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, 2007
                                    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, 2007 was
approximately $68,000.




As of June 28, 2007, 187,846,974 shares of the Issuer's common
stock were issued and outstanding of which 53,875,737 shares were
held by non-affiliates. As of June 28, 2007, 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 $0.06 bid, was approximately $3,232,544.

                            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.....  19


Table of Contents Continued

Item 8. CONTROLS AND PROCEDURES                           20
  Evaluation of Disclosure Controls and Procedures        20
  Changes in Internal Controls..........................  20

PART III................................................  20
Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND
        CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a)
        OF THE EXCHANGE ACT.............................  20
  Identification of Directors and Executive Officers....  20
  Significant Employees.................................  21
  Family Relationships..................................  21
  Other Involvement in Certain Legal Proceedings........  22
  Administration Actions................................  22
  Compliance with Section 16(a).........................  22
  Code of Ethics........................................  22
  Audit Committee Financial Reports.....................  22
Item 10. EXECUTIVE COMPENSATION.........................  22
  Summary Annual Compensation Table.....................  23
  Compensation Pursuant to Plans........................  23
  Other Compensation....................................  23
  Compensation of Directors.............................  23
  Termination of Employment and Change of Control
    Arrangements........................................  23
Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
         OWNERS AND MANAGEMENT..........................  24
Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.  24
  Transactions with Management and Others...............  24
  Forward Looking Statements............................  25
  Indebtedness of Management............................  25
  Parents of Company....................................  25

PART IV.................................................  25

Item 13. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
         REPORTS ON FORM 8-K............................  25
    Exhibits to Form 10-KSB.............................  25
    Reports on Form 8-K.................................  26
Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.........  26
    Exhibit 31..........................................  26
    SIGNATURE PAGE......................................  28
    Exhibit 32 Chief Executive Officer Certification....  28
    SIGNATURE PAGE......................................  29









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, primarily with the intent of
reselling such leaseholds to third-parties. Historically, the
Company has acquired primarily federal oil and gas leaseholds
through the Bureau of Land Management's ("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 (the "Leasing Programs").

     The Company evaluates the geologic potential of the leases,
which it proposes to acquire, based primarily upon geologic
information available through the Company's wholly-owned
subsidiary, Petroleum Investment Company ("PIC"). The Company's
President, Dean W. Rowell ("Rowell"), is materially involved in
such evaluations which are based, among other factors, upon the
results of prior exploratory and developmental activities on
adjacent and contiguous properties, current lease sale trends and
Rowell's 50+ years of experience in the domestic oil and gas
business.

     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, 2007, 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, 2007 were
approximately as follows:

               Location        Gross Acres      Net Acres
               Utah                3,956           2,698
               Wyoming             1,243           1,243
               Total               5,199           3,941

     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, 2007. 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, 2007 and 2006, revenues from oil
and gas lease royalties during such period were approximately
$64,762 and $93,916 respectively, reflecting the upturn in the
domestic oil industry.  (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, 2007,
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, 2007 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, 2007 and 2006 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 2007, 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, 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, 2007
and 2006, revenues contributed to the Company's consolidated
revenues by PIC were $1,650 and $3,651, respectively. The
continued decrease in revenue contributed by PIC for such fiscal
period, as compared to prior fiscal years are due to low volume
of service demand.  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 28-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 June 28, 2007.

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 June 28, 2007, 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, 2007 was
approximately as follows:

               Location        Gross Acres      Net Acres
               Utah                3,956           2,698
               Wyoming             1,243           1,243
               Total               5,199           3,941

     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 November 17, 2006 a Complaint of Civil Action was filed
in the District County, City and County of Denver, Colorado,
against Standard Energy Corporation (the "Company"), Trachyte Oil
Company a private company of Dean W. Rowell and Dean W. Rowell,
individually ("its affiliates").  The Complaint alleges that the
Company and its affiliates failed to perform and breached their
contractual obligation to convey certain oil and gas lease
interests to Delta Petroleum Corporation. a Colorado corporation.
The Complaint asserts a claim for an unspecified amount of
damages against the Company and its affiliates for breach of
contract and a claim for court-ordered specific performance of
the conveyances in the alleged contract.  The Company and its
affiliates believe the Complaint to be without merit and will
vigorously defend against it.  The Company and its affiliates
have engaged the law firm of Cooley Godward Kronig LLC of Denver,
Colorado to represent their interest in this matter.  On May 30,
2007 the Complaint was cancelled by both parties

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, 2007.

