STDE Standard Energy Corporation (CE)

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-KSB

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

FOR THE FISCAL YEAR ENDED March 31, 2008
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (the "Act")

Commission file number: 0-9336

STANDARD ENERGY CORPORATION
(Name of Small Business Issuer as specified in its charter)

 Utah 87-0338149
(State or other jurisdiction of (I.R.S. Employer
 incorporation or organization) Identification No.)

 447 Bearcat Drive
 Salt Lake City, Utah 84115-2517
(Address of principal executive offices) (Zip Code)

Issuer's telephone number, including area code: (801) 364-9000

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: $.01
Par Value Common Stock

Check whether the Issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No .

Check if there is no disclosure of delinquent filers in response to

Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of Issuer's knowledge, in definitive proxy or information statement incorporated by reference in Part III of this Form 10-KSB, or any amendment to this Form 10- KSB .

The Issuer's revenue for the fiscal year ended March 31, 2008 was approximately $54,060.

As of July 14, 2008, 188,309,554 shares of the Issuer's common stock were issued and outstanding of which 55,375,737 shares were held by non-affiliates. As of July 14, 2008, the aggregate market value of shares held by non-affiliates, based upon the closing price reported by the Bulletin Board market reporting system, operated by Nasdaq of $0.03 bid, was approximately $1,661,272.

TABLE OF CONTENTS

 Page
PART I.................................................. 4

Item 1. DESCRIPTION OF BUSINESS......................... 4
 General............................................... 4
 Oil and Gas Leases.................................... 4
 Leasing Programs...................................... 6
 Geologic Information Services......................... 7
 Oil and Gas Exploration and Production................ 8
 Competition........................................... 8
 Research and Development of the Biofuels Technology... 9
 Government Regulations................................ 10
 Insurance............................................. 10
 Environmental Matters................................. 10
 Employees............................................. 11
Item 2. PROPERTIES...................................... 11
 Headquarters.......................................... 11
 Oil and Gas Leaseholds................................ 11
Item 3. LEGAL PROCEEDINGS............................... 11
Item 4. SUBMISSION OF MATTERS TO A VOTE OF
 SECURITY HOLDERS................................ 12

PART II................................................. 12

Item 5. MARKET FOR THE REGISTRANT'S COMMON STOCK
 AND RELATED SECURITY HOLDER MATTERS............. 12
 Price Range of Common Stock........................... 12
 Approximate Number of Equity Security Holders......... 12
 Dividends............................................. 13
 Shares Issued in Unregistered Transactions............ 13
Item 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
 CONDITION AND RESULTS OF OPERATION.............. 14
 General............................................... 14
 Results of Operations................................. 15
 Financial Condition................................... 16
 Plan of Operation..................................... 18
 Inflation............................................. 19
 Recent Accounting Pronouncements...................... 19
 Off-Balance Sheet Arrangements........................ 19
 Management's Conflicts of Interest.................... 19
Item 7. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA..... 20

Table of Contents Continued

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
 ON ACCOUNTING AND FINANCIAL DISCLOSURE................ 20
Item 8A. CONTROLS AND PROCEDURES........................ 20
 Disclosure Controls and Procedures.................... 20
 Management's Annual Report on Inernal Controls Over
 Financial Reporting................................... 20
 Changes in Internal Controls.......................... 21
 Evaluation of Disclosure Controls and Procedures...... 22

PART III................................................ 22
Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND
 CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a)
 OF THE EXCHANGE ACT............................. 22
 Identification of Directors and Executive Officers.... 22
 Significant Employees................................. 23
 Family Relationships.................................. 23
 Other Involvement in Certain Legal Proceedings........ 23
 Administration Actions................................ 24
 Compliance with Section 16(a)......................... 24
 Code of Ethics........................................ 24
 Audit Committee Financial Reports..................... 24
Item 10. EXECUTIVE COMPENSATION......................... 24
 Summary Annual Compensation Table..................... 24
 Compensation Pursuant to Plans........................ 25
 Other Compensation.................................... 25
 Compensation of Directors............................. 25
 Termination of Employment and Change of Control
 Arrangements........................................ 25
Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
 OWNERS AND MANAGEMENT.......................... 26
Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. 26
 Transactions with Management and Others............... 26
 Forward Looking Statements............................ 27
 Indebtedness of Management............................ 27
 Parents of Company.................................... 27

PART IV................................................. 28

Item 13. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
 REPORTS ON FORM 8-K............................ 28
 Exhibits to Form 10-KSB............................. 28
 Reports on Form 8-K................................. 28
Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES......... 28
 Exhibit 31.......................................... 29
 SIGNATURE PAGE...................................... 30
 Exhibit 32 Chief Executive Officer Certification.... 31
 SIGNATURE PAGE...................................... 32





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PART I

ITEM 1. DESCRIPTION OF BUSINESS

General

Standard Energy Corporation's ("the Company") principal business is, and historically has been, the acquisition of unproven oil and gas leaseholds with the intent of reselling or drilling and developing such leaseholds with third-parties. Historically, the Company has acquired primarily federal oil and gas leaseholds through the BLM leasing program. The Company also obtains leases through purchases in competitive bidding programs offered by various state agencies, principally the States of Utah and Wyoming.

Fundamentally, the Company has two principal businesses. They are its traditional oil and gas lease activities including producing and non-producing lease and royalty holdings and its "Biofuel Projects".

The Company, which is known within the industry as a buyer and seller of leases, typically is approached by a potential buyer for one or more of its leasehold interests. Negotiations generally ensue and a dollar price and retained royalty interest is agreed upon and a sale concludes.

Oil and Gas Leases

The Company had limited participation in the Leasing Programs from 1986 through the year ended March 31, 2008, except through its participation agreements with certain unrelated third parties on a limited basis. The Company presently has limited funds available to participate in such Leasing Programs due to the deposit feature penalizing many of the less capitalized participants and provides a substantial advantage to Leasing Program participants which have greater financial resources than the Company. (See "Management's Discussion and Analysis of Financial Condition and Results of Operations")

The location and gross and net acreage of the Company's inventory of oil and gas leaseholds at March 31, 2008 were approximately as follows:

Location Gross Acres Net Acres
Utah 4,596 3,338
Wyoming 4,267 4,267
Total 8,863 7,605

A gross acre consists of 100% of the working interest. A net acre is calculated by gross acres multiplied by the percentage of working interest owned.

The above chart does not include the Company's interest in unrelated third-party leasehold acquisitions and leasehold sales. Third-party leasehold inventory was approximately 10,000 gross acres at fiscal year ended March 31, 2008. Also during the fiscal period, the Company's ability to acquire additional leaseholds was adversely affected. Because the Company has no financial basis in such leaseholds, the Company's financial statements and the foregoing acreage charts do not reflect the acquisition of such newly acquired leaseholds. As third-party leasehold sales take place, revenue is recorded under line item "Sales of oil and gas leasehold interest".

Management has adopted a policy of periodically evaluating each of the leaseholds held by the Company to determine whether the current market value of a leasehold justifies making additional rental payments and abandons (writes off) those leaseholds for which it does not wish to continue making rental payments. The amount of acreage abandoned and sold by the Company in each of the last two fiscal years has caused the Company's balance of inventory to increase over the course of such period, primarily due to the upturn in the domestic oil industry. No independent appraisals are obtained by the Company on leases purchased, nor is there an independent committee of the Board of Directors which evaluates any of its leases.

The Company's policy is to acquire and hold leaseholds in inventory for a period generally not longer than five years in order to maximize the gain to the Company on such leasehold costs. The Company does not advertise for the sale of leases owned by it, but rather believes that most of its leasehold purchasers become aware of the Company's leaseholds through an examination of BLM records or other means. During the Company's two fiscal years ended March 31, 2008 and 2007, revenues from oil and gas lease royalties during such period were approximately $52,110 and $66,394 respectively. (See "Consolidated Financial Statements")

The Company's oil and gas leasehold inventory remains at approximately 15,000 net acres at the year ended March 31, 2008, including leaseholds acquired under third-party agreements. Although its leasing activity was reduced substantially due to the sharp decline in exploration activities during the last five fiscal years, the Company believes it can continue its present lines of business, including the purchase and sale of newly acquired oil and gas leaseholds, due to the increase in price of domestic oil and gas during the past two years.

