UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2013
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number 333-182600

UNITED STATES

~~Galt~~SECURITIES ~~Petroleum,~~AND ~~Inc.~~EXCHANGE ~~(Exact name of registrant as specified in its charter)~~COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2013

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number 333-182600

Galt Petroleum, Inc.

(Exact name of registrant as specified in its charter)

Nevada		45-3247640
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

175 South Main Street, 15th Floor (Address of principal executive offices, including zip code) (801) 719-7258 (Registrant’s telephone number, including area code) n/a (Former name, former address and former fiscal year, if changed since last report)

(Address of principal executive offices, including zip code)

(801) 719-7258

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes

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

Large accelerated filer	o	Accelerated filer	¨
Non-accelerated filer	o	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of September ~~July 10~~5, 2013, the issuer had 4,003,600 outstanding shares of common stock, $0.001 par value.

Galt Petroleum, Inc.

Index to Financial Statements

	Page
Condensed Balance Sheets as of June 30, 2013 and December 31, 2012 (Unaudited)		2

Condensed Statements of Operations for the Three and Six Months Ended June 30, 2013 and 2012 (Unaudited)		3

Condensed Statements of Stockholders’ Deficit for the Six Months Ended June 30, 2012 and 2013 (Unaudited)		4

Condensed Statements of Cash Flows for the Six Months Ended June 30, 2013 and 2012 (Unaudited)		5

Notes to Condensed Financial Statements (Unaudited)		6

GALT PETROLEUM, INC.

~~FORM~~Condensed ~~10-Q~~Balance Sheets

~~For the Quarterly Period Ended March 31, 2013~~(Unaudited)

INDEX

	June 30,			December 31,
	2013			2012

ASSETS
Current assets:
Cash	$	503		$	2,379
Accounts receivable		10,429			-
Total current assets		10,932			2,379

Property and Equipment, Successful Efforts Method
Unproved properties, net of accumulated depreciation of
$44,711 and $37,754, respectively		42,991			49,948
Total assets	$	53,923		$	52,327

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	51,748		$	83,536
Accrued expenses		80,243			36,264
Related party notes payable		1,000			1,000
Convertible notes payable		862,961			752,962
Total current liabilities		995,952			873,762

Long-term liabilities:
Asset retirement obligation		28,607			27,300
Total long-term liabilities		28,607			27,300

Total liabilities		1,024,559			901,062

Stockholders’ deficit:
Common stock - $.001 par value; 100,000,000 shares authorized;
4,003,600 and 4,000,000 shares outstanding, respectively		4,004			4,000
Additional paid-in capital		266,723			263,127
Accumulated deficit		(1,241,363	)		(1,115,863	)
Total stockholders' deficit		(970,636	)		(848,736	)
Total liabilities and stockholders' deficit	$	53,923		$	52,326

		Page
	PART I – FINANCIAL INFORMATION
Item 1	Financial Statements
	Condensed Balance Sheets as of March 31, 2013 and December 31, 2012 (Unaudited)		3
	Condensed Statements of Operations for the Three Months Ended March 31, 2013 and 2012 (Unaudited)		4
	Condensed Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012 (Unaudited)		5
	Notes to Condensed Financial Statements (Unaudited)		6
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		9
Item 3	Quantitative and Qualitative Disclosures About Market Risk		12
Item 4	Controls and Procedures		12
	PART II – OTHER INFORMATION
Item 1	Legal Proceedings		13
Item 6	Exhibits		14
Signatures			15

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

~~PART~~GALT IPETROLEUM, ~~– FINANCIAL INFORMATION~~INC.