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 2006
     First Quarter  ..........    $  0.02        $  0.01
     Second Quarter ..........       0.03           0.02
     Third Quarter  ..........       0.04           0.01
     Fourth Quarter ..........       0.04           0.02
          Fiscal Year 2007
     First Quarter  ..........    $  0.13        $  0.03
     Second Quarter ..........       0.05           0.02
     Third Quarter  ..........       0.03           0.04
     Fourth Quarter ..........       0.09           0.03

          Fiscal Year 2007
     First Quarter  ..........    $  0.06        $  0.04
      (through June 28, 2007)

Approximate Number of Equity Security Holders:

        Title of Class                holders as of June 28, 2007

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

     As of June 28, 2007, there were 187,846,974 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 2007.  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.











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 and state oil and gas leaseholds
through the Leasing Programs, principally offered by the States
of Utah and Wyoming.

     Fundamentally, the Company has three principal businesses.
They are its traditional oil and gas lease activities, its
producing and non-producing lease and royalty holdings and its
biofuels business.  In 2007, the Company's principal business
began to change.  Its PIC business and traditional oil and gas
lease activities have substantially slowed, while its oil and gas
drilling and development business has improved and the Biofuel
Project is gaining substantial domestic USA support.

     During the 2007 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 covertiable 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 approximately $68,000 for
the fiscal year ended March 31, 2007, compared with approximately
$98,000 for the corresponding period ended March 31, 2006. 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, 2007, and
approximately zero revenues in sales for the corresponding period
ended March 31, 2006. Revenues from the sale of the Company's
geologic information services were approximately $1,650 for the
fiscal period ended March 31, 2007, compared with approximately
$3,650 for the corresponding period ended March 31, 2006.  Recent
world crude oil and natural gas price increases may stimulate
domestic drilling activity sufficient to create a need for the
Company's geologic information services. Revenue from oil
production was approximately $66,000 for the fiscal period ended
March 31, 2007, compared to approximately $94,000 for the
corresponding period ended March 31, 2006. 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,
2007, compared to zero for the comparable period ended March 31,
2006. Expenses associated with the Company's geologic information
services were approximately $6,287 for the fiscal period ended
March 31, 2007, compared to approximately $4,650 for the
comparable period ended March 31, 2006. Expenses associated with
the Company's oil production and exploration activities were zero
for the fiscal period ended March 31, 2007, 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,
2006, due to the Company's exploration inactivity. General and
administrative expense for the fiscal month period ended March
31, 2006 were approximately $164,000, compared to approximately
$60,000 for the comparable period ended March 31, 2006. 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 2007 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 approximately $184,000 for the fiscal period ended March 31,
2007, compared to $65,000 for the comparable period ended March
31, 2006.

     The Company's net loss for the 2007 fiscal period ended
March 31, 2007 was approximately $100,138, compared to
approximately $25,000 for comparable 2006 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, 2007, 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, 2007, 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 14,000 net acres at March 31, 2007, 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, 2007, 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 $97,000 with an outstanding balance of $96,782 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, 2007.

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 June 28, 2007, Mr. Rowell
beneficially owned approximately 65% 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.

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.   CONTROL AND PROCEDURES

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.

Changes in Internal Controls

     There were no significant changes in our internal controls
or in other factors that could significantly affect these
controls subsequent to the date of their evaluation. There is a
material weakness dealing with timely reconciling of accounts,
and therefore corrective actions will be taken. However, the
design of any system of controls is based on part upon certain
assumptions about the likelihood of future events and there is no
certainty that any design will succeed in achieving its stated
goal under all potential future considerations, regardless of how
remote.