The Company retains a royalty interest, ranging from 1% to 6%, in substantially all of the leaseholds which it has resold. Since 1981, the Company has not received any substantial earnings from retained royalty interests in resold leaseholds. The majority of the leases acquired by the Company are leaseholds granted by the BLM subject to a 12-1/2% gross royalty interest in favor of the federal government's BLM.

The majority of the Company's inventory of undeveloped leases are subject to the jurisdiction of the BLM, with the balance being leased from agencies of various Rocky Mountain states. As a result of the advance lease deposits required under the Leasing Programs, and the Company's current working capital difficulties, it may be expected that the percentage of leases acquired in the future from such states may increase. BLM leaseholds granted under the Leasing Program are leased by the BLM at an annual rental of $1.50 per acre, and $2.00 per acre for leases acquired and held for more than five years.

The majority of the Company's BLM leasehold inventory at March 31, 2008 consists of BLM leaseholds granted after January 1, 1994, and generally have an initial term of ten years, which may be extended for an additional two years if during the initial term such leasehold is "improved" by the commencement of drilling activities thereon. Aggregate rentals paid by the Company during the years ended March 31, 2008 and 2007 for all oil and gas properties leased by it were approximately zero and zero, respectively. The Company retains the right to reacquire the lease if the purchaser fails to make rental payments due to the BLM on leases sold to unrelated third-parties by the Company.

Leasing Programs

The federal government's Leasing Program is administered by the BLM pursuant to the Minerals Leasing Act of 1920, as amended. Under such Act, properties are made available to the public by means of a competitive bidding system. Properties receiving no bid are assigned to the Leasing Program. In the Leasing Program, applicants filing for a given leasehold by a set date are deemed to have filed simultaneously with other applicants and thus are eligible to participate in the drawing. Under the Leasing Program, applicants are required to deposit the first year rental payments for each property applied for at the time of filing an application. Funds advanced to the BLM as deposits do not bear interest.

During fiscal 2008, the BLM took approximately 50 days, from the date funds were required to be deposited, to process refunds of deposits with respect to unawarded leases, which permitted participants to "rollover" their refunds into payments of advance deposits in the subsequent Leasing Program drawing period. However, there can be no assurance as to how long the BLM will take to refund such deposits in the future.

The BLM has on several previous occasions, since the Mineral Leasing Act of 1920, suspended and/or modified the BLM Leasing Program. No assurance can be given that current Leasing Programs will not be subsequently eliminated, modified or suspended, or that the Company will be able to actively participate in or derive profits from the Leasing Programs.

Geological Information Services

The Company, through its wholly-owned subsidiary, Petroleum Investment Company ("PIC"), provides a variety of geologic lease evaluation services. PIC makes available to subscribers monthly reports containing information which evaluates leases offered in the Leasing Programs. Such information includes comprehensive geologic data, recommendations and reports with respect to leaseholds offered in the Leasing Programs, including PIC's evaluation of the production prospects of such leaseholds and, frequently, an estimated resale value for such leaseholds, the names of selected participants, results of auction sales and drawings, and other information. In addition to such monthly reports, PIC also sells information with respect to individual oil and gas properties throughout the Rocky Mountain area.

The geologic and other information which PIC makes available through its reporting services is obtained from different sources, including PIC's internal files which contain well and land oil and gas exploration data on a historical basis in the nine-state area comprising the Rocky Mountain region. Such data is interpreted and summarized by PIC's part-time in-house geologists and landmen.

PIC, through a wholly-owned subsidiary, also provides oil and gas mapping services with respect to properties located throughout the Rocky Mountain region. PIC prepares base survey and geologic maps on various scales, reflecting significant oil and gas well drilling activity in a particular area.

During the Company's two fiscal years ended March 31, 2008 and 2007, revenues contributed to the Company's consolidated revenues by PIC were approximately $1,950 and $1,650, respectively. The revenue increase contributed by PIC for such fiscal periods, as compared to prior fiscal years, reflects the depth of the changing domestic oil and gas industry. Low oil prices since the initial 1986 collapse of worldwide oil prices caused PIC to terminate the services of several employees, including its geologists. Should higher oil prices hold for several years it is possible that PIC could again produce higher revenues for the consolidated business of the Company. (See "Management's Discussion and Analysis of Financial Condition and Results of Operations")

Oil and Gas Exploration and Production

The Company's oil and gas exploration and production operations are presently insignificant and no reserve information is available.

Competition

The Company experiences substantial competition in its business of buying and selling oil and gas leaseholds. The Company's competitors include oil companies, as well as numerous independent operators, many of whom have substantially greater resources than the Company and its affiliates. The Leasing Programs, and in particular, the feature which requires advance deposit of annual lease rentals at the time of applying for such leases, has the effect of favoring companies with financial resources greater than the Company's and its affiliates'.

With respect to its geologic information services, the Company experiences competition from individual operators who advise as to the geologic potential of properties listed for lease under the Leasing Programs and other oil and gas properties, as well as from publishers of newsletters providing certain information similar to that which the Company makes available to its subscribers. The Company believes itself to be a factor in the geologic information services industry in the Rocky Mountain States, premised upon the quality and volume of its land records, the number of subscribers to its publications and the extremely limited number of competitors, comprised mostly of individuals, offering similar, but what management believes to be less complete services to the general public.

The Company's competitors in oil and gas exploration, development and production include major oil companies, numerous independent oil and gas companies, individual proprietors and drilling programs. Many of such competitors possess greater financial resources than those available to the Company.

Research and Development of the Biofuels Technology

Essentially, the Company has two principal businesses. They are its traditional oil and gas exploration and production business that has, during the past 29-years, provided in excess of $13,000,000 to conduct the research and development ("R&D") effort to commercialize its second business, the commercial development of its "Biofuels Technology", designed to economically solve the critical problem of disposing of municipal solid waste ("Municipal Waste") through the 100% recycle of "paper waste" into useful products saleable at a profit.

Management of the Company believes its R&D efforts have produced trade secret and know-how protection which, in the future, should produce valuable patent protection to the Company's technologies from the Company's long experience and work conducted at its former "Research Center" in Utah.

Based on its R&D efforts, the Company believes a "Biofuels Project" would be the first business to economically produce ethanol transportation fuel from low-cost organic cellulosic materials ("Celmat") consisting of mostly paper products easily harvested from Municipal Waste through new generation enviro- friendly manufacturing plants fed by Municipal Waste, which Biofuel Plants would combine recycling, electric power and ethanol fuel production and bottled co2 recovery at several regional Biofuels Plant sites.

The Company further believes that its innovative Biofuels Technology would create a profit generating solution for three major contemporary domestic issues. First, it would provide an opportunity to significantly reduce the volume of Municipal Waste that currently must be landfilled or incinerated. Second, it offers a low-cost method of producing ethanol fuel, the only known commercially viable and publicly accepted renewable low- cost and low-polluting transportation fuel that the Company believes someday will compete in price at the gas pump with gasoline. Third, it offers a low-cost method of producing and generating electric power from ultra clean burning lignin fuel. The reason for such optimism is high gasoline prices and the high "Tip Fee" currently paid by municipalities to landfills and dispose of Municipal Waste.

The Company's former Research Center provided the Company with sufficient data to design and construct the 12-Module design Biofuels Project for the 100% recycle solution to the disposal of Municipal Waste. The 12-Module proprietary design package data is available to entities expressing a written desire to invest funds in a Biofuels Project. Written materials include flow sheets, mass and energy balance, vendor equipment suppliers, construction design, operating plans, insurance guarantees and qualification of the selected construction contractors.

A Biofuels Project, fundamentally, is only an engineering concept where the Company is contemplating the construction retrofit of an existing industrial Municipal Waste plant complex utilizing the Company's Biofuels Technology to manufacture electricity, ethanol transportation fuel and other saleable products derived and harvested from the contents of Municipal Waste.

The Company is pursuing financing ideas through its wholly- owned subsidiaries. Final engineering plans and final financial arrangements with unrelated third-parties for financing and engineering contracts on a Biofuels Project were not finalized or completed as of July 14, 2008.

Government Regulations

The Company's business is subject to extensive federal, state and local regulation. Management believes that the Company operations are in material compliance with applicable laws, but is unable to predict what additional government regulations, if any, affecting the Company's business, may be enacted in the future; how existing or future laws and regulations might be interpreted; or whether the Company will be able to comply with such laws and regulations either in the markets in which it presently conducts business or wishes to commence business.

