CONTINUED).

Oil and Gas Properties:

We follow the successful efforts method of accounting for acquisition, exploration, development and production of its oil and gas properties.  Under this method, all direct costs of acquisition, exploration and development are capitalized with respect to producing wells and non-producing development wells.  Direct costs with respect to non-producing exploratory wells are charged to operations.  Geological and geophysical costs and lease rentals are expensed as incurred.  Costs to acquire interests in leases are capitalized and are either transferred to producing properties when the properties become productive or expensed when the interests are surrendered.  Developed and proved properties are periodically assessed under the accounting rules of Statement of Financial Accounting Standards (“SFAS”) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Asset”.  Under SFAS No. 144, the Company evaluates annually the carrying value of long-lived assets and long-lived assets to be disposed of and certain identifiable intangibles related to those assets for potential impairment.

Unproved oil and gas properties represent undeveloped lease acreage held for development and are recorded at cost.  An impairment allowance for unproved properties is determined on a property-by-property basis under the accounting rules of SFAS No. 19, “Financial Accounting and Reporting by Oil and Gas Producing Companies”.

Item 3.  CONTROLS AND PROCEDURES

Our management evaluated, with the participation of our chief executive and financial officer, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report.  Based on that evaluation, the chief executive and financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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MONUMENT RESOURCES, INC. AND SUBSIDIARY

PART II -- OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS.
	N/A
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES
	AND USE OF PROCEEDS.
	On March 5, 2008, the Company sold 2,400,000 units consisting of one share of common stock and warrants to purchase 2,400,000 additional shares as more fully described in the Company’s Report on Form 8-K filed with the Securities and Exchange Commission on March 6, 2008 and incorporated herein by this reference.
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES.
	N/A
ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	N/A
ITEM 5.	OTHER INFORMATION.
	N/A
ITEM 6.	EXHIBITS
	Exibit 31.1-- Certification of the Chief Executive and Financial Officer under                              Section 302 of the Sarbanes-Oxley Act of 2002.
	Exhibit 32.1-- Certification of the Chief Executive and Financial Officer under                               Section 906 of the Sarbanes-Oxley Act of 2002.

.

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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.

	MONUMENT RESOURCES, INC.                      (Registrant)
Date:  May 1, 2008	By:	/s/ A.G. Foust
		A.G. Foust, President (Chief Executive Officer, Principal Financial and Accounting Officer) and a Director

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EXHIBIT INDEX

EXHIBIT
NUMBER	DESCRIPTION
31.1	Certification of Chief Executive and Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive and Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.

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EX-31.1

Exhibit 31.1

Certification of Chief Executive and Financial Officer Under

Section 302 of the Sarbanes-Oxley Act of 2002

 I, A.G. Foust, Chief Executive and Financial Officer of Monument Resources, Inc., certify that:

1.           I have reviewed this Quarterly Report on Form 10-QSB of Monument Resources, Inc. (“registrant”);

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 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.           I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) 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) Reserved;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions 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 in 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.           I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design of operation of internal control over financial reporting which are reasonably likely to adversely effect 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.

By:	/s/  A.G. Foust
Name:	A.G. Foust
Title:	Chief Executive and Financial Officer
Date:	May 1, 2008

EX-32.1

Exhibit 32.1

Certification of Chief Executive and Financial Officer of

  Monument Resources, Inc. Pursuant to 18 U.S.C. 1350

I, A.G. Foust, certify that:

In connection with the Quarterly Report on Form 10-QSB of Monument Resources, Inc. (the “Company”) for the period ended March 31, 2008 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A.G. Foust, Chief Executive and Financial Officer of the Company, certify pursuant to 18 U.S.C. 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, as amended; and

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

By:	/s/  A.G. Foust
Name:	A.G. Foust
Title:	Chief Executive and Financial Officer
Date:	May 1, 2008