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       69       CEO/President/Chairman
     Pamela K. Nelson     49       Vice President/Secretary
     Michael M. Cannon    59       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 29 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  2007 $50,000(1)      -0-   $6,000     -0-    -0-
President/CEO   2006 $50,000(1)      -0-   $4,000     -0-    -0-
                2005 $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, 2007. Mr. Rowell from time to
time electes 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 two automobiles at a cost of
approximately $10,000 per year, this cost will increase as needed
by Mr. Rowell.

     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 June 28, 2007, 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          65.0%

     Pamela K. Nelson               12,991,124           7.0%

     Michael M. Cannon                  13,000            .0%

     All Officers and Directors
       as a group                  133,971,237          72.0%
___________
(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.

     During the twelve year period since fiscal 1991, Trachyte
has helped financially support the Company largely due to
Rowell's efforts to secure loans from Trachyte for the Company
during periodic cash flow difficulties. During such periods, the
several transactions with Trachyte have provided the financial
means for the Company to pursue commercialization of a Biofuels
Project, otherwise the Company would have been unable to pursue
this goal. Final plans and final financial arrangements had not
been completed for a Biofuels Project as of June 28, 2007.

     During the fiscal period ended March 31, 2007, 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, 2007.

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, 2007 and March 31, 2006 and
for the quarterly financial statements on Form 10-QSB were
approximately $16,000 and $10,000, respectively.  There were no
other fees charged to the Company by HJ & Associates.

CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE

     None.
                          Exhibit "31"

Item 7. 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
June 28, 2007
Salt Lake City, Utah


EXHIBIT "32"

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

     In connection with the Annual Report of Standard Energy (the
"Company") on Form 10-KSB for the period ending March 31, 2007,
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: June 28, 2007


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
June 28, 2007
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     June 28, 2007
  Dean W. Rowell         (Principal Executive,
                         Financial and Accounting
                         Officer)



/s/ Pamela K. Nelson     Vice President             June 28, 2007
  Pamela K. Nelson       Corporate Secretary,
                         Treasurer and Director




/s/ Michael M. Cannon          Director             June 28, 2007
  Michael M. Cannon














STANDARD ENERGY CORP ORATION
AND SUBSIDIARIES

                          CONSOLIDATED FINANCI          AL STATEMENTS

                          March 31, 2007






































C O N T E N T S


Report of Independent Registered Public Accounting Firm....  32

Consolidated Balance Sheet.................................  33

Consolidated Statements of Operations......................  35

Consolidated Statements of Stockholders Equity ............  36

Consolidated Statements of Cash Flows......................  37

Notes to the Consolidated Financial Statements.............  39






































REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


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

We have audited the accompanying balance sheet of Standard Energy
Corporation and Subsidiaries (a developemnt stage company) as of
March 31, 2007, and the related consolidated statements of
operations, stockholders' equity and cash flows for the years ended
March 31, 2007 and 2006.  These financial statements are the
responsibility of the Company's management.  Our responsibility is
to express an opinion on these consolidated 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, 2007 and the results of their operations and their
cash flows for the years ended March 31, 2007 and 2006, in
conformity with U. S. generally accepted accounting principles.

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 has had no significant operating results to
date and has a working capital deficit which together 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
June 26, 2007





STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Consolidated Balance              Sheet

                          ASSETS

                                                      March 31,
CURRENT ASSETS                                           2007

  Cash                                               $    27,503
  Accounts Receivable                                      8,510
  Marketable Securities (Note 12)                        347,919

    Total Current Assets                                 383,932

PROPERTY AND EQUIPMENT, net (Note 2)                     123,096

OTHER ASSETS

  Cash surrender value   life insurance                   20,804
  Oil and gas leases held for resale (Note 3)             49,754
  Pledged drilling bonds (Note 3)                         25,000

    Total Other Assets                                    95,558

    TOTAL ASSETS                                     $   602,586




























The accompanying notes are an integral part of these consolidated
financial statements
STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Consolidated Balance        Sheet (Continued)