~~ITEM~~Condensed ~~1. FINANCIAL~~Statements ~~STATEMENTS~~of Operations

~~GALT PETROLEUM, INC. Condensed Balance Sheets~~ (Unaudited)

	March 31,			December 31,
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2012			2012
	2013			2012			2013			2012
ASSETS
Revenue:
Current assets:
Oil and gas revenues	$	38,123		$	55,835		$	83,970		$	117,944
Cash	$	12,303		$	2,379
Total Revenue		38,123			55,835			83,970			117,944
Total current assets		12,303			2,379
Expenses:
Property and Equipment, Successful Efforts Method
Exploration costs		34,644			73,397			59,247			105,604
Unproved properties, net of accumulated depreciation of
Production taxes		1,757			2,861			3,870			6,033
$41,232 and $37,754, respectively		46,470			49,948
Depreciation of oil and gas properties		3,479			2,619			6,958			5,238
Total assets	$	58,773		$	52,327
Accretion of asset retirement obligation		685			622			1,307			1,244
LIABILITIES AND STOCKHOLDERS’ DEFICIT
General and administrative expenses (including related party
Current liabilities:
expenses of $6,000, $25,735, $12,000 and $54,035, respectively)		25,292			78,036			40,005			131,346
Accounts payable	$	59,048		$	83,536
Total Expenses		65,857			157,535			111,387			249,465
Accrued expenses		56,779			36,264
Income (Loss ) from operations		(27,734	)		(101,700	)		(27,417	)		(131,521	)
Related party notes payable		1,000			1,000
Other Income (Expense):
Convertible notes payable		807,961			752,962
Interest income		-			-			895			-
Total current liabilities		924,788			873,762
Interest expense		(50,963	)		(84,452	)		(98,978	)		(190,548	)
Long-term liabilities:
Net Other Expense		(50,963	)		(84,452	)		(98,083	)		(190,548	)
Asset retirement obligation		27,922			27,300
Net loss	$	(78,697	)	$	(186,152	)	$	(125,500	)	$	(322,069	)
Total long-term liabilities		27,922			27,300
Basic and diluted loss per common share	$	(0.02	)	$	(0.05	)	$	(0.03	)	$	(0.08	)
Total liabilities		952,710			901,062
Weighted-average basic and diluted shares outstanding		4,003,080			4,000,000			4,001,701			4,000,000
Stockholders’ deficit:
Common stock - $.001 par value; 100,000,000 shares authorized;
4,001,800 and 4,000,000 shares outstanding, respectively		4,002			4,000
Additional paid-in capital		264,725			263,127
Accumulated deficit		(1,162,664	)		(1,115,862	)
Total stockholders' deficit		(893,937	)		(848,735	)
Total liabilities and stockholders' deficit	$	58,773		$	52,327

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

GALT PETROLEUM, INC. ~~Condensed Statements of Operations (Unaudited)~~

	For the Three Months Ended
	March 31,
	2013			2012
Revenue:
Oil and gas revenues	$	45,846		$	62,108
Total Revenue		45,846			62,108
Expenses:
Exploration costs		15,861			21,521
Lease operating expenses		8,740			10,686
Production taxes		2,113			3,173
Depreciation of oil and gas properties		3,478			2,275
Accretion of discount on asset retirement obligation		622			622
General and administrative expenses (including related party
expenses of $6,000 and $28,300, respectively)		14,713			53,289
Total Expenses		45,528			91,566
Income (Loss ) from operations		319			(29,458	)
Other Income (Expense):
Interest income		895			-
Interest expense		(48,014	)		(106,095	)
Net Other Expense		(47,119	)		(106,095	)
Net loss	$	(46,801	)	$	(135,553	)
Basic and diluted loss per common share	$	(0.01	)	$	(0.03	)
Weighted-average basic and diluted shares outstanding		4,000,307			4,000,000

Condensed Statements of Stockholders' Deficit

For the Six Months Ended June 30, 2012 and 2013

(UNAUDITED)

					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders'
	Shares		Amount		Capital		Deficit			Deficit

Balances at December 31, 2011		4,000,000	$	4,000	$	177,250	$	(516,879	)		$	(335,629	)
Related party notes forgiven		-		-		85,877		-				85,877
Net loss for the six months ended June 30, 2012		-		-		-		(322,069	)			(322,069	)
Balances at June 30, 2012		4,000,000	$	4,000	$	263,127	$	(838,948	)		$	(571,821	)

