UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[ X ]

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

For the quarterly period ended December 31, 2008

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

For the transition period from ______________ to _______________

Commission file number 033-15528

MONUMENT RESOURCES, INC.

(Exact name of Registrant as Specified in its Charter)

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

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

(Address of Principal Executive Offices, Including Zip Code)

(303) 692-9468

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

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

Large accelerated filer [ ] Accelerated filer [ ]

Non-accelerated filer [ ] (Do not check if a smaller reporting company) Smaller reporting company [ X ]

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

Yes [ ] No [X]

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 7,719,000 shares of common stock were outstanding at February 12, 2009.

Transitional Small Business Disclosure Format (Check One):

Yes [ ] No [X]

MONUMENT RESOURCES, INC. AND SUBSIDIARY

INDEX

		Page Number

PART I.	FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Balance Sheets as of December 31, 2008 and September 30, 2008.	2

	Condensed Consolidated Statements of Operations for the Three Months December 31, 2008 and 2007.	4

	Condensed Consolidated Statements of Cash Flows for the Three Months December 31, 2008 and 2007.	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	14

Item 4.	Controls and Procedures	15

PART II.	OTHER INFORMATION	16

Item 1.	Legal Proceedings	16

Item 1A.	Risk Factors	16

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16

Item 3.	Defaults Upon Senior Securities	16

Item 4.	Submission of Matters to a Vote of Security Holders	16

Item 5.	Other Information	16

Item 6.	Exhibits	16

	Signatures	17

	Exhibit Index	18

Item 1. Financial Statements.

MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31,		September 30,
	2008		2008
ASSETS	(Unaudited)

Current assets
Cash and cash equivalents	$	53,533	$	204,613
Marketable securities available-for-sale		675,635		666,949
Accounts receivable		50,424		45,471
Prepaid expenses and other assets		8,469		4,829

Total current assets		788,061		921,862

Proved and unproved oil and gas
properties, successful efforts method
net of accumulated depletion		699,723		667,150

Property and equipment:
Gas pipeline, net of
accumulated depreciation		176,054		182,105
Property and equipment, net of
accumulated depreciation		459,853		478,731
Net property, equipment and pipeline		635,907		660,836

Total assets	$	2,123,691	$	2,249,848

See Notes to Condensed Consolidated Financial Statements.

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MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

	December 31,			September 30,
	2008			2008
LIABILITIES AND STOCKHOLDERS’ EQUITY	(Unaudited)

Current liabilities
Accounts payable and accrued expenses	$	29,081		$	64,145

Asset retirement obligation		104,917			103,343

Total liabilities		133,998			167,488

Stockholders’ equity:
Preferred Stock, no par value, authorized
1,000,000 shares; none issued		-			-
Common Stock, no par value, authorized		3,940,629			3,938,149
500,000,000 and 10,000,000 shares
respectively; 7,719,000 issued and
outstanding .
Accumulated (deficit)		(1,951,572	)		(1,847,801	)
Unrealized gain (loss) on investment in securities		636			(7,988	)
Total stockholders’ equity		1,989,693			2,082,360

Total liabilities and stockholders’ equity	$	2,123,691		$	2,249,848

See Notes to Condensed Consolidated Financial Statements.

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MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended December 31,
	2008			2007
Revenue
Oil and gas sales	$	35,448		$	34,732
Pipeline revenue		25,966			10,166

Total revenues		61,414			44,898

Expenses
Oil and gas operating expense		22,017			12,657
Pipeline operating expense		41,484			36,335
General and administrative		77,153			60,508
Depletion, depreciation and amortization		32,092			23,508

Total expenses		172,746			133,008

(Loss) from operations		(111,332	)		(88,110	)

Other income and (expense)
Interest and other		7,561			8,710

Net loss	$	(103,771	)	$	(79,400	)

Basic and diluted loss per common share	$	(.01	)	$	(.01	)

Weighted average number of shares outstanding		7,719,000			5,319,000

See Notes to Condensed Consolidated Financial Statements.