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Accounts payable and accrued expenses              $    55,778
  Revolving line of credit (Note 11)                     269,376
  Note payable (Note 10)                                   9,576
  Note payable - related party (Note 5)                        0

    Total Current Liabilities                            334,730

LONG TERM DEBT

  Note payable (Note 10)                                  37,415

    Total Long Term Debt                                  37,415

      Total Liabilities                                  372,145


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, 187,846,974 shares
   issued and outstanding                              1,878,469
  Additional paid-in capital                           7,996,091
  Treasury stock                                         (83,253)
  Accumulated other comprehensive income                  27,069
  Accumulated deficit                                 (9,587,935)

    Total Stockholders' Equity                           230,441

    TOTAL LIABILITIES AND STOCKHOLDERS'
    EQUITY                                           $   602,586










The accompanying notes are an integral part of these consolidated
financial statements
STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Consolidated Stateme        nts of Operations



                                           For the Years Ended
                                                 March 31,
                                             2007         2006

REVENUES

  Oil and gas information services      $     1,650  $     3,651
  Oil and gas lease royalties                66,394       93,916

    Total Revenues                           68,044       97,567

EXPENSES

  Oil and gas information services            6,287        4,650
  Depreciation, depletion/amortization        8,721        3,660
  Biofuels Project costs                    183,925       65,384
  General and administrative                164,392       60,777

    Total Expenses                          363,325      134,471

OPERATING LOSS                             (295,281)     (36,904)

OTHER INCOME (EXPENSE)

  Gain on Forgiveness of Debt                23,946            0
  Gain on Sale of Marketable Securities     173,692            0
  Interest and other income                  14,369       21,700
  Interest expense                          (16,864)      (9,653)

    Total Other Income (Expense)            195,143       12,047

NET LOSS                                $  (100,138) $   (24,857)

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

WEIGHTED AVERAGE NUMBER OF
  SHARES OUTSTANDING                    186,543,718  177,673,960

OTHER COMPREHENSIVE INCOME (LOSS)
  Change in unrelated gain on
  marketable securities                      18,080        8,989

TOTAL COMPREHENSIVE LOSS                $   (82,058) $   (15,868)





The accompanying notes are an integral part of these consolidated
financial statements
STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Consolidated Stateme   nt of Stockholders' Equity
For the Years Ended      March 31, 2007 and 2006

Additional
                             Treasury Stock              Common
Stock            Paid-In      Accumulated
                           Shares      Amount         Shares
 Amount       Capital        Deficit

Balance, March 31, 2005  1,037,420      (83,253)   150,036,974
1,500,369     8,011,073     (9,462,940)

Contributed capital for
 services rendered by an
 officer                         0            0              0
        0        50,000              0

Shares issued to Trachyte
 Oil Company for purchase
 of land                         0            0      37,500,00
  375,000      (318,817)             0

Trachyte contribution            0            0              0
        0       191,435              0

Net loss for the year
 ended March 31, 2006            0            0              0
        0             0        (24,857)

Balance, March 31, 2006  1,037,420  $   (83,253)   187,536,974
$ 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)   187,846,974
$ 1,878,469   $ 7,996,091   $ (9,587,935)

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

STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Consolidated Stateme        nts of Cash Flows

                                            For the Years Ended
                                                 March 31,
                                              2007        2006
  CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss                                $ (100,138) $  (24,857)
  Adjustments to reconcile net loss to
  net cash provided (used) operating activities:
  Depreciation, depletion and
  amortization                                 8,721       3,660
  Contributed capital for services
  rendered by an officer                      50,000      50,000
  Realized gain on sale of marketable
  securities                                (173,692)    (16,635)
  Changes in assets and liabilities:
  Increase in accounts receivable             (1,321)     (7,189)
  Increase in accounts payable and
  accrued expenses                            18,124       3,710
  Net Cash Provided (Used) by Operating
  Activities                                (198,306)      8,689