Balances at December 31, 2012		4,000,000	$	4,000	$	263,127	$	(1,115,863	)		$	(848,736	)
Common shares issued for cash		3,600		4		3,596		-				3,600
Net loss for the six months ended June 30, 2013		-		-		-		(125,500				(125,500	)

Balances at June 30, 2013		4,003,600	$	4,004	$	266,723	$	(1,241,363	)		$	(970,636	)

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

GALT PETROLEUM, INC. ~~Condensed Statements of Stockholders' Deficit For the Three Months Ended March 31, 2012 and 2013~~

	Common Stock				Additional Paid-in		Accumulated			Total Stockholders'
	Shares		Amount		Capital		Deficit			Deficit
Balances at December 31, 2011		4,000,000	$	4,000	$	177,250	$	(516,879	)	$	(335,629	)
Related party notes forgiven		-		-		85,877		-			85,877
Net loss for the three months ended March 31, 2012		-		-		-		(135,553	)		(135,553	)
Balances at March 31, 2012		4,000,000	$	4,000	$	263,127	$	(652,432	)	$	(385,305	)
Balances at December 31, 2012		4,000,000	$	4,000	$	263,127	$	(1,115,862	)	$	(848,735	)
Common shares issued for cash		1,800		2		1,598		-			1,600
Net loss for the three months ended March 31, 2013		-		-		-		(46,801	)		(46,801	)
Balances at March 31, 2013		4,001,800	$	4,002	$	264,725	$	(1,162,664	)	$	(893,937	)

Condensed Statements of Cash Flows

(Unaudited)

	For the Six Month Ended June 30,
	2013			2012

Cash Flows from Operating Activities:
Net loss	$	(125,500	)	$	(322,069	)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on asset retirement obligation		1,307			1,244
Depreciation of oil and gas properties		6,958			5,238
Interest expense from adjusting convertible notes payable to fair value		55,000			176,980
Changes in assets and liabilities:
Accounts receivable		(10,429	)		-
Prepaid expenses		-			(13,276	)
Accounts payable		(31,790	)		(26,363	)
Accrued interest		43,979			17,567
Related party accrued management fees		-			(4,000	)
Net Cash Used in Operating Activities		(60,476	)		(164,679	)
Cash Flows from Financing Activities:
Proceeds from issuance of common shares		3,600			(3,910	)
Proceeds from issuance of convertible notes payable		55,000			176,980
Net Cash Provided by Financing Activities		58,600			173,070
Net Increase (Decrease) in Cash		(1,876	)		8,391
Cash, Beginning of Period		2,379			1,730
Cash, End of Period	$	503		$	10,121

Supplemental Disclosures of Cash flow information:
Cash paid for interest	$	-		$	-

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

GALT PETROLEUM, INC. ~~Condensed Statements of Cash Flows (Unaudited)~~

	For the Three Month Ended
	March 31,
	2013			2012
Cash Flows from Operating Activities:
Net loss	$	(46,801	)	$	(135,553	)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on asset retirement obligation		622			622
Depreciation of oil and gas properties		3,478			2,275
Interest expense from adjusting convertible notes payable to fair value		27,500			100,000
Changes in assets and liabilities:
Prepaid expenses		-			(63,700	)
Accounts payable		(24,490	)		(7,072	)
Accrued interest		20,515			6,095
Related party accrued management fees		-			(4,000	)
Net Cash Used in Operating Activities		(19,176	)		(101,333	)
Cash Flows from Financing Activities:
Proceeds from related party revolving note payable		-			90
Proceed for issuance of common shares		1,600			-
Proceeds from notes payable		27,500			100,000
Net Cash Provided by Financing Activities		29,100			100,090
Net Increase (Decrease) in Cash		9,924			(1,243	)
Cash, Beginning of Period		2,379			1,730
Cash, End of Period	$	12,303		$	487
Supplemental Disclosures of Cash flow information:
Cash paid for interest	$	-		$	-