There can be no assurance that either the states or the federal government would not impose additional regulations upon the Company's activities which might adversely affect the Company's business.

Insurance

The Company does not currently have in force general liability insurance coverage but does have renters liability coverage on its headquarters office space. There can be no assurance the coverage limits of the Company's policy would be adequate, or that the Company can obtain liability insurance in the future on acceptable terms, or at all.

Environmental Matters

The Company is not aware of any pending or threatened claim, investigation, or enforcement action regarding environmental issues which if determined adversely to the Company, would have an adverse effect upon the capital expenditures, earnings, or competitive position of the Company.

Employees

As of July 14, 2008, the Company had three employees, including two executive officers and one part time employee. In addition, the Company's practice in connection with the Leasing Programs is to contract with geologists and landmen to assist the Company in the preparation of geologic information reports, etc. as needed. None of the Company's employees are represented by a union or subject to a collective bargaining agreement and the Company has never experienced a work stoppage. The Company believes its employee relations to be good.

Item 2. PROPERTIES

Headquarters

The Company's executive offices are located in a 2,500 square foot building. The premises are on a month to month payment from a non-affiliated party, at an annual rental of approximately $18,000 per year. Management is of the opinion that such cost is comparable to or below normal rates in the area and believes that such facilities are adequate for the Company needs in the proximate future.

Oil and Gas Leaseholds

The location and gross and net acreage of the Company's inventory of oil and gas leaseholds at March 31, 2008 was approximately as follows:

Location Gross Acres Net Acres
Utah 4,596 3,338
Wyoming 4,267 4,267
Total 8,863 7,605

A gross acre consists of 100% of the working interest. A net acre is calculated by gross acres multiplied by the percentage of working interest owned.

Item 3. LEGAL PROCEEDINGS

On August 30, 2007 a Complaint of Civil Action was filed in the Third Judicial District Court, State of Utah in and for the County of Salt Lake. Salt Lake Department, against Standard Energy Corporation (the "Company"), and Dean W. Rowell, individually ("its affiliates"). The Complaint alleges that the Company and its affiliates failed to make payments as required by said Contract with Wells Fargo Bank. The Complaint asserts a claim for the sum of $105,243.55, plus interest thereafter at the Contract rate of 19.80% per annum, until paid in full and a claim for court-ordered attorneys costs. The Company and its affiliates believe the Complaint to be highly inflated and will vigorously defend its position. The Company and its affiliates

have discussed this case with its attorneys and believe that the amount accrued on the balance sheet is more than enough to cover the claim. The Company and its affiliates have engaged the law firm of Cohne, Rappaport & Segal to represent their interest in this matter. At the request of our counsel and due to the Plaintiff not doing anything, Judge Quinn dismissed the case without prejudice on June 23, 2008.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to the Company's shareholders for a vote during the fiscal year ended March 31, 2008.

PART II

Item 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY HOLDER MATTERS

Price Range of Common Stock

The Company's shares of Common Stock are traded on the over the counter Bulletin Board ("OTCBB") electronic quotation service, operated by The Bulletin Board, Inc., an affiliate of The Nasdaq Stock Market, Inc. The following table sets forth the high and low bid quotations of the Company's common stock for the periods indicated, as reported by the OTCBB. The quotations set forth below represent prices between dealers and do not include retail markups, markdowns or commissions and may not represent actual transactions.

 Bid Price
 High Low
 Fiscal Year 2007
First Quarter .......... $ 0.13 $ 0.03
Second Quarter .......... 0.05 0.02
Third Quarter .......... 0.04 0.03
Fourth Quarter .......... 0.09 0.03
 Fiscal Year 2008
First Quarter .......... $ 0.06 $ 0.04
Second Quarter .......... 0.06 0.02
Third Quarter .......... 0.04 0.02
Fourth Quarter .......... 0.05 0.02

 Fiscal Year 2009
First Quarter .......... $ 0.05 $ 0.01

Approximate Number of Equity Security Holders:

 Title of Class holders as of July 14, 2008

Common Stock, par value $0.01 per share: 1,500
Preferred Stock, par value $0.01 per share: None Issued

As of July 14, 2008, there were 188,309,554 shares of common stock outstanding and approximately 1,500 stockholders of record. The number of stockholders of record does not include an indeterminate number of stockholders whose shares are held by brokers and fiduciary depositories in "street name". Management believes there are in excess of 3,000 beneficial stockholders of the Company's common stock, including fiduciary depository firms.

Dividends

The Company has neither declared nor paid any dividends on its Common Stock since the inception of the Company, and the Board of Directors does not contemplate the payment of dividends in the foreseeable future. Any decision as to the future payment of dividends will depend on the earnings and financial position of the Company and such other factors as the Board of Directors may deem relevant. It is the present intention of management to utilize all available funds for the development of the Company's business.

Shares Issued in Unregistered Transactions

The Company issued shares of our common stock in unregistered transactions from 2002 through 2008. All of the following shares of common stock issued were issued in non- registered transactions in reliance on Section 4(2)of the Securities Act of 1933, as amended (the "Securities Act"). Shares issued in 2006 were issued pursuant to Rule 504 of Regulation D promulgated under the Securities Act of 1933, as amended, and issued as follows:

Fiscal Year 2007

On February 5, 2007, E.S. Bunting bought 100,000 newly issued shares of the Company's common stock at $0.05 per share in exchange for $5,000 cash. Harold P. McEvan Trust, bought 200,000 newly issued shares of the Company's common stock at $0.05 per shares in exchange for $10,000 and Dennis Ashley bought 10,000 shares of the newly issued shares of the Company's common stock at $0.05 per shares in exchange for $500. These share are to be held for investment purposes.

Fiscal Year 2008

On September 18, 2007, Donald Falls an unrelated third party bought 1,500,000 newly issued shares of the Company's common stock at $0.025 per share in exchange for $37,500 cash. These share are to be held for investment purposes.

Item 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

The Company's principal business is, and historically has been, the acquisition of unproven oil and gas leaseholds with the intent of reselling or drilling and developing such leaseholds with third-parties. Historically, the Company has acquired primarily federal oil and gas leaseholds through the BLM leasing program. The Company also obtains leases through purchases in competitive bidding programs offered by various state agencies, principally the States of Utah and Wyoming.

Fundamentally, the Company has two principal businesses. They are its traditional oil and gas lease activities including producing and non-producing lease and royalty holdings and its "Biofuel Projects".

The Company, which is known within the industry as a buyer and seller of leases, typically is approached by a potential buyer for one or more of its leasehold interests. Negotiations generally ensue and a dollar price and retained royalty interest is agreed upon and a sale concludes.

During the 2008 fiscal period, the Company continues to research and develop (R&D) its Biofuel Technologies for the recycle of ordinary municipal solid waste (MSW), garbage, trash, paper and plastic material streams into recycled saleable products and the recovery of cellulosic materials ("Celmat") believed by the Company to be convertible into approximately (1/3) lignin fuel for generating electric power, approximately (1/3) bottled CO2 gas, and ethanol convertible into approximately (1/3) E85 transportation fuels.

As a result of its R&D efforts, management believes the Company has developed what appears to be a commercial application of its Biofuel Technology for the future recovery of Celmat Wastes. A Biofuels Project would mostly likely be located in the western and Northeast U.S. where Municipal Waste landfills and transfer stations charge the highest dump rates ("Tip Fee") in the U.S. for the disposal of Municipal Waste and other cellulosic waste materials.

There can be no assurance that the required capital will be available to construct a Biofuels Project and there can be no assurance that the Biofuels Technology will perform on a commercial basis. The Company's future operating results will depend on its ability to obtain adequate financing to construct a Biofuels Project. Expenses incurred for a Biofuels Project would be accounted for under line item "Biofuel Project Costs".

Results of Operations

The Company realized revenues of $54,060 for the fiscal year ended March 31, 2008, compared with $68,044 for the corresponding period ended March 31, 2007. Cash requirements during the period were obtained from a combination of internally generated cash flow from operations, loans, asset sales, and the sale of Rule 144 investment stock to private individuals.

There were zero revenues realized for in oil and gas leasehold sales for the fiscal period ended March 31, 2008, and zero revenues in sales for the corresponding period ended March 31, 2007. Revenues from the sale of the Company's geologic information services were $1,950 for the fiscal period ended March 31, 2008, compared with $1,650 for the corresponding period ended March 31, 2007. Revenues from the Company's geologic information services have declined steadily from the collapse of world crude oil prices in 1986. Recent world crude oil and natural gas price increases may stimulate domestic drilling activity which could, once again, create a need for the Company's geologic information services. Revenue from oil production was $52,110 for the fiscal period ended March 31, 2008, compared to $66,394 for the corresponding period ended March 31, 2007. Oil production revenues are down due to declining production on Company leaseholds.