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MONUMENT RESOURCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended December 31,
	2008			2007
Cash flows from operating activities:
Net loss	$	(103,771	)	$	(79,400	)
Adjustment to reconcile net loss to net cash
used in operating activities:
Depreciation, depletion and amortization		32,090			23,508
Stock compensation		2,480			-
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses
and other assets		(3,640	)		4,781
(Increase) in accounts and
other receivables		(4,953	)		(6,726	)
Increase (decrease) in accounts payable
and accrued expenses		(35,064	)		335

Net cash flows (used in) operations		(112,858	)		(57,502	)

Cash flows from investing activities:

Purchase marketable securities		(62	)		-
Additions to oil and gas properties		(38,160	)		-
Additions to equipment		-			(34,656	)


Net cash flows (used in) investing activities		(38,222	)		(34,656	)

Net (decrease) in cash and cash equivalents		(151,080	)		(92,158	)

Cash and cash equivalents at beginning of period		204,613			213,808

Cash and cash equivalents at end of period	$	53,533		$	121,650

Schedule of Non-cash Investing Activities

Decrease (increase) in unrealized loss
on securities available for sale	$	(8,624	)	$	4,323

See Notes to Condensed Consolidated Financial Statements

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MONUMENT RESOURCES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

THE COMPANY

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

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

BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements are unaudited. However, in the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation. Interim results of operations are not necessarily indicative of results for subsequent interim periods or the remainder of the year. These financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended September 30, 2008.

Except for the historical information contained in this Form 10-Q, this Report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in this Report. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Report and in our Annual Report on Form 10-K for the year ended September 30, 2008.

CONSOLIDATION

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

REVENUE RECOGNITION

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

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EARNINGS PER SHARE

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

OIL AND GAS PROPERTIES

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

INVESTMENT IN SECURITIES

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

FAIR VALUE OF FINANCIAL INSTRUMENTS

Our financial instruments consist of cash and cash equivalents, accounts receivable and accounts payable. The fair market value of these financial instruments approximates or is equal to the book value.

In the first quarter of fiscal year 2009, we adopted Statement of Financial Accounting Standard (SFAS) No. 157, “Fair Value Measurement” (SFAS No. 157) as amended by FASB Statement of Position (FSP) FAS 157-1 and FSP FAS 157-3. SFAS No. 157 defines fair value, establishes a framework for measuring fair value, and enhances fair value measurement disclosure. FSP FAS 157-3 delays, until the first quarter of fiscal year 2010, the effective date for SFAS 157 for all non-financial assets and non-financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually).

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The following table provides information regarding the source of data used by us to develop fair value measurements:

Description	December 31, 2008		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	53,533	$	53,533
Trading Securities		675,635		675,635
Total	$	729,168	$	729,168

COMPREHENSIVE INCOME

We have adopted SFAS No. 130, “Reporting Comprehensive Income”, which establishes standards for reporting comprehensive income. This pronouncement requires that all items recognized under accounting standards as components of comprehensive income, as defined in the pronouncement, be reported in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income includes changes in equity during a period, except those resulting from investments by owners and distributions to owners. Under comprehensive income, we report unrealized gains and losses on investments in debt and equity securities as changes in equity. (See Note 6.)

ASSET RETIREMENT OBLIGATIONS

We have adopted SFAS No. 143, “Accounting for Asset Retirement Obligations”. SFAS No. 143 addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs under SFAS 143 are reflected in the accompanying balance sheets.

NOTE 2 -- ESTIMATES AND RISKS

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

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

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

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

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

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

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

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

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

§	Test results and reserve estimates may not be accurate.

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

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

See our Annual Report on Form 10-K for the fiscal year ended September 30, 2008 for additional risk factors.

NOTE 3 -- SEGMENT INFORMATION

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

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

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

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

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

Net sales to one customer of our oil and gas segment totaled $61,414, or 100% of our revenues for the three months ended December 31, 2008 as compared to $38,448, or 86% for the three months ended December 31, 2007.