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~The~~JUNE ~~accompanying~~30, ~~notes are an integral part of these financial statements.~~2013

6(Unaudited)

NOTE 1 – BASIS OF PRESENTATION AND BUSINESS CONDITION

The accompanying unaudited condensed financial statements of Galt Petroleum, Inc., the Company, for the three and six months ended ~~March~~June 3130, 2013 and 2012 were prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Consequently, certain information has been condensed in accordance with such rules and regulations. Therefore the condensed financial statements do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, the accompanying condensed financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position, the results of operations and cash flows. The results of operations for the ~~three~~six-month period ended ~~March~~June 3130, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. These interim condensed financial statements should be read in conjunction with the annual financial statements included in the Form 10-K for the year ended December 31, 2012.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred losses of $46125,~~801~~500 and $~~135~~322,~~553~~069 during the ~~three~~six months ended ~~March~~June 3130, 2013 and 2012, respectively, and used $1960,~~176~~476 and $~~101~~164,~~333~~679 of cash in its operating activities during the ~~three~~six months ended ~~March~~June 3130, 2013 and 2012, respectively. Through ~~March~~June 3130, 2013, the Company accumulated a deficit of $1,~~162~~241,~~664~~363. At ~~March~~June 3130, 2013, the Company had a working capital deficit of $~~912~~985,~~485~~020, including current liabilities of $~~924~~995,~~788~~952. At ~~March~~June 3130, 2013, the Company had a stockholders’ deficit of $~~893~~970,~~737~~636. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Losses to date have been accumulated in connection with the Company’s efforts to reactivate old wells. The Company is seeking additional financing. If additional financing is not obtained, any additional exploration efforts will be deterred.

NOTE 2 – NOTES PAYABLE

Convertible Notes Payable – The Company borrowed $89,000 from Evolution Capital from September to December 2011 pursuant to the terms of convertible promissory notes. The notes bear interest at 12% per annum and had maturity dates from March to June 2012. During 2012, the maturity dates of the notes were extended to December 31, 2012. The Company borrowed an additional $187,481 from Evolution Capital from May through December 2012 pursuant to the terms of convertible promissory notes. The notes bear interest at 12% per annum and have maturity dates from December 2012 to June 2013. At any time before the notes are paid in full, Evolution has the right to convert the unpaid principal balance of notes into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of the common stock during the ten days prior to the conversion date. If the notes become in default, interest accrues at the default rate of 24% per annum. Of the total $276,481 notes above, $226,481 of the notes are currently in default and isare accruing interest at the rate of 24% per annum. Additionally, all of the convertible notes payable contain terms permitting the note holder to collect upon default an amount equal to 150% of all outstanding principal, unpaid interest, and default interest.

On January 4, 2012 the Company borrowed $100,000 from an unrelated third party pursuant to a convertible promissory note. The note bears interest at 12% per annum and had a maturity date of June 20, 2012. The note holder has the right to convert the unpaid principal balance of the note at any date before the note is paid in full into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of the common stock during the ten days prior to the conversion date. ~~This~~The ~~note~~notes isare currently in default and isare accruing interest ~~at the default~~ rate of 24% per annum. Additionally, the convertible note payable contain terms permitting the ~~noted~~note holder to collect upon default an amount equal to 150% of all outstanding principal, unpaid interest, and default interest.

~~The~~GALT ~~Company borrowed an additional $27~~PETROLEUM,~~500~~ ~~from Evolution Capital during March 2013 pursuant to the terms of a convertible promissory note~~INC. The notes bear interest at 12% per annum and has a maturity date of September 2013. The note holder has the right to convert the note before the note is paid on full, into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of common stock of the ten days prior to the conversion date.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2013

(Unaudited)

The Company borrowed an additional $27,500 from Evolution Capital during March 2013 pursuant to the terms of a convertible promissory note. The note bear interest at 12% per annum and has a maturity date of September 2013. The note holder has the right to convert the note before the note is paid in full, into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of the common stock during the ten days prior to the conversion date.