The Company incurred expenses related to its oil and gas leasehold sales of zero for the fiscal period ended March 31, 2008, compared to zero for the comparable period ended March 31, 2007. Expenses associated with the Company's geologic information services were $7,174 for the fiscal period ended March 31, 2008, compared to $6,287 for the comparable period ended March 31, 2007. Expenses associated with the Company's oil production and exploration activities were zero for the fiscal period ended March 31, 2008, due to the abandonment in fiscal 1998 of the Company's last operated well. There were no costs for the comparable period ended March 31, 2007, due to the Company's exploration inactivity. General and administrative expense for the fiscal month period ended March 31, 2007 were $140,582, compared to $164,392 for the comparable period ended March 31, 2007. These low figures reflect the Company's basic inactivity in its oil and gas sector.

During the previous three year period all of the Company's R&D costs were expensed under line item General and Administrative expense. During the 2008 fiscal period, the Company created a line item for R&D costs to better distinguish expenses between general and administrative expenses and the expenses related to its various biofuels plant projects. These costs are being accounted for under line item "Project Costs" and were $96,428 for the fiscal period ended March 31, 2008, compared to $183,925 for the comparable period ended March 31, 2007.

The Company's net loss for the 2008 fiscal period ended March 31, 2008 was $265,947, compared to $100,138 for comparable 2007 fiscal period and it expects to operate at a loss for the 2008 fiscal period, due to continued R&D costs incurred for its several current Biofuels Project, and costs related to its oil and gas business. Biofuel Project costs when appropriate will be accounted for under line item "Research and Development Costs".
(See "Consolidated Financial Statements")

The Company does not expect to realize significant cash flows from the sale of leasehold interests, geologic information services, or oil production and exploration activities during fiscal 2008, nor does it expect significant leasehold sales in the foreseeable future, as the domestic oil industry activity continues unchanged due to uncertain high world crude oil and natural gas prices.

The Company has available at March 31, 2008, unused tax operating loss carry forward of approximately $2,000,000 that may be applied against future taxable income through 2026. No tax benefit has been reported in the financial statements, because the Company believes there is a 50% or greater chance the carry forwards will expire unused. Accordingly, the potential tax benefits of the loss carry forwards are offset by a valuation account of the same amount.

Financial Condition

On January 11, 2007, Delta Petroleum Corp's (Delta) website deltapetro. com/PressRelease reported . . .

"The GreenTown State 32-42 has been completed in 8 of 12 pay intervals, and production tested at a combined rate of 2.0 million cubic feet of gas per day (Mmcfg/d) and 500 barrels of condensate per day (Bc/d)." And said further . . .

"The GreenTown State 36-11 has been completed in 2 of 12 pay intervals, and production tested at a combined rate of 4.5 Mmcfg/d and 125 Bc/d" and that "the wells are located 7.5 miles apart yet appear very analogous, with 1,077 and 906 feet of potential productive clastics, respectively, over the 12 separate intervals".

Delta also said "it is projecting that future wells will be drilled to an average depth of 9,800' for expected costs of $3.0 to $3.5 million each. Initial expectations are that wells will be drilled on 80-acre spacing. Numerous well locations are being permitted and drilling activity should resume within the next 60 days."

The Company and its affiliate, Trachyte, own 100% interest in approximately 6,000 adjacent federal, state and fee lands to the two Delta discovery wells and could be of great potential importance to future Company operations.

Management continues to explore additional financing alternatives for ongoing and future operations of the Company. There is no assurance that the efforts of management to locate and secure additional financing will be successful, and the failure to secure a Biofuels Project financing would substantially alter management's assumptions as herein presented.

Revenue decreased in the Company's overall oil and gas lease royalties which are related to effects of the worldwide fluctuation of oil and gas prices. The fluctuation of oil and gas prices could also cause a fluctuation of the amount of oil/gas produced by the various well operators.

The Company had limited participation in the Leasing Programs for the fiscal period ended March 31, 2008, except through its participation agreements with certain unrelated third parties on a limited basis. The Company presently has limited funds available to participate in the Leasing Programs. The Company's limited ability to participate in the BLM's leasing program and to obtain oil and gas leaseholds for resale due to a lack of funds could continue to effect its future operations.

The Company's most significant assets are its oil and gas production income, its oil and gas leaseholds held for resale, approximating 15,000 net acres at March 31, 2008, including leaseholds acquired under its unrelated third-party agreements, together with its plan for the full development of a Biofuels Project.

In order to continue in existence the Company is in need of additional financing from outside sources or from internal operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management can give no assurances that it will be successful in its endeavors to resolve its cash flow difficulties or that it will be able to retain and ultimately recover its costs in oil and gas leaseholds held for resale. The financial statements do not include any adjustments relating to the amounts and classification of assets, liabilities, income or expenses that might be necessary should the Company be unable to successfully resolve these uncertainties and continue in existence.

The Company foresees a need for additional equity financing in order to continue in existence, and may, in the future, seek to raise additional funds through asset sales, bank and/or other loans, debt, or equity offerings. Any such equity offerings, asset sales, or other financing may either be private or public and may result in substantial dilution to the then existing shareholders of the Company. Because of uncertainties existing in the domestic oil and gas industry and a Biofuels Project, the Company is not in a position to forecast future earnings or cash flow. The Company's future is very fluid and largely dependent on factors outside of its management's control.

For the fiscal period ended March 31, 2008, Dean W. Rowell, the President of the Company, continues to secure and guarantee loans for the Company and he has guaranteed one credit card up to approximately $110,000 with an outstanding balance of approximately $109,459 at the end of the period, and is currently in default.

Since fiscal 1991, Trachyte has materially supported the Company financially largely due to Mr. Rowell's efforts to secure loans from Trachyte for the Company and contribute the value of an assumed salary of $50,000 per year to additional paid in capital. The several transactions with Trachyte have provided the financial means for the Company to pursue its R&D of the biofuels technologies and the commercialization of a Biofuels Project. Without such additional contributions by Mr. Rowell the Company would have been unable to pursue these goals. Final plans and final financial arrangements had not been completed for a Biofuels Project at March 31, 2008.

Plan of Operation

There have been no significant changes in capitalization or financial status during the past two years that are not reflected in the financial statements. The Company's plan of operation during the next twelve (12) months includes the following:

1. Pursue financing for a Biofuels Project.

2. Continue R&D, testing Municipal Waste processing equipment and testing existing and newly developed cellulose enzymes.

3. Continue the design and development of a Biofuels Project into three businesses -- Municipal Waste recycle, ethanol fuel production and electric power generation.

4. Pursue oil and gas lease acquisition with third party investors and investigate the possibility of entering into the wholesale electric power generation business.

5. Continue to receive royalty income through Company owned overriding royalty interests.

Inflation

Inflation continues to apply moderate upward pressure on the cost of goods and services including those purchased by the Company. Management believes the net effect of inflation on operations has been minimal during the past two years.

Recent Accounting Pronouncements

There are no recent accounting pronouncements that will have a material impact on the Company's financial statements.

Off-Balance Sheet Arrangements

There are currently no off-balance sheet arrangements.

Management's Conflicts of Interest

Material conflicts of interest exist and will continue to exist between the Company, Trachyte, and Mr. Rowell, who is also the President of Trachyte, a privately-held Utah corporation, whose current major activities are the exploration and production of oil and gas resources. The Company's policy is to offer any new oil and gas property purchase first to the Company and then to Trachyte if the Company is unable to accept the financial obligation of any transaction. At July 14, 2008, Mr. Rowell beneficially owned approximately 64% of the common stock of the Company and 100% of the common stock of Trachyte.

Mr. Rowell owes a duty of due care and fair dealing to both the Company and Trachyte and the resolution of duties and conflicts in favor of one company over the other may impair his duties to each company. It is likely that any conflict of interest between the Company and Trachyte requiring a determination may have to be settled in favor of the Company to the detriment of Trachyte, as well as to the detriment of the current and future shareholders of Trachyte.