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

Segment information for the three months ended December 31, 2008 and 2007 is as follows:

	Oil and Gas			Pipeline			Corporate			Consolidated
Revenues
2008	$	35,448		$	25,966		$	7,561		$	68,975
2007		34,732			10,166			8,710			53,608

Net Income (Loss)
2008	$	(6,870	)	$	(26,422	)	$	(70,479	)	$	(103,771	)
2007		12,181			(37,924	)		(53,657	)		(79,400	)

Depreciation, Depletion
and Valuation Charged
to Identifiable Assets
2008	$	20,302		$	10,904		$	886		$	32,092
2007		9,895			11,754			1,859			23,508

Capital Expenditures
2008	$	38,160		$	-0-		$	-0-		$	38,160
2007		-			34,656			-			34,656

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

Identifiable Assets
December 31, 2008	$	952,251	$	419,690	$	751,750	$	2,123,691
September 30, 2008		929,147		435,162		885,539		2,249,848

NOTE 4 -- OIL AND GAS ACTIVITIES

KANSAS GAS PROJECT -- LEAVENWORTH COUNTY, KANSAS

During the quarter ended December 31, 2008, we completed the workover of two existing gas wells which were recompleted in new productive zones. These recompletions enabled us to maintain our production level at from 200-230 MCF per day.

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NOTE 5 – SHAREHOLDERS’ EQUITY

Under a Unit Purchase Agreement dated March 5, 2008, we sold 2,400,000 Units, each Unit consisting of one share of common stock and one common stock purchase warrant, at $0.25 per Unit, for a total of $600,000 in proceeds, including 400,000 Units to one of our officers (see Item 2. “Liquidity and Capital Resources page 12). Each warrant entitles the holder to purchase one share of common stock at an exercise price of $0.40 per share through March 4, 2010. The shares of common stock and the shares underlying the warrants contain certain registration rights.

NOTE 6 -- COMPREHENSIVE INCOME (LOSS)

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

Three months ended December 31, 2008

Accumulated other comprehensive loss at September 30, 2008	$	(7,988	)

Change in unrealized loss on securities held for sale		8,624

Accumulated other comprehensive income at December 31, 2008	$	636

Three months ended December 31, 2007

Accumulated other comprehensive loss at September 30, 2007	$	(6,109	)

Change in unrealized loss on securities held for sale		4,323

Accumulated other comprehensive loss at December 31, 2007	$	(1,786	)

NOTE 7--SUBSEQUENT EVENTS

In a letter agreement dated January 1, 2009, we agreed to purchase for $5,000 in cash and 150,000 shares of our common restricted stock the 2.5% overriding royalty which was conveyed to our consulting engineer, in a Letter Agreement dated July 10, 2001. That Letter Agreement became null and void effective January 1, 2009.

Our engineer will continue providing services on a month-to-month basis for a monthly consulting fee of $1,000 and $50 per hour for any time spent over 20 hours per month. Also, he will be paid $250 per day plus expenses whenever he is away from Denver on business requested by us.

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

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2008, our current assets were $788,061 and current liabilities were $133,998 and we had working capital of $654,063 compared to current assets of $921,862 and current liabilities of $167,488 at September 30, 2008, resulting in working capital at September 30, 2008 of $754,374. Our working capital decreased $100,311, or about 13%. This decrease in working capital is due to the capital invested in recompleting wells of approximately $38,000 and our net loss for the three months ended December 31, 2008 of approximately $100,000.

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

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

RESULTS OF OPERATIONS

Three Months Ended December 31, 2008 vs. 2007

Gas production increased from 6,647 MCF for the three month period ending December 31, 2007 to 18,350 MCF for the three month period ending December 31, 2008. This increase of 11,703 MCF was a result of selling gas for the full three months ended December 31, 2008 compared to not being able to sell gas from October 8, 2007 to December 3, 2007 due to the moving of our compressor during that period. The price received for our natural gas decreased from an average of $5.78 per MCF for the three months December 31, 2007 to an average of $3.69 per MCF for the three months ended December 31, 2008, a 36% decrease. Oil and gas sales increased 2%, or $716, from $34,732 to $35,448 for the three months ended December 31, 2007 and 2008, respectively. This modest increase is due to increased production offset by a decrease in gas sales prices for the same period. Pipeline sales were $25,966 for the three months ended December 31, 2008 and $10,166 for the three months ended December 31, 2007, an increase of $15,800, or 155%. This increase was due to the increased production in the three months ended December 31, 2008.