In April 2013, the Company borrowed an additional $27,500 from Evolution Capital pursuant to the terms of a convertible promissory note. The note bears interest at 12% per annum and has a maturity date of October 2013. The note holder has the right to convert the note before the note is paid in full, into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of the common stock during the ten days prior to the conversion date.

Since the notes are convertible into a variable number of shares based on a fixed monetary value, the Company followed the guidance in ASC 480-10-25-14. This guidance requires the notes to be classified as a liability and reported at their full fair value, which is the fixed monetary value of shares into which the notes are convertible. The excess of the amount recognized as a liability for the convertible debt over the proceeds received upon issuance was recognized as interest expense on the dates of issuance.

Convertible notes payable at ~~March~~June 3130, 2013 and December 31, 2012 are summarized as follows:

	March 31,		December 31,
	June 30,		December 31,
	2013		2012
	(unaudited)
$100,000 convertible note payable; unsecured; in default; bearing interest at 24%	$	200,000	$	200,000
$303,980 convertible notes payable; unsecured; bearing interest at 12% to 24%; due December 15, 2012 through September 14, 2013		607,961		552,962
$331,480 convertible notes payable; unsecured; bearing interest
Total Convertible Notes Payable	$	807,961	$	752,962
at 12% to 24%; $226,481 in default; due December 15, 2012
through October 19, 2013		662,961		552,962
Total Convertible Notes Payable	$	862,961	$	752,962

NOTE 3 – RELATED PARTY REVOLVING NOTE PAYABLE AND MANAGEMENT FEE

Note Payable – The Company borrowed $1,000 from a director of the Company during October, 2012. The note bears no interest ~~at 4% per annum~~ and matures in October 2013.

Management Fees – The Company has a management consulting agreement with related parties whose owners are directors of the Company. During the ~~three~~six months ended ~~March~~June 3130, 2013 and 2012 the Company paid $612,000 and $2854,~~300~~035, respectively, in management fees to these entities.

NOTE 4 – SUBSEQUENT EVENTS

On April 9, 2013, the Company borrowed $11,000 pursuant to a convertible promissory note. The note bears interest at 12% per annum and has a maturity date of October 9, 2013. The lender had the right to immediately convert the note before the maturity date, into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of common stock of the ten days prior to the conversion date.

On April 19, 2013, the Company borrowed $16,500 pursuant to a convertible promissory note. The note bears interest at 12% per annum and has a maturity date of October 19, 2013. The lender had the right to immediately convert the note before the maturity date, into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of common stock of the ten days prior to the conversion date.

On July 8, 2013, the Company borrowed $11,000 pursuant to a convertible promissory note. The note bears interest at 12% per annum and has a maturity date of April 8, 2014. The lender had the right to immediately convert the note before the maturity date, into shares of the Company’s common stock at a discount of 50% of the average of the lowest three days’ trading prices of common stock of the ten days prior to the conversion date.

~~Subsequent to March 31, 2013, the Company has issued 1,800 shares of common stock with a par value of $.001 for $1,800 in cash.~~7

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations

For the Three-month and Six-Month Periods Ended ~~March~~June 3130, 2013 and 2012

The following tables set forth key components of our results of operations for the periods indicated, both in dollars and as a percentage of sales revenue for the periods indicated in dollars.