  CASH FLOWS FROM INVESTING ACTIVITIES
  Payments for purchase of fixed assets      (72,889)          0
  Proceeds from disposition of fixed assets    2,166           0
  Proceeds from sale of marketable
  securities                                 481,643     240,322
  Payments for purchase of marketable
  securities                                (468,350)   (384,138)
  Increase in oil & gas lease (Trachyte)           0      (7,711)
  Cash value   life insurance                  (5,113)     (6,884)
  Net Cash (Used) by Investing
  Activities                                 (62,543)   (158,411)

  CASH FLOWS FROM FINANCING ACTIVITIES
  Paid in Capital from Trachyte                    0     191,435
  Common Stock issued                         15,500           0
  Payments on notes payable
  - related parties                                0      (7,497)
  Payment on line of credit and
  Notes payable                               (8,304)     (3,712)
  Proceeds from line of credit and
  Notes payable                              234,151       9,909
  Net Cash Provided by Financing
  Activities                                 241,347     190,135

  NET INCREASE IN CASH                       (19,502)     40,413
  CASH AT BEGINNING OF YEAR                   47,005       6,592

  CASH AT END OF YEAR                     $   27,503  $   47,005

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

STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Consolidated Stateme  nts of Cash Flows (Continued)

                                            For the Years Ended
                                                 March 31,
                                              2007        2006

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

CASH PAID FOR:

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

NON-CASH INVESTING AND FINANCING ACTIVITIES

  Common stock issued for land
     related party                        $        0  $   56,183



































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

STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Notes to the Consoli   dated Financial Statements
March 31, 2007 and 2               006


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 collectibility 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 recoverability of the amounts due to us could be overstated,
which could have a negative impact on operations.

STANDARD ENERGY CORP    ORATION AND SUBSIDIARIES
Notes to the Consoli   dated Financial Statements
March 31, 2007 and 2               006

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.  The Company receives the bulk of its oil and
gas lease royalties from two companies referred to as Company A
and Company B in addition to other royalties from smaller
producing wells.  Company A provides approximately 50% and
Company B provides approximately 40% of the royalty income to the
Company.  The remaining approximately 10% is provided from
smaller producing wells.

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.  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 CORP    ORATION AND SUBSIDIARIES
Notes to the Consoli   dated Financial Statements
March 31, 2007 and 2               006

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net deferred tax assets consist of the following components as of
March 31, 2007 and 2006:
                                               2007        2006
Deferred tax assets
  NOL Carryover                           $ (819,702) $ (785,777)
  Contribution Carryover                      (4,311)     (4,311)
  Total Deferred Tax Asset                         0           0

Deferred tax liabilities:                          0           0
Valuation allowance                          824,013     790,088

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 of 39% to
pretax income from continuing operations for the years ended
March 31, 2007 and 2006 due to the following:

                                               2007        2006

Book income                               $  (39,054) $   (9,694)
Services                                      19,500      19,500
Other                                           (289)      1,242
NOL Utilization                                    0           0
Depreciation                                       0     (14,696)
Valuation allowance                           31,249       3,648
Depletion                                    (11,249)          0

                                          $        0  $        0

At March 31, 2007, the Company had net operating loss
carryforwards of approximately $2,100,000 that may be offset
against future taxable income from the year 2007 through 2027.
No tax benefit has been reported in the March 31, 2007
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.







STANDARD ENERGY CORPORATION AND SUBSIDIARIES
             Notes to the Consolidated Financial Statements
                         March 31, 2007 and 2006

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, 2006
                            Loss         Shares        Per Share
                         (Numerator)  (Denominator)      Amount

                        $    (24,857)   177,673,960   $    (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, 2007 and 2006

NOTE 2 - PROPERTY AND EQUIPMENT

The following is a summary of property and equipment - at cost,
less accumulated depreciation as of March 31, 2007:

           Vehicle                                    $   72,889
           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                                       621,794
             Less: accumulated depreciation             (498,698)

             Total                                    $  123,096

Depreciation expense for the years ended March 31, 2007 and 2006
was $8,721 and $3,660, 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,
2007, the Company was holding oil and gas leases for resale with a
cost basis of $49,754.