On November 12, 2007, Trachyte sold oil and gas lease ML- 50405 to the Company for $57,600. The lease is part of the Company's Greentown field development plans. Due to the Company cash flow situation, Trachyte agreed to accept cash payment for the lease over a 6-month period and upon final payment by the Company to Trachyte, Trachyte will make record title assignment to Standard. On July 3, 2008 Trachyte extended for 1-year the time to pay the balance owed to them by the Company on lease ML- 50405. -19-
Item 7. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information required by this Item is submitted as a separate section at the rear of this Form 10-KSB report.

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

Item 8A. CONTROL AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

Based on an evaluation for the period ended March 31, 2008, our chief executive officer and chief financial officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in the Securities Exchange Act of 1934 ("SEC"), Rules 13a-15. Based upon that evaluation, our chief executive officer and chief financial officer concluded that as of March 31, 2008, our our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures, include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.

MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Exchange Act Rule 13a-15(f). Management conducted an evaluation of the effectiveness of the internal control over financial reporting as of March 31, 2008. Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. As a result of management's assessment, management has determined that a material weakness exists, which is reflected by accounting personnel within the Company not having a thorough understanding of GAAP in order to prevent material errors from occuring. This appeared to play a part in many of the proposed adjustments discovered during the audit for both the general ledger as well as the financial statements and disclosures. In order to address and resolve this weakness we will appoint an independent CPA to oversee and review our internal controls.

This report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Managements report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management's report in the SEC filing.

CHANGES IN INTERNAL CONTROLS

There were no significant changes in our internal controls over financial reporting that occurred during our last fiscal period ended Mach 31, 2008 that materially affect, our internal control over financial reporting.

The term "internal control over financial reporting" is defined as a process by, or under the supervision of, the registrant's principal executive and principal financial officers, or persons performing similar functions, and effected by the registrant's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals and includes those policies and procedures that (a) pertain to the maintenance of records that is reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the registrant, (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principales, and that receipts and expenditures of the registrant are being made only in accordance with authorization of management and directors of the registrant and (c) Provide reasonable assurance regarding or timely detection of unauthorized acquisition, use or disposition of the registrant's assets that could have a material effect on the financial statements.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Based on an evaluation under the supervision and with the participation of Management, as of a date within 90 days of the filing date of this Annual Report on Form 10-KSB, our principal executive officer and principal financial officer have concluded that our disclosures controls and procedures (as defined in Rule 13a-14(c) and 25d-14(c) and 15d-14(c) under the Securities Act of 1934, are effective to ensure the information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time specified in SEC rules and forms.

Because of the Company's inherent limitations, internal control over financial reporting may not prevent or detect misstatements and projections of any evaluation of effectiveness to future periods subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the polices or procedures may deteriorate.

PART III

Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL

PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

Identification of Directors and Executive Officers

The current directors and executive officers of the Company, who will serve until the next annual meeting of shareholders or until their successors are elected or appointed and qualified, are set forth below:

Name Age Position

Dean W. Rowell 70 CEO/President/Chairman
Pamela K. Nelson 50 Vice President/Secretary
Michael M. Cannon 60 Director

Dean W. Rowell has been Chairman of the Board, President and Chief Executive Officer and Chief Financial Officer of the Company since its inception in April 1978 and was last elected by shareholders in 1996. Mr. Rowell has been involved in the oil and gas exploration and production industries for over 40 years. Prior to serving in his present capacities with the Company, he served as the president of a number of privately-held energy related companies. Mr. Rowell is also a director and President of the Company's wholly-owned subsidiaries, PIC, EnviroSystems and Biofuels. Mr. Rowell devotes approximately 80% of his time to the Company.

Pamela K. Nelson was last elected in 1996 and has been a Director of the Company since September 1978 and became a Vice President of the Company in 1979 and Corporate Secretary in 1983. Ms. Nelson has been involved in landwork and leasing services to the oil and gas industry for the last 32 years. Ms. Nelson is also a director, Vice President, Corporate Secretary and Manager of land and lease operations for the Company's wholly-owned subsidiary, PIC. She is a director, Vice President, Corporate Secretary of EnviroSystems, and Biofuels, all wholly-owned subsidiaries of the Company. She devotes all of her paid time to the Company.

Michael M. Cannon, a cum laude graduate of the University of Utah, joined the Company in March 1982 and in September 1982 became a Vice President and Director, with responsibility for marketing and corporate communications. From January 1979 to March 1982, Mr. Cannon was President of an advertising and public relations agency, Cannon Communications, a substantial number of whose clients were members of the United States House of Representatives and the Senate. From November 1976 to January 1979, Mr. Cannon served as the press secretary for Gunn McKay, a United States Representative from the State of Utah. In 1985 Mr. Cannon served as a state director of the Independent Petroleum Association of Mountain States and was. Mr. Cannon is presently self-employed as a consultant in the Communications industry. Mr. Cannon resigned as an Officer of the Company, effective July 1, 1985, but remains as an outside Director being last elected in 1996, Mr. Cannon has been associated with the Company for over 15-years, and is a director of the Company's wholly-owned subsidiaries, PIC, and EnviroSystems.

Each Director shall hold office until the next annual meeting of shareholders or until his successor shall have been duly elected and qualified. Officers are elected annually by, and serve at the pleasure of, the Board of Directors.

Significant Employees

None

Family Relationships

There are no family relationships among the Company's officers and directors.

Other Involvement in Certain Legal Proceedings

There have been no events under the bankruptcy act, no criminal proceedings and no judgements or injunctions material to the evaluation of the ability and integrity of any executive officer of the Company in last five years.

Administration Action

None

Compliance With Section 16(a)

Section 16 of the Securities Act of 1934 requires the filing of reports for sales of the Company's common stock made by officers, directors and 10% or greater shareholders. A Form 3, and Form 4 must be filed within two days after the sale or purchase transaction. Based upon the review of Form 4, Form 3, and/or Form 5 filed with the Company, the Company is not aware of any delinquent filings of such forms by any reporting person.

Code of Ethics

We have not adopted a formal ethics policy for our chief executive officer or senior financial officers, due to our status as a Bulletin Board company with few management personnel. We believe that our Board can successfully oversee and manage our existing officers and employees. However, we believe that an ethics policy is important and intend to consider adopting such a policy in the future.

Audit Committee Financial Expert

The Board of Directors have determined that the company does not have an audit committee financial expert serving on an audit committee, due to our status as a Bulletin Board company with few management personnel.

Item 10. EXECUTIVE COMPENSATION

The following table sets forth the aggregate compensation paid by the Company for services rendered during the last three years to the Company's Chief Executive Officer and to the Company's most highly compensated executive officers other than the CEO, whose annual salary and bonus exceeded $100,000:

Summary of Annual Compensation Table

 Other Annual
 Compensation Restricted
Name of Principal Commissions Awards Stock Option
Position Year Salary & Bonuses (Auto) Awards Awards

Dean W. Rowell 2008 $50,000(1) -0- $8,145 -0- -0-
President/CEO 2007 $50,000(1) -0- $6,000 -0- -0-
 2006 $50,000(1) -0- $4,000 -0- -0-
__________

(1) Represents the value of Mr. Rowell's contributed services.

None of the Company's executive officers received aggregate cash and cash equivalent compensation exceeding $100,000 in any of the last three fiscal years. No options to purchase any of the Company's securities were granted to any reporting person during the fiscal year ended March 31, 2008. During the same period, Rowell elected to sell stock in the Company due to limited corporate cash flow to partially compensate Rowell in absence of a salary.

Compensation Pursuant to Plans

None of the executive officers of the Company are parties to an employment agreement with the Company. Dean W. Rowell, the Company's Chairman of the Board, President, Chief Executive and Chief Financial Officer will continue to serve the Company as determined by the Board of Directors without a salary or employment agreement. On April 1, 1997, the Company continues to provide Rowell with credit cards and with automobiles at a cost of approximately $18,145 per year.

The Company has no other "plans" (as such term is used in Item 402 of Regulation S-K) with respect to further executive compensation.

Other Compensation

Not applicable.

Compensation of Directors

Directors of the Company receive no compensation for services as such.

Termination of Employment and Change of Control Arrangements

Not applicable.

Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth the number of shares beneficially owned, as of July 14, 2008, by each Director of the Company, by all officers and Directors as a group and by all persons known to the Company as owning or possessing voting control over five (5%) percent or more of the Company's outstanding shares of Common Stock:

 Number Percentage
 of Shares of Shares
 Name and Address Owned Outstanding

 Dean W. Rowell (1) 120,967,113 64.0%

 Pamela K. Nelson 12,991,124 7.0%

 Michael M. Cannon 13,000 .0%

 All Officers and Directors
 as a group 133,971,237 71.0%
___________

(1) This figure includes all shares owned by Trachyte.

Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Transactions with Management and Others

Geologic and other information which PIC has or develops is available to Rowell as an officer of the Company, and he may use such information for the benefit of the Company in determining which leases to buy or sell. Such information is also available to Rowell, without cost, in connection with Rowell's participation in the Leasing Programs.

On November 12, 2007, Trachyte sold oil and gas lease ML-50405 to the Company for $57,600. The lease is part of the Company's Greentown field development plans. Due to the Company cash flow situation, Trachyte agreed to accept cash payment for the lease over a 6-month period and upon final payment by the Company to Trachyte, Trachyte will make record title assignment to Standard. On July 3, 2008 Trachyte extended for 1-year the time to pay the balance owed to them by the Company on lease ML- 50405.

During the fiscal period ended March 31, 2008, the Company continued to experience severe cash flow difficulties which have continued into the 2008 fiscal period.

Forward Looking Statements

The forgoing discussion in "Management's Discussion and Analysis of Financial Condition and Results of Operation" contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Act, which reflect Managements current views with respect to the future events and financial performance. The Company cautions that words used in this document such as "experts", "anticipates", "believes" and "may" as well as similar words and expressions identify and refer to statements describing events that may or may not occur in the future, including among other things, statements relating to anticipated growth and increased profitability, as well as to statements relating to the Company's strategic plan, including plans to develop a Biofuels Project and to selectively acquire other companies. These forward-looking statements and the matters to which they refer to are subject to considerable risks and uncertainties that may cause actual results to be materially different from those described in this document, including, but not limited to future financial performance and future events, competitive pricing for services, costs of obtaining capital as well as national, regional and local economic conditions. Actual results could differ materially from those addressed in the forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Form 10-KSB report.

Indebtedness of Management

Reference is made to Section above entitled "Transactions with Management and Others".

Parents of Company

The only parents of the Company, as defined in 12b-2 of the Exchange Act, are the officers and directors of the Company. For information regarding the share holdings of the Company's officers and directors, see Item 11.

PART IV

Item 13. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

Exhibits to Form 10-KSB

Exhibits filed with this Report are incorporated by reference and set forth below:

Exhibit 31: Entitled "Certificate of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002".

Exhibit 32: Entitled "Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002".

The financial statement information required by this portion of Item 13 is submitted as a separate section at the rear of this Report entitled "Independent Auditors' Report".

Reports on Form 8-K

There were no Form 8-K's filed by the Company during the fiscal year ended March 31, 2008.

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees - The aggregate fees billed by HJ & Associates for professional services rendered for the audit of our annual financial statements included in our Annual Report on Form 10-KSB for the fiscal years ended March 31, 2008 and March 31, 2007 and for the quarterly financial statements on Form 10-QSB were approximately $26,000 and $16,000, respectively. There were no other fees charged to the Company by HJ & Associates.

CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

CERTIFICATE OF CHIEF EXECUTIVE AND CHIEF EXECUTIVE
OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Dean W. Rowell, certify that:

1. I have reviewed this annual report on Form 10KSB of Standard Energy Corporation;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit 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 annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual 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 Annual report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d- 14) for the registrant and we have;

(a) designed such disclosure controls and procedures to ensure hat 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 annual report is being prepared;

(b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days of this annual report) the "Evaluation Date"); and

(c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function);

(a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

(b) any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

SIGNA TURE

Pursuant to the requirements of Section 13 or 15(d) 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.

STANDARD ENERGY CORPORATION

 By: /s/ Dean W. Rowell
 Dean W. Rowell
 President
July 14, 2008
Salt Lake City, Utah

EXHIBIT "32"

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBAN ES-OXLEY ACT OF 2002

In connection with the Annual Report of Standard Energy (the "Company") on Form 10-KSB for the period ending March 31, 2008, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Dean W. Rowell, Chief Executive Officer (Chief Financial Officer) of the Company, certify, pursuant to 18 U.S.C. subsection 1350, as adopted pursuant to subsection 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(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 result of operations of the Company.

/s/Dean W. Rowell
Dean W. Rowell
Chief Executive Officer (Chief Financial Officer)

Date: July 14, 2008

SIGNATURE PAGE

Pursuant to the requirements of Section 13 or 15(d) 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.

STANDARD ENERGY CORPORATION

 By: /s/ Dean W. Rowell
 Dean W. Rowell
 President
July 14, 2008
Salt Lake City, Utah

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated:

 Signature Capacity Date






/s/ Dean W. Rowell President and Director July 14, 2008
 Dean W. Rowell (Principal Executive,
 Financial and Accounting
 Officer)



/s/ Pamela K. Nelson Vice President July 14, 2008
 Pamela K. Nelson Corporate Secretary,
 Treasurer and Director




/s/ Michael M. Cannon Director July 14, 2008
 Michael M. Cannon

STANDARD ENERGY CORPORATI ON
AND SUBSIDIARIES

CONSOLIDATED FINANCIAL ST ATEMENTS

March 31, 2008

C O N T E N T S

Report of Independent Registered Public Accounting Firm.... 33

Consolidated Balance Sheet................................. 34

Consolidated Statements of Operations...................... 36

Consolidated Statements of Stockholders' Equity............ 37

Consolidated Statements of Cash Flows...................... 38

Notes to the Consolidated Financial Statements............. 40

Report of Independent Regisered Public Accounting Firm

The Board of Directors
Standard Energy Corporation and Subsidiaries Salt Lake City, Utah

We have audited the accompanying consolidated balance sheet of Standard Energy Corporation and Subsidiaries as of March 31, 2008, and the related consolidated statements of operations, stockholders' equity and cash flows for each of the two years ended March 31, 2008 and 2007. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Standard Energy Corporation and Subsidiaries as of March 31, 2008, and the results of their operations and their cash flows for the two years ended March 31, 2008 and 2007, in conformity with U. S. generally accepted accounting principles.

We were not engaged to examine management's assertion about the effectiveness of Standard Energy Corporations and Subsidiaries's internal control over financial reporting as of March 31, 2008 included in the accompanying "Management's Annual Report on Internal Control Over Financial Reporting" and, accordingly, we do not express an opinion thereon.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 6 to the consolidated financial statements, the Company is currently experiencing cash flow difficulties which raises substantial doubt about its ability to continue as a going concern. Management s plans with regard to these matters are also described in Note 6. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

HJ & Associates, LLC
Salt Lake City, Utah
July 14, 2008

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Consolidated Balance Shee t

ASSETS

 March 31,
CURRENT ASSETS 2008

 Cash $ 2,588
 Accounts Receivable 6,475
 Marketable Securities (Note 11) 1,555

 Total Current Assets 10,618

PROPERTY AND EQUIPMENT, net (Note 2) 122,008

OTHER ASSETS

Cash surrender value life insurance 6,332
Oil and gas leases held for resale (Note 3) 108,039
Pledged drilling bonds (Note 3) 25,000

 Total Other Assets 139,371

 TOTAL ASSETS $ 271,997

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

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Consolidated Balance Shee t (Continued)

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES March 31,
 2008

 Accounts payable and accrued expenses $ 56,427
 Revolving line of credit (Note 10) 109,459
 Note payable (Note 9) 12,180
 Note payable - related party (Note 5) 16,700

 Total Current Liabilities 194,766

LONG TERM DEBT

 Note payable (Note 10) 52,016

 Total Long Term Debt 52,016

 Total Liabilities 246,782

COMMITMENTS AND CONTINGENCIES (Note 4)

STOCKHOLDERS' EQUITY

Preferred stock, par value $0.01 per share:

 10,000,000 shares authorized, no shares issued
 and outstanding 0
Common stock, par value $0.01 per share:
 200,000,000 shares authorized, 188,309,554 shares
 issued and outstanding 1,893,469
Additional paid-in capital 8,068,591
Treasury stock (83,253)
Accumulated other comprehensive income 290
Accumulated deficit (9,853,882)