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Interest and other revenue decreased to $7,561 for the three months ended December 31, 2008 from $8,710 for the three months ended December 31, 2007. This decrease of $1,149 was due to the decrease in the rates we are currently able to receive on our bond investments. Oil and gas operating costs increased $9,360, or 74% from $12,657 to $22,017 when comparing the three months ended December 31, 2007 to December 31, 2008. This increase was primarily due to repairs associated with the well recompletions we are doing and the increased costs by virtue of not being shut down during the quarter ended December 31, 2008. Pipeline operating costs were $41,484 for the three months ended December 31, 2008 and $36,335 for the three months ended December 31, 2007, an increase of $5,149, or 14% due to a full quarter of operations.

General and administrative expenses totaled $77,153 for the three months ended December 31, 2008, compared to $60,508 for the three-month period ended December 31, 2007. This increase of $16,645, or 28%, in general and administrative costs was primarily due to the hiring of a Vice President of Operations for the 2008 period and an insurance refund in the 2007 period.

A net loss of $103,771 was recorded for the three months ended December 31, 2008 as compared to a net loss of $79,400 for the same period ended December 31, 2007. This increased loss of $24,371 was primarily the result of lower gas prices and increased recompletion efforts.

CONTRACTUAL OBLIGATIONS

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

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

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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

Reserve Estimates:

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

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recovery, and estimates of the future net cash flows expected there from may vary substantially. Any significant variance in the assumptions could materially affect the estimated quantity and value of the reserves, which could affect the carrying value of our oil and gas properties and/or the rate of depletion of the oil and gas properties. Actual production, revenues and expenditures with respect our reserves will likely vary from estimates, and such variances may be material.

Many factors will affect actual net cash flows, including:

· the amount and timing of actual production;

· supply and demand for natural gas;

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

· changes in governmental regulations or taxation.

Oil and Gas Properties:

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

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

Item 3. QUANTITATIVE AND QUANTITATIVE DISCLOSURE ABOUT MARKET RISK

As a crude oil and natural gas producer, our revenue, cash flow from operations, other income and profitability, reserve values, access to capital and future rate of growth are substantially dependent upon the prevailing prices of crude oil and natural gas. Declines in commodity prices will materially adversely effect our financial condition, liquidity, ability to obtain financing and operation results. Lower commodity prices may reduce the amount of crude oil and natural gas that we can produce economically. Prevailing prices for such commodities are subject to wide fluctuation in response to relatively minor changes in supply and demand and a variety of additional factors beyond our control, such as global, political and economic conditions. Historically, prices received for crude oil and natural gas production have been volatile and unpredictable, and such volatility is expected to continue. Most of our production is sold at market prices. Generally, if the commodity indexes fall, the price that we receive for our production will also decline. Therefore, the amount of revenue that we realize is partially determined by factors beyond our control.

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Item 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our principal executive and financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on this evaluation, the principal executive and financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

In connection with the audit of the year ended September 30, 2008, there were no “Reportable Events” within the meaning of Item 304(a)(1)(v) of Regulation S-K.

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MONUMENT RESOURCES, INC. AND SUBSIDIARY

PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None

ITEM 1A. RISK FACTORS.

See our Annual Report on Form 10-K for the fiscal year ended September 30, 2008 and the various risks described in Part I hereof.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES

AND USE OF PROCEEDS.

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

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

None

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS

Exhibit 31.1--Certification of the Chief Executive and Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1--Certification of the Chief Executive and Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.

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SIGNATURES

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

	MONUMENT RESOURCES, INC. (Registrant)

Date: February 12, 2009	By:	/s/ A.G. Foust
		A.G. Foust, President (Chief Executive Officer, Principal Financial and Accounting Officer)

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EXHIBIT INDEX

	EXHIBIT NUMBER	DESCRIPTION

	31.1	Certification of Chief Executive and Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive and Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.

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MONUMENT RESOURCES INC 10-Q