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, 2007 and 2006

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 since then the office
space is being rented on a month to month basis at the same rate.

NOTE 5 - RELATED PARTY TRANSACTIONS

In December, 2005 Trachyte sold to Standard Energy two oil and gas
Utah State leases totaling approximately 951 acres at approximately
$9,911 for both leases.  Also, Trachyte sold a third lease to Delta
Petroleum Corporation, an unrelated third party, and contributed
$193,635 of the revenue from that transaction to Standard Energy.

The Company signed a $50,000 note payable to Trachyte on March 31,
1998 related to funds advanced to the Company.  The note bears
interest at 12.00% and is due upon demand.  The note is unsecured
and has increased as additional funds have been advanced.  On July
31, 2002, the Company issued 15,000,000 shares of its common stock
for payment on this note payable and accrued interest totaling
$300,000.  The shares were issued at a discount of $0.01 to market
value.  Accordingly, compensation expense in the amount of $150,000
(15,000,000 x $0.01) was recognized upon issuance of the shares.
On August 1, 2002, the Company cancelled the original note payable
and issued a new note payable for remaining balance of $311,395.
The new note also bears interest at 12%, is due on demand and is
unsecured.  At March 31, 2007 the note balance was paid off.

During the years ended March 31, 2007 and 2006, 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.

Diane Neeley and Karen Rowell are Mr. Rowell's daugthers.  Mr.
Rowell hired them on an as needed consulting basis for additional
research and marketing.  They bill the Company as services are
rendered.  Ms. Neeley is paid $30 per hour and Ms. Rowell bills the
Company per project on a agreed upon project amount.










              STANDARD ENERGY CORPORATION AND SUBSIDIARIES
             Notes to the Consolidated Financial Statements
                         March 31, 2007 and 2006

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
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
recoverability 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,
2007.













              STANDARD ENERGY CORPORATION AND SUBSIDIARIES
             Notes to the Consolidated Financial Statements
                         March 31, 2007 and 2006

NOTE 8 - SUBSEQUENT EVENTS

     On November 17, 2006 a Complaint of Civil Action was filed
in the District County, City and County of Denver, Colorado,
against Standard Energy Corporation (the "Company"), Trachyte Oil
Company a private company of Dean W. Rowell and Dean W. Rowell,
individually ("its affiliates").  The Complaint alleges that the
Company and its affiliates failed to perform and breached their
contractual obligation to convey certain oil and gas lease
interests to Delta Petroleum Corporation. a Colorado corporation.
The Complaint asserts a claim for an unspecified amount of
damages against the Company and its affiliates for breach of
contract and a claim for court-ordered specific performance of
the conveyances in the alleged contract.  The Company and its
affiliates believe the Complaint to be without merit and will
vigorously defend against it.  The Company and its affiliates
have engaged the law firm of Cooley Godward Kronig LLC of Denver,
Colorado to represent their interest in this matter.  On May 30,
2007 the Complaint was cancelled by both parties

     On April 25, 2007, the Company sold its marketable security
holdings and paid off its margin account.






























STANDARD ENERGY CORPORATION AND SUBSIDIARIES
             Notes to the Consolidated Financial Statements
                         March 31, 2007 and 2006

NOTE 9 - RECENTLY ENACTED ACCOUNTING STANDARDS

In February 2007, the FASB issued SFAS No. 159, "the Far Value
Option for Financial Assets and Financial Liabilities".  This
Statement permits entities to choose to measure many financial
assets and financial liabilities at fair value. Unrealized gains
and losses on items for which the fair value option has been
elected are report in earnings.  SFAS No. 159 is effective for
fiscal years beginning after November 15, 2007.  We are currently
assessing the impact of SFAS No. 159 on our financial position and
results of operations.