 Total Stockholders' Equity 25,215

 TOTAL LIABILITIES AND STOCKHOLDERS'
 EQUITY $ 271,997

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

STANDARD ENERGY CORPORATION AND SUBSIDIARIES

Consolidated Statements o f Operations



 For the Years Ended
 March 31,
 2008 2007

REVENUES

 Oil and gas information services $ 1,950 $ 1,650
 Oil and gas lease royalties 52,110 66,394

 Total Revenues 54,060 68,044

EXPENSES

 Oil and gas information services 7,174 6,287
 Depreciation, depletion/amortization 15,391 8,721
 Biofuels Project costs 96,428 183,925
 General and administrative 140,582 164,392

 Total Expenses 259,575 363,325

OPERATING LOSS (205,515) (295,281)

OTHER INCOME (EXPENSE)

 Loss on Disposition of Asset (12,120) 0
 Gain on Forgiveness of Debt 0 23,946
 Gain (Loss) on Sale of Marketable
 Securities (33,981) 173,692
 Interest and other income 5,810 14,369
 Interest expense (20,141) (16,864)

 Total Other Income (Expense) (60,432) 195,143

NET LOSS $ (265,947) $ (100,138)

BASIC LOSS PER SHARE $ (0.00) $ (0.00)

WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING 187,608,734 186,543,718

OTHER COMPREHENSIVE INCOME (LOSS)
 Change in unrelated gain on
 marketable securities (26,778) 18,080

TOTAL COMPREHENSIVE LOSS $ (292,725) $ (82,058)

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

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity For the Years Ended March 31, 2008 and 2007

 Additional
 Treasury Stock Common
Stock Paid-In Accumulated

Shares Amount Shares Amount Capital Deficit

Balance, March 31, 2006 1,037,420 $ (83,253) 186,499,554 $ 1,875,369 $ 7,933,691 $ (9,487,797)

Contributed capital for
services rendered by an

 officer 0 0 0
 0 50,000 0

Common stock issued
for purchase cash at
$0.05 per share 0 0 310,000
 3,100 12,400 0

Net loss for the year
 ended March 31, 2007 0 0 0
 0 0 (100,138)

Balance, March 31, 2007 1,037,420 $ (83,253) 186,809,554 $ 1,878,469 $ 7,996,091 $ (9,587,935)

Contributed capital for
services rendered by an

 officer 0 0 0
 0 50,000 0

Common stock issued
for purchase cash at
$0.05 per share 0 0 1,500,000
 15,000 22,500 0

Net loss for the year
 ended March 31, 2008 0 0 0
 0 0 (265,947)

Balance, March 31, 2008 1,037,420 $ (83,253) 188,309,554 $ 1,893,469 $ 8,068,591 $ (9,853,882)

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

STANDARD ENERGY CORPORATION AND SUBSIDIARIES

Consolidated Statements o f Cash Flows

 For the Years Ended
 March 31,
 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss $ (265,947) $ (100,138)
Adjustments to reconcile net loss to
 net cash used by operating activities:
 Loss on disposition of asset 12,120 0
 Depreciation, depletion and
 amortization 15,391 8,721
 Contributed capital for services
 rendered by an officer 50,000 50,000
 Realized gain on sale of marketable
 securities 33,981 (173,692)
 Changes in assets and liabilities:
 (Increase)Decrease in accounts receivable 2,035 (1,321)
 Increase in accounts payable and
 accrued expenses 649 18,124
 Net Cash used by Operating
 Activities (151,771) (198,306)

CASH FLOWS FROM INVESTING ACTIVITIES
 Payments for purchase of fixed assets (54,423) (72,889)
 Proceeds from disposition of fixed assets 28,000 2,166
 Proceeds from sale of marketable
 securities 285,604 481,643
 Payments for purchase of marketable
 securities 0 (468,350)
 Payments for oil & gas lease (Trachyte) (41,585) 0
 Change in cash value life insurance 14,472 (5,113)
 Net Cash Provided (Used) by Investing
 Activities 232,068 (62,543)

CASH FLOWS FROM FINANCING ACTIVITIES
 Common Stock issued for cash 37,500 15,500
 Payments on line of credit and notes
 payable (211,152) (8,304)
 Proceeds from line of credit and notes
 payable 68,440 234,151

Net Cash Provided (Used) by Financing
Activities (105,212) 241,347

NET DECREASE IN CASH (24,915) (19,502)
CASH AT BEGINNING OF YEAR 27,503 47,005

CASH AT END OF YEAR $ 2,588 $ 27,503

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

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Continued)

For the Years Ended
March 31,
2008 2007

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

CASH PAID FOR:

Interest $ 7,464 $ 5,656 Income taxes $ 0 $ 0

NON-CASH INVESTING AND FINANCING ACTIVITIES

Common stock issued for payment on note

payable and accrued interest
 related party $ 0 $ 0
Common stock issued for land
 related party $ 0 $ 0

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

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The Company was organized under the laws of the State of Utah on April 3, 1978. The Company's principal business activity is the acquisition and resale of unproven oil and gas leaseholds. The Company also provides a variety of geologic lease evaluation services and information. Further, the Company receives royalty income from leasehold interests held by the Company.

Principles of Consolidation

The consolidated financial statements include the accounts of Standard Energy Corporation and its wholly-owned subsidiaries, Standard EnviroSystems, Inc., and Petroleum Investment Company "(collectively the Company)". Significant intercompany accounts and transactions have been eliminated in consolidation.

Oil and Gas Leasehold Interests Held for Resale

The Company's inventory of oil and gas leasehold interests held primarily for resale to other parties is valued at the lower of the costs to acquire the interests or market. Cost of sales is based on the cost of the specific leasehold interest sold.

Oil and Gas Activities

The Company follows the successful efforts method of accounting for its oil and gas exploration and production activities as prescribed by Statement No. 19 of the Financial Accounting Standards Board.

Property and Equipment

Property and equipment are valued at cost and, are depreciated or amortized principally by the straight-line method over their estimated useful lives. The useful lives of property and equipment for purposes of financial reporting range from five to seven years.

Accounts Receivable

Accounts receivable are carried at the expected net realizable value. The allowance for doubtful accounts is based on management's assessment of the collectivity of specific customer accounts and the aging of the accounts receivables. If there were a deterioration of a major customer's creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverably of the amounts due to us could be overstated, which could have a negative impact on operations.

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition

The Company recognizes royalty revenue from various oil and gas leases held in Utah and Wyoming. Royalty revenue (oil production revenue) is earned as it is extracted from the Company's leased properties and when the amount is reasonably determinable and collection assured.

Marketable Securities

The Company follows the provisions of SFAS 115 regarding marketable securities. The Company's securities investments that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Trading securities are recorded at fair value on the balance sheet in current assets, with the change in fair value during the period included in earnings.

Securities investments that the Company has the positive intent and ability to hold to maturity are classified as held-to- maturity securities and recorded at amortized cost in investments and other assets. Securities investments not classified as either held-to-maturity or trading securities are classified as available-for-sale securities. Available-for-sale securities are recorded at fair value in investments and other assets on the balance sheet, with the change in fair value during the period excluded from earnings and recorded net of tax as a separate component of equity. If however a decrease in value is thought to be "other than temporary" the loss will be included in earnings. All marketable securities held by the Company have been classified as available-for-sale securities.

Provision for Taxes

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely that not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net deferred tax assets consist of the following components as of March 31, 2008 and 2007:

 2008 2007
Deferred tax assets
 NOL Carryover $ 905,910 $ 819,702
Contribution Carryover 4,311 4,311
 Total Deferred Tax Asset 0 0

Deferred tax liabilities: 0 0
Valuation allowance (910,221) (824,013)

Net deferred tax asset $ 0 $ 0

The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the years ended March 31, 2008 and 2007 due to the following:

 2008 2007

Book income $ (103,719) $ (39,054)
Stock for services 19,500 19,500
Depletion (8,952) (11,249)
Other 1,404 (289)
Unrealized Loss 7,277 0
Valuation allowance 84,490 31,092

 $ 0 $ 0

At March 31, 2008, the Company had net operating loss carryforwards of approximately $2,320,000 that may be offset against future taxable income from the year 2008 through 2028. No tax benefit has been reported in the March 31, 2008 consolidated financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in the future years.

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Basic Loss Per Share

The computation of basic loss per share of common stock is based on the weighted average number of shares of common stock outstanding during the periods presented.