	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Statement of Operations Items-
	2013			2012			2013			2012
Revenues	$	4538,~~846~~123			6255,~~108~~835			83,970			117,944
Exploration costs	$	1534,~~861~~644			2173,~~521~~397			59,247			105,604
Lease operating expenses	$	8,740			10,686
General and administrative expenses		25,292			78,036			40,005			131,346
General and administrative expenses	$	14,713			53,289
Income (loss) from operations		(27,734	)		(101,700	)		(27,417	)		(131,521	)
Net Other Expense	$	(47,119	)		(106,095	)
Interest expense		(50,963	)		(84,452	)		(98,978	)		(190,548	)
Net loss	$	(46,801	)		(135,553	)
Net Income (Loss)		(78,697	)		(186,152	)		(125,500	)		(322,069	)

The decline in revenue is primarily attributed to the fact that Bray-Conn Resources, LLC, the former owner of Galt’s oil assets, completed a prolific well in the second quarter of 2011, and the oil production rate has decreased due to the naturally occurring decline rate of new wells, which resulted in higher initial revenues that have substantially fallen now that the well production has stabilized. ~~Lease~~Additionally, ~~operating~~the ~~expenses~~company ~~consist~~has ~~primarily~~changed its oil buyer during the second quarter of ~~maintenance~~2013, ~~expenses~~and ~~for~~the ~~existing~~rate ~~producing~~at ~~wells.~~which oil is delivered to the buyer has changed, resulting in a change in payment intervals, and resulting in a decrease in our net revenue amount during the second quarter of 2013. Exploration costs consist primarily of costs associated with rehabilitating and bringing into production existing wells. The decreases in ~~lease operating expenses,~~ explorations costs, and general and administrative expenses are primarily attributed to increasing operational efficiencies investing in more robust equipment and supplies, and price negotiation and cost cutting efforts respectively.

Additionally, the following tables set forth key components of our balance sheet as of ~~March~~June 3130, 2013 and December 31, 2012, both in dollars.

	As of March 31, 2013			As of December 31, 2012
	As of June 30, 2013			As of December 31, 2012
Balance Sheets Items-
Cash	$	~~12,303~~503			2,379
Total current assets	$	1210,~~303~~932			2,379
Total assets	$	5853,~~773~~923			52,327
Accounts payable	$	5951,~~048~~748			83,536
Accrued interest	$	56,779			36,264
Accrued expenses	$	80,243			36,264
Convertible notes payable	$	~~807~~862,961			752,962
Total current liabilities	$	~~924~~995,~~788~~952			873,762
Total liabilities	$	~~952~~1,~~710~~024,559			901,062
Stockholders' equity (deficit)	$	(~~893~~970,~~937~~636	)		(848,735	)

Our increase in assets and liabilities is primarily attributed to ~~expanding~~continued operations during the first ~~quarter~~and second quarters of 2013.

Liquidity and Capital Resources

Our balance sheet as of ~~March~~June 3130, 2013 only reflects assets of $5853,~~773~~923 and relatively low levels of cash or cash equivalents, and our cash and cash equivalents from inception to date have been insufficient to provide the working capital necessary to expand operations. At ~~March~~June 3130, 2013 we had (1) a balance on our revolving line of credit of $1,000 bearing interest at 4% per annum; (2) $100,000 in an unsecured convertible note payable, in default, bearing interest at 24% per annum, and convertible into our common stock at a 50% discount; (3) $~~303~~331,~~980~~480 in convertible notes payable bearing interest at 12% to 24% per annum and convertible into our common stock at a 50% discount. Additionally, all of our convertible notes payable contain terms permitting our creditors to collect upon default an amount equal to 150% of all outstanding principal, unpaid interest, and default interest.

109

If the holders of our defaulted notes demand immediate repayment, we would expect cash and cash equivalents and expected cash flows from operations to be insufficient to cover operating expenses for the next quarter. The holders of our defaulted notes have granted us extensions of maturity dates in the past, and we hope to secure an extension of several of our notes during the second and third quarters of 2013. However, we may not be able to do so. If we are able to secure extensions of our note maturity dates, or if the holders of our defaulted notes do not demand immediate repayment, we would expect cash and cash equivalents and expected cash flows from operations to be sufficient to cover operating expenses for the next twelve months were we to discontinue all expansion and well rehabilitation efforts.