In September 2006, the FASB and SFAS No. 158, "Employers'
Accounting for Defined Benefit Pension and Other Postretirement
Plans."  This Statement requires an employer to recognize the over
funded or under funded status of a defined post retirement plan
(other than a multiemployer plan) as an asset or liability in its
statement of financial position, and to recognize changes in that
funded status in the year in which the changes occur through
comprehensive income.  SFAS No. 158 is effective for fiscal year
ending after December 15, 2006. The adoption of SFAS No. 158 had
not impact on our financial position and results of operations.

In September 2006, the FASB issued SFAS No. 157, "Fair Value
Measures".  This Statement defines fair value, establishes a
framework for measuring fair value in generally GAAP, expands
disclosures about fair value measurements, and applies under other
accounting pronouncements that require or permit fair value
measurements.  SFAS No. 157 dies not require any new fair value
measurements.  However, the FASB anticipates that for some
entities, the application of SFAS No. 157 will change current
practice.  SFAS No.157 is effective for financial statements issued
for fiscal year beginning after November 15, 2007, which for us
would be the fiscal year beginning April 1, 2008.  We are currently
evaluating the impact of SFAS No. 157 but do not expect that it
will have a material impact on our financial statements.

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

              STANDARD ENERGY CORPORATION AND SUBSIDIARIES
             Notes to the Consolidated Financial Statements
                         March 31, 2007 and 2006

NOTE 9 - RECENTLY ENACTED ACCOUNTING STANDARDS (Cont.)

In June 2006, the FASB issued FASB Interpretation Number 48,
"Accounting for Uncertainty in Income Taxes - an interpretation of
FASB Statement No. 109."  The Interpretation clarifies the
accounting for uncertainty in income taxes recognized in the
enterprise's financial statements in accordance with FASB Statement
No. 109, "Accounting for Income Taxes."  This Interpretation is
effective for fiscal years beginning after December 15, 2006.  We
are currently assessing the effect of this Interpretation on our
financial statements.

NOTE 10 - NOTE PAYABLE

    Note payable to vehicle financing agency,

                      Note 1        Note 2         Note 3    Total
Monthly Payment     $  380.15    $   423.05  $   375.51
Interest Rate           10.90%        11.70%      13.20%
Principal Balance      15,188        18,563      13,240   $46,991
Less Curent Portion     3,055         3,845        2,676    9,576

Long term Portion   $  12,133    $   14,718   $   10,564  $37,415

    Future maturities of long term debt are as follows:

                       For the year ended
                            March 31,

                            2009               $   10,800
                            2010                   12,180
                            2011                   13,737
                            2012                      698

                              Total            $   37,415

















STANDARD ENERGY CORPORATION AND SUBSIDIARIES
Notes to the Co      nsolidated Financial Statements
March 31, 2007                  and 2006

NOTE 11 - REVOLVING LINES OF CREDIT

     Line of credit due to Wells Fargo
     Business currently in default,
     bearing interest at 12.5%, unsecured.      $   96,782

     Margin account at Wilson Davis                172,594

                                                $  269,376

     On April 25, 2007, the Company sold its marketable security
holdings and paid off its account. The base interest rate on the
margin account is approximately 9.1%, which is subject to change.
A margin call from the broker can occur, based on federal limits of
50%, which means that if the value of the account is less than 50%
of the entire account balance, then the margin account can call for
any additional funds to be paid into the account to bring it back
into federal compliance.  Also, the broker can initiate a margin
call at a higher limit as it feels necessary depending on the risk
of the securities being margined.

NOTE 12 - 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
                                           2007         2006

Market Value                            $  347,919   $  169,440
Cost                                       320,850      160,451
Gross unrealized holding gains
     before income tax effect               27,069        8,989
Income tax effect                                0            0
Gross unrealized holding gains,
     net of income tax effect,
     included in stockholders' equity       27,069        8,989

Realized gains on available-for-sale securities amounted to
$173,692 for the year ended March 31, 2007 and $16,635 for the year
ended March 31, 2006. Proceeds from sales of available-for-sale
securities amounted to $481,643 for the year ended March 31, 2007
and $240,322 for the year ended March 31, 2006.  The Company uses
the weighted-average cost method to determine the cost of
securities sold.