 For the Year Ended
 March 31, 2007
 Loss Shares Per Share
 (Numerator) (Denominator) Amount

$ (100,138) 186,543,718 $ (0.00)

 For the Year Ended
 March 31, 2008
 Loss Shares Per Share
 (Numerator) (Denominator) Amount

$ (265,947) 187,608,734 $ (0.00)

Cash Flows Statement

For purposes of statements of cash flows, the Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.

Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 2 - PROPERTY AND EQUIPMENT

The following is a summary of property and equipment - at cost, less accumulated depreciation as of March 31, 2008:

Vehicle $ 81,019
Oil & Gas Properties 149,153
Computers 7,711
Furniture and fixtures 51,393
Printing systems 35,648
Well and land files and maps 305,000
 Total 629,924
 Less: accumulated depreciation (507,916)

 Total $ 122,008

Depreciation expense for the years ended March 31, 2008 and 2007 was $15,391 and $8,721, respectively.

NOTE 3 - OIL AND GAS PROPERTIES

The Company's primary oil and gas businesses, brokerage of leasehold interests and sales related to its information services, have decreased significantly over the past few years. At March 31, 2008, the Company was holding oil and gas leases for resale with a cost basis of $108,039.

The Company has negotiated agreements with certain non affiliates to provide capital to jointly participate in a leasing program for oil and gas leases. Under these agreements, the Company provides raw data and services to identify potential leases. The Company earns approximately 40% gross interest in each leasehold obtained. Because the Company has no cost in the leases, its share of the net proceeds is recognized as revenue when the leases are sold and are recorded as sales of oil and gas leasehold interests.

In connection with its lease brokerage activities, the Company has included in other assets pledged certificates of deposit in the amount of $25,000 which are to secure a statewide oil and gas lease bond in the State of Utah and an individual lease bond in the State of Wyoming.

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 4 - COMMITMENTS AND CONTINGENCIES

Office Lease

The Company entered into a lease extension agreement for office space which commenced December 15, 2002 for a term of one year with monthly lease payments of $1,500 per month. The office space is being rented on a month to month basis.

NOTE 5 - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2008 and 2007, an officer of the Company contributed services valued at $50,000 and $50,000, respectively, which is recorded as an increase in additional paid- in capital.

On November 12, 2007, Trachyte sold oil and gas lease ML-50405 to the Company for $57,600. The lease is part of the Company's Greentown field development plans. Due to the Company cash flow situation, Trachyte agreed to accept cash payment for the lease over a 6-month period and upon final payment by the Company to Trachyte, Trachyte will make record title assignment to Standard. On July 3, 2008 Trachyte extended for 1-year the time to pay the balance owed to them by the Company on lease ML-50405.

On April 1, 2007, the Company allowed Mr. Rowell's daugther, Karen Rowell to rent on a month to month basis the 2007 Saturn Sky if she would make the payment to the company of $380.15 per month. As of March 31, 2008, Ms. Rowell had paid $4,406.12 to the Company towards the rental of the car. The rental period ended on June 30, 2008 at which time Ms. Rowell agreed to return the car to the Company.

NOTE 6 - GOING CONCERN

These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses in the past which have resulted in working capital and accumulated deficits. These deficits have been caused primarily from the Company's investment in Biomass International, Inc. (a development stage company) and significantly reduced revenues from sales of its oil and gas leasehold interests and information services. Because of the currently changing conditions in the oil and gas industry, coupled with the Company's cash flow difficulties, the Company's ability to retain and ultimately recover its investments in oil and gas leaseholds held for resale and other assets of the Company, is uncertain at this time. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in this regard are to seek additional financing through loans or through the issuance of equity securities and to seek increased sales related to its oil

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 6 - Continued
and gas businesses. However, management can give no assurance that it will be successful in its endeavor to resolve its cash flow difficulties or that it will be able to retain and ultimately recover its cost in oil and gas leaseholds held for resale and the other assets of the Company. The financial statements do not include any adjustments relating to the recoverably and classification of liabilities, income or expenses that might be necessary should the Company be unable to continue as a going concern.

NOTE 7 - CAPITAL STOCK

Preferred Stock

The Company has authorized 10,000,000 shares of preferred stock, $0.01 par value with such rights, preferences and designations and to be issued in such series as determined by the Board of Directors. No shares are issued and outstanding at March 31, 2008.

NOTE 8 - NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS

During the year ended March 31, 2008, the Company adopted the following accounting pronouncements which had no impact on the financial statement or results of operations:

- SFAS No. 141, Business Combinations
- SFAS No. 157, Fair Value
- SFAS No. 159, Fair Value Option for Financial Assets and Financial Liabilities - including an amendment of FASB Statement No. 115
- SFAS No. 160, Noncontrolling Interest in Consolidated Financial Statements
- SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities

In addition, during the year ended March 31, 2008, FASB Interpretations No. 45 and No. 46, along with various Emerging Issues Task Force Consensuses (EITF) were issued and adopted by the Company and has no impact on its financial statements.

NOTE 9 - NOTE PAYABLE
Note payable to vehicle financing agency,

 Note 1 Note 2 Note 3 Total
Monthly Payment $ 380.15 $ 631.41 $ 612.24
Interest Rate 10.90% 11.90% 11.90%
Principal Balance 12,082 26,175 25,939 $64,196
Less Current Portion 3,300 4,480 4,400 12,180

Long term Portion $ 8,782 $ 21,695 $ 21,539 $52,016
 -F16-

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

Future maturities of long term debt are as follows:

For the year ended
 March 31,

 2010 $ 16,626
 2011 14,358
 2012 13,121
 2013 7,911

 Total $ 52,016

NOTE 10 - REVOLVING LINES OF CREDIT

Line of credit due to Wells Fargo
Business currently in default,
bearing interest at 12.5%, unsecured. $ 109,459

 $ 109,459

NOTE 11 - CURRENT ASSETS AVAILABLE FOR SALE EQUITY SECURITIES

Included in current assets are available-for-sale equity securities. The following summarizes the aggregate market value, cost, gross unrealized holding gains and losses and income tax effect of available-for-sale securities:

 March 31
 2008 2007

Market Value $ 1,555 $ 347,919
Cost 27,719 320,850
Gross unrealized holding gains
 before income tax effect 290 27,069
Income tax effect 0 0
Gross unrealized holding gains,
 net of income tax effect,
 included in stockholders' equity 290 27,069

Realized gains (losses) on available-for-sale securities amounted to $(33,981) for the year ended March 31, 2008 and $173,692 for the year ended March 31, 2007. Proceeds from sales of available- for-sale securities amounted to $510,717 for the year ended March 31, 2008, $481,643 for the year ended March 31, 2007. The Company uses the specific identification method to determine the cost of securities sold.

STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements March 31, 2008 and 2007

NOTE 12 - INCOME TAXES

The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and Utah. With few exceptions, the Company is no longer subject to U.S. federal and Utah income tax examinations by tax authorities for years before 2004.

The Company adopted the provisions of FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes, on April 1, 2007. As a result of the implementation of Interpretation 48, the Company recognized approximately $0 increase in the liability for unrecognized tax benefits which was accounted for as a reduction to the April 1, 2007, balance of retained earnings.

Included in the balance at March 31, 2008, are $0 of tax positions for which the ultimate deductibility if highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended March 31, 2008, 2007 and 2006, the Company recognized approximately $0, $0, and $0 in interest and penalties. The Company had approximately $0 and $0 for the payment of interest and penalties accrued at March 31, 2008, and 2007, respectively.

NOTE 13 - LEGAL PROCEEDINGS

On August 30, 2007 a Complaint of Civil Action was filed in the Third Judicial District Court, State of Utah in and for the County of Salt Lake. Salt Lake Department, against Standard Energy Corporation (the "Company"), and Dean W. Rowell, individually ("its affiliates"). The Complaint alleges that the Company and its affiliates failed to make payments as required by said Contract with Wells Fargo Bank. The Complaint asserts a claim for the sum of $105,243.55, plus interest thereafter at the Contract rate of 19.80% per annum, until paid in full and a claim for court-ordered attorneys costs. The Company and its affiliates believe the Complaint to be highly inflated and will vigorously defend its position. The Company and its affiliates have discussed this case with its attorneys and believe that the amount accrued on the balance sheet is more than enough to cover the claim. The Company and its affiliates have engaged the law firm of Cohne, Rappaport & Segal to represent their interest in this matter. At the request of our counsel and due to the Plaintiff not doing anything, Judge Quinn dismissed the case without prejudice on June 23, 2008.

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