We plan to continue expansion efforts, and we anticipate generating losses and, therefore, may be unable to continue operations in the future. We will require additional capital to expand, and to acquire such capital we will have to issue debt or equity or enter into a strategic arrangement with a third party for funding. There can be no assurance that additional capital will be available to us. We currently have no agreements, arrangements or understandings with any person to obtain additional funds through bank loans, lines of credit or any other sources.

Subsequent Events

Subsequent to March 31, 2013, the Company has issued 1,800 shares of common stock with a par value of $.001 for $1,800 in cash.

Emerging Growth Company

We are an “emerging growth company” under the federal securities laws and are subject to reduced public company reporting requirements. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates.

Critical Accounting Policies

Our financial statements are based on the application of accounting principles generally accepted in the United States (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue, and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

Our significant accounting policies are summarized in Note 1 of our financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause an effect on our results of operations, financial position or liquidity for the periods presented in this report.

Revenue Recognition

Revenue derived from the sale of produced crude oil and natural gas and related production taxes are recorded in the month the product is delivered to the purchaser.

Accounts receivable are stated at the amount management expects to collect. Management provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance based on an assessment of the collectability of the receivable. At June 30, 2013, December 31, 2012 and 2011, there were no accounts receivable, and accordingly, no allowance for doubtful accounts.

Off Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As the Company is a “smaller reporting company,” this item is not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit to the Securities and Exchange Commission under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms, and that information is accumulated and communicated to our management, including our principal executive and principal financial officer (whom we refer to in this periodic report as our Certifying Officer), as appropriate to allow timely decisions regarding required disclosure. The Company’s Chief Executive Officer and Chief Financial Officer has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the ~~year~~quarter ended ~~March~~June 3130, 2013 covered by this Form 10-Q. Based upon such evaluation, the Chief Executive Officer and Chief Financial Officer has concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective as required under Rules 13a-15(e) and 15d-15(e) under the Exchange Act.

Management’s Report on Internal Control over Financial Reporting

As a smaller reporting company and emerging growth company, we are not required to provide a report on the effectiveness of our internal controls over financial reporting until our second annual report (our report on the fiscal year ending December 31, 2013), and we will be exempt from the auditor attestation requirements concerning any such report so long as we are an emerging growth company or a smaller reporting company. We have not yet evaluated whether our internal control procedures are effective, and therefore there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such evaluations.

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PART II – OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of June 2130, 2013, there were no pending or threatened lawsuits.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.

MINE SAFETY DISCLOSURES

None.

ITEM 5.

OTHER INFORMATION

None.

1312

ITEM 6.

EXHIBITS

Number		Description

3.1		Articles of Incorporation (incorporated by reference to our Form S-1 Registration Statement filed on July 10, 2012)

3.2		Bylaws (incorporated by reference to our Form S-1 Registration Statement filed on July 10, 2012)

5.1		Opinion of Vincent & Rees, L.C. (incorporated by reference to our Form S-1 Registration Statement amendment filed on August 13, 2012)

14.1		Code of Ethics (incorporated by reference to our Form S-1 Registration Statement filed on July 10, 2012)

31.1		Certification of Principal Executive Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Principal Financial Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

101.INS**		XBRL Instance Document

101.SCH**		XBRL Taxonomy Extension Schema Document

101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**		XBRL Taxonomy Extension Label Linkbase Document

101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

1413

SIGNATURES

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.

	Galt Petroleum, Inc.
Date: July 11, 2013	By:	/s/ Cary Valerio
Date: September 6, 2013	By:	/s/ Cary Valerio
		Cary Valerio
		Chief Executive Officer
		Chief Financial Officer

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 dates indicated.

Date: July 11, 2013		/s/ Cary Valerio
		Cary Valerio, Chief Executive Officer, Chief Financial Officer, and Director
Date: July 11, 2013		/s/ Mark Baca
		Mark Baca, Director

Date: September 6, 2013	/s/ Cary Valerio
	Cary Valerio Chief Executive Officer, Chief Financial Officer, and Director

15Date: September 6, 2013 /s/ Mark Baca Mark Baca, Director

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